Skagi (SKAGI) Q4 2024 earnings summary

Executive summary

• FY2024 marked significant growth, with results in line with guidance and strong momentum across insurance and financial services.

• Skagi's organizational structure was finalized, supporting future growth and operational efficiency.

• VÍS outperformed market growth and profitability targets, while Fossar and Íslensk verðbréf delivered rapid expansion and market-leading returns.

Financial highlights

• Group core revenue reached ISK 31.5bn, up 17% YoY pro forma; profit after tax was ISK 2,258m, up 23% YoY.

• Group PBT was ISK 2,545m (+42% YoY); ROE at 10.8%; EPS at 1.19.

• Insurance revenue grew 10.2% YoY to ISK 29,182m; combined ratio improved to 94.9% from 99.5%.

• Financial services income rose 91% YoY pro forma to ISK 2,344m; AuM at ISK 227bn.

• Total group assets increased 21% YoY to ISK 79.2bn; equity at ISK 22.3bn.

Outlook and guidance

• All 2024 targets met; 2025 targets include combined ratio <94%, financial services revenue >ISK 3.1bn, and profit per share of 2.50.

• Long-term 2026 targets set in relation to VÍS/Fossar merger; all targets currently on track.

• Updated guidance reflects strong momentum and credible path to 2025 goals.