Overview of Alandia’s results for the period January–June 2025
Profit slightly below last year
Group results January–June 2025
- Insurance revenue amounted to EUR 38.4 (39.5) million
- Insurance service result was EUR 0.98 (1.2) million
- Net financial income was EUR 8.3 (8.4) million
- Profit/loss after tax was EUR 6.9 (7.3) million
Comments from CEO Tony Karlström
Alandia’s profit for the first half of the year is EUR 6.9 million, which is slightly worse compared with the corresponding period of the previous year (EUR 7.3 million). The insurance business has weakened slightly, while net financial income including exchange rate movements is in line with that of the previous year. Quarterly earnings have been more even during the current year compared with the previous year. The company did not suffer any major individual claims, and the reinsurers’ share of net income is therefore very good again this year.
Insurance revenue remains under pressure due to global competition from the increased insurance capacity provided through agencies.
Internally, the implementation of the new insurance system for Leisure Boat has required resources, focus and education. On the whole, the system is working well. To increase efficiency and facilitate new business, several projects have been initiated and run to manage needed data flows in relation to partners.
On the regulatory front, the DORA regulations have come into effect and new internal processes and reporting have worked well and as intended.
In the spring, the European Commission presented its Omnibus directive on the CSRD regulations, which pushed back the requirement for Alandia to report in accordance with these by two years. There is also a proposal to completely exclude companies of Alandia’s size from reporting under these requirements. Alandia has nevertheless continued to report in accordance with the voluntary UN PSI standard. This year’s report is available on the company’s website.
In April, Alandia’s operations in Sweden were transferred to a branch in Stockholm, having previously being conducted in a cross-border manner.
Financial summary
Insurance revenue for the first half of the year amounted to EUR 38.4 million (39.5), a decrease of 3% compared with the previous year.
The insurance service result amounted to EUR 1.0 million (1.2), with strong performance in the second quarter, following a weaker first quarter.
Gross claims incurred decreased slightly in the first half of the year to EUR 26.4 million (27.9) with an improved loss ratio of 68.9% (70.8%).
Operating expenses for the insurance business remained unchanged from the previous year at EUR 7.4 million (7.4). Nevertheless, because of the slightly lower insurance revenue, the expense ratio rose to 19.2% (18.7%).
The reinsurers’ share of income increased to EUR -3.6 million (-2.9), corresponding to a reinsurance ratio of 9.3% (7.4%). Overall, this resulted in a slight increase in the combined ratio for the period to 97.4% (97.0%).
Net investment income, including net financial income from insurance and reinsurance contracts, decreased marginally to EUR 8.3 million (8.4).
Comprehensive income for the period was EUR 6.9 million (7.3), which is around 5% lower than for the strong first half of the previous year.
The solvency ratio remains very good and was 235 (249) per cent as at the closing date.
Significant events during the first half of 2025
The Annual General Meeting resolved to issue a dividend of EUR 45 per share.
In April, the first repayment was made, in the amount of EUR 10 million, on the capital loan raised in 2020 for a total of EUR 60 million. The next scheduled repayment is due in spring 2030.
Mariehamn, 29 August 2025
Board of Directors of Alandia Försäkring Abp
Appendix: Consolidated income statement and balance sheet
