Sampo Oyj (SAXPF) Q1 2024 Earnings Call Transcript

Date:


Sampo Oyj (OTCPK:SAXPF) Q1 2024 Earnings Conference Call May 7, 2024 7:30 AM ET

Company Participants

Sami Taipalus – Head, Investor Relations
Torbjorn Magnusson – Group Chief Executive Officer
Knut-Arne Alsaker – Group Chief Financial Officer
Morten Thorsrud – Chief Executive Officer, If

Conference Call Participants

Alex Evans – Citi
Freya Kong – Bank of America
Tryfonas Spyrou – Berenberg
Faizan Lakhani – HSBC
Vinit Malhotra – Mediobanca
Ulrik Zurcher – Nordea
Youdish Chicooree – Autonomous Research
Johan Strom – Carnegie
Jan Erik Gjerland – ABG
Jaakko Tyrvainen – SEB
Michele Ballatore – KBW

Sami Taipalus

Good afternoon, everyone. And welcome to the Sampo Group First Quarter 2024 Conference Call. My name is Sami Taipalus, and I am Head of Investor Relations at Sampo. I am joined on the call by Group CEO, Torbjorn Magnusson; Group CFO, Knut-Arne Alsaker; and CEO of If, Morten Thorsrud.

The call will feature a short presentation from Torbjorn followed by Q&A. A recording of the call will later be available on sampo.com.

With that, I hand over to Torbjorn. Please go ahead.

Torbjorn Magnusson

Thanks, Sami, and good afternoon, everyone. The first quarter results follow our recent Capital Markets Day and the messages from that day are confirmed. The momentum in our organization is excellent. The underlying combined ratio development continues to improve at roughly the same pace and the increase in digital sales is very positive.

Our Q1 growth is a strong 10% for the Group, supported by positive development across all divisions. At the same time, we saw the most severe Nordic winter weather, since 2010 in January and February. This is non-life insurance, and now and then we have events or unusually large individual losses.

This quarter, the winter effect for If P&C was 8%, clearly much more than an average winter, whilst the



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