Insurer Sampo says its Solvency II ratio could fall in 2024-2026 [Reuters]
SAMPO OYJ UNSP/ADR (SAXPY)
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Source: Reuters
Finnish insurer unveiled new medium-term targets ahead of its capital markets day on Wednesday. The group targets a Solvency II ratio - a measure of insurers' capital strength under European Union rules - of between 150% and 190% over the next three years. That brings the lower end of the range down from 170% compared to its 2021-2023 target. It had reported a ratio of 182% for 2023. Sampo's shares fell 2.8% to 40.33 euros at 1123 GMT. J.P.Morgan said in a note that investors might not "feel comfortable" with a Solvency II ratio of 150% at the bottom of the range. Citi and J.P.Morgan analysts also pointed to the lack of a share buyback announcement or other comments on timing of excess returns. Analysts' consensus is expecting about 800 million euros ($870 million) in share buybacks over 2024 and 2025. Sampo, which mainly operates in the Nordic countries, aims to distribute at least 70% of operating profits as dividends in 2024-2026. It expects operating earnings per s
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