Solid Försäkring (SFAB) Q3 2025 earnings summary

Executive summary

• Profitability and technical profit increased, with underlying sales growth in Personal Safety and Assistance segments, despite headline declines in gross written premiums and net earned premiums year-over-year.

• Technical result excluding investment return rose 4% year-over-year in Q3, driven by improved profitability and strong sales in Personal Safety and Assistance.

• New partnership established with Klarsynt to expand product insurance offerings for eyewear, launching later in 2025.

• Asset management results declined due to lower market interest rates, impacting profit before tax, which dropped 11% year-over-year in Q3.

• Combined ratio improved to 87.6% in Q3 and 89.3% for the nine months, both below the <90% target.

Financial highlights

• Gross written premiums (GWP) decreased by 11% year-over-year in Q3, but increased by 5% when adjusted for portfolio changes.

• Net earned premiums (NEP) decreased by 10% year-over-year, flat when adjusted.

• Q3 technical result: KSEK 38,474 (-1% YoY); profit before tax: KSEK 55,726 (-11% YoY); EPS: SEK 2.42 (-9% YoY).

• Profit from the investment portfolio was 22.2 MSEK in Q3, down from 30.3 MSEK last year.

• 9M gross written premiums: KSEK 740,329 (-12% YoY); premiums earned, net: KSEK 802,168 (-6% YoY).

Outlook and guidance

• Strong solvency capital position with SCR ratio at 203%, up 10 percentage points from the previous quarter, supporting future growth and resilience.

• Financial targets: annual premiums earned growth of 4–7% (actual: -6%/+0% adjusted), combined ratio <90% (actual: 89.3%), RoNAV >14% (actual: 17.8%), SCR ratio ≥150% (actual: 203%).

• Dividend policy: at least 50% of net profit, subject to SCR target and no major acquisitions.