Sampo (SAMPO) Q1 2026 earnings summary

Executive summary

• Strong operational momentum in Q1 2026, with robust underwriting results and top-line growth led by Nordic private and SME lines, while UK and large corporate segments were more muted.

• Underwriting result grew 9% year-over-year (currency adjusted) to EUR 368 million, with operating EPS up 19% to EUR 0.13, though reported EPS fell to EUR -0.02 due to market volatility.

• Insurance revenue rose 8% year-over-year to EUR 2,363 million, driven by strong gross written premium growth.

• Full-year 2026 guidance for underwriting result raised to EUR 1,525–1,625 million and a new EUR 350 million share buyback program announced.

• Solvency II coverage robust at 174%, with prudent reserving and financial leverage stable at 23.7%.

Financial highlights

• Underwriting result increased by 9%–10% year-over-year to EUR 368 million, supported by favorable claims experience and operational momentum.

• Operating EPS rose 19% year-over-year to EUR 0.13, aided by higher underwriting results and technical factors.

• Insurance revenue guidance for 2026 updated to 6%–8% growth (EUR 9.6–9.8 billion); underwriting result guidance raised to 3%–9% growth (EUR 1,525–1,625 million).

• Combined ratio improved to 84.4% from 84.6%; cost ratio down to 24.8%.

• Net investment income declined to EUR -276 million due to market volatility and NOBA loss, despite resilient interest income.

Outlook and guidance

• Full-year 2026 guidance increased for both insurance revenue and underwriting result, reflecting strong Q1 performance and favorable claims outcomes.

• Combined ratio target remains below 85%; operating EPS growth target above 9% annually on average.

• Committed to returning around 90% of operating results to shareholders via dividends and buybacks in a typical year.

• Investor update scheduled for November 17 to outline ambitions for the next strategic period.