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Sampo: Still not hopping off
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.
Read more on company pageKey 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 % | 3.6 % | 5.8 % |
| P/E (adj.) | 15.4 | 20.1 | 22.0 |
| EV/EBITDA | 7.5 | 12.8 | 13.9 |
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