Sampo plc: Sampo Group's results for January-June 2026

Sampo plc, half-year financial report, 12 August 2026 at 8:30 am EEST

Sampo Group's results for January-June 2026

Q2/2026

• Like-for-like top-line growth accelerated to 5 per cent, driven by continued solid development in Private Nordic as well as improved momentum in Private UK and Nordic Commercial.
• The underwriting result increased by 5 per cent on a currency adjusted basis to EUR 418 million, driven by top-line growth and a strong combined ratio of 82.9 per cent.
• Operating EPS strengthened by 6 per cent to EUR 0.14, while the reported EPS increased by 12 per cent to EUR 0.17, supported by sharp rebound in investment returns.
  
  

Q1-Q2/2026

• Like-for-like top-line growth of 3 per cent supported by broad-based performance, particularly during the second quarter.
• The underwriting result increased by 7 per cent on a currency adjusted basis to EUR 786 million, and the combined ratio stood strong at 83.6 per cent.
• Operating EPS increased by 12 per cent to EUR 0.28, while the reported EPS was affected by adverse market value movements in the first quarter.
• Following the first-half performance, the insurance revenue outlook for 2026 has been raised to EUR 9.70-9.85 billion (from EUR 9.6-9.8 billion), and the underwriting result outlook has been adjusted to EUR 1,550-1,625 million (from EUR 1,525-1,625 million).
• Solvency II coverage stood stable at 174 per cent, net of distribution accrual, and financial leverage amounted to 25.9 per cent.
  
  

"Sampo enters the second half of 2026 with robust operational momentum as we continue to extend our track record of delivering attractive and durable organic growth by leveraging our advanced operational capabilities in line with our ambitions," says Morten Thorsrud, Sampo Group CEO.

Key figures

EURm	4-6/ 2026	4-6/ 2025	Change, %	1-6/ 2026	1-6/ 2025	Change, %
Gross written premiums	2,677	2,542	5	6,430	6,242	3
Insurance revenue, net	2,437	2,264	8	4,800	4,452	8
Underwriting result	418	393	6	786	729	8
Net financial result	220	185	19	-55	287	-
Profit before taxes	584	526	11	612	903	-32
Net profit	462	417	11	416	703	-41
Operating result	384	368	4	731	665	10
Earnings per share (EUR)	0.17	0.16	12	0.16	0.26	-40
Operating EPS (EUR)	0.14	0.14	6	0.28	0.25	12
	4-6/ 2026	4-6/ 2025	Change	1-6/ 2026	1-6/ 2025	Change
Risk ratio, %	57.5	56.8	0.7	58.5	57.8	0.7
Cost ratio, %	25.4	25.9	-0.5	25.1	25.8	-0.7
Combined ratio, %	82.9	82.6	0.2	83.6	83.6	0.0
Solvency II ratio (incl. dividend accrual), %	-	-	-	174	174	0

Gross written premiums (GWP) and insurance revenue include broker revenues. 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's operational performance remained robust in the second quarter with diversified like-for-like top-line growth of 5 per cent. Combined with strong margins, this drove the underwriting result growth of 5 per cent on a currency-adjusted basis, while the operating EPS strengthened by 6 per cent.

Sampo delivered strong results in the second quarter on the back of resilient and broad-based top-line growth and robust underwriting margins. Furthermore, investment returns recovered after a volatile start of the year.

Our Nordic retail business maintained its durable top-line performance with 4.8 per cent like-for-like growth. This was supported by increased object sales and customer count across the region, while retention remained high and broadly stable. Personal insurance continued to be the fastest-growing product line with double-digit GWP growth, and the number of active policies exceeding 3 million.

During the quarter, we continued to extend our digital offerings. The If mobile app reached 1.8 million downloads across the Nordics, meaning nearly half of our household customers now use the mobile app to manage their policies and report claims. Further, we reached our operational ambition of more than 70 per cent of claims being reported digitally by the end of 2026. We also expanded our AI-powered virtual agent, IfGPT, to Sweden and Norway and launched If Vet app, which allows pet owners to contact vets 24/7, free of charge. Supported by our consistent initiatives to improve digital customer journeys, Private digital sales continued to grow well beyond our ambition.

Our investments in pricing capabilities and digital product innovation have enabled us to continue stable growth in the Private UK segment as well. In total, we added around 180,000 customers, representing growth of 4 per cent over the quarter and 13 per cent year-on-year. This accelerated the top-line growth to 7.6 per cent on a like-for-like basis, up from 1.0 per cent in the first quarter. At the same time, we delivered solid margins within our operating range, supported by continued cost-efficiency efforts. While the market environment in the UK remains on the softer side, we have seen further stabilisation in pricing trends.

Turning to Nordic Commercial, I am very pleased that after a somewhat slow start to the year, we saw strengthened traction in the second quarter. The like-for-like growth of 8.6 per cent was supported by SME growth improving to over 5 per cent, with positive customer count development, but it was also fuelled by several larger customer wins. One of these was a major personal insurance deal in Denmark that gives access to comprehensive healthcare for 40,000 pensioners. This new expansion not only demonstrates our strong position in personal insurance but also underlines the sustained structural demand for complementary healthcare beyond the working-age segment.

The claims environment in our markets remained favourable during the quarter both in terms of weather and large claims outcome, and frequency development has been broadly in line with our expectations. Given the macroeconomic uncertainty, we continue to monitor the claims inflation development carefully and maintain our disciplined pricing and reserving approach.

In light of the strong first-half performance and considering the claims development in July, particularly regarding the residential fire in Norway, we have adjusted our outlook for 2026. We now expect to reach an insurance revenue of EUR 9.70-9.85 billion (previously 9.6-9.8 billion) and to deliver an underwriting result of EUR 1,550-1,625 million (1,525-1,625) for the full year.

Following the unsettled start of the year, the second quarter saw a healthy rebound in the capital markets. Our net investment income increased to EUR 360 million for the quarter, more than offsetting the mark-to-market-driven net loss in the first quarter. While this illustrates the fast-paced sentiment changes in today's market environment, Sampo operates with a long-term mindset. I see our investment portfolio being well-calibrated to add solid long-term investment returns on top of our resilient and growing underwriting result, which remains the main contributor to the Group's value creation.

To sum up, Sampo enters the second half of 2026 with robust operational momentum as we continue to extend our track record of delivering attractive and durable organic growth by leveraging our advanced operational capabilities, in line with our ambitions.

Morten Thorsrud
Group CEO

OUTLOOK FOR 2026

The first half of 2026 was characterised by a favourable claims experience in terms of weather and large claims. After the reporting period in mid-July, a residential fire in Drammen, Norway drove estimated claims of around EUR15 million. Regarding top-line growth, the first half saw continued solid momentum in the Group's private and SME business lines. Taking these factors into consideration, Sampo has adjusted its outlook for 2026.

• Group insurance revenue: EUR 9.70-9.85 billion (from EUR 9.6-9.8 billion), representing growth of 7-9 per cent year-on-year.
• Group underwriting result: EUR 1,550-1,625 million (from EUR 1,525-1,625 million), representing growth of 4-9 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 half-year financial report for January-June 2026 and the investor presentation are available at www.sampo.com/result.

A conference call for investors and analysts will be arranged today, 12 August 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/q2-2026-gylm9w0ouu/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]

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

Attachment

• Half-Year Financial Report 2026