Slide 1: Investor Presentation January–September 2025
Investor Presentation January–September 2025 5 November 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 5 November 2025 3
Slide 4: 1-9/2025: Continued robust performance
1-9/2025: Continued robust performance Top-line growth supported by continued strong momentum across private and SME lines € 8.5 billion € 1.1 billion Sustained strong development in key growth areas such as personal insurance, SME and in the UK +8% year-on-year +17% year-on-year Gross written premi
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 (%) 6,755 1,121 82.5% 83.0% 84.6% 83.4% 6,214 955 25.0% 24.9% 25.1% 25.5% 2,137 2,303 57.5% 58.1% 59.5% 57.9% 374 392 Q3/2024 Q3/2025 1-9/2024 1-9/2025 Q3/2024 Q3/
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 3,192 2,968 2,243 1,487 1,990 1,273 1,640 537 841 439 (+8.9%) (+8.1%) (+16%) (+23%)
Slide 7: Q3 UW result growth driven by top-line and underlying development
Q3 UW result growth driven by top-line and underlying development Solid growth in underwriting result • Underwriting result increased by 5% to EUR 392 million in Q3, primarily Underwriting result (EURm) driven by strong top-line growth and positive underlying development -2 1 2 392 UK 3 • The growth
Slide 8: Private Nordic: Accelerating premium growth
>10% GWP growth in PI over 2024-2026* Ambition Private Nordic: Accelerating premium growth raised Fourth consecutive quarter of record Strong growth momentum driven by good • Stable trend vs Q2 GWP growth in Private Nordic performance in target areas >89% Private Nordic like-for-like GWP growth (%)
Slide 9: Private UK: Disciplined growth in softening market
20-25% UW profit growth in 2024-2026 Ambition Private UK: Disciplined growth in softening market raised Growth driven by active portfolio Growth rate reduced as softer market Consistent delivery of high and stable management and innovation yields less attractive opportunities margins in all market c
Slide 10: Nordic Commercial: Continued strong growth in SME, PI and online
Nordic Commercial: Continued strong growth in SME, PI and online Commercial portfolio weighted toward Commercial growth momentum has Growth driven by strong performance in SMEs and specialty products improved over 2025 target areas Commercial portfolio premium split, 2024 Commercial GWP growth, YoY
Slide 11: Topdanmark integration: Surge in synergy realisation in Q3
Topdanmark integration: Surge in synergy realisation in Q3 Commentary Synergy run-rate realisation target by year EURm • Strong progress in delivering integration benefits with realised 140 synergies already at 2025 target, but largely due to timing Delivered to date Target per year • Spike in syner
Slide 12: Operating EPS growth target raised on strong performance
>9% Op EPS growth in 2024-2026 Target Operating EPS growth target raised on strong performance raised Commentary Operating EPS growth drivers Operating EPS growth, 1-9/2025 (%) Strong 9M 2025 operating EPS growth of 14% driven by 17% increase in the underwriting result +17% +0.2% +14% -4% The strong
Slide 13: Investment income boosted by succesfull IPO of NOBA
Investment income boosted by succesfull IPO of NOBA Group investment mix • Net investment income rose to EUR 927 million (818), driven by the IPO of NOBA generating net gain of EUR 355 million in Q3 Total assets Fixed income allocation 1% Credit 3% • The interest and dividend income remained stable
Slide 14: Solvency II coverage supported by strong results
Solvency II coverage supported by strong results Group Solvency II ratio • Operating performance had a solid contribution, albeit affected by some underwriting seasonality • The NOBA IPO, followed by its value gain, had a 5%-p positive effect, net of increased FX risk 5% -3% 0% -7% • After Q3, Sampo
Slide 15: Outlook for 2025 remains unchanged
Outlook for 2025 remains unchanged • The third quarter saw strong underlying growth and Sampo is in a strong position to continue to drive higher underwriting margins development, while the benefit of benign profits through organic growth weather and large claims was offset by low prior year develop
Slide 16: Performance by segment
Performance by segment 5 November 2025 16
Slide 17: Private Nordic: accelerated high quality growth
Private Nordic: accelerated high quality growth • GWP growth was driven by rate increases, high and stable retention and positive customer development • Geographically, strongest growth was observed in Norway (+17%), but also Finland stood out with growth accelerating to 11% in Q3 € 3,192 million €
Slide 18: Private Nordic: Key growth drivers
Private Nordic: Key growth drivers GWP growth, like-for-like Retention rate (%) Digital sales (EURm) 8.9% 90% 90% 89% 89% >89% 144 136 6.5% 130 119 5.0% GWP: 3,627 3,872 3,192 Ins. revenue: 3,489 3,667 2,968 2023 2024 1-9/2025 2021 2022 2023 2024 1-9/25 2023 2024 1-9/24 1-9/25 1-9/2025 GWP growth, l
Slide 19: Private UK: Selective growth with solid margins
Private UK: Selective growth with solid margins • GWP growth driven by higher policy count, increased average premiums and rising retention • Targeted growth in motor and continued growth in home drove an increase in live customer policies of 3% in the quarter € 2,243 million € 175 million • The pri
Slide 20: 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% 0.89 3.47 0.82 3.40 0.72 26% 0.66 3.12 3.14 21% 0.54 2.92 16% 0.41 2.80 2022 2023 2024 1-9/2025 2022 2023 Q3/2024 2024 Q2/2025 Q3/2025 2022 2023 Q3/2024 2024 Q2
Slide 21: Nordic Commercial: Robust growth and solid profitability
Nordic Commercial: Robust growth and solid profitability • GWP driven by good 1/1 renewals with rate increases to mitigate claims inflation, and robust growth in SME • Growth in SME stood at 7%, which is in line with operational ambition levels € 1,990 million € 279 million • SME continued to benefi
Slide 22: 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) 5.8% 5.6% 5.6% 35 6.7% 29 30 27 5.1% 25 25 23 4.2% 20 15 10 5 0 2023 2024 1-9/2025 2023 2024 1-9/2025 2023 2024 1-9/2024 1-9/2025 GWP: 1,977 2,173 1,990 Ins. rev.: 1,945 2,1
Slide 23: Nordic Industrial: Strong margins in a softening market environment
Nordic Industrial: Strong margins in a softening market environment • Successful 1/1 renewals with rate increases have been offset by intentional de-risking and lower new sales and fewer projects in a more competitive market environment • Lost volume in Q3 mainly related to a couple of larger proper
Slide 24: Financial supplement
Financial supplement 5 November 2025 24
Slide 25: Profit & loss detail
Profit & loss detail 5 November 2025 25
Slide 26: Key result movements Q3/2025
Key result movements Q3/2025 EURm Q3/2025 Q3/2024 Comments Gross written premiums 2,218 2,088 - Like-for-like growth of 7% driven by robust performance in Private and SME lines, partly offset by development in Nordic Industrial Insurance revenue, net 2,303 2,137 - Growth supported by solid performan
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 9,000 1,070 7,277 223 8,375 238 8,461 6,755 195 7,000 627 966 7,718 6,214 223 8,000 841 192 2,128 439 2,173 203 867 6,000 7,000 1,945 490 1,977 1,990 1,640 6,000
Slide 28: Underwriting result and combined ratio development
Underwriting result and combined ratio development Underwriting result Combined ratio EURm 1,400 88% 1,316 72 85.8% 86% 1,200 1,164 74 84.6% 84.6% 46 1,121 84.3% 55 84% 83.4% 1,031 80 80 1,000 352 955 48 82% 315 62 279 800 80% 190 253 128 175 78% 600 139 76% 400 595 628 74% 533 453 200 72% 0 70% 202
Slide 29: Group: results and key figures
Group: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 8,461 2,218 2,542 3,701 2,212 7,718 2,088 2,333 3,297 9,931 8,870 Insurance revenue, net 6,755 2,303 2,264 2,188 2,172 6,214 2,137 2,057 2,020 8,386 7,
Slide 30: Group: operating result
Group: operating result EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Underwriting result 1,121 392 393 336 361 955 374 321 260 1,316 1,164 Interest and dividend income 450 144 164 142 155 455 143 155 157 609 593 Realised gains or losses 27 30 7 -11 9
Slide 31: Private Nordic: results and key figures
Private Nordic: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 3,192 1,011 1,100 1,081 942 2,930 917 1,009 1,004 3,872 3,627 Insurance revenue, net 2,968 1,014 995 958 937 2,730 925 908 897 3,667 3,489 Cla
Slide 32: Private UK: results and key figures
Private UK: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 2,243 764 757 722 627 1,939 716 662 560 2,565 2,063 Insurance revenue, net 1,487 518 499 470 452 1,208 440 399 369 1,659 1,251 Claims incurred, ne
Slide 33: Nordic Commercial: results and key figures
Nordic Commercial: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 1,990 282 360 1,348 383 1,791 275 328 1,188 2,173 1,977 Insurance revenue, net 1,640 544 549 537 544 1,583 537 524 522 2,128 1,945 Claims i
Slide 34: Nordic Industrial: results and key figures
Nordic Industrial: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 841 104 256 481 203 867 122 269 477 1,070 966 Insurance revenue, net 439 141 147 150 167 490 165 160 165 657 627 Claims incurred, net -259
Slide 35: Baltic & other operations: results and key figures
Baltic & other operations: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 195 57 69 69 58 192 57 65 69 249 238 Insurance revenue, net 223 76 75 72 72 203 70 65 67 275 223 Claims incurred, net -131 -45 -42
Slide 36: Nordic underlying risk ratio development
Nordic underlying risk ratio development 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Risk ratio, % 59.9 59.9 58.6 61.1 58.9 61.7 59.9 61.1 64.3 61.0 61.1 Large claims, % -1.0 -0.3 -1.6 -1.0 0.8 1.4 3.7 3.2 -2.7 1.2 1.3 Severe weather, % -0.3 0.0 -0.3 -0.
Slide 37: Group net financial result
Group net financial result EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Fixed income 405 139 132 134 143 416 136 141 139 559 520 Equities 25 2 19 4 8 29 3 10 16 37 59 Funds 20 4 12 5 4 11 4 4 3 16 16 Interest and dividend income 450 144 164 142 155 4
Slide 38: Investments & balance sheet
Investments & balance sheet 5 November 2025 38
Slide 39: Group balance sheet
Group balance sheet Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Property, plant and equipment 276 288 296 284 285 299 308 284 318 Intangible assets 3,510 3,556 3,629 3,637 3,639 3,637 3,623 3,637 3,637 Investments in associates 4 4 4 4 14 13 13 4 12 Financial assets 16,64
Slide 40: Group investment mix and returns
Group investment mix and returns Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Credit bonds, funds and loans 47% 47% 43% 49% 46% 45% 44% 49% 44% Covered bonds 21% 24% 25% 24% 23% 22% 23% 24% 23% Government bonds 7% 7% 7% 6% 5% 5% 4% 6% 4% Index-linked bonds 3% 3% 3% 3% 3% 3
Slide 41: Group fixed income and equities mix Q3/2025
Group fixed income and equities mix Q3/2025 Fixed income Listed equities Top 10 direct equity investments 2% Sweden, 27% 3% 9% Value, EURm Denmark, 16% Nordics 9% NOBA 636 27% Volvo 132 Norway, 12% 6% Western Europe United States, 9% 11% ABB 83 North America Autoliv 64 Finland, 9% 7% Emerging market
Slide 42: Net insurance liabilities
Net insurance liabilities Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liability for remaining coverage, net 1,924 2,167 2,516 1,620 1,961 2,057 2,270 1,620 1,469 Liability for incurred claims, net 8,603 8,301 8,100 8,067 8,118 7,860 7,766 8,067 7,983 - of which from risk
Slide 43: Key sensitivities
Key sensitivities Quarterly P&L effects, Q3/2025 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 320 Non-annuities Discount rate +100 bps 105 • N
Slide 44: Solvency II ratio development
Solvency II ratio development 220% 210% 200% 185% 182% 180% 180% 176% 177% 174 % 172 % 160% 140% 120% 100% 2020 2021 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 5 November 2025 44
Slide 45: Solvency II SCR and own funds
Solvency II SCR and own funds EURm Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Market risk 2,201 2,067 2,033 1,974 2,059 1,994 2,057 1,974 1,920 Insurance risk 1,847 1,827 1,823 1,734 1,655 1,617 2,055 1,734 2,027 Counterparty risk 185 206 211 139 127 131 218 139 200 Oper
Slide 46: Estimated Solvency II ratio sensitivities on market risk factors
Estimated Solvency II ratio sensitivities on market risk factors Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Solvency II ratio 172% 174% 180% 177% 198% 192% 186% 177% 182% Rates -100bps -5%-p -5%-p -5%-p -5%-p -5%-p -4%-p -4%-p -5%-p -5%-p Rates +100bps +4%-p +4%-p +4%-p
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% 26.1% 24.5% 25% 20% 15% 10% 5% 0% 2021 2022 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 Hybrid Senior Target (<30%) EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 Q1/2025 Q2/2025 Q3/2025 Hybrid debt 2,015 1,983 1,
Slide 48: 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 85) 1,000 (EUR 85) 3.100% 7 Sep 2028 - Sampo plc Tier 2 M
Slide 49: Hold Co (Sampo plc) balance sheet
Hold Co (Sampo plc) balance sheet EURm Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liquidity 862 593 608 626 1,169 1,477 1,342 626 1,352 Investment assets 2,584 2,380 2,406 2,408 676 695 979 2,408 979 Tangible assets 4 2 3 3 3 2 2 3 2 Fixed income 1,814 1,814 1,825 1,826
Slide 50: Additional information
Additional information 5 November 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 2,678 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 1-9/2025
Geographical mix 1-9/2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 1,523 1,614 1,807 1,079 2,243 195 8,461 Insurance revenue, net 1,297 1,364 1,530 855 1,487 223 6,755 Underwriting result 256 231 229 176 175 55 1,121 Risk ratio, % 59.1 64.1 58.4 57.0 51
Slide 54: Geographical mix Q3/2025
Geographical mix Q3/2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 393 384 400 220 764 57 2,218 Insurance revenue, net 434 472 513 290 518 76 2,303 Underwriting result 103 93 66 48 63 19 392 Risk ratio, % 54.8 62.3 61.6 60.9 52.5 54.3 58.1 Cost ratio, %
Slide 55: 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 56: Nordic new car sales
Nordic new car sales Number of cars sold (1,000) Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 63.1 77.5 63.4 76.1 61.1 72.5 59.8 269.5 289.7 288.0 301.0 292.0 Norway 37.8 43.9 31.6 36.9 30.5 39.0 22.3 128.7 127.0 174.3 176.3 141.4 Denmark 44.
Slide 57: 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 57