Interim report Q3 2023
Velliv has published its interim report for the third quarter of 2023. The report shows a solid pre-tax profit of DKK 858 million, giving a return on equity of 22 per cent. This is an all-time high in Velliv’s history. Furthermore, there is a significant increase of 13 per cent in regular premiums.
Financial highlights
- Result before tax of DKK 858m (DKK -11m in the third quarter of 2022)
- Result after tax of DKK 641m (DKK -11m in the third quarter of 2022)
- Gross Written Premiums (GWP) of DKK 25.8bn (DKK 25.5bn in the third quarter of 2022)
- Return on equity before tax of 22.0 per cent (-0.3 per cent in the third quarter of 2022)
- Total customer returns of DKK 7.2bn (DKK -46.4bn in the third quarter of 2022)
In the video you can hear Interim CEO Morten Møller comment on Velliv's development (in Danish):
Investment and return
2023 started off with good returns. In recent months, however, we have seen that the return has fallen somewhat, partly as a result of the development in stock markets. By the end of September, the return was between 3.1 and 5.5 per cent for a customer with medium risk and 15 years until retirement, depending on the selected product. We expect the rising volatility from late summer to continue throughout the year, but by the end of the year returns are expected to end in positive territory.
You can learn more about return and investment from Velliv's Chief Investment Officer Anders Stensbøl (in Danish):