Finland-based insurance group Sampo Plc, the owner of British general insurer Hastings, has reported its 2022 financial results.
For the full year, Sampo Group posted a 41% decline in profit before taxes, to €1.86 billion. Of this amount, €1.22 billion came from If; €220 million, Topdanmark; €73 million, Hastings; €207 million, Mandatum; and €146 million, Holding. If was the only segment that registered an increase from 2021.
The group’s profit for the period fell by 44% to €1.54 billion, while underwriting profit grew slightly (2%) to €1.31 billion.
The company noted: “The group combined ratio was solid at 82.1%, supported by excellent performance in Nordic P&C (property and casualty) and benefits from higher discount rates. Excluding the reported COVID-19 effects in 2021, the combined ratio would have improved by 1.0 percentage points year-on-year.
“Gross written premiums increased by 6% to €8.14 billion, driven by strong renewals, high retention, and disciplined pricing. Sampo targets mid-single digit percent underwriting profit growth on average and a combined ratio below 86% for 2021-2023.”
For the 2022 financial year, the firm’s board is proposing a dividend of €2.60 per share. Meanwhile management will propose to the board a new €400 million buyback programme.