SAMPO Sampo Oyj Class A

Sampo plc: Managers’ Transactions (Tetrao SPF)

Sampo plc: Managers’ Transactions (Tetrao SPF)

SAMPO PLC                        MANAGERS’ TRANSACTIONS                 31 August 2020 at 8:45 am

Sampo plc: Managers’ Transactions (Tetrao SPF)

Sampo plc (business code 0142213-3) has received the following notification under Article 19 of the Market Abuse Regulation.

____________________________________________

Person subject to the notification requirement

Name: TETRAO SPF

Position: Closely associated person

(X) Legal person

(1): Person Discharging Managerial Responsibilities In Issuer

Name: Björn Wahlroos

Position: Member of the Board

Issuer: Sampo plc

LEI: 743700UF3RL386WIDA22

Notification type: INITIAL NOTIFICATION

Reference number: 743700UF3RL386WIDA22_20200831065335_3

____________________________________________

Transaction date: 2020-08-27

Venue: OFF-EXCHANGE TRANSACTIONS (XOFF)

Instrument type: DEBT INSTRUMENT

ISIN: XS2226645278

Nature of the transaction: ACQUISITION

Transaction details

(1): Volume: 3,000,000 Unit price: 0.99448 EUR

Aggregated transactions

(1): Volume: 3,000,000 Volume weighted average price: 0.99448 EUR

SAMPO PLC

Jarmo Salonen

Head of Investor Relations and Group Communications

tel. +358 10 516 0030

Distribution:

Nasdaq Helsinki

London Stock Exchange

Financial Supervisory Authority

The principal media



EN
31/08/2020

Underlying

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Reports on Sampo Oyj Class A

Håkon Astrup
  • Håkon Astrup

Sampo Oyj (Buy, TP: EUR47.00) - Capital and underwriting discipline

Underwriting improvements and capital generation were again in focus at the CMD. For 2024–2026, Sampo targets a lower group combined ratio of 7% annual growth in operating EPS, which it believes together with further capital optimalisation and a reduced Solvency II target of 150–190% should generate EUR4bn+ in deployable capital by 2026. We have made limited estimate revisions, and reiterate our BUY and EUR47 target price.

Håkon Astrup
  • Håkon Astrup

Sampo Oyj (Buy, TP: EUR47.00) - Building a strong P&C foundation

At the CMD due on 6 March, we will look for an update on utilising the renewed P&C focus to drive If P&C improvements and the UK turnaround in Hastings. We expect Sampo to target a combined ratio below 83% by 2026, driven by a combined ratio below 82% in If P&C. Having exited Mandatum and Nordea, we believe the lower capital requirements should allow for further excess capital distributions as the solvency target drops to 150–170%. We reiterate our BUY and have raised our target price to EUR47 (...

Håkon Astrup
  • Håkon Astrup

Sampo Oyj (Buy, TP: EUR45.00) - Continued strong underwriting

Q4 PTP increased significantly YOY, driven by improved underwriting and a strong investment result. If P&C reported a Q4 combined ratio of 83.1% and a 0.7%-points improvement in the underlying claims ratio. Sampo continues to price ahead of expected claims inflation and is seeing claims frequency in line with its expectations. We have raised our 2024–2025e EPS by 2% on the back of improved underwriting in If P&C and strong growth in Hastings. We reiterate our BUY and EUR45 target price.

Håkon Astrup
  • Håkon Astrup

Underwriting to remain disciplined

We expect heavy rainfall in Denmark and an early winter in the Nordics to lead to somewhat above-normalised claims in Q4, but strong equity markets and marked-to-market gains on bond investments to offset a rise in reported combined ratios. Despite higher interest rates in 2023, we remain confident that insurers will continue to focus on maintaining underwriting discipline. We still find the sector attractive long-term, and highlight Tryg as our top pick in the sector.

Håkon Astrup
  • Håkon Astrup

Sampo Oyj (Buy, TP: EUR45.00) - Staying ahead of claims inflation

A strong investment result helped offset higher claims from natural events and heavy rainfall, as Sampo reported 14% growth in Q3 PTP YOY. Management continued to focus on pricing ahead of claims inflation, as If P&C reported 10% growth YOY in gross written premiums (GWP) in local currency, while the underlying risk ratio improved by 0.4%-points. We have raised our 2024–2025e EPS by 1-2%, and reiterate our BUY and EUR45 target price.

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