contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Analyst

Sauli Vilén

Matias Arola

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.

The report for Noba, which is also important for Sampo, is out. Growth was felt on practically every line and expectations were exceeded. Or rather, credit losses and credit loss provisions decreased from 3.3% → 2.7% of the loan portfolio, which is of course an excellent thing. The stock is +4% today, though since the beginning of the year it has dragged Sampo down as well, being -30%. https://in.investing.com/news/company-news/noba-q1-2026-slides-profit-surges-21-amid-credit-quality-gains-93CH-5385613

The number of employees at Sampo is constantly growing; isn’t this swimming against the current for finance/insurance companies these days? ..especially if and when AI will be doing more and more of the work in exactly these types of companies?

It’s wonderful that someone reads the reports so closely!  Yes, there was a linking error in the dividend growth rate, but it does not affect the final result. Why does the dividend rise by 47% in 2030? Because in our model for 2026-2029, the dividend is distributed according to the distribution policy at approximately 60% of earnings, and the excess is distributed as share buybacks (total distribution approximately 90% of earnings). From 2030 onwards, our model distributes the full 90% as dividends purely for modeling purposes. For 2026-2029, share buybacks are shown in our DDM calculation on the line “Excess capital on the balance sheet”. The corrected report is now out!

Thanks for the report. On page 12 of the report, there are some very strange figures for the years 2031 and 2033 on the line “Sampo’s dividend growth%”. If these are not errors, it would be interesting to hear the factors explaining this phenomenon.

And the Sampo report is fresh out of the oven for some evening reading! Forecasts have edged up slightly, and the earnings growth outlook remains positive. Solid ~10% earnings growth is expected in the coming years. The stock isn’t cheap, but then again, it shouldn’t be. Btw, I recommend listening to the new CFO’s interview! He provided good background on those themes and did a great job explaining in plain English what that Danish court ruling actually means                    Inderes              Sampo Q1'26: Väkevä startti vuodelle - Inderes    Sampo jatkoi vahvaa operatiivista suorittamistaan, ja lähivuosien tuloskasvukuva säilyy suotuisana.

Here is Lars’s interview! =)   Themes: 00:00 CFO Introduction 01:05 Sampo performance 01:40 Claim inflation 03:47 Competition 05:55 Investment results 07:55 Denmark court decision 11:44 Topdanmark synergies 14:10 Buybacks 15:30 Guidance upgrade

The IR blog also features key highlights from the quarter’s development, as well as a few words on the potential impact of the Strait of Hormuz situation on claims inflation and the potential effects of autonomous cars on the insurance market.  Tammi–maaliskuun 2026 tulos – Q&A - Inderes Vepu stopped by the office a moment ago, so Lars’s interview will likely be available on inderesTV soon.

Sampo

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. 

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

	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 %	3.7 %	5.9 %
P/E (adj.)	15.4	19.8	21.6
EV/EBITDA	7.5	12.6	13.6

Sampo: Still not hopping off

Key Estimate Figures04.05.2022

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