Finnish insurer Sampo said Tuesday it will buy back about 316 million euros in nominal amount of its subordinated notes due in 2052 after completing a recent tender offer.
The company will not purchase any of its notes due in 2049 that were also part of the offer, according to a regulatory filing.
Sampo will spend a total of approximately 295 million euros to acquire the debt.
The tender offer, initially launched on Sept. 15, was described by the company as part of its ordinary capital management actions.
The buyback was contingent on the successful completion of a new capital note offering, a condition that has now been met.
This transaction is the latest in a series of moves by Sampo to reshape its balance sheet as it completes its strategic transformation into a pure property-and-casualty insurer.
The company's strategic shift has been defined by its full acquisition and ongoing integration of Danish insurer Topdanmark.
The Helsinki-based group has a recent history of actively managing its liabilities, having conducted a multi-series tender offer in 2020 to proactively handle upcoming redemptions and lower its gross debt.
More from this issuer
Related coverage
Finnish insurer Sampo raised its medium-term profit outlook on Wednesday after its underwriting result grew in the first nine months of the year, marking a strong first quarter for new Chief Executive Morten Thorsrud.
Finnish insurer Sampo announced a management overhaul on Wednesday as new Chief Executive Morten Thorsrud took the helm, a move that includes the resignation of its Chief Financial Officer.
Finnish insurer Sampo announced plans on Monday to buy back up to 300 million euros of its existing subordinated debt and issue new capital notes, as it continues to reshape its balance sheet following a strategic shift to focus on property-and-casualty insurance.
Finnish insurer Sampo said Wednesday it has applied to extend its internal risk-assessment model to include its newly merged Danish insurer Topdanmark, a move it estimates could free up capital.