If’s strong premium growth and solid results continue despite challenging weather events

11-08-2023, 07:44

QUARTERLY RESULT If P&C Insurance delivers strong gross written premium growth of 10,0% for the quarter. The insurance result was stable despite exceptionally high large claims and severe weather-related events.

Today, If P&C Insurance, a part of Sampo Group, presents the financial result for the third quarter of 2023.

The gross written premiums increased by 6.9 percent (excluding currency effects) for the first nine months compared to the same period last year, and 10,0 percent during Q3. The growth was supported by rate increases covering claims inflation and continued high customer retention. If continues to grow in every business area and country. Combined ratio for the third quarter stood at 84.1% (83.1) and was for the first nine months of the year 83.2% (82.5).

The third quarter was characterized by extreme weather with focus on assisting an exceptionally high number of customers with inquires and claims. Despite this, If again delivered a stable and strong Insurance Service Result as well as a significant positive net financial result.

"The last few months have been extraordinary, with both a high frequency and severity of weather-related events. On top of this comes a large claims outcome somewhat above normal level. The negative impact of these effects is significant and the fact that we still manage to deliver a stable and strong insurance result proves If’s diversification and operational strength. I’m particularly proud of our ability to truly help the many customers that have been in need due to the extreme weather situations in the third quarter. Dedicated claims employees, strong digital processes and a professional partner network enables rapid response to such severe events", says If’s CEO Morten Thorsrud.

Sampo Group reported a profit before taxes of EUR 391 million for the third quarter of 2023, and currency adjusted premium growth of 12 per cent.

FINANCIAL HIGHLIGHTS

Nordic results                      

• Topline growth was 6.9 percent (excluding currency effects) for the first nine months of the year compared to the same period last year (Q3: 10.0 percent)
• Gross written premium Q3: 13 108 MSEK (11 537)
• Insurance service result Q3: 2 368 MSEK (2 299)
• Net financial result Q3: 1 570 MSEK (541)
• Combined ratio for the third quarter was 84.1 (83.1) and for the first nine months of the year 83.2 (82.5)

Note: From 1 January 2023 If reports according to IFRS 17 and IFRS 9. 2022 comparison numbers have been restated for IFRS 17 but not for IFRS 9.

If is part of Sampo Group, the leading P&C insurer in the Nordic region, and the only insurer to offer services across all Nordic countries, customer segments and products. The Group also is major operator in the growing digital P&C insurance market in the UK. Sampo is listed on Nasdaq Helsinki and Nasdaq Stockholm.

For further details, please visit: www.sampo.com/result for the English material; and www.sampo.com/tulos for the Finnish material.

For more information, please contact:

If Press office: +46 8 410 023 03 or press@if.se