Sampo (SAMPO) Q3 2025 earnings summary

Executive summary

• Achieved robust top-line growth with gross written premiums (GWP) up 8–10% year-over-year, driven by strong momentum in private and SME lines, especially in the Nordics and UK.

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

• Operating EPS increased 14% year-over-year to EUR 0.38, with reported EPS up 40%, and the Board raised the operating EPS growth target for 2024–2026 to over 9% annually.

• Launched a new EUR 150 million share buyback program, funded by proceeds from the NOBA/Nova Bank IPO.

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

Financial highlights

• GWP up 10% to EUR 8,461 million for Jan–Sep 2025; insurance revenue up 9% to EUR 6,755 million.

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

• Combined ratio improved to 83.4% for 1–9/2025; underwriting margin at 17% for Q3.

• Solvency II coverage at 172%, with financial leverage reduced to 24.5%.

• Net financial result rose to EUR 836 million, mainly due to the NOBA gain.

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).

• Operating EPS growth target raised to over 9% per year for 2024–2026; combined ratio target remains below 85%.

• No further upward revision to full-year guidance due to uncertainty from severe weather events, particularly storm Amy in Norway.