Sampo (SAMPO) Q4 2025 earnings summary

Executive summary

• Achieved strong operational momentum in 2025, with 8% like-for-like growth driven by private and SME lines in Nordics and UK, and robust profitability supported by digital sales and service capabilities.

• Underwriting profit reached EUR 1.5 billion, up 12–13% year-over-year, with cumulative growth over 40% in three years.

• Reported EPS surged 65% year-over-year, mainly due to a EUR 540 million gain from the NOBA IPO.

• Board proposed a regular dividend of EUR 0.36 per share, a 6% increase, and continued share buybacks, with a payout ratio of 71% of operating result.

• Solvency II coverage at 174% (net of dividend), financial leverage at 23.6%, and robust liquidity position maintained.

Financial highlights

• Gross written premiums grew 8% to EUR 10.7 billion; insurance revenue up 8% to EUR 9.1 billion year-over-year.

• Underwriting result increased 12–13% to EUR 1.5 billion, with strong margins and Topdanmark synergies.

• Operating EPS reached EUR 0.50 for 2025, up 7% year-over-year.

• Net profit for equity holders reached EUR 1,998 million, up 73% from 2024.

• Group investment return was 5.5%, with EUR 592 million in interest and dividend income.

Outlook and guidance

• 2026 insurance revenue expected at EUR 9.5–9.8 billion (5–8% growth); underwriting result forecasted at EUR 1,485–1,600 million (0–8% growth).

• Combined ratio target remains below 85% for 2024–2026; operating EPS growth target above 9% annually.

• Outlook subject to weather, large claims, prior year development, discount rates, and competitive dynamics, especially in UK motor market.