REG-Sampo Group’s results for January-March 2026

Sampo OyjAnnouncement

06/05/2026 06:30

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Sampo plc, interim statement, 6 May 2026 at 8:30 am EEST

Sampo Group’s results for January-March 2026
* Continued solid top-line growth in private and SME lines in the Nordics,
partly offset by muted development in larger corporate business lines and in
the UK.
* The underwriting result strengthened by 9 per cent on a currency adjusted
basis to EUR 368 million, and the combined ratio stood strong at 84.4 per
cent.
* Robust operating EPS performance, while the reported EPS was burdened by
volatile market value movements amid geopolitical uncertainty.
* Following the strong first quarter performance, the outlook for the 2026
underwriting result has been raised to EUR 1,525-1,625 million from EUR
1,485-1,600 million.
* Sampo will launch a new EUR 350 million share buyback programme based on the
2025 operating result and the sale of NOBA shares in February 2026.
* Solvency II coverage remained robust at 174 per cent, net of distribution
accrual and the new buyback programme, and financial leverage amounted to 23.7
per cent.
* Estimated potential effect from the Danish court ruling on workers’
compensation is expected to be covered with Sampo’s existing reserves.
“The first quarter of 2026 provided a solid foundation for attractive value
creation over the year and demonstrated the resilience of Sampo’s unique
profile as a well-diversified, leading P&C insurer in the region,” says
Morten Thorsrud, Sampo Group CEO.

Key figures

 EURm                                           1-3/   1-3/   Change, %  
                                                2026   2025              
 Gross written premiums                         3,752  3,701  1          
 Insurance revenue, net                         2,363  2,188  8          
 Underwriting result                            368    336    10         
 Net financial result                           -276   101    —          
 Profit before taxes                            28     377    -93        
 Net profit                                     -46    285    —          
 Operating result                               347    297    17         
 Earnings per share (EUR)                       -0.02  0.11   —          
 Operating EPS (EUR)                            0.13   0.11   19         
                                                                         
                                                1-3/   1-3/   Change     
                                                2026   2025              
 Risk ratio, %                                  59.6   58.9   0.6        
 Cost ratio, %                                  24.8   25.7   -0.9       
 Combined ratio, %                              84.4   84.6   -0.2       
 Solvency II ratio (incl. dividend accrual), %  174    180    -6         

Gross written premiums (GWP) and insurance revenue include broker revenues.
The GWP figure for January-March 2025 was restated in connection with the
January-June 2025 result. Like-for-like GWP growth is calculated by using
constant currency rates and it is adjusted to exclude potential technical
items affecting comparability, such as portfolio transfers, changes in
inception dates for large contracts, and changes in accounting methods. The
figures in this report have not been audited.

GROUP CEO’S COMMENT

Sampo maintained its solid operational momentum and delivered strong margins
across the segments, driving a 9 per cent underwriting result growth on a
currency adjusted basis. Meanwhile, our balance sheet remained robust amid
elevated geopolitical uncertainty and market volatility, enabling us to launch
a EUR 350 million share buyback programme.

Sampo had a strong start to the year on the back of sustained top-line
performance in our key growth areas and underwriting margins being bolstered
by cost-efficiency improvements as well as continued positive underlying
trends in the Nordics.

Our Nordic retail business continued to drive Sampo’s top-line with 6 per
cent like-for-like growth, supported by a positive development in all
countries and product lines. Personal insurance saw growth of 9 per cent, with
strongest performance in Norway and Finland. While the sluggish new car sales
development in Sweden remained a drag on our white-label motor business, the
If-branded motor portfolio performed well and saw growth of 10 per cent.

In the UK, we continued to find pockets of growth, leading to 3 per cent live
customer policy growth over the quarter. While the UK motor pricing
environment has recently been broadly stable, the market is still competitive.
Hence, our focus remains on underwriting discipline and securing the quality
of our portfolio, while we continue to invest in our capabilities that support
our longer-term growth ambitions.

Our SME business in the Nordics delivered healthy growth, underlined by high
and stable retention, increased customer count and good development in digital
sales. Meanwhile, the larger corporate business lines saw headwind from a
softer competitive landscape during the 1 January renewals. On the other hand,
Sampo benefited from lower reinsurance prices, driven by favourable market
conditions but also our recent actions to reduce our large property exposures.

For a P&C insurer operating in the Nordics, the first quarter is typically the
period when weather conditions can play a significant role. This year, the
wintry start was followed by markedly more benign weather conditions towards
the end of the quarter. This led to weather-related claims being below our
initial expectations for the quarter. Combined with another positive large
claims outcome, we have decided to raise our underwriting profit outlook for
2026 to EUR 1,525-1,625 million from EUR 1,485-1,600 million, representing
growth of 3-9 per cent year-on-year.

The first quarter also saw a new wave of elevated geopolitical uncertainty.
Operational effects for Sampo have been limited, but we carefully monitor any
potential uptick in claims inflation and remain disciplined in our pricing
should the disruptions in the Strait of Hormuz continue for a prolonged
period. The biggest effect naturally stems from increased capital market
volatility, which was reflected in the net financial result for the first
quarter. However, excluding the legacy assets, our core investment portfolio
stood broadly stable, and solvency remained robust, underscoring the
resilience of our balance sheet in volatile times. Another proof of our
balance sheet strength is that we expect to cover the estimated effect from
the Danish workers’ compensation ruling with our existing reserves.

Enabled by our strong balance sheet, we will launch a share buyback programme
of EUR 350 million. Of this, EUR 250 million is based on our operating result
for 2025, while the rest is funded by the recent sale of NOBA shares. With the
latter, we have now delivered half of the up to EUR 500 million communicated
at the 2024 Capital Markets Day, and we remain committed to returning the
other half as we sell down our legacy assets.

To conclude, the first quarter of 2026 provided a solid foundation for
attractive value creation over the year and demonstrated the resilience of
Sampo’s unique profile as a well-diversified, leading P&C insurer in the
region.

Morten Thorsrud
Group CEO

OUTLOOK FOR 2026

The start of the year saw wintry Nordic weather conditions, which was
reflected in the initial outlook for 2026. However, materially more benign
conditions towards the end of the quarter resulted in weather-related claims
outcome being more favourable than anticipated. Furthermore, the first quarter
saw fewer large claims than budgeted. With regard to top-line growth, the
first quarter saw solid development in private lines, and corporate lines
benefited from lower reinsurance prices. Taking these factors into
consideration, Sampo has decided to adjust its outlook for 2026.
* Group insurance revenue: EUR 9.6–9.8 billion (from EUR 9.5–9.8 billion),
representing growth of 6–8 per cent year-on-year.
* Group underwriting result: EUR 1,525–1,625 million (from EUR 1,485–1,600
million), representing growth of 3–9 per cent year-on-year.
Any forecast of Sampo’s underwriting result is subject to estimates for
weather claims, large claims, prior year development, and certain other items
that may vary periodically and are out of Sampo’s control. This means that
regular updates of the forecast are needed to reflect actual outcomes.
Moderate deviations against normal and budgeted levels are typical on a
quarterly basis, and Sampo intends to broadly reflect these in the outlook
statement in its quarterly reports. In addition to the underwriting result,
Sampo derives a material share of its earnings from returns on its investment
portfolio and insurance finance income and expense, meaning changes in the
outlook cannot be assumed to translate one-for-one into net profit. Sampo does
not provide an outlook for its net financial result.

The outlook for 2026 is consistent with Sampo’s 2024–2026 financial
targets of delivering a combined ratio below 85 per cent annually and
operating EPS growth of more than 9 per cent annually on average. The outlook
is subject to uncertainty related to occurrence and estimation of the cost of
P&C claims, foreign exchange rates, and competitive dynamics. Revenue
forecasts, in particular, are subject to competitive conditions, which may
change rapidly in some areas such as the UK motor insurance market. The
revenue and underwriting profit figures in the outlook are based on currency
exchange rates as of the latest reporting date.

SAMPO PLC
Board of Directors

The Interim Statement for January-March 2026 and the Investor Presentation are
available at www.sampo.com/result.

A conference call for investors and analysts will be arranged today, 6 May
2026, at 10:30 am Finnish time (8:30 am UK time).

To ask questions, please join the teleconference by registering using the
following link: https://events.inderes.com/sampo/q1-2026-jql3h6xatr/dial-in

The conference call can also be followed live at www.sampo.com/result. A
recorded version and a transcript will later be available at the same address.

For more information, please contact

Lars Kufall Beck, Group CFO, tel. +358 10 516 0010
Mirko Hurmerinta, Interim Head of Investor Relations, tel. +358 10 516 0032
Media contacts, media@sampo.fi

Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
FIN-FSA 
The principal media 
www.sampo.com

Attachment
*     Interim Statement for January - March 2026
(https://ml-eu.globenewswire.com/Resource/Download/3c4bbc61-6b29-4c50-af99-4ff99462504a)