Sampo (SAMPO) Q3 2025 earnings summary

Executive summary

• Achieved robust top-line growth with gross written premiums (GWP) up 8–10% year-over-year to EUR 8.5 billion for the first nine months of 2025, driven by strong momentum in private and SME lines, especially in personal insurance and the UK.

• Underwriting result increased 17% year-over-year to EUR 1,121 million, supported by solid underwriting margins and favorable claims outcomes in the Nordics.

• Operating EPS rose 14% year-over-year to EUR 0.38, with reported EPS up 40% due to a EUR 355 million gain from the NOBA IPO.

• Board raised the operating EPS growth target for 2024–2026 to over 9% annually, up from 7%.

• Announced a EUR 150 million share buyback program, funded by proceeds from the NOBA IPO.

Financial highlights

• Q3 2025 GWP grew 7% like-for-like, with insurance revenue up 8–9% year-over-year.

• Underwriting result for Q3 reached EUR 392 million, up 5% from Q3 2024.

• Net profit increased 50% year-over-year to EUR 1,460 million; profit before taxes up 32% to EUR 1,769 million.

• Net investment income surged to EUR 927 million, boosted by a EUR 355 million gain from the NOBA IPO.

• Solvency II coverage at 172%, within the 150–190% target range, with financial leverage reduced to 24.5%.

Outlook and guidance

• 2025 insurance revenue forecasted at EUR 8.9–9.1 billion (6–9% growth); underwriting result expected at EUR 1,425–1,525 million (8–16% growth).

• Combined ratio target remains below 85% annually; operating EPS growth target raised to over 9% annually for 2024–2026.

• Group remains exposed to potential weather losses in Q4, especially after Storm Amy, but underlying growth and margin trends remain strong.

• Private Nordic GWP growth ambition raised to more than 10% for the strategic period.

• Outlook subject to weather, large claims, prior year development, FX rates, and competitive dynamics.