Sampo Oyj (Buy, TP: EUR49.00) - Stable underlying trend
Despite reporting a drop in PTP YOY, following the IFRS17 restatement, we calculate Sampo actually saw an underlying 0.2%-point improvement in the If P&C combined ratio YOY and continued premium growth above claims inflation, adjusting for FX. With a listing of Life subsidiary Mandatum expected on 2 October, Sampo is close to finalising its strategy of becoming a pure P&C company. We have raised our 2024–2025e EPS by ~2%, and reiterate our BUY and EUR49 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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