Introduction of New Reporting Segments
Sampo plc is making significant strides by introducing new reporting segments that illustrate its evolution into a fully-integrated property and casualty (P&C) insurance group. This transformation comes in the wake of its strategic acquisition of Topdanmark.
Segment Breakdown
Starting from the first quarter of 2025, Sampo will segment its reporting to better delineate its various business operations. These segments are set to yield clearer insights into the Group's financial performance, structured around its core operational business areas.
Private Segment
The newly defined Private segment will now include Sampo's Nordic private customer divisions, which were formerly categorized under the If and Topdanmark segments. Impressively, this segment represented a notable 44 percent of the Group’s insurance revenue for the year 2024.
Commercial Segment
Another vital segment is the Commercial sector, which consolidates the Nordic commercial customer businesses, including Oona Health, previously recognized under the If and Topdanmark alignments. This segment contributed 25 percent to the insurance revenue in 2024.
Industrial Segment
Sampo will also establish an Industrial segment focusing on the Nordic Industrial customer base, previously logged under the If segment. This classification applies to corporations generating revenues exceeding SEK 500 million or employing over 500 individuals. Interestingly, the Industrial segment accounted for 8 percent of the Group’s insurance revenue last year.
UK Segment
In addition, a UK segment will encapsulate the Group's business from the UK, which was earlier classified under Hastings. This sector represented 20 percent of Sampo's insurance revenue for the year 2024.
Additional Operations
Aside from these four primary segments, Sampo will also include Other Operations in its underwriting results. This encompasses the Baltic operations, group eliminations, and internal items, contributing an additional 3 percent to the overall insurance revenue in 2024.
Key Financial Reporting
Under this new segmentation framework, Sampo will diligently report key profit and loss figures from gross written premiums to underwriting results across these segments. However, for figures below the underwriting results, like net investment income and insurance finance income or expenses, Sampo will disclose these at a group level, accompanied by a dedicated explanatory section in its financial reports.
No Impact on Financial Targets
It is important to note that this new segmentation will not alter Sampo’s overall group-level profit and loss figures or the financial targets established for 2024-2026. Starting from Q1 2025, Sampo will provide insights into its underlying margin developments specifically based on its Nordic operations.
Restated Key Figures
For stakeholders, Sampo has restated key figures for the full years of 2023 and 2024, in addition to quarterly figures for 2024. These data points are available for review online, alongside a concise presentation that outlines the segmentation strategy.
Contact Information
SAMPO PLC
Investor Relations and Group Communications
For further inquiries, please reach out to:
Sami Taipalus
Head of Investor Relations
Tel: +358 10 516 0030
Maria Silander
Communications Manager, Media Relations
Tel: +358 10 516 0031
Frequently Asked Questions
What changes has Sampo made in its reporting segments?
Sampo has restructured its reporting segments to better reflect its comprehensive operational areas, including Private, Commercial, Industrial, and UK segments.
Will Sampo’s new segments impact its financial targets?
No, the newly introduced segments will not affect Sampo’s group level P&L figures or the established financial targets for the upcoming years.
How can I access Sampo's restated key figures?
Sampo's restated key figures for 2023 and 2024, as well as quarterly data for 2024, can be found on their official website.
Who can I contact for more information about Sampo?
You can contact Sami Taipalus, Head of Investor Relations, or Maria Silander, Communications Manager for media inquiries.
What is the significance of introducing new reporting segments for Sampo?
The introduction of new segments enhances transparency, offering stakeholders clearer insights into the financial performance of specific business areas within Sampo.
