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Sampo: a Dividend Machine

Av Inderes
Sampo

Sampo is a Nordic insurance business group known for its high dividend yield and excellent underwriting performance. The company has recently made a transformation from a conglomerate to a pure insurance business with operations in the Nordic and Baltic countries and the UK. Analyst Sauli Vilén gives his view of the specifics of the business, the market outlook and the strategy going forward. He also comments on valuation and the impact of inflation and interest rates.

Videocontent:
00:00 Introduction
00:35 Specifics about the insurance business
03:07 Sampo: excellent underwriting performance + strategy
04:55 The lucrative Nordic insurance market: high entry barriers, highly digitalized, loyal customers
07:15 Ownerships structure: If ("the crown jewel"), Topdanmark, Hastings, Mandatum..
09:34 The recent Nordea exit + thoughts about the investment in retrospect
11:53 The ownership strategy going forward: i.e.the future ownership% of Topdanmark
16:14 Hastings: "a way to test new markets": performance + synergies
19:19 The effects of higher interest rates + inflation
24:12 Valuation: sum of parts with a discount. A low risk case with generous dividends + buy-backs

The latest company reports:
Company report published: 2022-05-23
https://www.inderes.se/research/sampo...

Company report published: 2022-05-05
https://www.inderes.se/research/sampo...

Sampo introducing the recent buy-back program: 2022-06-09:
https://www.sampo.com/media/releases/...

We also recommend the informative Q&A session for stakeholders: 2022-05-18:
https://sampo.videosync.fi/q-and-a-fo...

Read more about Sampo here:
https://www.inderes.se/companies/Sampo

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