Solid Försäkringsaktiebolag (publ)

Stort tack för det och varmt välkomna till vår presentation av det fjärde kvartalet 2025. Marcus Tillberg heter jag, jag är vd för Solidförsäkring och tillsammans med mig idag har jag vår CFO Sofia Andersson och vi kommer att gå igenom utvecklingen av det fjärde kvartalet. And if we start with some highlights from the fourth quarter, we can note that we are doing a strong quarter, both in terms of our results and sales development. During the period, we have two comparative posts that we want to be transparent with. One post is positive, and it covers the demarcation of our Swiss subsidiary. And one post is negative and denies a fraudulent process that we have been involved in, but which did not result in any conclusion. In total, these posts get a negative impact in the quarter of SEK 6 million. If we start with sales development, it decreases in the period by 4%. Adjusted, however, we see an underlying sales increase of 5% compared to the same period previous year. där våra segment trygghet och assistans bidrar positivt. Jag kommer återkomma till utvecklingen mer i detalj då vi går igenom varje segment. Förflyttar vi oss till utvecklingen av våra premieintäkter så minskar dessa i perioden med 4%. Justerat ökar dock premieintäkterna med 2%. We see an increase in premium revenues within the security segment, where revenues increase by 5% and adjusted increases in revenue in assistance by 14%. Within the product segment, revenues in the period decrease by 21%. Our insurance technical results went up to 29.5 million in the period compared to 35.6 million in the same period last year. To adjust for the part of the result allocated from the financial movement and comparative costs, the insurance technical result in the period increased by 4%. The result in the financial movement went up to 19 million in the period compared to 7.1 million the same period the previous year. All in all, this means that our total results in the period went up to 45.1 million in comparison with 37.9 during the same period last year, an increase of 19%. In comparison, the increase in the results with a whole 35% in the period. Under the period we extended our cooperation with Norion Bank to further maintain insurance solutions for Norion Bank's short customers on the Swedish market and we expect that the launch of this cooperation will take place in the later part of 2026. In addition, we have also launched during the fourth quarter our previously communicated partnership cooperation with Claasint and Scandinavian Foto, where both partners offer their customers our product insurance. Vi har en stark finansiell position där vår SR-kvot uppgår till 214 % vid årets slut där kvoten ökar med 11 procentenheter jämfört med utgången av det tredje kvartalet. Vårt återköpsprogram har fortsatt i perioden där vi har förvärvat cirka 30 % av det mandat som gavs av årsstämman. Återköpen återupptas under dagen. The result for the entire year was 8.31 SEK, which is probably lower than last year when we landed at 8.99 SEK. And against the background of our strong financial position, the board has the intention of proposing an ordinary allocation of 5.25 SEK and an extra allocation of 1.50 SEK, that is, a total allocation of 6.75 SEK. If we then look a little more at our sales and how it is developing, we can start by noting that the premium income is decreasing by 4% compared to the same period last year. If we adjust for our new deal with Riddermark and the Swiss portfolio of the year, we see a underlying growth of 5% in the period. If we look at how sales are developing with our between our segments, we are growing in the security segment, which makes it the largest segment for us and is in the quarter for 48% of our premium income. Assistance accounts for 32% of the premiums in the quarter, and the reduction we see in the product makes that segment in the quarter stand for 20% of our total sales, and this largely depends on our final collaboration with Power. If we look geographically at the distribution of sales, the Nordic market stands for 96% of the sales volume in the period, and the Swedish market stands for 79% of our sales volume. Let's take a closer look at the development within our segment. I'll start with assistance, where the effect of our new agreement with Riddermark Bil can be seen in the premium income, which in the period in total decreases by 18%. If we adjust for this one-time effect, for example, the Swedish portfolio offer, we see a underlying sales growth of 8% in the period, where growth is driven by our insurance concept linked to car guarantees, driven primarily by the Swedish market. The premium revenues for the quarter will decrease by 7% in the period, which is due to our new agreement with Riddermark Bil. Adjusted to this, the revenues increase by 14% in the period, which is driven by insurance concepts aimed at car guarantees both on the Swedish and Norwegian markets. Gross profit increased in the period with 13% and this is explained by a better profitability development within our insurance concepts aimed at car guarantees. We see an improved margin in the quarter, which is due to relatively lower acquisition costs driven by a changed partner and product mix. If we move to segment product, sales in the period decrease by 7%, which in general can lead to a challenging market climate, which in the period continues to affect retail and this segment negatively. Income in the quarter decreases by 21%, which leads to a lower sales of insurances linked to home electronics. Gross profit in the period decreases by 14% compared to the same period previous year. Compared to the third quarter, however, we see an increase of 7%. And in this quarter, the previously communicated collaborations with KlarSynt and Scandinavian Foto were launched. If we then move on to the security segment, we can see that the premium art increases by 9% in the period. This is driven by a positive sales development on the Swedish market. where our relatively new partnership with, for example, Norion Bank and Sveabank, contributes positively to growth. Premium revenues increase by 8% in the quarter, which is explained by better sales on the Swedish market. Gross profit in the quarter increases by 5% due to the sales growth we run within this segment. Vi ser en aningen lägre marginal i kvartalet och det är drivet av lite högre anskaffnings- och skadekostnader. Men sammantaget så ser vi positivt på detta segment framöver. Med det sagt så tänkte jag lämna över ordet till dig Sofia.

Tack så mycket. Jag tänkte ge en kortsummering av utvecklingen i premieintäkterna. Exkluderat effekterna från det omfattande avtalet med Rindemark Bil och portföljoverlåtelsen i Schweiz så uppgick den underliggande tillväxten i premieintäkter i kvartalet till 2 %. Sett i helåret uppgick den underliggande tillväxten till 1 % och då exkluderas även effekten från de justerade intjäningsmönstren för försäkring mot bilgarantier som gjordes under 2024. In the safety segment, the premium revenues increased by 5% throughout the year, mainly due to insurance payments in Sweden. We saw a decrease in premium revenues related to insurance payments in Denmark and Norway compared to previous years. The underlying growth in segment assistance rose to 14% due to growth in insurance solutions for car insurance both in Sweden and Norway, while premium revenues related to travel insurance solutions were lower than last year. The premium revenues in segment products decreased by 18% throughout the year compared to the previous year, and this is mainly related to insurance solutions in home electronics, where it concluded that the collaboration with Power negatively affected the premium revenues. Excluding Power, the premium revenues were 5% lower than the previous year on an annual basis. Let's move on and look at the development of technical results and our total cost percentage. Marcus mentioned that we have two comparatively bad positions in the quarter, which in total affected the negative with 6 million. The insurance technical result, total cost percentage and the result for the tax is therefore also adjusted for these comparatively bad positions. Adjusted to the corresponding positions and excluded allocated capital allocation, the insurance technical result in the fourth quarter went up to 30.7 million, an increase of 4% compared to previous years. The assistance and security segments contributed positively during the period due to profitable growth. In the assistance segment, the profitability for insurance solutions towards car guarantees was improved, which affected the brutto result positively and the margin strengthened. The profitability was also strengthened in segment product, but the gross result decreased due to lower volumes. The total gross result was improved in the quarter, increasing by 2% compared to previous years and by 3% compared to the third quarter of 2025. Included in the revenue-destroying positions and allocation of capital, the insurance technical result went up to 29.5 million compared to 35.6 million previous years. Due to lower average insurance-technical expenses and a lower average interest rate in the obligation portfolio, the amount of capital spent allocated to the insurance movement decreased compared to the previous year, both in the quarter and the whole year. The average interest rate in the obligation portfolio increased to 4.35% for Q4 2025 compared to 4.75% for Q4 2024. Accumulated is the insurance-technical result. Excluder allocates capital and adjusts, then, to compare disturbing positions, 1% lower than the previous year. The gross profit result for the whole year decreased in all segments, despite improved profitability and strong gross margin. In segment assistance, the profitability for insurance against car insurance was improved, but the gross profit result was negatively affected by relatively higher damage costs within travel insurance. In the security segment, the reduction of the gross profit is mainly explained by increased damage reserves linked to payment savings over longer periods of time in Norway in previous years, which then had a positive effect. In the product segment, the gross profit is explained primarily by lower volumes. The total cost percentage for Q4 improved compared to the previous year and increased to 88.3% compared to 89.2% last year due to a decrease in the operating cost percentage. The actual operating costs decreased compared to the previous year due to lower acquisition costs in the form of media provision in the segments assistance and product. The administrative costs adjusted for the compared to the previous year were in line with the previous year. The damage percentage increased to 27.3% compared to 25.9% in the previous year. This is mainly driven by the development in the assistance segment. The total cost percentage for the whole year adjusted for the comparison of disturbing positions decreased to 89% compared to 89.6% in the previous year. This is in line with the communicated financial goal that we should have a total cost percentage of 90% or lower. The operating costs for the entire year decreased compared to previous years due to lower procurement costs in the form of supply provisions. If we exclude the effects from the changed agreement with Riddermark and the final collaboration with Power, the supply provisions were in line with previous years. The cost control and administration costs adjusted to compare to previous years were 2.7 million less than previous years. The operating cost percentage improved to 63.2% versus 64.4%. The actual damage costs decreased by 3% compared to previous years, but the damage percentage increased to 25.8% versus 25.2%, driven by segment assistance. If we look at the placement portfolio, it rose at the beginning of December to 1.4 billion SEK. The biggest change in the portfolio compared to the beginning of December last year is that the share price has increased to 196 million SEK compared to 120 million SEK in previous years. That share is now 14% of the portfolio. The share price rose to 8%. The net investment has set a goal of SEK 41.8 million throughout the year. In connection with the Swedish portfolio, the investment funds that we had there were removed. The majority of our assets in the obligation portfolio are still in movable interest and with relatively short durations. In the third quarter of 2022, capital management has shown positive results. Last year's results were really strong, except for the fourth quarter. The capital management result for the fourth quarter of the year went up to SEK 19 million compared to SEK 7 million last year. Due to lower market interest rates, the interest rates decreased by 2.7 million. The interest rates from the obligation portfolio went up to 11.6 million compared to 12.3 million last year and from the loan to 2.1 million compared to 4.1 million last year. In the quarter, we received realized losses from depreciated content. This is primarily related to the depreciation in Sweden. They went up to 2.3 million, while last year we had a realized profit of 6.5 million. The unrealized value changes were positive and went up to 9.4 million, where about 2.3 million is the return of unrealized results from the investment funds in Sweden. Last year, the unrealized value changes went up to minus 14.2 million SEK. The capital management results for the entire year 2025 went up to 74.5 million SEK compared to 90.7 million SEK last year and the total return to 5.6% compared to 6.6% last year. If we then look at the result before the tax, it increased by 19% in the quarter to 45.1 million, compared to 37.9 million last year. If we then adjust for comparative positions, the increase compared to the previous year was 35%. The result per share for the quarter increased by 2.15 kronor, compared to 1.65 kronor before inflation or 1.62 kronor after inflation last year. Accumulated, the result for the tax was reduced by 11% compared to previous years, and this is due to the lower result from the capital administration. If we adjust for the comparison of outstanding positions, the result for the tax was 8% lower than last year, up to 193.9 million, compared to 211.2 million last year. The result per share was up to 8.31 kronor, compared to 8.99 kronor before expiring, or 8.86 kronor after expiring last year. If we look at the development in our SIR, the company still displays a stable and strong financial position and the SIR rate increased to 214% at the beginning of December. This is an increase of 11% compared to the beginning of September 2025 and 34% compared to the beginning of December this year. Then we can note that the LCR quota for both the fourth quarter of 2024 and the first quarter of 2025 is adjusted for allocation, but no adjustment for allocation is made for the calculation of LCR for the fourth quarter of 2025. It is a strong development in the CR-quota, where Solvenskapitalet increased in the quarter compared to the start of September and increased to over 1 billion. The increase is explained by the positive results in the quarter, also by positive revaluation of financial reporting to Solvenskapitalet 2 and then adjusted for the repurchases that have been made during the quarter, which increased to 11.3 million. Solvenskapitalkravet minskade något, upp till 477 miljoner, och det är främst till följd av lägre marknadsrisk, vilket primärt förklaras av de avyttrade investeringsfonderna i Schweiz. Med det lämnar jag över till Marcus igen.

Thank you. To sum up the fourth quarter, we have a strong end to the year, where our total revenue increase increased by 19%. Adjusted to the comparative costs during the quarter, the total revenue increase increased by 35% compared to the same period earlier this year. We see a stable underlying supply development in the quarter, where we are growing within the security and assistance segment. Vi kommer att utveckla vårt samarbete med Norion Bank, där vi under senare delen av året kommer att lansera försäkringslösningar för deras kortkunder på den svenska marknaden. Och som precis Sofia har varit inne på här, vi har en stark kapitalsituation där SEK får ut sr-quoten uppgår till 214 procent 11 procenten heter högre än vid utgången av det tredje kvartalet och mot bakgrund av denna finansiella position har styrelsen för avsikt att föreslå en ordinarie utdelning om 5 kronor 25 öre och en extra utdelning med 1,50 vilket är en totalt utdelningsförslag om 6 kronor och 75 öre. Jag kan också nämna då att vårt återköpsprogram aktiveras här under dagen igen. Och med det sagt då så tackar vi för intresset och öppnar gärna upp för eventuella frågor.

Under frågestunden kan deltagarna ställa frågor genom att trycka fyrkant 5 på sin telefon. Om du vill dra tillbaka din fråga, vänligen tryck fyrkant 6. Next question comes from Patrik Brattilius from AAP. Please go ahead.

Hi, good afternoon. Can you hear me?

Absolutely.

Super, great. A few questions from my side. If we start with the Solvensk capital, which is very strong, what would it have been if we adjusted for the allocation that you say you haven't done? I haven't made the calculation in Excel, namely.

No, it lands about 188 percent.

Yes, so then it is still very strong in relation to your target of 155, no, 150% and above. So how do you think you want to use this overcapitalization in the future? How do you see it?

I can talk a little bit about that. It is still the case that after the issuance and we adjust for it, our financial position is strong and it creates opportunities for us to grow our business organically with new partner collaborations and potentially acquisitions. It also creates opportunities to do good things for our shareholders, as we have done over the past few years. med återköp och en attraktiv nivå på utdelning. Så jag tror man ska se det som att det skapar möjligheter för oss framåt.

Kanon, tack.

Om man fortsätter då kring där det slutade. Nu var utdelningen högre än tidigare med en extrautdelning och vi har inte kunnat utnyttja fulla återköpsmandatet. Riktigt. Hur ska man tänka kring det här framgent?

Jag tror nu öppnar vi upp för återköpen idag. Det har ju varit en tyst period och då har vi inte möjlighet att handla så det öppnar vi upp och sen får vi väl se hur stor andel vi lyckas köpa tillbaka här fram till vi går in i en ny tyst period. When it comes to what it looks like during this year, I have a hard time seeing that the board would not ask for a new mandate from us regarding repurchase.

Thank you, but I also thought about the split about capital allocation in advance, where you have used the repurchase and kept it to a utdelningspolicy men via det här beslutet vi ser idag finns det någon potentiell förändring på agendan att kanske öka upp payout ratio och ge en större utdelning och minska kanske buybacks framgent eller ska man inte läsa in något sånt?

I think you should be careful with such an introduction, because it also depends on how the company will develop and what opportunities arise. It is a bit difficult to say, so I would not have done any other värderingar i detta. Däremot kan man säga att här är ju utrymme för att även framgent, om inget extraordinärt händer, att ha en attraktiv nivå på utdelningen.

Kanon, tack. Om vi går över till NetEarn Premiums så full de med 6 % under 2025. compared to 2024 on a reported basis. What do you think about NetEarn Premium growth for 2026 on a reported basis? You have a target of 4-6% and what are the drivers?

The drivers are still our segment security, where we are growing, and also segment assistance next year, where we also see growth in, above all, insurance We will continue to be a little heavier compared to previous years, partly due to the agreement with Denmark and partly due to the withdrawal of Sweden, especially in the first quarter of the year.

Underlying, if you're going to talk about that now, I think we have good opportunities to land within our financial goal, which is between 4 and 7 percent.

Okay, so underlying, you try to reach that. Is it possible to gaffla in what you expect the effect of these more temporary It looks like it will be 7% down for example in 2025 versus 2024. Will it be less during 2026?

It will be less affected in 2026 than what the comparison between 2025 and 2024 has been.

Thank you. And one last question is about the acquisition process that you started the presentation with, which is now over. Can you develop and share with us a little more information about this, for example, if it was something that you were looking to acquire or if it was parts of your business that would be acquired? What can you share with us here?

Yes, with respect to the counterparties and agreements we have made, I can't say a lot, but I can say that it was a contract that we were looking at, not a part of Solid that would be canceled, but something that we were looking at. Vi har gjort ett antal förvärv, tre förvärv de tre senaste åren. Detta förvärvet var större, det var mer komplext och vi när vi är inne i de här processerna så vi är noggranna, vi vill ha mycket comfort och med tanke på hur hur det här såg ut så hade vi med oss rådgivare i denna processen också, men tyvärr det blev inget avslut denna gången.

Tack, går det att gå in på varför, om det har att göra med pris eller om det var mer kulturell anpassning eller att det inte alignade lika mycket med era övriga segment eller mindre synergier, kan man säga någonting om det?

Yes, of course it is a price factor, but there was also another complexity in it that made it challenging for us. I understand.

Thank you very much. There were no more questions from my side.

Thank you, Patrik.

Det finns inga fler frågor just nu, så jag lämnar över ordet till talarna för eventuella avslutande kommentarer.

Då ber vi att tacka så mycket för visat intresse.

Tack!