Sampo (SAMPO) investor relations material

Executive summary

• Achieved strong H1 and Q2 2026 results, with 3% like-for-like top-line growth in H1 and 5% in Q2, driven by Private Nordic, Private UK, and Nordic Commercial segments.

• Underwriting result grew 7% in H1 to EUR 786 million, with robust margins and a combined ratio of 83.6%.

• Operating EPS increased 12% to EUR 0.28 in H1, while solvency coverage remained stable at 174%.

• Investment returns rebounded in Q2, offsetting Q1 losses; financial leverage increased to 25.9%.

• Full-year outlook for insurance revenues and underwriting result was revised upwards following strong H1 performance.

Financial highlights

• Gross written premiums reached EUR 6,430 million (+3% year-over-year); insurance revenue up 8% to EUR 4,800 million.

• Underwriting result up 7% to EUR 786 million; operating EPS up 12% to EUR 0.28.

• Net investment income rebounded to EUR 360 million in Q2, more than offsetting Q1 losses.

• Combined ratio at 83.6%; cost ratio improved to 25.1%.

• Solvency II ratio stable at 174%; financial leverage at 25.9%.

Outlook and guidance

• 2026 insurance revenue guidance raised to EUR 9.70–9.85 billion (7–9% growth year-over-year).

• Underwriting result guidance increased to EUR 1,550–1,625 million (4–9% growth year-over-year).

• Outlook reflects strong H1 performance and July claims, including a EUR 15 million residential fire in Norway.

• Guidance subject to weather, large claims, prior year development, and market volatility.

• Continued focus on digitalization and efficiency expected to support future growth and margins.