Sampo Oyj · OMXHEX:SAMPO
Sampo Oyj — Q2 2022 Earnings Presentation
72 slides from Sampo Oyj's earnings presentation, Aug 3, 2022
Slide 1: Investor Presentation January–June 2022
Investor Presentation JANUARY – JUNE 2022 1
Slide 2: Sampo Group Q2/2022 results
Sampo Group Q2/2022 results 3 August 2022 3 August 2022 2
Slide 3: 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 4: H1/2022: Solid premium growth and excellent underwriting margins
H1/2022: Solid premium growth and excellent underwriting margins Resilient profit despite challenging capital markets GWP growth supported by strong renewals, high retention and rate actions Robust underwriting performance in the Nordic P&C, resilient development in the UK Strong solvency, driven by
Slide 5: Robust results driven by excellent underwriting profitability
Robust results driven by excellent underwriting profitability Profit before taxes, EURm P&C underwriting profit, EURm Combined ratio, % 3% 1,600 800 82% +0.4%-p 1,343 658 679 1,400 700 81.1 % -1.3%-p 80.7 % 1,200 600 14% 81% 1,066 1,000 500 80.2 % 710 389 800 400 341 80% 499 600 300 78.9 % 400 200 7
Slide 6: Key developments in Sampo's P&C operations
Key developments in Sampo’s P&C operations Premium growth and pricing Claims cost development ✓ Broad-based rate increases of c5% in the Nordics in Q2, with ≈ The rate of Nordic claims inflation increased to just above 4% continued high retention and good new business flows at H1 2022 (3-4% at Q1),
Slide 7: Sampo is well positioned to take advantage of higher interest rates
Sampo is well positioned to take advantage of higher interest rates Higher rates have benefitted Sampo in H1 2022 If P&C fixed income running yield 3.0% Sampo is well positioned for an increase in interest rate due to the short duration of fixed income assets in its insurance portfolios 2.5% 2.1% 2.
Slide 8: If P&C: strong GWP growth driven by increased rates and volumes
If P&C: strong GWP growth driven by increased rates and volumes H1 2022 GWP growth Q2 2022 GWP growth Key developments • Strong organic GWP growth in H1 2022 (excl. currency effects) of 7.5%, supported by 8.4% growth in Q2 If total 7.5% If total 8.4% • Positive GWP development in all business areas,
Slide 9: If P&C: underwriting profits supported by excellent margins
If P&C: underwrtiting profits supported by excellent margins H1 2022 combined ratio Key developments • Best ever H1 underwriting result of EUR 522m (442) driven by strong organic GWP growth and continued strong profitability • Continued improvement from targeted rate increases, particularly in Indus
Slide 10: If P&C: good customer growth and satisfaction, high retention
If P&C: good customer growth and satisfaction, with continued high retention in BA Private Number of customers, million Customer satisfaction, NPS Customer retention, % households 1.5% CAGR 90% 90% 90% 90% 62 61 60 3.3 59 2019 2020 2021 Q2/22 2019 2020 2021 Q2/22 2019 2020 2021 Q2/22 3 August 2022 1
Slide 11: Hastings: disciplined pricing in motor, strong growth in home
Hastings: disciplined pricing in motor, strong growth in home Live customer policies (million) • Resilient results supported by disciplined underwriting and unique business model 3.1 3.1 3.2 2.7 2.8 2.6 2.3 2.0 • Currency adjusted GWP growth of 6%, driven by rate increases and growth in non-car prod
Slide 12: Mandatum: Strong solvency despite challenging market conditions
Mandatum: Strong solvency despite challenging market conditions Mandatum Life solvency II ratio, % Unit-linked and other client assets, EURbn 280% 12 11.1 10.9 260% 255% 10.3 10 9.2 240% 8.7 216% 220% 8 200% 188% 190% 182% 6 176% 176% 180% 160% 4 140% 2 120% 100% 0 2017 2018 2019 2020 2021 Q1/2022 Q
Slide 13: Strong performance relative to financial targets
Strong performance relative to financial targets Financial target 1-6/2022 result • Mid-single digit growth in UW profit • 3% (17% excluding reported COVID-19 effects in annually on average (ex COVID-19 effects) H1/2021) • Group combined ratio <86% • 81.1% • Mid-single digit growth in UW profit • 18
Slide 14: Strong capital position enables further capital returns
Strong capital position enables further capital returns Sampo Group Solvency II ratio, % Sampo Group financial leverage, % Own funds: EURm 10,757 EURm 9,771 IFRS equity: EURm 12,828 EURm 10,023 SCR: EURm 5,275 EURm 3,993 Financial debt: EURm 4,241 EURm 4,141 280% 32% 9% -19% 4.9 % Target: <30% 260%
Slide 15: Outlook for 2022
Outlook for 2022 Sampo Group’s P&C insurance operations are expected to achieve underwriting margins that meet the annual targets set for 2021-2023. At Group level, Sampo targets a combined ratio of below 86 per cent, while the target for its largest subsidiary, If P&C, is below 85 per cent. Hasting
Slide 16: Sampo's Investor Update 2022
Sampo’s Investor Update 2022 Sampo will hold an investor update event on Thursday 8 September 2022 in London. The event will be a deep dive into key operational initiatives that underpin Sampo Group’s financial targets, with presentations from management and Q&A. The presentations will start at 13:0
Slide 17: Sampo Group
SAMPO S GROUP SAMPO GROUP 3 August 2022
Slide 18: Financials
SAMPO S GROUP Financials 3 August 2022 18
Slide 19: Group key figures
Group key figures EURm 1-6/2022 1-6/2021 Change, % 4-6/2022 4-6/2021 Change, % Profit before taxes 1,066 1,343 -21 499 710 -30 If 662 566 17 379 309 23 Topdanmark 60 208 -71 23 71 -68 Hastings 25 85 -70 23 38 -41 Mandatum 116 141 -18 35 65 -46 Holding 203 343 -41 40 227 -83 Profit for the period 897
Slide 20: Profit before taxes and EPS by quarters
Profit before taxes and EPS by quarters EURm EUR 1,500 2.50 1,197 1.89 2.00 1,000 1.50 710 0.99 632 632 0.93 0.86 566 1.00 0.82 0.75 485 499 0.70 500 407 0.55 0.50 0.00 0 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 -0.50 -500 -1.00 -1.5
Slide 21: Underwriting
Underwriting 3 August 2022 21
Slide 22: Group GWP and NPE development
Group GWP and NPE development Gross written premiums Net premiums earned EURm EURm 9,000 8,000 7,644 6,887 8,000 7,000 7,241 6,516 1,127 830 7,000 805 1,103 6,000 5,566 5,947 5,434 6,000 5,737 1,285 1,383 5,000 1,178 1,227 1,315 1,144 1,272 4,769 5,000 1,235 4,473 605 4,000 3,596 554 3,412 4,000 897
Slide 23: Group underwriting profit and combined ratio development
August 3, 2022 Group underwriting profit and combined ratio development Underwriting profit Combined ratio EURm 1,400 88% 1,282 86% 1,200 164 84.6% 1,087 84.0% 83.3% 84% 103 1,000 227 81.4% 892 82% 837 182 80.7% 81.1% 800 210 80% 202 680 657 53 600 101 78% 105 114 891 76% 400 802 635 682 74% 522 200
Slide 24: Investments
SAMPO S GROUP Investments 3 August 2022 24
Slide 25: Sampo Group investments by sector, 30 June 2022
Sampo Group investments by sector, 30 June 2022 If Topdanmark P&C Hastings Mandatum* Sampo plc Sampo Group Money market 5% 23% 21% 12% 79% 22% Fixed income 61% 4% 77% 47% 6% 45% Covered bonds 23% 59% 0% 0% 0% 17% Equities 11% 5% 0% 23% 9% 11% Private equity 0% 1% 0% 7% 6% 2% Real estate 0% 4% 0% 4%
Slide 26: Fair value reserves, 30 June 2022
Fair value reserves, 30 June 2022 The share transferred to EURm Fixed income Equity Deferred taxes Cash flow hedges FVR net the segregated portfolio If -244 462 -49 - - 169 Mandatum Life** -121 471 -70 25 305 Hastings -42 - 0 0 - -42 Holding 0 58 -7 - - 50 Sampo Group* -407 1,012 -131 0 25 499 *) El
Slide 27: If & Mandatum mark-to-market investment returns
If & Mandatum mark-to-market investment returns If Mandatum 12% 10.2% 9.4% 9.2% 10% 8% 7.1% 6.9% 7.2% 6.5% 6.5% 6.1 % 6% 5.0 % 4.6% 5.0 % 4.3 % 4.1 % 4% 2.9 % 2.6 % 2.3 % 1.5 % 2% 0% -2% -0.8 % -4% -2.4% -6% -4.7 % -8% -10% -7.8% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1-6/2022 Fixed incom
Slide 28: Solvency
SAMPO S GROUP Solvency 3 August 2022 28
Slide 29: Sampo Group Solvency II ratio development
Sampo Group Solvency II ratio development Including dividend accrual based on the insurance dividend of EUR 1.70 per share for 2021 260% 245 % 240% 233% 220% 204% 200% 185% 180% 174% 176% 160% 155% 156% 140% 140% 120% 100% 2016 2017 2018 2019 2020 2021 3/2022 6/2022 6/2022, adj. Solvency II ratio Ta
Slide 30: Sampo Group Solvency II, 30 June 2022
Sampo Group Solvency II, 30 June 2022 EURm 12,000 Solvency II ratio 245% 10,000 8,000 321 6,000 -988 -590 1,916 -390 9,771 4,000 308 39 2,000 3,377 3,993 0 3 August 2022 30
Slide 31: Sampo Group Solvency II, estimated sensitivities on market risk factors
Sampo Group Solvency II, estimated sensitivities on market risk factors 30 June 2022 245% 235% 250% 238% 248% 243% 238% 250% 200% 150% 100% 50% 0% Base case 6/2022 RFR -100 bps RFR +100 bps Spread +100 bps Equity prices -10% Equity prices -20% Equity prices -30% The Solvency II symmetric adjustment
Slide 32: Financial leverage
Financial leverage 3 August 2022 32
Slide 33: Sampo Group financial leverage
Sampo Group financial leverage Including the ongoing buyback programme of Total debt, EURm 3,924 4,531 4,616 4,905 4,210 4,241 4,141 EUR 1 billion and planned debt reduction of EUR 800 IFRS equity, EURm 13,508 13,014 12,542 12,258 13,464 12,828 10,023 million 35% 28.6% 29.2% 30% 25.8% 26.9% 26.8% 22
Slide 34: Sampo Group financial debt, 30 June 2022
Sampo Group financial debt, 30 June 2022 Sampo plc If Topdanmark Hastings Mandatum Eliminations* Group, total Sub/hybrid 1,488 232 255 - 350 -320 2,006 Senior bonds 1,828 - - 308 - - 2,135 Total 3,316 232 255 308 350 -320 4,241 *) Mandatum EUR 100 million held by Sampo plc and Topdanmark EUR 220 mil
Slide 35: Sampo Group debt instruments, 30 June 2022
Sampo Group debt instruments, 30 June 2022 Sampo Plc If Instrument & Principal Coupon Maturity Instrument & Principal Coupon Maturity Senior Bond 429 EURm 1.000% 18 Sep 2023 Subordinated, Tier1 1,000 SEKm Stibor 3M + 2.75% 22 Mar 2023 Senior Bond 270 EURm 1.250% 30 May 2025 Subordinated 1,500 SEKm S
Slide 36: If
SAMPO S GROUP If 3 August 2022
Slide 37: If combined ratio development
If combined ratio development 90% 85% 88.9% 88.1% 80% 87.7% 86.5% 86.1% 85.3% 85.2% 84.5% 82.1 % 81.3 % 81.1 % 78.9% 75% 70% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1-6/2021 1-6/2022 Combined ratio Target for 2021-2023 (<85%) Note: 2015 and 2016 excluding one-offs 3 August 2022 37
Slide 38: If results by quarter
If results by quarter EURm Q2/2022 Q1/2022 Q4/2021 Q3/2021 Q2/2021 Gross written premiums 1,343 1,923 1,057 1,031 1,243 Net earned premiums 1,253 1,216 1,229 1,202 1,189 Claims incurred -708 -735 -742 -716 -700 Operating expenses -258 -247 -276 -248 -260 Underwriting result 288 234 210 238 230 Other
Slide 39: If key figures by quarter
If key figures by quarter Q2/22 Q1/22 Q4/21 Q3/21 Q2/21 Q1/21 Q4/20 Q3/20 Q2/20 Risk ratio, % 56.5 60.5 60.4 59.6 58.8 61.0 57.6 62.4 59.3 Cost ratio, % 20.6 20.3 22.5 20.6 21.9 20.5 23.8 20.5 21.2 Expense ratio, % 15.1 14.9 17.2 15.2 15.9 14.9 17.4 15.2 15.4 Combined ratio, % 77.1 80.8 82.9 80.2 80
Slide 40: If key figures by business area and country (1-6/2022)
If key figures by business area and country 1-6/2022 (1-6/2021) Private Commercial Industrial Baltic Sweden Norway Finland Denmark GWP, EURm 1,516 (1,528) 955 (909) 644 (520) 107 (87) 1,055 (1,039) 1,065 (954) 709 (674) 330 (291) NPE, EURm 1,454 (1,408) 652 (621) 275 (237) 87 (75) 837 (832) 811 (738
Slide 41: If key figures by business area and country (4-6/2022)
If key figures by business area and country 4-6/2022 (4-6/2021) Private Commercial Industrial Baltic Sweden Norway Finland Denmark GWP, EURm 798 (788) 241 (230) 251 (185) 52 (42) 531 (516) 428 (377) 225 (214) 108 (93) NPE, EURm 735 (714) 330 (315) 144 (122) 45 (38) 424 (421) 410 (377) 253 (241) 121
Slide 42: If GWP quarterly growth by business area and country
If 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 2018 2.6 3.9 1.6 0.9 0.8 3.1 8.5 3.1 2.2 16.2 -1.8 6.7 11.5 9.6 4.6 2.5 2019 3.3 3.9 5.9 7.3 1.6 3.3 4.0 5.1 11.7 12.6 22.6 38.3 -1.9 2.2 0.1 -0.3 2020 6.4 0.4 4
Slide 43: If large claims and prior year gains
If large claims and prior year gains Q2/22 Q1/22 Q4/21 Q3/21 Q2/21* Q1/21 Q4/20 Q3/20 Q2/20 Large claims vs expected, % -1.7% 1.5% 2.8% -2.4% 2.7% 0.1% 0.3% 3.2% 2.4% Prior year gains, EURm 66 97 38 39 48 47 50 33 41 Prior year gains, % 5.3% 7.9% 3.1% 3.2% 4.0% 4.0% 4.4% 2.9% 3.7% Positive number in
Slide 44: Nordic market – new car sales development
Nordic market – new car sales development If P&C market share, new car sales Nordic market new car sales, number of cars -19% 26% 26% 420,000 340,000 H1 2021 H1 2022 H1 2021 H1 2022 3 August 2022 44
Slide 45: H1 2022 COVID-19 effects very limited and not separately disclosed
H1 2022 COVID-19 effects very limited and not separately disclosed Positive COVID-19 effect, approximation in percentage points 4% 4% • At the start of 2022, pandemic-related restrictions were 3% 3% 3% 3% reintroduced for a few weeks, leading to lower claims frequencies across the Nordic region 2% 2
Slide 46: If discount rate development
If discount rate development 2.0% 1.6% 1.2% 0.95% 0.75% 0.75% 1.00% Finland 0.8% 0.4% -0.04% Denmark 0.0% -0.72% -0.55% -0.77% -0.4% -0.13% Sweden -0.8% -1.2% -1.6% -2.0% -1.59% -1.81% -1.74% -2.4% 2020 2021 2022 3 August 2022 46
Slide 47: Topdanmark
SAMPO S GROUP Topdanmark 3 August 2022
Slide 48: Topdanmark financial highlights
Topdanmark financial highlights (as reported by Topdanmark stand-alone) 2017 2018 2019 2020 2021 1-6/2021* 1-6/2022* P&C premiums earned, mDKK 8,985 9,135 9,397 9,732 10,154 4,706 4,890 Life premiums earned, mDKK 8,525 10,111 11,106 10,981 10,360 - - Profit on P&C insurance, mDKK 1,909 1,420 1,601 1
Slide 49: Topdanmark combined ratio development
Topdanmark combined ratio development (as reported by Topdanmark stand-alone) 95% 91.5% 90.3% 90% 88.0% 86.8% 86.5% 86.0% 85.1% 85% 83.6% 83.7% 83.7% 83.1% 82.0% 81.3% 80% 75% 70% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1-6/2021 1-6/2022 3 August 2022 49
Slide 50: Topdanmark profit before taxes by quarter
Topdanmark profit before taxes by quarter (consolidated) EURm 140 137 120 100 89 82 80 71 58 60 53 52 46 48 40 34 37 23 20 0 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 -20 -13 3 August 2022 50
Slide 51: Hastings
SAMPO S GROUP Hastings 3 August 2022
Slide 52: Hastings operating ratio and loss ratio development
Hastings operating ratio and loss ratio development Operating ratio Loss ratio 100% 90% 95% 85% 82.6 % 90% 88.6 % 80% 87.5 % 87.4 % 76.5 % 75.4 % 85% 75% 80.3 % 80% 70% 76.5 % 75% 65% 63.4 % 62.2 % 70% 60% 65% 55% 60% 50% 2019 2020 2021 H1/2021 H1/2022 2019 2020 2021 H1/2021 H1/2022 Target for 2021-
Slide 53: Hastings private car market share development
Hastings private car market share development 9% 8.4% 8.3% 8.3% 8% 7.5% 7.7% 7.3% 7% 6.5% 6% 5.8% 5% 4% 3% 2% 1% 0% 2015 2016 2017 2018 2019 2020 2021 6/2022 3 August 2022 53
Slide 54: Hastings financials bridge
Hastings financials bridge Impact of HGC* as part of HGC* as part of acquisition HGH* HGH* Sampo Sampo accounting 1-6/2021 1-6/2022 GBPm 1-6/2022 1-6/2022 GBPm GBPm GBPm EURm Gross written premium 481 510 510 605 Net earned premiums A 215 227 227 269 Other operating income B 169 163 163 193 Total re
Slide 55: Hastings profit before taxes by quarter
Hastings profit before taxes by quarter (consolidated) EURm 60 56 10 48 50 10 41 38 40 10 30 15 21 46 17 20 38 31 10 10 23 15 11 0 2 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Profit before taxes Non-operational D&A 3 August 2022 55
Slide 56: Mandatum
SAMPO S GROUP Mandatum 3 August 2022
Slide 57: Mandatum profit by components
Mandatum profit by components EURm 1-6/2022 1-6/2021 4-6/2022 4-6/2021 Investment result 83 117 23 56 Expense result 7 12 3 7 Risk result 16 11 8 5 Other items -11 3 -5 1 Total Life result 95 143 29 69 Asset Management result 15 5 8 3 Group items -1 -7 0 -7 Mandatum Group profit before taxes* 109 14
Slide 58: Mandatum's profit components
Mandatum’s profit components EURm 300 250 200 187 192 221 150 178 158 129 107 86 100 109 117 102 18 83 50 33 35 27 27 25 24 24 14 19 15 6 43 5 7 33 31 35 33 35 38 12 19 24 23 16 0 11 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1-6/2021 1-6/2022 Risk result Expense result Asset Management Inves
Slide 59: Mandatum unit-linked and other client assets
Mandatum unit-linked and other client assets EURm 12,000 11,000 10,000 9,000 8,000 7,000 6,000 11,090 5,000 10,293 9,192 8,655 4,000 7,260 7,149 6,567 3,000 5,332 5,981 4,617 2,000 3,833 1,000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 6/2022 Other client assets added on top of unit-linked
Slide 60: Mandatum Life with-profit liabilities
Mandatum Life with-profit liabilities EURm 6,000 5,000 1,228 1,196 1,142 4,000 1,065 385 439 135 244 1,008 439 273 964 499 325 545 232 875 Segregated fund 3,000 547 751 230 556 735 570 218 2,598 274 Reserve for decreased 2,475 243 2,360 534 discount rate 2,000 2,245 491 486 2,108 1,957 Other with-pr
Slide 61: Holding & other
Holding & other 3 August 2022 61
Slide 62: Sampo plc balance sheet, 30 June 2022
Sampo plc balance sheet, 30 June 2022 Assets total, EURm Liabilities total, EURm 10,424 10,424 Liquidity 3,576 CPs issued 0 Investment assets 666 LT senior debt 1,878 Real estate 2 Private placements 45 Fixed income 32 Bonds issued 1,783 Equity and private equity 632 Subordinated loans* 100 Subordin
Slide 63: Sampo Group overview
Sampo Group overview 3 August 2022 63
Slide 64: Sampo's strategy is focussed on P&C insurance
Sampo’s strategy is focussed on P&C insurance P&C insurance: Invest and develop Life & investments: Manage for value ~30% of ~ 15-20% group GWP: €7.6bn COR: 81.4% UW profit: €1.3bn group capital earnings Invest to build high quality Nordic and UK private/SME P&C operations Optimise return on capital
Slide 65: P&C Insurance market shares
P&C Insurance market shares 20% Nordics If & Topdanmark 20% Tryg 11% Norway Q4/2021 Sweden Q4/2021 LF 10% Gjensidige 26% LF 31% 18% Gjensidige 9% 22% If 18% If 22% RSA Scand. 7% Fremtid 15% Folksam 16% Others 43% Tryg 13% Trygg-Hansa 14% Others 24% Others 21% Finland 2020 21% OP 33% Norway Sweden Fi
Slide 66: Sampo plc's ownership structure
Sampo plc’s ownership structure Registered shareholders, 30 June 2022 Solidium Oy 6.24%* Varma Mutual Pension Insurance Company 4.17% Ilmarinen Mutual Pension Insurance Company 1.55% Elo Mutual Pension Insurance Company 0.67% The State Pension Fund 0.54% Other domestic shareholders 25.95% Foreign an
Slide 67: Sampo Group ESG overview
Sampo Group ESG overview 3 August 2022 67
Slide 68: Allocation of 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 June 2022 Weighted average ESG risk rating of Sampo Group’s Severe Risk direct fixed income and equity investments (0-100) 19 High Risk 1% 2% Market value o
Slide 69: Examples of initiatives and commitments
Examples of initiatives and commitments Sampo Group If Topdanmark Hastings Mandatum Sampo plc 4 May 2022 69
Slide 70: Sampo plc's ESG ratings
Sampo plc’s ESG ratings Target: To be rated in the top quartile within the industry among the leading rating agencies’ rankings. Examples of ESG rating agencies Rating and scale Rating distribution and/or ranking Prime Rating of Sampo plc: 59/100 Percentile rank of Sampo plc: 78 (Average of responde
Slide 71: If P&C – ESG in underwriting and ambitious climate targets
If P&C – ESG in underwriting and ambitious climate targets ESG framework for underwriting Science Based Target initiative (SBTi) SBTi is a joint initiative between the UN, WWF, CDP and World Resources Institute If’s internal framework for ESG in underwriting: If P&C has committed to the Science Base
Slide 72: Investor Presentation January–June 2022
Investor Presentation JANUARY – JUNE 2022 www.sampo.com Sampo plc Phone: +358 10 516 0100 Sampo_plc Fabianinkatu 27 Business ID: 0142213-3 sampo_oyj 00100 Helsinki sampo-plc Finland 72