Sampo Posts 6% Like-for-Like Growth in Third Quarter, Raises 2026 Underwriting Result Outlook
Key Facts
Sampo Group said its underlying business grew 6% on a like-for-like basis in the third quarter of 2026, driven by strong momentum in personal lines and small and medium-sized enterprises. In results published on November 4, the company reported that net insurance revenue rose 9% to 2.503 billion euros, compared with 2.303 billion euros in the corresponding period of 2025. The figures reflect two different measures: like-for-like growth in the underlying business and net insurance revenue recorded during the quarter. Sampo said its underwriting result rose 9% to 435 million euros after adjusting for currency effects. The combined ratio was 82.6%, an operating indicator the company reported alongside premium growth.
In its assessment of the period, the CEO described the quarter as "another period of broad-based, sustained growth." He said momentum was strongest in the three largest segments and margins remained strong. Nordic Commercial grew around 7% on a like-for-like basis in the third quarter, exceeding 3% from the start of the year through the end of September. Sampo also said its small and medium-sized enterprise portfolio grew 9% during the quarter. In the United Kingdom, the number of active customers and insurance policies in the Private UK unit rose 13%, while the segment's like-for-like revenue increased 7%.
The increase in the underwriting result did not fully flow through to reported earnings per share for the quarter. Operating earnings per share were 0.14 euros, up 2%, while reported earnings per share were 0.10 euros. Sampo attributed the difference to the impact of negative market-value movements and the impairment of intangible assets related to information technology. The company said the claims environment during the first nine months of 2026 was favourable in terms of severe weather and large claims. Sampo linked its full-year guidance revision to this environment, alongside broad-based growth in its underlying business.
Sampo raised its 2026 net insurance revenue guidance range to 9.75–9.85 billion euros from 9.70–9.85 billion euros. It also increased its underwriting result guidance range to 1,600–1,650 million euros from 1,550–1,625 million previously. The revisions lift the upper end of the revenue outlook and raise both the lower and upper ends of the underwriting result outlook. They follow a third-quarter underwriting result of 435 million euros, with currency-adjusted growth of 9%. In explaining the guidance increase, the company cited favourable claims conditions during the first nine months and underlying business growth.
On integration, Sampo said the integration of Topdanmark had progressed and that the group had already achieved two-thirds of its total synergy target set for 2028. This progress puts part of the integration plan before investors ahead of the target date for realizing the full synergy. In the market, SAXPY closed at 21.19 dollars on November 3, 2026, according to EL7 data. The closing price was from the session before the results were published on November 4. Sampo is scheduled to hold an investor update in London on November 17, 2026, where it said it would set new targets for the next strategic period.