Valuation Result

Final Brand Value

If — Insurance

Valuation date: 10/29/2026

Total Brand Value

SEK 16.6B

This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.

Brand Strength

76/100

Royalty Rate

2.7%

Discount Rate

9.7%

Benchmark recommendation not unlocked for this result

Sensitivity snapshot

Quick decision check for discount rate, royalty rate and long-term growth.

Variable

Lower input

Current

Higher input

WACC (Discount Rate)

9.7%

-1.0%

SEK 18.8B

9.7%

SEK 16.6B

+1.0%

SEK 14.8B

Royalty Rate

2.7%

-0.5%

SEK 13.4B

2.7%

SEK 16.6B

+0.5%

SEK 19.7B

Terminal Growth

1.5%

-0.5%

SEK 15.9B

1.5%

SEK 16.6B

+0.5%

SEK 17.3B

Brand Strength changes can also be explored to show their potential effect on brand value. Contact info@brandvaluator.se if you want to explore this for strategy, planning and budgeting.

Revenue Base

SEK 57.9B

Legal Protection

73/100

Long-term Growth

1.5%

Recommendation basis

Brand-strength range • Pro

This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.

This valuation uses benchmark support informed by external market references and curated internal calibration.

Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.

Forecast profile

5 years explicit forecast

High growth: 3.0%

Base growth: 2.0%

Long-term growth: 1.5%

Value build

Value for planning period: SEK 5.3B

Terminal value: SEK 11.3B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	SEK 59,675,110,000	SEK 1,587,357,926	SEK 1,260,362,193	SEK 1,203,076,219
Y2	SEK 61,465,363,300	SEK 1,634,978,664	SEK 1,298,173,059	SEK 1,129,083,127
Y3	SEK 63,309,324,199	SEK 1,684,028,024	SEK 1,337,118,251	SEK 1,059,640,850
Y4	SEK 64,575,510,683	SEK 1,717,708,584	SEK 1,363,860,616	SEK 984,814,454
Y5	SEK 65,867,020,897	SEK 1,752,062,756	SEK 1,391,137,828	SEK 915,271,915
Explicit PV (Y1–Y5)				SEK 5,291,886,565
Terminal Value (undiscounted)				SEK 17,115,252,347
Terminal PV (discounted)				SEK 11,260,645,403
Total Brand Value				SEK 16,552,531,968

Supporting context

This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.

Reference case

If

Prepared reference case

Indicative value of the If non-life insurance name in Sweden, Norway and Finland. Denmark and the Baltics are outside the selected geographic perimeter, as are Topdanmark, Volvia, Viking and other separately marketed names. This is not the value of If Group, insurance liabilities, investments, claims operations or policyholder contracts.

The SEK 57,937m three-country base is reported geographic insurance revenue, not disclosed If-branded revenue. The name-only 3.50% ceiling and 76/100 strength score imply a 2.66% royalty, not an observed licence. The SEK 1,541m opening hypothetical royalty is 16.1% of a SEK 9,547m revenue-proportional allocation of the FY2025 group insurance-service result, a directional capacity check rather than country profit. A uniform 20.6% tax assumption is an illustrative simplification for three countries. Strength and legal scores are analyst estimates, not a legal opinion or customer survey.

Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.

Key inputs

Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice

Revenue base

SEK 57.937bn three-country insurance-revenue proxyinferred

Planning growth

3.00% for 3 years, then 2.00%estimated

Long-term growth

1.50%estimated

Royalty rate selected

2.66%estimated

Discount rate

9.75%estimated

Brand Strength

76/100 (B+)estimated

Legal analysis

73/100estimated

Company disclosures

These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.

If Annual Report 2025: insurance revenue by geography and insurance-service result

Legal Protection

trademark Status84

scope Of Rights77

risk Profile68

litigation68

contractual Rights70

goodwill Evidence80

regulatory Compliance66

Brand Strength

marketing Investment72

quality76

availability80

distinctive Brand Codes75

mental Availability79

consideration78

trust80

choice Share75

penetration78

price Elasticity65

revenue Premium70

margin Premium72

stability75