reports
Sampo: 1 director
A director at Sampo sold 28,593 shares at 303.280DKK and the significance rating of the trade was 82/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR48.00) - Pricing power remains strong
Helped by strong growth in both Hastings and recently acquired Topdanmark, Sampo reported PTP 11% higher YOY in Q3. Underwriting performance continues to be strong in Hastings and If P&C, where the underlying claims ratio improved 0.3%-points YOY. We have made limited 2025–2026e EPS changes in light of the report. We reiterate our BUY and EUR48 target price.
- Håkon Astrup
Consolidating forces
A benign quarter without major weather events should lead to strong YOY improvement in earnings across the Nordic non-life sector, helped by favourable financial markets and the ongoing momentum from multiple rounds of premium price rises. Industry consolidation continued with the acquisition of Topdanmark by Sampo, set to be completed by 18 October. The transaction should lead to increased consolidation, promoting rational market behaviour in Denmark. Based on a growing discount to peers, we hi...
- Håkon Astrup
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 pr...
- Håkon Astrup
Seeing the effects of repricing
Warm weather in the quarter, albeit with periods of heavy rainfall, should support seasonally low claims, while we expect to see the results of the strong premium repricing since H2 2023. Stable interest rates in most markets and solid equity performance QOQ should further support Q2 earnings. Sampo is our Nordic non-life top pick, following its long-awaited bid for the remaining shares in Topdanmark.
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR47.00) - Solidifying leading position
Sampo has offered to acquire the remaining ~50% stake in Topdanmark, valuing the shares at a 2025e P/E of ~22x. The proposed transaction marks the final step in transforming Sampo from a conglomerate to a pure Nordic P&C company, with If P&C’s market share in Denmark set to increase from ~5% to ~20%, cementing it as the largest non-life company in the Nordics. We reiterate our BUY and EUR47 target price.
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR47.00) - Set for capital release in H2
Despite the harsh winter weather, strong financials helped offset the soft underwriting result. Through continued repricing ahead of claims inflation, If P&C saw the underlying risk ratio improve 0.3%-points and local currency premium growth of 7.6% YOY. With the new solvency model approved, we continue to expect capital distributions in connection with the Q2 report. Based on ~2% positive EPS revisions for 2025–2026e, we reiterate our BUY and EUR47 target price.
- Håkon Astrup
Repricing the tonic for bad weather
We expect above-normal weather-related claims in Q1 as a result of heavy rain and snowfall (and record-low temperatures) in the Nordics at the start of the year. On the positive side, we believe the non-life insurers should see the effects of 2023’s repricing efforts, while their latest CMD presentations leave us confident the sector remains committed to maintaining underwriting discipline. Tryg is our top pick in the Nordic P&C sector, while we also reiterate our BUYs on Sampo and Gjensidige an...
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR47.00) - Capital and underwriting discipline
Underwriting improvements and capital generation were again in focus at the CMD. For 2024–2026, Sampo targets a lower group combined ratio of 7% annual growth in operating EPS, which it believes together with further capital optimalisation and a reduced Solvency II target of 150–190% should generate EUR4bn+ in deployable capital by 2026. We have made limited estimate revisions, and reiterate our BUY and EUR47 target price.
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR47.00) - Building a strong P&C foundation
At the CMD due on 6 March, we will look for an update on utilising the renewed P&C focus to drive If P&C improvements and the UK turnaround in Hastings. We expect Sampo to target a combined ratio below 83% by 2026, driven by a combined ratio below 82% in If P&C. Having exited Mandatum and Nordea, we believe the lower capital requirements should allow for further excess capital distributions as the solvency target drops to 150–170%. We reiterate our BUY and have raised our target price to EUR47 (...
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR45.00) - Continued strong underwriting
Q4 PTP increased significantly YOY, driven by improved underwriting and a strong investment result. If P&C reported a Q4 combined ratio of 83.1% and a 0.7%-points improvement in the underlying claims ratio. Sampo continues to price ahead of expected claims inflation and is seeing claims frequency in line with its expectations. We have raised our 2024–2025e EPS by 2% on the back of improved underwriting in If P&C and strong growth in Hastings. We reiterate our BUY and EUR45 target price.
- Håkon Astrup
Underwriting to remain disciplined
We expect heavy rainfall in Denmark and an early winter in the Nordics to lead to somewhat above-normalised claims in Q4, but strong equity markets and marked-to-market gains on bond investments to offset a rise in reported combined ratios. Despite higher interest rates in 2023, we remain confident that insurers will continue to focus on maintaining underwriting discipline. We still find the sector attractive long-term, and highlight Tryg as our top pick in the sector.
- Håkon Astrup
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.
Muutoksia Sammon johtoryhmään ja hallitukseen
Muutoksia Sammon johtoryhmään ja hallitukseen SAMPO OYJ PÖRSSITIEDOTE 1.10.2023 klo 12.05 Muutoksia Sammon johtoryhmään ja hallitukseen Sampo Oyj:n osittaisjakautumisen täytäntöönpanon seurauksena sekä Sampo-konsernin entisen sijoitusjohtajan Patrick Lapveteläisen että Mandatumin toimitusjohtajan Petri Niemisvirran jäsenyys Sammon johtoryhmässä on päättynyt. Samalla uudesta sijoitusjohtajasta Ville Talasmäestä on tullut johtoryhmän jäsen tästä päivästä alkaen. Lapveteläinen ja Niemisvirta ovat siirtyneet jakautumisen yhteydessä perustetun uuden yhtiön Mandatum Oyj:...
Sammon osittaisjakautuminen toteutui – Mandatum listataan Nasdaqin Hel...
Sammon osittaisjakautuminen toteutui – Mandatum listataan Nasdaqin Helsingin pörssiin SAMPO OYJ PÖRSSITIEDOTE 1.10.2023 klo 12.00 EI JULKAISTAVAKSI TAI LEVITETTÄVÄKSI, KOKONAAN TAI OSITTAIN, SUORAAN TAI VÄLILLISESTI AUSTRALIASSA, KANADASSA, HONGKONGISSA, JAPANISSA, UUDESSA-SEELANNISSA, ETELÄ-AFRIKASSA TAI SINGAPORESSA TAI MISSÄÄN MUUSSA MAASSA, JOSSA JULKAISEMINEN TAI LEVITTÄMINEN OLISI LAINVASTAISTA. Sammon osittaisjakautuminen toteutui – Mandatum listataan Nasdaqin Helsingin pörssiin Sampo Oyj:n osittaisjakautumisen täytäntöönpano on tänään rekisteröity ...
Partial demerger of Sampo completed - Mandatum to be listed on Nasdaq ...
Partial demerger of Sampo completed - Mandatum to be listed on Nasdaq Helsinki SAMPO PLC STOCK EXCHANGE RELEASE 1 October 2022 at 12:00 pm NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SINGAPORE OR ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. Partial demerger of Sampo completed - Mandatum to be listed on Nasdaq Helsinki The completion of Sampo plc’s partial demerger has today been registered with the Finnish Tra...
Sampo has published a supplement to the demerger prospectus for Mandat...
Sampo has published a supplement to the demerger prospectus for Mandatum SAMPO PLC STOCK EXCHANGE RELEASE 29 September 2023 at 8:30 am Sampo has published a supplement to the demerger prospectus for Mandatum Sampo has published a supplement to the demerger prospectus prepared and published by Sampo on behalf of Mandatum plc in order to carry out the partial demerger of Sampo plc and listing of Mandatum’s shares on Nasdaq Helsinki. The supplement document includes information on the business purchase agreement made between Mandatum and the Finnish branch of If...
Sampo on julkaissut täydennyksen Mandatumin jakautumisesitteeseen
Sampo on julkaissut täydennyksen Mandatumin jakautumisesitteeseen SAMPO OYJ PÖRSSITIEDOTE 29.9.2023 klo 8.30 Sampo on julkaissut täydennyksen Mandatumin jakautumisesitteeseen Sampo on julkaissut täydennyksen jakautumisesitteeseen, jonka Sampo on laatinut ja julkaissut Mandatum Oyj:n puolesta Sampo Oyj:n osittaisjakautumisen toteuttamiseksi ja Mandatumin osakkeiden listaamiseksi Nasdaq Helsinkiin. Täydennysdokumentti sisältää tietoja henkivakuutuskannan luovutusta koskevasta liiketoiminnan kauppakirjasta, jonka Mandatum on solminut If Livförsäkringin AB:n ...
Sampo has published a supplement to the demerger prospectus for Mandat...
Sampo has published a supplement to the demerger prospectus for Mandatum SAMPO PLC STOCK EXCHANGE RELEASE 27 September 2023 at 1:10 pm Sampo has published a supplement to the demerger prospectus for Mandatum Sampo has published a supplement to the demerger prospectus prepared and published by Sampo on behalf of Mandatum plc in order to carry out the partial demerger of Sampo plc and listing of Mandatum’s shares on Nasdaq Helsinki. The supplement document includes information on the sale and purchase agreement concerning certain of Sampo's assets, the Transitional Ser...
Sampo on julkaissut täydennyksen Mandatumin jakautumisesitteeseen
Sampo on julkaissut täydennyksen Mandatumin jakautumisesitteeseen SAMPO OYJ PÖRSSITIEDOTE 27.9.2023 klo 13.10 Sampo on julkaissut täydennyksen Mandatumin jakautumisesitteeseen Sampo on julkaissut täydennyksen jakautumisesitteeseen, jonka Sampo on laatinut ja julkaissut Mandatum Oyj:n puolesta Sampo Oyj:n osittaisjakautumisen toteuttamiseksi ja Mandatumin osakkeiden listaamiseksi Nasdaq Helsinkiin. Täydennysdokumentti sisältää tietoja tiettyjen Sammon omistamien omaisuuserien myyntiä koskevasta kauppakirjasta, Sammon ja Mandatumin solmimasta keskinäisestä siirtymäajan...
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