Sampo Oyj · OMXHEX:SAMPO

Sampo Oyj — Q3 2026 Earnings Presentation

65 slides from Sampo Oyj's earnings presentation, Nov 4, 2026

  1. Slide 1: Investor Presentation January–September 2026

    Investor Presentation January–September 2026 4 November 2026

  2. 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

  3. Slide 3: Financial highlights

    SAMPO = GROUP Financial highlights

  4. Slide 4: Q3/2026: Continued high-quality growth

    Q3/2026: Continued high-quality growth Top-line growth supported by broad-based and improved momentum across the private and SME lines Outlook for 2026 adjusted Strong traction in Nordic Commercial with high-single-digit Insurance revenue like-for-like GWP growth for the second consecutive quarter +

  5. Slide 5: Consistent improvements across key underwriting KPIs

    Consistent improvements across key underwriting KPIs Insurance revenue Combined ratio Underwriting result EURm EURm 7,303 Risk ratio (%) Cost ratio (%) 1,221 6,755 83.0% 82.6% 83.4% 83.3% 435 1,121 2,503 24.9% 24.9% 25.5% 25.0% 392 2,303 58.1% 57.7% 57.9% 58.2% Q3/2025 Q3/2026 1–9/2025 1–9/2026 Q3/2

  6. Slide 6: Performance supported by growth and strong margins across segments

    Performance supported by growth and strong margins across segments Private Nordic Private UK Nordic Commercial Nordic Industrial GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue 3,416 3,230 2,328 1,621 2,025 1,755 843 481 (+5.4%) (+6.5%) (+5%) (+11%) (+3.1%) (+

  7. Slide 7: Private Nordic: Durable growth with attractive underwriting margins

    Private Nordic: Durable growth with attractive underwriting margins Continued broad-based growth with solid momentum Top-line growth continued to be supported by high and stable Private Nordic like-for-like GWP growth retention and strong new sales performance 12% Strong demand-driven growth in pers

  8. Slide 8: Private UK: Strong LCP growth at target UW margins

    Private UK: Strong LCP growth at target UW margins Consistent growth at attractive margins UK motor market remained on the softer side, but with price Million LCPs and combined ratio (%) stabilisation on renewal business +60% Attractive top-line growth over the quarter, driven by higher policy volum

  9. Slide 9: Nordic Commercial: Accelerating momentum underpinned by SME

    Nordic Commercial: Accelerating momentum underpinned by SME Top-line growth propelled by accelerating momentum in SME Solid growth momentum underpinned by continued traction with and sustained growth in personal insurance SME and through digital channels SME like-for-like GWP growth (%) Commercial d

  10. Slide 10: Topdanmark integration progressing as planned

    Topdanmark integration progressing as planned Synergy run-rate realisation target by year • Strong delivery on synergies with cumulative realised run-rate EURm close to 80% of the 2026 target, driven by cost synergies in IT and manning Target per year Realised run-rate Realised 2025 • Two-thirds of

  11. Slide 11: Adverse mark-to-market movements partly offset by legacy assets

    Adverse mark-to-market movements partly offset by legacy assets • Rising interest rates, particularly at the short end of the yield curve, Investment returns burdened by sharply increased interest rates led to fixed income net losses of EUR -253 million, resulting in Group net investment income Q3/2

  12. Slide 12: Solvency II coverage supported by strong operating performance

    Solvency II coverage supported by strong operating performance Group Solvency II ratio • Solvency II coverage stood strong at 175%, supported by strong operating performance +2% -5% • Positive market effects mainly driven by favourable FX 13% +1% movements, partly offset by higher interest and widen

  13. Slide 13: Changes to operating result and operating EPS

    Changes to operating result and operating EPS The IFRS 18 Presentation and Disclosure in Financial Statements standard, due to Core EPS bridge applied from 1 January 2027 onward, introduces operating profit as a line item in the statement of profit or loss. To avoid ambiguity in terminology, Sampo’s

  14. Slide 14: Outlook for 2026 adjusted to reflect the strong performance

    Outlook for 2026 adjusted to reflect the strong performance • Sampo continues to deliver steady UW profit growth, Sampo is in a strong position to continue attractive UW profit growth driven by attractive organic growth • Following strong performance and a favourable weather Insurance revenue (EURbn

  15. Slide 15: Private Nordic P&C market dynamics in a nutshell

    Private Nordic P&C market dynamics in a nutshell Private Nordic After claim, how likely are Big total size split • Private Nordic P&C is a mature market, but still growing ahead of GDP 89% you to recommend us? into small local Customer (% of respondents) • Sizeable EUR >20 billion total market but i

  16. Slide 16: Consistent delivery against targets throughout the strategic period

    Consistent delivery against targets throughout the strategic period Target 2024-2026 2024 2025 1–9/2026 Strong execution on delivering underwriting profit growth Operating EPS growth: >9%1) (period average) 13% 7% 8% +37-42% Combined ratio: <85% 84.3% 83.6% 83.3% Deployable capital generation: >EUR

  17. Slide 17: Sampo's Investor Update 2026

    Sampo’s Investor Update 2026 • Sampo’s Investor Update will take place in London on 17 November 2026. • Group Management will provide further insight into Sampo’s operational and financial ambitions for the next strategic period • The program will start at 10:00 am UK time and end at around 1:00 pm

  18. Slide 18: Performance by segment

    SAMPO = GROUP Performance by segment

  19. Slide 19: Private Nordic: Broad-based growth continued

    Private Nordic: Broad-based growth continued • Like-for-like top-line growth of 5.6% in Q3, driven by broad-based momentum across the Nordics • In Q3, personal insurance grew by 12% and private property by 6%, while motor was up 3% with momentum expected to improve € 3,416 million € 602 million • Al

  20. Slide 20: Private Nordic: Key growth drivers

    Private Nordic: Key growth drivers GWP growth, like-for-like Retention rate (%) Digital sales (EURm) 8.5% 89% 89% 89% 175 6.5%* 144 154 136 5.4% GWP: 3,872 4,183 3,416 Ins. revenue: 3,667 3,995 3,230 2024 2025 1–9/2026 2024* 2025 1–9/2026 2024* 2025 1–9/2025 1–9/2026 GWP growth, like-for-like Custom

  21. Slide 21: Private UK: Capturing growth with disciplined underwriting

    Private UK: Capturing growth with disciplined underwriting • Top-line development continued to be driven by LCP growth across several segments in motor and home • LCP growth of 3% quarter-on-quarter and 13% year-on-year • Average market prices for motor broadly stable year-on-year at total € 2,328 m

  22. 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% 3.97 0.94 0.96 3.83 0.89 0.91 3.56 3.47 0.72 21% 3.14 0.54 13% 2.92 5% 2023 2024 2025 1–9/2026 2023 2024 Q3/2025 2025 Q2/2026 Q3/2026 2023 2024 Q3/2025 2025 Q2/

  23. Slide 23: Nordic Commercial: Accelerating growth momentum

    Nordic Commercial: Accelerating growth momentum • Strong SME-driven growth momentum with high-single-digit like-for-like GWP growth for the second consecutive quarter • SME lines grew by 9% in Q3 and 5% in January-September, supported by solid and broad-based growth across the Nordics € 2,025 millio

  24. 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% 5.9% 5.6% 5.1% 5.1% 40 33 29 3.1% 27 2024 2025 1–9/2026 2024 2025 1–9/2026 2024 2025 1–9/2025 1–9/2026 GWP: 2,173 2,391 2,025 Ins. rev.: 2,128 2,201 1,755 Growth rates

  25. Slide 25: Nordic Industrial: Strong margins amid soft market conditions

    Nordic Industrial: Strong margins amid soft market conditions • Like-for-like top-line growth slightly negative in January-September, but up 3% in Q3, driven by new sales, particularly in Denmark • Insurance revenue increased by 10% in 1-9/2026, supported by favourable reinsurance terms € 843 millio

  26. Slide 26: Financial supplement

    SAMPO = GROUP Financial supplement

  27. Slide 27: Profit & loss detail

    SAMPO = GROUP Profit & loss detail

  28. Slide 28: Key result movements Q3/2026

    Key result movements Q3/2026 EURm Q3/2026 Q3/2025 Comments Gross written premiums 2,373 2,218 - Like-for-like growth of 6%, driven by continued momentum in private and SME lines Insurance revenue, net 2,503 2,303 - Broad-based underlying development across segments Underwriting result 435 392 - UW r

  29. Slide 29: Top-line development

    Top-line development Gross written premiums Insurance revenue, net EURm EURm 11,000 10,738 10,000 253 9,931 9,078 10,000 249 1,046 9,000 298 8,870 8,386 1,070 8,803 275 584 9,000 238 8,461 191 8,000 195 7,535 657 7,303 966 2,391 843 223 8,000 841 217 2,173 7,000 627 2,201 6,755 223 481 7,000 2,128 4

  30. 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 1,400 86% 1,316 109 84.6% 72 84.3% 1,221 84% 83.6% 83.4% 83.3% 1,200 1,164 74 63 46 1,121 376 55 88 80 82% 80 1,000 352 298 315 80% 279 216 800 190 78% 170 128 175 600 76% 400 715 74% 595 62

  31. Slide 31: Group: results and key figures

    Group: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 8,803 2,373 2,677 3,752 2,277 8,461 2,218 2,542 3,701 10,738 9,931 8,870 Insurance revenue, net 7,303 2,503 2,437 2,363 2,322 6,755 2,303 2,264

  32. Slide 32: Group: operating result

    Group: operating result EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY2025 FY 2024 FY 2023 Underwriting result 1,221 435 418 368 364 1,121 392 393 336 1,485 1,316 1,164 Interest and dividend income 484 170 168 146 142 450 144 164 142 592 609 593 Realised gains or l

  33. Slide 33: Private Nordic: results and key figures

    Private Nordic: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 3,416 1,077 1,172 1,167 991 3,192 1,011 1,100 1,081 4,183 3,872 3,627 Insurance revenue, net 3,230 1,099 1,083 1,048 1,027 2,968 1,014

  34. Slide 34: Private UK: results and key figures

    Private UK: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 2,328 828 798 702 622 2,243 764 757 722 2,865 2,565 2,063 Insurance revenue, net 1,621 562 537 522 513 1,487 518 499 470 2,000 1,659 1,251

  35. Slide 35: Nordic Commercial: results and key figures

    Nordic Commercial: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 2,025 304 386 1,335 401 1,990 282 360 1,348 2,391 2,173 1,977 Insurance revenue, net 1,755 599 585 570 561 1,640 554 549 537 2,201

  36. Slide 36: Nordic Industrial: results and key figures

    Nordic Industrial: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 843 108 255 480 205 841 104 256 481 1,046 1,070 966 Insurance revenue, net 481 168 159 154 145 439 141 147 150 584 657 627 Claims i

  37. Slide 37: Baltic & other operations: results and key figures

    Baltic & other operations: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 191 57 66 69 58 195 57 69 69 253 249 238 Insurance revenue, net 217 75 73 69 75 223 76 75 72 298 275 223 Claims incurred, n

  38. Slide 38: Nordic underlying risk ratio development

    Nordic underlying risk ratio development 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Risk ratio, % 59.8 59.2 59.6 60.6 59.7 59.9 59.9 58.6 61.1 59.8 61.0 61.1 Large claims, % -0.8 -0.3 -0.5 -1.7 -1.4 -1.0 -0.3 -1.6 -1.0 -1.1 1.2 1.3 Severe weathe

  39. Slide 39: Group net financial result

    Group net financial result EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Fixed income 443 156 146 141 137 405 139 132 134 541 559 520 Equities 42 2 37 3 3 25 2 19 4 28 37 59 Funds 18 12 4 3 3 20 4 12 5 23 16 16 Interest and dividend income 502

  40. Slide 40: Investments & balance sheet

    SAMPO = GROUP Investments & balance sheet

  41. Slide 41: Group balance sheet

    Group balance sheet Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Property, plant and equipment 309 315 305 301 276 288 296 301 284 318 Intangible assets 3,347 3,461 3,479 3,492 3,510 3,556 3,629 3,492 3,637 3,637 Investments in associates 5 5 5 5 4 4 4 5 4 12 Finan

  42. Slide 42: Group investment mix and returns

    Group investment mix and returns Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Credit bonds, funds and loans 51% 49% 46% 47% 47% 47% 43% 47% 49% 44% Covered bonds 19% 19% 20% 21% 21% 24% 25% 21% 24% 23% Government bonds 5% 5% 6% 6% 7% 7% 7% 6% 6% 4% Index-linked bon

  43. Slide 43: Group fixed income mix Q3/2026

    Group fixed income mix Q3/2026 Geographical breakdown Rating breakdown Sweden, 27% Denmark, 14% 7% AAA, 29% Norway, 11% 6% A, 28% 27% 11% 29% United States, 10% BBB, 22% 8% Others, 9% AA, 11% EURbn EURbn 8% Non-rated, 7% Finland, 8% 16.3 16.3 22% BB, 1% France, 8% 9% 14% B, 1% UK, 6% 10% 28% CCC-D,

  44. Slide 44: Group equities mix Q3/2026

    Group equities mix Q3/2026 Listed equities Top 10 equity funds and ETFs Top 10 direct equity investments Value, EURm Value, EURm SPDR S&P 500 Trust ETF 175 NOBA 388 16% iShares MSCI Europe ETF 127 Volvo AB 133 Hermes Asia ex-JP Fund 125 Veidekke 81 Investec GSF Asia Pacific Fund 111 ABB 80 17% EURbn

  45. Slide 45: Net insurance liabilities

    Net insurance liabilities Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Liability for remaining coverage, net 1,997 2,206 2,529 1,556 1,924 2,167 2,516 1,556 1,620 1,469 Liability for incurred claims, net 9,414 9,133 8,728 8,728 8,603 8,301 8,100 8,728 8,067 7,983 -

  46. Slide 46: Key sensitivities

    Key sensitivities Quarterly P&L effects, Q3/2026 EURm Effect on quarterly Combined ratio *) Discount rate ±100 bps ±70bps • Loss and combined ratio sensitive to changes in discount rates Insurance finance income & expense, net Discount rate +100 bps 305 • Net investment income sensitive to mark-to-

  47. Slide 47: Solvency II ratio development

    Solvency II ratio development 220% 210% 200% 185% 182% 180% 176% 177% 174% 174% 174% 175% 160% 140% 120% 100% 2020 2021 2022 2023 2024 2025 Q1/2026 Q2/2026 Q3/2026 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 4 November 2026 47

  48. Slide 48: Solvency II SCR and own funds

    Solvency II SCR and own funds EURm Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Market risk 2,106 2,169 2,063 2,316 2,201 2,067 2,033 2,316 1,974 1,920 Insurance risk 1,857 1,801 1,774 1,849 1,847 1,827 1,823 1,849 1,734 2,027 Counterparty risk 192 193 190 201 185

  49. Slide 49: Estimated Solvency II ratio sensitivities on market risk factors

    Estimated Solvency II ratio sensitivities on market risk factors Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Solvency II ratio 175% 174% 174% 174% 172% 174% 180% 174% 177% 182% Rates -100bps -1%-p -1%-p -2%-p -4%-p -5%-p -5%-p -5%-p -4%-p -5%-p -5%-p Rates +100bps

  50. Slide 50: Financial leverage development

    Financial leverage development IFRS 4 IFRS 17 35% 30% 25.6% 26.9% 25.9% 24.4% 25.3% 25.1% 25% 23.8% 23.6% 23.7% 20% 15% 10% 5% 0% 2021 2022 2022 2023 2024 2025 Q1/2026 Q2/2026 Q3/2026 Hybrid Senior Target (<30%) EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 2025 Q1/2026 Q2/2026 Q3/2026 Hybrid deb

  51. Slide 51: 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 92) 1,000 (EUR 92) 3.100% 7 Sep 2028 - Sampo plc Tier 2 M

  52. Slide 52: Hold Co (Sampo plc) balance sheet

    Hold Co (Sampo plc) balance sheet EURm Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Liquidity 963 814 1,059 881 862 593 608 881 626 1,352 Investment assets 2,303 2,352 2,406 2,754 2,584 2,380 2,406 2,754 2,408 979 Tangible assets 3 3 3 4 4 2 3 4 3 2 Fixed income 1,

  53. Slide 53: Additional information

    SAMPO = GROUP Additional information

  54. Slide 54: 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 2,656 2,640 2,572 2,618 2,509 1-12/2021 2,771,584,090 1-12/2022 2,651,481,010 1-12/2023 2,529,695,320 1-12/2024 2,560,572,410 1-3/2025 2,691,238,860 1-6/2025 2,691,238,860 1-9

  55. Slide 55: 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

  56. Slide 56: Geographical mix 1–9/2026

    Geographical mix 1–9/2026 Gross written premiums, EURm Insurance revenue, net, EURm GWP by country, % Sweden, 18% Sweden 1,555 1,347 Norway, 21% 8.8 Denmark, 21% EURbn Norway 1,802 1,595 Finland, 12% Denmark 1,851 1,634 UK, 26% Baltic & other, 2% Finland 1,706 890 Insurance revenue by country, % UK

  57. Slide 57: Geographical mix Q3/2026

    Geographical mix Q3/2026 Gross written premiums, EURm Insurance revenue, net, EURm GWP by country, % Sweden, 17% Sweden 408 453 Norway, 19% 2.4 Denmark, 18% EURbn Norway 439 556 Finland, 10% Denmark 415 553 UK, 35% Baltic & other, 2% Finland 227 304 Insurance revenue by country, % UK 828 562 Sweden,

  58. Slide 58: 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 Gross written 1,320 1,126 1,048 668 - 4,183 - - - - 2,865 2,865 premiums premiums Insurance revenue, Insurance revenue, 1,271 1,043 1,014 666 - 3,995

  59. Slide 59: Nordic new car sales

    Nordic new car sales Number of cars sold (1,000) Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 69.9 79.9 62.0 69.0 63.1 77.5 63.4 273.0 269.5 289.7 288.0 301.0 292.0 Norway 41.8 46.2 27.2 66.2 37.8 43.9 31.6 179.6 128.7 127.0 174.3 176

  60. Slide 60: Sampo Group overview

    SAMPO GROUP Sampo Group overview

  61. Slide 61: Safety and value through understanding risks

    Safety and value through understanding risks 4 November 2026 61

  62. Slide 62: Sampo is the leading Northern European P&C insurance group

    Sampo is the leading Northern European P&C insurance group Sampo’s scale is unmatched among P&C peers 9 million customers in 8 markets Insurance revenues, EURbn Private Nordic Private UK Nordic Commercial 8.8 Multiple strong brands 5.7 5.4 4.9 3.6 Unique partnership network* 1.6 *Examples of Nordic

  63. Slide 63: A well-diversified platform with scalable growth potential

    A well-diversified platform with scalable growth potential Multiple attractive growth areas Leading market position across markets Other operations Digital UK Nordic mid-sized and personal lines large corporates €11bn GWP in 2025 Nordic private 21% 22% 17% motor insurance Nordic personal insurance 2

  64. Slide 64: Sampo aims to deliver attractive and reliable capital returns

    Sampo aims to deliver attractive and reliable capital returns Regular dividend per share, EUR Distribution policy Sampo aims to return capital through a reliable and progressive regular dividend complemented by share buybacks. In a typical year, Sampo expects to return around 90 0.34 0.36 per cent o

  65. Slide 65: Investor Presentation January–September 2026

    Investor Presentation January–September 2026 Sampo plc Web www.sampo.com Phone: +358 10 516 0100 Fabianinkatu 21 Sampo_plc Business ID: 0142213-3 00130 Helsinki Sampo_plc Finland Sampo plc

Sampo — Q3 2026 Earnings Presentation on 6ix