GlobeNewswire by notified

Sampo Group’s results for January-September 2023


SAMPO PLC                        INTERIM STATEMENT                  8 November 2023 at 9:40 am  

Sampo Group’s results for January-September 2023

• Sampo Group achieved premium growth of 10 per cent on a currency adjusted basis in January-September 2023, supported by strong development in Private and the UK

• The underwriting result grew by 1 per cent on a currency adjusted basis and the combined ratio increased to 84.2 per cent (83.0) on elevated weather and large claims

• Underlying Nordic margin trends remained positive, with If achieving a 0.5 percentage points improvement in the adjusted risk ratio excluding discounting effects

• Profit before taxes increased to EUR 1,113 million after adjusting for IFRS 9 (627) but declined on a reported basis (1,857)

• The solvency ratio stood at 195 per cent, pro forma of the Mandatum spin-off and including dividend accrual, and pro forma financial leverage amounted to 26.3 per cent

• The listing of Mandatum on Nasdaq Helsinki was successfully completed on 2 October 2023

Key figures

Change, %7–9/
Change, %
Profit before taxes (P&C Operations)1,1131,857-4039134214
Net profit for the equity holders9412,046-54366387-6
Underwriting result882923-4284312-9
Earnings per share (EUR)1.863.83-1.970.730.75-0.02
Operational result per share (EUR)1.650.58
Return on equity, %14.13.510.6— 
Profit before taxes (adjusted for IFRS 9), EURm*1,11362777%39182377%

The comparison figures for 2022 have been restated for IFRS 17 but not for IFRS 9, meaning some figures, such as investment income, are not fully comparable between the reporting periods. Net profit for the equity holders, EPS and return on equity figures include results from life operations. Mandatum is classified as discontinued operations as of 31 March 2023.
*) To enhance comparability, a Group profit before taxes (P&C operations) figure adjusted for IFRS 9, reflecting market value movements, has been provided for the prior year.

The figures in this report have not been audited.

Sampo Group key financial targets for 2021-2023

GroupMid-single digit UW profit growth annually on average-4%
Group combined ratio: below 86%84.2%
Solvency ratio: 170-190%195% (pro forma, including dividend accrual)
Financial leverage: below 30%26.3% (pro forma)
IfCombined ratio: below 85%83.2%
HastingsOperating ratio: below 88%90.5%

The pro forma figures reflect the partial demerger and related transactions.


During the third quarter we saw a continuation of the trends observed earlier in 2023. We delivered excellent premium growth of 12 per cent on a currency adjusted basis, the pricing environment in the UK motor insurance market continued to improve and higher interest rates supported investment income. Profit before taxes increased to EUR 1,113 million (627), after adjusting for IFRS 9. Operationally, our focus was on supporting our customers, as rain and flooding led to severe weather claims of approximately EUR 90 million.

Private lines is the part of our business, together with SME, where we see the greatest potential to create value for our customers and shareholders through investments in digital capabilities. Over 2023, the benefits have been visible; digital sales in Nordic Private are up 9 per cent year-on-year, retention remains excellent at 90 per cent and the share of online claims increased to 60 per cent. Being the leading digital P&C insurer in the Nordics also supports growth – Private premiums grew by 6.3 per cent in the third quarter, on a currency adjusted basis, or 7.8 per cent excluding the Swedish mobility business. Private personal insurance was particularly strong, with growth of 12 per cent. Profitability remains very robust in Private as it delivered a nine-month combined ratio of 82.7 per cent, despite elevated weather claims.

Turning to Hastings, another of our digitally focused operations, the UK motor insurance market environment continued to improve over the third quarter. Monthly price increases were in the mid-single digits while claims inflation remained high, but stable. In this environment, Hastings continued to firmly prioritise profitability, but still managed to grow motor insurance customer count slightly. Combined with strong growth in home insurance, this enabled Hastings to grow nine-month currency adjusted GWP by 32 per cent year-on-year. With an operating ratio of 90.5 per cent for the first nine months, it is on track to reach the 88-90 per cent guidance range for 2023, while carrying strong operational momentum into 2024.

In the Nordics, the competitive environment continued to be broadly stable in Private and Commercial, while the Industrial market remained in the hard part of the underwriting cycle. Nordic claims inflation showed signs of moderation in the third quarter as it fell to the lower end of the 4-5 per cent range observed over 2023, while claims frequency developed in line with expectations. We continued to implement rate increases ahead of total claims cost development. The trend in underlying margins remained strong, as If P&C improved its nine-month undiscounted adjusted risk ratio by 0.5 percentage points year-on-year, and its cost ratio by 0.1 percentage points.

The third quarter saw elevated weather claims related to storm Hans, heavy rainfall in Oslo and other, smaller events across the Nordic region. As a large and well diversified insurer, with a strong balance sheet, we are able to help our customers through such events promptly and reliably. Although the occurrence of large weather events appears stochastic, shareholders can expect us to monitor related claims trends vigilantly and to underwrite and price the risk conservatively. It is important to remember that our policies provide coverage for periods of 12 months, allowing us to review price adequacy annually.

Looking to the asset side of the balance sheet, Sampo delivered a net investment income of nearly EUR 500 million in the first nine months. The short duration of our fixed income portfolio has allowed us to reinvest rapidly, pushing the running yield in If P&C to over 4 per cent from 1.5 per cent at the end of 2021.

On 2 October 2023, we completed the spin-off of Mandatum by listing it on Nasdaq Helsinki. I am pleased to see that the listing has been well received by the market and I am excited to take Sampo forward as a pure P&C insurance group.

Torbjörn Magnusson

Group CEO


Outlook for 2023

Sampo Group’s P&C insurance business is expected to achieve underwriting margins that meet the annual targets set for 2021–2023. At Group level, Sampo targets a combined ratio of below 86 per cent, while the targets set for its fully owned P&C insurance subsidiaries, If P&C and Hastings, are below 85 per cent and below 88 per cent, respectively.

The outlook for 2023 remains unchanged from that communicated with the Sampo Group Half-Year Financial Report; If P&C is expected to achieve a combined ratio of 81.5 - 83.5 per cent and Hastings an operating ratio of 88 - 90 per cent.

The combined and operating ratios of Sampo Group’s P&C insurance operations are subject to volatility driven by, among other factors, seasonal weather patterns, large claims and prior year development. These effects are particularly relevant for individual segments and business areas, such as the Danish and UK operations.

The net financial result will be significantly influenced by capital markets’ developments. With regard to Topdanmark, reference is made to the profit forecast model that the company publishes on a quarterly basis.

Board of Directors

Sampo Group’s Interim statement for January–September 2023, Investor Presentation and a video review with Group CFO Knut Arne Alsaker are available at

A conference call for investors and analysts will be arranged at 2:30 pm Finnish time (12:30 pm UK time). Please call tel. +1 786 697 3501, +44 (0) 33 0551 0200, +46 (0) 8 5052 0424, or +358 9 2319 5437. 

Conference passcode: Sampo Q3

The conference call can also be followed live at A recorded version will later be available at the same address.

For more information, please contact

Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031

Sampo will publish the Financial Statement Release for 2023 on 8 February 2024.

Nasdaq Helsinki
Nasdaq Stockholm
London Stock Exchange
The principal media


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

nuam exchange and Nasdaq Form Strategic Technology Partnership to Develop New Marketplace in Latin America5.12.2023 10:00:00 CET | Press release

Nasdaq’s institutional grade infrastructure to underpin creation of a single market for the three countriesofChile, Perú, and Colombia Flexible and scalable technology will help develop sophisticated, global capital markets ecosystem NEW YORK and SANTIAGO, Chile, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) and nuam exchange (Chilean Stock Exchanges: NUAM) formed by the merger of Santiago, Lima, and Colombia stock exchanges, today announced a strategic technology partnership that will underpin the integration, development, and expansion of the new marketplace in Latin America. nuam exchange is seeking to establish a unique, open, and transformative market that can strengthen its domestic economies, whilst scaling to become a leading global exchange group. It is aiming to offer a truly integrated market across multiple asset classes and market infrastructures, broadening its range of products and services as it expands. Nasdaq welcomes the opportunity to partner with nuam exc

DSV, 1074 - SHARE BUYBACK IN DSV A/S5.12.2023 09:40:20 CET | Press release

Company Announcement No. 1074 On 24 October 2023, we initiated a share buyback programme, as described in Company Announcement No. 1066. According to the programme, the company will in the period from 24 October 2023 until 31 January 2024 purchase own shares up to a maximum value of DKK 2,500 million, and no more than 4,000,000 shares, corresponding to 1.83% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. The following transactions have been recorded under the programme: Trading dayTrading platformNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-24999,3741,058.461,057,801,90425:27 November 2023AQEU7,5801,061.81CEUX19,0091,06

Öhlins Dampers To Be Used in All Super Formula Cars for the 2024 Season5.12.2023 09:30:55 CET | Press release

Series standard suspension to debut during team tests December 6-8, 2023 UPPLANDS VÄSBY, Sweden, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Japan Race Promotion, the organizer of the Super Formula Championship, has chosen Tenneco’s Öhlins Racing to be the sole supplier of shock absorbers for Super Formula. Öhlins is set to supply user-friendly, reliable high-performance dampers based on the Swedish company’s years of experience in Formula 1 and Hypercar/LMP1 racing. Service and support will be provided by Carrozzeria Japan Co., Ltd. during the season. Super Formula has been highly regarded by teams and drivers around the world as the world's premier equal-condition race that uses the same chassis and tires. For future seasons, the series has decided to standardize the dampers so the skills of the drivers can be better demonstrated. Additionally, with the unstable global situation and economic environment, this initiative aims to ensure a stable supply of parts while at the same time reducing th


Bid date, 2023-12-05Auction date2023-12-05Settlement date2023-12-06Maturity Date2023-12-13Nominal amount1 017 billion SEKInterest rate4.00 %Bid times09.30-10.00 (CET/CEST) on the Bid dateBids are made to phone number08-696 69 70Confirmation of bids to e-mailrbcert@riksbank.seThe lowest accepted bid volume1 million SEKThe highest accepted bid volume1 017 billion SEKAllocation Time10.15 (CET/CEST) on the Bid dateProjected minimum liquidity surplus during the term1 017 billion SEKExpected excess liquidity at full allotment0 billion SEK Stockholm, 2023-12-05