Slide 1: Investor Presentation January–June 2025
Investor Presentation January–June 2025 6 August 2025
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
Financial highlights 6 August 2025 3
Slide 4: H1/2025: Robust performance across the Group
H1/2025: Robust performance across the Group Continued top-line momentum driven by Private businesses both in the Nordics and in the UK € 6,242 million € 729 million Sustained strong development in key growth areas such as personal insurance, home insurance and in the UK +8% year-on-year +25% year-o
Slide 5: Strong development in key underwriting KPIs
Strong development in key underwriting KPIs Insurance revenue Combined ratio Underwriting result EURm EURm Risk ratio (%) Cost ratio (%) 4,452 729 4,077 84.4% 85.8% 83.6% 393 82.6% 2,264 2,057 25.1% 580 25.6% 25.9% 25.8% 321 58.9% 56.8% 60.6% 57.8% Q2/2024 Q2/2025 H1/2024 H1/2025 Q2/2024 Q2/2025 H1/
Slide 6: Excellent result underpinned by solid performance across segments
Excellent result underpinned by solid performance across segments Private Nordic Private UK Nordic Commercial Nordic Industrial GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue 2,181 1,953 1,479 969 1,707 1,273 1,086 537 737 297 (+8.6%) (+7.8%) (+19%) (+24%) (+
Slide 7: Q2 underwriting profit growth illustrates strong business momentum
Q2 underwriting profit growth illustrates strong business momentum Strong growth in underwriting profits • Underwriting result increased by 23% to EUR 393 million in Q2, of which Underwriting result (EURm) 11%-p related to underlying profit drivers 1 393 14 33 • The growth was supported by strong op
Slide 8: Third consecutive quarter of highest-ever GWP growth in Private Nordic
Third consecutive quarter of highest-ever GWP growth in Private Nordic Third consecutive quarter of record Fourth consecutive quarter of Broad-based growth across growth in Private Nordic improving customer retention products and geographies Private Nordic like-for-like GWP growth (%) Private Nordic
Slide 9: Private UK continues to deliver premium and earnings growth
Private UK continues to deliver premium and earnings growth The UK has delivered significant and profitable growth • Private UK continued to deliver growth in the second quarter, since the acquisition in 2020 with 19% increases in both like-for-like GWP and LCP Insurance revenue (EURm) and live cust
Slide 10: Topdanmark integration synergies emerging as planned
Topdanmark integration synergies emerging as planned Synergy run-rate realisation target by year • Solid early progress in delivering integration benefits, driven by EURm mainly by cost savings at the corporate centre but with support Delivered to date Target per year 140 from good momentum on claim
Slide 11: Stable interest income offset by adverse mark-to-market movements
Stable interest income offset by adverse mark-to-market movements Group investment mix • Net investment income decreased to EUR 373 million (478), driven by lower mark-to-market movements Total assets Fixed income allocation 4% Credit 3% • Fixed income portfolio provided stable interest income of EU
Slide 12: Solvency II coverage supported by strong results
Solvency II coverage supported by strong results Group Solvency II ratio • Solvency II coverage remained solid, supported by strong operating performance 12% -2% -2% • Increased FX risk due to earnings accumulated in -7% foreign currencies, combined with stronger EUR, drove the negative market effec
Slide 13: Outlook for 2025 raised on strong Q2 result
Outlook for 2025 raised on strong Q2 result • The second quarter result benefited from favourable Sampo is in a strong position to continue to drive higher underwriting weather and large claims relative to normal levels profits through organic growth • To reflect this, Sampo has decided to modestly
Slide 14: Performance by segment
Performance by segment 6 August 2025 14
Slide 15: Private Nordic: continued high quality growth
Private Nordic: continued high quality growth • GWP growth was driven by rate increases, high retention and positive customer development, and broadly based across geographies and products • The strongest growth was observed in Norway (+16%), personal € 2,181 million € 337 million insurance (+11%) a
Slide 16: Private Nordic: Key growth drivers
Private Nordic: Key growth drivers GWP growth, like-for-like Retention rate (%) Digital sales (EURm) 8.6% 90% 90% 89% 89% >89% 144 6.5% 130 5.0% 87 76 GWP: 3,627 3,872 2,181 Ins. revenue: 3,489 3,667 1,953 2023 2024 H1/2025 2021 2022 2023 2024 H1/25 2023 2024 H1/24 H1/25 H1/2025 GWP growth, like-for
Slide 17: Private UK: capturing growth opportunities in selective areas
Private UK: capturing growth opportunities in selective areas • GWP growth driven by policy count growth, increased average premiums and rising retention • Targeted growth in motor and continued growth in home drove an increase in live customer policies (LCP) of 4% in the quarter € 1,479 million € 1
Slide 18: 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% 0.82 3.40 0.78 3.29 0.72 26% 3.14 0.61 21% 19% 0.54 2.96 2.92 0.41 2.80 2022 2023 2024 H1/2025 2022 2023 Q2/2024 2024 Q1/2025 Q2/2025 2022 2023 Q2/2024 2024 Q1/
Slide 19: Nordic Commercial: solid growth and profitability
Nordic Commercial: solid growth and profitability • GWP driven by good 1/1 renewals with rate increases to mitigate claims inflation, and solid growth in SME • Growth in SME stood at 6%, which is in line with operational ambition levels € 1,707 million € 185 million • SME customers continued to move
Slide 20: 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) 5.6% 5.6% 27 5.5% 5.8% 5.1% 23 20 4.2% 17 2023 2024 H1/2025 2023 2024 H1/2025 2023 2024 H1/2024 H1/2025 GWP: 1,977 2,173 1,707 Ins. rev.: 1,945 2,128 1,086 Growth rates for
Slide 21: Nordic Industrial: strong underwriting performance
Nordic Industrial: strong underwriting performance • Successful 1/1 renewals with rate increases have been offset by intentional de-risking and lower new sales in a more competitive market environment • Lost of volume in Q2 mainly related to a couple of larger property € 737 million € 297 million cl
Slide 22: Financial supplement
Financial supplement 6 August 2025 22
Slide 23: Profit & loss detail
Profit & loss detail 6 August 2025 23
Slide 24: Key result movements Q2/2025
Key result movements Q2/2025 EURm Q2/2025 Q2/2024 Comments Gross written premiums 2,542 2,333 - Currency adjusted growth of 8% driven by 8.6% growth in Private Nordic and 19% growth in Private UK Insurance revenue, net 2,264 2,057 - Growth supported by solid performance, particularly in the Private
Slide 25: Top-line development
Top-line development Gross written premiums Insurance revenue, net EURm EURm 11,000 9,000 9,931 8,386 10,000 249 275 8,000 8,870 7,535 657 1,070 7,277 9,000 223 8,375 238 7,000 627 966 8,000 2,128 2,173 6,000 7,000 1,945 1,977 6,242 5,631 138 5,000 6,000 134 737 4,452 1659 4,077 147 2565 745 5,000 4
Slide 26: Underwriting result and combined ratio development
Underwriting result and combined ratio development Underwriting result Combined ratio EURm 1,400 88% 1,316 72 85.8% 85.8% 1,164 86% 1,200 74 84.6% 46 84.3% 84% 83.6% 1,031 80 1,000 352 82% 315 800 80% 729 190 35 128 580 60 78% 600 27 43 185 76% 160 400 112 595 628 80 74% 200 337 72% 272 0 70% 2022 2
Slide 27: Group: results and key figures
Group: results and key figures EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 6,242 2,542 3,701 2,212 2,088 5,631 2,333 3,297 9,931 8,870 Insurance revenue, net 4,452 2,264 2,188 2,172 2,137 4,077 2,057 2,020 8,386 7,535 Claims incurred, n
Slide 28: Group: operating result
Group: operating result EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Underwriting result 729 393 336 361 374 580 321 260 1,316 1,164 Interest and dividend income 284 152 132 137 129 280 137 143 546 522 Realised gains or losses 18 19 -1 26 -3 87 41 46 110 156 U
Slide 29: Private Nordic: results and key figures
Private Nordic: results and key figures EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 2,181 1,100 1,081 942 917 2,013 1,009 1,004 3,872 3,627 Insurance revenue, net 1,953 995 958 937 925 1,805 908 897 3,667 3,489 Claims incurred, net -1,1
Slide 30: Private UK: results and key figures
Private UK: results and key figures EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 1,479 757 722 627 716 1,222 662 560 2,565 2,063 Insurance revenue, net 969 499 470 452 440 768 399 369 1,659 1,251 Claims incurred, net -498 -253 -245 -245
Slide 31: Nordic Commercial: results and key figures
Nordic Commercial: results and key figures EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 1,707 360 1,348 383 275 1,515 328 1,188 2,173 1,977 Insurance revenue, net 1,086 549 537 544 537 1,046 524 522 2,128 1,945 Claims incurred, net -635
Slide 32: Nordic Industrial: results and key figures
Nordic Industrial: results and key figures EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 737 256 481 203 122 745 269 477 1,070 966 Insurance revenue, net 297 147 150 167 165 325 160 165 657 627 Claims incurred, net -171 -84 -87 -120 -115
Slide 33: Baltic & other operations: results and key figures
Baltic & other operations: results and key figures EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 138 69 69 58 57 134 65 69 249 238 Insurance revenue, net 147 75 72 72 70 132 65 67 275 223 Claims incurred, net -80 -42 -38 -31 -38 -77 -35 -
Slide 34: Nordic underlying risk ratio development
Nordic underlying risk ratio development H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Risk ratio, % 59.9 58.6 61.1 58.9 59.9 62.7 61.1 64.3 61.0 61.1 Large claims, % -1.3 -1.6 -1.0 0.8 3.7 0.2 3.2 -2.7 1.2 1.3 Severe weather, % -0.4 -0.3 -0.5 1.4 0.2 3.6 0.4 6.9 2.
Slide 35: Group net financial result
Group net financial result EURm H1/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 H1/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Fixed income 244 120 124 125 121 247 123 123 493 447 Equities 23 19 4 8 3 26 10 16 37 59 Funds 17 12 5 4 4 7 4 3 16 16 Interest and dividend income 284 152 132 137 129 280 137 143 564 522
Slide 36: Investments & balance sheet
Investments & balance sheet 6 August 2025 36
Slide 37: Group balance sheet
Group balance sheet Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Property, plant and equipment 288 296 284 285 299 308 284 318 Intangible assets 3,556 3,629 3,637 3,639 3,637 3,623 3,637 3,637 Investments in associates 4 4 4 14 13 13 4 12 Financial assets 16,143 16,749 16,090 16,1
Slide 38: Group investment mix and returns
Group investment mix and returns Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Credit bonds, funds and loans 47% 43% 49% 46% 45% 44% 49% 44% Covered bonds 24% 25% 24% 23% 22% 23% 24% 23% Government bonds 7% 7% 6% 5% 5% 4% 6% 4% Index-linked bonds 3% 3% 3% 3% 3% 3% 3% 3% Money marke
Slide 39: Group fixed income and equities mix Q2/2025
Group fixed income and equities mix Q2/2025 Fixed income Listed equities Top 10 direct equity investments 2% 2% Value, EURm Sweden, 26% 3% 9% Nordics Volvo 129 Denmark, 20% 26% Western Europe 13% Norway, 12% 5% ABB 76 United States, 10% North America Veidekke 69 6% Autoliv 61 Finland, 8% Emerging ma
Slide 40: Net insurance liabilities
Net insurance liabilities Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liability for remaining coverage, net 2,167 2,516 1,620 1,961 2,057 2,270 1,620 1,469 Liability for incurred claims, net 8,301 8,100 8,067 8,118 7,860 7,766 8,067 7,983 - of which from risk adjustment 353 315 3
Slide 41: Key sensitivities
Key sensitivities Quarterly P&L effects, Q2/2025 EURm Effect on quarterly Combined ratio *) Discount rate ±100 bps ± 65 bps • Loss and combined ratio sensitive to changes in discount rates Insurance finance income & expense, net Discount rate +100 bps 320 Non-annuities Discount rate +100 bps 105 • N
Slide 42: Solvency II ratio development
Solvency II ratio development 220% 210% 200% 185% 182% 180% 180% 176% 177% 174 % 160% 140% 120% 100% 2020 2021 2022 2023 2024 Q1/2025 Q2/2025 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 6 August 2025 42
Slide 43: Solvency II SCR and own funds
Solvency II SCR and own funds EURm Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Market risk 2,067 2,033 1,974 2,059 1,994 2,057 1,974 1,920 Insurance risk 1,827 1,823 1,734 1,655 1,617 2,055 1,734 2,027 Counterparty risk 206 211 139 127 131 218 139 200 Operational risk 296 297 284
Slide 44: Estimated Solvency II ratio sensitivities on market risk factors
Estimated Solvency II ratio sensitivities on market risk factors Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Solvency II ratio 174% 180% 177% 198% 192% 186% 177% 182% Rates -100bps -5%-p -5%-p -5%-p -5%-p -4%-p -4%-p -5%-p -5%-p Rates +100bps +4%-p +4%-p +3%-p +5%-p +4%-p +3%-p +
Slide 45: Financial leverage development
Financial leverage development IFRS 4 IFRS 17 35% 30% 23.8% 25.6% 24.4% 25.3% 26.9% 25.8% 26.1% 25% 20% 15% 10% 5% 0% 2021 2022 2022 2023 2024 Q1/2025 Q2/2025 Hybrid Senior Target (<30%) EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 Q1/2025 Q2/2025 Hybrid debt 2,015 1,983 1,983 1,645 1,642 1,650
Slide 46: 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 84) 1,000 (EUR 84) 3.100% 7 Sep 2028 - Sampo plc Tier 2 M
Slide 47: Hold Co (Sampo plc) balance sheet
Hold Co (Sampo plc) balance sheet EURm Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liquidity 593 608 626 1,169 1,477 1,342 626 1,352 Investment assets 2,380 2,406 2,408 676 695 979 2,408 979 Tangible assets 2 3 3 3 2 2 3 2 Fixed income 1,814 1,825 1,826 101 100 101 1,826 101 Equi
Slide 48: Additional information
Additional information 6 August 2025 48
Slide 49: Share count development
Share count development Total share count, million Average number of shares 2,777 2,734 1-12/2020 2,691 2,691 2,776,759,250 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 1-3/2024 2,508,983,760 1-6/2024 2,508,804,685 1-9/2024 2,514,477,515 1-12/2024 2,560,572,410
Slide 50: 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 51: Geographical mix H1/2025
Geographical mix H1/2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 1,130 1,230 1,407 859 1,479 138 6,242 Insurance revenue, net 863 892 1,017 565 969 147 4,452 Underwriting result 153 138 163 127 112 35 729 Risk ratio, % 61.3 65.1 56.7 55.1 51.4 54.2 57.
Slide 52: Geographical mix Q2/2025
Geographical mix Q2/2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 579 479 399 259 757 69 2,542 Insurance revenue, net 440 453 511 286 499 75 2,264 Underwriting result 89 85 79 64 59 16 393 Risk ratio, % 58.0 62.3 58.2 54.3 50.7 55.7 56.8 Cost ratio, % 2
Slide 53: Geographical mix by segment 2024
Geographical mix by segment 2024 Private Nordic Sweden Norway Denmark Finland UK Total Private UK Sweden Norway Denmark Finland UK Total Gross written premiums 1,213 992 1,018 649 - 3,872 Gross written premiums - - - - 2,565 2,565 Insurance revenue, net 1,180 925 932 631 - 3,667 Insurance revenue, n
Slide 54: Nordic new car sales
Nordic new car sales Number of cars sold (1,000) Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 77.5 63.4 76.1 61.1 72.5 59.8 269.5 289.7 288.0 301.0 292.0 Norway 43.9 31.6 36.9 30.5 39.0 22.3 128.7 127.0 174.3 176.3 141.4 Denmark 52.1 37.4 46.8 39.9 4
Slide 55: www.sampo.com
www.sampo.com Sampo plc Phone: +358 10 516 0100 @Sampo_plc Fabianinkatu 21 Business ID: 0142213-3 sampo-plc 00130 Helsinki sampo_oyj Finland 55