Solid Försäkring (SFAB) Q4 2024 earnings summary

Executive summary

• Record annual EPS of 8.99 SEK (8.67), supported by strong investment returns and share buybacks.

• Board proposes an 11% higher dividend of 5.00 SEK per share; buyback program acquired 33% of mandate.

• Underlying gross written premiums grew 4–10% for the year, adjusted for one-offs; partner base expanded with new agreements.

• Financial stability improved, with solvency capital requirement ratio rising to 198%.

• Net earned premiums increased by 2–3% year-over-year, with strong growth in Personal Safety/Payment Protection and Assistance segments.

Financial highlights

• Gross written premiums decreased 1–9% year-over-year; adjusted growth +4–10%.

• Net premiums earned rose 2–3% to 1,129 MSEK.

• Technical result declined 6–8% to 35.6 MSEK (Q4) and 149 MSEK (full year); combined ratio: 89.2%.

• Profit before tax: 37.9 MSEK (Q4), 211 MSEK (full year); Q4 profit down 41% due to lower investment returns.

• EPS: 1.65 SEK for Q4 (2.36 last year), 8.99 SEK for full year (8.67); total investment assets: 1,417 MSEK.

Outlook and guidance

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

• Financial targets: 4–7% annual net premium growth, cost ratio below 90%, RoNAV >14%, solvency ratio >150%.

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