Sampo Group reports Q1 financials

Results season continues with the turn of Hastings parent Sampo Plc detailing the insurance group’s financial results in the first quarter of 2023.

Here’s how Sampo Group performed in the three-month period, as reported under the new accounting standard:

Net profit for the company’s equity holders stood at €271 million. The corresponding figure in Q1 2022 was €773 million. Compared to the previous year, both profit before taxes and net financial result in Q1 2023 went down, while underwriting result and insurance service result were slightly higher.

“I am encouraged by the progress on our organic growth initiatives, both in the Nordics and the UK, where we have capitalised on our strong positions,” said group chief executive Torbjörn Magnusson in a release, while pointing to “solid results” across all operations.

Meanwhile the quarterly report is the last with Björn Wahlroos (also known as Nalle) as chair.

“I would like to thank Nalle for his huge commitment and contribution to Sampo for over 20 years and, although he leaves on May 17, Sampo will retain the razor-sharp focus on profitability and value creation that he has instilled in the group over his time here,” commented Magnusson.

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