Sampo Oyj (SAXPF) Q3 2023 Earnings Call Transcript

Sampo Oyj (OTCPK:SAXPF) Q3 2023 Earnings Conference Call November 8, 2023 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

Jakob Brink – Nordea

Youdish Chicooree – Autonomous Research

Faizan Lakhani – HSBC

Vinit Malhotra – Mediobanca

Freya Kong – Bank of America

Jan Erik – ABG

Tryfonas Spyrou – Berenberg

Asbjørn Mørk – Danske Bank

Alex Evans – Citi

Sami Taipalus

Good afternoon, everyone, and welcome to the Sampo Group Third Quarter 2023 Conference Call. My name is Sami Taipalus, and I’m Head of Investor Relations at Sampo Group. I’m 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 welcome, everyone. Our third quarter was very much a continuation of the previous ones. The headline numbers are dominated by very strong momentum in our operations and our strong development in our focus areas on the one hand, but also of a second consecutive quarter with natural perils events in the Nordics. I’ll comment on both, of course.

I’d like to comment upfront also that the so important underlying margin trends are unchanged in the Nordics. We continue to be able to price slightly ahead of claims inflation and are able to keep an extremely high retention level. Claims inflation is stable or even receding slightly. And in total, the development of our portfolio is a very positive one.

Beginning with our momentum in the Nordic operations. We are

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