Skagi stock draws focus as restructuring targets ISK 610 million

Skagi's restructuring plan remains the central issue for investors after the Icelandic financial group reported a sharp increase in nine-month profit and outlined cost savings of up to ISK 610 million. The measures were announced on October 28, 2026, according to mbl.is.

Skagi stock traded at ISK 18.90 on Nasdaq Iceland at 4:04 p.m. CET on Friday, November 6, 2026. The latest quote was 0.53% below the previous close, while the shares remained within their reported 52-week range of ISK 16.30 to ISK 22.80.

Insurance drives earnings rebound

Skagi reported nine-month profit of ISK 1.207 billion, compared with ISK 337 million a year earlier. Insurance operations led the improvement, while financial services revenue fell 11.3% and the segment remained loss-making before tax.

The restructuring plan includes a simplified group structure, lower management costs, fewer positions and a transfer of duties. These measures are expected to reduce annual costs by ISK 270 million once fully implemented. Refinancing and the repayment of parts of outstanding debt could provide another ISK 160 million in annual savings, while measures announced in April target a further ISK 180 million.

Management change adds execution focus

Haraldur I. Thorðarson is leaving as chief executive, with Guðný Helga Herbertsdóttir taking over from VÍS tryggingar. Skagi said the changes require shareholder and regulatory approval and are intended to adapt the group to market conditions and strengthen the competitive position of its businesses.

Business model and competition

Skagi hf. is an Icelandic financial group focused on insurance operations, insurance investments and financial services. Its activities include life, health and general insurance, management of assets backing insurance liabilities, asset management, lending and other noninsurance financial products. In Iceland, the group competes with insurers such as Sjóvá-Almennar tryggingar and financial institutions including Kvika banki and Íslandsbanki. Skagi is smaller than those larger listed peers, giving the restructuring program particular importance for its earnings profile.

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