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Sampo: New Targets Marginally Favour Equity Over Credit

FINANCIALS

Sampo (SAMPO FH) published new financial targets (for 2024-2026) today which are, perhaps, a small upgrade to capital generation but with a lower Solvency 2 target range. The company's cash curve has been broadly wider YTD and there's little here to alter this, in our view.


  • Operating EPS growth is seen >7% on average (cons. is below, nearer 2% this with a 9% fall in FY24), combined ratio <85% (in line with expectations but 1pp better than previous targets) and deployable capital generation of >EUR4bn. On capital, dividends are seen around EUR3bn over the period with a small increase in S2 capital (<EUR500m) so there's a small capital generation upgrade here.
  • S2 ratio is seen 150-190% which is broadly in line but weaker than previous targets (of 170-190%). Financial leverage is seen below 30% (unchanged).
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