Slide 1: Investor Presentation January – March 2025
Investor Presentation January – March 2025 7 May 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 7 May 2025 3
Slide 4: Q1/2025: Strong start to the year driven by top-line growth
Q1/2025: Strong start to the year driven by top-line growth Strong top-line growth driven by thriving performance within Private, both in the Nordics and in the UK € 3,616 million € 336 million Continued strong development in key growth areas such as personal insurance, home insurance and in the UK
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 (%) 336 2,188 87.1% 84.6% 2,020 260 24.7% 25.7% 62.4% 58.9% Q1/2024 Q1/2025 Q1/2024 Q1/2025 Q1/2024 Q1/2025 • Currency adjusted GWP growth of 9% • Risk ratio improveme
Slide 6: Sharp increase in underwriting result, partly helped by benign weather
Sharp increase in underwriting result, partly helped by benign weather Strong growth in underwriting profits • Underwriting result grew by an outstanding 30% / 29% on a FX- Underwriting result (EURm) adjusted/reported basis, to EUR 336 million 72 -8 8 336 4 • The growth was mainly attributable to a
Slide 7: Strong performance across segments
Strong performance across segments Private Nordic Private UK Nordic Commercial Nordic Industrial GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue 1,071 958 722 470 1,273 537 481 150 (+8.5%) (+7.4%) (+26%) (+24%) (+5.2%) (+3.5%) (+0.3%) (-9.0%) UW result and com
Slide 8: Excellent growth momentum in Private Nordic
Excellent growth momentum in Private Nordic Strong GWP growth momentum Improving retention Rising digital sales Private Nordic GWP growth (%, FX-adjusted) Private Nordic retention (%) Private Nordic digital sales (EURm, trailing 12 months) 14 If excl. Topdk 12 Topdanmark 159 >89% 10 8.5% 8 6 4 2 0 Q
Slide 9: Selective growth in Private UK drives LCP to over 4 million
Selective growth in Private UK drives LCP to over 4 million • The UK motor market pricing continued to decline in Q1, UK growth driven mainly by selective growth in home, albeit with at a moderating rate toward the end of the van, bike and telematics quarter Home, van, bike and telematics LCPs (mill
Slide 10: Topdanmark synergy estimate increased to EUR 140 million
Topdanmark synergy estimate increased to EUR 140 million Topdanmark run-rate synergy estimate for 2028 Significant increases in expected synergies Nordic operational ambitions for 2024-2026 increased to EUR 140m (pre-tax) across 2025-2028 updated to reflect Topdanmark integration Synergies in 2028,
Slide 11: Increased cost ratio ambition on higher Topdanmark synergies
Increased cost ratio ambition on higher Topdanmark synergies Nordic operating cost ratio ambition Higher Nordic cost ratio YoY but • Higher Nordic cost ratio in Q1 but development increased to 40bps per annum remain on track for annual target in line with plan on track for full year target Nordic op
Slide 12: First Topdanmark integration benefits delivered
First Topdanmark integration benefits delivered Synergy run-rate realisation target by year • So far, the work has focused mainly on integration planning and EURm synergy validation Delivered to date Target per year 140 • IT transformation remains the main driver of the overall synergy 87 case to 20
Slide 13: 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 80 million (295), driven by mark-to-market losses from equities Total assets Fixed income allocation 3% Credit • Fixed income portfolio provided stable interest income of E
Slide 14: Solvency II coverage supported by strong results
Solvency II coverage supported by strong results Group Solvency II ratio • Solvency II ratio increased to 180%, up from 177% at the end of 2024 190% 10% 0% 0% 7% • Increase in SII own funds driven by strong operating performance 180% 180% 177% • Market movements broadly neutral, as the negative effe
Slide 15: Outlook for 2025 raised on strong Q1 result
Outlook for 2025 raised on strong Q1 result • Sampo continues to deliver steady underwriting profit Sampo is in a strong position to continue to drive higher underwriting growth, driven by organic growth profits through organic growth • Following a favourable outcome on weather claims Insurance reve
Slide 16: Performance by segment
Performance by segment 7 May 2025 16
Slide 17: Private Nordic: high quality growth across the field
Private Nordic: high quality growth across the field • GWP increased by 8.5% on a currency adjusted basis to EUR 1,071 million (1,004), driven by rate action, high retention and positive portfolio development • Personal insurance grew 10% and property 7% € 1,071 million € 155 million • Particularly
Slide 18: Private Nordic: Key growth drivers
Private Nordic: Key growth drivers GWP growth, currency adjusted Retention rate (%) Digital sales (EURm) 8.5% 90% 90% 89% 89% >89% 144 6.5% 130 5.0% GWP: 3,627 3,872 1,071 39 33 Ins. revenue: 3,489 3,667 958 2023 2024 Q1/2025 2021 2022 2023 2024 Q1/25 2023 2024 Q1/24 Q1/25 GWP growth, currency adjus
Slide 19: Private UK: capturing growth opportunities in selective areas
Private UK: capturing growth opportunities in selective areas • GWP increased 26% on a currency adjusted basis to EUR 722 million (560), driven by continued LCP growth and renewal volumes • Live customer policies exceeded 4 million by growing 17% year-on- year and 5% from the end of 2024 € 722 milli
Slide 20: Private UK: Key growth drivers
Private UK: Key growth drivers UK: GWP growth, currency adjusted UK: motor policies in force, millions UK: home policies in force, millions 32% 0.78 3.29 0.72 26% 26% 3.14 0.57 0.54 21% 2.92 2.90 2.80 0.41 2022 2023 2024 Q1/2025 2022 2023 Q1/2024 2024 Q1/2025 2022 2023 Q1/2024 2024 Q1/2025 Including
Slide 21: Nordic Commercial: continued stable development
Nordic Commercial: continued stable development • GWP increased by 5.2% on a currency adjusted basis to EUR 1,273 million (1,188), driven by 1/1 renewals with rate increases to mitigate effects from claims inflation • Successful 1/1 renewals outcome enabled continued de-risking € 1,273 million € 78
Slide 22: Nordic Commercial: Key growth drivers
Nordic Commercial: Key growth drivers GWP growth, currency adjusted SME: GWP growth, currency adjusted Commercial digital sales (EURm) 5.6% 5.6% 5.1% 5.2% 27 5.2% 23 4.2% 10 9 2023 2024 Q1/2025 2023 2024 Q1/2025 2023 2024 Q1/2024 Q1/2025 GWP: 1,977 2,173 1,273 Ins. rev.: 1,945 2,128 537 Growth rates
Slide 23: Nordic Industrial: underwriting performance supported by de-risking
Nordic Industrial: underwriting performance supported by de-risking • GWP stood stable at EUR 481 million (477) as successful 1/1 renewals with high-single digit rate increases was offset by de- risking actions and lower new sales € 481 million € 150 million • Lower project insurance premiums from p
Slide 24: Financial supplement
Financial supplement 7 May 2025 24
Slide 25: Profit & loss detail
Profit & loss detail 7 May 2025 25
Slide 26: Key result movements Q1/2025
Key result movements Q1/2025 EURm Q1/2025 Q1/2024 Comments Gross written premiums 3,616 3,297 - Currency adjusted growth of 9% driven by 8.5% growth in Private Nordic and 26% growth in Private UK Insurance revenue, net 2,188 2,020 - Growth supported by solid performance, particularly in the Private
Slide 27: 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 6,000 5,000 1659 2565 5,000 4,000 1251 2063 3,616 4,000 3,297 69 3,000 69
Slide 28: Underwriting result and combined ratio development
Underwriting result and combined ratio development Underwriting result Combined ratio EURm 1,400 88% 87.1% 1,316 72 85.8% 1,164 86% 1,200 74 84.6% 84.6% 46 84.3% 80 84% 1,031 1,000 352 82% 315 800 80% 190 128 78% 600 76% 400 336 628 260 19 74% 595 31 11 27 78 200 86 53 72% 32 155 104 0 70% 2022 2023
Slide 29: Group: results and key figures
Group: results and key figures EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 3,616 2,212 2,088 2,333 3,297 9,931 8,870 Insurance revenue, net 2,188 2,172 2,137 2,057 2,020 8,386 7,535 Claims incurred, net -1,289 -1,248 -1,228 -1,211 -1,261 -4,948 -4,482 Operatin
Slide 30: Group: operating result
Group: operating result EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Underwriting result 336 361 374 321 260 1,316 1,164 Interest and dividend income 132 137 129 137 143 546 522 Realised gains or losses -1 26 -3 41 46 110 156 Unwind of discounting -57 -54 -63 -62 -59 -238 -248 Other
Slide 31: Private Nordic: results and key figures
Private Nordic: results and key figures EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 1,071 942 917 1,009 1,004 3,872 3,627 Insurance revenue, net 958 937 925 908 897 3,667 3,489 Claims incurred, net -594 -548 -542 -537 -598 -2,226 -2,125 Operating expense (incl
Slide 32: Private UK: results and key figures
Private UK: results and key figures EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 722 627 716 662 560 2,565 2,063 Insurance revenue, net 470 452 440 399 369 1,659 1,251 Claims incurred, net -245 -245 -216 -204 -204 -868 -658 Operating expense (incl. claims handl
Slide 33: Nordic Commercial: results and key figures
Nordic Commercial: results and key figures EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 1,273 383 275 328 1,188 2,173 1,977 Insurance revenue, net 537 544 537 524 522 2,128 1,945 Claims incurred, net -325 -304 -317 -322 -310 -1,254 -1,153 Operating expense (inc
Slide 34: Nordic Industrial: results and key figures
Nordic Industrial: results and key figures EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 481 203 122 269 477 1,070 966 Insurance revenue, net 150 167 165 160 165 657 627 Claims incurred, net -87 -120 -115 -113 -107 -455 -428 Operating expense (incl. claims handl
Slide 35: Baltic & other operations: results and key figures
Baltic & other operations: results and key figures EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 69 58 57 65 69 249 238 Insurance revenue, net 72 72 70 65 67 275 223 Claims incurred, net -38 -31 -38 -35 -42 -146 -118 Operating expense (incl. claims handling cost
Slide 36: Nordic underlying risk ratio development
Nordic underlying risk ratio development Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Risk ratio, % 61.1 58.9 59.9 61.1 64.3 61.0 61.1 Large claims, % -1.0 0.8 3.7 3.2 -2.7 1.2 1.3 Severe weather, % -0.5 1.4 0.2 0.4 6.9 2.2 3.3 PYD, RA and other technical effects, % -0.2 -4.0 -4.7 -2.4 -2
Slide 37: Group net financial result
Group net financial result EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Fixed income 124 125 121 123 123 493 447 Equities 4 8 3 10 16 37 59 Funds 5 4 4 4 3 16 16 Interest and dividend income 132 137 129 137 143 564 522 Fixed income -13 -48 201 14 -19 147 364 Equities -24 -25 -18 2 12
Slide 38: Investments & balance sheet
Investments & balance sheet 7 May 2025 38
Slide 39: Group balance sheet
Group balance sheet Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Property, plant and equipment 296 284 285 299 308 284 318 Intangible assets 3,629 3,637 3,639 3,637 3,623 3,637 3,637 Investments in associates 4 4 14 13 13 4 12 Financial assets 16,749 16,090 16,165 15,882 16,684 16,090 15,
Slide 40: Group investment mix and returns
Group investment mix and returns Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Credit bonds, funds and loans 43% 49% 46% 45% 44% 49% 44% Covered bonds 25% 24% 23% 22% 23% 24% 23% Government bonds 7% 6% 5% 5% 4% 6% 4% Index-linked bonds 3% 3% 3% 3% 3% 3% 3% Money market and cash 11% 6% 11%
Slide 41: Group fixed income and equities mix Q1/2025
Group fixed income and equities mix Q1/2025 Fixed income Listed equities Top 10 direct equity investments Sweden, 27% Value, EURm 2% 2% 2% Denmark, 20% Volvo 146 5% 8% Norway, 12% ABB 71 27% 13% Nederman Holding 67 United States, 9% 7% Nordics Veidekke 65 Finland, 8% 8% Telia 54 France, 7% Western E
Slide 42: Net insurance liabilities
Net insurance liabilities Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liability for remaining coverage, net 2,516 1,620 1,961 2,057 2,270 1,620 1,469 Liability for incurred claims, net 8,100 8,067 8,118 7,860 7,766 8,067 7,983 - of which from risk adjustment 315 305 335 291 260 305 239 A
Slide 43: Key sensitivities
Key sensitivities Quarterly P&L effects, Q1/2025 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 305 Non-annuities Discount rate +100 bps 100 • N
Slide 44: Solvency II ratio development
Solvency II ratio development 220% 210% 200% 185% 182% 180% 180% 176% 177% 160% 140% 120% 100% 2020 2021 2022 2023 2024 Q1/2025 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 7 May 2025 44
Slide 45: Solvency II SCR and own funds
Solvency II SCR and own funds EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Market risk 2,033 1,974 2,059 1,994 2,057 1,974 1,920 Insurance risk 1,823 1,734 1,655 1,617 2,055 1,734 2,027 Counterparty risk 211 139 127 131 218 139 200 Operational risk 297 284 295 288 287 284 272 Diversi
Slide 46: Estimated Solvency II ratio sensitivities on market risk factors
Estimated Solvency II ratio sensitivities on market risk factors Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Solvency II ratio 180% 177% 198% 192% 186% 177% 182% Rates -100bps -5%-p -5%-p -5%-p -4%-p -4%-p -5%-p -5%-p Rates +100bps +4%-p +3%-p +5%-p +4%-p +3%-p +3%-p +5%-p Spreads +100%
Slide 47: Financial leverage development
Financial leverage development IFRS 4 IFRS 17 35% 30% 23.8% 25.6% 24.4% 25.3% 26.9% 25.8% 25% 20% 15% 10% 5% 0% 2021 2022 2022 2023 2024 Q1/2025 Hybrid Senior Target (<30%) EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 Q1/2025 Hybrid debt 2,015 1,983 1,983 1,645 1,642 1,650 Senior debt 2,195 1,30
Slide 48: Outstanding debt instruments
Outstanding debt instruments Issue date Currency Issued Outstanding Coupon Maturity date First call date Sampo plc senior bond May 2017 EUR 500 162 1,250% 30 May 2025 28 Feb 2025 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 1,000
Slide 49: Hold Co (Sampo plc) balance sheet
Hold Co (Sampo plc) balance sheet EURm Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liquidity 608 626 1,169 1,477 1,342 626 1,352 Investment assets 2,406 2,408 676 695 979 2,408 979 Tangible assets 3 3 3 2 2 3 2 Fixed income 1,825 1,826 101 100 101 1,826 101 Equity and private equity 578
Slide 50: Additional information
Additional information 7 May 2025 50
Slide 51: 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 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 Q1/2025
Geographical mix Q1/2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 550 751 923 600 722 69 3,616 Insurance revenue, net 423 438 505 279 470 72 2,188 Underwriting result 64 53 84 63 53 19 336 Risk ratio, % 64.7 67.9 55.2 55.8 52.2 52.6 58.9 Cost ratio, % 2
Slide 54: 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 55: Nordic new car sales
Nordic new car sales Number of cars sold (1,000) Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 63.4 76.1 61.1 72.5 59.8 269.5 289.7 288.0 301.0 292.0 Norway 31.6 36.9 30.5 39.0 22.3 128.7 127.0 174.3 176.3 141.4 Denmark 37.4 46.8 39.9 49.4 36.9 173.1 172.8 14
Slide 56: www.sampo.com
www.sampo.com Sampo plc Phone: +358 10 516 0100 @Sampo_plc Fabianinkatu 27 Business ID: 0142213-3 sampo-plc 00100 Helsinki sampo_oyj Finland 56