Sampo reports its financial performance under four segments based on its operational business areas. In this blog series, we will introduce all our segments. Next up is Nordic Commercial.

Nordic Commercial focuses on insuring small and medium-sized enterprises (SME) as well as mid-sized corporate customers across the Nordic markets within its customer brands If, Topdanmark, and Dansk Sundhedssikring (Oona Health). In total, we serve around 460,000 commercial customers across Sweden, Denmark, Norway, and Finland with a particular focus on SMEs, which are one of the key drivers for the segment’s growth. In 2025, Nordic Commercial reported GWP of EUR 2.4 billion and delivered like-for-like GWP growth of almost 6 per cent backed by around 7 per cent growth in the SME portfolio.

As might be expected, the majority of the segment’s customers are small and medium-sized enterprises with up to 50 employees. While larger commercial customers usually require tailor-made insurance products and advice, and Industrial clients even more complex programmes, solutions for smaller companies are more standardised. In fact, SMEs behave very similarly to private customers, characterised by high brand loyalty, strong retention, and growing use of digital solutions. As insurance tends not to be top of mind for small business owners, they value fast and easy-to-use digital services that allow them to focus on running their businesses. For Sampo, the SME segment represents a clear growth opportunity supported by If’s high brand awareness and the Group’s strong digital capabilities across markets providing competitive advantages.

Outside SMEs, a meaningful share of the portfolio consists of what could be described as local specialty businesses requiring specific expertise and a strong market presence. Agriculture is a good example of the specialised business areas in which we leverage deep industry expertise. Through Topdanmark, we have more than a century of experience in agricultural insurance with roots dating back to 1908 when the company first expanded into the farming sector. Today, every second farm in Denmark is insured by us, reflecting our leadership in the market. While agriculture was not previously a core focus area for If, the acquisition of Topdanmark has added deep market expertise, data, and market presence in the sector, thus creating attractive opportunities to strengthen our position both in Denmark and across the wider Nordic region.

Another strong example of our specialised market expertise is Oona Health. Through its customer brand Dansk Sundhedssikring, we serve a large number of corporate and SME customers in Denmark, offering them an innovative and tailored “one-point-of-entry” model to healthcare services and insurance coverage, leveraging data, analytics and healthcare expertise supported by healthcare professionals with experience across various sectors of the healthcare system. This unique operating model has demonstrated its effectiveness and, since its founding in 2012, Oona Health has grown into one of the largest providers of health insurance in Denmark.

Operational ambitions supporting the Group’s financial targets

The Group’s financial targets for 2024-2026 of delivering a combined ratio below 85 per cent annually and operating EPS growth of more than 9 per cent annually on average are backed by operational ambitions in different segments. For Nordic Commercial, there are two externally communicated ambitions. In addition, two ambitions for the total Nordic business are driven by the development in Nordic Commercial.

• Nordic Commercial, GWP growth in SME: >6% (period average)
• Nordic Commercial, Digital sales: 45 EURm by 2026
• Total Nordics, GWP growth in personal insurance: >10% (period average)
• Total Nordics, online reported claims: >70% by 2026

As highlighted above, SMEs are a key customer segment within Nordic Commercial and one of the business lines where we see attractive growth opportunities. These opportunities are backed by a combination of both structural factors and our competitive advantages that together create a strong basis to capitalise on.

Structural market trends supporting growth ambitions

The Nordic commercial market is largely consolidated and cost-efficient. It is characterised by strong customer relationships and brand loyalty, with customers typically buying multiple products from a single provider. Further, retention rates are almost as high as in the Nordic private market. Competing successfully in the market requires efficiency, scale, and extensive partner networks, all of which create meaningful barriers to entry for new competitors. These characteristics are not expected to change materially in the foreseeable future.

On the contrary, ongoing digitalisation is likely to further increase the importance of scale as insurers need to make continuous and extensive investments in IT development, for example in pricing, customer service, and fraud prevention. At Sampo, our business has long been built around a highly developed digital operating model, which we believe will become increasingly important as the industry continues to digitalise. Being the digital leader in the Nordic P&C industry is a strong competitive advantage that we are capitalising on.

Although digital sales still represent a modest share of the total commercial portfolio, SMEs are increasingly adopting digital services, much like private customers. In Nordic Commercial, digital sales grew by 15 per cent and online service logins by B2B customers by 27 per cent over 2025, with further positive development in 2026. By the end of June 2026, Nordic Commercial’s rolling 12-month digital sales amounted to EUR 41 million, closing in on our ambition to achieve EUR 45 million digital sales by the end of 2026. These developments provide further evidence that our investments in digital sales and service capabilities are delivering results.

Another attractive growth area within Nordic Commercial is personal insurance, including accident and health insurance. Demand is supported not only by concerns around access to public healthcare, but also by companies growing focus on providing attractive employee benefits. At the same time, small businesses in particular can be highly vulnerable to prolonged sick leave, as their day-to-day operations depend on a relatively small number of employees. Fast and effective access to healthcare through insurance can help prevent prolonged absences and mitigate their impact on the business.

Personal insurance has been a strong growth area throughout the current strategic period. Within the Nordic Commercial segment, GWP in personal insurance grew by 11 per cent in both 2024 and 2025. In addition, in the second quarter of 2026, we closed a major personal insurance agreement in Denmark that provides access to comprehensive health care for 40,000 pensioners. This is an exciting expansion into a new segment, which demonstrates both our strong position in the personal insurance market and the structural demand for complementary healthcare beyond the working-age segment. Given that there are more than one million pensioners in Denmark, we see attractive potential to further explore this market opportunity.

Digital capabilities create value across the value chain

While our digital platforms provide attractive growth opportunities, sales is just one part of our digital customer engine that enables best-in-class customer service. In the event of claim, it is of paramount importance that the claims handling process works flawlessly. Using our digital platforms for reporting claims translates to faster claims handling processes and higher customer satisfaction but also improved cost efficiency. In this area, we reached an important operational milestone during the second quarter of 2026, when more than 70 per cent of claims were reported digitally.

Customer preference for modern digital solutions is evident, with private and commercial customers in fact reporting almost the same proportion of their claims online. Claims handling is also one of the areas in which we increasingly make use of artificial intelligence e.g. for assessing repair costs for vehicle damage.

Underwriting profit driven by robust top-line growth

Nordic Commercial represents over 20 per cent of the Group’s GWP, and it is an important contributor to Sampo’s underwriting result growth. Combined with our disciplined underwriting and consistent improvements in cost efficiency, the robust top-line growth in Nordic Commercial has translated into attractive underwriting result growth. In 2024, the underwriting result grew by 12 per cent, followed by 7 per cent growth in 2025. In the first half of 2026, the underwriting result grew by 3 per cent, affected by less favourable, but still benign, weather and large claims experience compared with the first half of 2025.

As noted, we have benefited from favourable large claims development for quite some time, with large claims remaining below budget in both Nordic Industrial and Nordic Commercial. For sure, we have had some luck, but the positive development is also likely to partly reflect the targeted de-risking and risk selection measures we implemented in 2024 and 2025. Over time, large claims should be broadly in line with the budget, but quarterly outcomes can naturally fluctuate.

To sum up, Nordic Commercial is an integral part of Sampo’s value creation. As we continue to leverage our digital capabilities and capitalise growth opportunities, without forgetting underwriting discipline, shareholders can expect the segment to continue delivering stable and growing results over time.

In the next blog entry, which will be our final in this series, we will focus on Nordic Industrial, which includes insuring large corporates with turnover of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees in the Nordics.

Antti Järvenpää
IR Specialist, Sampo plc