Solid Försäkring (SFAB) Q4 2024 earnings summary

Executive summary

• Earnings per share reached a record 8.99 SEK, up 4% year-over-year, supported by strong non-technical returns and share buy-backs.

• Board proposes an 11% higher dividend of 5.00 SEK per share for 2024; buyback program acquired 304,376 shares (33% of mandate) by year-end.

• Gross written premiums (GWP) decreased by 1% year-over-year to KSEK 1,103,408, but adjusted GWP grew 4–10% excluding one-offs and partnership changes.

• Net earned premiums (NEP) increased by 2–3% year-over-year, with segment growth in Personal Safety (+5–9%) and Assistance (+10%).

• Financial stability improved, with SCR ratio rising to 198% at year-end.

Financial highlights

• GWP: -1% year-over-year (adjusted +4–10%); NEP: +2–3% year-over-year.

• Technical result declined 6–8% year-over-year to 35.6 MSEK (KSEK 148,774); combined ratio: 89.2–89.6%.

• Asset management result: 7 MSEK (KSEK 90,684), total investment assets: 1,417 MSEK; total return 6.6%.

• Profit before tax fell to 37.9 MSEK (KSEK 211,163) from 64.4 MSEK; EPS: 1.65 SEK for Q4, 8.99 SEK for full year.

Outlook and guidance

• Buyback program to resume after Q4 report; board intends to propose increased dividend at 2025 AGM.

• Company targets 4–7% annual growth in premiums earned, combined ratio below 90%, RoNAV above 14%, and SCR ratio above 150%.

• Continued focus on expanding partner base and segment growth, especially in Personal Safety and Assistance.