Quarterly Report • Jul 21, 2022
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.
** The portfolio return is calculated as the result of asset management for the period in relation to the average total investment assets
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 2021 amounted to SEK 981 million and the technical result to SEK 114 million.
In an business environment characterised by widespread turmoil and volatility, we can conclude that the second quarter delivered healthy sales growth and a strong technical result. The continuing volatility in the financial markets adversely affects the non-technical account with unrealised changes in the value of investment assets resulting in a negative impact on net profit before tax for the period. Sales continued to perform positively in all segments in the second quarter of the year and gross written premiums increased 19 per cent compared with last year.
Premiums earned for the second quarter increased 13 per cent to SEK 274 million and
14 per cent in the first six months of the year compared with the year-earlier periods. The Assistance segment was a particular highlight, reporting a 41 per cent increase in premiums earned in the second quarter, with both insurance solutions related to car warranties and insurance for the travel industry contributing to the increase. Premiums earned in the Personal Safety segment were in line with the year-earlier period and in the Product segment we continued to capture market shares in the Danish market, which contributed to premiums earned increasing 8 per cent.
The technical result was very strong, up 37 per cent to SEK 39 million, which is the highest technical result for a single quarter in the company's history. The technical result increased 24 per cent for the first half of the year to SEK 72 million.
The combined ratio in the second quarter reported a positive and stable trend and was 86.9 per cent, which is lower than the year-earlier period (88.9), due to stable underlying business and good cost control. For the first six months of the year, the combined ratio was 87.7 per cent compared with 88.4 per cent in the same period in 2021.
The continuing volatility in the financial markets resulted in a loss from the nontechnical account of SEK -19 million for the second quarter, corresponding to a portfolio return of -1 per cent. The unrealised decline in value amounted to SEK -26 million, of which SEK -14 million was attributable to the company's interest-rate portfolio. Our strategy is to hold bonds until maturity. Profit from the non-technical account in the year-earlier period was SEK 8 million.
Accordingly, profit before appropriations and tax amounted to SEK 18 million for the quarter and to SEK 35 million for the first half of the year, compared with SEK 36 million and SEK 89 million, respectively, last year. As stated above, the decline was fully attributable to the trend in unrealised market valuations in the investment portfolio.
Our organic growth is primarily driven by developing existing partnerships and increasing the number of our partners. During the period, Solid Försäkring entered into a number of new partnerships, such as with Insplanet, which is part of the Zmarta Group and that has a leading position in consumer non-life insurance comparison and distribution. The partnership means that Zmarta/Insplanet will distribute roadside assistance insurance to its customers. The launch took place on 1 July 2022.
An agreement was also entered into with Fairlo, a loan company serving the Swedish market. Under this partnership, Fairlo will distribute Solid Försäkring's payment protection insurance to its customers. The launch is scheduled for Q3 2022.
Solid Försäkring currently has a strong financial position with an SCR ratio amounting to 169 per cent on 30 June, corresponding to an increase of 1 percentage point compared with the end of March 2022 (168).
Due to the strong financial position and valuation of Solid Försäkringsaktiebolag's own shares, the Board of Solid Försäkringsaktiebolag is considering convening an Extraordinary General Meeting in September and proposing that the shareholders grant authorisation to acquire Solid Försäkringsaktiebolag's own shares. A formal Board decision regarding a complete repurchase proposal and notice of the Extraordinary General Meeting may be made in August this year.
Marcus Tillberg, CEO Solid Försäkring
+19% Gross written premiums
+41%
Growth in premiums earnings for Assistance segment
+37% Technical result
Gross written premiums increased KSEK 47,460 to KSEK 291,855 (244,395) for the period. Sales increased in all segments compared with the year-earlier period, but was mainly driven by the positive performance in Assistance for which sales related to travel insurance products increased 153 per cent compared
with the year-earlier period. Sales of insurance policies linked to car warranties also increased during the quarter. The increase in the Product segment was mainly attributable to the Danish market where the company is continuing to capture market shares. The increase in Personal Safety was mainly due to sales of payment protection insurance in the Swedish and Norwegian markets.
Premiums earned, net of reinsurance, increased KSEK 32,008, corresponding to 13 per cent, to KSEK 273,901 (241,893). Growth was mainly driven by the strong performance in the Assistance segment for which the increase was 41 per cent. Premiums earned in the Product segment increased 8 per cent, primarily driven by growth in the consumer electronics industry in Denmark. Premiums earned in the Personal Safety segment were in line with last year.
The technical result increased KSEK 10,536, corresponding to 37 per cent, to KSEK 38,965, which is the highest technical result for a single quarter in the company's history.
Excluding the share of investment return transferred to the insurance operations, the increase was 38 per cent compared with the year-earlier period. Claims costs declined and the claims ratio margin improved in all segments during the quarter.
Operating expenses increased 15 per cent to KSEK 183,495 (159,319). The increase was mainly due to higher acquisition costs driven by higher sales, but also to a changed product and partner mix in the Assistance and Product segments and lower claim costs. Administrative expenses as a percentage of premiums earned amounted to 9.8 per cent for the period, which is lower than last year when the percentage was 10.6 per cent.
The combined ratio improved to 86.9 per cent (88.9) due to the positive trend in claim costs and administrative expenses.
The volatility in the capital market continued in the second quarter, which negatively affected the market valuations of the company's investment assets. The result of asset management amounted to KSEK -18,620 (8,244), corresponding to a portfolio return of -1 per cent. The negative result comprised unrealised changes in the value of investment assets, KSEK -25,638 (-823), refer to Note 6 for more detailed information.
Profit after tax declined KSEK 15,241 to KSEK 14,006 (29,247).
+19% Gross written premiums
+13% Premiums earned, net of reinsurance
+37% Technical result
Combined ratio
Gross written premiums increased KSEK 101,678 to KSEK 561,936 (460,258) for the period. Sales increased in all segments, but were mainly driven by the travel industry's recovery from COVID-19, which positively impacted demand for travel insurance products in the Assistance segment. In the Product segment, the increase was mainly attributable to the consumer electronics industry in Denmark and the high sales in the Personal Safety segment were primarily due to the positive performance of the Norwegian market.
Premiums earned, net of reinsurance increased KSEK 65,755, corresponding to 14 per cent, to KSEK 542,495 (476,740). Growth was mainly driven by the continuing strong performance in the Assistance segment for which the increase was 46 per cent. Premiums earned in the Product segment increased 8 per cent, primarily driven by growth in the consumer electronics industry in Denmark. Premiums earned in the Personal Safety segment fell 1 per cent.
The technical result increased KSEK 14,104, corresponding to 24 per cent, to KSEK 72,397. Excluding the share of investment return transferred to the insurance operations, the increase was 21 per cent compared with the year-earlier period. From the 2022 financial year, the company adjusts for the share of investment return transferred to the insurance operations every quarter. In prior years, the adjustment was made annually in December.
The claims ratio margin improved year-on-year to 21.1 per cent (23.6) Operating expenses increased 17 per cent to KSEK 360,940 (309,074), which were mainly due to higher acquisition costs. Administrative expenses as a percentage of premiums earned amounted to 9.9 per cent for the first half of the year, which is in line with expectations but lower than last year when the percentage was 10.5 per cent.
The combined ratio improved to 87.7 per cent (88.4) due to the positive trend in claim costs and administrative expenses.
The ongoing war in Ukraine, higher energy prices and rising inflation and interest rates impacted the capital market in the first half of the year, which resulted in higher volatility and lower market values for the company's investment assets. The result of asset management for the period amounted to KSEK -32,787 (32,201) and total return to -2.4 per cent (2.8). The negative result comprised unrealised changes in the value of investment assets, which amounted to KSEK -43,316 (17,604). The total value of the investment portfolio on 30 June amounted to KSEK 1,341,720, of which KSEK 620,518 was cash and cash equivalents, KSEK 87,387 equities and KSEK 633,815 other interest-bearing assets, mainly bonds at floating interest rates. The company's strategy is to hold bonds until maturity.
Profit after tax declined KSEK 42,583 to KSEK 27,019 (69,602).
+22 % Gross written premiums
+14 % Premiums earned, net of reinsurance
+24% Technical result
87.7 Combined ratio
Equity (2) on 30 June amounted to KSEK 741,788 (662,888) and Net Asset Value (2) to KSEK 722,632 (636,122). For the first half of the year 1 January–30 June 2022, annualised RoE (2)* amounted to 7.4 per cent (22.2) and annualised RoNAV (2)** to 8.4 per cent (24.5).
The SCR ratio improved to 169 per cent on 30 June (161), and declined 4 percentage points compared with the end of December 2021 (173). The decrease was primarily due to lower profit after tax for the first half of the year, as a consequence of the negative result of asset management, while the insurance risk increased due to the company's growth in its insurance operations. The company has a stable Solvency II position and company management and the Board do not believe that the ongoing war in Ukraine or the continuing effects of the previous pandemic will jeopardise stability or the capital situation in the future. However, the company is closely following external developments and any impact from rising inflation, higher interest rates and increased energy prices to 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 80,996 (163,056). Cash flow from investing activities amounted to KSEK -75,693 (173,275). During the quarter, investment assets were acquired for KSEK 156,440 and the value of divested and mature investment assets amounted to KSEK 80,533. The subordinated loan of KSEK 200,000 to Resurs Bank fell due for payment in April 2021. Cash flow from financing activities amounted to KSEK 0 (-59,000). Cash and cash equivalents increased to KSEK 620,518 (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.
8.4% RoNAV (2)
169% SCR ratio
| KSEK, unless otherwise stated | Apr | Apr-Jun | Cha | Jan– | Jan–Jun | Change | Jan– |
|---|---|---|---|---|---|---|---|
| Jun 2022 |
2021 | nge | Jun 2022 |
2021 | Dec 2021 |
||
| Gross written premiums | 291,855 | 244,395 | 19% | 561,936 | 460,258 | 22% | 1,013,421 |
| Premiums earned, net of reinsurance | 273,901 | 241,893 | 13% | 542,495 | 476,740 | 14% | 981,291 |
| Technical result | 38,965 | 28,429 | 37% | 72,397 | 58,293 | 24% | 114,236 |
| Result of asset management | -18,620 | 8,244 | -326% | -32,787 | 32,201 | -202% | 41,888 |
| Profit after tax | 14,006 | 29,247 | -52% | 27,019 | 69,602 | -61% | 119,980 |
| Earnings per share, SEK | 0.70 | 1.46 | -52% | 1.35 | 3.48 | -61% | 6.00 |
| Claims ratio | 19.9% | 23.0% | 21.1% | 23.6% | 23.5% | ||
| Expense ratio | 67.0% | 65.9% | 66.5% | 64.8% | 65.7% | ||
| Combined ratio | 86.9% | 88.9% | 87.7% | 88.4% | 89.3% | ||
| KSEK, unless otherwise stated | 30 Jun 2022 |
31 Dec 2021 |
30 Jun 2021 |
||||
| Investment assets measured at fair value | 721,202 | 682,621 | 655,522 | ||||
| Investment assets including cash and cash equivalents | 1,341,720 | 1,295,760 | 1,192,122 | ||||
| Direct yield, from beginning of year, % | 0.7% | 1.4% | 0.8% | ||||
| Total return, from beginning of year, % | -2.4% | 3.6% | 2.8% | ||||
| Technical provisions, net of reinsurance | 627,906 | 612,089 | 568,607 | ||||
| Net asset value | 842,340 | 815,531 | 763,440 | ||||
| Equity | 354,222 | 327,413 | 275,322 | ||||
| Equity (2)* | 741,788 | 714,979 | 662,888 | ||||
| Net Asset Value, NAV (2)* | 722,632 | 692,434 | 636,122 | ||||
| Return on equity (2), RoE (2) %* | 7.4% | 18.4% | 22.2% | ||||
| Return on equity excl. intangible assets, RoNAV (2) %* | 8.4% | 20.3% | 24.5% | ||||
| Eligible capital base to meet solvency capital requirement | 822,506 | 797,379 | 733,858 | ||||
| Eligible capital base to meet minimum capital requirement | 816,911 | 792,259 | 725,515 | ||||
| Solvency Capital Requirement (SCR) | 486,664 | 461,754 | 456,818 | ||||
| Minimum Capital Requirement (MCR) | 141,766 | 130,604 | 124,621 | ||||
| SCR ratio | 169% | 173% | 161% | ||||
| MCR ratio | 576% | 607% | 582% | ||||
| Solvency ratio, % | 73.3% | 82.7% | 85.0% | ||||
| Number of employees at end of period* | 71 | 68 | 70 | ||||
| Average number of FTEs* | 68 | 66 | 67 |
* 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 period, Solid Försäkring signed an agreement with a new partner, Fairlo, which is a loan company serving the Swedish market. Fairlo will distribute Solid Försäkring's payment protection insurance to its customers and the partnership is scheduled to launch in Q3 2022. Preparations for the launch of the partnerships with Wästgöta Finans, Svea Bank and Fairlo continued during the quarter and are progressing according to plan.
Sales (gross written premiums) for the segment rose 3 per cent compared with the year-earlier period. The increase was mainly due to sales of payment protection insurance in the Swedish and Norwegian markets.
Premiums earned, net of reinsurance, were in line with the preceding year at KSEK 94,232 (94,221).
Costs for claims incurred, net of reinsurance, declined to KSEK 8,049 (10,795). Accordingly, claim costs have returned to pre-pandemic levels and the claims ratio for the segment improved during the period.
Gross profit increased KSEK 960 to KSEK 25,571 (24,611). The gross margin improved to 27.1 per cent (26.1), mainly due to lower costs for claims incurred, net of reinsurance.
Sales (gross written premiums) for the segment rose 6 per cent compared with the year-earlier period. This increase was primarily driven by the performance of the Norwegian market for which sales of payment protection insurance increased 37 per cent compared with last year.
Premiums earned, net of reinsurance, declined 1 per cent to KSEK 187,499 (189,655).
Costs for claims incurred, net of reinsurance, declined KSEK 7,784 to KSEK 15,624 (23,408). The effects that the pandemic had on claim costs, caused by higher unemployment and illness, have abated.
Gross profit increased KSEK 2,954 to KSEK 51,811 (48,857). The gross margin improved to 27.6 per cent (25.8), mainly due to lower costs for claims incurred, net of reinsurance.
Share of premiums earned, net of reinsurance, Jan–Jun 2022
+3%
Gross written premiums 0%
Premiums earned, net of reinsurance
+4%
Gross profit 27.1%
Gross margin
| KSEK | Apr | Apr | Cha | Jan– | Jan– | Cha | Jan– |
|---|---|---|---|---|---|---|---|
| Jun 2022 |
Jun 2021 |
nge | Jun 2022 |
Jun 2021 |
nge | Dec 2021 |
|
| Gross written premiums | 94,546 | 91,818 | 3% | 195,405 | 183,753 | 6% | 369,547 |
| Premiums earned, net of reinsurance |
94,232 | 94,221 | 0% | 187,499 | 189,655 | -1% | 374,391 |
| Claims incurred, net of reinsurance |
-8,049 | -10,795 | -25% | -15,624 | -23,408 | -33% | -39,039 |
| Acquisition costs* | -60,612 | -58,815 | 3% | -120,064 | -117,390 | 2% | -236,415 |
| Gross profit** | 25,571 | 24,611 | 4% | 51,811 | 48,857 | 6% | 98,937 |
| Gross margin*** | 27.1% | 26.1% | +1.0 p.p. | 27.6% | 25.8% | +1.8 p.p. | 26.4% |
* 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 company is continuously developing existing partnerships, focusing on initiatives that increase the share of insurance. For example, the product range was expanded during the period together with a partner in the Norwegian market and work is being conducted to broaden the range of insurance further.
Sales (gross written premiums) for the segment rose 11 per cent compared with the year-earlier period, mainly driven by the partnership with Power in the Danish market where the company is continuing to capture market shares.
Premiums earned, net of reinsurance increased KSEK 6,534 to KSEK 91,372 (84,838). This increase was primarily attributable to insurance for consumer electronics in the Norwegian and Danish markets.
Costs for claims incurred, net of reinsurance, declined KSEK 534 to KSEK 24,384 (24,918). The claims ratio for the segment improved during the period. Acquisition costs increased year-on-year to KSEK 50,203 (45,261), due to sales growth, a changed product and partner mix in the segment and lower claim costs.
Gross profit increased KSEK 2,126 to KSEK 16,785 (14,659). The gross margin improved to 18.4 per cent (17.3), primarily due to lower claim costs.
Sales (gross written premiums) for the segment rose 11 per cent compared with the year-earlier period, mainly driven by the trend in consumer electronics in Denmark and partially also in Norway.
Premiums earned, net of reinsurance, increased KSEK 13,366 to KSEK 181,360 (167,994). This increase was primarily attributable to insurance for consumer electronics in the Norwegian and Danish markets.
Costs for claims incurred, net of reinsurance, were in line with the preceding year at KSEK 47,672 (48,071). The claims ratio for the segment improved during the period. Acquisition costs increased to KSEK 99,211 (88,057), due to sales growth, a changed product and partner mix in the segment and lower claim costs.
Gross profit increased KSEK 2,611 to KSEK 34,477 (31,866). The gross margin was in line with the preceding year at 19.0 per cent (19.0).
Gross written premiums
+8% Premiums earned, net of reinsurance
+15%
Gross profit
18.4% Gross margin
| KSEK | Apr | Apr | Cha | Jan– | Jan– | Chan | Jan– |
|---|---|---|---|---|---|---|---|
| Jun 2022 |
Jun 2021 |
nge | Jun 2022 |
Jun 2021 |
ge | Dec 2021 |
|
| Gross written premiums | 92,518 | 83,158 | 11% | 166,423 | 149,653 | 11% | 361,090 |
| Premiums earned, net of reinsurance |
91,372 | 84,838 | 8% | 181,360 | 167,994 | 8% | 346,577 |
| Claims incurred, net of reinsurance |
-24,384 | -24,918 | -2% | -47,672 | -48,071 | -1% | -103,545 |
| Acquisition costs* | -50,203 | -45,261 | 11% | -99,211 | -88,057 | 13% | -179,709 |
| Gross profit** | 16,785 | 14,659 | 15% | 34,477 | 31,866 | 8% | 63,323 |
| Gross margin*** | 18.4% | 17.3% | +1.1 p.p. | 19.0% | 19.0% | +0.0 p.p. | 18.3% |
* 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 reported a sharp increase in sales again in the second quarter. The recovery of the travel industry was substantial and travellers are showing signs of buying supplementary travel insurance and/or cancellation insurance to a greater extent than before the pandemic. Gross written premiums for the company's travel insurance products increased 153 per cent compared with the year-earlier period.
During the quarter, a new partnership was entered into with Insplanet, part of the Zmarta Group and that has a leading position in consumer non-life insurance comparison and distribution. Zmarta/Insplanet will distribute the company's roadside assistance insurance to its customers. The launch took place on 1 July 2022.
Despite the general slowdown in the used-car market, the company's sales of insurance related to car warranties rose 25 per cent compared with last year. According to statistics from Vroom, 18 per cent¹ fewer used cars were sold in Q2 2022 compared with Q2 2021.
Gross written premiums rose KSEK 35,372 during the period to KSEK 104,791 (69,419). Premiums earned, net of reinsurance, increased KSEK 25,463 to KSEK 88,297 (62,834). The increase in both gross written premiums and in premiums earned, net of reinsurance, was primarily attributable to travel insurance products but also to insurance related to car warranties.
Costs for claims incurred, net of reinsurance, increased to KSEK 22,076 (19,932). The claims ratio fell during the period compared with last year. Acquisition costs increased to KSEK 45,803 (29,692), due to sales growth, a changed product and partner mix in the segment and lower claim costs.
Gross profit increased KSEK 7,208 to KSEK 20,418 (13,210) mainly as a result in growth in premiums earned. The gross margin improved to 23.1 per cent (21.0)
¹Source: https://www.mynewsdesk.com/se/vroom/pressreleases/bilmarknaden-juni-2022- 3179202
Gross written premiums increased KSEK 73,256 to KSEK 200,108 (126,852). Premiums earned, net of reinsurance, increased KSEK 54,545 to KSEK 173,636 (119,091). The increase in both gross written premiums and in premiums earned, net of reinsurance, was mainly attributable to travel insurance products but also to insurance related to car warranties.
Gross profit increased KSEK 9,886 to KSEK 34,377 (24,491) mainly as a result in growth in premiums earned. The gross margin deteriorated slightly to 19.8 per cent (20.6) mainly driven by a changed product mix, with the share of cancellation insurance in the segment increasing compared with the year-earlier period.
Share of premiums earned, net of reinsurance, Jan–Jun 2022
+51% Gross written premiums
+41% Premiums earned, net of reinsurance
+55% Gross profit
23.1% Gross margin
| KSEK | Apr | Apr-Jun | Cha | Jan– | Jan– | Cha | Jan– |
|---|---|---|---|---|---|---|---|
| Jun | 2021 | nge | Jun | Jun | nge | Dec | |
| 2022 | 2022 | 2021 | 2021 | ||||
| Gross written premiums | 104,791 | 69,419 | 51% | 200,108 | 126,852 | 58% | 282,784 |
| Premiums earned, net of reinsurance |
88,297 | 62,834 | 41% | 173,636 | 119,091 | 46% | 260,323 |
| Claims incurred, net of reinsurance |
-22,076 | -19,932 | 11% | -51,271 | -40,894 | 25% | -88,437 |
| Acquisition costs* | -45,803 | -29,692 | 54% | -87,988 | -53,706 | 64% | -118,560 |
| Gross profit** | 20,418 | 13,210 | 55% | 34,377 | 24,491 | 40% | 53,326 |
| Gross margin*** | 23.1% | 21.0% | +2.1 p.p. | 19.8% | 20.6% | -0.8 p.p. | 20.5% |
* 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 Russian invasion of Ukraine and turmoil in the financial markets continued to impact the business environment in the second quarter of the year. The higher volatility mainly affected the market valuations of Solid Försäkring's investment portfolio. The company is closely monitoring developments in the external environment and any impact of rising inflation, higher interest rates and increased energy prices to identify any early signs of potential changes in consumer behaviour, which could affect the company's insurance operations.
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 risktaking 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 the ongoing pandemic will 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 71 (70) on 30 June, an increase of three 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 30 June 2022 was SEK 39.92. A total of 2,802,522 shares were traded during the period, corresponding to a turnover rate of 14.01 per cent during the measurement period of 1 January–30 June 2022.
Number of employees
| The largest directly registered shareholders on 30 June 2022 |
Percenta ges of share capital |
|---|---|
| Waldakt AB | 28.9% |
| Avanza Pension | 5.6% |
| Investment AB Spiltan | 5.2% |
| Swedbank Robur Fonder | 3.5% |
| Vanguard | 2.5% |
| Swedbank Försäkring | 2.4% |
| Nordnet Pensionsförsäkring | 2.2% |
| Traction | 2.0% |
| Livförsäkringsbolaget Skandia | 1.9% |
| Catea Group AB | 1.7% |
| 55.8% |
25 October 2022 Interim report January–September 2022 (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.
In accordance with previous communication during the listing process, Solid Försäkring's 2022 Annual General Meeting resolved that no dividend be paid to shareholders for the 2021 financial year.
Next interim 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, 20 July 2022
Marcus Tillberg, CEO
The Board of Directors
Lars Nordstrand, Chairman
Fredrik Carlsson David Nilsson Sträng
Marita Odélius Engström Lisen Thulin
| KSEK | Note | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2021 |
Jan–Dec 2021 |
|---|---|---|---|---|---|---|
| Technical account of non-life insurance operations | ||||||
| Premiums earned, net of reinsurance | 3 | 273,901 | 241,893 | 542,495 | 476,740 | 981,291 |
| Allocated investment return transferred from the non-technical account | 3,068 | 1,500 | 5,409 | 3,000 | 8,900 | |
| Claims incurred, net of reinsurance | 4 | -54,509 | -55,645 | -114,567 | -112,373 | -231,021 |
| Operating expenses | 5 | -183,495 | -159,319 | -360,940 | -309,074 | -644,934 |
| Technical result for non-life insurance operations | 38,965 | 28,429 | 72,397 | 58,293 | 114,236 | |
| Non-technical account | ||||||
| Investment income | 7,652 | 9,577 | 12,115 | 15,639 | 25,068 | |
| Investment charges | -634 | -510 | -1,586 | -1,042 | -2,188 | |
| Unrealised gains/losses on investment assets | -25,638 | -823 | -43,316 | 17,604 | 19,008 | |
| Result of asset management | 6 | -18,620 | 8,244 | -32,787 | 32,201 | 41,888 |
| Allocated investment return transferred to technical account | -3,068 | -1,500 | -5,409 | -3,000 | -8,900 | |
| Other non-technical income | 2,725 | 1,880 | 3,555 | 2,725 | 6,750 | |
| Other non-technical expenses | -2,030 | -663 | -2,747 | -1,101 | -2,609 | |
| Profit before appropriations and tax | 17,972 | 36,390 | 35,009 | 89,118 | 151,365 | |
| Appropriations | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 17,972 | 36,390 | 35,009 | 89,118 | 151,365 | |
| Tax on profit for the period | -3,966 | -7,143 | -7,990 | -19,516 | -31,385 | |
| Net profit for the period | 14,006 | 29,247 | 27,019 | 69,602 | 119,980 | |
| Basic and diluted earnings per share, SEK | 12 | 0.70 | 1.46 | 1.35 | 3.48 | 6.00 |
| KSEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2021 |
Jan–Dec 2021 |
|---|---|---|---|---|---|
| Net profit for the period | 14,006 | 29,247 | 27,019 | 69,602 | 119,980 |
| Items that will be reclassified to profit or loss | |||||
| Translation differences in foreign operations | -363 | -139 | -266 | -11 | 701 |
| Comprehensive income for the period | 13,643 | 29,108 | 26,753 | 69,591 | 120,681 |
| KSEK | Note | 30 Jun 2022 |
31 Dec 2021 |
30 Jun 2021 |
|---|---|---|---|---|
| Assets | ||||
| Intangible assets | 19,156 | 22,545 | 26,766 | |
| Investment assets | 7 | 721,202 | 682,621 | 655,522 |
| Reinsurer's share of technical provisions | 4,197 | 3,811 | 4,129 | |
| Receivables | 99,813 | 81,052 | 83,370 | |
| Property, plant & equipment | 1,412 | 1,911 | 2,409 | |
| Cash and bank balances | 620,518 | 613,139 | 536,600 | |
| Other assets | 437 | 388 | 2,810 | |
| Prepaid expenses and accrued income | 222,956 | 210,418 | 191,853 | |
| Total assets | 1,689,691 | 1,615,885 | 1,503,459 | |
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 30,000 | 30,000 | 30,000 | |
| Fair value reserve | -1,043 | -777 | -1,489 | |
| Retained earnings | 298,246 | 178,210 | 177,209 | |
| Net profit for the period | 27,019 | 119,980 | 69,602 | |
| Total equity | 354,222 | 327,413 | 275,322 | |
| Untaxed reserves | ||||
| Contingency reserve | 488,118 | 488,118 | 488,118 | |
| Total untaxed reserves | 488,118 | 488,118 | 488,118 | |
| Liabilities | ||||
| Technical provisions, net of outward reinsurance | 8 | 632,103 | 615,900 | 572,736 |
| Other liabilities | 190,333 | 164,926 | 146,846 | |
| Accrued expenses and deferred income | 24,915 | 19,528 | 20,437 | |
| Total liabilities | 847,351 | 800,354 | 740,019 | |
| Total equity and liabilities | 1,689,691 | 1,615,885 | 1,503,459 |
| KSEK | Share capital |
Fair value reserve |
Retained earning s |
Net profit for the period |
Total equity |
|---|---|---|---|---|---|
| Equity, 1 January 2022 | 30,000 | -777 | 178,210 | 119,980 | 327,413 |
| Net profit for the period | 27,019 | 27,019 | |||
| Translation differences | -266 | -266 | |||
| Comprehensive income for the period | -266 | 27,019 | 26,753 | ||
| Previous year's profit brought forward | 119,980 | -119,980 | 0 | ||
| Owner transactions | |||||
| Option premiums received/repurchased | 56 | 56 | |||
| Equity, 30 June 2022 | 30,000 | -1,043 | 298,246 | 27,019 | 354,222 |
| 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 |
| Equity, 1 January 2021 | 30,000 | -1,478 | 133,837 | 43,372 | 205,731 |
| Net profit for the period | 69,602 | 69,602 | |||
| Translation differences | -11 | -11 | |||
| Comprehensive income for the period | -11 | 69,602 | 69,591 | ||
| Previous year's profit brought forward | 43,372 | -43,372 | 0 | ||
| Owner transactions | |||||
| Equity, 30 June 2021 | 30,000 | -1,489 | 177,209 | 69,602 | 275,322 |
| KSEK | Jan-Jun | Jan–Dec | Jan-Jun |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Operating activities | |||
| Profit before tax | 35,009 | 151,365 | 89,118 |
| Adjustment for non-cash items | 49,546 | -24,648 | -52,457 |
| Income taxes paid | -22,500 | -13,894 | -10,537 |
| Cash flow from operating activities before changes in working capital | 62,055 | 112,823 | 26,124 |
| Change in operating receivables | -12,059 | 11,035 | 20,404 |
| Change in operating liabilities | 31,000 | 39,198 | 25,032 |
| Cash flow from operating activities | 80,996 | 163,056 | 71,560 |
| Cash flow from investing activities | -75,693 | 173,275 | 192,735 |
| Cash flow from financing activities | 0 | -59,000 | -60,000 |
| Cash flow for the period | 5,303 | 277,331 | 204,295 |
| Cash and cash equivalents at the beginning of the year | 613,139 | 328,205 | 328,205 |
| Cash flow for the period | 5,303 | 277,331 | 204,295 |
| Exchange differences in cash and cash equivalents | 2,076 | 7,603 | 4,100 |
| Cash and cash equivalents at end of period | 620,518 | 613,139 | 536,600 |
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 interim 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 interim 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.
| Apr-Jun 2022 | |||||
|---|---|---|---|---|---|
| KSEK | Personal Safety | Product | Assistance | Not | Total |
| specified | |||||
| by segment | |||||
| Gross written premiums | 94,546 | 92,518 | 104,791 | 291,855 | |
| Premiums earned, net of reinsurance | 94,232 | 91,372 | 88,297 | 273,901 | |
| Claims incurred, net of reinsurance | -8,049 | -24,384 | -22,076 | -54,509 | |
| Acquisition costs* | -60,612 | -50,203 | -45,803 | -156,618 | |
| Gross profit** | 25,571 | 16,785 | 20,418 | 62,774 | |
| Gross margin*** | 27.1% | 18.4% | 23.1% | 22.9% | |
| Administrative expenses | -26,877 | -26,877 | |||
| Allocated investment return transferred from non-technical account | 3,068 | 3,068 | |||
| Technical result | 38,965 | ||||
| Result of asset management | -18,620 | -18,620 | |||
| Allocated investment return transferred to non-technical account | -3,068 | -3,068 | |||
| Other non-technical income | 2,725 | 2,725 | |||
| Other non-technical expenses | -2,030 | -2,030 | |||
| Profit before tax | 17,972 |
Premiums earned, net of reinsurance for the quarter amounted to KSEK 91,494 (92,013) for Solid Försäkring's largest partner in the Personal Safety segment.
| Personal Safety | Product | Assistance | Not | Total |
|---|---|---|---|---|
| specified | ||||
| by segment | ||||
| 91,818 | 83,158 | 69,419 | 244,395 | |
| 94,221 | 84,838 | 62,834 | 241,893 | |
| -10,795 | -24,918 | -19,932 | -55,645 | |
| -58,815 | -45,261 | -29,692 | -133,768 | |
| 24,611 | 14,659 | 13,210 | 52,480 | |
| 26.1% | 17.3% | 21.0% | 21.7% | |
| -25,551 | -25,551 | |||
| 1,500 | 1,500 | |||
| 28,429 | ||||
| 8,244 | 8,244 | |||
| -1,500 | ||||
| 1,880 | ||||
| -663 | -663 | |||
| 36,390 | ||||
| -1,500 1,880 |
Jan–Jun 2022 KSEK Personal Safety Product Assistance Not specified by segment Total Gross written premiums 195,405 166,423 200,108 561,936 Premiums earned, net of reinsurance 187,499 181,360 173,636 542,495 Claims incurred, net of reinsurance -15,624 -47,672 -51,271 -114,567 Acquisition costs* -120,064 -99,211 -87,988 -307,263 Gross profit** 51,811 34,477 34,377 120,665 Gross margin*** 27.6% 19.0% 19.8% 22.2% Administrative expenses -53,677 -53,677 Allocated investment return transferred from non-technical account 5,409 5,409 Technical result 72,397 Result of asset management -32,787 -32,787 Allocated investment return transferred to non-technical account -5,409 -5,409 Other non-technical income 3,555 3,555 Other non-technical expenses -2,747 -2,747 Profit before tax 35,009
| Jan–Jun 2021 | |||||
|---|---|---|---|---|---|
| KSEK | Personal Safety | Product | Assistance | Not | Total |
| specified by segment |
|||||
| Gross written premiums | 183,753 | 149,653 | 126,852 | 460,258 | |
| Premiums earned, net of reinsurance | 189,655 | 167,994 | 119,091 | 476,740 | |
| Claims incurred, net of reinsurance | -23,408 | -48,071 | -40,894 | -112,373 | |
| Acquisition costs* | -117,390 | -88,057 | -53,706 | -259,153 | |
| Gross profit** | 48,857 | 31,866 | 24,491 | 105,214 | |
| Gross margin*** | 25.8% | 19.0% | 20.6% | 22.1% | |
| Administrative expenses | -49,921 | -49,921 | |||
| Allocated investment return transferred from non-technical account | 3,000 | 3,000 | |||
| Technical result | 58,293 | ||||
| Result of asset management | 32,201 | 32,201 | |||
| Allocated investment return transferred to non-technical account | -3,000 | -3,000 | |||
| Other non-technical income | 2,725 | 2,725 | |||
| Other non-technical expenses | -1,101 | -1,101 | |||
| Profit before tax | 89,118 |
Jan–Dec 2021
| KSEK | Personal Safety | Product | Assistance | Not specified |
Total |
|---|---|---|---|---|---|
| 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 | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan Jun |
Jan-Jun 2021 |
Jan–Dec 2021 |
|---|---|---|---|---|---|
| 2022 | |||||
| Gross written premiums, geographical specification | |||||
| Sweden | 173,440 | 159,281 | 321,110 | 303,086 | 646,602 |
| Norway | 45,752 | 40,153 | 93,329 | 74,992 | 170,667 |
| Denmark | 22,899 | 14,700 | 45,871 | 29,496 | 69,978 |
| Finland | 12,888 | 12,247 | 24,246 | 24,227 | 48,669 |
| Rest of Europe | 36,876 | 18,014 | 77,380 | 28,457 | 77,505 |
| Total gross written premiums | 291,855 | 244,395 | 561,936 | 460,258 | 1,013,421 |
| Outward reinsurance premiums | -4,397 | -5,648 | -10,652 | -11,298 | -27,605 |
| Change in provision for unearned premiums and unexpired risks | -13,043 | 2,941 | -8,571 | 27,328 | -4,634 |
| Reinsurers' share of change in provision for unearned premiums and unexpired risks | -514 | 205 | -218 | 452 | 109 |
| Total premiums earned, net of reinsurance | 273,901 | 241,893 | 542,495 | 476,740 | 981,291 |
| KSEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan Jun |
Jan-Jun 2021 |
Jan–Dec 2021 |
|---|---|---|---|---|---|
| 2022 | |||||
| Claims paid, net of outward reinsurance | -56,901 | -53,911 | -120,967 | -112,554 | -232,902 |
| Reinsurers' share of Claims paid | 1,920 | 1,505 | 6,812 | 2,975 | 6,325 |
| Change in Provision for claims outstanding, net of outward reinsurance | 472 | -3,239 | -964 | -2,794 | -4,434 |
| Reinsurers' share of Change in provision for claims outstanding | 0 | 0 | 552 | 0 | -10 |
| Total claims incurred, net of reinsurance | -54,509 | -55,645 | -114,567 | -112,373 | -231,021 |
| KSEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan Jun |
Jan-Jun 2021 |
Jan–Dec 2021 |
|---|---|---|---|---|---|
| 2022 | |||||
| Specification of income statement item operating expenses | |||||
| Acquisition costs* | -162,706 | -132,026 | -318,150 | -248,648 | -539,232 |
| Change in item Deferred acquisition costs* | 5,835 | -2,083 | 8,686 | -11,177 | 2,920 |
| Administrative expenses | -26,877 | -25,551 | -53,677 | -49,921 | -110,250 |
| Operating expenses and profit-sharing in outward reinsurance* | 253 | 341 | 2,201 | 672 | 1,628 |
| Total income statement item operating expenses | -183,495 | -159,319 | -360,940 | -309,074 | -644,934 |
| Other operating expenses | |||||
| Claims adjustment costs included in Claims paid | -5,496 | -5,603 | -10,841 | -11,546 | -23,030 |
| Financial management costs included in Investment charges | -300 | -300 | -600 | -600 | -1,200 |
| Total other operating expenses | -5,796 | -5,903 | -11,441 | -12,146 | -24,230 |
| Total operating expenses | -189,291 | -165,222 | -372,381 | -321,220 | -669,164 |
* Marked items comprise total acquisition costs
| KSEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan Jun 2022 |
Jan-Jun 2021 |
Jan–Dec 2021 |
|---|---|---|---|---|---|
| Investment income | |||||
| Dividends on shares and participating interests | 2,119 | 1,857 | 2,795 | 2,220 | 3,561 |
| Interest income, bonds and other interest-bearing securities | 2,197 | 1,927 | 4,243 | 3,719 | 7,670 |
| Other interest income * | 239 | 856 | 755 | 2,314 | 4,061 |
| Exchange gains (net) | 1,703 | 146 | 1,946 | 616 | 1,468 |
| Capital gains (net) | 1,388 | 4,784 | 2,366 | 6,759 | 8,291 |
| Other | 6 | 7 | 10 | 11 | 17 |
| Total investment income | 7,652 | 9,577 | 12,115 | 15,639 | 25,068 |
| Investment charges | -634 | -510 | -1,586 | -1,042 | -2,188 |
| Unrealised gains/losses on investment assets recognised through profit or loss | |||||
| Shares and participating interests | -11,619 | -1,317 | -20,862 | 16,276 | 20,057 |
| Bonds and other interest-bearing securities | -14,019 | 494 | -22,454 | 1,328 | -1,049 |
| Total unrealised gains/losses on investment assets | -25,638 | -823 | -43,316 | 17,604 | 19,008 |
| Result of asset management | -18,620 | 8,244 | -32,787 | 32,201 | 41,888 |
* All Other interest income consists of interest income on assets measured at fair value.
| KSEK | 30 Jun | 31 Dec | 30 Jun |
|---|---|---|---|
| 2022 | 2021 | 2021 | |
| Shares and participating interests | 87,387 | 78,788 | 73,494 |
| Bonds and other interest-bearing securities | 612,815 | 574,581 | 552,472 |
| Subordinated loans | 21,000 | 29,252 | 29,556 |
| Total investment assets | 721,202 | 682,621 | 655,522 |
| KSEK | 30 Jun 2022 |
31 Dec 2021 |
30 Jun 2021 |
|---|---|---|---|
| Opening balance technical provisions, net of outward reinsurance | 615,900 | 587,764 | 587,764 |
| Provision for unearned premiums and unexpired risks, gross | |||
| Opening balance | 555,105 | 532,931 | 532,931 |
| Insurance policies written during the period | 561,936 | 1,013,421 | 460,258 |
| Premiums earned during the period | -553,364 | -1,008,787 | -487,586 |
| Currency effects | 5,809 | 17,540 | 8,732 |
| Closing balance | 569,486 | 555,105 | 514,335 |
| Provision for claims outstanding, gross | |||
| Opening balance | 60,795 | 54,833 | 54,833 |
| Settled claims from previous financial years | -18,103 | -21,940 | -18,701 |
| Changes in the expected cost of claims incurred in previous years (run-off result) | -3,605 | -8,332 | -5,535 |
| Provisions for the year | 22,672 | 34,706 | 27,030 |
| Currency effects | 858 | 1,528 | 774 |
| Closing balance | 62,617 | 60,795 | 58,401 |
| Closing balance technical provisions, net of outward reinsurance | 632,103 | 615,900 | 572,736 |
| KSEK | 30 Jun 2022 |
31 Dec 2021 |
30 Jun 2021 |
|---|---|---|---|
| Policyholders' priority rights | |||
| Assets encompassed by policyholders' priority rights | 1,343,534 | 1,296,131 | 1,193,437 |
| Technical provisions, net | -627,906 | -612,089 | -568,607 |
| Surplus from registered assets | 715,628 | 684,042 | 624,830 |
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
Remuneration of key individuals
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).
Inputs for assets or liabilities that are not based on observable market data (i.e., unobservable inputs) (level 3).
| KSEK | Measurement level |
30 Jun 2022 |
31 Dec 2021 |
30 Jun 2021 |
|---|---|---|---|---|
| Financial assets at fair value through profit or loss | ||||
| Bonds and other interest-bearing securities | 1 | 633,815 | 603,833 | 582,028 |
| Listed shares | 1 | 87,387 | 78,788 | 73,494 |
| Total | 721,202 | 682,621 | 655,522 | |
| Financial liabilities at fair value through profit or loss Derivatives |
2 | 0 | -660 | -543 |
| Total | 0 | -660 | -543 |
| Assets, KSEK | 30 Jun 2022 | 31 Dec 2021 | 30 Jun 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Amortised cost* |
Fair value through profit or loss |
Carrying amount |
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 | 87,387 | 87,387 | 78,788 | 78,788 | 73,494 | 73,494 | |||
| Other interest-bearing securities | 633,815 | 633,815 | 603,833 | 603,833 | 582,028 | 582,028 | |||
| Receivables, direct insurance and reinsurance |
85,149 | 85,149 | 81,042 | 81,042 | 75,247 | 75,247 | |||
| Cash and bank balances and other cash equivalents |
620,571 | 620,571 | 613,193 | 613,193 | 539,260 | 539,260 | |||
| Prepaid expenses and accrued income |
1,814 | 1,814 | 1,031 | 1,031 | 1,857 | 1,857 | |||
| Total financial assets | 705,720 | 723,016 | 1,428,736 | 694,235 | 683,652 | 1,377,887 | 614,507 | 657,379 | 1,271,886 |
| Non-financial assets | 260,955 | 237,998 | 231,573 | ||||||
| Liabilities, KSEK | 30 Jun 2022 | 31 Dec 2021 | 30 Jun 2021 | ||||||
| Amortised cost* |
Fair value through profit or loss |
Carrying amou nt |
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 |
181,119 | 181,119 | 158,712 | 158,712 | 142,363 | 142,363 | |||
| Derivatives | 660 | 660 | 543 | 543 | |||||
| Other liabilities | 9,214 | 9,214 | 5,554 | 5,554 | 3,940 | 3,940 | |||
| Total financial liabilities | 190,333 | 0 | 190,333 | 164,266 | 660 | 164,926 | 146,303 | 543 | 146,846 |
| Non-financial liabilities | 657,018 | 635,428 | 593,173 |
* 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 a weighted average number of ordinary shares outstanding for the period. The average number of shares between January and June 2022 amounted to 20,000,000 with a quotient value of SEK 1.5 (1.5). There was no dilutive effect as per 30 June 2022.
| Apr-Jun 2022 |
Apr-Jun 2021 |
Jan Jun 2022 |
Jan-Jun 2021 |
Jan–Dec 2021 |
|
|---|---|---|---|---|---|
| Net profit for the period, KSEK | 14,006 | 29,247 | 27,019 | 69,602 | 119,980 |
| Average number of shares outstanding in the period | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 |
| Basic and diluted earnings per share*, SEK | 0.70 | 1.46 | 1.35 | 3.48 | 6.00 |
* All periods have been calculated based on the current number of shares in Solid Försäkring, i.e. 20,000,000 shares. The number of shares increased from 30,000 to 20,000,000 due to a share split in August 2021.
The company will not arrange a webcast teleconference in connection with the publication of the six-month report, but Marcus Tillberg, CEO and Sofia Andersson, CFO, will be available on the reporting date from 8:00 a.m. for virtual meetings with investors, analysts and the media.
The complete January–June 2022 interim 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 and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out below, on 21 July 2022 at 7:30 a.m. CEST.
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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