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Sampo Group SWOT & PESTLE Analysis

ID : 52470453| Sep 2020| 15 pages

COMPANY PROFILE -Sampo Group

Business Sector :Insurance

Operating Geography :Baltic and Nordic countries, Europe

About Sampo Group :

Sampo Group, founded in 1909, is a major Finnish insurance company consisting of parent company Sampo plc, Mandatum Life, If P&C Insurance and Topdanmark. It also has two associated companies – Nordea and Nordax. Nordea is one of the biggest banks in Europe and Nordax is a leading niche bank catering to the consumer lending market. Sampo plc holds 21.2 per cent of the shares in Nordea and 36.25 per cent of the shares in Nordax. The group companies have insurance and banking operations in Finland, Sweden, Norway, Denmark, Estonia, Lithuania and Latvia and have operate through branch offices in other countries as well.
Mandatum Life Insurance operates in Finland and has three subsidiaries: Mandatum Life Investment Services Ltd, Mandatum Life Services Ltd and Mandatum Life Fund Management SA. If P&C Holding Ltd is the parent company of If Group that has subsidiaries in Estonia and Sweden, offering insurance solutions and services to private individuals and large corporations. If P&C is the largest P&C insurer in the Nordic Region, headquartered in Sweden and operating through branch offices in Norway, Finland and Denmark. This fully owned subsidiary of the Sampo Group also operates in all the Baltic countries and has offices in Germany, France, The Netherlands and Great Britain. Topdanmark is Denmark’s second largest non-life insurance company and the fourth largest life insurance company in Denmark and consists of subsidiaries: Topdanmark Forsikring A/S and Topdanmark Kapitalforvaltning A/S. Sampo Group holds 46.7 per stake in Topdanmark and consolidated Topdanmark as a subsidiary since September 2017.
Sampo Group’s USP or unique selling proposition lies in being the largest shareholder in Nordea Bank, the leading Nordic banking franchise. Sampo is essentially a very significant Nordic financial group and one of the most valuable companies listed on Nasdaq Helsinki.

Sampo Group Revenue :

2,239 million Euros – FY ending 31st Dec 2017 (y-o-y growth 33%) 1,871 million Euros – FY ending 31st Dec 2016

Competitive Analysis of Sampo Group

SWOT
PESTLE
Strengths
Weaknesses
1. Diverse portfolio of services in the Group’s companies
2. Significant increase in profit from 2016 to 2017
3. Strong digital investment across the Group
1. Decline in performance of Nordea
Opportunities
Threats
1. Rise of sharing economy
2. Advancements in technologies
3. Emerging markets
4. Demographic shifts in developed countries
1. More frequent and severe catastrophic incidents across the world
2. Reduced access to markets due to protectionism
3. Rise of cashless transactions
4. High competition
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Detailed SWOT Analysis of Sampo Group

 

Strength

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Weakness

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Opportunity

1. Rise of sharing economy: Sharing economy is a rapidly emerging consumer practice that could impact the insurance industry. Sharing platform revenues are expected to grow to $ 335 billion by 2025. This concept of sharing economy has given rise to companies like Uber and Airbnb. In these types of businesses, there is a great need of special insurance policies as the regular policies for homes and vehicles do not cover commercial activities like renting out homes or becoming an Uber driver using your personal vehicle. New business models like pay-per-use insurance and peer-to-peer insurance are great opportunities for insurance companies to come up with innovative products and practices to cater to the changing insurance requirements. The Nordic countries are among the leading acceptors of sharing economy. A PwC research in 2017 has predicted the Finnish sharing economy to grow 1200% by 2020. Sweden, Norway, Finland and Denmark are known for their social care, tech-friendly perspectives and hospitality and this has led to sharing businesses like Uber and Airbnb becoming popular quickly in these countries. Stockholm, the capital of Sweden, is the fourth international city in terms of Uber users. The presence of Sampo companies in all the Nordic countries is an excellent opportunity to roll out innovative insurance products in these countries to cater to the needs of the sharing economy.

2. Advancements in technologies: Data analytics can be used to improve customer experience by accurate profiling of customers to offer them customized insurance products. Technologies like IoT, blockchain and predictive analytics also offer new opportunities for insurance companies. Blockchain, for instance, can help in improving customer engagement by addressing customer concerns about losing control of data provided to companies. This can be done using a customer controlled blockchain to perform identity verification. Smart homes, connected cars and wearable devices are potential disruptors, offering competitive advantage for early movers. The Nordic countries are known to be tech-friendly and their people embrace new technologies quickly, which would make it easy for Sampo companies to introduce new products and services based on new technologies.

3. Emerging markets: The growing GDP in emerging markets of China, Brazil, Russia, India, Indonesia and Mexico has provided attractive new markets for insurance companies, in contrast with developed markets that are still feeling the after effects of the 2008 financial crisis. The above mentioned six emerging markets are expected to contribute 47% of global GDP growth between 2006 and 2020, whereas the G6 countries of US, United Kingdom, France, Germany, Canada and Japan would contribute only 24%.

4. Demographic shifts in developed countries: The ageing populations in the developed world provide new opportunities for insurance companies to come up with retirement income products, longevity insurance and long term care products. The developed countries also face increasing dependency ratio which will strain government support for sick and elderly people, leading to reduced standard of living or prolonged employment, opening up opportunities for insurers to form public-private partnerships to provide solutions to the challenges. Europe in general has seen an increase in the old age dependency ratio from 25.2% in 2007 to 29.3% in 2017. In Nordic countries, the increase in dependency ratio has been faster than the rest of Europe. This increase is largely due to influx of older immigrants into these countries. The proportion of people in the working age group has either remained constant or declined in this region. This is a great opportunity for Sampo to introduce products and services targeted at retired people.

Threat

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Check Out Analysis of Other Relevant Companies

References used in Sampo Group SWOT & PESTLE Analysis Report

1. Sampo Group 2017 Annual Report: https://www.sampo.com/investors/financial-information/financial-reports/2017/results-for-2017/

2. Sampo Group Structure: https://www.sampo.com/about-us/group-structure/

3. Top trends in Insurance: https://www.wns.com/insights/articles/articledetail/476/4-technology-trends-in-the-insurance-industry

4. Insurance 2020 – Turning change into opportunity: https://www.pwc.com/im/en/industries/life-insurance/assets/insurance_2020_turning_change_into_opportunity.pdf

5. 18 emerging risks for the insurance industry, its customers and society at large: https://www.propertycasualty360.com/2017/06/29/18-emerging-risks-for-the-insurance-industry-its-c/

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Sampo Group SWOT and PESTLE analysis has been conducted by Nipunn V and reviewed by senior analysts from Barakaat Consulting.

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