Sampo Group continued to deliver strong results in the first half of 2026 driven by broad-based top-line growth combined with strong underwriting margins. As a result, the underwriting result strengthened by 7 per cent on a currency adjusted basis, supporting 12 per cent growth in operating EPS.

The Group’s top-line development continued to be supported by solid growth in Private Nordic, as well as improved momentum seen in both Private UK and Nordic Commercial in the second quarter.

Private Nordic continued to see strong demand-driven momentum in personal insurance and strong digital sales performance. In the UK, top-line growth accelerated supported by strong business volumes and improved customer retention. In Nordic Commercial, several larger customer wins during the second quarter and improved momentum in SME lines fuelled strong high-single digit top-line growth.

As a result, GWP, including brokerage income, grew by 3 per cent on both like-for-like and reported basis in the first half, accelerating to 5 per cent in the second quarter. Combined with strong underwriting performance, this drove the underwriting result growth of 7 per cent on a currency-adjusted basis and 8 per cent on a reported basis to EUR 786 million in the first half. In the second quarter, the underwriting result increased by 5 per cent on a currency adjusted basis, and by 6 per cent on a reported basis to EUR 418 million. Driven by the stronger underwriting result, the operating EPS strengthened by 12 per cent to EUR 0.26 in the first half of the year, while in the second quarter operating EPS came in at EUR 0.14, representing 6 per cent growth.

The Group combined ratio stood strong and unchanged at 83.6 per cent supported by positive underlying trends in the Nordics and continued improvements in cost-efficiency across the Group. In the second quarter, the combined ratio came in at 82.9, slightly up year-on-year. The claims environment remained overall benign, both in terms of weather and large claims outcome, yet the risk ratio increased following a materially favourable comparison period.

Reflecting the strong first-half performance, as well as the claims development in July, particularly regarding the residential fire in Norway, we have decided to adjust the Group’s outlook for 2026 as follows.

• Group insurance revenue: EUR 9.70–9.85 billion (from EUR 9.6–9.8 billion), representing growth of 7–9 per cent year-on-year.
• Group underwriting result: EUR 1,550–1,625 million (from EUR 1,525–1,625 million), representing growth of 4–9 per cent year-on-year.

Private Nordic reported another quarter of solid growth with 5 per cent increase in top-line. What were the key highlights for the segment?

Private Nordic continued to deliver high-quality growth supported by broad-based performance in all Nordic markets and positive momentum in key growth areas. Personal insurance remained the strongest growth driver with double-digit GWP growth and the number of active policies exceeding 3 million.

Digital sales increased by 14 per cent over the quarter, growing well beyond our operational ambition of more than EUR 175 million digital sales by 2026, which we already reached in 2025. During the quarter, we also reached our Nordic operational ambition of more than 70 per cent of claims being reported digitally by the end of 2026.

On the other hand, top-line performance in motor insurance continued to be affected by sluggish new car sales in Sweden, thus dragging down our white-label motor business. At the same time, our If-branded motor portfolio continued to perform well by delivering double-digit growth in Sweden. In total, private motor insurance recorded 4 per cent growth during the second quarter.

Geographically, we continued to see positive GWP growth across the Nordics on the back of strong new sales performance with increasing numbers of customers and objects, and retention remained high and stable.

Growth in UK Private accelerated over the second quarter, resulting like-for-like GWP growth at almost 8 per cent. What drove the uptick in momentum?

In the UK, we continued to find pockets of growth, leading to a 4 per cent quarter-on-quarter and 13 per cent year-on-year increase in live customer policies (LCP) to 4.8 million. Growth reflected strong new business performance and improved customer retention, with underwriting margins remaining strong and in line with target levels.

At the same time, the UK motor insurance market remained on the softer side, but we continued to see further signs of price stabilisation in the second quarter. Our underwriting discipline and high-quality portfolio ensure we are well positioned to capture attractive growth opportunities once the market turns.

In Nordic Commercial, like-for-like top-line growth accelerated to 8.6 per cent in the second quarter supported by several large customer wins. Could you elaborate on the development in more detail?

Nordic Commercial gained momentum across several areas. SME growth accelerated to more than 5 per cent supported by high retention and a positive customer count development.

Personal insurance also continued to perform strongly fuelled by large customer wins during the quarter. One of these is a major personal insurance deal in Denmark that gives access to comprehensive healthcare for 40,000 pensioners. This new expansion not only demonstrates our strong position in personal insurance but also underlines the sustained structural demand for complementary healthcare beyond the working-age segment.

Large claims have been running below budget for quite some time. Has something changed fundamentally?

While large claims are stochastic inherently, it is encouraging to see that in both Nordic Industrial and Nordic Commercial they have remained below budget. For sure, to some extent, we have had some luck. On the other hand, a positive development is also likely to partly reflect our decision to reduce large property exposures during 2024 and 2025. Over time, large claims should be broadly in line with the budget, but quarterly outcomes can naturally fluctuate.

How did Sampo’s investment portfolio perform in the second quarter?

Our portfolio delivered strong returns, supported by a healthy rebound in both equity and fixed income markets during the quarter. In total, our investment return amounted to 1.9 per cent and net investment income increased by 23 per cent to EUR 360. Fixed income generated a return of 1.6 per cent, while equities delivered 7.2 per cent.

The Group’s legacy investments, namely NOBA and Nexi, market values declined over the quarter. At the end of June 2026, the market value of NOBA amounted to EUR 455 million compared to EUR 482 million at the end of the first quarter. Nexi’s market value decreased from EUR 108 million to EUR 82 million over the same period. The investment in Nexi is reported with a delay of one quarter in Sampo’s accounts. In line with the Group’s strategy, we remain committed to divesting our legacy financial investments at attractive valuations.

The Group’s investment portfolio amounted to EUR 18.2 billion at the end of June 2026. Of this, 88 per cent was allocated to fixed income, 11 per cent to equities, and 1 per cent to alternative investments.

How is the Topdanmark integration progressing?

The integration has continued to progress well. By the end of June 2026, EUR 73 million of the targeted EUR 140 million run-rate synergies for 2028 were realised. Following a strong synergy realisation in the first half, we have already reached around 70 per cent of the 2026 full year target and around 50 per cent of the total target for 2028.

As your current strategic period, including financial targets, ends this year, when should we expect an update regarding these?

We have announced that our Investor Update will be held on 17 November 2026 in London. We will then set new targets for the next strategic period.

Pictures: Q2/2026 Investor Presentation

Antti Järvenpää, IR Specialist, Sampo plc

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