I am also interested in whether it is in Sampo’s interest or under consideration to combine Hastings and Topdanmark under the same If brand in the longer term. This move could also achieve synergy benefits, for example in marketing, even if they were to remain separate subsidiaries in an “If UK” style.
Another matter then is the prospect of changing the name of the entire group to If.
Here is Sijoittaja.fi’s analysis of Sampo and its result.
In the second quarter of the year, If continued its very strong performance. The growth of Sampo’s underwriting result—the part of the insurance company’s operations that is not investment activity—was once again largely due to the property and casualty insurance company. If’s stable operations despite market fluctuations and the still-rising underwriting result support Sampo’s financial position.
I must say that at first glance, I was pleased with this result (Sampo is the largest holding in my portfolio).
IF’s strong earnings performance continues, and I personally like the approach for splitting Mandatum from the group (and if those other “non-core assets” from an insurance business perspective can be moved there with better synergies, even better).
I haven’t had the time to dive deep into it yet, especially those IFRS complexities, but this rock-solid, consistently good performance is a beautiful thing to watch It feels good to be along for the ride.
EDIT: By the way, registration for the Annual General Meeting ends today at 4:00 PM, so remember to register if you’d like to go and listen next week!
Topdanmark is a good company and part of our group. We own half of it, and this works well for us. I cannot say whether new opportunities regarding Topdanmark will open up in the future. At the moment, none are in sight, Magnusson says.
Sampo listed on the Stockholm Stock Exchange last November.
There is no other insurance company listed on the Stockholm Stock Exchange, so institutional investors are very interested in us, Magnusson says regarding trading in Sweden.
If is better known in Sweden than Sampo. Could Sampo change its name to If or move its headquarters to Stockholm?
There are no such plans. The current model works well. We have a strong shareholder base in Finland, two hundred thousand Finnish shareholders and several hundred thousand customers, Magnusson replies.
Here are OP’s Chief Analyst Antti Saari’s views on Q1.
Sampo published its results this morning. If delivered stronger-than-expected figures. Chief Analyst Antti Saari reviews the highlights of the Q1 report in the video.
Sauli and Kasper have released a new report on Sampo, it was another really good company update; somehow everything clicks best for me in these company reports.
Sampo’s year got off to a flying start and the Q1 report was excellent in all respects. We have slightly revised our forecasts upwards, but the big picture remains unchanged. We still expect cautious earnings growth and a generous dividend flow from Sampo.
Well done. I am eagerly looking forward to the release of the upcoming Mandatum Plc’s strategy in due course, hopefully as soon as this summer.
Even if it’s not in @Sauli_Vilen’s own projections, the future Mandatum Plc could start to look more like a “financial services” company rather than just a life insurance company equipped with asset management. This, if anything, creates the framework for a “growth company,” and there is a need for consolidation even just domestically—and who knows if even Enento might fit into the maw of a growth-oriented “financial services” company. Well, wild scenarios are easy to toss out, and the strategy release will then tell the tale. Who knows, maybe Sampo is being bought in a frenzy just to get Mandatum
It would be nice to get some insight into Mandatum’s valuation and growth prospects. One would expect value to be unlocked now that Mandatum can also execute its own strategy instead of just paying dividends to the parent company. It was mentioned in Sauli and Antti’s podcast that Mandatum could be one of the consolidators in the wealth management space.
In 2022, Mandatum accounted for only about 14 percent of the entire Sampo Group’s profit before taxes. Mandatum’s profit was 236 million euros before taxes. The value of Mandatum’s assets under management is 16 billion euros.
Pyysing
So, from Sampo, valued at 22 billion, a slice of a couple of billion is breaking off—in Nalle’s most Finland-Swedish words, as an order of magnitude figure. [9.09%]
Proposed separation of Mandatum through a partial demerger – Q&A
A base dividend of 1.80 euros for the 2022 financial year. Mandatum’s share of this was the internal dividend it paid, 150 million euros, or approximately 0.30 euros [16.67%]
Those reading this thread might be interested to know that Wahlroos will be interviewed today at 10:05 on Yle, and the interview can be watched via the link below, which also features other information about Wahlroos and his thoughts.
– Sampo is and will remain in Finland, says Wahlroos.
According to him, Sampo has about 200,000 Finnish shareholders and even more Finnish customers.
Wahlroos says that while Sampo’s management is indeed Swedish- and Norwegian-weighted, the largest shareholders are Finnish, and there aren’t even that many Swedish shareholders.
In this interview, Wahlroos pretty much shot down the idea of Sampo changing its name to If or Hastings changing to If.
He did, however, consider it possible that if the rest of Topdanmark is acquired at some point, it would lead to a need for integration with If’s Danish operations—meaning, if I interpret correctly, a name change could be considered at that point when the two merge.