Sampo Oyj · OMXHEX:SAMPO
Sampo Oyj — Q2 2026 Earnings Presentation
62 slides from Sampo Oyj's earnings presentation, Aug 12, 2026
Slide 1: Q2 Investor Presentation
SAMPO % GROUP QO2 Investor Presentation
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Sampo believes that the expectations reflected in such forward-looking statements are reasonable, no assuran
Slide 3: Financial highlights
SAMPO = GROUP Financial highlights
Slide 4: H1/2026: Broad-based top-line growth with solid underwriting margins
H1/2026: Broad-based top-line growth with solid underwriting margins Top-line growth driven by continued growth in Nordic private and SME lines, combined with accelerated momentum in the UK € 6.4 billion € 786 million Improved traction in Nordic Commercial, driven by SME and several larger customer
Slide 5: Steady development in key underwriting KPIs
Steady development in key underwriting KPIs Insurance revenue Combined ratio Underwriting result (EURm) (EURm) Risk ratio (%) Cost ratio (%) 786 4,800 82.6% 82.9% 83.6% 83.6% 729 4,452 418 2,437 25.9% 25.4% 25.8% 25.1% 393 2,264 56.8% 57.5% 57.8% 58.5% Q2/2025 Q2/2026 H1/2025 H1/2026 Q2/2025 Q2/2026
Slide 6: Strong result underpinned by solid margins across segments
Strong result underpinned by solid margins across segments Private Nordic Private UK Nordic Commercial Nordic Industrial GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue 2,339 2,131 1,500 1,059 1,721 1,155 735 313 (+5.3%) (+6.8%) (+4%) (+12%) (+2.6%) (+4.7%) (-
Slide 7: Private Nordic: Durable top-line growth across key target areas
Private Nordic: Durable top-line growth across key target areas Continued broad-based growth with solid momentum Top-line growth continued to be supported by high and stable Private Nordic like-for-like GWP growth retention and strong new sales performance 14% 14% 10% Strong demand-driven growth con
Slide 8: Private UK: Improved momentum with further signs of price stabilisation
Private UK: Improved momentum with further signs of price stabilisation Q2 LCP growth driven by strong business volumes and retention UK motor market environment remained competitive, but with Million LCPs further signs of price stabilisation 6.0 6% Accelerated top-line growth over the quarter, driv
Slide 9: Nordic Commercial: Growth fuelled by several larger customer wins
Nordic Commercial: Growth fuelled by several larger customer wins Top-line growth continued to be driven by solid momentum in Solid growth momentum underpinned by continued traction with personal insurance and SME portfolios SME and through digital channels SME like-for-like GWP growth (%) Commercia
Slide 10: Topdanmark integration synergies progressing as planned
Topdanmark integration synergies progressing as planned • Strong synergy realisation continued throughout H1, delivering Synergy run-rate realisation target by year additional synergies of EUR 15 million in Q2 EURm Realised run-rate • Cumulative realised run-rate synergies reached ~70% of the Target
Slide 11: Investment returns recovered sharply in Q2
Investment returns recovered sharply in Q2 • Net investment income increased to EUR 360 million in Q2 on the Strong core portfolio development partly offset by legacy assets back of the rebound in capital markets Group net investment income Q2/2026, EURm • Interest and dividend income grew by 14% to
Slide 12: Solvency II coverage supported by strong operating performance
Solvency II coverage supported by strong operating performance Group Solvency II ratio • Solvency II coverage stood unchanged at 174%, supported by strong operating performance • Negative market effects from higher SA and interest 13% -1% -1% 0% -11% rates partially offset by higher equity prices •
Slide 13: July claims development
July claims development Residential fire in Drammen, Norway • On 17 July 2026, a fire broke out in a densely built residential neighbourhood of wooden row houses in Drammen, Norway • The fire spread rapidly due to dry conditions, strong winds and the closely spaced buildings – as a result, over 100
Slide 14: Outlook for 2026 adjusted following a strong first-half performance
Outlook for 2026 adjusted following a strong first-half performance • Sampo continues to deliver steady underwriting profit Sampo is in a strong position to continue attractive UW profit growth growth, driven by attractive organic growth • Following strong performance and a favourable weather Insura
Slide 15: Performance by segment
SAMPO = GROUP Performance by segment
Slide 16: Private Nordic: Broad-based growth and solid UW margins
Private Nordic: Broad-based growth and solid UW margins • Top-line development driven by broad-based growth in all Nordic markets and strong performance in key target areas • Personal insurance increased by 10%, while private property and motor were both up 4%, sustaining solid momentum € 2,339 mill
Slide 17: Private Nordic: Key growth drivers
Private Nordic: Key growth drivers GWP growth, like-for-like Retention rate (%) Digital sales (EURm) 8.5% 89% 89% 89% 175 6.5%* 144 5.3% 101 89 GWP: 3,872 4,183 2,339 Ins. revenue: 3,667 3,995 2,131 2024 2025 H1/2026 2024* 2025 H1/26 2024* 2025 H1/25 H1/26 GWP growth, like-for-like Customer satisfac
Slide 18: Private UK: Disciplined growth at attractive margins
Private UK: Disciplined growth at attractive margins • Top-line development continued to be driven by a disciplined approach to growth in selected segments across motor and home • LCPs grew by 4% quarter-on-quarter and 13% year-on-year to 4.8 million, driven by strong new business volumes and improv
Slide 19: Private UK: Key growth drivers
Private UK: Key growth drivers UK: GWP growth, like-for-like UK: motor policies in force, millions UK: home policies in force, millions 32% 3.83 3.67 0.91 0.92 0.94 3.56 0.82 3.40 0.72 21% 3.14 0.54 2.92 13% 4% 2023 2024 2025 H1/2026 2023 2024 Q2/2025 2025 Q1/2026 Q2/2026 2023 2024 Q2/2025 2025 Q1/2
Slide 20: Nordic Commercial: Improved traction and solid profitability
Nordic Commercial: Improved traction and solid profitability • After a muted start to the year, growth picked up strongly, resulting 3% like-for-like top-line growth in H1, supported by several larger customer wins during Q2 • SME portfolio continued to deliver solid growth, growing by 4%, while € 1
Slide 21: Nordic Commercial: Key growth drivers
Nordic Commercial: Key growth drivers GWP growth, like-for-like SME: GWP growth, like-for-like Commercial digital sales (EURm) 6.8% 5.9% 40 5.6% 5.1% 4.3% 27 22 20 2.6% 2024 2025 H1/2026 2024 2025 H1/2026 2024 2025 H1/25 H1/26 GWP: 2,173 2,391 1,721 Ins. rev.: 2,128 2,201 1,155 Growth rates for 2024
Slide 22: Nordic Industrial: Strong margins in soft market conditions
Nordic Industrial: Strong margins in soft market conditions • GWP development slightly negative as soft market conditions continue to affect repricing • Insurance revenue grew by 5%, supported by earlier targeted de-risking measures and favourable reinsurance conditions € 735 million € 313 million •
Slide 23: Financial supplement
SAMPO = GROUP Financial supplement
Slide 24: Profit & loss detail
SAMPO = GROUP Profit & loss detail
Slide 25: Key result movements Q2/2026
Key result movements Q2/2026 EURm Q2/2026 Q2/2025 Comments Gross written premiums 2,677 2,542 - Top-line growth supported by solid development in Private Nordic and improved momentum in Private UK and Nordic Commercial Insurance revenue, net 2,437 2,264 - Growth driven by broad-based performance acr
Slide 26: Top-line development
Top-line development Gross written premiums Insurance revenue, net EURm EURm 11,000 10,738 10,000 253 9,931 9,078 10,000 249 1,046 9,000 298 8,870 8,386 584 9,000 1,070 275 238 8,000 7,535 657 966 2,391 223 8,000 7,000 627 2,201 2,173 7,000 2,128 1,977 6,430 6,000 6,242 134 138 1,945 6,000 735 2,865
Slide 27: Underwriting result and combined ratio development
Underwriting result and combined ratio development Underwriting result Combined ratio EURm 1,600 88% 1,485 69 1,400 86% 1,316 109 84.6% 84.3% 72 83.6% 83.6% 83.6% 1,164 84% 1,200 74 46 376 80 82% 1,000 352 315 80% 216 786 800 729 45 190 35 64 78% 128 60 600 190 185 76% 110 400 112 715 74% 595 628 20
Slide 28: Group: results and key figures
Group: results and key figures EURm H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 6,430 2,677 3,752 2,277 2,218 6,242 2,542 3,701 10,783 9,931 8,870 Insurance revenue, net 4,800 2,437 2,363 2,322 2,303 4,452 2,264 2,188 9,078 8,386 7,5
Slide 29: Group: operating result
Group: operating result EURm H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY2025 FY 2024 FY 2023 Underwriting result 786 418 368 364 392 729 393 336 1,485 1,316 1,164 Interest and dividend income 314 168 146 142 144 306 164 142 592 609 593 Realised gains or losses 34 3 30 -1 30 -4
Slide 30: Private Nordic: results and key figures
Private Nordic: results and key figures EURm H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 2,339 1,172 1,167 991 1,011 2,181 1,100 1,081 4,183 3,872 3,627 Insurance revenue, net 2,131 1,083 1,048 1,027 1,014 1,953 995 958 3,995 3,667 3
Slide 31: Private UK: results and key figures
Private UK: results and key figures EURm H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 1,500 798 702 622 764 1,479 757 722 2,865 2,565 2,063 Insurance revenue, net 1,059 537 522 513 518 969 499 470 2,000 1,659 1,251 Claims incurred, ne
Slide 32: Nordic Commercial: results and key figures
Nordic Commercial: results and key figures EURm H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 1,721 386 1,335 401 282 1,707 360 1,348 2,391 2,173 1,977 Insurance revenue, net 1,155 585 570 561 554 1,086 549 537 2,201 2,128 1,945 Claims
Slide 33: Nordic Industrial: results and key figures
Nordic Industrial: results and key figures EURm H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 735 255 480 205 104 737 256 481 1,046 1,070 966 Insurance revenue, net 313 159 154 145 141 297 147 150 584 657 627 Claims incurred, net -182
Slide 34: Baltic & other operations: results and key figures
Baltic & other operations: results and key figures EURm H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 134 66 69 58 57 138 69 69 253 249 238 Insurance revenue, net 142 73 69 75 76 147 75 72 298 275 223 Claims incurred, net -62 -27 -36 -
Slide 35: Nordic underlying risk ratio development
Nordic underlying risk ratio development H1/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Risk ratio, % 60.1 59.6 60.6 59.7 59.9 59.9 58.6 61.1 59.8 61.0 61.1 Large claims, % -1.1 -0.5 -1.7 -1.4 -0.3 -1.3 -1.6 -1.0 -1.1 1.2 1.3 Severe weather, % 0.6 1.1 0.0 2.5
Slide 36: Group net financial result
Group net financial result EURm H2/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 H1/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Fixed income 286 146 141 137 139 266 132 134 541 559 520 Equities 40 37 3 3 2 23 19 4 28 37 59 Funds 6 4 3 3 4 17 12 5 23 16 16 Interest and dividend income 332 186 146 142 144 306
Slide 37: Investments & balance sheet
SAMPO = GROUP Investments & balance sheet
Slide 38: Group balance sheet
Group balance sheet Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Property, plant and equipment 315 305 301 276 288 296 301 284 318 Intangible assets 3,461 3,479 3,492 3,510 3,556 3,629 3,492 3,637 3,637 Investments in associates 5 5 5 4 4 4 5 4 12 Financial assets 17,540 1
Slide 39: Group investment mix and returns
Group investment mix and returns Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Credit bonds, funds and loans 49% 46% 47% 47% 47% 43% 47% 49% 44% Covered bonds 19% 20% 21% 21% 24% 25% 21% 24% 23% Government bonds 5% 6% 6% 7% 7% 7% 6% 6% 4% Index-linked bonds 2% 2% 3% 3% 3% 3
Slide 40: Group fixed income mix Q2/2026
Group fixed income mix Q2/2026 Geographical breakdown Rating breakdown Sweden, 26% Denmark, 16% 6% AAA, 31% 9% Norway, 11% AA, 10% 26% 31% 6% United States, 10% A, 28% 22% Finland, 8% BBB, 22% EURbn EURbn 8% France, 8% BB, 1% 16.0 16.0 UK, 6% B, 1% 8% 16% Germany, 3% 10% CCC-D, 0% 10% Netherlands, 3
Slide 41: Group equities mix Q2/2026
Group equities mix Q2/2026 Listed equities Top 10 equity funds and ETFs Top 10 direct equity investments Value, EURm Value, EURm SPDR S&P 500 Trust ETF 170 NOBA 455 15% iShares MSCI Europe ETF 129 Volvo 153 Hermes Asia ex-JP Fund 124 ABB 90 Investec GSF Asia Pacific Fund 115 Veidekke 69 17% EURbn 48
Slide 42: Net insurance liabilities
Net insurance liabilities Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Liability for remaining coverage, net 2,206 2,529 1,556 1,924 2,167 2,516 1,556 1,620 1,469 Liability for incurred claims, net 9,133 8,728 8,728 8,603 8,301 8,100 8,728 8,067 7,983 - of which from risk
Slide 43: Key sensitivities
Key sensitivities Quarterly P&L effects, Q2/2026 EURm Effect on quarterly Combined ratio *) Discount rate ±100 bps ±65bps • Loss and combined ratio sensitive to changes in discount rates Insurance finance income & expense, net Discount rate +100 bps 320 • Net investment income sensitive to mark-to-
Slide 44: Solvency II ratio development
Solvency II ratio development 220% 210% 200% 185% 182% 180% 176% 177% 174 % 174 % 174 % 160% 140% 120% 100% 2020 2021 2022 2023 2024 2025 Q1/2026 Q2/2026 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 12 August 2026 44
Slide 45: Solvency II SCR and own funds
Solvency II SCR and own funds EURm Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Market risk 2,169 2,063 2,316 2,201 2,067 2,033 2,316 1,974 1,920 Insurance risk 1,801 1,774 1,849 1,847 1,827 1,823 1,849 1,734 2,027 Counterparty risk 193 190 201 185 206 211 201 139 200 Oper
Slide 46: Estimated Solvency II ratio sensitivities on market risk factors
Estimated Solvency II ratio sensitivities on market risk factors Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Solvency II ratio 174 174% 174% 172% 174% 180% 174% 177% 182% Rates -100bps -1%-p -2%-p -4%-p -5%-p -5%-p -5%-p -4%-p -5%-p -5%-p Rates +100bps 0%-p 0%-p +2%-p +4%
Slide 47: Financial leverage development
Financial leverage development IFRS 4 IFRS 17 35% 30% 26.9% 25.9% 25.6% 25.3% 25% 23.8% 24.4% 23.6% 23.7% 20% 15% 10% 5% 0% 2021 2022 2022 2023 2024 2025 Q1/2026 Q2/2026 Hybrid Senior Target (<30%) EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 2025 Q1/2026 Q2/2026 Hybrid debt 2,015 1,983 1,983 1,
Slide 48: Outstanding debt instruments
Outstanding debt instruments Issue date Currency Issued, million Outstanding, million Coupon Maturity date First call date Sampo plc senior bond Feb 2018 EUR 500 313 1.625% 21 Feb 2028 21 Nov 2027 Sampo plc senior bond Aug 2018 NOK 1,000 (EUR 88) 1,000 (EUR 88) 3.100% 7 Sep 2028 - Sampo plc Tier 2 M
Slide 49: Hold Co (Sampo plc) balance sheet
Hold Co (Sampo plc) balance sheet EURm Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Liquidity 814 1,059 881 862 593 608 881 626 1,352 Investment assets 2,352 2,406 2,754 2,584 2,380 2,406 2,754 2,408 979 Tangible assets 3 3 4 4 2 3 4 3 2 Fixed income 1,813 1,813 1,813 1,81
Slide 50: Additional information
SAMPO = GROUP Additional information
Slide 51: Share count development
Share count development Total share count, million Average number of shares 2,777 2,734 1-12/2020 2,776,759,250 2,691* 2,662 2,656 2,640 2,572 2,509 1-12/2021 2,771,584,090 1-12/2022 2,651,481,010 1-12/2023 2,529,695,320 1-12/2024 2,560,572,410 1-3/2025 2,691,238,860 1-6/2025 2,691,238,860 1-9/2025
Slide 52: Share buybacks development
Share buybacks development Buyback programmes Buybacks by quarter Announced, Executed, Launch Start End EURm EURm Shares repurchased EURm 1. programme 1 Oct 2021 4 Oct 2021 25 Mar 2022 750 750 Total 2021 42,699,780 380 2. programme 30 Mar 2022 31 Mar 2022 17 May 2022 250 228 Total 2022 162,212,895 1
Slide 53: Geographical mix H1/2026
Geographical mix H1/2026 Gross written premiums, EURm Insurance revenue, net, EURm GWP by country, % Sweden, 18% Sweden 1,147 894 Norway, 21% 6.4 Denmark, 22% EURbn Norway 1,363 1,039 Finland, 13% Denmark 1,436 1,081 UK, 23% Baltic & other, 2% Finland 849 585 Insurance revenue by country, % UK 1,500
Slide 54: Geographical mix Q2/2026
Geographical mix Q2/2026 Gross written premiums, EURm Insurance revenue, net, EURm GWP by country, % Sweden, 22% Sweden 577 449 Norway, 20% 2.7 Denmark, 16% EURbn Norway 546 537 Finland, 10% Denmark 419 542 UK, 30% Baltic & other, 2% Finland 272 298 Insurance revenue by country, % UK 798 537 Sweden,
Slide 55: Geographical mix by segment 2025
Geographical mix by segment 2025 Private Nordic Sweden Norway Denmark Finland UK Total Private UK Sweden Norway Denmark Finland UK Total Gross written Gross written 1,320 1,126 1,048 668 - 4,183 - - - - 2,865 2,865 premiums premiums Insurance revenue, Insurance revenue, 1,271 1,043 1,014 666 - 3,995
Slide 56: Nordic new car sales
Nordic new car sales Number of cars sold (1,000) Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 79.9 62.0 69.0 63.1 77.5 63.4 273.0 269.5 289.7 288.0 301.0 292.0 Norway 46.2 27.2 66.2 37.8 43.9 31.6 179.6 128.7 127.0 174.3 176.3 141.4 Denmark 5
Slide 57: Sampo Group overview
SAMPO GROUP Sampo Group overview
Slide 58: Safety and value through understanding risks
Safety and value through understanding risks 12 August 2026 58
Slide 59: Sampo is the leading Northern European P&C insurance group
Sampo is the leading Northern European P&C insurance group Sampo’s scale is unmatched among P&C peers 9 million customers in 8 markets Insurance revenues, EURbn Private Nordic Private UK Nordic Commercial 8.8 Multiple strong brands 5.7 5.4 4.9 3.6 Unique partnership network* 1.6 *Examples of Nordic
Slide 60: A well-diversified platform with scalable growth potential
A well-diversified platform with scalable growth potential Multiple attractive growth areas Leading market position across markets Other operations Digital UK Nordic mid-sized and personal lines large corporates €11bnGWP in 2025 Nordic private 21% 22% 17% motor insurance Nordic personal insurance 20
Slide 61: Sampo aims to deliver attractive and reliable capital returns
Sampo aims to deliver attractive and reliable capital returns Regular dividend per share Distribution policy Sampo aims to return capital through a reliable and progressive regular dividend complemented by share buybacks. In a typical year, Sampo expects to return around 90 0.34 0.36 per cent of its
Slide 62: Investor Presentation
Investor Presentation January–June 2026 Sampo plc Web www.sampo.com Phone: +358 10 516 0100 Fabianinkatu 21 Sampo_plc Business ID: 0142213-3 00130 Helsinki Sampo_plc Finland Sampo plc