Sampo Oyj

Sampo said second-quarter and first-half performance was strong, driven by growth, underwriting discipline, and cost efficiency. Like-for-like growth was 5% in Q2 and 3% in H1; underwriting result grew 5% in Q2 and 7% in H1 on a currency-adjusted basis; and operating EPS increased 6% in Q2 and 12% in H1. Lars Beck said core portfolio net gains were EUR 240 million in Q2 and total net investment income was EUR 360 million. Full-year guidance was raised to 7% to 9% insurance revenue growth and 4% to 9% underwriting result growth, with the underwriting range also reflecting the expected impact of the Drammen residential fire, which Sampo preliminarily estimates at around EUR 15 million.

Morten Thorsrud’s tone was upbeat and confident, emphasizing that the first half showed “durable top-line growth,” disciplined underwriting, and cost efficiency improvements across the group. He stressed that growth is becoming more volume-driven in Private, that U.K. pricing is improving but not fully turned, and that Nordic Commercial has strong momentum, especially in SME. He also pointed to digital initiatives such as 1.8 million If app downloads, IfGPT expansion, and the launch of If Vet as evidence of ongoing franchise building.

Lars Beck focused on the market rebound and balance-sheet strength. He said Q2 saw sharp gains in equities and fixed income, with EUR 240 million of core portfolio gains and EUR 360 million of net investment income, partly offset by softer performance in legacy assets NOBA and Nexi. On solvency, he said coverage remained strong at 174%, with the symmetric adjustment near 9% versus 5% last quarter; he added that with a 0 symmetric adjustment, solvency would have been 180%, and that Sampo deducts 90% of operating result from own funds each quarter, so the ratio reflects distribution commitments.

Analysts pressed on U.K. motor pricing, Nordic Commercial growth sustainability, cost ratios, claims inflation, and the Danish workers’ compensation ruling. Management said U.K. pricing is improving quarter by quarter, but the cycle has not fully turned; they are still pushing through price increases and pricing for higher inflation expectations. On Nordic Commercial, they said Q2 was a more normal growth quarter after a softer Q1, SME momentum remains strong, and the large pensioner health deal was priced to the same profitability targets as the rest of the business. On the Danish court case, Lars Beck said reserves remain sufficient, around 10 cases have been reopened so far, and future pricing actions have already been identified.