Slides
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Q3 2026 Presentation
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2 Marcus Tillberg Chief Executive Officer Sofia Andersson Chief Financial Officer
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Highlights Q3 Strong development in the insurance business - increased profitability • Technical result increased vs LY and amounted to 40,0 MSEK (38,5). Excluding allocated investment return, technical result grew by +8 %. • Combined ratio improved to 86,8 % (87,6 %) due to improved profitability. • The result from the investment portfolio amounted to 19,2 MSEK (22,2). The deviance vs LY was mainly related to higher result from realized capital gains LY . • Profit before tax amounted to 54,7 MSEK (55,7). • Gross written premiums was in line with LY . Excluding the effects of the divestment of the Swiss branch, gross written premiums grew by +1 %. • Net earned premiums inreased by +1 % vs LY (+3 % underlying growth*). • Growth in net earned premiums vs LY amounted to +5 % in segment Personal safety and underlying growth to +16 %* in Assistance. • In segment Product, net earned premiums decreased by -18 % vs LY . • Signed new partnership with Winassist. • Expanded our cooperation with Resurs Bank in Norway. *Excluding the effects of the new agreement with Riddermark Bil and the divestment of the Swiss branch 3 3
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Gross written premiums (MSEK) +7% Geographical split GWP Q3 (Q3 LY)Segment split GWP 4 7% (9%) 4% (5%) 6% (5%) 78% (74%) Other countries 5% (6%) Personal safety Product Assistance GWP development YTDQ3 2026202520262025 ±0% +1% +1% +5%Underlying growth 44% 46% 20% 18% 36% 35% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2025 Q3 2026 Q3 263,4 263,8 740,3 751,3 0 200 400 600 800 1 000 0 50 100 150 200 250 300 350
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83,6 91,3 264,1 263,7 0 50 100 150 200 250 300 0 10 20 30 40 50 60 70 80 90 100 16,4 19,1 46,3 51,6 0 10 20 30 40 50 60 0 5 10 15 20 25 30 Highlights Q3 Net earned premiums (MSEK) Gross profit (MSEK) - GWP decreased by -1 % vs LY . Excluding the effects of the divestment of the Swiss branch, GWP increased by +2 % vs LY , driven by higher sales within travel insurance concepts. - NEP increased by +9 %. Excluding the effects of the new agreement with Riddermark Bil and the divestment of the Swiss branch, NEP increased by +16 % mainly driven by travel insurance concepts and insurance concepts related to car warranties. NEP increased by 7 % vs Q2 2026. - Gross profit increased by +16 % vs LY , explained by growth in NEP and improved profitability. - Gross margin improved vs LY driven by relatively lower claims costs. - Signed new partnership with Winassist. Assistance +16% 5 YTD +9% Q3 20262025 ±0% +16% +16%Underlying growth 20262025 YTDQ3 20262025 20262025 +12%
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Highlights Q3 Net earned premiums (MSEK) Gross profit (MSEK) - GWP decreased by -10 % vs LY driven by lower demand, primarily within home electronics. - Sales related to eyewear increased during the period by 4,1 MSEK vs LY . - NEP decreased by -18 % vs LY , mainly related to lower sales within home electronics. Excluding the effects related to the divestment of the Swiss branch, NEP decreased by -16 %. - Gross profit decreased by -13 % driven by lower sales volumes. - Gross margin improved vs LY driven by relatively lower claims and acquisition costs. Product 6 12,3 10,7 40,8 35,0 0 5 10 15 20 25 30 35 40 45 0 2 4 6 8 10 12 14 16 18 20 -13% 20262025 Q3 20262025 -14% YTD -18% 20262025 Q3 20262025 -19% YTD 61,5 50,6 191,3 154,0 0 20 40 60 80 100 120 140 160 180 200 0 10 20 30 40 50 60 70 80 90 100
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118,2 124,5 346,8 364,1 0 50 100 150 200 250 300 350 400 0 20 40 60 80 100 120 140 160 180 200 Highlights Q3 Net earned premiums (MSEK) Gross profit (MSEK) - GWP increased by +6 % vs LY , driven by PPI in the Swedish market. - NEP increased by +5 % vs LY related to the positive sales development within payment protection insurances in the Swedish market. - Gross profit increased by +8 % vs LY driven by profitable growth. - Gross margin increased, mainly driven by relatively lower acquisition costs. - Expanded our cooperation with Resurs Bank in Norway to include expense protection insurance. Personal Safety 7 31,1 33,7 90,0 97,6 0 20 40 60 80 100 120 0 5 10 15 20 25 30 35 40 +8% 20262025 Q3 20262025 +9% YTD +5% 20262025 Q3 20262025 +5% YTD +7%Underlying growth
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NEP development Net earned premiums (MSEK) Comments YTD 8 - Underlying growth* in NEP vs LY amounted to +4 %. - NEP in Personal Safety increased by +5 % vs LY and underlying growth* amounted to +7 % mainly related to PPI in the Swedish market. - NEP in Assistance was in line with LY and underlying growth* amounted to +16 % driven by insurance concepts related to car warranties. - NEP in Product decreased by -19 % vs LY , mainly related to insurance concepts related to home electronics. *Excluding the effects of the new agreement with Riddermark Bil, the divestment of the Swiss branch and the premium credit related to last year in the Personal Safety segment in Q2.YTD +1% Q3 20262025 -3% +3% +4%Underlying growth 20262025 263,3 266,3 802,2 781,8 0 200 400 600 800 1 000 0 50 100 150 200 250 300
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32,6 35,2 5,9 4,8 86,0 92,5 18,1 14,4 38,5 40,0 104,1 106,9 0 20 40 60 80 100 120 0 5 10 15 20 25 30 35 40 45 61,2% 61,4% 63,9% 62,7% 26,4% 25,4% 25,4% 25,4% 87,6% 86,8% 89,3% 88,2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Technical result & Combined ratio Technical result (MSEK) Combined ratio +4% 9 Expense ratio Loss ratio Technical result, excluding Allocated investment return Allocated investment return +8%Technical result, excluding Allocated investment return Technical result Q3 2025 2026 -0,8 pp YTD 2025 2026 -1,1 pp Q3 2025 2026 YTD 2025 2026 +3% +8%
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Asset management Investment portfolio MSEK 2025-09-30 2026-09-30 Bonds and other interest-bearing securites 860 774 Subordinated loans 179 190 Shares 102 123 Cash 183 315 Cash (fixed rate) 68 25 Total investment assets 1 392 1 427 As per 2026-09-30 10 Bonds and other interest-bearing securites 54% Subordinated loans 13% Shares 9% Cash 22% Cash (fixed rate) 2%
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Asset management Result of asset management (MSEK) Q3 2025 Q3 2026 Total investment income 17,6 14,8 Investment charges -1,2 -0,6 Unrealised gains/losses on investment assets recognised through profit or loss Shares and participating interest 1,2 5,7 Bonds and other bearing securities 4,5 -0,7 Total unrealised gains/losses on investment assets 5,7 5,0 Result of asset management 22,2 19,2 Result of asset management (MSEK) 2025 Q3 2026 Q3 Total return (YTD) -0,7pp 11 4,2% 3,5% 3,2% 3,3% 3,4% 3,5% 3,6% 3,7% 3,8% 3,9% 4,0% 4,1% 4,2% 4,3% -10 0 10 20 30 40 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
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Profit before tax 13 32,6 35,2 5,9 4,8 17,3 14,8 86,0 92,5 18,1 14,4 38,8 34,2 55,7 54,7 142,9 141,2 0 20 40 60 80 100 120 140 160 0 10 20 30 40 50 60 Technical result, excluding Allocated investment return Allocated investment return Investment return & Other (MSEK) +8% -2% Technical result, excluding Allocated investment return Profit before tax +8% -1% Q3 2025 2026 YTD 2025 2026 12
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Solvency capital requirement (SCR) Comments -4 pp - SCR ratio Q3 2026: Solvency ratio shows an increase of 5 pp in Q3 2026 ending up at 199%. - Favourable growth of the SII Capital due to positive profit in period. - Increased SCR in the quarter, mainly driven by higher exposure to insurance risk. - Q4 2025 and Q1 2026 are both adjusted for the proposed dividends related to 2025 result paid out in 2026Q2. - The solvency ratio remained strong during the period despite substantial dividends, share buybacks and acquisitions. +5 pp -4 pp +5 pp 983 901 921 959 1 004 485 477 487 496 505 203% 189% 189% 194% 199% 100% 120% 140% 160% 180% 200% 220% 300 400 500 600 700 800 900 1 000 1 100 1 200 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 SII Capital SCR SCR ratio 97 16 431 2 -73 32 505 Market Count. default Non-Life Health Div. Operational SCR 0 100 200 300 400 500 600 199 % SCR ratio 13
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Summary Q3 • Strong development in the insurance business. • Technical result increased vs LY and amounted to 40,0 MSEK (38,5). Excluding allocated investment return, technical result grew by +8 %. • Increased profitability in all segments. • Underlying sales growth, gross written premiums increased by +1 %. • Strong growth within segments Personal Safety and Assistance. • Improved profitability during the period, combined ratio amounted to 86,8 % (87,6 %). • Increased partnerbase during the period, signed new partnership with Winassist. • Strong capital position – SCR 199 %. 1715 14
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Thank you! 15