Sampo: Still not hopping off

SAMPOResearch2022-05-05 12:20

Sampo's Q1 result exceeded our forecast thanks to strong development in If P&C and Mandatum. However, the beat came through certain non-recurring factors and investment income. Thus, the report didn't cause major estimate revisions.

Sampo is the leading property and casualty insurance group in the Nordic region and a major operator in the growing digital P&C insurance market in the UK. Sampo Group has around 9 million customers, and it employs 15,000 people. The Group’s insurance revenue totalled EUR 9.1 billion in 2025 of which the Nordic market represented 75 per cent. The Group’s operations are diversified by geography, line of business, and customer group. Sampo Group operates in Sweden, Norway, Finland, Denmark, the UK, and the Baltic countries. Its largest customer groups are private customers in the Nordics and in the UK, representing in total over 65 per cent of the Group's insurance revenue. The Group is also a leading provider of P&C insurance in Nordic commercial and industrial businesses.

Key Estimate Figures2022-05-04

	2021	22e	23e
Revenue	9,746.0	10,248.4	9,577.2
growth-%	15.9 %	5.2 %	-6.5 %
EBIT (adj.)	2,190.0	1,835.1	1,593.0
EBIT-% (adj.)	22.5 %	17.9 %	16.6 %
EPS (adj.)	0.52	0.45	0.41
Dividend	0.74	0.33	0.52
Dividend %	9.3 %	3.4 %	5.4 %
P/E (adj.)	15.4	21.7	23.8
EV/EBITDA	7.5	13.9	15.2

Forum discussions

I hope the strategy department isn’t just forcing things through simply because they exist. If there’s a sensible deal at a reasonable price...

8/17/2026, 2:15 PM

by Raikku

Thanks for the great summary! It would be interesting to get some irresponsible speculation on the next five years. In my opinion, you have ...

8/16/2026, 7:25 AM

by Forrest Stonk

Here is a summary of the earnings report in the form of an IR blog: January–June 2026 results – Q&A - Inderes I would also like to highlight...

8/13/2026, 7:26 AM

by Antti Järvenpää

Sauli has made a company report on Sampo regarding Q2 Sampo’s Q2 report was very strong overall, and the earnings growth outlook for the coming...

8/13/2026, 3:50 AM

by Sijoittaja-alokas

Here is Lars’ interview! We focused heavily on the competitive dynamics of the industry and current trends, so the interview should (hopefully...

8/12/2026, 2:53 PM

by Verneri Pulkkinen

Here are Sale’s quick comments on this morning’s earnings result Sampo’s Q2 report released this morning was, as a whole, very strong. The underwritin...

8/12/2026, 8:26 AM

by Sijoittaja-alokas

There is still no need to change the thread title.

8/12/2026, 6:45 AM

by Kultamuna

Sampo: Still not hopping off

SAMPOResearch2022-05-05 12:20

Sauli Vilén, Matias Arola

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Key Estimate Figures2022-05-04

	2021	22e	23e
Revenue	9,746.0	10,248.4	9,577.2
growth-%	15.9 %	5.2 %	-6.5 %
EBIT (adj.)	2,190.0	1,835.1	1,593.0
EBIT-% (adj.)	22.5 %	17.9 %	16.6 %
EPS (adj.)	0.52	0.45	0.41
Dividend	0.74	0.33	0.52
Dividend %	9.3 %	3.4 %	5.4 %
P/E (adj.)	15.4	21.7	23.8
EV/EBITDA	7.5	13.9	15.2