From GlobeNewswire: 2024-05-07 02:55:00

Sampo ABP announced strong development in Q1 2024 with a 10% increase in gross premium income and brokerage revenues. Despite challenging weather conditions in the Nordics, pre-tax profit increased to 465 million euros. The solvency ratio stood at 180%, meeting financial goals and expectations for 2024.

CEO highlighted Nordic operations coping with harsh winter conditions and strong growth in premiums, especially in Personal and UK markets. Weather-related claims reached 100 million euros, impacting Private segment negatively. Underlying expense ratio improved by 1.1 points, driven by positive performance and cost efficiencies.

Sampo revised 2024 outlook, predicting a total expense ratio of 83-85%. Strategies include organic growth, cost management, and capital optimization. The market saw stabilized motor insurance prices in the UK and improved operational efficiency in Hastings business. Discipline remains key in underwriting practices.

To further improve financial performance, Sampo aims for capital optimization of up to 700 million euros. The focus remains on delivering organic growth, capital management, and disciplined underwriting practices. Detailed financial results and investor updates are expected for H1 2024.

Sampo’s Q1 2024 report and investor presentation, along with a CFO video, will be available on their website. A conference call in English will be held at 13.30 CET. Access the call by dialing the provided numbers with the password “Sampo Q1.” The call will also be live-streamed and available for playback on their website. For more information, contact their communication manager.



Read more at GlobeNewswire:: Sampo fortsatte sin starka utveckling under första