Sampo combined ratio improves to 84.6% in Q1 2025

By Michael Jones

May 7 - (The Insurer) - Nordic insurance group Sampo reported a 2.5 percentage point year-on-year improvement in its combined ratio to 84.6% for the first quarter of 2025 in an earnings update on Wednesday.

The Nordic insurance group reported an underwriting result of 336 million euros, a 29% increase on the prior-year period due to sustained top-line growth, a favourable claims environment and positive underlying development.

Sampo said the first quarter saw largely benign Nordic winter conditions relative to the prior-year period. Severe weather and large claims had a positive effect of 1.5 percentage points on the group's Nordic risk ratio, while the prior-year period saw a negative effect of 4.2 percentage points.

Gross written premiums increased by 10% on the prior-year period to 3.62 billion euros for the first quarter of 2025. Sampo said GWP growth was particularly driven by its private business in the Nordics and UK business.

Its net financial result of 101 million euros was a 62% decrease on the prior-year period, while its earnings per share of 0.11 euros was down on the prior-year period's earnings per share of 0.14 euros.

Sampo group CEO Torbjörn Magnusson said it had increased its synergy estimate from its acquisition of Topdanmark to 140 million euros pre-tax in 2028 from the original 95 million euros. The acquisition completed in October 2024, Magnusson said.

The Nordic insurer adjusted its 2025 outlook for group insurance revenue to 8.8 to 9.1 billion euros from 8.7 to 9.0 billion euros, which it said represented growth of 5% to 9% year on year.

It also upped its group underwriting result outlook for 2025 to 1.4 billion to 1.5 billion euros from 1.35 billion to 1.45 billion euros, equivalent to year-on-year growth of 6% to 14%.