CEO Morten Thorsrud’s comment:
In 2024 If continued to help its customers a lot. The year started off with a particularly tough winter with many weather-related damages, including the storm Ingunn followed by a higher-than-normal large claim outcome in the Nordic region. Through If’s scale, diverse portfolio and underwriting discipline, we are well positioned to manage and mitigate an ever-changing risk landscape for our 3,9 million customers across the Nordics and Baltics.
Economic losses associated with natural disasters have risen significantly over the past two decades. Insurance companies support economic recovery, a role that is expected to grow in importance. It is a well-established scientific fact that climate change will elevate risk related to extreme weather events in the future.
If, as the Nordic market leader, can leverage its scale and deep expertise to manage and mitigate major claims and risks. We have deep knowledge and market presence in all customer segments and all product categories. Our role in promoting loss prevention is becoming increasingly important in the current environment. If is therefore engaged in building awareness around such as the risks of extreme weather events and prevention of personal health issues.
Continued growth and solid customer retention
In 2024 If handled a total of over 2 million claims. Property and motor claims volumes remained relatively flat compared to last year, whilst the number of personal insurance claims increased, a continuation of the trend we have seen for the past few years. The year was also characterized by several large-scale claims, one example being the Børsen fire in Copenhagen.
More and more customers report their claims digitally and 85% of customers rated our service within the highest category of the scale after their claims were settled. We continue to deliver on our customer promise; “If helps a lot”, making claims payments of on average 115 MSEK per day.
2024 was also a year of continued strong top-line growth, with 6.5% growth for our largest business area Private, supported by high growth in personal risk insurance (11%) and property insurance (6%) in 2024, while new car sales remained weak. Customer retention in Private was still high at 89%. Business areas Commercial and Industrial reported growth of 5.6% and 9.5% respectively. Our Baltic operations grew by 4.8% in during 2024.
The preparations for integrating Topdanmark into If has been a key focus area in Q4. Upon completion of the merger in mid-2025, we will welcome over 2000 employees from Topdanmark to If, add further scale to our operations and reinforce our Nordic market leading position. Our market share in Denmark will increase from 5.5% to 20.4%.
Combining two companies with strong business performance and committed employees truly provides promising opportunities to help our customers even more in the future.
Group result (MSEK)
- Topline growth was 6.7 percent (excluding currency effects) for the full year 2024 compared to last year (Q4 2024: 8.0 percent)
- Gross written premium Q4: 14 459 MSEK (12 547)
- Insurance service result Q4: 2 849 MSEK (2 455)
- Net financial result Q4: 30 MSEK (1 887)
- Profit before taxes Q4: 1 803 MSEK (4 229)
- Combined ratio Q4: 81.6 (83.1), 12M 2024: 83.1 (83.1)
Group result (MEUR)
- Topline growth was 6.7 percent (excluding currency effects) for the full year 2024 compared to last year (Q4 2024: 8.0 percent)
- Gross written premium Q4: 1,256 MEUR (1,095)
- Insurance service result Q4: 248 MEUR (214)
- Net financial result Q4: 22 MEUR (166)
- Profit before taxes Q4: 187 MEUR (369)
- Combined ratio Q4: 81.6 (83.1), 12M 2024: 83.1 (83.1)
For further details on Sampo Group, please visit: www.sampo.com/result
For more information, please contact:
Sampo: Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
maria.silander@sampo.fi
If is part of Sampo Group, the leading P&C insurance group in the Nordic region, and the only one present in all Nordic countries, customer segments and products. The Group is also a major operator in the growing digital P&C insurance market in the UK. Sampo is listed on Nasdaq’s exchanges in Helsinki, Stockholm and Copenhagen.
