Sampo Group’s results for January–September 2025

Sampo plc, Interim Statement, 5 November 2025 at 8:30 am EET

Sampo Group’s results for January–September 2025

• Like-for-like top-line growth stood at 8 per cent as the Group continued to see strong momentum across private and SME lines with an acceleration of growth in Private Nordic.
• The underwriting result increased by 17 per cent on a currency adjusted basis to EUR 1,121 million, fuelled by solid top-line growth and strong margins.
• Operating EPS strengthened by 14 per cent on the increase in the underwriting result.
• To reflect the strong results achieved to date and firm confidence in the Group’s prospects, the Board has decided to increase the operating EPS growth target for 2024-2026 to more than 9 per cent annually on average from more than 7 per cent.
• Reported EPS increased by 40 per cent, supported by EUR 355 million net gain on NOBA in the third quarter following its successful IPO in September.
• Sampo will launch a new EUR 150 million share buyback programme funded by the sale of NOBA shares in connection with the IPO.
• Solvency II coverage came in at 172 per cent, net of dividend accrual and the new buyback programme, and financial leverage amounted to 24.5 per cent.
  
  

“The strong and sustained growth delivered by our retail and SME divisions shows that our organic growth strategy has traction. Private Nordic stood out with a fourth consecutive quarter of record GWP growth, this time measuring 10 per cent. I am pleased to see that the investments we have made into our customer proposition are translating into solid retention rates and higher customer numbers. On the back of excellent performance, we have raised our operating EPS target as we look to 2026 with confidence and ambition,” says Morten Thorsrud, Sampo Group CEO.

Key figures

EURm	7–9/ 2025	7–9/ 2024	Change, %	1–9/ 2025	1–9/ 2024	Change, %
Gross written premiums	2,218	2,088	6	8,461	7,718	10
Insurance revenue, net	2,303	2,137	8	6,755	6,214	9
Underwriting result	392	374	5	1,121	955	17
Net financial result	549	128	328	836	573	46
Profit before taxes	866	432	101	1,769	1,340	32
Net profit	757	320	136	1,460	973	50
Operating result	366	297	23	1,031	846	22
Earnings per share (EUR)	0.28	0.13	122	0.54	0.39	40
Operating EPS (EUR)	0.14	0.12	16	0.38	0.34	14
	7–9/ 2025	7–9/ 2024	Change	1–9/ 2025	1–9/ 2024	Change
Risk ratio, %	58.1	57.5	0.6	57.9	59.5	-1.6
Cost ratio, %	24.9	25.0	-0.2	25.5	25.1	0.4
Combined ratio, %	83.0	82.5	0.5	83.4	84.6	-1.2
Solvency II ratio (incl. dividend accrual), %	—	—	—	172	177	-5

Gross written premiums and insurance revenue include broker revenues. Like-for-like GWP growth is calculated by using constant currency rates and it is adjusted to exclude potential technical items affecting comparability, such as portfolio transfers, changes in inception dates for large contracts, and changes in accounting methods. Net profit for the comparison period refers to Net profit for the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025. The figures in this report have not been audited.

GROUP CEO’S COMMENT

Operational momentum remained excellent in the third quarter, as we continued to execute on our organic growth strategy. To reflect sustained strong performance, we have increased our operating EPS target for the 2024-2026 strategic period to more than 9 per cent, as we look to 2026 with confidence and ambition.

The Sampo that I became the CEO of on 1 October is a retail and SME focused P&C insurance group with a uniquely attractive operational profile. Through leading positions in eight markets across Northern Europe, we enjoy substantial scale economies and diversification that bring both efficiency and stability. As a mainly direct insurer without physical distribution, we have mastered the art of digital P&C insurance, which we believe will continue to become ever more important. Meanwhile, our exclusive Nordic motor insurance partner network gives us outstanding customer reach, both in sales and service, and unique insight into rapidly changing vehicle technology. Put succinctly, Sampo is in an enviable position to meet the needs of current and future P&C insurance customers.

Strategically, our focus is on leveraging our cutting-edge capabilities to drive organic growth at attractive margins. Our ambitions are supported by extensive investments into digitalisation, distribution power, and customer service through which we aim to enhance our customer reach and competitive position. At the same time, these investments are always made in a disciplined manner, allowing us to pair improvements in our customer proposition with efficiency gains.

We see potential long term growth opportunities across our entire retail and SME footprint, although the vigour by which we pursue these will always depend on market conditions. We expect to be able to outgrow the market in Nordic personal insurance, private property and SME, as well as in digitally sold UK motor and home insurance. In combination, these lines account for more than half our business. In addition, our first-rate Nordic mobility franchise puts us in pole position to benefit from a potential normalisation of new car sales, and we see an opportunity to leverage our increased scale in Denmark to gain new customers and partnerships. We are the largest P&C insurer in the Nordic region, but we are not yet the market leader in any one country, and we see this as a clear opportunity.

The sustained and broad-based premium growth we have delivered in the last few years shows that our organic growth strategy is working. The third quarter was no exception, as we delivered GWP growth of 8 per cent at the group level anchored in positive momentum across our retail and SME segments. Private Nordic achieved a particularly notable 10 per cent increase in GWP in a fourth consecutive quarter of record growth, driven by solid retention and increasing customer numbers. At the same time, underwriting discipline remains firmly in our DNA as we actively reduced growth in Private UK and in Nordic Industrial to secure margins.

Historically, Denmark has been our soft spot but the acquisition of Topdanmark last year has provided us with an opportunity to address this. The integration is moving ahead at pace, with the third quarter seeing a spike in synergy realisation that means we have achieved the 2025 target of EUR 24 million one quarter early. As the surge appears attributable to timing differences, we stick to our EUR 140 million synergy target for 2028, albeit with increased confidence.

Given the strong financial performance over the strategic period to date, we have decided to increase our operating EPS growth target for 2024-2026 to more than 9 per cent from the more than 7 per cent set in 2024. The increase shows that we have confidence in our strategy and ability to execute on it, and that we lean into 2026 with ambition.

Turning to capital returns, the end of September saw the IPO of leading European consumer bank NOBA, which generated around EUR 150 million in proceeds for Sampo as we reduced our holding from 20 per cent to 15 per cent. We will use the proceeds to launch a new share buyback programme, in line with our disciplined approach to capital management.

To conclude, I am pleased to be able to report strong results in my first quarter as CEO, and I believe that Sampo is in an excellent position to deliver also in the future.

Morten Thorsrud
Group CEO

OUTLOOK FOR 2025

The third quarter saw strong underlying growth and margins development, while the benefit of benign weather and large claims was offset by low prior year development. Further, the Nordic region was hit by Storm Amy at the beginning of October, driving significant claims cost, and the Group remains exposed to potential further weather losses as the fourth quarter is very much a winter quarter. Hence, the outlook for 2025 remains unchanged from that given with the half-year 2025 results.

• Group insurance revenue: EUR 8.9–9.1 billion, representing growth of 6–9 per cent year-on-year.
• Group underwriting result: EUR 1,425–1,525 million, representing growth of 8–16 per cent year-on-year.

Any forecast of Sampo’s underwriting result is subject to estimates for weather claims, large claims, prior year development, and certain other items that may vary periodically and are out of Sampo’s control, meaning regular updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget levels are typical on a quarterly basis, and Sampo intends to broadly reflect these in the outlook statement in its quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from returns on its investment portfolio and insurance finance income and expense, meaning changes in the outlook cannot be assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial result.

The outlook for 2025 is consistent with Sampo’s 2024–2026 financial targets of delivering a combined ratio below 85 per cent annually and operating EPS growth of more than 9 per cent annually on average. The outlook is subject to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and competitive dynamics. Revenue forecasts, in particular, are subject to competitive conditions, which may change rapidly in some areas, such as the UK motor insurance market. The revenue and underwriting profit figures in the outlook are based on currency exchange rates as of the latest reporting date.

SAMPO PLC
Board of Directors

The Interim Statement for January-September 2025 in its entirety, the Investor Presentation and a video review with Group CEO Morten Thorsrud are available at www.sampo.com/result.

A conference call for investors and analysts will be arranged today 5 November at 10:30 am Finnish time (8:30 am UK time).

To ask questions, please join the teleconference by registering using the following link: https://palvelu.flik.fi/teleconference/?id=50051477

The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript will later be available at the same address.

For further information, please contact:

Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Antti Järvenpää, IR Specialist, Media Relations, tel. +358 10 516 0035

Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
FIN-FSA
The principal media
www.sampo.com

Attachment

• Sampo Group's Interim Statement for January-September 2025