Sampo’s underwriting result for the first quarter fell short of forecasts, leading the group to refine its outlook. However, the insurance group reported a better-than-expected profit before taxes, exceeding analysts’ expectations. The profit before taxes for the entire group was also higher than forecasted. In January-March, Sampo reported a profit before taxes of 465 million euros, surpassing the consensus forecast of 421 million euros by analysts.
Sampo’s non-life insurer If saw an increase in profit before taxes from 337 million euros in the comparison period to 356 million euros, outperforming analysts’ expectations. Despite this, Sampo provided updated guidance, expecting a combined expense ratio for the full year to be between 83-85 percent, higher than their previous outlook of less than 85 percent for 2024. The group’s underwriting result decreased from the previous year to 260 million euros, below analysts’ predictions.
Hastings, a British non-life insurer owned by Sampo, reported a profit before taxes of 26 million euros, higher than the comparison period’s 10 million euros. Sampo’s joint venture Top Denmark also published better-than-expected results for the first quarter. Looking ahead, Sampo aims for an average annual growth of operating profit per share of more than seven percent from 2024-2026. The group also targets a combined expense ratio of less than 85 percent and accumulating over four billion euros in available capital.
Despite these challenges