Solid Försäkring (SFAB) Q4 2025 earnings summary

Executive summary

• Q4 2025 earnings increased 19% year-over-year to SEK 45.1 million, with adjusted profit before tax up 35%, driven by strong sales in Personal Safety/Trygghet and Assistance/Assistans segments.

• Underlying sales and premium growth in Personal Safety/Trygghet and Assistance/Assistans segments, despite headline declines from portfolio changes.

• Expanded partnership with Norion Bank and new collaborations with Clas Ohlson, Klarsynt, and Scandinavian Photo.

• Share buyback program continued, with 278,424 shares acquired by year-end, about 30% of mandate executed.

• Two non-recurring items impacted Q4 by SEK -6 million: positive from Swiss branch divestment, negative from a failed acquisition.

Financial highlights

• Q4 gross written premiums were SEK 249.2 million, down 4% year-over-year; underlying sales up 5%, premiums up 2%.

• Q4 technical result was SEK 29.5 million (down 17%), adjusted technical result SEK 35.5 million (flat); asset management result was SEK 19.0 million (up 168%).

• Q4 profit before tax increased 19% to SEK 45.1 million; adjusted profit before tax up 35%.

• Q4 basic EPS was SEK 2.15 (up 31%); full-year basic EPS was SEK 8.31 (down 8%).

• Board proposes total dividend of SEK 6.75 per share (SEK 5.25 ordinary + SEK 1.50 extra).

Outlook and guidance

• Targeting annual premium growth of 4–7% for 2026, combined ratio below 90%, RoNAV above 14%, and SCR ratio above 150%.

• Temporary negative effects from portfolio changes and terminated agreements expected to lessen in 2026.

• Cooperation with Norion Bank to launch in Q3 2026, expected to drive further growth.

• Strong capital position enables organic growth, new partnerships, and potential acquisitions.

• Board assesses proposed dividend as balanced, supporting future growth and shareholder value.