Insurance company Sampo Group (SMP0.F) reported Wednesday higher profit and premiums in its second quarter benefited from favourable weather and large claims relative to normal levels, and also updated fiscal 2025 outlook.
Further, Sampo said it intends to launch a new 200 million euros share buyback programme funded by capital generated in 2024.
In Helsinki, Sampo shares were gaining around 2.7 percent to trade at 9.83 euros.
For fiscal 2025, the company now expects underwriting result of 1.425 billion euros to 1.525 billion euros, compared to previously expected 1.400 billion euros to 1.500 billion euros, and represents year-over-year gowth of 8% to 16 percent.
Group insurance revenue is now projected to be 8.9 billion euros to 9.1 billion euros, compared to 8.8 billion euros to 9.1 billion euros expected earlier. The outlook represents a growth of 6% to 9 percent year-on-year.
In its second quarter, net profit climbed 35 percent to 417 million euros from last year's 310 million euros. Earnings per share improved 26 percent to 0.16 euro from prior year's 0.12 euro.
Operating earnings per share grew 16 percent to 0.14 euro from 0.12 euro a year ago.
Gross written premiums increased 9 percent to 2.54 billion euros from last year's 2.33 billion euros. Net insurance revenue was 2.26 billion euros, up 10 percent from 2.06 billion euros a year ago.
Like-for-like top-line growth was 8 percent, supported by continued strong momentum in the private businesses in the Nordics and in the UK.
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