If presents strong growth and stable result for 2023 despite a challenging year


Last year’s severe weather conditions resulted in numerous challenging claims situations. Inflation in general, significantly increased claims costs. The fourth quarter was affected by an earlier and more severe winter season than usual.

“Scale is an advantage in insurance. Our market and business area diversity are key strengths. We approach risk and efficiency in a consistent way across If. Challenges in one area can therefore be offset by strong performances in other areas. This allows us to continue being an attractive and stable choice for our customers”, says Morten Thorsrud, CEO of If P&C Insurance.

Balanced growth across markets and business areas

If’s growth was strong across all business areas. High retention was a decisive factor next to successful pricing measures that mitigated claims inflation.

The growth in premium revenue, adjusted for currency fluctuations, was 6.7 per cent 2023, and 5.6 per cent for the quarter. The combined ratio was for the quarter 83.1 per cent (98.5) and for the year 83.1 per cent (86.6), which is stronger than If’s target of below 85 per cent for 2021-2023.

“Also on the growth side, we see that our size and diversified portfolio are true competitive advantages. While premium growth was modest in motor (3,2%) due to continued weak new car sales, growth within property (9,7%) and personal risk insurances (9,6%) were exceptionally strong. In all business areas, we respond to society’s increasing interest in health and well-being, and here we have significant opportunities to help our customers even more going forward”, says Morten Thorsrud.

Growth was generally good in all Business Areas and all countries (8,7% in Finland, 7,1% in Norway and 6,2% in Sweden), except for Denmark (-0,6%) where the non-renewal of some large Industrial clients at the beginning of the year had a significant negative impact. Private ended up with 5,0% growth, Commercial with 5,6%, Industrial with 11,8% and Baltic with 15,7%.

If’s digitalization continues to drive efficiencies in operations and support improvement of customer journeys, leading to a significant increase in digital sales and usage of self-service solutions.

Investment result also contributed positively, driven by high running yield in fixed income and positive development in equity markets.

In total, If P&C reported an Insurance Service Result of 842 (673) MEUR for 2023, representing an increase of 25 per cent year-on-year. For the fourth quarter the Insurance Service Result was 214 MEUR.

Profit before taxes for 2023 ended at EUR 1,358 million (1,550), and in the fourth reported profit before taxes was EUR 369 million (60).


Nordic results for the fourth quarter 2023 (Q4/2022)

  • Topline growth was 6.7 percent (excluding currency effects) for 2023 compared to last year (Q4: 5.6 percent)
  • Gross written premium Q4: 12 547 MSEK (11 977)
  • Insurance service result Q4: 2 455 MSEK (200)
  • Net financial result Q4: 1 887 MSEK (762)
  • Combined ratio for the fourth quarter was 83.1 (98.5) and for the year 83.1 (86.6)

Note: From 1 January 2023 If reports according to IFRS 17 and IFRS 9. 2022 comparison numbers have been restated for IFRS 17 but not for IFRS 9.

Sampo Group key figures for 2023 

Profit before taxes (Sampo’s P&C Operations): EUR 1,481 million (EUR 1,924 million (reported in 2022); EUR 803 million under comparable accounting assumptions) 

Group combined ratio (%): 84.6 (85.8)

Note: From 1 January 2023 Sampo Group reports according to IFRS 17 and IFRS 9. 2022 comparison numbers have been restated for IFRS 17 but not for IFRS 9. 

If is part of Sampo Group. Sampo is the leading P&C insurer in the Nordic region, and the only insurer to offer services across all Nordic countries, customer segments and products. The Group also is major operator in the growing digital P&C insurance market in the UK. Sampo is listed on Nasdaq Helsinki and Nasdaq Stockholm.

For further details on Sampo Group, please visit: www.sampo.com/result.

For more information, please contact

If Press office: +46 8 410 023 03 or [press@if.se]

Sampo: Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031

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