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Record-high customer satisfaction and retention behind historical result for If

05-04-2022, 06:51

“Today, If presents its strongest quarterly result yet. Our customer satisfaction and retention rate reach new heights. Combined with a very high growth we are very well prepared to handle a period of geopolitical uncertainty”, If’s CEO Morten Thorsrud comments when presenting the results of the first quarter of 2022.

If’s CEO Morten Thorsrud comments on the results of the first quarter of 2022.

Our time is a turbulent one. The pandemic had barely let up before Russia invaded Ukraine, creating significant uncertainty in Europe.

If has made it through the pandemic well, and today we can present another strong quarter. As a matter of fact, Q1 2022 is our strongest quarter ever. If grows in every market and all business areas. The topline growth is 6,9 percent.

Our technical result increases by more than 10 percent to 2 465 MSEK (2 193) and the combined ratio improves to 80.8 percent (81.5 percent during Q1 2021). I’m particularly pleased that our retention is higher than ever. 9 out of 10 If customers in the private segment choose to renew their insurances. The retention rate has improved in all business areas. Combined with record-high customer satisfaction and growth this is certainly a sign of strength.

In many ways, If’s development mirrors the society we operate in. There are four trends to take into account:

Our societies search for the new normal after the pandemic. There are still some lingering effects of the covid-19 pandemic in our result. Car traffic is nearing normal levels and travelling is gaining speed.

The geopolitical instability introduces new challenges for both customers and the insurance industry. Russia’s invasion of Ukraine has had profound effects on our part of the world, but the war does not have a significant effect on the insurance operations. War is generally exempted from the insurance terms. The situation for multinational businesses with operations in Russia is more complicated from an insurance point of view.

Increased inflation, further fueled by the war. We see a risk of companies being underinsured due to skyrocketing prices for raw materials or components. This is a new situation. Not since If was founded have we seen that large companies risk being underinsured due to rapid price increases.

Supply-chain disruptions. The weak new car sales, particularly in Sweden, is having a strong negative effect on If growth. The situation is not driven by weak demand, quite the opposite. The problem is the car manufacturers’ supply-chain issues and the shortage of semiconductor chips. When the semiconductor shortage is under control, we expect a strong development in new car sales.

The uncertainty brought by two successive crises goes to highlight the value of stable insurance companies, helping individuals and businesses to handle risks. We will remain by our customers’ side. That is the reason for our successful combination of record-high customer satisfaction, retention, and growth.

Morten Thorsrud


Nordic results for the first quarter

If’s results for the first quarter 2022 shows a continued strong development for the largest P&C insurance company in the Nordic region.

  • Combined ratio for Q1 is 80.8 (81.5 during Q1 2021).
  • Technical result for the quarter: 2 465 MSEK (2 193).
  • Gross written premium 20 164 MSEK (18 229)
  • Topline growth: 6.9 percent
  • The Investment result was 594 MSEK (572)


Swedish result

If grows by 3.4 percent on the Swedish market. The growth is held back by the very weak new car sales, which are due to component shortages.

  • Gross written premium during the first quarter was 5 496 MSEK (5 288 MSEK during Q1 2021).
  • Technical result: 1 023 MSEK (1 046 MSEK)
  • Combined ratio: 76.0 (74.5).

More information about If’s owner Sampo’s result, and additional information about If’s result, is available at Sampo’s web page here.




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Jessica Balksjö Nannini



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