Sampo: Sampo Group's results for January-March 2026

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/ 2026	1-3/ 2025	Change, %
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/ 2026	1-3/ 2025	Change
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. [phone]
Mirko Hurmerinta, Interim Head of Investor Relations, tel. [phone]
Media contacts, [e-mail]

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