Sampo Oyj

Latest Results (08.02.2026):

Sampo Oyj — third quarter 2025 (reporting also Jan–Sep 2025): The group delivered strong organic growth and improved underwriting margins in Q3 and year‑to‑date, with like‑for‑like GWP growth, a materially stronger underwriting result and higher operating EPS. Reported EPS and net financial result were boosted by a EUR 355m net gain on the NOBA IPO. Solvency and leverage remain within target ranges and the Board has raised the operating EPS growth target for 2024–2026.

Key results

Q3 2025: Gross written premiums EUR 2,218m (reported +6% y/y; like‑for‑like ~+7%), underwriting result EUR 392m, net profit EUR 757m, EPS EUR 0.28, operating EPS EUR 0.14, combined ratio 83.0%. Jan–Sep 2025 (YTD): GWP EUR 8,461m (+10% reported; +8% like‑for‑like), underwriting result EUR 1,121m (+17% currency‑adjusted), net profit EUR 1,460m, EPS EUR 0.54, operating EPS EUR 0.38, combined ratio 83.4%.

Segment performance

Private Nordic: continuing strength — like‑for‑like GWP +9.5% in Q3, +8.9% YTD; combined ratio ~82.0% YTD. Private UK: LCP 4.4m, like‑for‑like GWP +7.3% Q3, +15.6% YTD; combined ratio ~88.3% YTD. Nordic Commercial: steady SME and digital growth, like‑for‑like GWP +7.8% Q3, +5.8% YTD. Nordic Industrial: deliberate de‑risking led to -15.2% Q3 LFL GWP and -4.1% YTD, but underwriting margins improved (combined ratio 81.8% YTD) due to favourable large‑claims development.

Investments and NOBA

Q3 included a EUR 355m net gain on Sampo’s NOBA stake following the IPO (remaining stake valued EUR 636m at 30 Sep 2025). That gain materially lifted net investment income and reported net profit but is excluded from operating result. Proceeds from NOBA sales fund a new EUR 150m share buyback programme.

Capital position and debt

Solvency II coverage: 172% (net of nine‑month dividend accrual and the new buyback). Solvency own funds EUR 5,809m; SCR EUR 3,376m. Financial leverage 24.5% (includes restricted Tier‑1 treated as debt). Recent debt moves: repurchased EUR 316m nominal Tier‑2 for EUR 295m and issued EUR 300m restricted Tier‑1 (coupon 5.25%).

Outlook and targets

Outlook for 2025 unchanged: Group insurance revenue EUR 8.9–9.1bn and underwriting result EUR 1,425–1,525m. Board increased operating EPS growth target for 2024–2026 to >9% p.a. Risks noted: seasonality and weather (Storm Amy in early Oct), large claims, prior‑year development and market/FX uncertainty.

Corporate actions & governance

Share buybacks: EUR 200m programme announced Aug (completed 31 Oct 2025; 20.48m shares repurchased and to be cancelled); new EUR 150m buyback to be launched funded by NOBA proceeds. Leadership: Morten Thorsrud became Group CEO on 1 Oct 2025; other GEC changes announced. Operating result and non‑recurring items are reported separately (NOBA gain and certain debt tender effects excluded from operating result).