Sampo (SAMPO) Q2 2025 earnings summary

Executive summary

• Achieved strong H1 2025 performance with 8%–11% gross written premium growth and 25%–26% increase in underwriting result, driven by robust private business momentum in Nordics and UK.

• Operating EPS rose 13% to EUR 0.25, offsetting lower investment returns and increased share count.

• Announced a new EUR 200 million share buyback program, funded by 2024 capital generation.

• Maintained strong solvency margin (Solvency II ratio at 174%) and financial leverage at 26.1%.

• CEO transition set for October 2025, with Morten Thorsrud to succeed Torbjörn Magnusson.

Financial highlights

• Gross written premiums reached EUR 6,242 million in H1 2025, up 8%–11% year-on-year; Q2 premiums up 8% to EUR 2,542 million.

• Underwriting result increased 23%–26% to EUR 729 million; combined ratio improved to 83.6% from 85.8% year-on-year.

• Net profit for H1 2025 was EUR 703 million; net investment income declined to EUR 287 million due to adverse market movements.

• Hastings added 360,000 new policies and saw a 40% increase in underwriting result in H1.

• Combined ratios at or better than target levels, with improvement supported by Topdanmark synergies.

Outlook and guidance

• 2025 underwriting result outlook raised to EUR 1,425–1,525 million, representing 8%–16% growth year-on-year.

• Group insurance revenue guidance increased to EUR 8.9–9.1 billion, up 6%–9% year-on-year.

• Financial targets reaffirmed: annual combined ratio below 85% and operating EPS growth above 7% for 2024–2026.

• Premium growth prediction refined, reflecting strategic ambitions for higher growth.