Finnish Sampo Considers Listing in Stockholm

Finnish Sampo Considers Listing in Stockholm

The Sampo Group logo is pictured at the company’s headquarters in Helsinki, Finland on November 7, 2018. Photo taken on November 7, 2018. Vesa Moilanen/Lehtikuva via REUTERS/File Photo

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HELSINKI, Sep 8 (Reuters) – Finnish insurance group Sampo (SAMPO.HE) said on Thursday that it is considering listing its shares in Stockholm, in addition to the ongoing trading in Helsinki, to attract more Swedish investors.

While Sweden is Sampo’s largest market, only about 5% of the company’s investors are based there, CEO Thorbjorn Magnusson told Reuters.

“We had several meetings with potential investors in Sweden and their interest was great,” Magnusson said. “This is an opportunity for Swedish domestic funds to invest in us and gives us access to a liquid market.”

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Sampo’s share price has risen 7% since the start of the year, outpacing the 17% drop in the underlying Helsinki index as the company benefits from higher global interest rates, boosting insurers’ profits.

The company said it expects to decide on a listing in Stockholm by the end of 2022, adding that it won’t affect the total number of shares.

However, the CEO ruled out moving the Sampo headquarters to Stockholm.

“We are not going to move, this is a very Finnish company, registered in Finland from the very beginning,” Magnusson said.

Less than a year later, Sampo sold its stake in Finnish Nordea Bank after announcing a strategic shift in February 2021 to focus on insurance.

According to the CEO, the Nordic insurance industry has undergone significant consolidation over the past decades, leaving little room for further development.

“I don’t particularly expect more Nordic consolidation,” Magnusson said.

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Reporting by Essi Lehto in Helsinki and Terje Solsvik in Oslo; editing by Jason Neely

Our standards: Thomson Reuters Trust Principles.

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