Slide 1: Investor Presentation January–September 2024
Investor Presentation January–September 2024 1
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: Sampo Group Q3/2024 results
Sampo Group Q3/2024 results 6 November 2024 6 November 2024 3
Slide 4: 1-9/2024: Solid performance driven by top line growth
1-9/2024: Solid performance driven by top line growth 1-9/2024 operating EPS Continued strong FX-adjusted top line growth of 10%, supported by all business areas +9% -7% +1% 1.68 Underlying margin trends remained positive, with slightly easing 1.65 0% claims inflation Strong performance in the UK, d
Slide 5: Continued strong top line growth in all business areas
Continued strong top line growth in all business areas Group FX-adjusted top line growth • Group top line growth driven by accelerated performance in the UK and 1-9/2024 Q3/2024 continued solid development in the Nordics • Growth in Private supported by personal insurance and property, while Group t
Slide 6: Nordic growth supported by good progress on operational ambitions
Nordic growth supported by good progress on operational ambitions FX-adjusted GWP growth Operational growth ambitions Retention in Private Growth in personal Growth in Private 7.2% insurance property 6.7% 6.4% 89% +11% +6% 4.7% Target: 89% or higher Target: >7.5% on avg Target: >5% on avg 4.3% Growt
Slide 7: First steps taken on the Topdanmark integration
First steps taken on the Topdanmark integration Key deal facts Expected operational synergy realisation (EURm) Revenue synergies EUR 30m p.a. 95 48.2 million EUR 800 million New Sampo shares issued to Deployed to buybacks/squeeze-out Cost synergies EUR 65m p.a. ~30% Topdanmark shareholders to reduce
Slide 8: Key developments in Sampo’s P&C operations
Key developments in Sampo’s P&C operations Premium growth and pricing Claims cost development ✓ The Nordic P&C market remains disciplined, with dynamics ✓ Nordic claims inflation has been slowing down to around 4% broadly unchanged year-to-date ≈ Property claims inflation remained moderate, while mo
Slide 9: Solid underlying performance dampened by weather and large claims
Solid underlying performance dampened by weather and large claims 1-9: UW result and combined ratio Q3: UW result and combined ratio • Group underlying combined ratio improved by 1.6%-p, driven by EURm EURm strong performance in the UK and continued positive development 882 955 +32% 374 +8% in the N
Slide 10: Underwriting excellence requires active management
Underwriting excellence requires active management Securing high and stable profitability in Industrial Profitable underwriting of electric vehicles • As a leading Nordic corporate insurer, Industrial delivers attractive • The number of EVs insured by If has increased almost 6-fold since margins at
Slide 11: Solid growth in Private, driven by non-motor lines
Solid growth in Private, driven by non-motor lines 1-9: UW result and combined ratio Q3: UW result and combined ratio • FX-adjusted GWP growth of 6.0% in January-September, driven EURm 368 379 EURm 152 +3% +33% by continued strong momentum in non-motor lines, while 114 retention remained high and st
Slide 12: Strong growth and underwriting in the UK
Strong growth and underwriting in the UK • Continued strong FX-adjusted GWP growth of 27%, driven by 1-9: UW result and operating ratio Q3: UW result and operating ratio LCP expansion and rate increases implemented during 2023 EURm EURm +61% 139 +82% 59 • Total live customer policies up 11% year-on
Slide 13: Steady growth in corporate lines, results affected by large claims
Steady growth in corporate lines, results affected by large claims Commercial • GWP growth supported by successful 1 January renewals and high and stable retention 1-9: UW result and combined ratio Q3: UW result and combined ratio EURm EURm 183 68 • Commercial saw 5.6% FX-adjusted premium growth, dr
Slide 14: Topdanmark’s result driven by solid organic growth
Topdanmark’s result driven by solid organic growth • Organic growth of 7.4%, excl. impact of Oona Health 1-9: UW result and combined ratio Q3: UW result and combined ratio acquisition, supported by rate increases, continued net EURm EURm 168 173 +23% 62 customer inflow, and rate changes in workers’
Slide 15: Investment returns driven by higher yields and mark-to-market gains
Investment returns driven by higher yields and mark-to-market gains Group investment returns and investment mix • Net investment income increased 67% to EUR 818 million, supported by higher yields and strong mark-to-market gains EURm 609 206 6 821 4% Fixed income • Total investment return amounted t
Slide 16: Solvency and leverage remained well within target
Solvency and leverage remained well within target Sampo Group Solvency II ratio, % Sampo Group financial leverage, % Own funds: EURm 5,695 EURm 6,031 IFRS equity: EURm 7,349 EURm 7,101 SCR: EURm 2,962 EURm 3,043 Financial debt: EURm 2,599 EURm 2,597 210% 30% 9% -5% Target: <30% 2% 198% -21% 200% 28%
Slide 17: Performance against financial targets and outlook
Performance against financial targets and outlook Target for 2024-2026 1-9/2024 Outlook for 2024 Operating EPS growth (period average): >7% 2% Following the nine-month result, Sampo has maintained its 2024 outlook for a Group combined ratio of 83–85 per cent. Combined ratio: <85% (annual) 84.6% The
Slide 18: Sampo Group
Sampo Group 6 November 2024 18
Slide 19: Financials
Financials 6 November 2024 19
Slide 20: Results and key figures by quarter
Results and key figures by quarter EURm Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 FY 2023 FY 2022 GWP & brokerage income 2,088 2,333 3,297 1,864 1,909 2,081 3,016 8,870 8,375 Insurance revenue, net (incl. Brokerage) 2,137 2,057 2,020 1,939 1,911 1,857 1,828 7,535 7,277 Claims incurred
Slide 21: Operating result by quarter
Operating result by quarter EURm Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 FY 2023 Underwriting result 374 321 260 281 284 306 292 1,164 Interest and dividend income 129 137 143 137 119 140 126 522 Realised gains -3 41 46 6 73 40 38 156 Unwind of discounting -63 -62 -59 -81 -53 -54 -60
Slide 22: Key result movements Q3/2024
Key result movements Q3/2024 Q3/2024 Q3/2023 Comments - Continued positive underlying development of 1.7%-p, driven by the Nordics and UK Group combined ratio, % 82.5 85.1 - Large claims had a 2.8%-p negative effect - UW result of EUR 374 million negatively affacted by Nordic large claims Group PBT
Slide 23: Top line development
Top line development GWP and brokerage income Insurance revenue, net (incl. brokerage) EURm EURm IFRS 4 IFRS 17 IFRS 4 IFRS 17 10,000 8,000 7,535 8,870 7,337 7,277 9,000 6,887 8,375 7,000 1,251 8,136 6,516 1,010 998 7,644 7,718 8,000 2,063 830 6,214 7,241 1,636 7,006 805 1,313 6,000 1,127 5,596 7,00
Slide 24: Underwriting result and combined ratio development
Underwriting result and combined ratio development Underwriting result Combined ratio EURm IFRS 4 IFRS 17 IFRS 4 IFRS 17 1,400 88% 1,314 1,282 104 85.8% 1,164 86% 1,200 164 84.6% 84.6% 84.2% 1,087 224 128 84% 83.3% 1,031 103 955 1,000 227 128 81.4% 82.1% 194 882 82% 182 139 86 800 230 80% 168 173 60
Slide 25: Net insurance liabilities
Net insurance liabilities Q3/2024 LIC per country and durations 2023 year-end EURm If P&C Topdanmark Hastings Sampo If Sampo Group Group LIC, % Duration, years LIC, % Duration, years Liability for remaining coverage, net 1,067 376 518 1,961 Sweden 31 6.3 22 6.3 Liability for incurred claims, net 5,5
Slide 26: Key sensitivities under IFRS
Key sensitivities under IFRS Quarterly P&L effects, Q3/2024 Sampo EURm If Hastings Group¹ • Loss and combined ratio Effect on quarterly Combined ratio ² ³ Discount rate ±100 bps ± 60-70 bps ± 35 bps ± 60 bps sensitive to changes in discount rates Insurance finance income & expense, net Discount rate
Slide 27: Share count development
Share count development Total share count, million Average number of shares 555.4 546.8 1-12/2020 555,351,850 542.3 New shares 514.4 issued for 501.8 501.8 500.9 Topdanmark 1-12/2021 554,316,818 shareholders 1-12/2022 530,296,202 1-3/2023 511,856,292 1-6/2023 509,913,142 1-9/2023 507,335,008 1-12/20
Slide 28: 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 8,539,956 380 2. programme 30 Mar 2022 31 Mar 2022 17 May 2022 250 228 Total 2022 32,442,579 1,4
Slide 29: Investments
Investments 6 November 2024 29
Slide 30: Sampo Group investment mix, September 2024
Sampo Group investment mix, 30 September 2024 If Topdanmark Hastings Sampo plc Sampo Group Fixed income total 88% 92% 99% 69% 88% Credit bonds, funds and loans 56% 3% 68% 10% 46% Covered bonds 18% 81% 5% 0% 23% Government bonds 7% 0% 8% 0% 5% Index-linked bonds 4% 4% 0% 0% 3% Money market and cash 3
Slide 31: Net investment income 1-9/2024
Net investment income 1-9/2024 EURm If P&C Topdanmark Hastings Holding Eliminations Sampo Group Fixed income 284 33 36 21 -6 368 Equities 24 5 0 0 0 29 Funds 5 4 3 0 0 11 Interest & dividend income 313 42 39 21 -6 408 Fixed income 146 36 14 0 0 196 Equities 98 11 0 -3 0 106 Funds 70 0 2 0 0 72 Net g
Slide 32: Net investment income Q3/2024
Net investment income Q3/2024 EURm If P&C Topdanmark Hastings Holding Eliminations Sampo Group Fixed income 92 11 14 7 -2 121 Equities 2 1 0 0 0 3 Funds 2 1 2 0 0 4 Interest & dividend income 96 13 15 7 -2 129 Fixed income 148 37 16 0 0 201 Equities -16 1 0 -3 0 -18 Funds 24 0 1 0 0 25 Net gains or
Slide 33: Net financial result bridge 1-9/2024
Net financial result bridge 1-9/2024 900 -183 800 35 -26 -26 700 -131 600 374 -68 7 500 408 400 15 818 39 IFIE 42 EUR -245 million 300 573 200 313 100 0 Interest & dividend Net gains or losses Other Net investment Unwind of Changes in discount Indexation of Net financial result income income discoun
Slide 34: Net financial result bridge Q3/2024
Net financial result bridge Q3/2024 400 350 4 -63 -10 -10 300 -44 250 208 200 -156 340 150 129 5 7 15 100 13 128 50 96 IFIE EUR -212 million 0 Interest & dividend Net gains or losses Other Net investment Unwind of Changes in discount Indexation of Net financial result income income discounting rates
Slide 35: Financial position
Financial position 6 November 2024 35
Slide 36: Solvency II ratio development
Solvency II ratio development 220% 210% 198 % 200% 192% 185% 186% 182% 180% 174% 176% 177% 160% 140% 120% 100% 2019 2020 2021 2022 2023 Q1/2024 Q2/2024 Q3/2024 Q3/2024 adj.* Solvency II ratio Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) *) including dividend accrual ba
Slide 37: Solvency II SCR and own funds, 30 September 2024
Solvency II SCR and own funds, 30 September 2024 EURm Solvency II ratio 198% 6,031 6,000 (excluding dividend accrual) 80 1,441 5,000 21 295 4,000 127 -696 -425 29 T3 3,000 1,655 T2 T1 restricted 4,489 2,000 T1 unrestricted 3,043 1,000 2,059 0 Market risk Insurance risk Counterparty risk Operational
Slide 38: Estimated Solvency II ratio sensitivities on market risk factors
Estimated Solvency II ratio sensitivities on market risk factors 30 September 2024 198% 193% 203% 198% 197% 200% 190% 193% 150% 100% 50% 0% Base case Q3/2024 RFR -100 bps RFR +100 bps Spread +100 bps Equity prices -10% Equity prices -20% Equity prices -30% Scenario Symmetric adjustment The Solvency
Slide 39: Financial leverage development
Financial leverage development IFRS 4 IFRS 17 Total debt, EURm 4,905 4,210 3,288 3,288 2,604 2,594 2,599 2,597 IFRS equity, EURm 12,258 13,464 9,543 10,178 7,687 7,971 7,349 7,101 35% 28.6% 23.8% 25.6% 24.4% 25.3% 24.6% 26.1% 26.8% 27.2% 30% 25% 20% 15% 10% 5% 0% 2020 2021 2022 2022 2023 Q1/2024 Q2/
Slide 40: Financial debt, 30 September 2024
Financial debt, 30 September 2024 Sampo plc If Topdanmark Hastings Eliminations* Group, total Sub/hybrid 1,491 132 148 - -127 1,643 Senior bonds 954 - - - - 954 Total 2,447 132 148 - -127 2,597 * Topdanmark EUR 127 million held by If. Key credit Metrics Financial debt, EURm 2,597 IFRS equity, EURm 7
Slide 41: Outstanding debt instruments, 30 September 2024
Outstanding debt instruments, 30 September 2024 Sampo Plc Subsidiaries Instrument & Principal Coupon Maturity/call Instrument & Principal Coupon Maturity/call Senior Bond 162 EURm 1.250% 30 May 2025 If P&C - Subordinated 1,500 SEKm Stibor 3M + 1.30% 17 Mar 2026 Senior Bond 313 EURm 1.625% 21 Feb 202
Slide 42: If
If 6 November 2024 42
Slide 43: GWP growth driven by increased rates and high retention
GWP growth driven by increased rates and high retention 1-9/2024 GWP growth Q3/2024 GWP growth Key developments • Continued solid organic GWP growth in 9M 2024 (FX-adjusted) of 6.4%, If total* 6.4% 3.8% with 3.8% growth in Q3 Private 6.0% 4.3% • Growth primarily driven by successful pricing measures
Slide 44: Nordic underwriting supported by growth and positive underlying trend
Nordic underwriting supported by growth and positive underlying trend 1-9/2024 combined ratio Key developments • 9M/2024 insurance service result of EUR 642 million (628) supported by robust GWP growth and high retention • Continued improvement from targeted rate increases to mitigate claims inflati
Slide 45: Results by quarter
Results by quarter EURm Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 FY 2023 FY 2022 Gross written premiums 1,101 1,407 2,095 1,095 1,100 1,307 1,966 5,468 5,432 Insurance revenue, net 1,327 1,297 1,290 1,266 1,263 1,231 1,235 4,996 5,024 Claims incurred, net -803 -806 -926 -772 -802 -761
Slide 46: Key figures by quarter
Key figures by quarter Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 FY 2023 FY 2022 Combined ratio, % 81.1 83.1 86.8 83.1 84.1 82.9 82.4 83.1 86.6 Cost ratio, % 20.6 21.0 20.6 22.2 20.7 21.1 21.0 21.2 21.6 Risk ratio, % 60.5 62.2 66.2 60.9 63.4 61.8 61.5 61.9 65.0 Large claims 4.5 4.4 -2.
Slide 47: Combined ratio and cost ratio development
Combined ratio and cost ratio development Combined ratio Cost ratio IFRS 4 IFRS 17 ~20bps IFRS 4 IFRS 17 21.8% If P&C cost ratio 86.6% 21.6% reduction p.a. 21.5% 21.4% 84.5% 21.2% 83.1% 83.2% 83.6% 21.1% 82.1% 20.9% 81.3% 80.3% 20.7% 2019 2020 2021 2022 2022 2023 1-9/2023 1-9/2024 2019 2020 2021 202
Slide 48: Key figures by business area and country
Key figures by business area and country 1-9/2024 (1-9/2023) Private Commercial Industrial Baltic Sweden Norway Finland Denmark Other GWP, EURm 2,339 (2,217) 1,169 (1,125) 867 (849) 192 (182) 1,471 (1,446) 1,422 (1,340) 1,007 (971) 475 (434) 36 (0) Insurance revenue, net, EURm 2,218 (2,121) 1,011 (9
Slide 49: Key figures by business area and country
Key figures by business area and country Q3/2024 (Q3/2023) Private Commercial Industrial Baltic Sweden Norway Finland Denmark Other GWP, EURm 734 (701) 175 (162) 122 (178) 57 (58) 372 (415) 331 (309) 200 (198) 128 (119) 13 (0) Insurance revenue, net, EURm 751 (716) 342 (330) 165 (160) 62 (57) 428 (4
Slide 50: FX-adjusted GWP quarterly growth by business area and country
FX-adjusted GWP quarterly growth by business area and country Private Commercial Industrial Baltic Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 6.4 0.4 4.9 3.6 7.3 4.4 -1.0 -1.5 7.6 13.0 17.7 6.2 6.6 -2.7 3.5 1.9 2021 3.9 5.8 2.7 2.2 0.6 10.2 3.7 11.8 3.8 8.6 3.2 8.6 4.9 11.3 13.7 14.7 2022
Slide 51: Number of customers, customer satisfaction and retention in Private
Number of customers, customer satisfaction and retention in Private Number of customers, million Customer satisfaction, NPS Customer retention, % households 3.3 3.3 62 3.2 3.2 61 90% 90% 60 89% 89% 56 2021 2022 2023 Q3/2024 2021 2022 2023 Q3/2024 2021 2022 2023 Q3/2024 6 November 2024 51
Slide 52: Nordic new car sales
Nordic new car sales Number of new cars sold, annual development Number of new cars sold, third quarter If P&C had a market share of 878,000 24% in Q3/2024 841,000 838,000 197 000 191 000 193 000 -7% 761,000 728,000 168 000 170 000 160 000 692,000 150 000 148 000 677,000 2017 2018 2019 2020 2021 202
Slide 53: Topdanmark
Topdanmark 6 November 2024 53
Slide 54: Results and key figures
Results and key figures EURm Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 FY 2023 FY 2022 Gross written premiums 283 276 653 241 252 242 604 1,339 1,308 Insurance revenue, net 370 361 361 333 321 317 318 1,288 1,255 Claims incurred, net -246 -242 -241 -242 -217 -200 -203 -862 -809 Operati
Slide 55: Hastings
Hastings 6 November 2024 55
Slide 56: Results and key figures by quarter
Results and key figures by quarter EURm Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 FY 2023 FY 2022 Gross written premiums 609 562 467 440 467 435 363 1,706 1,314 Brokerage revenue 108 101 93 88 90 97 83 357 322 Insurance revenue, net (incl. brokerage) 440 399 369 340 327 309 275 1,251 9
Slide 57: Operating ratio and underwriting result development
Operating ratio and underwriting result development Operating ratio, % Underwriting result, EURm 10-15% 164 UK UW profit growth p.a. on average 89.8% 90.5% 89.7% 139 88.5% 87.4% 87.2% 128 128 103 104 80.3% 86 2020 2021 2022 2022 2023 1-9/2023 1-9/2024 2020 2021 2022 2022 2023 1-9/2023 1-9/2024 6 Nov
Slide 58: Live customer policies development
Live customer policies development Million 4.0 3.8 3.5 3.5 0.66 3.1 3.2 2.8 3.1 0.54 3.0 0.27 0.31 0.41 2.6 2.7 0.21 2.3 0.17 0.16 2.5 0.17 2.0 2.0 0.13 1.5 3.1 2.8 2.8 2.8 2.9 2.5 2.6 2.5 2.2 1.0 1.9 0.5 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q3/2024 Motor Home 6 November 2024 58
Slide 59: Holding
Holding 6 November 2024 59
Slide 60: Results by quarter
Results by quarter EURm Q3/2024 Q2/2024 Q1/2024 Q4/2023 Q3/2023 Q2/2023 Q1/2023 FY 2023 FY 2022 Net investment income 8 -2 50 -38 5 18 -22 -37 177 Other income 1 0 0 0 1 0 0 1 132 Other expenses -13 -11 -13 -28 -9 -12 -7 -57 -48 Finance expenses -15 -16 -17 -12 -18 -20 -16 -66 -96 Share of associate
Slide 61: Sampo plc balance sheet, 30 September 2024
Sampo plc balance sheet, 30 September 2024 Assets total, EURm 9,491 Liabilities total, EURm 9,491 Liquidity 1,169 CPs issued 0 Investment assets 676 LT senior debt 954 Tangible assets 3 Private placements 0 Fixed income 101 Bonds issued 954 Equity and private equity 572 Subordinated debt 1,491 Equit
Slide 62: Sampo Group overview
Sampo Group overview 6 November 2024 62
Slide 63: Sampo’s P&C operations have a uniquely attractive profile
Sampo’s P&C operations have a uniquely attractive profile Top line: EUR 8.9 billion Private Commercial Industrial Baltic UK EUR 3.6 bn EUR 2.0 bn EUR 1.0 bn EUR 0.2 bn EUR 2.1 bn Combined ratio: 84.6% Underwriting profit: EUR 1.2 bn UW profit CAGR: 8% ✓ Leading digital sales and ✓ Strong pricing pow
Slide 64: Financial targets, ambitions and capital management framework
Financial targets, ambitions and capital management framework Financial targets Operational ambitions Capital management ➢ Operating EPS growth: >7% • If P&C cost ratio reduction: ~20bps (annual) ➢ Solvency II target range: 150-190% (period average) • If P&C GWP growth in PI: >7.5% (period average)
Slide 65: P&C Insurance estimated market shares
P&C Insurance estimated market shares Norway Q2/2024 Sweden Q2/2024 Nordics Gjensidige 26% LF 30% Sampo Group 20% If 21% If 18% Tryg 15% Fremtind 15% Tryg 17% LF 9% Tryg 13% Folksam 16% Gjensidige 9% Storebrand 6% Others 19% OP 6% Others 19% Others 41% Denmark Q2/2023 Finland 2023 Finland Tryg 24% O
Slide 66: Sampo’s ownership structure 30 September 2024
Sampo’s ownership structure 30 September 2024 Largest Finnish-registered shareholders Ownership development 230,000 70% 210,000 Solidium Oy 6.05%* 68% 190,000 Varma Mutual Pension Insurance Company 4.05% 66% 170,000 Ilmarinen Mutual Pension Insurance Company 1.11% 150,000 64% Elo Mutual Pension Insu
Slide 67: Sampo Group ESG overview
Sampo Group ESG overview 6 November 2024 67
Slide 68: Sampo has committed to set group-level SBTi targets
Sampo has committed to set group-level SBTi targets • Sampo joined the Science Based Targets initiative (SBTi)* in October 2023 to If P&C’s targets approved by SBTi set group-level near-term greenhouse gas emission reduction targets aligned with the Paris Agreement • Sampo’s subsidiaries If, Topdanm
Slide 69: Allocation of direct fixed income and equity investments according to ESG risk categories
Allocation of direct fixed income and equity investments according to the ESG risk categories, Sampo Group excluding Topdanmark and Hastings 30 September 2024 Weighted average ESG risk rating of Sampo Group’s direct fixed income and equity investments (0-100) 15 Market value of Sampo Group’s direct
Slide 70: ESG ratings
ESG ratings Examples of ESG rating agencies Rating and scale Rating distribution and/or ranking Industry best is B-. Rating of Sampo plc: 59/100 Percentile rank of Sampo plc: 86 Industry average: 33/100 6 November 2024
Slide 71: Sampo plc
Sampo plc Fabianinkatu 27 00100 Helsinki, Finland Phone: +358 10 516 0100 Business ID: 0142213-3 www.sampo.com @Sampo_plc sampo-plc sampo_oyj 71