Download PDF

1. Company Snapshot

1.a. Company Description

Sampo Oyj, through its subsidiaries, provides life and non-life insurance products and services in Finland, Sweden, Norway, Denmark, and the Baltic countries.It operates through If, Topdanmark, Hastings, Mandatum, and Holding segments.The company offers household, homeowner, motor, accident, travel, boat, forest, livestock, property, casualty, liability, car, van, bike, and cargo insurance.


It also provides life, individual and group pension, home and content, illness, animal, electronics, change of ownership, workers' compensation, rewards, marine, aviation, and transport insurance, as well as wealth management and asset management services.Sampo Oyj was founded in 1909 and is based in Helsinki, Finland.

Show Full description

1.b. Last Insights on SAMPO

Sampo Oyj's recent performance has been impacted by short-term returns being under pressure, with an almost 5% decline over the past month. Despite this, the company reported annual revenue of €10,362.0m and net income of €1,641.0m. Analysts have updated their price targets, with a slight lift in fair value to €10.64 per share, driven by marginally stronger expectations for revenue growth. The company's plan to replace its Swedish Depositary Receipts with a direct listing of its A shares on Nasdaq Stockholm aims to simplify its capital market structure. Additionally, Sampo has been conducting share buybacks, acquiring its own A shares on January 28 and 29, 2026.

1.c. Company Highlights

2. Sampo's 2025 Earnings: A Strong Performance

Sampo delivered a robust financial performance in 2025, with an 8% like-for-like growth and an underwriting profit of EUR 1.5 billion. The company's operating EPS reached EUR 0.50, slightly below the estimated EUR 0.50 is not available but actual EPS was '0.12' versus '0.13' expected. The Board proposed a regular dividend of EUR 0.36 per share, a 6% increase, demonstrating the company's commitment to delivering value to its shareholders. Sampo's investment portfolio performed well, driven by NOBA's contribution and solid returns from the regular investment portfolio.

Publication Date: Feb -06

📋 Highlights
  • Strong 2025 Performance: Achieved 8% like-for-like growth, EUR 1.5 billion underwriting profit, and EUR 0.50 operating EPS with a 6% dividend increase to EUR 0.36/share.
  • Private Nordic Growth: 9% like-for-like growth, 11% Personal Insurance growth (30,000 new insured), and 13% UK Private segment premium growth despite motor pricing softening.
  • Capital Strength: Solvency ratio at 174%, EUR 1.5 billion deployable capital, and EUR 37 million run-rate synergies from Topdanmark integration ahead of EUR 24 million target.
  • 2026 Outlook: Insurance revenue guidance of EUR 9.5–9.8 billion (5–8% growth) and underwriting profit of EUR 1,485–1,600 million, with UK margin targeting 88–90%.
  • Dividend Policy Update: 90% payout target of operating earnings (60% dividend floor), 71% payout ratio in 2025, and flexibility for share buybacks alongside dividends.

Segmental Performance

In the Private Nordic segment, like-for-like growth reached 9%, with solid performance across all major product lines. Personal Insurance grew 11%, with 30,000 new insured individuals added in 2025. In the UK, Private segment delivered 13% like-for-like premium growth, supported by a 16% increase in policy count. However, motor pricing continued to soften, and the company scaled back activity in line with market pricing trends.

Capital Management and Dividend Policy

Sampo's solvency stood at 174% at year-end, and the company generated EUR 1.5 billion of deployable capital in 2025. The company announced an update to its distribution policy, enabling a mix of dividends and share buybacks. Sampo aims to grow the regular dividend broadly in line with the EUR 0.02 annual increase seen since 2020, with a payout target of 90% of operating earnings and a 60% dividend floor.

Outlook and Valuation

Looking ahead to 2026, Sampo expects strong trends across its business to continue, with organic growth as the primary driver of underwriting profit. The company guides for insurance revenue in the range of EUR 9.5 billion to EUR 9.8 billion, corresponding to 5% to 8% growth. With a Price-to-Book Ratio of 3.26 and a Dividend Yield of 3.64%, the market is pricing in a certain level of stability and return. Analysts estimate next year's revenue growth at 6.1%, which is in line with the company's guidance.

Synergies and Efficiency

The company remains committed to its EUR 140 million total synergies target, having realized EUR 37 million in run-rate synergies, ahead of plan. Sampo expects a 40-basis-point efficiency improvement in the Nordic cost ratio to drive combined ratio improvement, which should contribute to its underwriting profitability.

3. NewsRoom

Card image cap

Trading in Sampo A shares on Nasdaq Stockholm has begun

Feb -16

Source:

Card image cap

Insider Buying At Sampo Oyj Highlights Valuation Discount And Earnings Risks

Feb -14

Source:

Card image cap

Assessing Sampo (HLSE:SAMPO) Valuation After Recent Mixed Share Price Performance

Feb -14

Source:

Card image cap

Sampo plc: Managers’ Transactions (Mäkinen)

Feb -13

Source:

Card image cap

Sampo has reduced its ownership in NOBA

Feb -11

Source:

Card image cap

Sampo prices the issuance of new Restricted Tier 1 notes

Feb -10

Source:

Card image cap

Sampo plans to issue new Restricted Tier 1 notes

Feb -09

Source:

Card image cap

Is It Time To Reassess Sampo Oyj (HLSE:SAMPO) After Recent Share Price Pullback?

Feb -08

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.47%)

6. Segments

If

Expected Growth: 4.5%

Sampo Oyj’s insurance segment is expected to grow due to its strong market position, efficient operations, and increasing demand for insurance products in the Nordic region, driven by economic growth and an ageing population.

Topdanmark

Expected Growth: 4.5%

Sampo Oyj's Topdanmark insurance services segment is expected to grow driven by increasing demand for non-life insurance products, expansion into new markets, and cost savings from digitalization and process efficiencies.

Hastings

Expected Growth: 8.4%

Hastings, a subsidiary of Sampo Oyj, is expected to grow driven by increasing demand for motor insurance, expansion into new markets, and a focus on digitalization to improve customer experience.

Holding

Expected Growth: 5.6%

Sampo Oyj's holding segment growth is driven by its diversified investment portfolio and strategic partnerships, contributing to a stable long-term growth outlook.

Elimination

Expected Growth: 4.7%

Sampo Oyj Elimination segment is expected to grow due to the company's continued focus on improving its operational efficiency, cost savings, and strategic divestments, which will lead to increased profitability and drive long-term growth.

7. Detailed Products

Life Insurance

Sampo Oyj offers life insurance products that provide financial protection to individuals and families in the event of death or disability.

Non-Life Insurance

Sampo Oyj provides non-life insurance products that cover risks such as accidents, property damage, and liability.

Pension Insurance

Sampo Oyj offers pension insurance products that help individuals save for retirement and ensure a steady income stream in old age.

Investment Products

Sampo Oyj provides investment products such as mutual funds, exchange-traded funds, and other investment vehicles.

Banking Services

Sampo Oyj offers banking services such as savings accounts, loans, and credit cards.

8. Sampo Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

Sampo Oyj operates in the insurance industry, where substitutes are limited. However, digitalization and fintech companies may pose a threat in the future.

Bargaining Power Of Customers

Sampo Oyj's customers have limited bargaining power due to the company's strong brand and diversified product offerings.

Bargaining Power Of Suppliers

Sampo Oyj has a diversified supplier base, which reduces the bargaining power of individual suppliers.

Threat Of New Entrants

The insurance industry has high barriers to entry, including regulatory requirements and capital requirements, making it difficult for new entrants to join the market.

Intensity Of Rivalry

The insurance industry is highly competitive, with many established players competing for market share. Sampo Oyj faces intense rivalry from other insurance companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.81%
Debt Cost 4.31%
Equity Weight 72.19%
Equity Cost 7.59%
WACC 6.68%
Leverage 38.52%

11. Quality Control: Sampo Oyj passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Allianz

A-Score: 7.0/10

Value: 5.9

Growth: 4.8

Quality: 7.0

Yield: 8.1

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
Sampo

A-Score: 6.8/10

Value: 3.6

Growth: 3.6

Quality: 8.0

Yield: 7.5

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
AXA

A-Score: 6.7/10

Value: 5.5

Growth: 3.9

Quality: 5.8

Yield: 9.4

Momentum: 7.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
Talanx

A-Score: 6.2/10

Value: 5.7

Growth: 3.8

Quality: 6.9

Yield: 5.0

Momentum: 8.5

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Zurich Insurance

A-Score: 6.1/10

Value: 3.3

Growth: 4.6

Quality: 6.4

Yield: 8.1

Momentum: 4.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Swiss Life Holding

A-Score: 5.7/10

Value: 2.0

Growth: 2.2

Quality: 5.9

Yield: 6.9

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.19$

Current Price

9.19$

Potential

-0.00%

Expected Cash-Flows