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  • 08 Nov 23
Without Mandatum, the focus is now on Hastings

Sampo’s Q3 23 bottom-line surpassed expectations due to the strong net investment income result, thanks to the company’s short-duration fixed income portfolio. On the other hand, the technical profitability fell short of expectations. Despite the challenges posed by the exceptionally severe weather in Q3, we think that the company is on track to reach its FY23 targets. With the divestment of Mandatum, the spotlight is now on Hastings which at best will land in the very high range of the operati

Companies: Sampo Oyj

AlphaValue
  • 09 Aug 23
On point and ready to divorce

Sampo released better than expected results for its Q2 23, even in the face of adverse currency fluctuations, coupled with a substantial rise in NatCat incidents. Hastings exceeded expectations with its recent results, although the company did make a downwards adjustment to its outlook for the operating ratio in FY23. On 2 October 2023 Mandatum will be partially demerged on the Nasdaq Helsinki, transforming Sampo into a pure P&C player.

Companies: Sampo Oyj

AlphaValue
  • 10 May 23
Sampo reverts to resilience

Despite the continued inflationary context, Sampo delivered a strong Q1 23, contrasting with the miss last quarter. While the Group will soon be summed up to P&C Insurance, our narrative is evolving progressively as we identify P&C to be an arbitrage vs. Life or multi-line insurers with momentum to be found around the Q2 23.

Companies: Sampo Oyj

AlphaValue
  • 13 Feb 23
At such levels, IF cannot be the sole guardian of the premium

Sampo has released a massive Q4 22 miss. In line with our previous comments, we believe that IF P&C cannot be the sole guarantor of the firm’s high premium. This unprecedented volatility in profitability should remind investors of the stock’s expensive rating and question the valuation paradigm.

Companies: Sampo Oyj

AlphaValue
  • 03 Nov 22
Sampo delivers a transitional quarter

Sampo’s Q3 22 results were in line with expectations, although the moving parts behind the performance yielded some surprises. In our view, a couple of one-offs drove the performance and Q4 22 could be much stronger. Some details were given on the upcoming capital distributions although the timing of the full deployment of the excess cash remains uncertain.

Companies: Sampo Oyj

AlphaValue
  • 03 Aug 22
IF good as always and a strong Solvency to feed extra distributions?

Sampo reported a strong set of H1 result, albeit substantially helped by IF P&C. With the disposal or Nordea and the market effects, Solvency was very high even accounting for the previously-announced buybacks. All the above should be supportive of the share price.

Companies: Sampo Oyj

AlphaValue
  • 05 May 22
Incredible If P&C, potential additional capital return to support share price

A satisfactory set of Q1 22 results disclosed by Sampo. Our investment case is reiterated. Management has mentioned further a shareholder distribution besides the €750m and €250m following the complete disposal of Nordea shares. We expect this to support the share price while Hastings has been, once again, very disappointing. In contrast, IF P&C remains impressive.

Companies: Sampo Oyj

AlphaValue
  • 17 Feb 22
A remarkable year but not perfect

Again, Sampo’s quarter has been of quality. Aligned with the past months’ trend, the group has benefited from its model’s cyclicality with Nordea’s stake strongly contributing to the outperformance. IF has also been remarkable alongside a stronger than expected Mandatum. We reiterate our concerns about Hastings.

Companies: Sampo Oyj

AlphaValue
  • 09 Nov 21
Nordea’s exit with momentum

Sampo’s disposal of Nordea is, according to us, the main highlight of this release. If P&C keeps on delivering and benefits from its digitalisation. We remain doubtful regarding Hastings and its prospects.

Companies: Sampo Oyj

AlphaValue
  • 04 Aug 21
Admirable If, the rest is enhanced by strong investment income

Sampo released, again, a strong set of results and part of it is due to the studious If. The rest is highly attributable to better investment performance yoy. Some doubts remain after the Nordea exit but, until then, investors should be rewarded with lucrative distributions.

Companies: Sampo Oyj

AlphaValue
  • 06 May 21
A great quarter, but not material enough

Sampo’s Q1 results has surprised the insurance world, beating expectations. However, although the insurer has reported a great performance, this looks as if it will not last and does not address the company’s main issues: lack of growth opportunities in its market, few ideas to expand further and Nordea’s planned exit progressively decreasing the remittance rate. Hence, although this quarter has been great, it will have a limited impact on the full-year performance as such in that it is expecte

Companies: Sampo Oyj

AlphaValue
  • 12 Feb 21
Nordea is still making headlines

The net result of Sampo was hit by its decision to impair the book value of the Nordea shares from €8.90/share to €7.50/share. The negative impact on the bottom line amounted to €899m and the result stood only at €112m. The profit before tax was stood at €380m, with a positive performance from If P&C (up 1.91% to €901m). The Board will propose a distribution of €1.70/share. 2021 should record a better performance with a return to historic levels of profitability.

Companies: Sampo Oyj

AlphaValue
  • 03 Feb 21
Sampo and Nordea, together until further notice

Sampo is under pressure by Elliott, the activist investor, to focus on the insurance business and to sell its stake in Nordea. This step could be accomplished in the medium term as it involves two of the most important financial institutions in the Nordic markets. In addition, Sampo needs another source of internal dividend generation, the finding of which is not evident in the region.

Companies: Sampo Oyj

AlphaValue
  • 11 Dec 20
Sampo’s new skin

Sampo is rapidly implementing deep changes to its business mix and strategic orientations. The insurer has sold Nordea’s shares for €1,174m, has acquired a Non-Life British company (Hastings Group) and reduced its financial leverage through debt repurchases. 2020 is the perfect year to book losses and to prepare for a more dynamic future. We expect corporate operations outside the Nordic region, focused on the preferred P&C segment.

Companies: Sampo Oyj

AlphaValue
  • 05 Aug 20
The investment activities penalised earnings

Sampo posted H1 20 earnings reaching €569m, -42% yoy. The decline came from the investment side, while the insurance business showed high resilience. The group’s solvency ratio stood at 187%. The insurer has also confirmed its intention to acquire 70% of Hastings Group Holdings with the South African RMI through a newly-formed jointly-owned company. The size of the Sampo’s investment should be €1.29bn, of which €1bn funded by newly-issued hybrid Tier 2 capital. Our estimates will be improved.

Companies: Sampo Oyj

AlphaValue

Sampo Oyj

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Research Tree provides access to ongoing research coverage, media content and regulatory news on Sampo Oyj. We currently have 79 research reports from 3 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
08Jan20 07:30 GNW If completes Viking deal
28Nov19 12:45 GNW Supplement to Sampo’s stock exchange release published on 28 November 2019 at 9:30 am EET: If acquires roadside assistance company Viking
28Nov19 07:30 GNW If acquires roadside assistance company Viking
08Nov19 12:30 GNW Sampo plc: Managers’ Transactions (Clausen)
08Nov19 12:30 GNW Sampo plc: Managers’ Transactions (Wahlroos)
08Nov19 12:30 GNW Sampo plc: Managers’ Transactions (Lamminen)
08Nov19 12:30 GNW Sampo plc: Managers’ Transactions (Mattila)
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