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Strong quarter despite high claims costs
QUARTERLY REPORT Today, If Insurance presents a strong first quarter. The result is increasing, the combined ratio decreasing, and retention levels remain high. At the same time, claims have reached an all-time-high. For the first time, If now pays out over 100 million SEK per day.
If presents another strong quarter. However, it is difficult to make a fair comparison with Q1 2022. In February 2022, Russia started its war against Ukraine, which quickly led to severe consequences for world trade and the financial markets.
– Adjusting for the financial result, we see a stable, good development. The insurance service result grows by 17 percent, while retention remains high. Our growth is stable, If’s CEO Morten Thorsrud says.
If has for years seen incremental improvements in several central areas. That development is continuing. The result is strengthened, the combined ratio is down to 82.4, and gross written premium increases by 6.1 percent.
If’s result for the first quarter is good, despite higher claims payouts than ever. If has for the first time passed 100 MSEK per day in claims payments.
The high level of claims payments is affecting the result negatively, as is weak new car sales, especially in Sweden, and more winter claims than usual. At the same time, the number of large claims is lower than expected, with a positive effect on the result.
If’s size and stability is an advantage in times of uncertainty and economic volatility and a number of unusual factors affecting households’ and businesses’ economies: the war, inflation and the high interest rates.
– We need to adjust prices due to inflation, while the general economic situation makes customers more price-conscious. It is challenging territory to navigate in. Our long-term strategy is stable pricing. We are sticking to that also in turbulent times. We can see that it is a successful strategy, and If’s retention remains high, says Morten Thorsrud.
In 2023, If has started reporting according to the new reporting standards IFRS 17 and IFRS 9. The first quarter last year has been restated in accordance with IFRS 17 but not for IFRS 9.
Nordic results for the first quarter
- Combined ratio for Q1 is 82.4 (83.9 during Q1 2022)
- Insurance service result: 2 428 MSEK (2 062)
- Gross written premium: 22 033 MSEK (20 164)
- Topline growth: 6.1 percent compared to the first quarter 2022.
- Net financial result: 1 400 MSEK (3 143).