Sampo Oyj
Sector unknown·SAMPO · Nasdaq Helsinki·Fiscal year to 31/12/2025
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Nordics
Geography
DriverPositive impact: strengthens
“Sampo Group is first and foremost exposed to the general performance of the Nordic economies. However, the Nordic economies typically are at different stages of their economic cycles at any given time, for reasons such as different economic structures and separate currencies.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Sampo plc’s notes to the financial statements Investment activities and market risk taking are arranged pro-actively in order to diversify single name risks, except with regards to Nordic banks, where most Sampo Group companies have placed their extra funds in short-term money market assets and cash.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Sampo plc’s notes to the financial statements Most of the financial institutions and covered bonds are in the Nordic countries, which can be seen in the table Fixed income investments in the financial sector, Sampo Group, 31 December 2025 and 31 December 2024.”
Annual report 2025A · The company itself
Market
“The new segments are Private Nordic, Private UK, Nordic Commercial, and Nordic Industrial: • Private Nordic includes the Group’s Nordic private customer business, previously reported under the If and Topdanmark segments in Sampo’s accounts. Sampo operates in the Nordic private insurance market through its main brand, If, and other brands including Topdanmark and various white-label partnerships.”
Annual report 2025A · The company itself
Market
“The segment focuses particularly on SMEs. • Nordic Industrial includes the Group’s Nordic Industrial customer business, previously reported under the If segment in Sampo’s accounts. Corporates with revenues of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees, are classified as Industrial customers.”
Annual report 2025A · The company itself
Geography
“Sampo operates in the Nordic private insurance market through a number of brands including If, Topdanmark, Volvia, and other white-label partnerships.”
Annual report 2025A · The company itself
Geography
“Geographically, all countries recorded positive GWP growth during the year. Norway led the development with a 16 per cent increase, driven by rate adjustments combined with strong new sales and high retention, resulting in growth in both customer numbers and insured objects.”
Annual report 2025A · The company itself
Geography
“Also, geographically the Nordics as a large area is more a source of underwriting diversification than concentration. Hence, the Nordic area is inherently a good basis for a diversified business.”
Annual report 2025A · The company itself
Geography
“With respect to the underwriting businesses carried out in the Group companies, it has been established that If operates within the Nordic countries, in different geographical areas, and in different lines of business.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverMixed impact: mixed
“Private UK recorded a 13.0 per cent year like-for-like growth in GWP (including brokerage), with a higher policy count being offset against the earned impact of lower market-wide rates.”
Annual report 2025A · The company itself
Market
“Sampo Group does not offer products or services that are inherently harmful to consumers or end-users’ health, safety, or freedom of expression. Instead, Sampo Group has an actual positive impact on consumers and end-users’ health and safety, among other things by providing insurance products and services, thereby helping customers with loss prevention, risk management, and in cases of loss, accident, or injury.”
Annual report 2025A · The company itself
Market
“The new segments are Private Nordic, Private UK, Nordic Commercial, and Nordic Industrial: • Private Nordic includes the Group’s Nordic private customer business, previously reported under the If and Topdanmark segments in Sampo’s accounts. Sampo operates in the Nordic private insurance market through its main brand, If, and other brands including Topdanmark and various white-label partnerships.”
Annual report 2025A · The company itself
Market
“Sampo reports its financial performance based on the Group’s operational business areas that are regularly reviewed by a chief operating decision-maker. Segments’ customer bases, risks, and performance measures differ from each other.”
Annual report 2025A · The company itself
Market
“• Private UK includes the Group’s UK business, previously reported as Hastings in Sampo’s accounts. Sampo operates in the UK private insurance market through its customer brand Hastings, which is one of the leading digital P&C insurance providers focused on serving UK car, van, bike, and home insurance. • Nordic Commercial includes the Group’s Nordic commercial customer businesses, previously reported under the If and Topdanmark segments in Sampo’s accounts, as well as Oona Health.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Inflation
Macro
DriverNegative impact: weakens
“Following several years of relatively high levels of claims inflation, underlying claims cost trends have returned to long-term average levels across Sampo’s major markets, with only Norway still somewhat elevated.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Paid-up policies and pension payments from the Swedish plans are normally indexed annually, with an amount corresponding to the change in the consumer price index.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“In addition to interest rate, currency, and liquidity risk, inflation risk and risks relating to GDP growth rates are central ALM risks in Sampo Group.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Another example is claim inflation, which is a factor taken into account in the pricing process, which in turn can affect competitiveness when claim costs increases.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Sampo remains a disciplined underwriter, firmly committed to reflecting expected claims cost development in its pricing.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Banks and insurance
End markets
InputNegative impact: weakens
“Holdings by sector, geographical area and asset class Regarding fixed income and equity exposures, financial institutions and covered bonds have a material weight in the group-wide portfolios, whereas the role of public sector investments is quite limited.”
Annual report 2025A · The company itself
Market
“Sampo operates in the Nordic private insurance market through a number of brands including If, Topdanmark, Volvia, and other white-label partnerships. Its business model is based on high customer satisfaction and leveraging the benefits from digital sales and service capabilities. In total, the Group serves around 3.7 million households in Sweden, Denmark, Norway, and Finland.”
Annual report 2025A · The company itself
Market
“Hastings’ has also revenue from lending business in accordance with IFRS 15 Revenue from Contracts with Customers.”
Annual report 2025A · The company itself
Market
“Successful management of underwriting risks and investment portfolio market risks is the main source of earnings for Sampo Group.”
Annual report 2025A · The company itself
SMEs
End markets
DriverNegative impact: weakens
“Competitive conditions in the Nordic SME market remains stable, while the large commercial segment saw an increase in price competition over 2025, which is expected to carry into 2026.”
Annual report 2025A · The company itself
Market
“Sampo plc’s notes to the financial statements Sampo operates in the Nordic commercial insurance market through its brands If, Topdanmark, and Dansk Sundhedssikring (Oona Health) with a particular focus on SMEs. In total, the Group serves around 460,000 commercial customers in Sweden, Denmark, Norway, and Finland.”
Annual report 2025A · The company itself
Market
“The segment focuses particularly on SMEs. • Nordic Industrial includes the Group’s Nordic Industrial customer business, previously reported under the If segment in Sampo’s accounts. Corporates with revenues of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees, are classified as Industrial customers.”
Annual report 2025A · The company itself
Market
“Sampo reports its financial performance based on the Group’s operational business areas that are regularly reviewed by a chief operating decision-maker. Segments’ customer bases, risks, and performance measures differ from each other.”
Annual report 2025A · The company itself
United States
Geography
DriverNegative impact: weakens
“In general, competitive dynamics in the private businesses remain supportive albeit with some variation by markets, with Norway still the most favourable, while the UK has continued to see falling market pricing that makes growth at target margins increasingly challenging in the short-term.”
Annual report 2025A · The company itself
Market
“• Private UK includes the Group’s UK business, previously reported as Hastings in Sampo’s accounts. Sampo operates in the UK private insurance market through its customer brand Hastings, which is one of the leading digital P&C insurance providers focused on serving UK car, van, bike, and home insurance. • Nordic Commercial includes the Group’s Nordic commercial customer businesses, previously reported under the If and Topdanmark segments in Sampo’s accounts, as well as Oona Health.”
Annual report 2025A · The company itself
Geography
“Sampo plc’s notes to the financial statements Sampo operates in the UK private insurance market through its brand Hastings, which is one of the leading digital P&C insurance providers focused on UK car, van, bike, and home insurance. The Group serves over 4 million UK customers and is specialised in price comparison distribution, advanced pricing, anti-fraud, and digital capabilities.”
Annual report 2025A · The company itself
Geography
“Hastings operates solely in the United Kingdom and hence its underwriting risks are geographically distinct from the Nordics.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Denmark
Geography
Market
“The new segments are Private Nordic, Private UK, Nordic Commercial, and Nordic Industrial: • Private Nordic includes the Group’s Nordic private customer business, previously reported under the If and Topdanmark segments in Sampo’s accounts. Sampo operates in the Nordic private insurance market through its main brand, If, and other brands including Topdanmark and various white-label partnerships.”
Annual report 2025A · The company itself
Geography
“Sampo operates in the Nordic private insurance market through a number of brands including If, Topdanmark, Volvia, and other white-label partnerships.”
Annual report 2025A · The company itself
Geography
“With respect to the underwriting businesses carried out in the Group companies, it has been established that If operates within the Nordic countries, in different geographical areas, and in different lines of business.”
Annual report 2025A · The company itself
ESG and sustainability reporting
Regulation
StrategyPositive impact: strengthens
“Accordingly, Sampo Group aims to take ESG considerations into account in product and service development and insurance underwriting.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Responsible investment management and operations are vital for managing investment-related risks, and in mitigating potential adverse impacts on the Group's reputation. ESG considerations are taken into account when assessing the security, quality, liquidity, and profitability of investments.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Sampo Group places emphasis on sustainability when working with suppliers. As a major procurer of goods and services, especially in claims handling, the company has an impact on the economy, the environment, and society.”
Annual report 2025A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“The momentum in digital sales continued to be strong over the year with growth of 15 per cent year-on-year. This led to achieving the operational ambition of EUR 175 million for 2026 a full year ahead of schedule.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Operating conditions across Sampo’s business footprint remain broadly stable with increasing customer adoption of digital solutions across sales, service, and claims both in direct channels and partnerships.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Industrial manufacturing
End markets
Market
“Sampo plc’s notes to the financial statements Sampo is the leading insurer of large corporates in the Nordics through the If brand. Corporates with turnover of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees, are classified as Industrial customers.”
Annual report 2025A · The company itself
Market
“The segment focuses particularly on SMEs. • Nordic Industrial includes the Group’s Nordic Industrial customer business, previously reported under the If segment in Sampo’s accounts. Corporates with revenues of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees, are classified as Industrial customers.”
Annual report 2025A · The company itself
Automotive
End markets
Market
“• Private UK includes the Group’s UK business, previously reported as Hastings in Sampo’s accounts. Sampo operates in the UK private insurance market through its customer brand Hastings, which is one of the leading digital P&C insurance providers focused on serving UK car, van, bike, and home insurance. • Nordic Commercial includes the Group’s Nordic commercial customer businesses, previously reported under the If and Topdanmark segments in Sampo’s accounts, as well as Oona Health.”
Annual report 2025A · The company itself
Digital payments and fintech
Technology
Market
“Other income comprises of loan referral commission (earned from referring customers to thirdparty loan providers), servicer fees and interest earned on cash in hand. Performance obligation related to referral commission is to offer the referral service to customers.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“The year was characterised by favourable weather conditions and claims frequency development, except for the fourth quarter, which was impacted by two storms.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“However, the Nordics have seen wintry weather conditions at the beginning of 2026, creating some uncertainty around severe weather claims costs for the first quarter.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Physical climate-related risks include storms, floods, heavy rains, landslides, erosion, hailstorms, and heat waves. The scale or frequency of these natural disasters can increase claims costs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Climate change and environmental issues can impact Sampo Group’s business on short, medium, and long term. Climate-related risks can be categorised into physical risks and transition risks. The financial position and performance of Sampo Group’s insurance operations are especially affected by physical risks. Effects on the financial position related to extreme weather events and natural disasters are considered in internal risk models, for instance through the consideration of trends in related insurance claims.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As climate change may increase the frequency and/or severity of physical risks, Sampo Group conducts sensitivity analyses using scenarios that assume increased severity of natural catastrophes.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Given the inherent uncertainty of P&C insurance operations, there is a risk of losses due to unexpectedly high claim expenses. Examples of what could lead to high claim expenses include large fires, and natural catastrophes, or an unforeseen increase in the frequency or the average size of small and mediumsized claims.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Nordic Industrial reported a GWP decline of -3.0 per cent on a like-for-like basis for 2025, while insurance revenue decreased by -11.0 per cent. The top-line development was impacted by softening market conditions, with lower new sales, combined with weaker year-on-year retention.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Sampo Group is first and foremost exposed to the general performance of the Nordic economies. However, the Nordic economies typically are at different stages of their economic cycles at any given time, for reasons such as different economic structures and separate currencies.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“In addition to interest rate, currency, and liquidity risk, inflation risk and risks relating to GDP growth rates are central ALM risks in Sampo Group.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Interest rates
Macro
DriverMixed impact: mixed
“Therefore, the effect from changes in interest rates, as well as interest expense, is presented in its entirety as insurance finance income or expenses. The effect of changes in indexation of annuities is also presented within insurance finance income or expenses.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The model is based on the best estimates of companies’ management of both historical evidence and financial conditions such as premiums, claims, reinsurance, margins, interest rates, capital structure, and income and cost development. The derived cash flows were discounted at the pre-tax rate of the cost of capital which for Private Nordic is 9.5 per cent, Private UK 11.6 per cent, Nordic Commercial 9.7 per cent and Nordic Industrial 9.5 per cent.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Some risks such as interest rate, currency, and liquidity risks are by their nature simultaneously linked to various activities. To manage these risks efficiently, Sampo Group must have a detailed understanding of expected cash flows and their variance within its business operations. In addition, a thorough understanding of how the market values of assets and liabilities may fluctuate at the total balance sheet level under different scenarios is needed.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Labour and wages
Raw materials and inputs
DriverPositive impact: strengthens
“The Group’s business activities depend on its ability to create an empowering work environment and on employees’ motivation to contribute to its goals. The dedication and expertise of the workforce drive customer satisfaction and form the foundation of the Group’s competitive advantage.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Skilled and motivated employees are a key success factor. Losing talent or being perceived as an unattractive employer would pose large risks for the businesses.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The positive development was supported by solid renewals and rate actions to mitigate claims inflation but was partly offset by effects from de-risking and adjustment premiums related to workers’ compensation.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“Some risks such as interest rate, currency, and liquidity risks are by their nature simultaneously linked to various activities. To manage these risks efficiently, Sampo Group must have a detailed understanding of expected cash flows and their variance within its business operations. In addition, a thorough understanding of how the market values of assets and liabilities may fluctuate at the total balance sheet level under different scenarios is needed.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“At the Group level, the capital requirement and own funds are both exposed to foreign currency translation risk. The actual capital and the capital needs of Group companies are converted from their reporting currencies to the euro.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Currency exposure
Macro
DriverMixed impact: mixed
“The outlook is subject to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and competitive dynamics.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The sensitivity analysis of the Group’s fair values of financial assets and liabilities in different market risk scenarios is presented in the following table. The effects represent the instantaneous effects of a one-off change in the underlying market variable on the fair values on 31 December 2025.”
Annual report 2025A · The company itself
Equity and capital markets
Macro
DriverMixed impact: mixed
“The sensitivity analysis of the Group’s fair values of financial assets and liabilities in different market risk scenarios is presented in the following table. The effects represent the instantaneous effects of a one-off change in the underlying market variable on the fair values on 31 December 2025.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Effective management of investment portfolios and the balance sheet • Balance between expected returns and risks in investment portfolios and the balance sheet is optimised, considering the features of insurance liabilities, internally assessed capital needs, regulatory solvency rules and rating requirements. • Liquidity risks are managed by having an adequate portion of investments in liquid instruments.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
DriverMixed impact: mixed
“Transition risks , on the other hand, relate to changes in the regulatory environment, the introduction of new technologies, changes in customer behaviour, and increased stakeholder concern for climate and environmental matters, for example.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The transition to a low-carbon society with potentially increasing environmental and climate regulation, more stringent emission requirements, and changes in market preferences could in turn cause transition risks for the Group’s investments and possible revaluation of assets as operating models in carbon intense sectors change.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
E-commerce
Technology
DriverPositive impact: strengthens
“Growth in home products and selective expansion in higher premium motor segments supported new customer acquisition, while reduced consumer movement within a declining‑price environment contributed to stronger policy renewal levels.”
Annual report 2025A · The company itself
Electric vehicles and EV batteries
End markets
DriverPositive impact: strengthens
“In motor insurance, GWP grew by 10 per cent, benefiting from the rebound in Nordic new car sales, albeit from low levels. Nordic new car sales rose 10 per cent in 2025, driven by strong year-end demand in Norway due to the announced VAT changes.”
Annual report 2025A · The company itself
Other currencies
Macro
DriverMixed impact: mixed
“At the Group level, the capital requirement and own funds are both exposed to foreign currency translation risk. The actual capital and the capital needs of Group companies are converted from their reporting currencies to the euro.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“The outlook for Sampo Group’s 2026 financial performance is: • Group insurance revenue: EUR 9.5–9.8 billion, representing growth of 5–8 per cent year-on-year. • Group underwriting result: EUR 1,485–1,600 million, representing growth of 0-8 per cent year-on-year.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 10.27 bn EUR |
| Revenue growth vs. the year before, same method | 8.7 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 0.74 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.