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Sampo Earnings: Profits in Line With Our Forecasts; Shares Fairly Valued

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Sampo Group SAMPO has reported a net income of EUR 941 million for the first nine months of 2023. We maintain our EUR 40 per-share fair value estimate and narrow moat rating and reiterate that we believe shares are currently fairly valued.

In Sampo’s private insurance Nordic markets customer retention rates remain strong at 90% and this helped drive mid-single-digit growth in insurance revenue. In Sampo’s U.K. business, Hastings Direct, it looks like there is a lag between claims inflation and price rises, in the third quarter at least. Nonetheless, Hastings has grown its gross written premiums in this market by strong double digits as it has substantially increased its home insurance business.

The spinoff of the life insurance division Mandatum Asset Management has been completed.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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Henry Heathfield, CFA

Equity Analyst
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Henry Heathfield, CFA, is an equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. He covers insurance.

Before joining Morningstar in 2016, Heathfield spent five years as a European and U.K. generalist at Silchester International Investors and three years at Redmayne-Bentley Stockbrokers.

Heathfield holds a bachelor’s degree from Nottingham Trent University and a master’s degree in finance from the London Business School.

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