Sampo raised its 2026 underwriting target after nine-month insurance revenue grew, but the Nordic insurer’s net profit fell by more than half as investment income weakened and a Danish IT charge weighed on earnings.
Net insurance revenue reached €7.303 billion in the January-September period, up 8% from a year earlier, according to Sampo’s unaudited interim statement. The underwriting result climbed 9% to €1.221 billion on a reported basis and 7% after currency adjustments. Gross written premiums rose 4% to €8.803 billion, while the combined ratio edged down to 83.3% from 83.4%.
Sampo now expects full-year insurance revenue of €9.75 billion to €9.85 billion, lifting the lower end of its previous range by €50 million. Its underwriting forecast is €1.6 billion to €1.65 billion, compared with the earlier range of €1.55 billion to €1.625 billion.
The company said Nordic large claims were below budget in the first nine months, and Nordic weather conditions were typical for the season. Operating earnings per share rose 8% to €0.41, even as reported earnings per share dropped 52% to €0.26.
Net profit declined 53% to €687 million from €1.46 billion. Sampo’s net financial result fell to €14 million from €836 million; the company attributed the decrease largely to adverse market-value movements in fixed-income assets and legacy investments in NOBA and Nexi.
Sampo recorded an impairment loss and related VAT charges totaling about €118 million before tax on IT-related intangible assets in Denmark. The charge followed an impairment test during the Topdanmark IT integration, and Sampo said it was excluded from operating earnings per share.
Third-quarter net insurance revenue rose 9% to €2.503 billion, and the underwriting result increased 11% to €435 million. Net profit for the quarter fell 64% to €270 million. The year-earlier comparison included a €355 million net gain from NOBA’s initial public offering.
Sampo said its underwriting outlook depends on claims experience, foreign exchange rates and competition. It plans to discuss its goals for the next strategic period at an Investor Update on Nov. 17.
