Sampo lifts 2026 profit forecast on strong H1 results

Finnish financial services group Sampo raised its 2026 profit outlook on Tuesday after reporting a 15% year-over-year increase in first-half net profit to €1.2 billion.

The company attributed the stronger-than-expected performance to improved underwriting margins in its If P&C Insurance unit and gains in its investment portfolio. Sampo’s net profit for the six months ended June 30 rose to €1.2 billion from €1.04 billion in the same period last year.

Operating profit at If P&C Insurance, Sampo’s core Nordic non-life insurance business, climbed 17% to €742 million, driven by higher premiums and lower claims. The unit’s combined ratio improved to 88.5% from 90.1% a year earlier, reflecting tighter underwriting standards and favorable claims experience.

Sampo’s investment income rose 8% to €412 million, supported by gains in equities and fixed-income markets. The company maintained a conservative asset allocation, with 60% of its investment portfolio in fixed income and 30% in equities.

Based on the first-half performance, Sampo upgraded its 2026 profit outlook, signaling confidence in sustained profitability despite macroeconomic uncertainties. The company did not provide a revised numerical target, but reiterated its commitment to disciplined capital management and shareholder returns.

Sampo’s shares were up 2.1% in Helsinki trading following the announcement, outperforming the broader market.