Q2 2026 Sampo Oyj Earnings Call

August 12, 2026

Mirko Hurmerinta: Good morning, everyone, and welcome to Sampo Group's conference call on Q2 2026 results. My name is Mirko Hurmerinta, the interim head of IR at Sampo. I am joined on the call today by Group CEO, Morten Thorsrud, and Group CFO, Lars Kufall Beck. The call will include a short presentation by Morten and Lars, followed by Q&A. A recording of the call will later be available at sampo.com. With that, I hand over to you, Morten. Please go ahead.

Speaker #1: I'm joined on the call today by Group CEO Morten Thorsrud and Group CFO Lars Kovalbek. The call will include a short presentation by Morten and Lars, followed by Q&A.

Speaker #1: A recording of the call will later be available at sampo.com. With that, I hand over to you, Morten. Please go ahead.

Speaker #2: Thanks, Mirko. Good morning, and a warm welcome to Sampo's Q2 results conference call on my behalf as well. Sampo delivered strong first half and second quarter results.

Morten Thorsrud: Thanks, Mirko, and good morning and a warm welcome to Sampo's Q2 result conference call on my behalf as well. Sampo delivered strong H1 and Q2 results, driven by broad-based and durable top-line growth, disciplined underwriting, and continued cost efficiency improvements across the group. Our H1 like-for-like growth amounted to 3% and accelerated to 5% in Q2. This was supported by our Private and SME lines in all markets, which I will cover in more detail shortly. Combined with stable, strong margins in a favorable claims environment, the top-line growth translated into an underwriting result growth of 7% in H1 and 5% in Q2 on a currency adjusted basis. The operating EPS increased by 12% in H1 and by 6% in Q2.

Speaker #2: Driven by broad-based and durable top-line growth, disciplined underwriting, and continued cost efficiency improvements across the Group. Our first half like-for-like growth amounted to 3%, and accelerated to 5% in the second quarter.

Speaker #2: This was supported by our Private and SME lines in all markets, which I will cover in more detail shortly. Combined with stable, strong margins in a favorable claims environment, the top-line growth translated into an underwriting result growth of 7% in the first half and 5% in the second quarter, on a current currency-adjusted basis.

Morten Thorsrud: Combined with stable, strong margins in a favorable claims environment, the top-line growth translated into an underwriting result growth of 7% in H1 and 5% in Q2 on a currency adjusted basis. The operating EPS increased by 12% in H1 and by 6% in Q2. Meanwhile, our investment returns saw a healthy rebound during Q2, and our solvency coverage remained robust, of which Lars will elaborate on in a moment. Following the strong H1 performance, we have adjusted our full year outlook upwards, both when it comes to insurance revenues as well as for the underwriting result.

Speaker #2: The operating EPS increased by 12% in the first half, and by 6% in the second quarter. Meanwhile, our investment returns saw a healthy rebound during the second quarter, and our solvency coverage remained robust, which Lars will elaborate on in a moment.

Morten Thorsrud: Meanwhile, our investment returns saw a healthy rebound during Q2, and our solvency coverage remained robust, of which Lars will elaborate on in a moment. Following the strong H1 performance, we have adjusted our full year outlook upwards, both when it comes to insurance revenues as well as for the underwriting result. Let's take a closer look at our key segments with a focus on Q2 development. Our largest business area, Private in the Nordics, saw continued robust top-line growth of 5% in the quarter. While the growth rate has slowed down a tad from previous quarters, it has become increasingly more volume-driven. During Q2, we saw increase in customer count as well as in number of objects and object sales in all countries, while retention remained high and broadly stable.

Speaker #2: Following the strong first-half performance, we have adjusted our full-year outlook upwards, both when it comes to insurance revenues as well as for the underwriting result.

Speaker #2: Now, let's take a closer look at our key segments, with a focus on second-quarter development. Our largest business area, Private, in the Nordics, saw continued robust top-line growth of 5% in the quarter.

Morten Thorsrud: Let's take a closer look at our key segments with a focus on Q2 development. Our largest business area, Private in the Nordics, saw continued robust top-line growth of 5% in the quarter. While the growth rate has slowed down a tad from previous quarters, it has become increasingly more volume-driven. During Q2, we saw increase in customer count as well as in number of objects and object sales in all countries, while retention remained high and broadly stable.

Speaker #2: While the growth rate has slowed down a tad from previous quarters, it has become increasingly more volume-driven. During the second quarter, we saw an increase in customer count, as well as in the number of objects and object sales, in all countries.

Speaker #2: While retention remained high and broadly stable, to me, this underlines the breadth and durability of our organic growth, which continues to be supported by our consistent efforts and initiatives to improve our digital customer journeys.

Morten Thorsrud: To me, this underlines the breadth and durability of our organic growth, which continues to be supported by our consistent efforts and initiatives to improve our digital customer journeys. To give a few examples of our digital initiatives during Q2, our If mobile app reached 1.8 million downloads across the Nordics, meaning nearly half of our household customers now use the mobile app to manage their policies and report claims. In fact, during Q2, we reached our operational ambition of more than 70% of claims being reported digitally by the end of this year. We also expanded our AI-powered virtual agent, IfGPT, from Denmark into Sweden and Norway. At the same time, we also launched an If Vet app in all Nordic countries, which allow pet owners to contact vets 24/7 free of charge. Turning to the UK.

Speaker #2: To give a few examples of our digital initiatives during the second quarter, our IF mobile app reached 1.8 million downloads across the Nordics, meaning nearly half of our household customers now use the mobile app to manage their policies and report claims.

Speaker #2: In fact, during Q2, we reached our operational ambition of more than 70% of claims being reported digitally by the end of this year. We also expanded our AI-powered virtual agent, IF GPT, from Denmark into Sweden and Norway. At the same time, we also launched an IF VET app in all Nordic countries, which allows pet owners to contact vets 24/7, free of charge.

Morten Thorsrud: We also expanded our AI-powered virtual agent, IfGPT, from Denmark into Sweden and Norway. At the same time, we also launched an If Vet app in all Nordic countries, which allow pet owners to contact vets 24/7 free of charge. Turning to the UK. In the UK, the pricing environment has remained competitive and on the somewhat softer side. However, we have seen further stabilization in pricing trends, and we remain well-positioned to accelerate our growth when the cycle now turns.

Speaker #2: Turning to the UK, in the UK, the pricing environment has remained competitive, and on the somewhat softer side. However, we've seen further stabilization in pricing trends, and we remain well-positioned to accelerate our growth when the cycle now turns.

Morten Thorsrud: In the UK, the pricing environment has remained competitive and on the somewhat softer side. However, we have seen further stabilization in pricing trends, and we remain well-positioned to accelerate our growth when the cycle now turns. Nevertheless, I am pleased to see that even in this somewhat softer market environment, we have continued to find carefully selected pockets of growth, supported by our investments in data, pricing capabilities, as well as in product innovation. In Q2, we added around 180,000 customers, representing 13% growth year on year and 4% over the quarter. This drove the like-for-like top-line growth in our UK business to 7.6%, up from 1% in Q1. At the same time, we delivered strong margins within our target operating range, supported by continued operational efficiency. Moving to Nordic Commercial, which was our fastest-growing segment in Q2, with an 8.6% like-for-like growth.

Speaker #2: Nevertheless, I'm pleased to see that even in this somewhat softer market environment, we have continued to find carefully selected pockets of growth, supported by our investments in data, pricing capabilities, as well as in product innovation.

Morten Thorsrud: Nevertheless, I am pleased to see that even in this somewhat softer market environment, we have continued to find carefully selected pockets of growth, supported by our investments in data, pricing capabilities, as well as in product innovation. In Q2, we added around 180,000 customers, representing 13% growth year on year and 4% over the quarter. This drove the like-for-like top-line growth in our UK business to 7.6%, up from 1% in Q1. At the same time, we delivered strong margins within our target operating range, supported by continued operational efficiency.

Speaker #2: In the second quarter, we added around 180,000 customers, representing 13% growth year on year and 4% over the quarter. This drove the like-for-like top-line growth in our UK business to 7.6%, up from 1% in the first quarter.

Speaker #2: At the same time, we delivered strong margins within our target operating range, supported by continued operational efficiency. Moving to Nordic Commercial, which was our fastest growing segment in this second quarter.

Morten Thorsrud: Moving to Nordic Commercial, which was our fastest-growing segment in Q2, with an 8.6% like-for-like growth. Another proof of our diversified and durable organic growth. The growth was supported by improved traction in our SME portfolio, which saw accelerated growth of more than 5% in the quarter and a good increase in number of customers. Further, Q2's performance was propelled by several larger customer wins. One of these was a major personal insurance agreement in Denmark that provides access to comprehensive healthcare for 40,000 pensioners.

Speaker #2: With an 8.6% like-for-like growth. Another proof of our diversified and durable organic growth. The growth was supported by improved traction in our SME portfolio, which saw accelerated growth of more than 5% in the quarter, and a good increase in number of customers.

Morten Thorsrud: Another proof of our diversified and durable organic growth. The growth was supported by improved traction in our SME portfolio, which saw accelerated growth of more than 5% in the quarter and a good increase in number of customers. Further, Q2's performance was propelled by several larger customer wins. One of these was a major personal insurance agreement in Denmark that provides access to comprehensive healthcare for 40,000 pensioners. This is an exciting expansion into a new segment and not only demonstrates our strong position in the personal insurance market, but also underlines the sustained structural demand for complementary healthcare beyond also the working age segment. Given that there are over 1 million pensioners only in Denmark, we look forward to assessing this opportunity and open up this new market field. Lars will continue with some reflections on the investment performance and on our balance sheet.

Speaker #2: Further, the second quarter's performance was propelled by several larger customer wins. One of these was a major personal insurance agreement in Denmark that provides access to comprehensive health care for 40,000 pensioners.

Speaker #2: This is an exciting expansion into a new segment, and not only demonstrates our strong position in the personal insurance market, but also underlines the sustained structural demand for complementary health care beyond the working age segment.

Morten Thorsrud: This is an exciting expansion into a new segment and not only demonstrates our strong position in the personal insurance market, but also underlines the sustained structural demand for complementary healthcare beyond also the working age segment. Given that there are over 1 million pensioners only in Denmark, we look forward to assessing this opportunity and open up this new market field. Lars will continue with some reflections on the investment performance and on our balance sheet.

Speaker #2: Given that there are over one million pensioners only in Denmark, we look forward to assessing this opportunity and opening up this new market field.

Speaker #2: Now, Lars will continue with some reflections on the investment performance and on our balance sheet.

Speaker #1: Thank you so much, Morten. It has been somewhat of a ride in the financial market in the first half of 2026. Following the very unsettled first quarter we saw, the second quarter saw a sharp rebound in both equity and fixed income assets.

Lars Kufall Beck: Thank you so much, Morten. It has been somewhat of a ride in the financial market in H1 2026. Following the very unsettled Q1 we saw, Q2 saw a sharp rebound both in the equity and fixed income assets. That, of course, also naturally reflected to our investment portfolio. On top of the continued stable interest and dividend income we see, our core portfolio saw net gains of EUR 240 million. That is roughly evenly split between fixed income and equities in the quarter. This was partly offset by a soft development in our two legacy assets, Nova and Nexi. Just as a reminder, the market value of Nexi is reported with a one-quarter delay, meaning the Q2 figures here reflect the asset's actual performance in Q1.

Speaker #1: And that, of course, also naturally reflected to our investment portfolio. On top of the continued stable interest and dividend income we see, our core portfolio saw net gains of €240 million, and that's roughly evenly split between fixed income and equities in the quarter.

Speaker #1: This was partly offset by a soft development in our two legacy assets, NOBA and Nexi. And just as a reminder, the market value of Nexi is reported with a one-quarter delay, meaning the second-quarter figures here reflect the asset's actual performance in Q1.

Lars Kufall Beck: Just as a reminder, the market value of Nexi is reported with a one-quarter delay, meaning the Q2 figures here reflect the asset's actual performance in Q1. All in all, the total net investment income stood at EUR 360 million, which more than offsets the mark to market-driven net loss that we saw in Q1, sorry. If we turn to the solvency development in Q2, that remained strong and unchanged from the first quarter. This was, of course, driven by a strong operating performance offsetting the slightly negative market effects, which ended up being smaller than we had initially anticipated.

Speaker #1: All in all, the total net investment income stood at €360 million, which more than offsets the mark-to-market-driven net loss that we saw in Q4.

Lars Kufall Beck: All in all, the total net investment income stood at EUR 360 million, which more than offsets the mark to market-driven net loss that we saw in Q1, sorry. If we turn to the solvency development in Q2, that remained strong and unchanged from the first quarter. This was, of course, driven by a strong operating performance offsetting the slightly negative market effects, which ended up being smaller than we had initially anticipated. The main driver for the negative market effects was the symmetric adjustments, which increased to nearly 9% in the quarter, up from 5% last quarter. It is now almost maxed out under the current solvency regime, where it can maximum be 10%. This is an important figure to keep in mind when looking at our solvency. With a zero symmetric adjustment, all else equal, our solvency ratio would have been 180%.

Speaker #1: So, or Q1—sorry. If we turn to the solvency development in Q2, that remained strong and unchanged from the first quarter. This was, of course, driven by a strong operating performance, offsetting the slightly negative market effects, which ended up being smaller than we had initially anticipated.

Speaker #1: The main driver for the negative market effects was the symmetric adjustments, which increased to nearly 9% in the quarter, up from 5% last quarter.

Lars Kufall Beck: The main driver for the negative market effects was the symmetric adjustments, which increased to nearly 9% in the quarter, up from 5% last quarter. It is now almost maxed out under the current solvency regime, where it can maximum be 10%. This is an important figure to keep in mind when looking at our solvency. With a zero symmetric adjustment, all else equal, our solvency ratio would have been 180%. I am naturally very happy with the 174% solvency, with the symmetric adjustment being where it is at the moment.

Speaker #1: And hence, it is now almost maxed out under the current solvency regime, where it can, at maximum, be 10%. This is an important figure to keep in mind when looking at our solvency. With a zero symmetric adjustment, all else equal, our solvency ratio would have been 180%.

Speaker #1: So, I'm naturally very happy with the 174% solvency, with the symmetric adjustment being where it is at the moment. And also, just as a reminder, we deduct 90% of our operating result from our own funds each quarter, so the solvency coverage fully reflects our distribution commitments to our shareholders.

Lars Kufall Beck: I am naturally very happy with the 174% solvency, with the symmetric adjustment being where it is at the moment. Also just as a reminder, we deduct 90% of our operating result from our own funds each quarter, so the solvency coverage fully reflects our distribution commitments to our shareholders. With that, I leave it back to you, Morten.

Lars Kufall Beck: Also just as a reminder, we deduct 90% of our operating result from our own funds each quarter, so the solvency coverage fully reflects our distribution commitments to our shareholders. With that, I leave it back to you, Morten.

Speaker #1: So with that, I leave it back to you, Morten.

Speaker #2: Thank you, Lars. As mentioned in the beginning, following the strong first-half year performance, we have adjusted our full-year outlook upwards. We now expect to achieve 7% to 9% insurance revenue growth, and to deliver 4% to 9% underwriting result growth.

Morten Thorsrud: Thank you, Lars. As mentioned in the beginning, following the strong H1 performance, we have adjusted our full year outlook upwards. We now expect to achieve 7% to 9% insurance revenue growth, and to deliver 4% to 9% underwriting result growth. The underwriting result range reflects the strong H1 performance, and also includes what we know about July claims development, particularly regarding the big residential fire in Drammen in Norway. Our preliminary claims estimate from this fire is around EUR 15 million, primarily affecting our private Nordic segment. To conclude, the second quarter represented another extension to our track record of delivering durable and broad-based organic growth at resilient and strong margins, in line with our promises to our shareholders. With that, I leave it back to you, Mikko.

Speaker #2: The underwriting result range reflects the strong first half-year performance and also includes what we know about July claims development, particularly regarding the big residential fire in Drammen, Norway.

Speaker #2: Our preliminary claims estimate from this fire is around €15 million, primarily affecting our private Nordic segment. To conclude, the second quarter represented another extension to our track record of delivering durable and broad-based organic growth at resilient and strong margins.

Morten Thorsrud: To conclude, the second quarter represented another extension to our track record of delivering durable and broad-based organic growth at resilient and strong margins, in line with our promises to our shareholders. With that, I leave it back to you, Mikko.

Speaker #2: In line with our promises to our shareholders. And with that, I hand it back to you, Mirko.

Speaker #1: Thank you, Morten and Lars. Operator, we are now ready for questions.

Mirko Hurmerinta: Thank you, Morten and Lars. Operator, we are now ready for questions.

Speaker #3: If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad.

Operator 2: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Vash Gosalia from Goldman Sachs. Please go ahead.

Operator: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Vash Gosalia from Goldman Sachs. Please go ahead.

Speaker #3: The next question comes from Vash Kasalya from Goldman Sachs. Please go ahead.

Speaker #4: Hi. Thank you for the opportunity. I have two questions, please. One is on Yukimoto. It feels like the messaging that's coming out of Sampo is somewhat different from the other players in the UK market, who are already alluding to price increases.

Vash Gosalia: Hi. Thank you for the opportunity. I have two questions, please. One is on UK motor. It feels like the messaging that's coming out of Sampo is somewhat different from the other players in the UK market who are already alluding to price increases, whereas you're suggesting that the price is still stabilizing and relatively soft. I was trying to understand the comment there and what it is that you are seeing in the market. If you could give us a little bit more color as to how you expect the UK motor market to develop, that would be quite helpful. The second one is on basically your commercial insurance segment, Nordic Commercial, wherein I just wanted to get a sense of, one, your growth in Q2 is definitely very good, but it's driven by these one-off large deals that you have.

Speaker #4: Whereas you're suggesting that the price is still stabilizing and relatively soft, I was trying to sort of understand the comment there, and what is it that you're seeing in the market.

Speaker #4: If you could give us a little bit more color as to how you expect the Yukimoto market to develop, that would be quite helpful.

Speaker #4: The second one is basically on your commercial insurance segment, or Nordic Commercial. I just wanted to get a sense of, one, your growth in the second quarter seems definitely very good, but it's driven by these one-off large deals that you have.

Vash Gosalia: The second one is on basically your commercial insurance segment, Nordic Commercial, wherein I just wanted to get a sense of, one, your growth in Q2 is definitely very good, but it's driven by these one-off large deals that you have. Can we extrapolate that into Q3, Q4, or should we again expect a bit of a normalization going forward? That said, the other question or more product question I have on the commercial insurance space is basically, can you give us a little bit more color on the competitive landscape there?

Speaker #4: Can we sort of extrapolate that into Q3 and Q4, or should we again expect a bit of a normalization going forward? That said, the other question, or more broadly, the question I have on the commercial insurance space is basically: Can you give us a little bit more color on the competitive landscape there?

Vash Gosalia: Can we extrapolate that into Q3, Q4, or should we again expect a bit of a normalization going forward? That said, the other question or more product question I have on the commercial insurance space is basically, can you give us a little bit more color on the competitive landscape there? The reason I ask this is basically yourself and your Nordic peers seem to be stepping away from large commercial business in the Nordic region, yet you talk about competitive intensity or pricing pressures, and this is common across the board. I am quite curious if everyone is stepping away from business, where does this competitive intensity come from? Thank you.

Speaker #4: The reason I ask this is, basically, you and your Nordic peers seem to be stepping away from large commercial business in the Nordic region. Yet, you talk about competitive intensity or pricing pressures, which is common across the board.

Vash Gosalia: The reason I ask this is basically yourself and your Nordic peers seem to be stepping away from large commercial business in the Nordic region, yet you talk about competitive intensity or pricing pressures, and this is common across the board. I am quite curious if everyone is stepping away from business, where does this competitive intensity come from? Thank you.

Speaker #4: So I'm quite curious, if everyone is stepping away from business, where does this competitive intensity come from? Thank you.

Speaker #1: Good. I think I'll try to answer these questions. First, the UK motor market—the market situation and pricing is clearly improving. Just to be clear on that.

Morten Thorsrud: Good. I think I'll try to answer these questions. First, UK motor market. The market situation and pricing is clearly improving. Just be clear on that. You could say that Q1 was definitely an improvement compared to Q4, and Q2 being an improvement compared to Q1. We still would like to see further price increases in the UK market, and we're not saying that the cycle has turned fully yet, but clearly improvement. We are implementing price increases and also pricing for slightly higher inflation expectation and getting that through in the market. So an improvement, but I think it's a little bit too early to say that the cycle fully has turned. But we're super happy about the development. Again, we're able to ride and grow our business, focusing on the 88% to 90% operating ratio target.

Speaker #1: So, you could sort of say that Q1 was definitely an improvement compared to Q4, and Q2 being an improvement compared to Q1. We still would like to see further price increases in the UK market, and we're not sort of saying that the cycle has turned fully yet.

Speaker #1: But clearly, there's improvement. We are implementing price increases and also pricing for slightly higher inflation expectations, and getting that through in the market. So, an improvement.

Morten Thorsrud: So an improvement, but I think it's a little bit too early to say that the cycle fully has turned. But we're super happy about the development. Again, we're able to ride and grow our business, focusing on the 88% to 90% operating ratio target. When it comes to Nordic Commercial, I think in a way you could say that the growth that we reported after Q1 was probably more of a normal situation than the growth that we report in Q2. I see that we have strong growth momentum, and I think you see that with more than 5% growth in the SME segment, good growth in number of customers.

Speaker #1: But I think it's a little bit too early to say that the cycle has fully turned. But we're super happy about the development, and again, we're able to write and grow our business focusing on the 88% to 90% operating ratio target.

Speaker #1: When it comes to Nordic commercial, I think, in a way, you could say that the growth that we reported after Q1 was probably more of an abnormal situation than the growth that we're reporting in Q2.

Morten Thorsrud: When it comes to Nordic Commercial, I think in a way you could say that the growth that we reported after Q1 was probably more of a normal situation than the growth that we report in Q2. I see that we have strong growth momentum, and I think you see that with more than 5% growth in the SME segment, good growth in number of customers. I think that we have good momentum also into the third quarter in the Nordic Commercial segment. Competitive landscape. First of all, we are not stepping away from the large corporate segment. We are still committed to that. It is a segment where we expect to make similar returns and similar profitability as we have in private and commercial in the Nordics. We are still committed to that market.

Speaker #1: So, I see that we have strong growth momentum, and I think you see that with more than 5% growth in the SME segment, and good growth in the number of customers. So, I think that we have good momentum also going into the third quarter.

Morten Thorsrud: I think that we have good momentum also into the third quarter in the Nordic Commercial segment. Competitive landscape. First of all, we are not stepping away from the large corporate segment. We are still committed to that. It is a segment where we expect to make similar returns and similar profitability as we have in private and commercial in the Nordics. We are still committed to that market. Then competition in the large corporate and commercial market is of course a little bit affected by the international reinsurance market.

Speaker #1: In the Nordic commercial segment.

Speaker #2: Competitive landscape. First of all, we are not stepping away from the large corporate segment. We are still committed to that. It's a segment where we expect to make similar returns and similar profitability as we have in private and commercial in the Nordics.

Speaker #2: So, we are still committed to that market. Then, competition in the large corporate and upper commercial market is, of course, a little bit affected by the international reinsurance market.

Morten Thorsrud: Then competition in the large corporate and commercial market is of course a little bit affected by the international reinsurance market. But of course, the reinsurance market is a bit softening, and part of that benefit is passed on to the large corporate customers. But apart from that, no new competition situation on the more SME market side. A stable competition there, I would say.

Speaker #2: But, of course, the reinsurance market is a bit softening, and part of that benefit is passed on to the large corporate customers. But apart from that, there's no new competition situation on the more SME market side.

Morten Thorsrud: But of course, the reinsurance market is a bit softening, and part of that benefit is passed on to the large corporate customers. But apart from that, no new competition situation on the more SME market side. A stable competition there, I would say.

Speaker #2: So, a stable competition there, I would say.

Speaker #4: So, can I just actually follow up on that one? Is it fair to then say, assuming the reinsurance market stabilizes from here on, you should then see probably slightly higher growth in the commercial segment?

Vash Gosalia: Can I just actually follow up on that one? Is it fair to then say, assuming that the reinsurance market stabilizes from here on, you should then see probably slightly higher growth in the commercial segment because your headwinds are gone?

Speaker #4: Because your headwinds have sort of gone.

Speaker #2: I think I would sort of distinguish between what we call commercial and what we call industrial, large corporate. So what we call commercial is really sort of predominantly SME.

Morten Thorsrud: I think I would distinguish between what we call commercial and what we call industrial large corporate. What we call commercial is really predominantly SME, and where international reinsurance trends are not really that visible. It is more similar to the private market. The impact from the international reinsurance market and those trends are more visible in our industrial segment, so the large commercial segment. Again, it is hard to say anything about the future, but again, it has been, from our perspective, very favorable reinsurance terms. That, of course, is a benefit that we partly can pass on to customers, and particularly in the property area.

Speaker #2: And where, you know, the international reinsurance trends are not really that visible. It's more similar to the private market. So the impact from the international reinsurance market and those trends are more visible in our industrial segment.

Speaker #2: So, the large commercial segment—and again, I mean, it's hard to say anything about the future—but again, there's been, from our perspective, very favorable reinsurance terms. That, of course, is a benefit that we can partly pass on to customers, and particularly in the property area.

Morten Thorsrud: That, of course, is a benefit that we partly can pass on to customers, and particularly in the property area.

Speaker #4: Got it. That's very clear. Thank you so much.

Vash Gosalia: Got it. That's very clear. Thank you so much.

Speaker #3: The next question comes from Daniel Wilson-Omordia from Morgan Stanley. Please go ahead.

Operator 2: The next question comes from Daniel Wilson-Omordia from Morgan Stanley. Please go ahead.

Operator: The next question comes from Daniel Wilson-Omordia from Morgan Stanley. Please go ahead.

Speaker #1: Hi, good morning. Thank you for taking my questions. I have a couple here, mainly around costs—both on the Nordic side and the UK side.

Daniel Wilson-Omordia: Hi. Morning. Thank you for taking my questions. I've got a couple here, mainly around, I guess, costs both on the Nordic side and the UK side. So your cost ratio in Q2 improved 10 to 20 bps this quarter. Just wondering what still gives you confidence in the 40 bps cost ratio improvement that you guide for in a year. So yeah, what gives you confidence around that number? Secondly, in the private UK, the cost ratios improved now quite strongly for the last two quarters. Just wondering if you see this as a trend that we can continue to expect. What's driven this? More broadly, I guess, do you think that the expense efficiency around the UK can be better from here in a general sense? Just curious on your thoughts on that. Thank you very much.

Speaker #1: So your cost ratio in Q2 improved 10 to 20 basis points this quarter. Just wondering what still gives you confidence in the 40 basis points cost ratio improvement that you guide for in the year?

Speaker #1: So, yeah, what gives you confidence around that number? And then secondly, in the private UK, the cost ratio has improved now quite strongly for the last two quarters.

Speaker #1: Just wondering if you see this as sort of a trend that we can continue to expect. What's driven this? And more broadly, I guess, do you think that the expense efficiency around the UK can be better from here, in a general sense?

Daniel Wilson-Omordia: More broadly, I guess, do you think that the expense efficiency around the UK can be better from here in a general sense? Just curious on your thoughts on that. Thank you very much.

Speaker #1: Just curious on your thoughts on that. Thank you very much.

Speaker #2: Yeah. When it comes to the Nordic region and the Nordic cost ratio, we remain committed and strongly believe in the 40 basis points improvement, which is partially then fueled by synergies from the Topdanmark integration, reaching €73 million now after Q2.

Morten Thorsrud: Yeah. When it comes to the Nordic region and the Nordic cost ratio, we remained committed and strongly believe in the 40 basis points improvements, which is partially then fueled by synergies from the Topdanmark integration, reaching EUR 73 million now after Q2. Quarterly development on cost is something that we don't really focus that much on. Could be differences in when some expenses are being invoiced and stuff like that affects the quarterly ratio. So we more focus on the full year development and again, strongly committed to the 40 basis points improvements that we expect to see for the next few years in the Nordic cost ratio. When it comes to UK, also their cost ratio can always be a little bit volatile from quarter to quarter.

Speaker #2: So, and then quarterly development on cost is something that we don't really focus that much on. There could be differences in when some expenses are being invoiced and stuff like that, which affects the quarterly ratio.

Speaker #2: So we are more focused on the fuller development and, again, strongly committed to the 40 basis point improvements that we expect to see for the next few years in the Nordic cost ratio.

Morten Thorsrud: So we more focus on the full year development and again, strongly committed to the 40 basis points improvements that we expect to see for the next few years in the Nordic cost ratio. When it comes to UK, also their cost ratio can always be a little bit volatile from quarter to quarter. It is correct to assume that we have an efficiency potential that we are gradually taking out in our UK operation. We have a positive outlook for the development of the cost ratio there over time. Of course, we are growing, and with scale comes, of course, potential efficiency improvements.

Speaker #2: When it comes to the UK, the cost ratio can always be a little bit volatile from quarter to quarter. But it’s correct to assume that we have an efficiency potential that we are gradually taking out in our UK operation.

Morten Thorsrud: It is correct to assume that we have an efficiency potential that we are gradually taking out in our UK operation. We have a positive outlook for the development of the cost ratio there over time. Of course, we are growing, and with scale comes, of course, potential efficiency improvements. Although we grow a number of live customer policies with 13%, of course, we are not growing manning in a similar manner. We do see underlying efficiency improvements in the UK business.

Speaker #2: So, we have a positive outlook for the development of the cost ratio there over time. Of course, we are growing, and with scale comes, of course, potentially efficiency improvements.

Speaker #2: And although we grew the number of live customer policies by 13%, we are not growing manning in a similar manner. So we do see underlying efficiency improvements in the UK business.

Morten Thorsrud: Although we grow a number of live customer policies with 13%, of course, we are not growing manning in a similar manner. We do see underlying efficiency improvements in the UK business.

Speaker #1: Thank you.

Daniel Wilson-Omordia: Thank you.

Speaker #3: The next question comes from Vinet Malhotra from Mediobanka. Please go ahead.

Operator 2: The next question comes from Vinit Malhotra from Mediobanca. Please go ahead.

Operator: The next question comes from Vinit Malhotra from Mediobanca. Please go ahead.

Speaker #4: Good morning, thank you. So, I have two questions I'd like to raise here. One is about Swedish new business, new car sales—sorry. It seems that when we were tracking this data in July, we saw a much better print.

Vinit Malhotra: Good morning. Thank you. I have two questions which I can raise here. One is Swedish new business, new car sales, sorry. It seems that when we were tracking this data in July, we saw a much better print. I am surprised it has not been noted by you, but I am curious if you have also seen it and you agree with that data, and that could mean some kind of a slightly more positive effect or at least less drag from this line. Second question is on the underlying 30 bps. Would you say that improvement by a while? Would you say this is a little better than you would have expected? Because I think you were indicating a little more conservatively or cautiously with the Q1 results. If anything interesting here, we are very grateful. Thank you.

Speaker #4: I'm surprised it's not been noted by you, but I'm curious if you have also seen it and if you agree with that data. And then, so that could mean some kind of a slightly more positive effect, or at least less drag from this line.

Speaker #4: Second question is on the underlying 30 basis points. Would you say that improved by a while? Would you say this is a little better than you would have expected?

Speaker #4: Because I think you were indicating a little more conservatively or cautiously with the Q1 results. So if anything interesting here, we are very grateful.

Vinit Malhotra: Because I think you were indicating a little more conservatively or cautiously with the Q1 results. If anything interesting here, we are very grateful. Thank you.

Speaker #4: Thank you.

Speaker #2: Yeah, I haven't really seen the July new car sales figures in Sweden, if that's what you were pointing out. I think the Q2 new car sales were just slightly positive.

Morten Thorsrud: Yeah. I haven't really seen the July new car sales figures in Sweden, if that was what you were pointing out. I think the Q2 new car sales was just slightly positive. So limited development really in the Swedish market in that respect. The story still is that when the new car sales will pick up in Sweden, it should support us on growth and it's still a little bit of a headwind to us. So when we report around 5% growth on private, it will be 6% when excluding the Swedish mobility. When it comes to the 30 bps underlying improvement, I think we've been sort of improving risk ratio with around 20 to 30 basis points for quite a while now. I think we were starting to say that there is of course a limit to how long this will last.

Speaker #2: So, limited development really in the Swedish market in that respect. So the story still is that when new car sales pick up in Sweden, it should support growth.

Speaker #2: And it's still a little bit of a headwind to us. So, when we report around 5% growth on private, it will be 6% when excluding the Swedish mobility.

Speaker #2: Then, when it comes to the 30 basis points underlying improvement, I think we've been sort of improving the risk ratio by around 20 to 30 basis points for quite a while now.

Morten Thorsrud: When it comes to the 30 bps underlying improvement, I think we've been sort of improving risk ratio with around 20 to 30 basis points for quite a while now. I think we were starting to say that there is of course a limit to how long this will last. Otherwise the combined ratio will be extremely low. So yeah, perhaps slightly better than expected, but not a big change yet.

Speaker #2: And I think we were starting to say that there is, of course, a limit to how long this will last. Otherwise, the combined ratio will be extremely low.

Morten Thorsrud: Otherwise the combined ratio will be extremely low. So yeah, perhaps slightly better than expected, but not a big change yet.

Speaker #2: So yeah, perhaps slightly better than expected, but not a big change yet.

Speaker #1: Yeah, thank you very much.

Vinit Malhotra: Sure. Thank you very much.

Speaker #3: The next question comes from Nadia Claressa from J.P. Morgan. Please go ahead.

Operator 2: The next question comes from Nadia Claressa from J.P. Morgan. Please go ahead.

Operator: The next question comes from Nadia Claressa from J.P. Morgan. Please go ahead.

Nadia Claressa: Hi, good morning both. I have two questions please. The first is just on private UK. I think the message that underwriting margins remain in line with your target level is clear, but could you perhaps elaborate on this and is this driven more by the cost efficiencies as you discussed previously, Morten? The reason I am asking is because if we look at the loss ratio standalone, it has increased 3.8 points at H1. Just keen to understand where the new business written now sits. Second, just going back to commercial in particular SMEs, I think growth has improved there as mentioned quarter on quarter, but it is still below the 6% ambition as of H1. Should we be expecting a pickup closer to this target rate over the next few quarters?

Speaker #5: Hi, good morning. Both. I have two questions, please. The first is just on Private UK. I think the message that underwriting margins remain in line with your target level is clear.

Speaker #5: But could you perhaps elaborate on this? And is this driven more by the cost efficiencies, as you discussed previously, Morten? The reason I'm asking is because if we look at the loss ratio standalone, it has increased 3.8 points at H1.

Speaker #5: So, just keen to understand where the new business written now sits. And second, just going back to commercial, in particular SMEs, I think growth has improved there, as mentioned, quarter on quarter.

Nadia Claressa: Second, just going back to commercial in particular SMEs, I think growth has improved there as mentioned quarter on quarter, but it is still below the 6% ambition as of H1. Should we be expecting a pickup closer to this target rate over the next few quarters? Based on your current view, do you think that the market dynamics are just too competitive and therefore it is not really supportive of this ambition at the moment? Thank you.

Speaker #5: But it is still below the 6% ambition as of H1. So, should we be expecting a pickup closer to this target rate over the next three quarters, or, based on your current view, do you think that the market dynamics are just too competitive and therefore not really supportive of this ambition at the moment?

Nadia Claressa: Based on your current view, do you think that the market dynamics are just too competitive and therefore it is not really supportive of this ambition at the moment? Thank you.

Speaker #5: Thank you.

Speaker #2: Yeah, thanks. I think when it comes to the UK, it's all about pricing and price sophistication. So, the support that we get on the cost ratio side is helpful, but it's much more important the efforts that we put into improving on the data side—improving our pricing models—and we've done quite some investment in this area, also in this year.

Morten Thorsrud: Yeah, thanks. I think when it comes to the UK, it is all about pricing and price sophistication. The support that we get on the cost ratio side is helpful, but it is much more important the efforts that we put into improving on the data side, improving our pricing models. We have done quite some investment in this area also in this year. Perhaps in particularly on the data side. With that of course, we find new segments where we then expect to reach the 88% to 90% operating ratio. I think it is more that sort of that is driving again, price sophistication. Then of course a slightly more positive market, slight increases in premium levels of course is starting to help as well. When it comes to commercial and SME, I think yeah, 5% is not too far from 6%.

Speaker #2: Perhaps in particular on the data side. And with that, of course, we find new segments where we then expect to reach the 88% to 90% operating ratio.

Speaker #2: So I think it's more that, sort of, that is driving, again, price sophistication. And then, of course, a slightly more positive market—slight increases in premium levels, of course—is starting to help as well.

Morten Thorsrud: Then of course a slightly more positive market, slight increases in premium levels of course is starting to help as well. When it comes to commercial and SME, I think yeah, 5% is not too far from 6%. We have been sort of up and around sort of the 6% figure sort of for a few quarters. I think Q1 as I mentioned, was a little bit special in that respect, and I think we see a little bit of more normalization now in Q2. We believe that we have a very strong position in the SME market. That market is becoming more digital. Customer behavior is starting of course to mimic the behavior that we see in the private market.

Speaker #2: When it comes to commercial and SME, I think, yeah, 5% is not too far from 6%. We've been sort of up and around the 6% figure for a few quarters.

Morten Thorsrud: We have been sort of up and around sort of the 6% figure sort of for a few quarters. I think Q1 as I mentioned, was a little bit special in that respect, and I think we see a little bit of more normalization now in Q2. We believe that we have a very strong position in the SME market. That market is becoming more digital. Customer behavior is starting of course to mimic the behavior that we see in the private market. Gradually we expect to see that all of the investments we made in digitalization start to pay off also in the SME market.

Speaker #2: I think the first quarter, as I mentioned, was a little bit special in that respect. And I think we see a little bit more normalization now in the second quarter.

Speaker #2: And we believe that we have a very strong position in the SME market. That market is becoming more digital, and customer behavior is starting, of course, to mimic the behavior that we see in the private market.

Speaker #2: So, gradually, we expect to see that all of the investments we made in digitalization start to pay off also in the SME market.

Morten Thorsrud: Gradually we expect to see that all of the investments we made in digitalization start to pay off also in the SME market.

Speaker #4: And I think last year, I think on the UK.

Lars Kufall Beck: I think lastly, on the UK private, just to make sure, the worsening in the loss ratio that we have seen in Q2 is exactly as expected because it is just a natural consequence of the lower rate levels that we saw from Q2 onwards last year, now fully earning through in the book. So that is what is driving that deterioration.

Speaker #1: Pal, UK Private, just to make sure. I mean, the worsening in the loss ratio that we have seen in Q2 is exactly as expected, because it's just a natural consequence of the lower rate levels that we saw from Q2 onwards last year, now fully earning through in the book.

Speaker #1: So that's what's driving that deterioration.

Speaker #2: Combined with seasonal, of course, patterns.

Morten Thorsrud: Combined with seasonal, of course, patterns.

Speaker #1: Yeah, yeah.

Lars Kufall Beck: Yeah.

Speaker #5: Great. Thank you.

Nadia Claressa: Great. Thank you.

Speaker #3: The next question comes from Amil Eminen from DNB Carnegie. Please go ahead.

Operator 2: The next question comes from Emil Immonen from DNB Carnegie. Please go ahead.

Operator: The next question comes from Emil Immonen from DNB Carnegie. Please go ahead.

Speaker #4: Good morning, and thanks for taking my questions. I was a little bit surprised, maybe, by the mention of GPT in the report. So maybe you could help me understand: what is the tool really used for?

Emil Immonen: Good morning and thanks for taking my questions. I was a little bit surprised maybe by the mention of IfGPT in the report. Maybe you could help me understand what is the tool really used for? What is the goal of using that tool? Do you have any metrics supporting efficiency improvements or something along those lines?

Speaker #4: What is the goal of using that tool? Do you have any metrics supporting efficiency improvements or something along those lines?

Speaker #2: No, it's a customer service tool where, again, customers can ask any question about their insurance matters, coverages, and so forth. It gives really tailor-made answers and, of course, it's part of our service setup.

Morten Thorsrud: No, it is a customer service tool, where again, the customers can ask any question about their insurance matters, coverages, and so forth. It gives really tailor-made answers. Of course, then it is part of our service setup, in particular in the private segment. It is too early, of course, to see real benefits, even though we see very high usage of it. It is still too early to see that this is reducing the number of calls to the customer center. That is of course the logic that with more of these tools, we should be able to reduce the number of calls to the customer centers and continue to improve the efficiency on the customer service side.

Speaker #2: In particular, in the private segment, it's too early, of course, to see real benefits. Even though we see very high usage of it, it's still too early to see that this is reducing the number of calls to the customer center.

Speaker #2: But that's, of course, the logic—that with more of these tools, we should be able to reduce the number of calls to the customer centers and continue to improve efficiency on the customer service side.

Morten Thorsrud: That is of course the logic that with more of these tools, we should be able to reduce the number of calls to the customer centers and continue to improve the efficiency on the customer service side.

[Company Representative] (Sampo): Can you say any early metrics? Is this liked by customers? What is the reception overall?

Emil Immonen: Can you say any early metrics? Is this liked by customers? What is the reception overall?

Speaker #4: Can you share any early metrics? Is this liked by customers? What is the overall reception?

Morten Thorsrud: It has been really appreciated by customers. This was initially developed and launched in Topdanmark, and then we have sort of exported it to other countries. It was a big success when it was launched, and therefore we were very confident that this was something that we should also launch in the rest of our portfolio. So good response from the customers on this.

Speaker #2: It's been really appreciated by customers. This was initially developed and launched in Topdanmark, and then we sort of exported it to other countries.

Speaker #2: And it was a big success when it was launched, and therefore we were very confident that this was something we should also launch in the rest of our portfolio.

Speaker #2: We've had a very good response from customers on this.

Speaker #4: Okay. Thank you. That's clear.

[Company Representative] (Sampo): Okay, thank you. That is clear.

Emil Immonen: Okay, thank you. That is clear.

Speaker #3: The next question comes from Carl Lofteigen from Barenberg. Please go ahead.

Operator 2: The next question comes from Carl Lofthagen from Berenberg. Please go ahead.

Operator: The next question comes from Carl Lofthagen from Berenberg. Please go ahead.

Carl Lofthagen: Hi. Thank you for taking my question. I just had a follow-up on UK Motor. I am just wondering, what is the quantum of rate increases that you are putting through right now? I know some of your peers have highlighted kind of mid to high single digits. Is that what you are doing as well? Then just on claims inflation, where you are kind of highlighting a little bit of increased inflationary pressure. Just wondering, where is that coming from? Thank you.

Speaker #4: Hi, thank you for taking my question. I just had a follow-up on UK Motor. I'm just wondering, what is the quantum of rate increases that you are putting through right now?

Speaker #4: I know some of your peers have highlighted kind of mid- to high-single digits. Is that what you're doing as well? And then just on claims inflation, where you're kind of highlighting a little bit of increased inflationary pressure, just wondering—where is that coming from?

Speaker #4: Thank you.

Speaker #2: We typically don't disclose too much about our exact price increases. And it varies, obviously, a little bit from segment to segment and product to product.

Morten Thorsrud: We typically do not sort of disclose too much about our exact price increases, and it varies obviously sort of a little bit from segment to segment and product to product. But of course, we operate in the same market as competitors, and you could expect us to see, of course, broadly the same market trends that competitors allude to. Then your second question on-

Speaker #2: But of course, we operate in the same market as competitors, and you could expect us to see, of course, broadly the same market trends that competitors allude to.

Speaker #2: And then your second question on claims inflation, what we are a little bit focused on is, of course, inflation related to spare parts, and inflation related to other claims types as well.

Carl Lofthagen: Claims inflation.

Lars Kufall Beck: Claims inflation.

Morten Thorsrud: on claims inflation. What we are a little bit focused on is, of course, inflation related to spare parts, inflation related to also other claims types, but in particular spare parts as a result of the ongoing situation still with the Strait of Hormuz. So we have added on a little bit extra pricing to cater for slightly higher inflation in the UK. We also set aside a little bit stronger reserves to cater for higher inflation both in the UK and the Nordics, actually. It is not a big change, but I think in this environment it is prudent, I think, to focus a little bit more on inflation and expect to see some effects in the short, medium term.

Speaker #2: But in particular, spare parts, as a result of the ongoing situation still with the Strait of Hormuz. So we have added on a little bit extra pricing to cater for slightly higher inflation in the UK.

Speaker #2: We also set aside a little bit stronger reserves to cater for higher inflation, both in the UK and the Nordics. Actually, it's not a big change, but I think in this environment, it's prudent to focus a little bit more on inflation and expect to see some effects in the short to medium term.

Speaker #4: Okay. Great. Thank you.

Carl Lofthagen: Okay, great. Thank you.

Operator 2: The next question comes from Nimrat Kaur from Bank of America. Please go ahead.

Operator: The next question comes from Nimrat Kaur from Bank of America. Please go ahead.

Speaker #3: The next question comes from Nimrat Kaur from Bank of America. Please go ahead.

Speaker #5: Hi. Thank you for taking my questions. I was wondering if you can give us any information on how the sitting commission on the quota share has moved in private UK at the most recent renewals.

Nimrat Kaur: Hi. Thank you for taking my questions. I was wondering if you can give us any information on how the ceding commission on the quota share has moved in private UK at the most recent renewals. Then on the new deal in Nordics Commercial, anything you can give us on the margins or the returns where it is priced?

Speaker #5: And then on the new deal in Nordics Commercial, is there anything you can give us on the margins or the returns—where it is priced?

Speaker #4: Will you take quota share?

Morten Thorsrud: Will you take the quota share?

Speaker #2: Yeah. On the UK there, it's flattish, so there are no significant movements on that that have any meaningful impact on our numbers. And the new deal in Nordic commercial—are you alluding to the new health insurance?

[Company Representative] (Sampo): Yeah, on the UK, there it is flattish, so there are no significant movements on that that has any meaningful impact on our numbers.

Lars Kufall Beck: Yeah, on the UK, there it is flattish, so there are no significant movements on that that has any meaningful impact on our numbers.

Morten Thorsrud: The new deal in Nordic Commercial, are you alluding to the new health insurance?

Nimrat Kaur: Yeah, with the 40,000 pensioners.

Speaker #5: Yeah, with the 40,000 pensioners.

Speaker #2: Yeah, that's underwritten with the same sort of profitability targets that we have for the rest of the business.

Morten Thorsrud: Yeah. That is underwritten with the same sort of profitability targets that we have for the rest of the business.

Speaker #5: Okay. Thank you.

Nimrat Kaur: Okay. Thank you.

Speaker #3: The next question comes from Yako Tyrevinen from SEB. Please go ahead.

Operator 2: The next question comes from Jaakko Tyrväinen from SEB. Please go ahead.

Operator: The next question comes from Jaakko Tyrväinen from SEB. Please go ahead.

Speaker #4: Good morning, and thanks for having my questions. A good follow-up on the UK situation and the accelerated growth over there: Was the growth basically or virtually coming only from those mentioned, selected segments or growth pockets that you have identified? Or did you catch any further or new growth coming, let's say, more widely and overall from the market?

Jaakko Tyrväinen: Good morning, and thanks for having my questions. A good follow-up on the UK situation and the accelerated growth over there. Was the growth basically or virtually coming only from those mentioned selected segments or growth pockets that you have been identifying? Or did you catch any further or new growth coming from the, let's say, more widely and then overall from the market?

Speaker #2: Yeah. I mean, we have been growing quite steadily in the UK, as you know, for quite a long time. And it's quite broad-based growth in motor.

Morten Thorsrud: Yeah. We have been growing quite steadily in the UK, as you know, for quite a long time. It is quite broad-based growth in motor. The growth is mainly coming from motor, so a little bit less in home. Again, it is quite broad-based in the different sort of product solutions that we have in the UK market. So nothing really special there. Again, supported by all of the investments that we do in data and data analytics and pricing sophistication.

Speaker #2: The growth is mainly coming from motor, so a little bit less in home. And again, it's quite broad-based in the different sort of product solutions that we have in the UK market.

Speaker #2: So nothing really special there. But again, supported by all of the investments that we do in data, data analytics, and pricing sophistication.

Speaker #4: Okay, thanks. And then, on the rather uncertain or volatile inflation outlook, are you seeing the market participants overall being cautious enough with the current outlook for 2027 inflation pressure? Meaning, are they pricing in enough rate hikes to offset the upcoming inflation?

Jaakko Tyrväinen: Okay, thanks. On the rather uncertain or volatile inflation outlook, are you seeing the market participants overall being enough cautious with the current outlook for 2027 inflation pressure? Meaning that, are they putting enough price hikes to offset the upcoming inflation?

Morten Thorsrud: I don't think we should answer too much on behalf of competitors. We focus on pricing for the inflation that we expect to see, and we see that we get those price increases through in the market. That perhaps indicate that other competitors are having a somewhat similar outlook. I think, again, we rather focus on what we are doing than speculating too much about competitors' pricing.

Speaker #2: I don't think we should answer too much on behalf of competitors. We focus on pricing for the inflation that we expect to see, and we see that we get those price increases through in the market.

Speaker #2: So, and that perhaps indicates that all the competitors are having a somewhat similar outlook. But I think, again, we would rather focus on what we are doing than speculate too much about competitors' pricing.

Speaker #4: I understand. Then finally, could you provide any kind of update on the Danish court ruling earlier this spring? Do you still consider the reserves sufficient?

Jaakko Tyrväinen: Understand. Then finally, could you provide any kind of an update on the Danish court ruling early in the spring? Do you still consider the reserves sufficient? Has there been any kind of a new info around this case?

Speaker #4: Has there been any kind of new info around this case?

Speaker #2: Yeah, I'll leave that to Lars.

Morten Thorsrud: Yeah, I'll leave that to Lars.

Lars Kufall Beck: Yeah, no. Thanks for the question. I think when it comes to the ruling from the Supreme Court, we still believe that the past is the past, so to speak. As we announced in our Q1 release, the impact on old claims are expected to be covered by our Events Not In Data reserve, so no changes to that. I think as a side note, of course, we are monitoring and following this up extremely closely. When we spoke to our claims colleagues earlier this week, we have so far registered around 10 cases, one zero cases, where the claimant have asked to have their case reopened in our portfolio and systems.

Speaker #1: Yeah, no, thanks for the question. I think when it comes to the ruling from the Supreme Court, we still believe that the past is the past, so to speak.

Speaker #1: And as we announced in our Q1 release, the impact on all claims is expected to be covered by our events-not-in-data reserve.

Speaker #1: So no changes to that. And I think, as a side note, of course, we are monitoring and following this up extremely closely. And when we spoke to our claims colleagues earlier this week, we have so far registered around 10 cases—10 cases—where the claimant has asked to have their case reopened in our portfolio.

Speaker #1: And systems. When it comes to the current year, as we earn the premiums through, we of course reserve to the new and expected elevated claims level, and the impact from that is fully included in our outlook for the year.

Lars Kufall Beck: When it comes to the current year, as we earn the premiums through, we of course reserve to the new unexpected elevated claims level, and the impact from that is fully included in our outlook for the year. Then final comment, I think when it comes to future pricing, we have finalized our analysis of the expected impact, and we have a clear view of the pricing actions that we need to take. However, it's important to remember that the majority of our workers' compensation book in Denmark, that renews on 1 January. I hope that answers and gives an update on the Danish workers' case sort of broadly.

Speaker #1: And then, a final comment: I think, when it comes to future pricing, we have finalized our analysis of the expected impact, and we have a clear view of the pricing actions that we need to take.

Speaker #1: However, it's important to remember that the majority of our workers' compensation book in Denmark renews on January 1st. I hope that answers and gives an update on the Danish workers' comp case, sort of broadly.

Speaker #4: Very good. Thanks for the updates. That's all from my side.

Jaakko Tyrväinen: Very good. Thanks for the update. That's all from my side.

Speaker #3: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

Operator 2: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

Operator: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

Speaker #4: All right. Thank you very much. That concludes the call today. Thank you for listening in.

Mirko Hurmerinta: All right. Thank you very much. That concludes the call today. Thank you for listening in.

Operator 1: The host has ended this call. Goodbye

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