We initiate on 12-month PT of €53 implying +35% upside and +40% total return. Sampo is transforming from a financial conglomerate, with stakes in banks, life insurers and private equity investments, to more of a non-life focus, with its underlying non-life operations now comprising c.85% of its core operations today vs 50% in FY18. While on an ROE basis, Sampo Group has underperformed its Nordic peers, its underlying non-life operations (If, TOP , Hastings) have performed in line with best in class Nordic peers and ahead of European names; and we see the strong margins and ROE of the business, with lower and less volatile capital requirements, as supportive of higher valuation.