Hedvig shares
Unlisted company
Hedvig is a Swedish insurance company that sells and manages insurance digitally through its own app. The company was founded by Lucas Carlsén, Fredrik Fors and John Ardelius, the latter holding a PhD in machine learning, and is headquartered in Stockholm.
Insurance through its own channel
Hedvig sells through its own channel, directly to consumers. The customer relationship is managed in the app: taking out insurance, changing coverage, adding more policies and filing claims. Claims can be filed in the app at any time, and parts of the claims-handling process are automated so that routine cases can be settled quickly. Customers are referred to as members.
Two ways to make money
Home contents, house, pet, accident, student and holiday home insurance — all products except car insurance — are underwritten by the subsidiary Hedvig Försäkring AB, which bears the risk itself and retains the difference between premiums and costs. Car insurance is instead underwritten by an external insurer, Eir Försäkring, with Hedvig managing the customer relationship and receiving a commission on the premium it brokers. The difference lies in which party carries the risk on its balance sheet.
What determines profitability
Revenue tracks premium volume. Profitability is determined by the proportion of premiums used for claims payments and operating expenses, measured in the industry as the loss ratio and combined ratio, respectively. The combined ratio has declined as premium volume has grown. Parts of the risk are transferred to reinsurers to limit exposure to individual large claims.
Proprietary pricing platform
Pricing is carried out using a proprietary platform built for machine learning. Having proprietary models and data sources means that risk assessments can be updated continuously rather than being tied to legacy systems, which is intended to provide more accurate pricing for each customer.
More policies per member
Growth comes partly from a broader product offering — home contents, house, car, pet, accident, student and holiday home insurance — and partly from members consolidating more of their insurance policies with Hedvig. The company offers a discount to those with more than one policy.
Partnerships as a distribution channel
In addition to its own channel, insurance is distributed through partnerships, including with SEB and local car dealers. SEB is also a shareholder in Hedvig.
Capital and supervision
An insurance company must hold capital in proportion to the risks it underwrites. Growing premium volume therefore ties up more capital, making capital funding part of the growth plan rather than a one-off issue. Hedvig Försäkring AB is supervised by Finansinspektionen and reports its solvency in an annual solvency and financial condition report. Hedvig AB is an insurance holding company that owns the shares in the insurance company and does not conduct any operations of its own.
Revenue model
Risk retained by Hedvig Försäkring AB
Commission on brokered car insurance
Revenue tracks premium volume
Key characteristics
Digital insurance in its own app
Proprietary pricing using machine learning
Discount for multiple policies
Distribution and supervision
Direct to consumer
Partnerships with SEB and car dealers
Supervised by Finansinspektionen
Financial performance
Published 24 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2024-12-31
- 114MSEK
- Burn rate
- 7.1MSEK/mo
- Runway
- 16mo
| Metric | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Net sales | – | 73(+45 %) | 50 |
| Revenue growth | – | 45% | – |
| EBITDA | – | -94 | -108 |
| EBIT | -78 | -99 | -118 |
| Net income | -57 | -79 | – |
| Equity | – | 348(-6.8 %) | 373 |
| Cash and bank | – | 114(-49 %) | 223 |
| Operating cash flow | – | -86 | -114 |
Documents and reports
2New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 225k | SEK 323m |
Questions about Hedvig
Is Hedvig publicly listed?
No, Hedvig is not publicly listed. Hedvig is a private limited company, and its shares are instead traded in the unlisted market.
What does Hedvig do?
Hedvig is a Swedish insurance company that sells and manages insurance digitally through its own app, offering home contents, house, car, pet and accident insurance, among other products. The insurance policies are underwritten by its subsidiary Hedvig Försäkring AB, which is supervised by the Swedish Financial Supervisory Authority — the exception is car insurance, which is underwritten by the insurer Eir Försäkring.
Can I buy shares in Hedvig?
Yes, it is possible to buy shares in Hedvig through trading in unlisted shares, provided that there are sellers. Via Eqvor, you place a buy order for Hedvig shares and are matched with sellers in the unlisted market.
How do I sell shares in Hedvig?
If you own shares in Hedvig, you can place a sell order through Eqvor and be matched with buyers. Since Hedvig is not affiliated with Euroclear, the change of ownership is recorded in the company’s share register after the transaction has been completed.
Is Hedvig affiliated with Euroclear?
No, Hedvig is not affiliated with Euroclear. Instead, the Hedvig shares are registered directly in the company's own share register.
Can I hold Hedvig shares with Avanza or Nordnet?
No. Since Hedvig is not connected to Euroclear, Hedvig shares cannot be held in a standard securities account with Avanza or Nordnet — instead, you will be entered in the company’s share register.
Is Hedvig subject to any rights of first offer or rights of first refusal?
Yes, Hedvig is subject to a right of first refusal with a 30-day period. This means that existing shareholders in Hedvig are first offered the opportunity to purchase the shares on the same terms before they are sold to an external buyer.
At what price is the Hedvig share traded?
Since Hedvig is not listed on a stock exchange, there is no official quoted price. Instead, the price of the Hedvig share is determined by supply and demand among buyers and sellers in the unlisted market.
When will Hedvig be listed on the stock exchange?
There is currently no publicly announced timetable for a stock market listing of Hedvig. We therefore do not currently know whether or when Hedvig may carry out an IPO.
What are the risks of investing in Hedvig?
Investing in Hedvig involves risk, just like other investments in unlisted shares. As an insurance company, Hedvig is affected by claims outcomes, reinsurance, solvency and regulatory requirements, as well as competition, and the company continues to report a loss. Trading in unlisted shares also generally involves lower liquidity than trading in listed shares.
Where can I find Hedvig’s annual report?
Hedvig’s annual report can be found under Investor Relations and Financial Reports. There you will find Hedvig’s annual report for 2024 and the annual results report for 2025, while the insurance group’s solvency and business reports are available under Other Documents.
Has Hedvig carried out any share issues?
Yes, Hedvig has carried out several new share issues since the company was founded. In early 2026, Hedvig carried out a directed share issue of SEK 100 million. In total, Hedvig has raised SEK 1.1 billion, which is listed as Capital raised on the company page.
How much capital has Hedvig raised in total?
Hedvig’s capital raised is stated as SEK 1.1 billion. An equity raise is the process of raising capital, but the rounds completed by Hedvig are often referred to as funding rounds, financing, or share issues.
Has Hedvig reported a profit or a loss?
Hedvig reports a loss in the latest available information. Under Key Figures, Hedvig's net result is stated as -56 825 TSEK for 2025, and the result has improved every year since 2022.