Sampo Earnings: Good Rise in Profit Before Tax Due to Better Performance in Hastings

We think Sampo showed continued progress toward its 2024-26 targets in its third-quarter and nine-month earnings release. In the company’s core Nordics If division, the business delivered 6.4% gross written premium growth. The company targets 7.5% growth in If private insurance, and at 6.0% for the first 9 months it is a bit behind this. However, the If business is delivering on its expense ambition with 20 basis points coming out of the 2024 cost ratio on the first nine months of 2023. The third If target is to have over 70% of claims reported online by 2026. Sampo hasn’t given an indication of how this has progressed.