Quarterly Report • Feb 8, 2023
Quarterly Report
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* Some performance measures stated in this section have not been prepared in accordance with IFRS or the Solvency II regulations, which means that they are "alternative performance measures". The calculations and reconciliation against information in the financial statements of these performance measures are presented on the website under "Financial statements". Definitions of performance measures are presented on the company's website. Changes and comparative figures on this page and elsewhere in this interim report refer to the same period last year. All amounts are presented in KSEK unless otherwise stated.
Solid Försäkring is a non-life insurance company focusing on niche insurance, with the Nordic region as its core market. The operations in Norway, Finland and Switzerland are conducted by branches, and operations in other countries are conducted as cross-border operations. The non-life insurance operations are divided into three segments: Product, Personal Safety and Assistance. The company partners with leading retail chains in various industries and the banking sector, has about 2.3 million customers across the Nordic region and has its head office in Helsingborg. Net premiums earned in 2022 amounted to SEK 1,150 million and the technical result to SEK 163 million.
In the fourth quarter, Solid Försäkring reported its highest results in the company's history despite a weaker consumer market. The improvement was due to the strong performance of the insurance operations and to the positive trend in the nontechnical account.
Our business model has proven itself to stand strong in economic slowdowns in the past, but we are dependent on the sales levels of our partners. During the quarter, we saw certain signs of lower sales, mainly in durable consumer goods, and we are respectfully aware of the prevailing uncertain market climate.
We work continuously on various measures to increase sales of our insurance policies among our partners and focus intently on signing new partnership agreements, thereby expanding our partner base. From this perspective, it is gratifying that we signed a new agreement with Collector Bank during the quarter, which specialises in financing solutions for private individuals and companies. Collector Bank will offer its retail customers Solid Försäkring's payment protection insurance and the partnership is scheduled to launch in early 2024.
During the period, we also signed an agreement to acquire Car Protect AS as a purchase of assets and liabilities. Car Protect is a Norwegian insurance intermediary of car warranties with many years of experience in the Norwegian automotive market. Solid Försäkring took over the operations on 1 January 2023. We are not anticipating that the operations will have any impact on earnings in 2023, but expect to see positive effects in 2024.
Premiums earned for the fourth quarter increased 7 per cent compared with the year-earlier period to SEK 277 million, primarily driven by the Personal Safety and Assistance segments. Growth in the Personal Safety segment was mainly driven by the Swedish market, and growth in Assistance was mainly related to the travel industry.
All segments contributed to our improved technical result, which increased 24 per cent* during the quarter to SEK 44.9 million (36.3*). Asset management reported very strong earnings, which contributed to the increase in total earnings. The technical result for the full-year increased 31 per cent* to SEK 163.1 million (124.6*), which is the highest result in the company's history.
The combined ratio for the fourth quarter improved to 86.1 per cent (87.7*) As of the last day of December, the combined ratio amounted to 86.7 per cent (88.2*). The stable combined ratio was driven by good cost control in the company as well as stable and profitable underlying transactions.
Earnings in the non-technical account amounted to SEK 20.7 million for the fourth quarter (6.7), which is a significant improvement over earlier quarters in 2022. Earnings for the non-technical account were primarily driven during the period by higher market valuations in the equities portfolio and interest income from deposits and the bond portfolio.
Overall, profit before tax for the quarter improved 54 per cent* year-on-year to SEK 60.6 million (39.4*), which is the best quarterly result in Solid Försäkring's history.
*Costs for the listing process amounted to SEK 8.5 million in the fourth quarter of 2021 and to SEK 10.4 million YTD, which are adjusted in the comparative figures for the previous year.
On 26 October, Solid Försäkring initiated a repurchase programme of own shares to create additional value for shareholders. At the end of the fourth quarter, 457,402 shares had been acquired for a value of SEK 26,811,024, which corresponds to 2.3 per cent of the total number of shares and 45.7 per cent of the mandate as resolved by the Extraordinary General Meeting on 29 September. The repurchase programme will continue for the period remaining until the Annual General Meeting is held.
New partnerships
The Board of Solid Försäkring proposes that the Annual General Meeting resolve on a dividend of SEK 2.85 per share, which is in line with the dividend target communicated in connection with the separate listing. The assessment is that the level is balanced and provides scope for continuing to pursue the repurchase programme in 2023, given the approval of the Annual General Meeting, and also scope for evaluating potential acquisition opportunities.
At the end of the fourth quarter, the SCR ratio amounted to 179 per cent, corresponding to an increase of 6 percentage points compared with the end of 2021.
The overall assessment is that we are financially well-prepared for the uncertain period that we will all face in 2023. At the same time, we see significant business opportunities moving forward and we are continuing our long-term efforts to further refine our existing partnerships and initiate new ones.
Marcus Tillberg, CEO Solid Försäkring
Gross written premiums increased KSEK 4,791 to KSEK 285,803 (281,012) for the period. The increase was primarily driven by the trend in the Assistance segment for which sales of insurance related to the travel industry increased 42 per cent year-onyear, and also partly due to sales in the Personal Safety segment, mainly in the Swedish market. Premium income in the Product segment declined 4 per cent during the period compared with last year, which was mainly due to lower sales of insurance in consumer electronics and the bicycle industry in the Swedish market.
Premiums earned, net of reinsurance, increased KSEK 18,735, or 7 per cent, to KSEK 277,221 (258,486). Growth was mainly driven by the performance of travel insurance in the Assistance segment, for which the increase was 16 per cent. Premiums earned in the Personal Safety segment increased 6 per cent, mainly driven by payment protection insurance in the Swedish market. Premiums earned in the Product segment increased 1 per cent, primarily driven by growth in the consumer electronics industry in Denmark.
The technical result increased KSEK 17,192, or 62 per cent, to KSEK 44,923. Adjusted for non-recurring costs of SEK 8.5 million for the listing process in 2021, the increase was 24 per cent. The share of the investment return transferred to the insurance operations was adjusted for the previous financial year on an annual basis in December, but is now carried out quarterly, which had a positive effect of SEK 2.0 million during the quarter, and was due to the cost of capital continuing to rise as a result of higher market interest rates in the period.
The claims ratio margin improved year-on-year to 22.7 per cent (21.6), mainly driven by higher claim costs in the Assistance segment and insurance related to roadside assistance and car warranties.
Operating expenses declined 2 per cent to KSEK 175,881 (179,390). Adjusted for non-recurring costs of KSEK 8,500 in 2021, operating expenses increased 3 per cent. The increase was mainly due to higher acquisition costs primarily driven by higher sales, but also to a changed product and partner mix in the Assistance and Product segments. Administrative expenses as a percentage of premiums earned amounted to 9.2 per cent for the quarter, which is lower than last year when the percentage was 10.1 per cent, adjusted for non-recurring costs.
The combined ratio improved to 86.1 per cent (87.7 adjusted for non-recurring costs) due to the growth in premiums earned and good cost control.
The result of asset management for the fourth quarter amounted to KSEK 20,652 (6,722), corresponding to a portfolio return of 5.8 per cent (2.1). Interest income for the quarter increased KSEK 6,091 and the unrealised changes in the value of the investment portfolio amounted to KSEK 11,659 (2,766). Refer to Note 6 for more detailed information.
Profit after tax increased KSEK 24,131 to KSEK 49,460 (25,329).
+2% Gross written premiums
+7% Premiums earned, net of reinsurance
+62% Technical result
+24% Technical result excl. non-recurring costs, 2021
86.1% Combined ratio
Gross written premiums increased KSEK 138,500 to KSEK 1,151,921 (1,013,421) for the period. All segments contributed to the increase but were primarily driven by the sharp increase in sales related to the travel industry in the Assistance segment. The increase in the Assistance segment amounted to 37 per cent year-on-year. In the Personal Safety segment, the increase was 5 per cent and was mainly attributable to payment protection insurance in the Norwegian and Swedish markets. In the Product segment, the increase was 4 per cent, and was primarily driven by the consumer electronics industry in Denmark where the company has expanded its market share during the year through its partnership with Power that was launched in the latter part of 2021.
Premiums earned, net of reinsurance, increased KSEK 118,418, corresponding to 12 per cent, to KSEK 1,099,709 (981,291). All segments contributed to growth, although it was mainly driven by the very strong performance in the Assistance segment for which the increase was 35 per cent. In the Product segment, premiums earned increased to 6 per cent and in the Personal Safety segment the increase amounted to 2 per cent.
The technical result increased KSEK 48,864, corresponding to 43 per cent, to KSEK 163,100 (114,236). Adjusted for non-recurring costs of SEK 10.4 million for the listing process in 2021, the increase was 31 per cent. The portion of the investment return transferred to the insurance operations resulted in a positive effect of KSEK 7,848 compared with last year, which was primarily due to the increased cost of capital as a result of higher market interest rates.
The claims ratio margin in all segments improved year-on-year to 21.9 per cent (23.5). Operating expenses increased 11 per cent to KSEK 712,799 (644,934), which were mainly due to higher acquisition costs. Adjusted for non-recurring costs, the increase was 12 per cent. Administrative expenses as a percentage of premiums earned amounted to 9.4 per cent for the full-year, which is lower than last year when the percentage was 10.2 per cent, adjusted for non-recurring costs.
The combined ratio improved to 86.7 per cent (88.2 adjusted for non-recurring costs), driven by stable and profitable underlying business, growth in premiums earned and good cost control.
2022 was dominated by a turbulent world, particularly due to Russia's invasion of Ukraine on 24 February. The capital markets were negatively affected during the year, which resulted in reduced market values for the company's investment assets during the first three quarters of the year. The result of asset management for the full-year amounted to KSEK -11,514 (41,888) and total return to -0.6 per cent (3.6). The negative result comprised unrealised changes in the value of investment assets, which amounted to KSEK -38,459 (19,008) for the full-year, of which KSEK -14,237 was related to the equities portfolio and KSEK -24,222 was related to the bond portfolio. Refer to Note 6 for more detailed information. Interest income for the year increased KSEK 6,904 mainly due to higher market interest rates. The total value of the investment portfolio on 31 December amounted to KSEK 1,434,013, of which 6 per cent, or KSEK 91,318, consisted of shares and KSEK 738,831 consisted of other interest-bearing assets, mainly bonds at floating interest rates. The company's strategy is to hold bonds until maturity. Cash and cash equivalents in the portfolio amounted to KSEK 603,864, of which a corresponding KSEK 304,996 during the year was tied at a fixed interest rate with a 12 and a 3-month term. Net investments for the full-year amounted to KSEK 175,287, of which KSEK 154,810 refer to the bond portfolio and KSEK 20,477 to the equities portfolio.
Profit after tax declined KSEK 9,324 to KSEK 110,656 (119,980).
+ 14% Gross written premiums
+12% Premiums earned, net of reinsurance
+43% Technical result
Technical result excl. non-recurring costs, 2021
Combined ratio
Equity (2) on 31 December amounted to KSEK 802,416 (714,979) and Net Asset Value (2) to KSEK 785,422 (692,434). For the full-year 2022, annualised RoE (2)* amounted to 14.6 per cent (18.4) and annualised RoNAV (2)** to 15.6 per cent (20.3).
The SCR ratio amounted to 179 per cent on 31 December, corresponding to an increase of 6 percentage points compared with the end of December 2021 (173). The company has a stable Solvency II position, and company management and the Board do not believe that this stability or the capital situation will be jeopardised in the future. However, the company is closely following external developments and any impact from the ongoing war in Ukraine, rising inflation, higher interest rates and increased energy prices to quickly identify any changes in consumer behaviour that could impact the company's insurance business and thus profitability and earnings.
Cash flow*** from operating activities amounted to KSEK 184,861 (163,056). Cash flow from investing activities amounted to KSEK -173,964 (173,275). During the year, investment assets were acquired for KSEK 356,262 and the value of divested and mature investment assets amounted to KSEK 182,084. The subordinated loan of KSEK 200,000 to Resurs Bank fell due for payment in April 2021. The repurchase programme commenced in October and as of 31 December the company had acquired 457,402 shares for a value of KSEK 26,811. Cash flow from financing activities amounted to KSEK -26,755 (-59,000). Cash and cash equivalents amounted to KSEK 603,864 (613,139).
* RoE (2) – annualised aggregated result of the period in relation to the average adjusted equity (2). The average of the balance sheet items is calculated based on opening and closing values. **RoNAV (2) – annualised aggregated result after tax for the period in relation to the average adjusted equity excluding intangible assets (2). The average of the balance sheet items is calculated based on opening and closing values.
***Comparative figures for cash flow refer to 31 December 2021.
15.6% RoNAV (2)
179% SCR ratio
| KSEK, unless otherwise stated | Oct-Dec | Oct–Dec | Change | Jan-Dec | Jan–Dec | Change |
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| Gross written premiums | 285,803 | 281,012 | 2% | 1,151,921 | 1,013,421 | 14% |
| Premiums earned, net of reinsurance | 277,221 | 258,486 | 7% | 1,099,709 | 981,291 | 12% |
| Technical result | 44,923 | 27,731 | 62% | 163,100 | 114,236 | 43% |
| Result of asset management | 20,652 | 6,722 | 207% | -11,514 | 41,888 | -127% |
| Profit after tax | 49,460 | 25,329 | 95% | 110,656 | 119,980 | -8% |
| Earnings per share, SEK | 2.49 | 1.27 | 97% | 5.54 | 6.00 | -8% |
| Claims ratio | 22.7% | 21.6% | 21.9% | 23.5% | ||
| Expense ratio | 63.4% | 69.4% | 64.8% | 65.7% | ||
| Combined ratio | 86.1% | 91.0% | 86.7% | 89.3% |
| KSEK , unless otherwise stated | ||
|---|---|---|
| KSEK, unless otherwise stated | 31 Dec | 31 Dec |
|---|---|---|
| 2022 | 2021 | |
| Investment assets measured at fair value | 830,149 | 682,621 |
| Investment assets including cash and cash equivalents | 1,434,013 | 1,295,760 |
| Direct yield, from beginning of year, % | 1.8% | 1.4% |
| Total return, from beginning of year, % | -0.6% | 3.6% |
| Technical provisions, net of reinsurance | 656,723 | 612,089 |
| Net asset value | 899,594 | 815,531 |
| Equity | 411,476 | 327,413 |
| Equity (2)* | 799,042 | 714,979 |
| Net Asset Value, NAV (2)* | 782,048 | 692,434 |
| Return on equity (2), RoE (2) %* | 14.6% | 18.4% |
| Return on equity excl. intangible assets, RoNAV (2) %* | 15.6% | 20.3% |
| Eligible capital base to meet solvency capital requirement | 885,067 | 797,379 |
| Eligible capital base to meet minimum capital requirement | 880,970 | 792,259 |
| Solvency Capital Requirement (SCR) | 494,422 | 461,754 |
| Minimum Capital Requirement (MCR) | 147,600 | 130,604 |
| SCR ratio | 179% | 173% |
| MCR ratio | 597% | 607% |
| Solvency ratio, % | 79.7% | 82.7% |
| Number of employees at end of period* | 70 | 68 |
| Average number of FTEs* | 69 | 66 |
* Alternative performance measures are performance measures that company management and analysts uses to assess the company's development and are not defined by International Financial Reporting Standards (IFRS) or the Solvency II regulations. Company management believes that the performance measures make it easier for investors to analyse the company's performance. The calculations and reconciliation against information in the financial statements of these performance measures are presented on the website under "Financial statements". Definitions of performance measures are presented on the website under "Financial data".
During the quarter, Solid Försäkring signed an agreement with a new partner, Collector Bank, which specialises in financing solutions for private individuals and companies. Collector Bank will offer its retail customers the company's tailored and modern payment protection insurance in Sweden and Norway. The launch of the partnership is scheduled for early 2024.
Sales (gross written premiums) for the segment rose 2 per cent compared with the year-earlier period. The increase was mainly due to sales of payment protection insurance in Sweden.
Premiums earned, net of reinsurance, increased to KSEK 97,297 (91,884), mainly driven by payment protection insurance in the Swedish market.
Costs for claims incurred, net of reinsurance, increased to KSEK 9,325 (8,392) and the claims ratio increased year-on-year.
Gross profit increased KSEK 1,424 to KSEK 26,058 (24,634). The gross margin was in line with the preceding year at 26.8 per cent.
Sales (gross written premiums) for the segment rose 5 per cent compared with the year-earlier period. This increase was primarily driven by the performance of the Norwegian and Swedish markets, for which sales of payment protection insurance increased 8 per cent compared with last year.
Premiums earned, net of reinsurance, increased 2 per cent to KSEK 381,037 (374,391).
Costs for claims incurred, net of reinsurance, declined KSEK 6,739 to KSEK 32,300 (39,039). The claims ratio improved and returned to pre-pandemic levels.
Gross profit increased KSEK 5,794 to KSEK 104,731 (98,937). The gross margin improved to 27.5 per cent (26.4), mainly due to the improved claims ratio.
+2% Gross written premiums
+6%
Premiums earned, net of reinsurance
+6% Gross profit
26.8%
Gross margin
| KSEK | Oct–Dec 2022 |
Oct–Dec 2021 |
Change | Jan–Dec 2022 |
Jan–Dec 2021 |
Change |
|---|---|---|---|---|---|---|
| Gross written premiums | 96,124 | 94,001 | 2% | 389,753 | 369,547 | 5% |
| Premiums earned, net of reinsurance | 97,297 | 91,884 | 6% | 381,037 | 374,391 | 2% |
| Claims incurred, net of reinsurance | -9,325 | -8,392 | 11% | -32,300 | -39,039 | -17% |
| Acquisition costs* | -61,914 | -58,858 | 5% | -244,006 | -236,415 | 3% |
| Gross profit** | 26,058 | 24,634 | 6% | 104,731 | 98,937 | 6% |
| Gross margin*** | 26.8% | 26.8% | +0.0 p.p. | 27.5% | 26.4% | +1.1 p.p. |
* Acquisition costs include brokerage commission and costs for direct sales
** Gross profit = premiums earned, net of reinsurance minus claims incurred net of reinsurance minus acquisition costs
*** Gross margin = gross profit as a percentage of premiums earned, net of reinsurance
Sales (gross written premiums) in the segment declined 4 per cent compared with the year-earlier period, which was mainly due to lower sales of insurance related to the consumer electronics and bicycle industry in Sweden. The sale volume in the consumer electronics industry in Norway is in line with the preceding year, while sales increased in Denmark and Finland.
Premiums earned, net of reinsurance, increased KSEK 910 to KSEK 92,089 (91,179). The increase was primarily driven by growth in the consumer electronics industry in Denmark.
Costs for claims incurred, net of reinsurance, fell 1 per cent to KSEK 25,617 (25,758) but the claims ratio improved in the segment during the period. Acquisition costs increased 1 per cent year-on-year to KSEK 48,073 (47,617), due to a changed product and partner mix in the segment and an improved claims ratio.
Gross profit increased 3 per cent to KSEK 18,399 (17,804). The gross margin improved to 20.0 per cent (19.5) due to an improved claims ratio.
Gross written premiums for the segment rose 4 per cent compared with last year, mainly driven by the performance of the consumer electronics industry in Denmark, where the company increased its market share during the year through its partnership with Power that was launched in late 2021. Insurance sales in the eyewear industry also performed well during the year. However, insurance sales in the Swedish consumer electronics market and insurance solutions related to the Swedish bicycle industry declined compared with last year.
Premiums earned, net of reinsurance, increased KSEK 19,834 to KSEK 366,411 (346,577). This increase was primarily attributable to insurance for consumer electronics in the Danish market and for the eyewear industry.
Costs for claims incurred, net of reinsurance, increased 1 per cent to KSEK 104,169 (103,545). The claims ratio for the segment improved during the year. Acquisition costs increased to KSEK 195,464 (179,709), due to sales growth, a changed product and partner mix in the segment and the trend in the claims ratio.
Gross profit increased KSEK 3,455 to KSEK 66,778 (63,323). The gross margin was 18.2 per cent (18.3).
20.0%
Gross margin
| KSEK | Oct–Dec 2022 |
Oct–Dec 2021 |
Change | Jan-Dec 2022 |
Jan-Dec 2021 |
Change |
|---|---|---|---|---|---|---|
| Gross written premiums | 101,011 | 105,421 | -4% | 375,701 | 361,090 | 4% |
| Premiums earned, net of reinsurance | 92,089 | 91,179 | 1% | 366,411 | 346,577 | 6% |
| Claims incurred, net of reinsurance | -25,617 | -25,758 | -1% | -104,169 | -103,545 | 1% |
| Acquisition costs* | -48,073 | -47,617 | 1% | -195,464 | -179,709 | 9% |
| Gross profit** | 18,399 | 17,804 | 3% | 66,778 | 63,323 | 5% |
| Gross margin*** | 20.0% | 19.5% | +0.5 p.p. | 18.2% | 18.3% | -0.1 p.p. |
* Acquisition costs include brokerage commission and costs for direct sales
** Gross profit = premiums earned, net of reinsurance minus claims incurred net of reinsurance minus acquisition costs
*** Gross margin = gross profit as a percentage of premiums earned, net of reinsurance
The segment posted sales growth in the fourth quarter, driven by the performance in insurance solutions for the travel industry, which increased 42 per cent year-on-year. However, sales volumes of insurance policies linked to car warranties declined in the quarter compared with last year. The used-car market continued to slow down and there are fewer used cars being sold in Sweden.
Gross written premiums rose KSEK 7,078 during the period to KSEK 88,668 (81,590). Premiums earned, net of reinsurance increased KSEK 12,412 to KSEK 87,835 (75,423). The increase in both gross written premiums and in premiums earned, net of reinsurance, was primarily attributable to the company's travel insurance products.
Costs for claims incurred, net of reinsurance, increased to KSEK 27,868 (21,615). The claims ratio improved during the period compared with last year, primarily due to higher claim costs related to insurance policies for roadside assistance and car warranties. Acquisition costs increased to KSEK 40,494 (38,426), due to sales growth and a changed product and partner mix in the segment. The ratio in relation to premiums earned improved year-on-year.
Gross profit increased KSEK 4,091 to KSEK 19,473 (15,382) and the gross margin improved to 22.2 per cent (20.4) mainly due to growth in premiums earned and relatively low acquisition costs.
Gross written premiums increased KSEK 103,683 to KSEK 386,467 (282,784), primarily driven by the sharp increase in sales related to insurance solutions for the travel industry for which the increase was 118 per cent compared with the preceding year. Premiums earned, net of reinsurance, increased KSEK 91,938 to KSEK 352,261 (260,323). The increase in premiums earned, net of reinsurance, was primarily attributable to the company's travel insurance products but also to insurance related to car warranties for which growth was 7 per cent.
Gross profit increased KSEK 25,222 to KSEK 78,548 (53,326) mainly as a result of growth in premiums earned and relatively low claim costs. The gross margin improved to 22.3 per cent (20.5), primarily due to the claims ratio trend.
+9% Gross written premiums
Premiums earned, net of reinsurance +27%
Gross profit
22.2%
Gross margin
| KSEK | Oct–Dec 2022 |
Oct–Dec 2021 |
Cha nge |
Jan–Dec 2022 |
Jan–Dec 2021 |
Cha nge |
|---|---|---|---|---|---|---|
| Gross written premiums | 88,668 | 81,590 | 9% | 386,467 | 282,784 | 37% |
| Premiums earned, net of reinsurance | 87,835 | 75,423 | 16% | 352,261 | 260,323 | 35% |
| Claims incurred, net of reinsurance | -27,868 | -21,615 | 29% | -104,089 | -88,437 | 18% |
| Acquisition costs* | -40,494 | -38,426 | 5% | -169,624 | -118,560 | 43% |
| Gross profit** | 19,473 | 15,382 | 27% | 78,548 | 53,326 | 47% |
| Gross margin*** | 22.2% | 20.4% | +1.8 p.p. | 22.3% | 20.5% | +1.8 p.p. |
* Acquisition costs include brokerage commission and costs for direct sales
** Gross profit = premiums earned, net of reinsurance minus claims incurred net of reinsurance minus acquisition costs
*** Gross margin = gross profit as a percentage of premiums earned, net of reinsurance
The year was dominated by a turbulent world with rising inflation, interest-rate hikes, higher energy prices and Russia's ongoing invasion of Ukraine. The volatility and turbulence in the financial markets impacted Solid Försäkring's investment portfolio during the year and both the equities and bond portfolios noted lower market values. The company is continuing to closely monitor developments in the external environment and any impact to identify any signs of potential changes in consumer behaviour that could affect the company's insurance operations.
The Extraordinary General Meeting held on 29 September resolved, in accordance with the Board's proposal, to authorise the Board to acquire the company's own shares on one more occasions up until the next Annual General Meeting. The repurchase programme commenced on 26 October.
The acquisition of own shares may occur of at most as many shares as are needed so that the company's holdings of own shares at any given time do not exceed five per cent of all shares in the company. The purpose of the authorisation to acquire own shares is to create a tool for the Board to continuously during the year adapt and improve the company's capital structure and thereby create additional value for shareholders. The intention is for the repurchased shares to later be cancelled by resolutions of upcoming Annual General Meetings.
On 8 November, Solid Försäkring announced it had signed an agreement with Collector Bank to provide payment protection insurance in Sweden and Norway. Collector Bank will offer its retail customers Solid Försäkring's payment protection insurance and the partnership is scheduled to launch in late 2023.
On 2 December, Solid Försäkring announced it had signed an agreement to acquire Car Protect AS as a purchase of assets and liabilities. Car Protect is a Norwegian insurance intermediary of car warranties with many years of experience in the Norwegian automotive market. Solid Försäkring will take over the operations on 1 January 2023.
Except for the above, no other significant events occurred during the period in question.
No significant events took place after the end of the period.
The company's ability to manage risks impacts the company's financial position and ability to achieve set targets. Various types of risks arise in the operations, such as insurance risk, market risk, counterparty risk, operational risks and other risks. The Board has adopted policies for the operations in order to balance the company's risk-taking and restrict and control risks. All policies are updated as necessary and revised at least once a year. The Board and CEO are ultimately responsible for risk management. The company's risk management is described is more detail in the most recent annual report under the section Information about risks and uncertainties and in Note 2 Risk disclosures.
In general, no changes of material importance to risk management took place during the period, and the company does not believe that there is any risk that would jeopardise the company's stability or capital situation in the future.
Solid Försäkringsaktiebolag's (publ), Corp. ID. No. 516401-8482, has been listed on Nasdaq Stockholm (Small Cap) since 1 December 2021. The head office is located in Helsingborg, Sweden.
The focus of the operations is on niche insurance, with the Nordic region as its main market. The non-life insurance operations are divided into three segments: Product, Personal Safety and Assistance. The operations in Norway, Finland and Switzerland are conducted by branches, and operations in other countries are conducted as cross-border operations. Solid Försäkring partners with leading retail chains in various industries and the banking sector, and has about 2.3 million customers across the Nordic region.
The number of employees, regardless of degree of employment, was 70 on 31 December, an increase of two people compared with the end of December 2021.
Solid Försäkringsaktiebolag's (Solid) share was listed on Nasdaq Stockholm (Small Cap) under the ticker SFAB and its ISIN is SE0017082548.
On the listing date of 1 December 2021 (the first trading day), the share was first traded at SEK 55.00 and closed at SEK 60.16. The share price on the final trading day on 31 December 2022 was SEK 65.85. A total of 2,583,420 shares were traded during the period, corresponding to a turnover rate of 12.92 per cent during the measurement period of 1 October–31 December 2022.
| The largest directly registered shareholders on 31 December 2022 |
Percenta ges of share capital |
|---|---|
| Waldakt AB | 28.9% |
| Investment AB Spiltan | 8.1% |
| Avanza Pension | 4.9% |
| Swedbank Robur Fonder | 4.2% |
| Nordnet Pensionsförsäkring | 3.0% |
| Protector Forsikring ASA | 2.9% |
| Solid Försäkringsaktiebolag | 2.3% |
| Swedbank Försäkring | 2.3% |
| Traction | 2.0% |
| Catea Group AB | 1.7% |
| 60.4% |
| 21 March 2023 | 2022 Annual Report |
|---|---|
| 26 April 2023 | Interim report January–March 2023 (Q1) |
| 21 July 2023 | Interim report January–June 2023 (Q2) |
| 26 October 2023 Interim report January–September 2023 (Q3) |
Solid Försäkring has the following medium-term financial targets:
According to the Board's dividend policy, the company intends to pay an annual dividend corresponding to at least 50 per cent of net profit for the year from and including the 2022 financial year. The dividend policy is conditional on the target for the SCR ratio and that no potential major acquisitions are carried out.
70
Number of employees
21 March 2023 Next report
The Board of Directors and the CEO certify that this year-end report provides a fair review of the company's operations, financial position and results and describes the significant risks and uncertainties faced by the company.
Helsingborg, 6 February 2023
Marcus Tillberg, CEO
The Board of Directors
Lars Nordstrand, Chairman
Marita Odélius Engström Lisen Thulin
Fredrik Carlsson David Nilsson Sträng
| KSEK | Note | Oct–Dec 2022 |
Oct–Dec 2021 |
Jan–Dec 2022 |
Jan–Dec 2021 |
|---|---|---|---|---|---|
| Technical account of non-life insurance operations | |||||
| Premiums earned, net of reinsurance | 3 | 277,221 | 258,486 | 1,099,709 | 981,291 |
| Allocated investment return transferred from the non-technical account | 6,393 | 4,400 | 16,748 | 8,900 | |
| Claims incurred, net of reinsurance | 4 | -62,810 | -55,765 | -240,558 | -231,021 |
| Operating expenses | 5 | -175,881 | -179,390 | -712,799 | -644,934 |
| Technical result for non-life insurance operations | 44,923 | 27,731 | 163,100 | 114,236 | |
| Non-technical account | |||||
| Investment income | 9,640 | 4,561 | 29,819 | 25,068 | |
| Investment charges | -647 | -605 | -2,874 | -2,188 | |
| Unrealised gains/losses on investment assets | 11,659 | 2,766 | -38,459 | 19,008 | |
| Result of asset management | 6 | 20,652 | 6,722 | -11,514 | 41,888 |
| Allocated investment return transferred to technical account | -6,393 | -4,400 | -16,748 | -8,900 | |
| Other non-technical income | 2,260 | 1,392 | 9,296 | 6,750 | |
| Other non-technical expenses | -815 | -503 | -4,934 | -2,609 | |
| Profit before appropriations and tax | 60,627 | 30,942 | 139,200 | 151,365 | |
| Appropriations | 0 | 0 | 0 | 0 | |
| Profit before tax | 60,627 | 30,942 | 139,200 | 151,365 | |
| Tax on profit for the period | -11,167 | -5,613 | -28,544 | -31,385 | |
| Net profit for the period | 49,460 | 25,329 | 110,656 | 119,980 | |
| Basic and diluted earnings per share, SEK | 12 | 2.49 | 1.27 | 5.54 | 6.00 |
| KSEK | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Net profit for the period | 49,460 | 25,329 | 110,656 | 119,980 |
| Items that will be reclassified to profit or loss | ||||
| Translation differences in foreign operations | 370 | 580 | 162 | 701 |
| Comprehensive income for the period | 49,830 | 25,909 | 110,818 | 120,681 |
| KSEK | Note | 31 Dec 2022 |
31 Dec 2021 |
|---|---|---|---|
| Assets | |||
| Intangible assets | 16,994 | 22,545 | |
| Investment assets | 7 | 830,149 | 682,621 |
| Reinsurer's share of technical provisions | 3,936 | 3,811 | |
| Receivables | 85,584 | 81,052 | |
| Property, plant & equipment | 914 | 1,911 | |
| Cash and bank balances | 603,864 | 613,139 | |
| Other assets | 6,241 | 388 | |
| Prepaid expenses and accrued income | 240,373 | 210,418 | |
| Total assets | 1,788,055 | 1,615,885 | |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 30,000 | 30,000 | |
| Fair value reserve | -615 | -777 | |
| Retained earnings | 271,435 | 178,210 | |
| Net profit for the period | 110,656 | 119,980 | |
| Total equity | 411,476 | 327,413 | |
| Untaxed reserves | |||
| Contingency reserve | 488,118 | 488,118 | |
| Total untaxed reserves | 488,118 | 488,118 | |
| Liabilities | |||
| Technical provisions, net of outward reinsurance | 8 | 660,659 | 615,900 |
| Other liabilities | 205,812 | 164,926 | |
| Accrued expenses and deferred income | 21,990 | 19,528 | |
| Total liabilities | 888,461 | 800,354 | |
| Total equity and liabilities | 1,788,055 | 1,615,885 |
| KSEK | Share | Fair value | Retained | Net profit | Total |
|---|---|---|---|---|---|
| capital | reserve | earni | for the | equity | |
| ngs | period | ||||
| Equity, 1 January 2022 | 30,000 | -777 | 178,210 | 119,980 | 327,413 |
| Net profit for the period | 110,656 | 110,656 | |||
| Translation differences | 162 | 162 | |||
| Comprehensive income for the period | 162 | 110,656 | 110,818 | ||
| Previous year's profit brought forward | 119,980 | -119,980 | 0 | ||
| Owner transactions | |||||
| Repurchased own shares | -26,811 | -26,811 | |||
| Option premiums received/repurchased | 56 | 56 | |||
| Equity, 31 December 2022 | 30,000 | -615 | 271,435 | 110,656 | 411,476 |
| Equity, 1 January 2021 | 30,000 | -1,478 | 133,837 | 43,372 | 205,731 |
| Net profit for the period | 119,980 | 119,980 | |||
| Translation differences | 701 | 701 | |||
| Comprehensive income for the period | 701 | 119,980 | 120,681 | ||
| Previous year's profit brought forward | 43,372 | -43,372 | 0 | ||
| Owner transactions | |||||
| Option premiums received/repurchased | 1,001 | 1,001 | |||
| Equity, 31 December 2021 | 30,000 | -777 | 178,210 | 119,980 | 327,413 |
| KSEK | Jan–Dec | Jan–Dec |
|---|---|---|
| Operating activities | 2022 | 2021 |
| Profit before tax | 139,200 | 151,365 |
| Adjustment for non-cash items | 55,784 | -24,648 |
| Income taxes paid | -30,518 | -13,894 |
| Cash flow from operating activities before changes in working capital | 164,466 | 112,823 |
| Change in operating receivables | -18,554 | 11,035 |
| Change in operating liabilities | 38,949 | 39,198 |
| Cash flow from operating activities | 184,861 | 163,056 |
| Cash flow from investing activities | -173,964 | 173,275 |
| Cash flow from financing activities | -26,755 | -59,000 |
| Cash flow for the period | -15,858 | 277,331 |
| Cash and cash equivalents at the beginning of the year | 613,139 | 328,205 |
| Cash flow for the period | -15,858 | 277,331 |
| Exchange differences in cash and cash equivalents | 6,583 | 7,603 |
| Cash and cash equivalents at end of period | 603,864 | 613,139 |
The reported cash flows only include transactions involving cash inflows and outflows. The cash transactions are classified under operating activities, investing activities and financing activities. Cash and cash equivalents are bank deposits.
Solid Försäkring's year-end report has been prepared in accordance with IAS 34 Interim Financial Report and the applicable parts of the Swedish Annual Accounts Act for Insurance Companies (1995:1560), the Swedish Financial Supervisory Authority's regulations and general guidelines on Annual Accounts at Insurance Undertakings (FFFS 2019:23), including all applicable amendment regulations, and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. Disclosures pursuant to IAS 34.16A are presented in the financial statements and the accompanying notes as well as elsewhere in this year-end report.
The ESMA guidelines on alternative performance measures are applied. These are performance measures that are not defined in applicable regulations (IFRS, ÅRFL, FFFS 2019:23 and FRL), but that Solid Försäkring believes to be relevant for monitoring and describing the company's financial situation and to provide additional useful information for users of the financial statements. Since these measures have been developed and adapted for Solid Försäkring, they are not fully comparable with similar performance measures presented by other companies.
The same accounting policies and basis for calculations were applied as those used in the most recent annual report. No other IFRS or IFRIC interpretations have come into force since 1 January 2022 that have had a material impact on the company.
Solid has established three operating segments: Personal Safety, Product and Assistance. These operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision maker. For Solid, the chief operating decision maker is the CEO since this is the person who is responsible for allocating resources and evaluating results. The financial information reported to the CEO, used as a basis for allocating resources and assessing the company's results, as gross profit and gross margin specified by three product areas, which have also been determined as the company's three operating segments: Personal Safety, Product and Assistance. The company uses the same valuation principles in its segment report according to IFRS 8 as in its financial statements.
| KSEK | Personal Safety | Product | Assistance | Not specified |
Total |
|---|---|---|---|---|---|
| by segment | |||||
| Gross written premiums | 96,124 | 101,011 | 88,668 | 285,803 | |
| Premiums earned, net of reinsurance | 97,297 | 92,089 | 87,835 | 277,221 | |
| Claims incurred, net of reinsurance | -9,325 | -25,617 | -27,868 | -62,810 | |
| Acquisition costs* | -61,914 | -48,073 | -40,494 | -150,481 | |
| Gross profit** | 26,058 | 18,399 | 19,473 | 63,930 | |
| Gross margin*** | 26.8% | 20.0% | 22.2% | 23.1% | |
| Administrative expenses | -25,400 | -25,400 | |||
| Allocated investment return transferred from non-technical account | 6,393 | 6,393 | |||
| Technical result | 44,923 | ||||
| Result of asset management | 20,652 | 20,652 | |||
| Allocated investment return transferred to non-technical account | -6,393 | -6,393 | |||
| Other non-technical income | 2,260 | 2,260 | |||
| Other non-technical expenses | -815 | -815 | |||
| Profit before tax | 60,627 |
Premiums earned, net of reinsurance, for the quarter amounted to KSEK 94,223 (89,270) for Solid Försäkring's largest partner in the Personal Safety segment, and to KSEK 31,006 (20,968) for Solid Försäkring's largest partner in the Assistance segment.
| Oct–Dec 2021 | |||||
|---|---|---|---|---|---|
| KSEK | Personal Safety | Product | Assistance | Not specified |
Total |
| by segment | |||||
| Gross written premiums | 94,001 | 105,421 | 81,590 | 281,012 | |
| Premiums earned, net of reinsurance | 91,884 | 91,179 | 75,423 | 258,486 | |
| Claims incurred, net of reinsurance | -8,392 | -25,758 | -21,615 | -55,765 | |
| Acquisition costs* | -58,858 | -47,617 | -38,426 | -144,901 | |
| Gross profit** | 24,634 | 17,804 | 15,382 | 57,820 | |
| Gross margin*** | 26.8% | 19.5% | 20.4% | 22.4% | |
| Administrative expenses | -34,489 | -34,489 | |||
| Allocated investment return transferred from non-technical account | 4,400 | 4,400 | |||
| Technical result | 27,731 | ||||
| Result of asset management | 6,722 | 6,722 | |||
| Allocated investment return transferred to non-technical account | -4,400 | -4,400 | |||
| Other non-technical income | 1,392 | 1,392 | |||
| Other non-technical expenses | -503 | -503 | |||
| Profit before tax | 30,942 | ||||
Jan–Dec 2022
| KSEK | Personal Safety | Product | Assistance | Not specified |
Total |
|---|---|---|---|---|---|
| by segment | |||||
| Gross written premiums | 389,753 | 375,701 | 386,467 | 1,151,921 | |
| Premiums earned, net of reinsurance | 381,037 | 366,411 | 352,261 | 1,099,709 | |
| Claims incurred, net of reinsurance | -32,300 | -104,169 | -104,089 | -240,558 | |
| Acquisition costs* | -244,006 | -195,464 | -169,624 | -609,094 | |
| Gross profit** | 104,731 | 66,778 | 78,548 | 250,057 | |
| Gross margin*** | 27.5% | 18.2% | 22.3% | 22.7% | |
| Administrative expenses | -103,705 | -103,705 | |||
| Allocated investment return transferred from non-technical account | 16,748 | 16,748 | |||
| Technical result | 163,100 | ||||
| Result of asset management | -11,514 | -11,514 | |||
| Allocated investment return transferred to non-technical account | -16,748 | -16,748 | |||
| Other non-technical income | 9,296 | 9,296 | |||
| Other non-technical expenses | -4,934 | -4,934 | |||
| Profit before tax | 139,200 |
Premiums earned, net of reinsurance, for the full-year 2022 amounted to KSEK 369,652 (364,951) for Solid Försäkring's largest partner in the Personal Safety segment, and to KSEK 129,455 (58,830) for Solid Försäkring's largest partner in the Assistance segment.
| Jan–Dec 2021 | |||||
|---|---|---|---|---|---|
| KSEK | Personal Safety | Product | Assistance | Not | Total |
| specified | |||||
| by segment | |||||
| Gross written premiums | 369,547 | 361,090 | 282,784 | 1,013,421 | |
| Premiums earned, net of reinsurance | 374,391 | 346,577 | 260,323 | 981,291 | |
| Claims incurred, net of reinsurance | -39,039 | -103,545 | -88,437 | -231,021 | |
| Acquisition costs* | -236,415 | -179,709 | -118,560 | -534,684 | |
| Gross profit** | 98,937 | 63,323 | 53,326 | 215,586 | |
| Gross margin*** | 26.4% | 18.3% | 20.5% | 22.0% | |
| Administrative expenses | -110,250 | -110,250 | |||
| Allocated investment return transferred from non-technical account | 8,900 | 8,900 | |||
| Technical result | 114,236 | ||||
| Result of asset management | 41,888 | 41,888 | |||
| Allocated investment return transferred to non-technical account | -8,900 | -8,900 | |||
| Other non-technical income | 6,750 | 6,750 | |||
| Other non-technical expenses | -2,609 | -2,609 | |||
| Profit before tax | 151,365 |
* Acquisition costs include brokerage commission and costs for direct sales, included in Note 5 Operating expenses.
** Gross profit = premiums earned, net of reinsurance minus claims incurred net of reinsurance minus acquisition costs
*** Gross margin = gross profit as a percentage of premiums earned, net of reinsurance
| KSEK | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Gross written premiums, geographical specification | ||||
| Sweden | 166,399 | 168,151 | 671,998 | 646,602 |
| Norway | 46,411 | 49,110 | 190,402 | 170,667 |
| Denmark | 22,765 | 22,755 | 92,135 | 69,978 |
| Finland | 13,447 | 12,104 | 50,661 | 48,669 |
| Rest of Europe | 36,781 | 28,892 | 146,725 | 77,505 |
| Total gross written premiums | 285,803 | 281,012 | 1,151,921 | 1,013,421 |
| Outward reinsurance premiums | -6,062 | -9,193 | -22,871 | -27,605 |
| Change in provision for unearned premiums and unexpired risks | -2,371 | -12,612 | -29,419 | -4,634 |
| Reinsurers' share of change in provision for unearned premiums and unexpired risks | -149 | -721 | 78 | 109 |
| Total premiums earned, net of reinsurance | 277,221 | 258,486 | 1,099,709 | 981,291 |
| KSEK | Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Claims paid, net of outward reinsurance | -66,136 | -58,952 | -252,952 | -232,902 |
| Reinsurers' share of Claims paid | 2,761 | 1,798 | 11,116 | 6,325 |
| Change in Provision for claims outstanding, net of outward reinsurance | 1,147 | 1,399 | 1,308 | -4,434 |
| Reinsurers' share of Change in provision for claims outstanding | -582 | -10 | -30 | -10 |
| Total claims incurred, net of reinsurance | -62,810 | -55,765 | -240,558 | -231,021 |
| KSEK | Oct–Dec 2022 |
Oct–Dec 2021 |
Jan–Dec 2022 |
Jan–Dec 2021 |
|---|---|---|---|---|
| Specification of income statement item operating expenses | ||||
| Acquisition costs* | -154,465 | -154,277 | -630,783 | -539,232 |
| Change in item Deferred acquisition costs* | 3,485 | 8,848 | 18,631 | 2,920 |
| Administrative expenses | -25,400 | -34,489 | -103,705 | -110,250 |
| Operating expenses and profit-sharing in outward reinsurance* | 499 | 528 | 3,058 | 1,628 |
| Total income statement item operating expenses | -175,881 | -179,390 | -712,799 | -644,934 |
| Other operating expenses | ||||
| Claims adjustment costs included in Claims paid | -6,610 | -6,032 | -23,338 | -23,030 |
| Financial management costs included in Investment charges | -300 | -300 | -1,200 | -1,200 |
| Total other operating expenses | -6,910 | -6,332 | -24,538 | -24,230 |
| Total operating expenses | -182,791 | -185,722 | -737,337 | -669,164 |
* Marked items comprise total acquisition costs
| KSEK | Oct–Dec 2022 |
Oct–Dec 2021 |
Jan–Dec 2022 |
Jan–Dec 2021 |
|---|---|---|---|---|
| Investment income | ||||
| Dividends on shares and participating interests | 221 | 915 | 3,016 | 3,561 |
| Interest income, bonds and other interest-bearing securities | 5,475 | 1,966 | 13,386 | 7,670 |
| Other interest income * | 3,788 | 1,206 | 5,249 | 4,061 |
| Exchange gains (net) | -519 | 424 | 3,050 | 1,468 |
| Capital gains (net) | 671 | 47 | 5,100 | 8,291 |
| Other | 4 | 3 | 18 | 17 |
| Total investment income | 9,640 | 4,561 | 29,819 | 25,068 |
| Investment charges | -647 | -605 | -2,874 | -2,188 |
| Unrealised gains/losses on investment assets recognised through profit or loss | ||||
| Shares and participating interests | 10,906 | 5,938 | -14,237 | 20,057 |
| Bonds and other interest-bearing securities | 753 | -3,172 | -24,222 | -1,049 |
| Total unrealised gains/losses on investment assets | 11,659 | 2,766 | -38,459 | 19,008 |
| Result of asset management | 20,652 | 6,722 | -11,514 | 41,888 |
* All Other interest income consists of interest income on assets measured at fair value.
| KSEK | 31 Dec | 31 Dec |
|---|---|---|
| 2022 | 2021 | |
| Shares and participating interests | 91,318 | 78,788 |
| Bonds and other interest-bearing securities | 719,286 | 574,581 |
| Subordinated loans | 19,545 | 29,252 |
| Total investment assets | 830,149 | 682,621 |
| KSEK | 31 Dec 2022 |
31 Dec 2021 |
|---|---|---|
| Opening balance technical provisions, net of outward reinsurance | 615,900 | 587,764 |
| Provision for unearned premiums and unexpired risks, gross | ||
| Opening balance | 555,105 | 532,931 |
| Insurance policies written during the period | 1,151,921 | 1,013,421 |
| Premiums earned during the period | -1,122,501 | -1,008,787 |
| Currency effects | 14,851 | 17,540 |
| Closing balance | 599,376 | 555,105 |
| Provision for claims outstanding, gross | ||
| Opening balance | 60,795 | 54,833 |
| Settled claims from previous financial years | -24,550 | -21,940 |
| Changes in the expected cost of claims incurred in previous years (run-off result) | -3,108 | -8,332 |
| Provisions for the year | 26,350 | 34,706 |
| Currency effects | 1,796 | 1,528 |
| Closing balance | 61,283 | 60,795 |
| Closing balance technical provisions, net of outward reinsurance | 660,659 | 615,900 |
| KSEK | 31 Dec 2022 |
31 Dec 2021 |
|---|---|---|
| Policyholders' priority rights | ||
| Assets encompassed by policyholders' priority rights | 1,438,690 | 1,296,131 |
| Technical provisions, net | -656,723 | -612,089 |
| Surplus from registered assets | 781,967 | 684,042 |
Solid Försäkringsaktiebolag is 28.9 per cent owned by Waldakt AB, and of the remaining owners, no individual owner has a holding of 20 per cent or more. No business transactions of significant importance took place with related parties during the period.
Related parties – Key individuals Marcus Tillberg CEO of Solid Försäkringsaktiebolag Lars Nordstrand Chairman of Solid Försäkringsaktiebolag Fredrik Carlsson Board member of Solid Försäkringsaktiebolag David Nilsson Sträng Board member of Solid Försäkringsaktiebolag Marita Odélius Engström Board member of Solid Försäkringsaktiebolag Lisen Thulin Board member of Solid Försäkringsaktiebolag
There were no material changes to the scope of remuneration and benefits for senior executives during the period.
The table below shows financial instruments measured at fair value, based on their classification in the fair value hierarchy. The
different levels are defined as follows:
Listed prices (unadjusted) in active markets for identical assets or liabilities (level 1).
Other observable inputs for assets or liabilities other than listed prices included in level 1 directly (i.e., price quotations) or indirectly (i.e., derived from price
quotations) (level 2).
| KSEK | Measurement level |
31 Dec 2022 |
31 Dec 2021 |
|---|---|---|---|
| Financial assets at fair value through profit or loss | |||
| Bonds and other interest-bearing securities | 1 | 738,831 | 603,833 |
| Listed shares | 1 | 91,318 | 78,788 |
| Total | 830,149 | 682,621 | |
| Financial liabilities at fair value through profit or loss | |||
| Derivatives | 2 | 0 | -660 |
| Total | 0 | -660 |
| Assets, KSEK | 31 Dec 2022 | 31 Dec 2021 | ||||
|---|---|---|---|---|---|---|
| Amortised cost* |
Fair value through profit or loss |
Carrying amount |
Amortised cost* |
Fair value through profit or loss |
Carrying amount |
|
| Financial assets | ||||||
| Shares and participating interests | 91,318 | 91,318 | 78,788 | 78,788 | ||
| Other interest-bearing securities | 738,831 | 738,831 | 603,833 | 603,833 | ||
| Receivables, direct insurance and reinsurance | 83,800 | 83,800 | 81,042 | 81,042 | ||
| Cash and bank balances and other cash equivalents | 603,912 | 603,912 | 613,193 | 613,193 | ||
| Prepaid expenses and accrued income | 4,677 | 4,677 | 1,031 | 1,031 | ||
| Total financial assets | 687,712 | 834,826 | 1,522,538 | 694,235 | 683,652 | 1,377,887 |
| Non-financial assets | 265,517 | 237,998 | ||||
| Liabilities, KSEK | 31 Dec 2022 | 31 Dec 2021 | ||||
| Amortised cost* |
Fair value through profit or loss |
Carrying amount |
Amortised cost* |
Fair value through profit or loss |
Carrying amount |
|
| Financial liabilities | ||||||
| Liabilities, direct insurance and reinsurance | 190,150 | 190,150 | 158,712 | 158,712 | ||
| Derivatives | 0 | 660 | 660 | |||
| Other liabilities | 15,662 | 15,662 | 5,554 | 5,554 | ||
| Total financial liabilities | 205,812 | 0 | 205,812 | 164,266 | 660 | 164,926 |
| Non-financial liabilities | 682,649 | 635,428 |
* Assets and liabilities are recognised at amortised cost, which is a good approximation of fair value
Basic earnings per share are calculated by dividing the earnings attributable to the company's shareholders by an average number of ordinary shares outstanding for the period. The average number of shares is a weighted number of shares for the period after the repurchase of own shares. The average number of shares between October and December 2022 amounted to 19,849,664 (20,000,000). The average number of shares between January and December 2022 amounted to 19,962,107 (20,000,000) with a quotient value of SEK 1.5 (1.5). There was no dilutive effect as of 31 December 2022.
| Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Net profit for the period, KSEK | 49,460 | 25,329 | 110,656 | 119,980 |
| Average number of shares outstanding in the period | 19,849,664 | 20,000,000 | 19,962,107 | 20,000,000 |
| Basic and diluted earnings per share, SEK | 2.49 | 1.27 | 5.54 | 6.00 |
In connection with the publication of the year-end report, CEO Marcus Tillberg and CFO Sofia Andersson will hold a teleconference on 7 February 2023 at 11:00 a.m. CET. To participate in the conference, click on the following link https://ir.financialhearings.com/solid-q4-2022, which you can also use to write questions. If you want to ask a question verbally at the teleconference, register using the following link https://conference.financialhearings.com/teleconference/?id=5004925. After registering you will receive a telephone number and ID to log into the conference. Presentation material will be available on Solid's website: https://corporate.solidab.se/en/investors/reports-and-presentations/
The complete January–December 2022 Year-end Report will be available on https://corporate.solidab.se/en/investors/reports-and-presentations/ This information is such information that Solid Försäkringsaktiebolag (publ) is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on 7 February 2023 at 7:30 a.m. CET.
Marcus Tillberg, CEO, [email protected], +46 703 78 20 65 Sofia Andersson, CFO, [email protected], +46 700 42 11 77 Johan Hähnel, Head of IR, [email protected], +46 705 05 63 34
Solid Försäkringsaktiebolag Landskronavägen 23 Box 220 68 SE-250 22 Helsingborg
Tel: +46 42 38 21 00 www.solidab.se
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