Sampo Group raises 2026 outlook after strong Q2 results

Sampo Group raised its 2026 financial outlook on Thursday after reporting stronger-than-anticipated second-quarter results, driven by improved underwriting performance and investment income.

The Finnish insurance and investment group, which operates primarily in the Nordics, said net profit for Q2 2026 rose to €1.2 billion from €980 million in the same period last year. Revenue increased 8% year-over-year to €4.1 billion, exceeding analyst estimates.

Underwriting profit at If P&C Insurance, Sampo’s Nordic non-life unit, climbed 15% to €620 million, supported by lower claims and favorable pricing trends. Investment income from the group’s asset management division also contributed, with net investment returns totaling €410 million, up from €340 million in Q2 2025.

Based on the improved performance, Sampo revised its 2026 outlook, now targeting a combined ratio below 90% for its P&C business and a return on equity of at least 14%, up from prior guidance of 12-13%. The group also reaffirmed its dividend policy, maintaining a payout ratio of 60-80% of earnings.

Analysts at Nordea and Danske Bank noted the upgrade as a positive signal for Nordic insurers, highlighting Sampo’s resilience amid volatile markets. Shares in Sampo were up 3.2% in Helsinki trading on Thursday, outperforming the broader Nordic insurance index.

Sampo’s Chief Executive Officer, Torbjörn Magnusson, attributed the results to disciplined underwriting and strong capital management. "The improved outlook reflects our ability to navigate a challenging macro environment while delivering sustainable value to shareholders," he said in a statement.

The company plans to provide further details on its 2026 strategy during an investor presentation scheduled for next month.