Sampo Group’s results for 2025

Sampo plc, financial statement release, 5 February 2026 at 8:30 am EET

Sampo Group’s results for 2025

• Like-for-like top-line growth came in at 8 per cent on the back of strong performance across private and SME lines both in the Nordics and in the UK.
• The underwriting result increased by 12 per cent on a currency adjusted basis to EUR 1,485 million, and the combined ratio improved by 0.7 percentage points to 83.6 per cent.
• Operating EPS strengthened by 7 per cent on the increase in the underwriting result.
• Reported EPS increased by 65 per cent, driven by EUR 540 million net gain on the Group’s investment in NOBA.
• Solvency II coverage stood at 174 per cent, net of the proposed dividend, and financial leverage amounted to 23.6 per cent.
• The Board proposes a regular dividend of EUR 0.36 per share, representing 6 per cent increase.
• Sampo expects to achieve an insurance revenue of EUR 9.5-9.8 billion and to deliver an underwriting result of EUR 1,485-1,600 million in 2026.

“In 2025, Sampo delivered another year of consistent execution of our organic growth strategy. Our strong result shows that we continue to benefit from our scale and unique market positions, and that the investments we have made in digital sales and service capabilities are paying off. Looking to 2026, Sampo is in a good position to deliver on its financial targets and to continue to provide resilient value creation to shareholders,” says Morten Thorsrud, Sampo Group CEO.

Key figures

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. Net profit for the comparison period refers to Net profit for the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025. The figures in this report have not been audited.

GROUP CEO’S COMMENT

Sampo delivered excellent operational performance throughout the year. Backed by strong top-line growth and disciplined delivery on margins, the underwriting result increased by 12 per cent on a currency adjusted basis. This, combined with a robust investment return of 7.6 per cent, including a EUR 540 million gain on our NOBA holding, drove an increase in net income to EUR 2.0 billion.

In 2025, Sampo delivered another year of consistent execution of our organic growth strategy. Our strong result shows that we continue to benefit from our scale and unique market positions, and that the investments we have made in digital sales and service capabilities are paying off.

In Private Nordic, digital sales increased by 15 per cent over the year, and we achieved our operational ambition one year ahead of schedule. A good example of the compelling cross-selling opportunities that our advanced digital capabilities enable is personal insurance, where penetration in the Nordics is still relatively low but growing fast. Our personal insurance business delivered 11 per cent GWP growth, propelled by the addition of 30,000 insured persons over the year.

Furthermore, as we have anticipated, SMEs are following the same path as retail customers when it comes to adapting digital services. In Nordic Commercial, digital sales grew by 15 per cent and MyBusiness logins by 27 per cent over the year. In total, we gained over 3,200 new customers, of which over 1,100 in the fourth quarter alone.

Geographically, we saw robust top-line development in all Nordic countries, but Norway stood out with growth of 16 per cent in Nordic Private and 13 per cent in Nordic Commercial, as we continued to benefit from supportive market conditions. This came on the back of increase in the number of customers and objects both in retail and the SME side of the business.

Our scale, technical expertise, and digital capabilities give us an advantage in the partnership channel too. During 2025, we have renewed all our material partnerships in all markets, including the Swedish mobility market, further manifesting our market-leading position as preferred partner within the industry. Furthermore, I’m encouraged by the fact that our substantially strengthened position in Denmark has enabled us to sign multiple new agreements with car brands in the country.

Although I see organic growth as the main driver of our underwriting profit growth, Sampo remains as focused on underwriting discipline and cost efficiency as ever. In 2025, we have shown that we are delivering on the synergies emerging from the integration of Topdanmark into the group, putting us firmly on track to achieve the planned synergies and cost ratio improvements. Further, we are showing discipline in areas where competition is tightening, such as the UK motor and Nordic Industrial lines market, and you can expect us to continue to do so in 2026.

Looking to 2026, Sampo is in a good position to deliver on its financial targets and to continue to provide resilient value creation to shareholders. We have set an outlook for the underwriting result of EUR 1,485 – 1,600 million, with the lower-end reflecting certain conservatism given the wintry Nordic weather conditions at the start of the year.

Finally, turning to capital returns, the Board has proposed a regular dividend of EUR 0.36 per share. This represents an increase of 6 per cent, in line with the medium-term trajectory outlined in our distribution policy update, which I believe ensures that we will be able to provide investors an attractive combination of progressive dividend income and share buybacks in the longer-term. In 2026, we see potential to top up operational capital generation with proceeds from further sell down of the Group’s legacy financial assets, assuming an attractive valuation can be attained, and the extension of our Partial Internal Model to fully cover our Danish business. With this in mind, we will revert to the Group’s excess capital position with our first quarter results.

Morten Thorsrud
Group CEO

OUTLOOK

Operating environment and assumptions

Operating conditions across Sampo’s business footprint remain broadly stable with increasing customer adoption of digital solutions across sales, service, and claims both in direct channels and partnerships. This enables the Group to continue to execute on its organic growth strategy. In general, competitive dynamics in the private businesses remain supportive albeit with some variation by markets, with Norway still the most favourable, while the UK has continued to see falling market pricing that makes growth at target margins increasingly challenging in the short-term. Competitive conditions in the Nordic SME market remain stable, while the large commercial segment saw an increase in price competition over 2025, which is expected to carry into 2026.

Following several years of relatively high levels of claims inflation, underlying claims cost trends have returned to long-term average levels across Sampo’s major markets, with only Norway still somewhat elevated. However, the Nordics have seen wintry weather conditions at the beginning of 2026, creating some uncertainty around severe weather claims costs for the first quarter. Sampo’s outlook is based on a range of assumed outcomes on weather, large claims, prior year development, and discount rates around expected budget levels with the lower end representing a materially adverse outcome on one or several variables.

Sampo remains a disciplined underwriter, firmly committed to reflecting expected claims cost development in its pricing. Underwriting margins in 2026 are expected to benefit from synergies related to the integration of Topdanmark into the group, driving profit and Nordic cost ratio improvements in line with communicated operational ambitions.

Outlook for 2026

The outlook for Sampo Group’s 2026 financial performance is:

• Group insurance revenue: EUR 9.5–9.8 billion, representing growth of 5–8 per cent year-on-year.
• Group underwriting result: EUR 1,485–1,600 million, representing growth of 0-8 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, meaning regular updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget 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 Financial Statement Release for 2025, Investor Presentation and a video review with Group CEO Morten Thorsrud are available atwww.sampo.com/result.

A conference call for investors and analysts will be arranged today 5 February 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/q4-2025-y6emjr90zj/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

Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Mirko Hurmerinta, Investor Relations Manager, tel. +358 10 516 0032
Antti Järvenpää, Investor Relations Specialist and Media Relations, tel. +358 10 516 0035

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

Attachment

• Financial Statement release 2025

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