Sampo plc

Sampo Group’s results for January–September 2026

Sampo plc, Interim Statement, 4 November 2026 at 8:30 am EET

Sampo Group’s results for January–September 2026

Q3/2026

• Like-for-like top-line growth of 6 per cent, driven by strong momentum in private and SME lines.
• The underwriting result strengthened by 9 per cent on a currency adjusted basis to EUR 435 million, driven by top-line growth and a robust combined ratio of 82.6 per cent.
• Operating EPS grew by 2 per cent to EUR 0.14, while the reported EPS came in at EUR 0.10, with adverse mark-to-market movements and the impairment on IT-related intangibles weighing on the result.

Q1-Q3/2026

• Like-for-like top-line growth accelerated to 4 per cent, fuelled by broad-based and improved performance in the second and the third quarter.
• The underwriting result increased by 7 per cent on a currency adjusted basis to EUR 1,221 million, and the combined ratio amounted to 83.3 per cent.
• Operating EPS increased by 8 per cent to EUR 0.41, while the reported EPS was primarily affected by adverse market value movements.
• Following the nine months’ performance, the insurance revenue outlook for 2026 has been adjusted to EUR 9.75-9.85 billion (from EUR 9.70-9.85 billion), and the underwriting result outlook has been raised to EUR 1,600-1,650 million (from EUR 1,550-1,625 million).
• Solvency II coverage stood at 175 per cent, net of distribution accrual, and financial leverage amounted to 25.1 per cent.
  
  

“The third quarter of 2026 marked another period of durable and broad-based growth, underpinned by strengthened momentum in our three largest segments. At the same time, our margins remained at excellent levels, highlighting the quality of our growth,” 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. The figures in this report have not been audited.

GROUP CEO’S COMMENT

Sampo’s strong third-quarter performance demonstrates the strength of our operating model, diversified profile, and ability to deliver high-quality growth. With 6 per cent like-for-like growth and a strong combined ratio of 82.6 per cent, the underwriting result strengthened by 9 per cent on a currency adjusted basis to EUR 435 million.

The third quarter of 2026 marked another period of durable and broad-based growth, underpinned by strengthened momentum in our three largest segments. At the same time, our margins remained at excellent levels, highlighting the quality of our growth.

Our largest segment, Private Nordic, saw improved traction and reached 6 per cent like-for-like growth, which is impressive given that the prior year comparison period was a record quarter. This was supported by robust performance across all countries and product lines, with Norway and personal insurance continuing to stand out with 7 and 12 per cent growth, respectively. It was also encouraging to see that new car sales in Sweden are showing signs of improvement. While we are not the ones to predict how the sales will develop going forward, a sustained continuation of this trend would be positive for our growth trajectory, given our market-leading position.

In Private UK, we continued to deliver double-digit live customer policy growth year-on-year, bringing us very close to two key milestones: 4 million motor policies and 1 million home policies. Since expanding into the UK in 2020, our policy count base has increased by 60 per cent. Importantly, this growth has been achieved while remaining fully aligned with our margin targets. This demonstrates both our disciplined underwriting and our ability to scale our business while maintaining consistent performance across cycles.

In Nordic Commercial, the pick-up in activity seen in the second quarter continued into the third, driven by strong momentum in SME. This led to almost 7 per cent like-for-like growth for the segment in the third quarter, bringing the year-to-date growth rate to over 3 per cent. Meanwhile, in Nordic Industrial we remained disciplined and delivered strong margins amid a soft pricing cycle, particularly in the large property segment. This was supported by cost-efficiency improvements and a favourable large claims outcome.

Following the strong delivery throughout the first nine months of the year, we have adjusted our outlook for 2026. We now expect to reach an insurance revenue of EUR 9.75-9.85 billion (previously 9.70-9.85) and to deliver an underwriting result of EUR 1,600-1,650 million (1,550-1,625) for the full year.

Switching to the broader perspective, the P&C insurance sector is evolving and becoming increasingly digital to better meet changing customer needs. This is something we have been part of shaping for more than two decades with our consistent investments in product innovation, process optimisation, and digital distribution to drive better customer outcomes. Simultaneously, the fast development in advanced technology, particularly in cars, means that assessing and pricing risks, and delivering repairs, will become more complex.

As a result, although the distribution landscape will be impacted by AI in the future as consumer behaviours continue to evolve, the fundamentals of insurance are and will remain unchanged. Efficiency, sophisticated pricing, and strong claims management remain paramount. Cars need to be repaired, leaking pipes need to be fixed, and broken ankles need to be treated. Distribution and large parts of the customer journey continue to become more digital, but the most important part of the claims side from a customer’s point of view, the resolution of claims remains fundamentally physical.

In addition, P&C insurance in the Nordics is increasingly becoming a service industry. Our customers appreciate the convenience that our products bring to their lives and the fact that when, not if, something happens, they can trust that we help a lot. In fact, we helped our customers a lot with 580,000 claims in the third quarter alone, meaning claims are often relatively small but frequent. Excelling in this area is what creates the greatest value for customers and separates high-quality insurers from the rest. With a robust Net Promoter Score (NPS) of 60 on claims and the fact that the highest scores come from customers who just had a claim, I am proud of the work we do for our customers.

This sustained focus on innovation and customer service alongside our diversified scale, extensive partnership networks, cost ratio advantage, superior underwriting strengths, and proprietary data are why I am confident that we are well-positioned to continue to navigate evolving trends successfully and leverage any potential AI deployment in distribution to continue to serve our customers how and where they want to be served.

As we approach the end of our 2024-2026 strategy period, it is a good time to reflect on our past performance. While the previous strategy period was all about transformation into a pure-play P&C group and building a solid foundation, this period focused on delivering attractive and durable organic growth at high margins through sustained underwriting discipline. Since 2024, we have delivered 8 per cent top-line growth and 11 per cent underwriting result growth on average. As a result, we have achieved 9 per cent operating EPS growth on average, clearly exceeding the initial target of more than 7 per cent set at our Capital Markets Day in 2024.

That said, I would like to highlight that this robust performance has not been driven by any specific decision during the strategy period. It is the result of our consistent investments in our operational capabilities, cost efficiency, and customer proposition over a much longer period. That is what has made Sampo the most resilient and modern P&C insurer in Northern Europe. I see us being well-positioned to continue building on this strong foundation and further leveraging our scale and operational pole positions in various areas to deliver superior value to our customers and, as a consequence, also substantial value to our shareholders. I am looking forward to presenting our ambitions for the next strategic period at our Investor Update on 17 November 2026.

Morten Thorsrud
Group CEO

OUTLOOK FOR 2026

The first nine months of 2026 saw a favourable claims environment both in terms of severe weather and large claims. At the same time, Sampo continued to deliver robust, broad-based top-line growth. Taking these factors into consideration, Sampo has adjusted its outlook for 2026.

• Group insurance revenue: EUR 9.75–9.85 billion (from EUR 9.70–9.85 billion), representing growth of 7–9 per cent year-on-year.
• Group underwriting result: EUR 1,600–1,650 million (from EUR 1,550–1,625 million), representing growth of 8–11 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 Interim Statement for January-September 2026 and the investor presentation are available at www.sampo.com/result.

A conference call for investors and analysts will be arranged today, 4 November 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/q3-2026-rrowi27u4/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. +358 10 516 0010
Diane Michelberger, Head of Investor Relations, tel. +358 10 516 0030
Mirko Hurmerinta, Investor Relations Manager, tel. +358 10 516 0032
Media contacts, media@sampo.fi

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

Attachment

• Sampo Group’s results for January–September 2026