Sampo (SAMPO) Q1 2026 earnings summary

Executive summary

• Achieved strong operational momentum in Q1 2026, with Nordic private and SME lines driving top-line growth and robust underwriting margins, while UK and large corporate segments were more muted.

• Underwriting result grew by 9% year-over-year (currency adjusted), reaching EUR 368 million, and operating EPS rose 19% to EUR 0.13.

• Insurance revenue increased by 8% year-over-year to EUR 2,363 million, supported by strong gross written premium growth.

• Raised full-year 2026 guidance for insurance revenue and underwriting result, and announced a new EUR 350 million share buyback program.

• Solvency II coverage remained robust at 174%, with financial leverage stable at 23.7%.

Financial highlights

• Underwriting result increased by 9% year-over-year on a like-for-like basis, reaching EUR 368 million.

• Operating EPS rose by 19% to EUR 0.13, supported by higher underwriting results and technical factors.

• Insurance revenue guidance for 2026 updated to 6%-8% growth (EUR 9.6–9.8 billion); underwriting result guidance raised to 3%-9% growth (EUR 1,525–1,625 million).

• Combined ratio improved to 84.4% from 84.6% year-over-year; cost ratio down to 24.8%.

• Net investment income declined to EUR -276 million due to market volatility and NOBA loss.

Outlook and guidance

• Full-year 2026 guidance for insurance revenue and underwriting result increased, reflecting better-than-expected claims outcomes.

• Combined ratio target remains below 85%; operating EPS growth target above 9% annually on average.

• Committed to returning around 90% of operating results to shareholders through dividends and buybacks.

• Investor update scheduled for November 17 to outline ambitions for the next strategic period.