Sampo: Still not hopping off

SAMPOResearch05.05.2022, 12.20

Inderes

Sampo's Q1 result exceeded our forecast thanks to strong development in If P&C and Mandatum. However, the beat came through certain non-recurring factors and investment income. Thus, the report didn't cause major estimate revisions.

Sampo is the leading property and casualty insurance group in the Nordic region and a major operator in the growing digital P&C insurance market in the UK. Sampo Group has around 9 million customers, and it employs 15,000 people. The Group’s insurance revenue totalled EUR 9.1 billion in 2025 of which the Nordic market represented 75 per cent. The Group’s operations are diversified by geography, line of business, and customer group. Sampo Group operates in Sweden, Norway, Finland, Denmark, the UK, and the Baltic countries. Its largest customer groups are private customers in the Nordics and in the UK, representing in total over 65 per cent of the Group's insurance revenue. The Group is also a leading provider of P&C insurance in Nordic commercial and industrial businesses.

Key Estimate Figures04.05.2022

	2021	22e	23e
Revenue	9,746.0	10,248.4	9,577.2
growth-%	15.9 %	5.2 %	-6.5 %
EBIT (adj.)	2,190.0	1,835.1	1,593.0
EBIT-% (adj.)	22.5 %	17.9 %	16.6 %
EPS (adj.)	0.52	0.45	0.41
Dividend	0.74	0.33	0.52
Dividend %	9.3 %	3.6 %	5.7 %
P/E (adj.)	15.4	20.6	22.5
EV/EBITDA	7.9	14.0	15.2

Forum discussions

I’m definitely selling all my Sampo shares if they expand to Germany Too many bad stories of trying to conquer Germany. I’d much rather see ...

5 hours ago

by Ränta på ränta

Could it actually be Germany that they have their sights on? Premium income from Germany was already EUR 266m last year (SII QRT 04.05) – apparently...

18 hours ago

by AP_1981

“The dividend isn’t big, though” Sampo aims to return about 90% of its earnings to shareholders, with 70% as dividends. In my opinion, that’...

yesterday

by KepposSeppo

This was a pleasure to read, thank you ^^ Sampo is indeed a high-quality insurance company whose strong profitability, steady cash flow, and...

yesterday

by Larza77

Since that previous 5-year Sampo forecast went so well, it’s definitely time to fill out the next long-term bet! So here is the forecast for...

10/21/2026, 11:17 AM

by Sauli Vilen

253

Last January, investors were spooked when US-based Lemonade announced it would offer a 50 percent discount to customers who use Tesla’s autonomous...

10/21/2026, 8:11 AM

by kari

Here is an interview with Sampo’s Group CEO Morten Thorsrud, interviewed by Sampo’s communications specialist Pernille Beck. A year as Group...

10/20/2026, 7:20 PM

by Sijoittaja-alokas

Sampo: Still not hopping off

SAMPOResearch05.05.2022, 12.20

Inderes

Discuss

Download report (PDF)

Key Estimate Figures04.05.2022

	2021	22e	23e
Revenue	9,746.0	10,248.4	9,577.2
growth-%	15.9 %	5.2 %	-6.5 %
EBIT (adj.)	2,190.0	1,835.1	1,593.0
EBIT-% (adj.)	22.5 %	17.9 %	16.6 %
EPS (adj.)	0.52	0.45	0.41
Dividend	0.74	0.33	0.52
Dividend %	9.3 %	3.6 %	5.7 %
P/E (adj.)	15.4	20.6	22.5
EV/EBITDA	7.9	14.0	15.2