Reinsurance News

Sampo targets <86% combined ratio by 2023

24th February 2021 - Author: Matt Sheehan

As part of its new financial targets for the 2021 to 2023 period, Nordic insurer Sampo Group is targeting a combined ratio of less than 86%.

The company also plans to organically grow its property and casualty (P&C) underwriting profits by a mid-single digit percentage each year from the 2020 level, excluding COVID-19 effects.

The P&C segment, which is Sampo’s largest operation, will target a combined ratio of below 85%.

These targets form part of Sampo’s transformation towards a pure insurance group with a focus on P&C insurance operations, where the Board and the management see the greatest potential for long-term value creation.

To achieve these ambitions, Sampo outlined further plans to reduce its stake in European financial services group Nordea over the next 18 months.

Sampo Group is a Helsinki, Finland based financial group that is made up of the parent company, Sampo plc, and its subsidiaries, If P&C, Mandatum Life, Hastings and Topdanmark.

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