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Sampo Group’s results for January-March 2024


SAMPO PLC                        INTERIM STATEMENT          7 May 2024 at 9:50 am

Sampo Group’s results for January-March 2024

• Sampo Group achieved top line growth of 10 per cent on a currency adjusted basis, driven by strong development in all business areas

• The underwriting result decreased to EUR 260 million (292) and the combined ratio increased to 87.1 per cent (84.0), as a result of challenging Nordic winter conditions

• The Group underlying combined ratio improved by 1.1 percentage points and the outlook for 2024 was narrowed to 83–85 per cent (below 85)

• Profit before taxes increased to EUR 465 million (359), supported by strong investment returns and slightly higher discount rates

• Operating EPS was broadly stable at EUR 0.50 (0.51) despite the lower underwriting result

• Solvency II coverage stood at 180 per cent (182), pro forma of demerger-related transactions and including dividend accrual, and financial leverage at 24.6 per cent (25.3)

Key figures

Profit before taxes465359 29
  If356337 6
  Hastings2610 178
  Holding20-45 -
Net profit for the equity holders343271 27
Operating result253262 -3
Underwriting result260292 -11
Earnings per share (EUR)0.680.530.15
Operational result per share (EUR)0.500.51  -0.01

Net profit for the equity holders and earnings per share for January–March 2023 include result from life operations.

The figures in this report have not been audited.

Sampo Group key financial targets for 2024–2026

Operating EPS growth: over 7% (period average)-1%
Group combined ratio: below 85%87.1%
Solvency ratio: 150-190%180% (pro forma of demerger-related transactions and including dividend accrual)
Financial leverage: below 30%24.6%

Financial targets for 2024–2026 announced at the Capital Markets Day on 6 March 2024.


The first quarter saw the most severe Nordic winter weather since 2010 and our primary focus has been on helping affected customers. Nonetheless, operational momentum was strong, with 10 per cent currency adjusted premium growth and positive underlying margin momentum. Hence, we have narrowed our combined ratio outlook for 2024 and now expect to land in the 83–85 per cent range.

At our Capital Markets Day on 6 March 2024, we outlined an agenda that puts organic growth at the heart of our ambition to grow operating EPS by more than 7 per cent per annum in 2024–2026. We have made an excellent start on this in the first quarter, with Private and the UK growing premiums by 7 per cent and 25 per cent, respectively, on a currency adjusted basis. Private benefited from investments made in digital and non-motor products, as premiums increased by 14 per cent in personal insurance and 7 per cent in property insurance. In the UK, we continued to see the effect of the significant price increases taken during the second half of 2023 and a rise in customer count, both in motor and home.

First quarter severe weather claims amounted to approximately EUR 100 million in If P&C — the highest level observed since the severe winter of 2010. An extended period of cold weather, heavy snow and icy roads in January and February adversely affected both the motor and property lines, particularly in Private. By geography, Norway and Sweden were most affected, accounting for almost 90 per cent of recorded winter claims, while Denmark was within the normal range. Partly offsetting this, large claims were around EUR 40 million below budget. Although it is clearly too early to draw any firm conclusions, I am encouraged by this as it follows a tightening in risk appetite in Industrial over 2023.

The underlying Group combined ratio improved by 1.1 percentage points year-on-year, driven by positive momentum in all segments except Topdanmark, as claims inflation remained below our prudent pricing assumptions. The adjusted risk ratio in If P&C improved by 0.3 percentage points, ex-discounting, with Private seeing the most positive momentum, and the cost ratio declined on a combination of efficiency gains and solid top line growth. We continue to cover estimated Nordic claims inflation of 4–5 per cent with price increases, even as this appears to be trending toward the lower part of the range.

In the UK, we estimate that market-wide motor claims inflation fell modestly from the 12 per cent observed over most of 2023, while the benefits of the substantial price increases taken over 2023 continued to earn into the P&L. As a result of this, our headline UK operating ratio improved by 2 percentage points to 91.4 per cent, in what is typically the seasonally most challenging quarter. Together with strong premium growth, this enabled Hastings to deliver a 71 per cent increase in underwriting profit year-on-year, adding 5 percentage points to group-level growth. UK motor pricing has stabilised during the first few months of 2024 as the market assesses the impact of the price increases taken in 2023 and shifting claims trends but we continue to be prudent in our own underwriting, as always.

In addition to a delivering on organic growth, we will continue to be disciplined in managing our capital. We are in the process of executing on capital optimisation actions worth up to EUR 700 million, as outlined at our CMD, and will provide an update on capital allocation with our First-Half 2024 results.

Torbjörn Magnusson
Group CEO


Following the first quarter result, Sampo has narrowed its 2024 outlook and now expects to deliver a Group combined ratio of 83–85 per cent. Previously, the outlook for the 2024 Group combined ratio was below 85 per cent, as per the stock exchange release published on 6 March 2024.

Sampo Group’s combined ratio is subject to volatility driven by, among other factors, seasonal weather patterns, large claims and prior year development. The net financial result will be significantly influenced by capital markets’ developments.

Board of Directors

The Interim Statement for January–March 2024, Investor Presentation and a video review with Group CFO Knut Arne Alsaker are available at

Conference call

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 Q1

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 Half-Year Financial Report on 7 August 2024.

Nasdaq Helsinki
Nasdaq Stockholm
London Stock Exchange
The principal media


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