Slide 1: Investor Presentation January–December 2025
Investor Presentation January–December 2025 5 February 2026 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: Financial highlights
Financial highlights 5 February 2026 3
Slide 4: 1-12/2025: Strong operational momentum continued
1-12/2025: Strong operational momentum continued Sustained top-line momentum, driven by robust performance across private and SME lines € 10.7 billion € 1.5 billion Solid development in key growth areas of personal insurance, SME and in the UK +8% year-on-year +12% year-on-year Gross written premium
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 (%) 9,078 1,485 8,386 84.3% 84.3% 83.4% 83.6% 1,316 25.9% 25.0% 25.3% 25.4% 2,172 2,322 57.5% 59.3% 59.0% 58.3% 364 361 Q4/2024 Q4/2025 2024 2025 Q4/2024 Q4/2025 2
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 4,183 3,995 2,865 2,000 2,391 1,273 2,201 537 1,046 584 (+8.5%) (+8.1%) (+13.0%) (+2
Slide 7: Another strong year of underwriting profit growth
Another strong year of underwriting profit growth • Third consecutive year with UW profit growth of 13% driving +44% 44% total increase over last three years 1,485 +8%p • Strong organic growth in private & SME the main driver, supported by rising digital sales and high retention • Benign weather and
Slide 8: High and stable profitability driven by increasing productivity and disciplined underwriting
High and stable profitability driven by increasing productivity and discplined underwriting Sampo was affected by two winter storms, causing a • Conditions in Sampo’s private and SME markets remain total of EUR ~50 million in claims in Q4 stable overall, albeit with declining pricing in UK motor • S
Slide 9: Continued strong organic growth in Private Nordic
Continued strong organic growth in Private Nordic Sustained and broad-based growth in Private Nordic on high Another year of strong GWP growth on the back of positive retention, rising digital sales and solid partnerships development across all major lines Private Nordic like-for-like GWP growth (%)
Slide 10: Disciplined approach to softening UK motor market
Disciplined approach to softening UK motor market • UK motor market pricing continued to decline in the fourth Private UK growth reduced over 2025 on lower market pricing quarter, while claims trends remain benign and broadly in line with historical levels 30% 6% 5.4% • Like-for-like LCP growth slow
Slide 11: Customer traction and digital adoption driving Commercial growth
Customer traction and digital adoption driving Commercial growth Another year of strong GWP growth driven by target areas and continue high retention Solid growth momentum underpinned by increasing traction with SME and through digital channels SME like-for-like GWP growth (%) Commercial online sale
Slide 12: Topdanmark synergies emerging faster than expected
Topdanmark synergies emerging faster than expected Commentary Synergy run-rate realisation target by year EURm • Synergy emergence running ahead of plan, largely as a result of 140 faster than expected delivery Delivered to date Target per year 87 • Spike in synergy realisation in H2, driven by cent
Slide 13: Attractive investment returns supplemented by large NOBA gain
Attractive investment returns supplemented by large NOBA gain Group investment mix • Attractive interest and dividend income of EUR 592 million, Total assets Fixed income allocation slightly down due to lower interest rates across the portfolio Fixed 5%1% Credit income 3% 9% • Market yield (3.6%) re
Slide 14: Solvency II coverage supported by solid operating performance
Solvency II coverage supported by solid operating performance Group Solvency II ratio • Operating performance continued to have solid contribution to solvency • Market effects flat due to higher symmetric adjustment 4% -3% 9% 0% -8% • NOBA had 4%-p positive effect, primarily driven by FX hedges impl
Slide 15: Strong capital generation and disciplined capital management
Strong capital generation and disciplined capital management Sampo generated EUR 3.5 billion of capital in 2024-2025, which has been • Sampo is highly cash and capital generative and it deployed into business growth, the Topdanmark deal, dividends and buybacks continuously works to enhance capital e
Slide 16: Extending our track record of delivering attractive capital returns
Extending our track record of delivering attractive capital returns Sampo is clearly focused on delivering attractive capital returns • The Board is proposing a regular dividend of EUR 0.36 per share to the AGM, representing growth of 6% Buybacks, 475 350 • In addition, Sampo has returned EUR 350 mi
Slide 17: Sampo enters 2026 with solid operational momentum
Sampo enters 2026 with solid operational momentum • Sampo continues to deliver steady underwriting profit Sampo is in a strong position to continue to drive higher underwriting growth, driven by attractive organic growth profits through organic growth Insurance revenue (EURbn) Underwriting result (E
Slide 18: Performance by segment
Performance by segment 5 February 2026 18
Slide 19: Private Nordic: Continued high quality growth
Private Nordic: Continued high quality growth • GWP growth was mainly driven by rate actions, strong retention, and positive development in key target areas • All countries recorded GWP growth above 5% year-on-year. Norway led the development with a 16% increase, driven by supportive € 4,183 million
Slide 20: Private Nordic: Key growth drivers
Private Nordic: Key growth drivers GWP growth, like-for-like Retention rate (%) Digital sales (EURm) 8.5% 90% 90% 89% 89% >89% 175 6.5% 144 5.0% 130 175 GWP: 3,627 3,872 4,183 Ins. revenue: 3,489 3,667 3,995 2023 2024 2025 2021 2022 2023 2024 2025 2023 2024 2025 1-12/2025 GWP growth, like-for-like C
Slide 21: Private UK: Selective growth within target margins
Private UK: Selective growth within target margins • GWP growth supported by higher policy count and the impact of business mix on average premiums • Targeted growth in motor and home combined with higher retention, drove an increase in customer policies of 3% in the fourth quarter € 2,865 million €
Slide 22: 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% 0.91 3.56 26% 0.72 21% 3.14 0.54 2.92 13% 0.41 2.80 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Including broker revenues 5 February 2026 22
Slide 23: Nordic Commercial: Growth delivered with solid profitability
Nordic Commercial: Growth delivered with solid profitability • GWP driven by high retention, rate increases to mitigate claims inflation and robust customer growth momentum in SME • SME delivered 7% growth, reflecting continued execution against operational ambition levels € 2,391 million € 376 mill
Slide 24: 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% 45 5.9% 40 40 5.6% 5.6% 5.1% 35 30 27 4.2% 25 23 20 15 10 5 0 2023 2024 2025 2023 2024 2025 2023 2024 2025 GWP: 1,977 2,173 2,391 Ins. rev.: 1,945 2,128 2,201 Growth ra
Slide 25: Nordic Industrial: Strong margins in a softening market
Nordic Industrial: Strong margins in a softening market • Intentional de-risking and increased competition put pressure on premium volumes in 2025, with insurance revenue better reflecting underlying development than GWP • De-risking actions are now largely completed but volume growth € 1,046 millio
Slide 26: Financial supplement
Financial supplement 5 February 2026 26
Slide 27: Profit & loss detail
Profit & loss detail 5 February 2026 27
Slide 28: Key result movements Q4/2025
Key result movements Q4/2025 EURm Q4/2025 Q4/2024 Comments Gross written premiums 2,277 2,212 - Like-for-like growth of 6% driven by robust performance in Private and SME lines, partly offset by softer development in Private UK Insurance revenue, net 2,322 2,172 - Growth supported by solid performan
Slide 29: Top-line development
Top-line development Gross written premiums Insurance revenue, net EURm EURm 10,738 11,000 10,000 253 9,931 9,078 10,000 249 1,046 9,000 298 8,386 8,870 1,070 584 9,000 275 8,375 238 8,000 7,535 657 966 2,391 7,277 8,000 223 7,000 627 2,201 2,173 7,000 2,128 1,977 6,000 1,945 6,000 2,865 5,000 2,000
Slide 30: Underwriting result and combined ratio development
Underwriting result and combined ratio development Underwriting result Combined ratio EURm 1,600 88% 1,485 69 85.8% 1,400 86% 1,316 109 84.6% 84.3% 72 83.6% 84% 1,200 1,164 74 46 376 1,031 80 82% 1,000 352 315 80% 216 800 190 78% 128 600 76% 400 715 74% 595 628 200 72% 0 70% 2022 2023 2024 2025 2022
Slide 31: Group: results and key figures
Group: results and key figures EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Gross written premiums 2,277 2,218 2,542 3,701 2,212 2,088 2,333 3,297 10,783 9,931 8,870 Insurance revenue, net 2,322 2,303 2,264 2,188 2,172 2,137 2,057 2,020 9,078 8,386 7,5
Slide 32: Group: operating result
Group: operating result EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY2025 FY 2024 FY 2023 Underwriting result 364 392 393 336 361 374 321 260 1,485 1,316 1,164 Interest and dividend income 142 144 164 142 155 143 155 157 592 609 593 Realised gains or losses -1 30 7 -11 9 -1
Slide 33: Private Nordic: results and key figures
Private Nordic: results and key figures EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Gross written premiums 991 1,011 1,100 1,081 942 917 1,009 1,004 4,183 3,872 3,627 Insurance revenue, net 1,027 1,014 995 958 937 925 908 897 3,995 3,667 3,489 Claims
Slide 34: Private UK: results and key figures
Private UK: results and key figures EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Gross written premiums 622 764 757 722 627 716 662 560 2,865 2,565 2,063 Insurance revenue, net 513 518 499 470 452 440 399 369 2,000 1,659 1,251 Claims incurred, net -302
Slide 35: Nordic Commercial: results and key figures
Nordic Commercial: results and key figures EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Gross written premiums 401 282 360 1,348 383 275 328 1,188 2,391 2,173 1,977 Insurance revenue, net 561 554 549 537 544 537 524 522 2,201 2,128 1,945 Claims incurre
Slide 36: Nordic Industrial: results and key figures
Nordic Industrial: results and key figures EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Gross written premiums 205 104 256 481 203 122 269 477 1,046 1,070 966 Insurance revenue, net 145 141 147 150 167 165 160 165 584 657 627 Claims incurred, net -82 -
Slide 37: Baltic & other operations: results and key figures
Baltic & other operations: results and key figures EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Gross written premiums 58 57 69 69 58 57 65 69 253 249 238 Insurance revenue, net 75 76 75 72 72 70 65 67 298 275 223 Claims incurred, net -40 -45 -42 -38 -
Slide 38: Nordic underlying risk ratio development
Nordic underlying risk ratio development Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Risk ratio, % 59.7 59.9 58.6 61.1 58.9 59.9 61.1 64.3 59.8 61.0 61.1 Large claims, % -1.4 -0.3 -1.6 -1.0 0.8 3.7 3.2 -2.7 -1.1 1.2 1.3 Severe weather, % 2.5 0.0 -0.3 -0.5
Slide 39: Group net financial result
Group net financial result EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Fixed income 137 139 132 134 143 136 141 139 541 559 520 Equities 3 2 19 4 8 3 10 16 28 37 59 Funds 3 4 12 5 4 4 4 3 23 16 16 Interest and dividend income 142 144 164 142 155 143 1
Slide 40: Investments & balance sheet
Investments & balance sheet 5 February 2026 40
Slide 41: Group balance sheet
Group balance sheet Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Property, plant and equipment 301 276 288 296 284 285 299 308 301 284 318 Intangible assets 3,492 3,510 3,556 3,629 3,637 3,639 3,637 3,623 3,492 3,637 3,637 Investments in associates 5 4 4 4
Slide 42: Group investment mix and returns
Group investment mix and returns Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Credit bonds, funds and loans 47% 47% 47% 43% 49% 46% 45% 44% 47% 49% 44% Covered bonds 21% 21% 24% 25% 24% 23% 22% 23% 21% 24% 23% Government bonds 6% 7% 7% 7% 6% 5% 5% 4% 6% 6%
Slide 43: Group fixed income and equities mix Q4/2025
Group fixed income and equities mix Q4/2025 Fixed income Listed equities* Top 10 direct equity investments 3% Sweden, 28% 9% Value, EURm 3% Denmark, 15% Nordics NOBA 814 13% 28% Volvo 148 Norway, 12% Western Europe 6% ABB 83 United States, 9% North America Veidekke 66 Finland, 9% 6% 16% Emerging mar
Slide 44: Net insurance liabilities
Net insurance liabilities Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Liability for remaining coverage, net 1,556 1,924 2,167 2,516 1,620 1,961 2,057 2,270 1,556 1,620 1,469 Liability for incurred claims, net 8,728 8,603 8,301 8,100 8,067 8,118 7,860 7,766
Slide 45: Key sensitivities
Key sensitivities Quarterly P&L effects, Q4/2025 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 325 Non-annuities Discount rate +100 bps 105 • N
Slide 46: Solvency II ratio development
Solvency II ratio development 220% 210% 200% 185% 182% 180% 180% 176% 177% 174 % 174 % 172 % 160% 140% 120% 100% 2020 2021 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 5 February 2026 46
Slide 47: Solvency II SCR and own funds
Solvency II SCR and own funds EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Market risk 2,316 2,201 2,067 2,033 1,974 2,059 1,994 2,057 2,316 1,974 1,920 Insurance risk 1,849 1,847 1,827 1,823 1,734 1,655 1,617 2,055 1,849 1,734 2,027 Counterparty risk
Slide 48: Estimated Solvency II ratio sensitivities on market risk factors
Estimated Solvency II ratio sensitivities on market risk factors Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Solvency II ratio 174% 172% 174% 180% 177% 198% 192% 186% 174% 177% 182% Rates -100bps -4%-p -5%-p -5%-p -5%-p -5%-p -5%-p -4%-p -4%-p -4%-p -5%-p
Slide 49: Financial leverage development
Financial leverage development IFRS 4 IFRS 17 35% 30% 25.6% 25.3% 26.9% 25.8% 26.1% 23.8% 24.4% 24.5% 23.6% 25% 20% 15% 10% 5% 0% 2021 2022 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Hybrid Senior Target (<30%) EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Hybr
Slide 50: 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 51: Hold Co (Sampo plc) balance sheet
Hold Co (Sampo plc) balance sheet EURm Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 Liquidity 881 862 593 608 626 1,169 1,477 1,342 881 626 1,352 Investment assets 2,754 2,584 2,380 2,406 2,408 676 695 979 2,754 2,408 979 Tangible assets 4 4 2 3 3 3 2 2 4 3
Slide 52: Additional information
Additional information 5 February 2026 52
Slide 53: 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 2,572 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 54: 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 55: Geographical mix 2025 and Q4/2025
Geographical mix 2025 and Q4/2025 2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 2,021 2,051 2,276 1,272 2,865 253 10,738 Insurance revenue, net 1,737 1,848 2,052 1,142 2,000 298 9,078 Gross written premiums and insurance revenue include broker revenues.
Slide 56: 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 premiums 1,320 1,126 1,048 668 - 4,183 Gross written premiums - - - - 2,865 2,865 Insurance revenue, net 1,271 1,043 1,014 666 - 3,995 Insurance reve
Slide 57: Nordic new car sales
Nordic new car sales Number of cars sold (1,000) Q4/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 69.0 63.1 77.5 63.4 76.1 61.1 72.5 59.8 273.0 269.5 289.7 288.0 301.0 292.0 Norway 66.2 37.8 43.9 31.6 36.9 30.5 39.0 22.3 179.6 128
Slide 58: 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 5 February 2026 58