Sampo Oyj (Buy, TP: EUR51.00) - Impressive underwriting quarter
Despite increased market turmoil, a strong underwriting result helped drive Q2 EPS of EUR0.75. Aiming to stay ahead of claims inflation, If P&C increased premiums by 8.4% YOY and its underlying risk ratio improved by 50bp YOY. With a Solvency II ratio of 245%, Sampo has considerable excess capital, which in our view could support further capital distributions after Q4. We reiterate our BUY and EUR51 target price and still find the shares attractively valued at a 2023e P/E of c17x.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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