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.Co. is the parent company of a group engaged in the provision of insurance services and the marketing and sale of insurance policies such as worker's compensation insurance, personal accident insurance, motor vehicle insurance, motor third party liability insurance, fire and other property insurance; and cargo insurance.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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