Sampo (SAMPO) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 and Q2 2026 results with broad-based top-line growth, disciplined underwriting, and improved cost efficiency across all markets.

• Like-for-like growth was 3% in H1 and accelerated to 5% in Q2, driven by Private and SME lines, with robust performance in Nordic and UK segments.

• Underwriting result grew 7% in H1 and 5% in Q2 (currency-adjusted); operating EPS up 12% in H1 to EUR 0.28.

• Solvency II coverage remained stable at 174%, with financial leverage at 25.9%.

• Full-year 2026 outlook upgraded for both insurance revenues and underwriting result.

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, 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).

• Guidance reflects strong H1 performance and known July claims, including the Drammen fire.

• Continued focus on cost efficiency, targeting 40 basis points annual improvement in Nordic cost ratio.

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