Sampo (SAMPO) Q2 2025 earnings summary

Executive summary

• Achieved strong H1 2025 performance with 8% like-for-like top-line growth, robust momentum in Private Nordic and UK segments, and favorable claims and weather outcomes.

• Underwriting result up 25% year-over-year to EUR 729 million; combined ratio improved to 83.6%.

• Operating EPS increased 13% to EUR 0.25, exceeding the 7% annual growth target for 2024–2026.

• Announced a new EUR 200 million share buyback program, with potential for further buybacks pending asset sales or IPO proceeds.

• Leadership transition: Morten Thorsrud to succeed Torbjörn Magnusson as Group CEO on 1 October 2025.

Financial highlights

• Gross written premiums up 8% year-over-year to EUR 6,242 million in H1 2025; insurance revenue up 9% to EUR 4,452 million.

• Underwriting result up 25% to EUR 729 million; combined ratio improved to 83.6% from 85.8% year-over-year.

• Profit before taxes rose to EUR 526 million in Q2 2025; operating EPS up 16% to EUR 0.14 in Q2.

• Net investment income declined in H1 due to adverse mark-to-market movements, despite stable interest income.

Outlook and guidance

• 2025 insurance revenue guidance raised to EUR 8.9–9.1 billion, with underwriting result guidance at EUR 1,425–1,525 million, representing 6–9% and 8–16% growth year-over-year, respectively.

• Targets combined ratio below 85% and operating EPS growth above 7% annually for 2024–2026.

• Cost ratio target improved, aiming for a 40 basis point annual improvement until 2028, driven by Topdanmark synergies.

• No guidance provided for financial income due to volatility and one-off effects.