Sampo (SAMPO) Q4 2024 earnings summary

Executive summary

• Achieved 12% group growth in 2024, with strong results across all business areas, especially in personal insurance and private property.

• Operating EPS rose 15% year-over-year to EUR 2.33, and a regular dividend increase to EUR 1.70 per share is proposed.

• Successfully completed structural simplification and acquired remaining Topdanmark minority interests, with integration progressing as planned and EUR 150 million in one-off integration costs reserved in Q4.

• Maintained strong momentum in Nordic and UK markets, with digital and advanced pricing driving performance.

Financial highlights

• Group insurance revenue reached EUR 8.4 billion, up from EUR 7.5 billion in 2023.

• Underwriting result increased 13% year-over-year to EUR 1,316 million.

• Private segment saw 8% currency-adjusted premium growth in Q4, with personal insurance and property up 14% and 7% respectively.

• Topdanmark and Norwegian operations posted 11% growth in the quarter; private retention stable at 89%.

• Dividend proposal of EUR 1.70 per share, up 10% from last year.

Outlook and guidance

• 2025 insurance revenue expected at EUR 8.7–9.0 billion, a 4–7% increase year-over-year.

• Underwriting result guidance for 2025 is EUR 1,350–1,450 million, up 3–10% year-over-year.

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

• Guidance assumes normal weather and prior year development; upper range reflects strong claims outcome, lower range reflects challenging markets.

• No major acquisition targets; focus on returning profits to shareholders via dividends and buybacks.