Sampo Oyj

Latest Results (07.05.2026):

Sampo Oyj's fourth quarter 2025 results show continued top-line growth and strong overall profitability: Q4 gross written premiums were EUR 2,277m (like‑for‑like +6%), insurance revenue EUR 2,322m, underwriting result EUR 364m, net financial result EUR 375m (including a Q4 net gain on NOBA of ~EUR 173m), and net profit EUR 538m. The combined ratio in Q4 was 84.3% (up modestly vs prior year, partly due to storm-related claims). Year‑end solvency (net of the proposed dividend) was 174% and the Board proposed a EUR 0.36 per share regular dividend. Sampo also set its 2026 outlook (insurance revenue EUR 9.5–9.8bn; underwriting result EUR 1,485–1,600m).

Top-line and volume

Q4 GWP (incl. brokerage) was EUR 2,277m (reported +3% YoY) and like‑for‑like growth was ~6%, driven by Private Nordic (+7.0% in Q4), UK (LCP expansion; Q4 like‑for‑like +4.8%) and Commercial (Q4 +6.4%).

Underwriting and claims

Underwriting result for Q4 was EUR 364m. The Group combined ratio rose to 84.3% in Q4 as severe storm activity increased claims (severe weather and large claims gave a ~1.1 percentage‑point negative effect on the Nordic risk ratio in the quarter).

Investment performance

Net financial result in Q4 was EUR 375m, helped by a EUR ~173m net gain on NOBA. For the full year Sampo reported a EUR 540m net gain on NOBA, which materially boosted annual investment returns.

Profitability and per‑share metrics

Q4 net profit was EUR 538m; Q4 EPS was EUR 0.20 and operating EPS was EUR 0.12 (slightly below the prior‑year quarter). Full‑year operating EPS strengthened on higher underwriting profit, though reported EPS was lifted by the NOBA gain.

Costs and efficiency

The Group cost ratio improved in Q4 to 25.0% (Nordic operating cost ratio 22.9%), reflecting continued progress on digital sales and integration synergies (Topdanmark integration showing early synergy capture).

Capital and solvency

At year‑end 2025 Sampo reported a Solvency II ratio of 174% (net of the proposed dividend) and financial leverage of 23.6%, inside the Group targets (solvency 150–190%, leverage <30%).

Dividend and capital returns

The Board proposed a regular dividend of EUR 0.36/share for 2025 (a 6% increase vs prior year). Sampo completed buyback programmes in 2025 (EUR 200m) and announced/ran a follow‑up EUR 150m programme.

Outlook for 2026

Sampo expects 2026 insurance revenue of EUR 9.5–9.8bn (+5–8% YoY) and an underwriting result of EUR 1,485–1,600m (0–8% YoY), noting sensitivity to weather, large claims, prior‑year development and competitive dynamics (particularly UK motor).