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HELSINKI - Nordic insurer Sampo Group has increased its 2025 underwriting result forecast to EUR 1,425-1,525 million from the previous EUR 1,400-1,500 million following strong second-quarter performance, the company announced Wednesday.
The Finland-based insurer reported a 23% rise in second-quarter underwriting result to EUR 393 million, driven by premium growth of 8% on a like-for-like basis and an improved combined ratio of 82.6%, down 1.8 percentage points from the same period last year.
Operating earnings per share increased 16% to EUR 0.14 for the quarter, while net profit rose 35% to EUR 417 million compared to the second quarter of 2024.
"Sampo continued to deliver excellent results in the second quarter on the back of growth in attractive areas, disciplined underwriting, and efficiency gains," said Torbjörn Magnusson, Sampo Group CEO, in the press release statement.
The company’s private operations in the Nordics and UK showed strong performance with like-for-like premium growth of 9% and 13% respectively. The Nordic private business achieved an 81.7% combined ratio without reserve releases, while the UK operations added 154,000 policies during the quarter.
Sampo also announced plans to launch a new EUR 200 million share buyback program funded by capital generated in 2024. The company’s Solvency II coverage stood at 174%, net of dividend accrual and the planned buyback.
The insurer updated its 2025 outlook, now expecting group insurance revenue of EUR 8.9-9.1 billion, representing growth of 6-9% year-on-year.
Separately, Sampo confirmed that Morten Thorsrud, currently CEO of the company’s largest operating entity If P&C, will succeed Magnusson as Group CEO effective October 1, 2025, following Magnusson’s retirement announcement in June.
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