Sampo Oyj (Buy, TP: EUR53.00) - Life under review
Q4 was affected by several moving parts, and accounting adjustments relating to Nordax and Topdanmark. While If P&C continued to report strong results, with PTP up 10% YOY, the underlying trend was softer, as the claims ratio deteriorated by close to 6%-points YOY. As guided, the Q4 capital distribution was strong, with ordinary and special dividends proposed and the launch of a new buyback programme; we expect additional excess capital to be generated by a potential Mandatum exit. We have lowered our 2023–2024e EPS by 3–4%, and target price to EUR53 (55), but reiterate BUY.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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