Sampo Launches EUR1 Billion Share Buyback After Nordea Exit

By Kyle Morris

Sampo Oyj said Thursday that it will launch a 1 billion euro ($1.07 billion) share buyback program after being left with substantial excess capital after completing its exit from Nordea.

The Nordic insurance company said it plans to buy a maximum of 30 million shares, starting at the earliest on June 10 and ending no later than February 8, 2023.

Management also intends to propose to the board a second distribution of capital, either via another buyback or an extra dividend, or a combination of both.

Sampo completed the exit from Nordea with a disposal of EUR1.8 billion worth of shares on April 29.

Write to Kyle Morris at [e-mail]

(END) Dow Jones Newswires

06-09-22 1037ET