Sampo Oyj's interim report for Jan-Sep 2024 shows growth and successful Topdanmark acquisition

From GlobeNewswire: 2024-11-06 02:45:00

Sampo Oyj’s interim report for January-September 2024 showed a 10% growth with underwriting income reaching 955 million euros, a 2% increase in operational earnings per share, and a 177% Solvency II ratio. The successful acquisition of Topdanmark further solidified Sampo’s position in the market.

Sampo announced its financial targets for 2024-2026, aiming for over 7% growth in operational earnings per share, a combined ratio below 85%, a solvency ratio of 150-190%, and a leverage ratio below 30%. These targets were presented during a capital market day on March 6, 2024.

CEO Torbjörn Magnusson highlighted Sampo’s strong performance in Q3 2024, driven by growth in underwriting income and profit before taxes. The completion of the Topdanmark acquisition marked a strategic milestone, allowing for integration synergies and enhancing Sampo’s position in Nordic and UK markets.

Sampo’s strategic focus on profitable growth was evident in the UK, where Hastings’ acquisition contributed to a 28% increase in gross premium income. In the Nordics, strong operational development and customer loyalty were key drivers of success, with digital sales and home insurance showing significant growth.

Despite stable Nordic markets and successful underwriting strategies, Sampo remains cautious in pursuing growth opportunities that offer attractive returns. The company’s focus on profitability, risk management, and operational efficiency underpins its strong financial results and market leadership.

Looking ahead to 2024, Sampo maintains its outlook for a combined ratio of 83-85%, subject to factors like weather variations and financial market performance. The completion of the Topdanmark acquisition and integration process is expected to drive future synergies and value for shareholders.

Sampo concluded the public exchange offer for Topdanmark in September 2024, acquiring approximately 92.6% of the company’s shares. The mandatory redemption of remaining shares followed, with new Sammon A shares listed on Nasdaq Copenhagen. Synergy realization and financial impacts will be reported starting Q1 2025.



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