Nord Insuretech Group (NORDIG) Q4 2024 earnings summary

Executive summary

• Achieved strong sales growth and portfolio expansion in 2024, driven by Instabank partnership and Nord Forsikring's market entry.

• Undertook major restructuring, including merging subsidiaries into Digisure AS, effective Q1 2025, to enhance efficiency.

• Launched SaaS strategy, signing a Letter of Intent and engaging with potential partners to position as a scalable tech provider.

• Acquired CoverMe AS in December, adding 2,000 customers and a 17 MSEK premium volume, strengthening market position and diversifying revenue.

Financial highlights

• Net revenue for 2024 was 5,765 TSEK, down from 7,932 TSEK year-over-year, reflecting strategic MGA focus.

• New insurance premium sales reached 13,880 TSEK (0 TSEK prior year); insurance portfolio at year-end was 26,955 TSEK.

• Adjusted EBITDA for 2024 was -13,165 TSEK, after extraordinary one-off costs of 6,110 TSEK.

• Net result after tax for 2024 was -38,318 TSEK (vs. -56,420 TSEK prior year), with 22,988 TSEK in depreciation and one-offs.

• Earnings per share improved to -0.16 SEK from -0.35 SEK year-over-year.

Outlook and guidance

• Entering 2025 with a strengthened organization, clear strategy, and continued strong growth momentum.

• Combined IaaS and SaaS strategy provides a solid foundation for long-term expansion and value creation.

• Plans for capital raising in Q1 2025, with major shareholders converting loans to equity.