Sampo Oyj (Buy, TP: EUR47.00) - Staying ahead of claims inflation
Q2 PTP was EUR444m, up 22% YOY, driven by rebounding financial markets and strong insurance revenue growth. If P&C’s underlying claims ratio continues to improve, and repricing and stable customer retention yielded gross written premium (GWP) growth of 6.7% YOY. The offer to acquire Topdanmark has received all necessary regulatory approval, and we still view a transaction as favourable for Sampo. We have raised our 2025–2026e EPS by ~1% on strong growth, and reiterate our BUY and EUR47 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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