Sampo (SAMPO) investor relations material

Executive summary

• Strong operational momentum in all segments, with Nordic private and SME lines driving top-line growth and robust underwriting margins, while UK and large corporate business remained muted.

• Underwriting result increased by 9% year-over-year (currency adjusted) to EUR 368 million, and operating EPS rose 19% to EUR 0.13, supported by favorable claims and technical factors.

• Insurance revenue grew 8% year-over-year to EUR 2,363 million, with gross written premiums at EUR 3,752 million.

• Solvency II coverage remained robust at 174%, and a new EUR 350 million share buyback program was announced.

• Reported EPS fell to EUR -0.02 due to market volatility, despite strong operating EPS.

Financial highlights

• Insurance revenue up 8% year-over-year to EUR 2,363 million; gross written premiums grew 1% to EUR 3,752 million.

• Underwriting result up 9% like-for-like to EUR 368 million; combined ratio improved to 84.4% from 84.6% year-over-year.

• Operating EPS increased 19% to EUR 0.13; reported EPS at EUR -0.02 due to market volatility.

• Net investment income declined to EUR -276 million, mainly due to legacy assets and adverse market movements.

• Solvency II ratio stable at 174%, with financial leverage at 23.7%.

Outlook and guidance

• 2026 guidance raised: insurance revenue expected at EUR 9.6–9.8 billion (6–8% growth), underwriting result at EUR 1,525–1,625 million (3–9% growth).

• Combined ratio target remains below 85%; operating EPS growth target above 9% annually on average.

• Outlook increase mainly due to better-than-expected weather and large claims outcomes in Q1.

• Committed to returning around 90% of operating results to shareholders via dividends and buybacks.