Strong execution of our organic growth strategy
Sampo’s performance in 2025 demonstrated the strength of our strategy and our ability to execute across cycles. Backed by strong top-line growth and disciplined delivery on margins, our operating EPS increased by 7 per cent.
For Sampo, 2025 was a year marked by strong operational performance and consistent execution of our organic growth strategy. Our robust result reflects the strength of our Nordic and UK businesses as well as the benefits of the investments we have made in digital sales and service capabilities.
We entered 2025 with strong momentum that continued throughout the year. Top-line growth reached 8 per cent on a like-for-like basis, driven by our strong position in the Private and SME segments across our markets.
The primary engine for our strong organic growth is our modern digital offering - more than 80 per cent of new sales in our retail business lines is direct in the Nordics or through price comparison websites in the UK. In Finland, the most digitally-advanced Nordic market, our digital channel alone already represents 76 per cent of sales and 86 per cent of reported claims – and we see other Nordic countries following the same path. In fact, our digital sales in Private Nordic increased by 15 per cent over the year, enabling us to reach our operational ambition one year ahead of schedule.
As we have anticipated, SMEs are adapting digital services in the same way as retail customers. In Nordic Commercial, digital sales grew by 15 per cent and MyBusiness logins by 27 per cent over the year. In total, we gained over 3,200 new SME customers.
In the UK, where we are a fully digital insurer, we remained disciplined in a softening pricing environment. Although we scaled back our new sales activity towards the end of the year, we captured the growth opportunities that were available to us. This led to an addition of over 600,000 customers, driven by our market-leading telematics offering as well as sustained strong development in home insurance.
Our scale, technical expertise, and digital capabilities also provide us a clear competitive advantage in the partnership channel. In 2025, we renewed all our material partnerships in all markets, including the Swedish mobility market, where Sampo has significant market presence. Our position as a preferred partner to the automotive industry gives us unique insight into emerging technological trends as reflected in our performance in the Norwegian market dominated by electric vehicles as well as in the telematics segment in the UK.
Underwriting profit driven by top-line growth
Our underwriting result increased by 13 per cent on reported basis for the third consecutive year, which can be attributed to excellent diversification across markets and segments. This represents more than 40 per cent cumulative growth over this period. The primary driver of this performance continued to be organic growth supported by positive Nordic underlying trends. In addition, 2025 was supported by a benign claims environment, with both severe weather and large claims outcomes being materially favourable compared to the previous year.
The strong and consistent underwriting profit growth has been the main contributor to operating EPS growth. Reflecting this performance, we raised the growth target for 2024-2026 in connection with our third quarter results to more than 9 per cent on average, up from the original more than 7 per cent. In 2025, we delivered operating EPS growth of 7 per cent, equating to 10 per cent average growth for 2024-2025 – well aligned with the target.
Topdanmark integration progressing at full speed
In the first half of 2025, we re-assessed the synergy potential from the Topdanmark acquisition and raised the estimate to EUR 140 million pre-tax in 2028, up from the original EUR 95 million. The final step in the transaction, the legal merger of Topdanmark into If and the integration into our Nordic organisation, enabled us to proceed with the synergy realisation at full pace in the second half of the year. By year-end, EUR 37 million of the run-rate synergies had been achieved, exceeding the annual target of EUR 24 million. As the faster-than-expected progress appears largely attributable to timing, we maintain our EUR 140 million target for 2028, albeit with increased confidence.
While the synergies to date have been primarily driven by productivity improvements, we have also seen encouraging developments on the revenue side. In 2025, our substantially strengthened position in Denmark enabled us to sign multiple new agreements with car brands.
Distribution policy optimised for attractive mix of capital returns
Sampo’s capital management remains guided by prudence and long-term value creation. At the beginning of 2026, we updated our distribution policy to ensure an attractive mix of dividends and share buybacks going forward. While gradually increasing the annual allocation to buybacks, Sampo remains committed to delivering progressive dividend per share development broadly in line with recent years.
For 2025, the Board has proposed a regular dividend of EUR 0.36 per share. This represents an increase of 6 per cent, consistent with the medium-term trajectory outlined in our updated distribution policy.
Regarding the return of excess capital released through divestments of the Group’s legacy assets, we communicated at the previous Capital Markets Day that up to EUR 500 million of deployable capital may be returned to shareholders through buybacks. To date, EUR 150 million has been executed, and we remain committed to delivering the remaining up to EUR 350 million. Beyond this, we will assess our options when that time comes, with due consideration to maintaining a strong balance sheet with a sufficient liquidity buffer.
Entering 2026 with confidence
As we embark on 2026, Sampo remains in a good position to deliver on its financial targets and to continue to provide resilient value creation to shareholders. We have set an outlook for the underwriting result of EUR 1,485 – 1,600 million, with the lower-end reflecting certain conservatism due to the wintry Nordic weather conditions at the start of the year.
In summary, 2025 was another excellent year for Sampo, characterised by robust underwriting profit growth underpinned by strong operational momentum. These achievements reflect the dedication of our 15,000 employees, together with our trusted partners, serving approximately 9 million customers across our markets.
Morten Thorsrud
Group CEO