Sampo Group’s results for January–June 2025

Core Insights - Sampo Group reported strong financial results for the first half of 2025, with significant growth in gross written premiums and underwriting profits, driven by disciplined underwriting and efficiency gains [2][3][5] Financial Performance - Gross written premiums increased by 9% year-on-year to EUR 2,542 million in Q2 2025 and by 11% to EUR 6,242 million in the first half [3] - Insurance revenue, net, rose by 10% to EUR 2,264 million in Q2 and by 9% to EUR 4,452 million in the first half [3] - The underwriting result improved by 23% to EUR 393 million in Q2 and by 26% to EUR 729 million in the first half [3] - Net profit surged by 35% to EUR 417 million in Q2 and by 8% to EUR 703 million in the first half [3] - Operating EPS increased by 26% to EUR 0.16 in Q2 and remained stable at EUR 0.26 for the first half [3] Operational Efficiency - The combined ratio improved to 82.6% in Q2 and 83.6% in the first half, reflecting better underwriting margins and a favorable claims environment [3][5] - The risk ratio decreased to 56.8% in Q2 and 57.8% in the first half, while the cost ratio slightly increased to 25.9% in Q2 and 25.8% in the first half [3] Strategic Initiatives - Sampo announced a new EUR 200 million share buyback program, funded by capital generated in 2024 [5][16] - The outlook for the 2025 underwriting result has been raised to EUR 1,425–1,525 million, indicating an expected growth of 8–16% year-on-year [22] Market Position and Growth - The private operations in the Nordics and the UK showed strong premium growth of 9% and 13% respectively, supported by improved customer retention and digital sales [2][10][12] - Digital sales in the Commercial segment increased by 30% in the first half, indicating a shift towards online purchasing among SMEs [11] Leadership Transition - Torbjörn Magnusson announced his retirement as Group CEO, with Morten Thorsrud appointed as his successor effective from October 1, 2025 [20]