January 29th, 2026

The call presented multiple strong financial and operational positives: double-digit revenue growth, improved combined ratio, high ROE, a robust solvency ratio and a sizable dividend proposal. These were tempered by one-off IT write-downs and restructuring costs (NOK 502m), weather-related large losses (Storm Amy, NOK 349m), some headline cost-ratio pressure and uncertainty around long-term core IT decisions. On balance, the positives (recurring profitability, capital strength, growth and operational progress) outweigh the lowlights, which are largely one-time or manageable.

Company Guidance

Management guided that pricing will be kept at least in line with claims‑cost development to deliver on 2026 targets, citing expected repair‑cost inflation of 3–5% for property and 3–6% for motor over the next 12–18 months, current average price increases of ~9% (property) and 10% (private motor) after average premiums rose ~14% and 16.5% last year, and continued focus on efficiency; key metrics cited include an adjusted Q4 combined ratio of 83.8% (FY combined ratio 83.4%, a 2.5pp improvement), Q4 insurance service result NOK 1.297bn (adjusted NOK 1.798bn after NOK 502m one‑offs), Q4 profit before tax NOK 1.754bn, investment returns contributing (CEO) NOK 482m, return on equity 27.3%, annual revenue growth 11.5% (Q4 +10.4% LCU), cost ratio 12.7% (11.5% adjusted), solvency ratio 188% (target range 140–190%), and a proposed dividend of NOK 7.25bn (regular NOK 5bn = NOK10/sh, special NOK 2.25bn = NOK4.5/sh, regular payout ~76%); they also flagged a decision on the Sweden core‑IT path to come first, expect FSA approval of the dividend, and noted the Baltics sale will lift solvency by ~5pp in Q1 2026.