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===== SIDA 1 =====

Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements

===== SIDA 2 =====

REPORTS FOR THE YEAR 2023
WWW.SAMPO.COM/YEAR2023
Contents
Board of Directors’ Report 2023  ........................ 3
Review of the 2023 financial year    ....................... 4
Outlook    ......................................................................... 7
Outlook for 2024  .................................................. 7
The major risks and uncertainties for the 
Group in the near-term     ...................................... 7
Dividend proposal     ..................................................... 8
Operating environment    ........................................... 9
Business areas     ............................................................ 10
If   ................................................................................. 10
Topdanmark   ........................................................... 13
Hastings  ................................................................... 14
Holding    .................................................................... 15
Financial position     ...................................................... 16
Group solvency      ..................................................... 16
Financial leverage position   ............................... 16
Ratings  ..................................................................... 17
Other developments     ................................................ 18
Demerger of Sampo plc   .................................... 18
Group Partial Internal Model application   ..... 19
Shares, share capital and shareholders       ............. 20
Shares and share capital     ................................... 20
Authorisations granted to the Board  ............ 22
Shareholders    .......................................................... 22
Holdings of the Board and Executive 
Management      .......................................................... 23
Share buyback programmes  ............................ 24
Governance and related issues    ............................ 25
Governance   ............................................................ 25
Annual General Meeting      .................................... 25
Risk management     ................................................ 27
Remuneration    ........................................................ 27
Changes in Group structure   ............................. 28
Changes in the Group management and 
the Board of Directors    ....................................... 30
Personnel    ................................................................ 32
Sustainability    ............................................................... 33
Highlights from year 2023    ................................ 33
EU Taxonomy    ........................................................ 34
Events after the end of the reporting period     .. 41
Key figures   ................................................................... 42
Calculation of key figures     ....................................... 46
Group’s IFRS Financial Statements      ................... 48
Statement of profit and other 
comprehensive income    ........................................... 49
Consolidated balance sheet      .................................. 50
Statement of changes in equity    ........................... 51
Statement of cash flows   ......................................... 52
Group’s notes to the financial statements  ...... 53
Accounting principles   .............................................. 54
Segment information     .............................................. 72
Result by segment for twelve months ended 
31 December 2023   .................................................... 73
Result by segment for twelve months ended 
31 December 2022   .................................................... 74
Balance sheet by segment at 31 December 
2023   ............................................................................... 75
Balance sheet by segment at 31 December 
2022     ............................................................................... 76
Geographical information ....................................... 77
Other notes  .................................................................. 78
Sampo plc’s Financial Statements    ..................... 190
Sampo plc’s income statement    ............................ 191
Sampo plc’s balance sheet    .................................... 192
Sampo plc’s statement of cash flows  ................. 193
Sampo plc’s notes to the financial 
statements    ................................................................... 194
Summary of significant accounting policies     .... 195
Notes 1–5    ...................................................................... 196
Notes 6–8  ..................................................................... 197
Note 9    ............................................................................ 198
Notes 10-17   ................................................................... 199
Notes 18–20    ................................................................. 200
Note 21  ........................................................................... 201
Approval of the Financial Statements and 
the Board of Directors’ Report    ........................... 202
Auditor’s Report    ....................................................... 204
This Board of Directors’ report and Financial Statements in pdf format is not an xHTML document compliant with the ESEF 
(European Single Electronic Format) regulation. Sampo’s ESEF Financial Statements is available at www.sampo.com/year2023.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 2023 2

===== SIDA 3 =====

Board of Directors’ Report 2023
Review of the 2023 financial year     ..................... 4
Outlook    ......................................................................... 7
Outlook for 2024     ....................................................... 7
The major risks and uncertainties for the 
Group in the near-term    ........................................... 7
Dividend proposal   .................................................... 8
Operating environment  .......................................... 9
Business areas  ............................................................ 10
If   ....................................................................................... 10
Topdanmark   ................................................................ 13
Hastings    ........................................................................ 14
Holding    .......................................................................... 15
Financial position   ..................................................... 16
Group solvency   .......................................................... 16
Financial leverage position  .................................... 16
Ratings    .......................................................................... 17
Other developments     ................................................ 18
Demerger of Sampo plc     .......................................... 18
Group Partial Internal Model application     .......... 24
Shares, share capital and shareholders    ........... 20
Shares and share capital  ......................................... 20
Authorisations granted to the Board    ................. 22
Shareholders    ............................................................... 22Holdings of the Board and Executive 
Management     ............................................................... 23
Share buyback programmes     ................................. 24
Governance and related issues     ........................... 25
Governance     ................................................................. 25
Annual General Meeting   .......................................... 25
Risk management   ...................................................... 27
Remuneration    ............................................................. 27
Changes in Group structure     .................................. 28Changes in the Group management and the 
Board of Directors     .................................................... 30
Personnel   ...................................................................... 32
Sustainability  .............................................................. 33
Highlights from year 2023    ..................................... 33
EU Taxonomy     ............................................................. 34
Events after the end of the reporting period    41
Key figures    .................................................................. 42
Calculation of key figures     ..................................... 46
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 3

===== SIDA 4 =====

Board of Directors’ Report 2023
Review of the 2023 financial year
Sampo Group delivered strong premium growth and 
resilient underwriting margins in 2023, despite the year 
being characterised by elevated severe weather and 
large claims experience, as well as unfavourable 
currency movements. 
Gross written premiums (GWP) and brokerage income 
increased by 11 per cent on a currency adjusted basis 
and 6 per cent on a reported basis to EUR 8,870 million 
(8,375). The growth was broad-based and supported by 
all business lines, both in the Nordics and in the UK. In 
the Nordics, the Group’s largest business area, Private, 
saw currency adjusted growth of 5.0 per cent, up from 
3.5 per cent in the prior year. This was driven by strong 
development in non-motor lines, particularly in personal 
insurance, and continued high and stable retention. 
Meanwhile, corporate lines benefited from successful 
1 January renewals, rate action and continued strong 
trends in SME. 
In the UK, the pricing environment continued to 
improve throughout the year, enabling substantial price 
increases and selective volume growth. UK premiums 
increased by 32 per cent on a local currency basis and 
policy count grew by 8 per cent year-on-year to 3.5 
million, driven by 4 per cent growth in motor insurance 
and 31 per cent growth in home insurance. 
Despite elevated severe weather and large claims 
experience over the year, Sampo achieved its combined 
ratio target of below 86 per cent. The group 
underwriting result amounted to EUR 1,164 million 
(1,031) and the combined ratio was 84.6 per cent (85.8). 
The 2022 combined ratio under IFRS 4 included 
significant items related to prior year development in 
the fourth quarter, some of which have been recognised 
in the net financial results under IFRS 17. Hence, the 
figures are not fully comparable between years. Large 
claims and severe weather had a negative effect of 4.7 
percentage points on If’s risk ratio, clearly up from 1.3 
percentage points in 2022. 
The underlying trend remained positive throughout the 
year and as a result, If’s undiscounted adjusted risk ratio  
improved 0.5 percentage points year-on-year. This was 
achieved by disciplined underwriting and pricing 
exceeding Nordic claims inflation, which fell to the 
lower end of the 4-5 per cent range observed over 
2023 towards the end of the year. Hastings reported an 
operating ratio of 89.8 per cent (87.2) on the back of 
improving pricing trends and high but stabilised claims 
inflation of around 12 per cent for most of the year 
2023.
The net financial result amounted to EUR 560 million. 
This was driven by strong net investment income of 
EUR 1,006 million. Insurance finance income or expense 
(IFIE) amounted to EUR -446 million. Changes in 
discount rates had an effect of EUR -160 million and the 
unwind of discounting had an effect of EUR -248 million 
on IFIE.
Following the announcement of the strategic review of 
Mandatum on 7 December 2022, the Board of Directors 
of Sampo plc resolved on 29 March 2023 to propose to 
the Annual General Meeting a partial demerger of 
Sampo plc to separate Mandatum from Sampo Group. 
The Annual General Meeting held on 17 May 2023 
resolved to approve the partial demerger. The partial 
demerger was completed on 1 October 2023 and the 
first trading day for Mandatum on Nasdaq Helsinki was 
2 October 2023. 
Mandatum’s profit before taxes consolidated in Sampo 
Group’s P&L amounted to EUR 173 million and net profit 
to EUR 140 million in January-September 2023. In 
addition, the partial demerger had a positive accounting 
effect of EUR 111 million in the Group’s profit before 
taxes and net profit. Financial effects of the demerger 
are disclosed in more detail in the section Demerger of 
Sampo plc.
The Group’s profit before taxes from P&C operations 
increased EUR 1,481 million after adjusting for IFRS 9 
(803), but declined on a reported basis (1,924). Net 
profit for the equity holders amounted to EUR 1,323 
million (1,031), of which EUR 1,072 million (1,528) was 
from continuing operations. Earnings per share 
amounted to EUR 2.62 (3.97), of which EUR 2.12 (2.88) 
was from continuing operations.
On 8 February 2024, Sampo plc’s Board of Directors 
proposed a dividend of EUR 1.80 per share for 2023 to 
the Annual General Meeting to be held on 25 April 
2024, representing a payout ratio of 86 per cent based 
on the operational result of EUR 2.07 per share. The 
proposed total dividend consists of a regular dividend 
of EUR 1.60 per share and an extra dividend of EUR 
0.20 per share. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 4

===== SIDA 5 =====

The proposed regular dividend represents growth of 7 
per cent from the prior year regular dividend of EUR 
1.50 per share adjusted for the partial demerger. 
Sampo Group’s pro forma Solvency II ratio, adjusted for 
demerger-related transactions, amounted to 182 per 
cent at the end of 2023, down from 210 per cent at the 
year-end 2022. The decrease was primarily driven by 
the demerger. The financial leverage was 25.3 per cent 
at the end of 2023, down from 25.6 per cent at the end 
of 2022. Adjusting for the proposed dividend of EUR 
1.80 per share, financial leverage was 27.7 per cent. 
Sampo Group’s targets for 2021-2023 were a solvency 
ratio of 170-190 per cent and a financial leverage ratio of 
below 30 per cent.
In 2023, Sampo returned over EUR 0.5 billion of excess 
capital to shareholders by repurchasing and cancelling 
12.6 million own shares, representing 2 per cent of the 
total share count. Since the start of the buyback 
programmes in 2021, Sampo’s share count has 
decreased by 10 per cent.
On 20 June 2023, Sampo announced a submission of an 
application for a Group Partial Internal Model for 
purposes of solvency capital requirement calculation to 
the Finnish Financial Supervisory Authority. Following 
the completion of the partial demerger, the Swedish 
FSA (Finansinspektionen) became Sampo’s group 
prudential supervisor as of 1 October 2023. As a result, 
Sampo refiled its application for a Group Partial Internal 
Model to the Swedish FSA on 2 October 2023. The 
Partial Internal Model recognises the risk profile of 
Sampo’s P&C operations better than the Standard 
Formula and it is estimated that it would have reduced 
the group-level solvency capital requirement (SCR) by 
up to EUR 0.3 billion in 2023. The application process is 
expected to be completed during the first half of 2024. 
Sampo will issue a report on non-financial information in 
accordance with Chapter 3a, Section 5 of the 
Accounting Act. The report, Sampo Group 
Sustainability Report 2023, will be separate from 
the Board of Directors’ Report and published 
around the turn of March and April 2024 at 
www.sampo.com/year2023. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 5

===== SIDA 6 =====

Key figures
Sampo Group, 2023
EURm 1–12/2023 1–12/2022 Change, %
Profit before taxes (P&C Operations)  1,481  1,924  -23 
  If  1,358  1,550  -12 
  Topdanmark  162  158  3 
  Hastings  129  107  21 
  Holding  -160  146  — 
Net profit for the equity holders  1,323  2,107  -37 
Underwriting result  1,164  1,031  13 
Change
Earnings per share (EUR)  2.62  3.97  -1.36 
Operational result per share (EUR)  2.07  —    — 
Return on equity, %  15.6  4.2  11.4 
Profit before taxes (adjusted for IFRS 9), EURm*  1,481  803  84 %
The comparison figures for 2022 have been restated for IFRS 17 but not for IFRS 9, meaning some 
figures, such as investment income, are not presented on a comparable basis between the 
reporting periods. Net profit for the equity holders, EPS and return on equity figures include results 
from life operations. Mandatum was classified as discontinued operations as of 31 March 2023. 
* To enhance comparability, a Group profit before taxes (P&C operations) figure adjusted for IFRS 
9, reflecting market value movements, has been provided for the prior year.
Financial targets
Sampo Group, 2021-2023
Target 2023
Group
Mid-single digit UW profit growth 
annually on average 13%
Group combined ratio: below 86% 84.6%
Solvency ratio: 170-190% 182% (pro forma of demerger-
related transactions)
Financial leverage: below 30% 25.3%
If Combined ratio: below 85% 83.1%
Hastings Operating ratio: below 88% 89.8%
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 6

===== SIDA 7 =====

Outlook
Outlook for 2024
Sampo Group is expected to deliver a combined ratio in 
2024 that meets the 2024-2026 annual target of below 
85 per cent, including an assumed discount rate benefit 
of 2 percentage points.
The major risks and 
uncertainties for the Group in 
the near-term
In its current day-to-day business activities Sampo 
Group is exposed to various risks and uncertainties, 
mainly through its major business units. Major risks 
affecting the Group companies’ profitability and its 
variation are market, credit, insurance and operational 
risks. At the Group level, sources of risks are the same, 
although they are not directly additive due to the 
effects of diversification. 
Uncertainties in the form of major unforeseen events 
may have an immediate impact on the Group’s 
profitability. The identification of unforeseen events is 
easier than the estimation of their probabilities, timing, 
and potential outcomes. Macroeconomic and financial 
market developments affect Sampo Group primarily 
through the market risk exposures it carries via its 
insurance company investment portfolios and insurance 
liabilities and through strategic investments. Over time, 
adverse macroeconomic effects could also have an 
impact on Sampo’s operational business, for example 
by reducing economic growth or increasing claims 
costs. 
Inflation declined significantly in Europe during 2023 
due to lower energy prices. The worst of the recent 
inflation surge seems to be over unless geopolitical 
tensions cause new shocks to energy prices. 
However, the continued strength of Europe’s labour 
market and rapid wage growth could keep price 
pressures elevated.  This creates uncertainty on 
whether central banks will be keeping interest rates 
elevated longer than expected. This may lead to both a 
significant slowdown in economic growth and a 
deterioration in the debt service capacity of businesses, 
households and governments, raising the risk of abrupt 
asset repricing in financial markets. Furthermore, the 
war in Ukraine continues to represent a major economic 
risk. These developments are currently causing 
significant uncertainties in economic and capital market 
development. At the same time rapidly evolving hybrid 
threats create new challenges for states and businesses. 
There are also a number of widely identified 
macroeconomic, political and other sources of 
uncertainty which can, in various ways, affect the 
financial services industry in a negative manner. 
Sampo Group’s insurance exposures in Russia or 
Ukraine are limited to certain Nordic industrial line 
clients, with coverage subject to war exclusions. On the 
asset side, Sampo has no direct investments in Russia or 
Ukraine. Given the limited direct exposure, the biggest 
risk from the war in Ukraine to Sampo relates to the 
second order capital markets’ and macroeconomic 
effects outlined above. There were no material 
COVID-19 effects in the Group’s insurance operations in 
2023. Given the limited impact of COVID-19 and the 
increasing difficulty in reliably estimating associated 
effects, Sampo has not disclosed quantitative COVID-19 
effects in its financial reporting since February 2022. 
Other sources of uncertainty are unforeseen structural 
changes in the business environment and already 
identified trends and potential wide-impact events. 
These external drivers may have a long-term impact on 
how Sampo Group’s business will be conducted. 
Examples of identified trends are demographic 
changes, sustainability issues, and technological 
developments in areas such as artificial intelligence and 
digitalisation including threats posed by cybercrime.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 7

===== SIDA 8 =====

Dividend proposal
Dividend
Under Sampo Group’s capital management framework, 
the Group aims to return a significant share of ongoing 
surplus capital generation through a reliable regular 
dividend. In addition to this, excess capital is returned 
through additional dividends and/or buybacks, to the 
extent that it is not utilised to support business 
development.
According to Sampo plc’s Dividend Policy applicable to 
the distribution of 2023 earnings, total annual dividends 
paid shall represent at least 70 per cent of Sampo 
Group’s operational result for the year.
The parent company’s distributable capital and reserves 
totalled EUR 5,367 million of which profit for the 
financial year 2023 was EUR 963 million. Based on the 
policies outlined above, the Board proposes to the 
Annual General Meeting that a total dividend of EUR 
1.80 per share be paid to all shares except for the shares 
held by Sampo plc on the dividend record date of 29 
April 2024. The total dividend includes a regular 
dividend of EUR 1.60 per share as well as an extra 
dividend of EUR 0.20 per share.
As the Group’s operational result amounted to EUR 
1,046 million, the payout ratio for the total dividend 
equates to 86 per cent. The remainder of the 
distributable funds are left in the company’s equity 
capital. After adjusting for the proposed dividend, 
Sampo Group’s 2023 year-end distributable funds 
amounted to approximately EUR 4,463 million, Group 
Solvency II ratio to 177 per cent and financial leverage 
to 27.7 per cent.
Dividend payment 
The dividend is proposed to be paid to the shareholders 
registered in the company’s shareholders register held 
by Euroclear Finland Oy as at the record date of 29 
April 2024. The Board proposes that the dividends be 
paid on 7 May 2024.
The issuer of the Swedish depository receipts shall 
ensure that the dividend is paid to the depository 
receipt holders registered in the securities depository 
and settlement register maintained by Euroclear 
Sweden AB as at the record date of 29 April 2024, 
which payment shall be made in Swedish kronor.
Financial position
No significant changes have taken place in the 
company's financial position since the end of the 
financial year. The company's liquidity position is good 
and in the view of the Board, the proposed distributions 
do not jeopardise the company's ability to fulfil its 
obligations.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 8

===== SIDA 9 =====

Operating environment
Nordic countries
Over 2023, the Nordic region experienced a challenging 
macroeconomic environment with historically high 
inflation and interest rates. The P&C insurers were also 
affected by more weather-related claims than normal. 
Despite this, the Nordic P&C insurance market 
continued to perform relatively well, delivering better 
profitability than most other European P&C markets. 
The Nordic P&C market is highly consolidated, with the 
four largest players accounting for some 80-90 per 
cent of the markets in Norway, Finland, and Sweden 
respectively. Many insurers are established in more than 
one Nordic country. In Denmark, the market is less 
consolidated with the top four insurers controlling 
around 60 per cent of the market. 
During the year, the competitive environment remained 
broadly stable in the private and SME markets, while the 
large corporate market remained in the hard part of the 
underwriting cycle. The larger listed insurers maintained 
strong financial discipline and implemented price 
increases to combat elevated claims inflation. 
Market-wide claims inflation was above the levels 
observed in the recent past in 2023 and amounted to 
4-5 per cent for If P&C. Inflation was mainly driven by 
the property and motor products which were affected 
by higher building materials and spare parts costs 
following raw material shortages and increasing 
transportation and energy costs. Weaker local 
currencies also added pressure to cost inflation. 
Towards the end of the year, Nordic claims inflation 
showed signs of moderation, reducing the uncertainty 
around the outlook for 2024.
Nordic claims frequencies returned to pre-pandemic 
levels in 2023. During the year, the region suffered 
various weather-related claims, of which the most 
severe was the storm “Hans” at the end of the summer. 
“Hans” delivered the heaviest rain in 25 years in Norway, 
causing flood and landslide damage. Sweden was also 
affected by this storm, as well as parts of Denmark and 
Finland. 
During the year, the Nordic region also experienced 
some elevated claims from severe winter conditions. In 
the beginning of the year, the region was affected by 
harsh winter weather, especially in Sweden and Norway. 
The last quarter of the year saw a longer and more 
severe winter season than usual. There was heavy snow 
and freezing temperatures in early November, which 
resulted in weather related claims.
In 2023, the Nordics continued to be affected by the 
hardening reinsurance market with a high cost of 
coverage and reduced risk appetite among reinsurers. 
The reinsurance prices increased, as expected, based on 
global inflation, claims trends and climate change, which 
also impacted the direct insurance market. 
According to the UN’s climate panel IPCC, the effects of 
climate change are already seen in the Nordic region 
with more heatwaves and floods expected in the future. 
This development is expected to be gradual where the 
insurance industry with one-year contracts is well 
equipped to handle the changes over time. 
The Nordic region is known for being digitally advanced 
and Nordic insurers committed to technological 
advancements and innovation. During the year the 
digitalisation trend continued with increased focus on 
cyber risks. Targeted investments and continuous 
monitoring for emerging threats were on top of every 
insurer’s agenda for effective risk mitigation in the 
complex area of cybersecurity. 
United Kingdom 
In the UK, P&C insurance market prices increased 
significantly over the last 12 months in response to 
elevated claims inflation.
Claims inflation increased significantly during 2022 and  
remained persistent throughout 2023. Claims 
frequencies also increased as travel returned closer to 
pre-pandemic levels and as a result of adverse weather 
experienced in the first quarter of the year.  
Price comparison websites, Hastings’ primary 
distribution channel, remain by far the largest sales 
channel for UK car and home insurance customers. In 
light of increasing market prices, the use of these 
websites has increased during the year, as customers 
shop around in order to find a more competitive price.
The FCA continues to be an active regulator in UK 
General Insurance and introduced new Consumer Duty 
rules with effective 31 July 2023, aiming to set higher 
and clearer standards of consumer protection across 
financial services. Hastings has successfully delivered 
Consumer Duty in a timely manner and continues to 
ensure that the principle of Consumer Duty is 
embedded in line with its customer focused strategy. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 9

===== SIDA 10 =====

Business areas
If
If P&C is the leading property and casualty insurer in the Nordic region, where it 
offers solutions in all major lines of business through its four business areas; Private, 
Commercial, Industrial and Baltic. If P&C’s business model is based on high customer 
satisfaction, best in class underwriting and leveraging the scale benefits that its 
unified Nordic model offers. Excellent digital sales and service capabilities are a core 
part of If’s strategy, particularly in the Private and SME Commercial market 
segments.
Underwriting performance 
If reported an underwriting result of EUR 842 million (673) for 2023 and a combined 
ratio of 83.1 per cent (86.6), after achieving improvements in the undiscounted 
adjusted risk ratio of 0.5 percentage points and a reduction in the cost ratio of 0.3 
percentage points. The 2022 combined ratio under IFRS 4 included significant items 
related to prior year development in the fourth quarter, some of which have been 
recognised in the net financial results under IFRS 17. Hence, the figures are not fully 
comparable between years.
Premium development
If reported gross written premiums, GWP, of EUR 5,468 million (5,432) in 2023. 
Excluding currency effects, premiums grew by 6.7 per cent year-on-year. Growth was 
robust across business areas and driven primarily by successful pricing measures to 
mitigate claims inflation, and high retention.
Results
If, 2023
EURm 2023 2022 Change, %
Gross written premiums  5,468   5,432   1  
Insurance revenue, net  4,996  5,024  -1  
Claims incurred, net  -3,093  -3,267  -5  
Operating expenses and claims handling costs  -1,061  -1,084  -2  
Insurance service result / underwriting result  842  673  25  
Net investment income  871  278  214  
Insurance finance income or expense, net  -331  610  —  
Net financial result  539  888  -39  
Other items  -24  -11  122  
Profit before taxes  1,358  1,550  -12  
Key figures
EURm 2023 2022 Change
Combined ratio, % 83.1 86.6 -3.5
Cost ratio, % 21.2 21.6 -0.3
Risk ratio, % 61.9 65.0 -3.1
Large claims and severe weather, % 4.7 1.3 3.4
Risk adjustment and other technical effects, 
current year % 1.2 0.8 0.4
Prior year development, % -5.3 0.6 -6.0
Adjusted risk ratio, current year, % 61.3 62.3 -1.0
Discounting effect, current year, % -3.4 -2.9 -0.5
Undiscounted adjusted risk ratio, current year, % 64.7 65.2 -0.5
Loss ratio, % 67.6 70.7 -3.1
Expense ratio, % 15.6 15.9 -0.4
All the key figures in the table above are calculated on a net basis. 
Large claims measured against budget but severe weather claims are reported in full; negative 
figures indicate a positive outcome. Severe weather includes natural catastrophes. 
Negative figures for prior year development indicate positive reserve run-off. The discounting 
effect represents the impact of discounting of current year claims reserves on the risk ratio. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 10

===== SIDA 11 =====

Currency adjusted GWP growth in 2023 in Private was 
5.0 per cent, driven mainly by price increases covering 
claims inflation. Geographically, Norway and Finland 
saw the highest GWP growth. The year saw particularly 
solid growth especially in the personal and property 
insurance segments. Motor also contributed to GWP 
growth but was adversely affected by new car sales, 
which remained at a historically low level during the 
year. The Nordic new car sales market declined by 2 per 
cent, while Sweden, If P&C ‘s most important market for 
motor insurance, saw an increase of 1 per cent. 
Excluding the Swedish mobility business, currency 
adjusted GWP growth in 2023 was 6.3 per cent in 
Private and 7.6 per cent for If P&C. Despite rate actions 
and a general slowdown in the Nordic economies over 
the year, the demand for insurance was relatively stable, 
and Private retention stood above 89 per cent (90) at 
the end of 2023. 
Development in online services and digital engagement 
in business area Private remained good in 2023, 
following consistent investments into this area over 
many years. In 2023 online sales increased by 8 per cent 
compared to last year, and the digital share of incoming 
sales was 54 per cent. 
Currency adjusted GWP growth in Commercial in 2023 
was 5.6 per cent year-on-year, mainly driven by rate 
actions. Over the year, all countries contributed to 
growth with the Swedish business being particularly 
strong. This positive development was supported by 
good growth in the SME segment during the period, 
successful renewals at the beginning of the year and 
high retention. 
Strong momentum in online sales and accelerated 
expansion of the digital offering with increased usage of 
self-service solutions also contributed to the positive 
development. In 2023 online sales in Commercial 
increased by more than 8 per cent year-on-year, and 30 
per cent of new SME clients now start their customer 
journey online. 
Industrial saw strong GWP growth of 11.8 per cent on a 
currency adjusted basis in 2023. Growth was primarily 
driven by strong renewals at the beginning of the year 
with significant rate action and high retention. During 
the year, inflation-driven price increases continued, with 
the largest contribution coming from the property 
segment. Geographically, Industrial saw GWP growth in 
all countries except Denmark which was affected by a 
small number of large policies not being renewed. 
The Baltic business delivered GWP growth of 15.7 per 
cent in 2023. The positive development was mainly 
driven by continued rate increases to mitigate claims 
inflation. All three Baltic countries showed strong 
growth in 2023 year-on-year. 
Combined ratio development 
If reported a combined ratio of 83.1 per cent (86.6) for 
2023.
After a favourable large claims outcome in the first 
quarter of the year, the following three quarters saw 
adverse large claims and severe weather development. 
Large claims and severe weather (including natural 
catastrophe event Hans) in 2023 had a 4.7 percentage 
points (1.3) negative effect on the risk ratio. If’s large 
claims outcome is reported as a deviation against 
budget, while severe weather effects are disclosed in 
full. 
Prior year gains in 2023 increased to 5.3 percentage 
points from -0.6 percentage points in the prior year. 
Prior year gains were mainly driven by inflation reserve 
releases as the uncertainty regarding claims inflation 
outlook reduced over the year. 
Risk adjustment and other technical effects had an 
impact of 1.2 percentage points (0.8) in 2023.
Discounting effects in 2023 increased by 0.5 
percentage points year-on-year to 3.4 per cent (2.9). 
Following an analysis of the application of IFRS 17 over 
2023, the reference point used in If P&C for 
disaggregation of IFRS 17 discounting effects had been 
changed from the beginning of year to the beginning of 
quarter. The change in reference point impacts on the 
split of discounting effects between the ISR and IFIE, 
but not profit before taxes.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 11

===== SIDA 12 =====

In total, the risk ratio improved by 3.1 percentage points year-on-year to 61.9 per cent 
(65.0) in 2023. The undiscounted adjusted risk ratio improved by 0.5 percentage 
points year-on-year in 2023.
The cost ratio for 2023 improved by 0.3 percentage points to 21.2 per cent (21.6). The 
2023 cost ratio development compares favourably to If P&C’s target for 2021-2023 of 
an around 20 basis point yearly cost ratio reduction. Education and development costs 
are included in the cost ratio.
Combined ratio, % Risk ratio, %
2023 2022 Change, % 2023 2022 Change, %
Private 83.1 84.7 -1.6 62.1 63.4 -1.3
Commercial 81.9 86.8 -4.8 60.0 64.6 -4.6
Industrial 87.3 97.3 -10.0 68.3 77.4 -9.0
Baltic 85.9 89.5 -3.6 59.8 62.4 -2.6
Sweden 83.2 82.5 0.7 63.8 62.6 1.1
Norway 87.2 88.4 -1.2 66.8 67.3 -0.5
Finland 75.7 80.3 -4.7 53.5 57.9 -4.5
Denmark 88.4 110.0 -21.6 62.9 84.3 -21.4
Net financial result
For the full year 2023, If reported a net financial result of EUR 539 million (888). Mark-
to-market return on investments stood at 8.3 per cent (-4.4), driven by increased 
interest rates and positive development in equity markets
During the period the investment portfolio was gradually reinvested at higher rates, 
improving the running yield. At the end of December, fixed income running yield was 
4.2 per cent (3.2).
The unwind of discount rate amounted to EUR -180 million in 2023. Changes in 
discount rates had an impact of EUR -136 million in the year.
Profit before taxes
In total, If reported profit before taxes of EUR 1,358 million (1,550) for 2023, 
representing a decrease of 12 per cent year-on-year.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 12

===== SIDA 13 =====

Topdanmark
Topdanmark is one of the largest P&C insurance companies in Denmark. It focuses 
on the private, agricultural, and SME markets. The company is listed on Nasdaq 
Copenhagen.
Sampo plc held 44.0 million shares in Topdanmark at 31 December 2023. The holding 
increased slightly from 43.7 million shares at the end of 2022 and corresponds to an 
ownership of 48.9 per cent of all shares and 49.6 per cent of all votes. The market 
value of the holding was EUR 1,904 million at 31 December 2023.
The insurance service result for January - December 2023 decreased to EUR 194 
million (230) due to a high frequency of weather-related events. At the same time, the 
combined ratio for 2023 increased to 85.0 per cent from 81.7 per cent in the 
comparison year. With the support of increased net investment income, Topdanmark 
reported a profit before taxes of EUR 162 million (158) for January - December 2023 in 
Sampo Group’s profit and loss account.
The Board of Directors of Topdanmark will recommend to the AGM a distribution of a 
dividend of DKK 1,035 million, representing a dividend of DKK 11.5 per share. Subject to 
the approval from the AGM, Sampo will receive approximately EUR 68 million in 
dividends from Topdanmark after the Topdanmark AGM in April 2024.
On 27 October 2023, Topdanmark received the final regulatory approval for the 
acquisition of Oona Health A/S from the Danish Competition and Consumer Authority, 
and the acquisition was completed on 1 December 2023. As a result, Oona Health is 
included in Topdanmark Group’s results from 1 December 2023. The fourth quarter 
2023 result includes one-off costs of DKK 35 million related to the transaction. Further 
information is available in Note 34.
Further information on Topdanmark A/S and its Results for 2023 is available at 
www.topdanmark.com.
Results
Topdanmark, 2023
EURm 2023 2022 Change, %
Gross written premiums  1,339  1,308  2  
Insurance revenue, net  1,288  1,255  3 
Claims incurred and claims handling 
costs, net  -862  -809  7 
Operating expenses  -233  -216  7 
Insurance service result / 
underwriting result  194  230  -16 
Net investment income  107  -142  — 
Insurance finance income or 
expense, net  -79  115  — 
Net financial result  27  -28  — 
Other items  -59  -45  32 
Profit before taxes  162  158  3 
Key figures
2023 2022 Change
Combined ratio, % 85.0 81.7 3.3
Loss ratio, % 66.9 64.4 2.5
Expense ratio, % 18.1 17.2 0.8
All the key figures in the table above are calculated on a net basis. Comparison figures do not 
include Topdanmark’s life operations.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 13

===== SIDA 14 =====

Hastings
Hastings is one of the leading digital P&C insurance providers in the UK 
predominantly focused on serving UK car, van, bike and home insurance customers. 
Hastings has over 3 million customers and operates via its two main trading 
subsidiaries, Hastings Insurance Services Limited in the UK and Advantage Insurance 
Company in Gibraltar.
During the year, the UK motor insurance market saw significant market price increases 
in response to elevated claims inflation. Market wide claims inflation has remained 
persistent in the UK and is estimated to have been around 12 per cent for most of the 
year, with a modest reduction observed in the fourth quarter. In this environment, 
Hastings has continued to increase prices, whilst also benefiting from increased 
demand as consumers continue to use digital channels in order to find a more 
competitive price.
Hastings’ gross written premium increased 32 per cent year-on-year on a constant 
currency basis to EUR  1,706 million (1,314), reflecting higher average premiums and an 
increase in live customer policies (LCP). Total LCP increased to 3.5 million, up 8 per 
cent year-on-year, with an increase in motor insurance policy count of 4 per cent. 
Home insurance policies grew significantly, up 31 per cent year-on-year. The rise in 
policy count was achieved whilst prioritising rate increases to cover claims inflation. 
The loss ratio for the year increased to 63.3 per cent (57.2), reflecting claims inflation, 
the weather events experienced in the first quarter and increased claims frequencies in 
line with changing driving behaviours. The rate increases implemented by Hastings 
during 2023 are expected to support profitability as these continue to earn through 
into 2024.
The operating ratio for the year increased to 89.8 per cent (87.2), mainly due to a 
higher loss ratio and the upfront recognition of distribution costs given the high level 
of new business volumes in the current period. 
Hastings generated an underwriting result of EUR 128 million (128 million), as growth in 
premiums was largely offset by higher claims costs. 
Results
Hastings, 2023
EURm 2023 2022 Change, %
Gross written premiums  1,706  1,314  30 
Brokerage revenue  357  322  11 
Insurance revenue, net (incl. 
brokerage)  1,251  998  25 
Claims incurred and claims handling 
costs, net  -714  -509  40 
Operating expenses  -409  -361  13 
Underwriting result  128  128  — 
Net investment income  79  16  397 
Insurance finance income or 
expense, net  -35  11  — 
Net financial result  44  27  61 
Other items  -42  -49  -14 
Profit before taxes  129  107  21 
Key figures 2023 2022 Change
Operating ratio, % 89.8 87.2 2.6
Loss ratio, % 63.3 57.2 6.1
Live customer policies (millions)  3.5  3.2 0.2
All the key figures in the table above are calculated on a net basis. Hastings’ result table was 
simplified in 2023 by combining all brokerage revenues into one line (brokerage revenue), which is 
also included in the insurance revenue. Brokerage expenses are included in operating expenses. As 
a result, the insurance service result is no longer presented in the table. These changes have no 
effect on the underwriting result. All the key figures in the table above are calculated on a net basis.
The net financial result increased to EUR 44 million (27 million) as net investment 
income of EUR 79 million, including EUR 46 million of unrealised gains, was partially 
offset by EUR -30 million of discount rate unwind and EUR -5 million of discount rate 
changes.
Hastings’ profit before taxes increased to EUR 129 million (107) primarily due to the 
increase in the net financial result for the reasons mentioned above. The profit before 
taxes includes EUR -41 million (-58) of non-operational amortisation related to 
intangible assets identified on acquisition of the Hastings Group by Sampo plc in 2020, 
without which it would have been EUR 171 million (165).
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 14

===== SIDA 15 =====

Holding
Sampo plc is the parent company of Sampo Group and responsible for the Group’s 
strategy and capital management activities. In addition to the Group’s insurance 
subsidiaries, a small number of direct investments are held in the holding company.  
Results
Holding, 2023
EURm 2023 2022 Change, %
Net investment income  -37   177   —  
Other income  1   132   -99 
Other expenses  -57   -48   20 
Finance expenses  -66   -96   -31 
Share of associates' profit or loss  —   -19   — 
Profit before taxes  -160   146   — 
The holding segment’s profit before taxes for 2023 decreased to EUR -160 million 
(146).
Net investment income includes an impact of market value changes of EUR -73 million 
in 2023, which offset interest income and dividends. The increase in other expenses 
was driven mainly by costs related to the Mandatum demerger process.
Prior year net investment income includes Sampo's share of Nordea's dividend of EUR 
157 million and prior year other income includes the positive accounting effect from 
Nordea transactions of EUR 103 million and a group contribution of EUR 29 million 
from Mandatum. 
The accounting effect of EUR 111 million from the reallocation of long-term debt and 
valuation effect in connection with the demerger is treated as profit from discontinued 
operations and not included in Holding segment's P&L.
The share of NOBA’s (previously known as Nordax) profit is no longer consolidated 
into Holding segment’s P&L from the start of year 2023 due to reclassification from an 
associated company to a fair value investment.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 15

===== SIDA 16 =====

Financial position
Group solvency 
Sampo Group’s pro forma Solvency II ratio, adjusted for 
the demerger-related transactions, amounted to 182 per 
cent at the end of 2023, based on own funds of EUR 
5,849 million and solvency capital requirement (SCR) of 
EUR 3,217 million. The regulatory Solvency II ratio 
amounted to 177 per cent (210) based on own funds of 
EUR 5,849 million (8,083) and SCR of EUR 3,301 million 
(3,857).
The decrease from 210 per cent at the year-end 2022 
was primarily driven by the demerger. Sampo’s 
Solvency II ratio target for 2021-2023 was 170-190 per 
cent.
Financial leverage position
Sampo Group’s financial leverage is calculated as Group 
financial debt divided by the sum of IFRS shareholders’ 
equity and financial debt. Sampo’s financial leverage 
target for 2021-2023 was below 30 per cent.
Sampo Group’s shareholders’ equity amounted to EUR 
7,687 million and financial debt to EUR 2,604 million on 
31 December 2023, translating into a financial leverage 
of 25.3 per cent. 
At the end of 2022, shareholders’ equity amounted to 
10,178 million (IFRS 17) and financial debt to EUR 3,288 
million, translating into a financial leverage of 24.4 per 
cent. 
The decrease in shareholders’ equity in 2023 was driven 
by the demerger and capital returns to shareholders 
during the year. Financial debt decreased due to the 
demerger and maturity of EUR 318 million senior debt in 
September 2023. 
Adjusting for the proposed dividend of EUR 1.80 per 
share, financial leverage was 27.7 per cent at the end of 
2023. More information on Sampo Group’s 
outstanding debt issues is available at 
www.sampo.com/debtfinancing.
Financial debt
Sampo Group, 31 December 2023
EURm Sampo plc If Topdanmark Hastings Eliminations Group total
Sub/hybrid 1,490 135 148 0 -127 1,645
Senior bonds 959 0 0 0 0 959
Total 2,449 135 148 0 -127 2,604
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 16

===== SIDA 17 =====

Ratings
Relevant ratings for Sampo Group companies on 31 December 2023 are presented in the table below.
Rated company Moody’s Standard & Poor’s
Rating Outlook Rating Outlook
Sampo plc – Issuer Credit Rating A3 Positive A Stable
If P&C Insurance Ltd – Insurance Financial Strength 
Rating A1 Positive AA- Stable
If P&C Insurance Holding Ltd (publ) - Issuer Credit 
Rating - - A Stable
Fitch rating on Hastings was discontinued during the second quarter due to no outstanding debt issues.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 17

===== SIDA 18 =====

Other developments
Demerger of Sampo plc 
Following the announcement of strategic review of Mandatum in December 2022, the 
Board of Directors of Sampo plc resolved on 29 March 2023 to propose to the Annual 
General Meeting a partial demerger of Sampo plc to separate Mandatum from Sampo 
Group. The Annual General Meeting held on 17 May 2023 resolved to approve the 
partial demerger as set forth in the demerger plan approved by the Board on 29 March 
2023. The demerger was successfully completed on 1 October 2023.
In the demerger, all of the shares in Mandatum Holding Ltd (a wholly-owned direct 
subsidiary of Sampo plc) and related assets and liabilities were transferred without a 
liquidation procedure to Mandatum plc, a company incorporated in the demerger on 
the effective date. Mandatum shares were listed on Nasdaq Helsinki on 2 October 
2023.
Effects of the partial demerger 
Mandatum was consolidated in Sampo Group’s P&L and balance sheet until the end of 
September. The following table illustrates the financial effects of the demerger on the 
Group’s January-September 2023 results and on the Group’s balance sheet at the end 
of September 2023. Since a dividend liability was established for Mandatum during the 
third quarter, Mandatum’s contribution has been added back into Sampo’s end of 
September shareholders’ equity and financial debt figures in the table. As such, these 
figures do not correspond to reported numbers.
Key figures 1-9/2023
Pro forma, 
including 
Mandatum*
Pro forma, 
excluding 
Mandatum**
Net profit for the equity holders of the 
parent EURm 941 801
Earnings per share EUR 1.86 1.58
Own funds EURm 8,918 6,589
Own funds, including dividend accrual EURm  — 6,026
Solvency capital requirement EURm  3,776  3,087 
Solvency II ratio %  236  213 
Solvency II ratio, including dividend 
accrual %  —  195 
IFRS shareholders’ equity EURm  9,033  7,309 
Financial debt EURm  2,860  2,610 
Financial leverage %  24.0  26.3 
* Pro forma figures related to solvency and financial leverage exclude all demerger effects and 
related transactions. 
** Pro forma figures related to solvency and financial leverage include all demerger effects and 
related transactions. Dividend accrual is based on the regular dividend of EUR 1.50 per share for 
2022, i.e. excluding Mandatum’s contribution.
As the Board of Directors resolved to complete the demerger of Sampo plc during the 
third quarter, a dividend liability equal to the estimated fair value of Mandatum’s net 
assets was recognised on the Group’s balance sheet. This had a negative effect of EUR 
1,826 million on Sampo’s shareholders’ equity at 30 September 2023.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
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Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 18

===== SIDA 19 =====

After the demerger completed on 1 October, the 
dividend liability was remeasured against a fair value 
based on Mandatum’s weighted average share price on 
the first trading day on Nasdaq Helsinki, amounting to 
EUR 1,835 million. The EUR 9 million difference between 
the revised fair value of the dividend liability and the net 
assets at the end of September was taken through the 
P&L in the fourth quarter. The effect had no impact on 
cash flow or solvency. 
Following completion of the demerger, EUR 102 million 
of long term debt was reallocated from Sampo plc to 
Mandatum, to satisfy conditions for tax neutrality. 
Adjusting for this, Sampo’s pro forma shareholders’ 
equity for the end of the third quarter would have been 
EUR 7,309 million. 
The reallocation of the long-term debt had a positive 
effect of EUR 102 million in the Group’s profit before 
taxes and net profit in the fourth quarter. With the 
valuation difference of EUR 9 million mentioned above, 
the total accounting effects on profit before taxes and 
net profit from the debt reallocation amounted to EUR 
111 million for the fourth quarter.
Planned transactions in connection 
with the demerger 
Sampo sold or plans to sell certain assets to Mandatum 
in connection with the demerger. These assets include 
holdings in Saxo Bank and Enento Group, guarantee 
shares of Kaleva Mutual Insurance Company and other 
smaller equity, debt and alternative investments. 
Additional details are available at 
www.sampo.com/demerger.
Mandatum’s financial development 
Mandatum’s profit before taxes consolidated in Sampo 
Group’s P&L amounted to EUR 173 million and net profit 
to EUR 140 million in January-September 2023. The 
total net profit booked under life operations for 2023 
amounted to EUR 252 million, as this includes the EUR 
111 million of demerger related accounting effects in the 
fourth quarter.
Group Partial Internal Model 
application
Following the completion of the demerger of Sampo 
plc, the Swedish FSA (Finansinspektionen) became 
Sampo’s group prudential supervisor as of 1 October 
2023. As a result, Sampo refiled its application for a 
Group Partial Internal Model to the Swedish FSA on 2 
October 2023. The application had previously been filed 
with Finnish FSA. Sampo expects that the application 
process will be completed during the first half of 2024. 
The Partial Internal Model recognises the risk profile of 
Sampo’s P&C operations better than the Standard 
Formula and it is estimated that it would have reduced 
the group-level solvency capital requirement (SCR) by 
up to EUR 0.3 billion in 2023.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 19

===== SIDA 20 =====

Shares, share capital and shareholders
Shares and share capital
At the end of 2023, Sampo plc had 501,796,752 shares, 
which were divided into 501,596,752 A shares and 
200,000 B shares. The total number of votes attached 
to the shares was 502,596,752. Each A share entitles the 
holder to one vote and each B share entitles the holder 
to five votes at the General Meeting of Shareholders. 
In 2023, Sampo cancelled 14,782,760 of its own A 
shares that were repurchased under the share buyback 
programmes in 2022 and 2023. These shares were 
cancelled in March and August 2023. 
At the end of 2023, Sampo plc’s share capital amounted 
to EUR 98 million (98) and the equity capital in total to 
EUR 7,687 million (10,178).
The Annual General Meeting held on 17 May 2023 
decided on the deletion of the minimum and maximum 
amounts set for the company’s A and B shares in the 
Articles of Association due to the authorisation granted 
to the Board to resolve upon a share split. 
Sampo plc’s Articles of Association contain a 
redemption obligation (16§) ,according to which, a 
shareholder whose holding of all shares or of all votes 
relating to the shares reaches or exceeds 33 1/3 per 
cent or 50 per cent, is obliged to redeem, at the 
presentation of claims by other shareholders, their 
shares and the documents giving entitlement to the 
shares, as stipulated in the Finnish Companies Act, in 
the manner prescribed in the Article. The Article 
contains further provisions on calculating the 
shareholder’s holding and redemption price. 
Sampo A shares have been quoted on Nasdaq Helsinki 
since 1988 and all of the B shares are held by Kaleva 
Mutual Insurance Company. B shares can be converted 
into A shares at the request of the holder. 
Sampo’s Swedish Depositary Receipts (SDR) have been 
quoted on Nasdaq Stockholm since 2022. Helsinki-listed 
A shares can be converted into SDRs and vice versa. 
Approximately 2.1 million SDRs were issued at the end 
of 2023. 
Shareholders by the number of shares held
Sampo plc, 31 December 2023
Number of shares
Shareholders, 
number
Share- 
holders, %
Shares, 
number Shares, %
Voting rights, 
number
Voting rights, 
%
1–100 110,146 53.21 4,614,546 0.92 4,614,546 0.92
101–500 65,836 31.81 15,989,786 3.19 15,989,786 3.18
501–1,000 15,006 7.25 11,180,875 2.23 11,180,875 2.22
1,001–5,000 13,414 6.48 28,078,213 5.60 28,078,213 5.59
5,001–10,000 1,518 0.73 10,652,503 2.12 10,652,503 2.12
10,001–50,000 875 0.42 16,947,504 3.38 16,947,504 3.37
50,001–100,000 90 0.04 6,610,344 1.32 6,610,344 1.32
100,001–500,000 72 0.03 13,643,773 2.72 13,643,773 2.71
500,001– 35 0.02 394,079,208 78.53 394,879,208 78.57
Total 206,992 100 501,796,752 100 502,596,752 100
of which nominee registered 11 301,533,372 60.09 301,533,372 60.00
Board of Directors’ 
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Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 20

===== SIDA 21 =====

Share price performance
Sampo plc, 2019–2023
Share price performance adjusted for the partial demerger in 2023.
Monthly trading volume
Sampo plc, 2019–2023
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 21

===== SIDA 22 =====

Authorisations granted to the 
Board
The Annual General Meeting held on 17 May 2023 
authorised the Board to repurchase a maximum of 
50,000,000 Sampo A shares, representing 
approximately 9.7 per cent of all outstanding shares. 
The Board was also authorised to resolve upon a share 
issue without payment (share split). Based on this 
authorisation, the Board can resolve to issue new shares 
to all shareholders without payment in proportion to 
their holdings so that a maximum of 5 new A and B 
shares would be issued for each current A and B shares 
respectively. If the Board decided on a share split, a 
maximum of 300,000,000 A shares could be 
repurchased. 
The authorisation to decide on a repurchase of own 
shares is valid until the close of the next Annual General 
Meeting, expected to be held on 25 April 2024, 
nevertheless not more than 18 months after AGM’s 
decision. The authorisation to decide upon a share split 
is valid until the next AGM, however at the latest until 
30 June 2024.
Shareholders
The number of Sampo plc’s Finnish-registered 
shareholders increased during 2023 by 8,849 
shareholders to 206,992 as at 31 December 2023. The 
holdings of nominee-registered and foreign 
shareholders stood stable at 60.3 per cent (61.7) of the 
shares and 60.2 per cent of the votes (61.6). Sampo did 
not hold any own shares at the end of 2023.
On 31 December 2023, the total number of Sampo A 
shares owned directly, indirectly or through financial 
instruments by BlackRock Inc. and its funds was above 
5 per cent of Sampo’s total stock. The total number of 
voting rights attached to Sampo A shares was above 5 
per cent of Sampo’s total voting rights.
Sampo did not receive any flagging notifications of 
change in holding pursuant to Chapter 9, Section 5 of 
the Securities Markets Act during in 2023. 
The latest notifications are available at 
www.sampo.com/flaggings.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 22

===== SIDA 23 =====

Shareholders
Sampo plc, the largest shareholders registered in Finland, 31 December 2023
A and B shares
Number of 
shares
% of share 
capital % of votes
Solidium Oy 33,278,580 6.63 6.62
Varma Mutual Pension Insurance Company 22,248,420 4.43 4.43
Ilmarinen Mutual Pension Insurance Company 6,037,057 1.20 1.20
Oy Lival AB 4,020,000 0.80 0.80
Elo Mutual Pension Insurance Company 3,968,000 0.79 0.79
The State Pension Fund 2,900,000 0.58 0.58
OP Life Assurance Company Ltd 1,834,542 0.37 0.37
Svenska litteratursällskapet i Finland r.f. 1,469,150 0.29 0.29
Nordea Nordic Fund 1,343,000 0.27 0.27
OP-Finland Fund 1,331,025 0.27 0.26
Nordea Pro Finland Fund 1,188,034 0.24 0.24
Evli Finland Select Fund 1,185,000 0.24 0.24
OMX Helsinki 25 Exchange Traded Fund 1,149,960 0.23 0.23
Åbo Akademi University Foundation 1,063,872 0.21 0.21
Nordea Life Assurance Finland Ltd. 904,380 0.18 0.18
Samfundet folkhälsan i Svenska Finland rf 848,402 0.17 0.17
Nordea Suomi 841,844 0.17 0.17
Keva 814,100 0.16 0.16
OP Finland Index Fund 808,173 0.16 0.16
Föreningen Konstsamfundet rf 800,000 0.16 0.16
Foreign and nominee registered total 302,593,499 60.30 60.21
Other total 111,169,714 22.15 22.12
Total 501,796,752 100 100
Shareholders by sector
Sampo plc (A and B shares), 31 December 2023
Sector
Number of 
shares %
Corporations 20,004,337 3.99
Financial institutions and insurance corporations 17,654,345 3.52
Public institutions 70,733,556 14.10
Non-profit institutions 13,830,150 2.76
Households 76,980,865 15.34
Foreign ownership and nominee registered 302,593,499 60.30
Total 501,796,752 100
Holdings of the Board and Executive 
Management
The following table presents the Board’s and Group Executive Committee’s holdings of 
Sampo A shares. 
At the end of 2023, members of Sampo plc’s Board of Directors and their close family 
members owned either directly or indirectly 197,429 (195,664) Sampo A shares. Their 
combined holdings constituted 0.04 per cent (0.04) of shares and related votes. 
Members of the Group Executive Committee and their close family members owned 
either directly or indirectly 227,321 (564,438) Sampo A shares representing 0.05 per 
cent (0.1) of shares and related votes.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 23

===== SIDA 24 =====

Shares owned by the Board of Directors and the Group 
Executive Committee
Sampo plc, 31 December 2023 and 31 December 2022
Board of Directors 31 Dec 2023 31 Dec 2022
Antti Mäkinen1 7,010 —
Jannica Fagerholm 8,751 7,597
Christian Clausen 38,479 37,819
Fiona Clutterbuck 3,678 2,853
Georg Ehrnrooth 129,532 128,681
Johanna Lamminen2 — 2,695
Steve Langan 1,498 673
Risto Murto 5,169 4,449
Markus Rauramo 2,407 1,668
Björn Wahlroos3 — 9,229
Annica Witschard1 905 —
Total 197,429 195,664
Board of Directors ownership of shares, % 0.04 0.04
Board of Directors share of votes, % 0.04 0.04
Group Executive Committee 31 Dec 2023 31 Dec 2022
Torbjörn Magnusson 46,268 46,480
Knut Arne Alsaker 43,412 39,646
Ingrid Janbu Holthe 5,588 1,875
Patrick Lapveteläinen4 — 276,423
Petri Niemisvirta4 — 93,470
Ville Talasmäki5 17,801 —
Morten Thorsrud 65,788 61,344
Ricard Wennerklint 48,464 45,200
Total 227,321 564,438
Group Executive Committee's ownership of shares, % 0.05 0.1
Group Executive Committee's share of votes, % 0.05 0.1
1 Member of the Board of Directors since 17 May 2023
2 Member of the Board of Directors until 1 October 2023
3 Member of the Board of Directors until 17 May 2023
4 Member of the Group Executive Committee until 1 October 2023
5 Member of the Group Executive Committee since 1 October 2023
Share buyback programmes
In 2023, Sampo repurchased its own A shares under two different buyback 
programmes based on the authorisation granted by the Annual General Meeting of 
2022. 
On 9 June 2022, Sampo’s Board launched a EUR 1 billion buyback programme. The 
programme started on 10 June 2022 and was completed on 8 February 2023. Through 
this programme, Sampo repurchased 22.1 million shares, of which 3.2 million were 
repurchased in 2023. The average price amounted to EUR 45.28 per share.
On 29 March 2023, the Board launched a new EUR 400 million buyback programme. 
The programme started on 3 April 2023 and was completed on 1 August 2023. 
Through this programme, Sampo repurchased 9.4 million shares at an average price of 
EUR 42.64 per share. 
In total, Sampo repurchased 12.6 million shares in 2023, corresponding to 
approximately 2.4 per cent of cent of all shares based on the share count prior to the 
start of these programmes. These shares were cancelled in March and August 2023. 
Further details on the company’s share buyback programmes are available at
www.sampo.com/sharebuyback.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 24

===== SIDA 25 =====

Governance and related issues
Governance
During 2023, Sampo complied in full with the Finnish 
Corporate Governance Code 2020 approved by the 
Securities Market Association on 19 September 2019, 
effective from 1 January 2020 (the “CG Code 2020”). In 
compliance with the Corporate Governance Code, 
Sampo publishes a separate Corporate Governance 
Statement on its website in fulfilment of the 
requirement referred to in the Finnish Securities Markets 
Act (746/2012), Chapter 7, Section 7.
The statement will be available at 
www.sampo.com/year2023.
Annual General Meeting
The Annual General Meeting held on 17 May 2023 
decided to distribute a dividend of EUR 2.60 per share 
for 2022. The record date for the dividend payment was 
22 May 2023 and the dividend was paid to Sampo 
shareholders on 31 May 2023 and to Sampo SDR 
holders on 2 June 2023. The Annual General Meeting 
adopted the financial accounts for 2022 and discharged 
the Board of Directors and the CEO from liability for the 
financial year.
The AGM increased the number of the members of the 
Board of Directors to ten members. Christian Clausen, 
Fiona Clutterbuck, Georg Ehrnrooth, Jannica 
Fagerholm, Johanna Lamminen, Steve Langan, Risto 
Murto and Markus Rauramo were re-elected to the 
Board. Antti Mäkinen and Annica Witschard were 
elected as new members to the Board. The members of 
the Board were elected for a term continuing until the 
close of the next Annual General Meeting. 
At its organisational meeting, the Board elected Antti 
Mäkinen as Chair and Jannica Fagerholm as Vice Chair. 
Christian Clausen, Risto Murto, Antti Mäkinen (Chair) 
and Markus Rauramo were elected to the Nomination 
and Remuneration Committee. Fiona Clutterbuck, 
Georg Ehrnrooth, Jannica Fagerholm (Chair), Johanna 
Lamminen, Steve Langan and Annica Witschard were 
elected to the Audit Committee.
All the Board members have been determined to be 
independent of the company and its major shareholders 
under the rules of the Finnish Corporate Governance 
Code 2020. The curriculum vitaes of the Board 
Members are available at www.sampo.com/board.
The AGM decided to pay the following fees to the 
members of the Board of Directors until the close of the 
2024 AGM: the Chair of the Board will be paid an annual 
fee of EUR 228,000 and other members of the Board 
will be paid EUR 101,000 each. In addition, the members 
of the Board and its Committees will be paid the 
following annual fees: the Vice Chair of the Board EUR 
30,000, the Chair of the Audit Committee EUR 28,000 
and the member of the Audit Committee EUR 6,400 
each. A Board member shall, in accordance with the 
resolution of the Annual General Meeting, acquire 
Sampo plc A shares at the price paid in public trading 
for 50 per cent of his/her annual fee after the deduction 
of taxes, payments and potential statutory social and 
pension costs. The company will pay any possible 
transfer tax related to the acquisition of the company 
shares.
The AGM accepted Sampo plc’s Remuneration Report 
for Governing Bodies. The resolution was advisory.
Deloitte Ltd was re-elected as Auditor of Sampo plc. 
The Auditor will be paid a fee determined by an invoice 
approved by Sampo. Jukka Vattulainen, APA, will act as 
the principally responsible auditor.
The AGM updated the business area of the company on 
the Company’s Articles of Association to reflect the 
company’s current strategy and main business area. In 
addition, the minimum and maximum amounts set for 
the Company’s A and B shares were deleted. The AGM 
also resolved to amend article 11 § of the Company’s 
Articles of Association such that, should the Board of 
Directors so decide, General Meetings may be convened 
as a so-called hybrid or remote meeting.
As part of the resolution on the demerger of Sampo plc 
and conditional upon the registration of the completion 
of the demerger, the AGM resolved to establish a new 
entity, Mandatum plc, approve its articles of association, 
and elect Markus Aho, Jannica Fagerholm, Kimmo 
Laaksonen, Johanna Lamminen, Patrick Lapveteläinen 
and Jukka Ruuska to Mandatum plc’s Board of 
Directors. It was proposed that said Board of Directors 
elect from among themselves Patrick Lapveteläinen as 
the Chair and Jannica Fagerholm as the Vice Chair of 
the Board of Directors. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 25

===== SIDA 26 =====

The AGM also resolved to, until the close of the first 
Annual General Meeting of Mandatum following the 
partial demerger pay a term fee of EUR 27,000 to each 
member of the Board of Directors, EUR 42,000 to the 
Chair of the Board of Directors and EUR 36,000 to the 
Vice Chair of the Board of Directors; pay meeting fees 
for each meeting of the Board of Directors of EUR 600 
for each member of the Board of Directors and EUR 
1,500 for the Chair of the Board of Directors and the 
Vice Chair of the Board should she chair the meeting; 
pay meeting fees for each meeting of the Audit 
Committee of EUR 600 for each member of the Audit 
Committee and EUR 1,000 for the Chair of the Audit 
Committee.
The AGM elected Deloitte Ltd as Mandatum plc’s 
auditor, with Reeta Virolainen, APA, acting as the 
principally responsible auditor, and resolved for the 
auditor to be paid a fee determined by an invoice 
approved by Mandatum plc. The AGM also resolved to 
establish a Shareholders’ Nomination Board for 
Mandatum plc.
Including proxy representatives, there were altogether 
324,489,527 shares (63.5 per cent of shares) and 
325,289,527 votes (63.5 per cent of all votes) in the 
company represented at the Annual General Meeting. 
The minutes of the Annual General Meeting are 
available for viewing at www.sampo.com/agm and at 
Sampo plc's head office at Fabianinkatu 27, Helsinki, 
Finland.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 26

===== SIDA 27 =====

Risk management
Sampo’s capital management framework aims to 
support value creation by enabling its strategy. 
Quantitative targets are set for group solvency and 
group financial leverage, but other metrics are also 
steered, such as adequate liquidity buffers. 
Subsidiary balance sheets are calibrated to cover needs 
for business plans and to provide a stable dividend. 
Potential risk concentrations and adequate 
diversification of risks are generally monitored closely, 
and their sources are analysed. To the extent possible 
Group-level risk concentrations are proactively 
prevented by strategic decisions. 
Sampo Group companies operate in business areas 
where specific features of value creation are the pricing 
of risks and the active management of risk portfolios in 
addition to sound customer services. Successful 
management of underwriting risks and investment 
portfolio market risks is the main source of earnings for 
Sampo Group companies.
In Sampo Group the risks associated with business 
activities fall into three main categories: business risks 
associated with external drivers affecting the 
competitive environment or resulting from lack of 
internal operational flexibility, reputational risk 
associated with the company’s business practices or 
associations and risks inherent in business operations. 
A more detailed description of Sampo Group’s risk 
management activities, governance, risks, and 
capitalisation is available in the Risk Management 
Report 2023 at www.sampo.com/year2023.
Remuneration
The Board of Directors has established the Sampo 
Group Remuneration Principles, which apply to all 
Sampo Group companies. The Remuneration Principles 
are part of Sampo Group's internal governance 
framework and describe the remuneration structure and 
the principles for setting up remuneration systems in 
Sampo Group. The Remuneration Principles may apply 
to the Group CEO, insofar as they do not conflict with 
Sampo plc’s Remuneration Policy for Governing Bodies.
The core of the Remuneration Principles is that all 
remuneration systems in Sampo Group shall safeguard 
the long-term financial stability and value creation of 
Sampo Group and shall comply with regulatory and 
ethical standards. They shall also be aligned with the 
risk management framework and thus be designed in 
parallel with the risk management principles and 
practices. 
Remuneration mechanisms shall encourage and 
stimulate employees to do their best and surpass their 
targets. Remuneration packages shall be designed to 
reward fairly for prudent and successful performance. 
At the same time, however, in order to safeguard the 
interest of other stakeholders, remuneration 
mechanisms shall not generate conflicts of interest and 
shall not entice or encourage employees to excessive or 
unwanted risk taking. 
The different forms of remuneration used in Sampo 
Group are the following:
(a) Fixed Compensation 
(b) Variable Compensation 
(c) Pension 
(d) Other Benefits
Fixed compensation is the basis of an employee’s 
remuneration package. Fixed salary shall support 
financial stability by representing a sufficiently high 
share of the total remuneration. Variable compensation 
is used to ensure the competitiveness of total 
remuneration packages. Variable compensation can 
either be based on the contribution to the company’s 
profitability and on individual performance (short-term 
incentive programs) or be linked to committing 
employees to Sampo Group for a longer period and 
aligning the employees' interests with those of the 
shareholders by linking the payout of the schemes to 
key performance criteria and, if applicable, to the 
positive development of Sampo’s share price (long-
term incentive schemes). The members of the Board of 
Directors do not participate in any short-term incentive 
programs or long-term incentive schemes. 
The payment of variable compensation shall be based 
on the assessment of the incurred risk exposure and the 
fulfilment of solvency capital requirements. The 
payment of a certain portion of the variable 
compensation payable to the Senior Executive 
Management and to certain key persons shall be 
deferred for a defined period of time, as required in the 
regulatory framework applicable to each Sampo Group 
company. After the deferral period, a retrospective risk 
adjustment review shall be carried out and the Board of 
Directors of each Sampo Group company shall decide 
whether the deferred variable compensation shall be 
paid/released in full, partly or cancelled in whole. In 
2023, a total of EUR 6.5 million (7.0) of short-term and 
long-term incentives has been deferred.
The Board of Directors decides on the launch of long-
term incentive schemes based on financial instruments 
of Sampo plc. No new long-term incentive schemes 
based on financial instruments of Sampo plc were 
launched in 2023. The last instalment of the long-term 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 27

===== SIDA 28 =====

incentive scheme 2017 and the first instalment of the 
long-term incentive scheme 2020 vested in 2023. 
The vesting of the schemes is determined on the basis 
of Sampo's share price development and dividends paid 
over each instalment’s performance period, starting 
from the issue of the schemes, and performance criteria 
related to the insurance margin and/or return on capital 
at risk (RoCaR) applicable for each instalment. Both 
incentive schemes contain a cap for maximum payout. 
The terms and conditions of the incentive schemes are 
available at www.sampo.com/incentiveterms.
A deferral rule applies to incentive rewards paid to the 
Senior Executive Management and to certain key 
persons. Persons subject to the deferral rule shall at 
payout from the schemes acquire Sampo A shares with 
a certain part of the instalment after deducting income 
tax and other comparable charges. The shares are 
subject to disposal restrictions for three years, after 
which the Board of Directors shall decide on the 
possible release.
A total of EUR 71 million (77), including social costs, was 
paid as short-term incentives in January-December 
2023 in Sampo Group. In the same period, a total of 38 
million (35) was paid as long-term incentives. The long-
term incentive schemes in force in Sampo Group 
produced a negative result impact of EUR -10 million 
(-43).
The 2022 Remuneration Report for Governing Bodies 
was presented to the Annual General Meeting in 2023. 
The AGM resolved to adopt the Remuneration Report 
and the resolution was made without being voted on, 
which is considered unanimous acceptance based on 
Finnish law. 
Sampo plc publishes the 2023 Remuneration Report 
for Governing Bodies in connection with the Board of 
Directors’ Report at www.sampo.com/year2023. The 
Remuneration Report for Governing Bodies provides 
information on the remuneration of the Board of 
Directors and the Group CEO, and has been prepared in 
accordance with the Corporate Governance Code 2020. 
The Corporate Governance Code 2020 can be viewed 
in full on the website of the Securities Market 
Association at www.cgfinland.fi/en.
Sampo plc presents the updated Remuneration Policy 
for Governing Bodies to the 2024 Annual General 
Meeting. The Remuneration Policy defines how the 
remuneration of the Group CEO and the members of 
the company’s Board of Directors has been arranged. 
The Remuneration Policy has been developed in 
accordance with the requirements set forth by the 
amended EU Shareholders’ Rights Directive, as 
implemented into Finnish legislation. The previous 
Remuneration Policy was adopted by the AGM in 2020. 
The updated Remuneration Policy is available at 
www.sampo.com/agm.
Changes in Group structure
On 29 March 2023, the Board of Directors of Sampo plc 
proposed to the Annual General Meeting a partial 
demerger of Sampo plc to separate its fully-owned 
subsidiary Mandatum from Sampo Group. The AGM 
held on 17 May 2023 resolved to approve the demerger 
plan and the demerger was successfully completed on 1 
October 2023. Further information is available in the 
section Effects of the partial demerger and Note 32.
On 16 March 2023, Topdanmark A/S disclosed that 
Topdanmark Forsikring A/S has signed an agreement to 
acquire Oona Health A/S and all subsidiaries. On 27 
October 2023, Topdanmark received the final 
regulatory approval for the acquisition of Oona Health 
A/S from the Danish Competition and Consumer 
Authority, and the acquisition was completed on 1 
December 2023. Further information is available in 
Note 34.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 28

===== SIDA 29 =====

Sampo Group structure
31 December 2023
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 29

===== SIDA 30 =====

Changes in the Group 
management and the Board 
of Directors
Following the completion of the partial demerger of 
Sampo plc on 1 October 2023, the Sampo Group 
Executive Committee (GEC) terms of Patrick 
Lapveteläinen, former Sampo Group CIO, and Petri 
Niemisvirta, CEO of Mandatum, ended. As of the same 
day, Ville Talasmäki was appointed as Group Chief 
Investment Officer and Group Executive Committee 
Member of Sampo.
Head of BA Commercial Klas Svensson was appointed 
to the Group Executive Committee on 13 December 
2023. Svensson started in the GEC on 1 January 2024. 
After the changes, there are seven members in the 
Sampo GEC, equivalent to the number of GEC members 
in the beginning of 2023.
The Annual General Meeting of 17 May 2023 decided to 
increase the number of members of the Board of 
Directors to ten members. The number of the Board 
members decreased to nine in the middle of the term as 
Johanna Lamminen left the Board of Directors upon the 
completion of the partial demerger of Sampo plc in 
October 2023, as set in the demerger plan. After the 
partial demerger, the Board of Directors consists of nine 
members until the close of the Annual General Meeting 
to be held in 2024.
At the AGM, Antti Mäkinen was elected as Chair of the 
Board. Björn Wahlroos, the former Chair of the Board of 
Directors, was not available for re-election. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 30

===== SIDA 31 =====

Sampo Group organisation
31 December 2023
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 31

===== SIDA 32 =====

Personnel
The average number of employees (FTE) in Sampo Group’s P&C operations in 2023 
was 13,272 (12,947). On 31 December 2023, the total number of staff in the Group’s 
P&C operations was 13,450 (12,861).
Number of personnel 
Sampo Group 2023
Sampo Group personnel (P&C 
operations)
Average 
personnel 
(FTE) 2023 %
Average 
personnel 
(FTE) 2022 %
By company
If 7,858  59 7,496  58 
Hastings 3,200  24 3,021  23 
Topdanmark 2,160  16 2,381  18 
Sampo plc* 54  0.4 50  0.4 
Total 13,272  100 12,947  100 
By country
United Kingdom 3,176  24 3,000  23 
Denmark 2,756  21 2,969  23 
Finland 1,934  15 1,838  14 
Sweden 2,446  18 2,379  18 
Norway 1,613  12 1,580  12 
Other countries 1,346  10 1,181  9 
Total 13,272  100 12,947  100 
*At the end of 2023, the total personnel (FTE) at Sampo plc amounted to 58 (51), of which 49 (46) 
worked at the headquarters in Finland and 9 (5) at the branch office in Sweden. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 32

===== SIDA 33 =====

Sustainability
Sampo will issue a report on non-financial information in 
accordance with Chapter 3a, Section 5 of the 
Accounting Act. The report, Sampo Group 
Sustainability Report 2023, will be separate from 
the Board of Directors’ Report and published 
around the turn of March and April 2024 at 
www.sampo.com/year2023. Sampo will integrate the 
Group’s sustainability reporting into the Board of 
Directors’ report according to the requirements of the 
Corporate Sustainability Reporting Directive (CSRD) in 
2025 covering the reporting year 2024.
Highlights from year 2023 
Sampo has a sustainability programme, which drives the 
sustainability work on a group level. The programme 
consists of strategic sustainability themes and under 
each of the themes the most material sustainability 
topics have been identified. Sampo’s sustainability 
themes are Sustainable business management and 
practices, Sustainable corporate culture, Sustainable 
investment management and operations, Sustainable 
products and services, and Sustainable communities. 
During 2023, Sampo continued to work on sustainability 
in line with the themes. 
Business management and 
practices 
In 2023, Sampo started to prepare for the 
implementation of the CSRD and the related European 
Sustainability Reporting Standards (ESRS). Sampo 
conducted, for example, a double materiality 
assessment, a human rights impact assessment, and a 
gap analysis against the ESRS. The implementation of 
the legislation will continue in 2024, with the focus on 
meeting the identified gaps, development of internal 
processes, data collection, and final reporting.   
During 2023, Sampo committed to the Science Based 
Targets initiative (SBTi) and started to develop science-
based climate targets for its own operations and 
investments. The targets will be submitted to the SBTi 
for validation no later than October 2025. In addition, 
the individual Group companies continued to work on 
their company-specific targets according to schedule. 
If’s targets were validated during the year, and Hastings 
and Topdanmark will submit their targets for validation 
in 2024. 
Corporate culture
In 2023, Sampo advanced sustainable corporate culture, 
for example, by updating related policies, conducting 
employee surveys, launching new employee initiatives, 
and developing training. The results of the continued 
efforts are visible, as If, Topdanmark, and Hastings were 
all able to exceed their employee engagement targets .
Sampo considers it important that there is an inclusive 
corporate culture. Therefore, in 2023, a specific focus 
area was diversity, equity, and inclusion (DEI). Sampo 
introduced new targets, initiatives, partnerships, and 
policy updates related to DEI. In addition, development 
could be seen related to inclusive recruitment practices, 
awareness raising, and overall DEI work, among others.
Investment management and 
operations
Sampo maintained its focus on responsible investment 
practices during 2023. Investment policies were 
strengthened by adding further instructions on how to 
take environmental, social, and governance (ESG) 
issues into account in investment processes. Climate-
related considerations were highlighted, as Sampo is 
committed to setting science-based climate targets for 
its investments according to the SBTi’s methodology. In 
2024, Sampo wants to develop group-level reporting 
on responsible investment. 
Products and services
In 2023, Sampo continued to develop the sustainability 
of its supply chains. For example, If introduced a new 
science-based climate target for its supply chain stating 
that 30 per cent of the company’s suppliers by spend 
covering purchased goods and services should have 
science-based targets by 2028. Also, Topdanmark 
continued to work on setting science-based climate 
targets for its supply chain, while at the same time 
focusing on the company’s existing supply chain-related 
goals set for 2025. Hastings completed an ESG due 
diligence on all critical suppliers and is committed to 
developing a Supplier Code of Conduct during 2024.    
Sampo also worked on the EU Taxonomy. During 2023, 
Sampo analysed to what extent its underwriting and 
investment activities are Taxonomy-eligible and 
Taxonomy-aligned according to the latest guidance 
from the EU. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 33

===== SIDA 34 =====

EU Taxonomy
The EU Taxonomy is a classification system that 
translates the EU’s climate and environmental 
objectives into criteria for specific economic activities 
for investment purposes. The Taxonomy is part of the 
EU’s efforts to achieve ambitious development goals in 
line with Agenda 2030 and the Paris Climate 
Agreement. The aim is to provide a common language 
to help investors and companies navigate the transition 
to a low-carbon, resilient, and resource-efficient 
economy. 
The basic principle of the EU Taxonomy is that for an 
economic activity to be recognised as environmentally 
sustainable (Taxonomy-aligned), it must make a 
substantial contribution to at least one of the EU’s 
climate and environmental objectives, which are climate 
change mitigation; climate change adaptation; 
sustainable use and protection of water and marine 
resources; transition to a circular economy; pollution 
prevention and control; and protection and restoration 
of biodiversity and ecosystems. In addition, the 
economic activity cannot significantly harm any of 
these objectives and must meet the minimum 
safeguards criteria. The Taxonomy Delegated Acts 
establish and maintain criteria (i.e. technical screening 
criteria) for activities, which have a substantial positive 
environmental impact.
The EU Taxonomy is implemented gradually. For the 
financial years 2021 and 2022, insurance companies 
were required to report on Taxonomy eligibility (i.e. 
reporting on whether the economic activity is included 
in the Taxonomy Climate Delegated Act). Reporting on 
Taxonomy alignment (i.e. reporting on whether the 
economic activity meets the technical criteria for i) 
substantial contribution, ii) do no significant harm, and 
iii) comply with minimum safeguards) is required for 
reporting from the financial year 2023 onwards. 
Therefore, Sampo Group reports the EU Taxonomy 
alignment of its insurance activities and investment 
portfolio for the first time as part of the 2023 Board of 
Directors’ Report.
Insurance companies are required to report key 
performance indicators (KPIs) on sustainable 
underwriting activities and sustainable investments. The 
first one refers to the proportion of the non-life gross 
written premiums (GWP) – in relation to total non-life 
GWP – corresponding to insurance activities identified 
as environmentally sustainable in the EU Taxonomy and 
the second one to the proportion of the insurer’s or 
reinsurer’s investments that are directed at or 
associated with funding economic activities that qualify 
as environmentally sustainable.
Sustainable underwriting activities
Non-life insurance and reinsurance are recognised as 
enabling economic activities that can make a 
substantial contribution to the environmental objective 
of climate change adaptation. At the time of writing this 
report, the EU Taxonomy does not define other 
environmental objectives for insurance activities. 
The non-life insurance activities listed in the Taxonomy 
Delegated Acts are (a) medical expense insurance, (b) 
income protection insurance, (c) workers’ 
compensation insurance, (d) motor vehicle liability 
insurance, (e) other motor insurance, (f) marine, 
aviation, and transport insurance, (g) fire and other 
damage to property insurance, and (h) assistance. 
Premiums related to life insurance and general liability 
insurance are not listed in the Taxonomy and are, 
therefore, not eligible.
Methodology
To be eligible, a non-life insurance activity must provide 
coverage against climate-related perils (e.g. flooding, 
landslides, and heat stress). In 2021 and 2022 Sampo 
Group calculated and reported the Taxonomy eligibility 
of its insurance activities by following the industry best 
practice at the time. If an insurance policy did not 
explicitly exempt climate-related events from coverage, 
Sampo Group concluded that the insurance product 
encompassed coverage against climate-related perils. 
Sampo Group interpreted that if there was some cover 
against climate-related perils for an insurance activity, 
total premiums were to be assessed as eligible even 
though there might have been climate-related 
exceptions in the terms and conditions. This 
methodology resulted in eligibility scores of 93.3 per 
cent and 92.3 per cent for the years 2021 and 2022, 
respectively, as Sampo Group’s insurance policies do 
not, in general, exempt climate-related events from 
coverage.
In 2023, Sampo Group has revised its methodology to 
calculate Taxonomy eligibility to be in line with the 
European Commission Notice (draft) on the 
interpretation of certain legal provisions of the 
Disclosures Delegated Act under Article 8 of the EU 
Taxonomy Regulation, published on 21 December 2023. 
Sampo Group has aimed at following the guidance 
provided by the Notice as closely as possible, and for 
the year 2023 solely the share of insurance premiums 
that only pertain to the coverage of climate-related 
perils is reported as eligible. Due to the late publication 
of the guidance, Sampo Group was not able to gather 
data of its whole insurance portfolio based on the new 
methodology. Eligibility could be calculated for the 
property insurance products, which were in focus for 
the Taxonomy alignment assessment, as the data on the 
share of the premium related to coverage of climate 
related perils was available. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 34

===== SIDA 35 =====

As required by the December 2023 guidance, the 
premiums for which Sampo Group was unable to obtain 
the necessary data related to climate-related perils are 
reported as non-eligible. The new methodology leads to 
a significantly lower eligibility figure compared to the 
previous years.
For an eligible insurance activity to be classified as 
Taxonomy-aligned, it must fulfil the technical screening 
criteria of 
• Substantial contribution to climate change 
adaptation: 
– Leadership in modelling and pricing of climate risks
– Product design 
– Innovative insurance coverage solutions
– Data sharing 
– H i g h  l e v e l  o f  s e r v i c e  i n  p o s t - d i s a s t e r  s i t u a t i o n
• Do No Significant Harm (‘DNSH’) climate change 
mitigation criteria: The activity does not include 
insurance of the extraction, storage, transport, or 
manufacture of fossil fuels or insurance of vehicles, 
property, or other assets dedicated to such purposes. 
To assess the Taxonomy alignment of their activities, 
the Sampo Group companies first screened the 
fulfilment of the criteria of substantial contribution on a 
line of business level. For the product lines, where 
evidence of fulfilling the criteria was discovered, a more 
thorough, product level analysis was conducted. Where 
possible, the companies further divided the premiums 
to the most granular level (e.g. based on a policy, 
country, or element) where the technical screening 
criteria were fulfilled, and only deemed the share related 
to coverage of climate related perils of these specific 
premiums as Taxonomy-aligned. 
For assessing the DNSH-criteria, the Group companies 
used NACE codes to extract contracts that could be 
related to extraction, storage, transport, or manufacture 
of fossil fuels.
For an economic activity to be considered as 
Taxonomy-aligned, a company carrying the activity 
must also meet the minimum safeguards, which are due 
diligence and remedy procedures implemented to 
ensure alignment with the OECD Guidelines for 
multinational Enterprises and the UN Guiding Principles 
on Business and Human Rights. Sampo Group has 
implemented the required policies (e.g. Sampo Group 
Code of Conduct) and taken actions to be compliant 
with the safeguards. Sampo Group has, for example, 
conducted a human rights impact assessment, and 
continues to ensure that the adequate human rights due 
diligence processes are maintained and constantly 
developed. As part of the Taxonomy alignment 
assessment, the Group companies have also assessed 
their compliance with the minimum safeguards 
separately.
Underwriting KPIs
The analysis, which is based on the above-mentioned 
interpretations, shows that 2.2 per cent of Sampo 
Group’s total non-life GWP were Taxonomy-eligible and 
1.0 per cent of total GWP were Taxonomy-aligned in 
2023. All the reported eligible and aligned premiums 
were in If’s insurance portfolio, as a proportion of If’s 
premiums related to fire and other damage to property 
insurance fulfilled all the technical screening criteria, and 
for those premiums If was able to separate the share 
that only pertains to the coverage of climate-related 
perils, as required by the European Commission 
guidance. If also complies with the minimum 
safeguards. 
If has screened its procedures based on the UN and 
OECD guidelines, and has, for instance, mechanisms in 
place to assess whether its corporate clients are 
complying with the UN Global Compact principles, uses 
norm-based research for investments to identify 
sustainability risks, and expects its suppliers to sign If’s 
Supplier Code of Conduct. More details on If’s Human 
rights due diligence process and its steps can be found 
on If’s Sustainability Report 2023.
Sampo Group continues to integrate the EU Taxonomy 
into its business strategy and product development 
processes while monitoring the market expectations 
and customer needs in this area. In the coming years, 
Sampo Group aims to increase the share of Taxonomy-
aligned underwriting activities in its insurance portfolio.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 35

===== SIDA 36 =====

Taxonomy-eligible and Taxonomy-aligned non-life insurance and re-insurance activities 
Sampo Group, 2023
Substantial contribution to climate change 
adaptation DNSH (Do No Significant Harm)
Economic activities
Absolute 
premiums, 
2023
Proportion 
of premiums, 
2023
Proportion of 
premiums, 
2022
Climate 
change 
mitigation
Water and 
marine 
resources
Circular 
economy Pollution
Biodiversity 
and 
ecosystems
Minimum 
safeguards
(EURm) % % Y/N Y/N Y/N Y/N Y/N Y/N
A.1. Non-life insurance and reinsurance 
underwriting Taxonomy-aligned 
activities (environmentally sustainable) 81  1.0 N/A Y Y Y Y Y Y
A.1.1 Of which reinsured —  — N/A — — — — — —
A.1.2 Of which stemming from reinsurance 
activity —  — N/A — — — — — —
A.1.2.1 Of which reinsured (retrocession) —  — N/A — — — — — —
A.2 Non-life insurance and reinsurance 
underwriting Taxonomy-Eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) 105  1.2 N/A
B. Non-life insurance and reinsurance 
underwriting Taxonomy-non-eligible 
activities 8,266  97.8 N/A
Total (A.1 + A.2 + B) 8,453  100.0  100.0 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 36

===== SIDA 37 =====

Sustainable investment 
activities
The EU Taxonomy requires insurance companies to 
report the proportion of underlying investments that 
are Taxonomy-eligible and -aligned. To facilitate this 
type of reporting at portfolio level, all holdings need to 
be screened and analysed in relation to the economic 
activities of the Taxonomy.  
Methodology
Sampo Group analysed all underlying investments 
according to the Taxonomy reporting requirements, 
except for sovereign exposures that are to be excluded 
from the Taxonomy analysis. In Sampo Group’s analysis, 
exposures to municipalities were not categorised as 
sovereign exposure. When analysing Taxonomy 
eligibility and alignment, derivatives and investments to 
undertakings not falling under the scope for publishing 
non-financial information under Directive 2013/34/EU 
(i.e. non-NFRD companies), were excluded from the 
numerator, in line with the reporting requirements set in 
the Taxonomy Disclosures Delegated Act. Reporting 
requirements also obligate insurance undertakings to 
distinguish the proportion of the investments held in 
respect of life insurance contracts where the investment 
risk is borne by the policy holders and the proportion of 
remaining investments. Sampo Group has no 
investments held in respect of life insurance contracts 
where the investment risk is borne by the policy 
holders.
The EU Taxonomy analysis of Sampo Group’s 
investments was performed with the use of data from 
an external data provider, ISS ESG (ISS). Sampo Group 
changed the data provider for its 2023 reporting. The 
change was due to the demerger of Mandatum and 
further alignment of service providers across the Group. 
Moreover, as Mandatum is no longer part of the Sampo 
Group reporting, the EU Taxonomy reporting for 2023 
is not comparable to the previous years. 
ISS identified companies engaged in economic activities 
covered by the Taxonomy and produced all Taxonomy 
indicators directly based on the respective investee 
companies’ own reporting of Taxonomy eligibility and 
alignment. The indicators were provided based on both 
underlying companies’ revenue and capital 
expenditures. As security specific (e.g., mortgage 
bonds) eligibility and alignment data is still scarce, most 
of the securities’ eligibility and alignment data was 
matched to the issuer’s reported data. Companies’ 
reported eligibility and alignment data was not modified 
in any way by the data provider or by Sampo Group 
and, therefore, it includes some discrepancies (e.g., 
breakdown of alignment to environmental objectives 
does not correspond to total alignment).
The relevant investment assets were further analysed 
according to the Taxonomy reporting requirements by 
using both data provided by ISS and data gathered 
based on each individual security's issuer. The 
investments in undertakings categorised as non-NFRD 
companies were identified by using data provided by 
ISS. As ISS does not cover all NFRD companies, there is 
a possibility that in the assets not covered by the 
analysis, there are NFRD companies that have not been 
identified. Investments in undertakings from the EU and 
non-EU countries have been identified using the 
securities' issuers' country code. Similarly, investments 
in undertakings categorised as financial and non-
financial have been identified using the securities' 
issuers' internal sector information to determine the 
main sector the companies operate in (e.g., NACE 
codes).
The underlying investments analysed also included 
Sampo Group’s real assets (property plant and 
equipment as well as investment property), cash and 
cash equivalents, investments in associated companies 
and intangible assets and they are included in the 
denominator of the EU Taxonomy calculations. 
For the direct real estate investments, no activities with 
EU taxonomy alignment were found. However, direct 
real estate investments have been included in the EU 
Taxonomy eligibility figures for Sampo Group. All 
investments in associated companies were in non-NFRD 
companies, and thus, included no EU Taxonomy 
eligibility or alignment figures. Cash and cash 
equivalents were analysed based on the counterparties 
but due to the nature of the instruments (e.g. cash and 
money market instruments), there was no EU 
Taxonomy eligibility or alignment reported. The 
intangible assets of Sampo Group were also not found 
to have activities related to the EU Taxonomy.
Investment KPIs
According to the analysis, the turnover and capital 
expenditures-based Taxonomy eligibility of Sampo 
Group’s covered assets was 4.1 per cent and 5.1 per 
cent, respectively and the turnover-based and capital 
expenditures-based Taxonomy alignment of Sampo 
Group’s covered assets was 0.7 per cent and 0.9 per 
cent, respectively, on 31 December 2023. As expected, 
the reported numbers are low, as most of the 
underlying companies are not subject to mandatory 
Taxonomy reporting and reported eligibility and 
alignment are low in general.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 37

===== SIDA 38 =====

Taxonomy-eligible and Taxonomy-aligned investment activities 
Sampo Group, 31 December 2023
EURm
The weighted average value of all the 
investments of insurance or reinsurance 
undertakings that are directed at funding, or 
are associated with Taxonomy-aligned 
economic activities relative to the value of 
total assets covered by the KPI, with 
following weights for investments in 
undertakings per below:
The weighted average value of all the 
investments of insurance or reinsurance 
undertakings that are directed at funding, or 
are associated with Taxonomy-aligned 
economic activities, with following weights 
for investments in undertakings per below:
Turnover-based:  0.7% Turnover-based: 129
Capital expenditures-based:  0.9% Capital expenditures-based: 184
The percentage of assets covered by the 
KPI relative to total investments of 
insurance or reinsurance undertakings (total 
AuM). Excluding investments in sovereign 
entities.
The monetary value of assets covered by 
the KPI. Excluding investments in sovereign 
entities.
Coverage ratio:  96.0% Coverage: 19,847
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to 
total assets covered by the KPI.
The value in monetary amounts of 
derivatives.
 0.1% 21
The proportion of exposures to financial and 
non-financial undertakings not subject to 
Articles 19a and 29a of Directive 2013/34/
EU over total assets covered by the KPI:
Value of exposures to financial and non-
financial undertakings not subject to Articles 
19a and 29a of Directive 2013/34/EU:
For non-financial 
undertakings:  19.9% 
For non-financial 
undertakings: 3,947
For financial undertakings:  37.1% For financial undertakings: 7,362
The proportion of exposures to financial and 
non-financial undertakings from non-EU 
countries not subject to Articles 19a and 29a 
of Directive 2013/34/EU over total assets 
covered by the KPI:
Value of exposures to financial and non-
financial undertakings from non-EU 
countries not subject to Articles 19a and 29a 
of Directive 2013/34/EU:
For non-financial 
undertakings:  9.5% 
For non-financial 
undertakings: 1,877
For financial undertakings:  8.8% For financial undertakings: 1,750
The proportion of exposures to financial and 
non-financial undertakings subject to 
Articles 19a and 29a of Directive 2013/34/
EU over total assets covered by the KPI:
Value of exposures to financial and non-
financial undertakings subject to Articles 19a 
and 29a of Directive 2013/34/EU:
Additional, complementary disclosures: breakdown of denominator of the KPI
For non-financial 
undertakings:  9.7% 
For non-financial 
undertakings: 1,927
For financial undertakings:  14.9% For financial undertakings: 2,955
The proportion of exposures to other 
counterparties and assets over total assets 
covered by the KPI:
Value of exposures to other counterparties 
and assets:
 18.3% 3,636
The proportion of the insurance or 
reinsurance undertaking’s investments other 
than investments held in respect of life 
insurance contracts where the investment 
risk is borne by the policy holders, that are 
directed at funding, or are associated with, 
Taxonomy-aligned economic activities1:
Value of insurance or reinsurance 
undertaking’s investments other than 
investments held in respect of life insurance 
contracts where the investment risk is borne 
by the policy holders, that are directed at 
funding, or are associated with, Taxonomy-
aligned economic activities1:
 100.0% 19,847
The value of all the investments that are 
funding economic activities that are not 
Taxonomy-eligible relative to the value of 
total assets covered by the KPI2:
Value of all the investments that are funding 
economic activities that are not Taxonomy-
eligible2:
 95.9% 19,025
The value of all the investments that are 
funding Taxonomy-eligible economic 
activities, but not Taxonomy-aligned relative 
to the value of total assets covered by the 
KPI3:
Value of all the investments that are funding 
Taxonomy-eligible economic activities, but 
not Taxonomy-aligned3:
 3.5% 693
1The figure on the table equals the total amount of Sampo Group’s investments covered by the KPI 
other than investments held in respect of life insurance contracts where the investment risk is 
borne by the policy holders. The turnover-based and capital expenditures-based alignment for 
these investments are 0.7% and 0.9%, respectively.
2Turnover-based figure is reported on the table. Capital expenditures-based figure is 94.9%.
3Turnover-based figure is reported on the table. Capital expenditures-based figure is 4.2%.
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 38

===== SIDA 39 =====

Additional, complementary disclosures: breakdown of numerator of the KPI
The proportion of Taxonomy-aligned 
exposures to financial and non-financial 
undertakings subject to Articles 19a and 29a 
of Directive 2013/34/EU over total assets 
covered by the KPI:
Value of Taxonomy-aligned exposures to 
financial and non-financial undertakings 
subject to Articles 19a and 29a of Directive 
2013/34/EU:
For non-financial undertakings: For non-financial undertakings:
Turnover-based:  0.6% Turnover-based: 124
Capital expenditures-based: %  0.8% Capital expenditures-based: 166
For financial undertakings: For financial undertakings:
Turnover-based:  0.0% Turnover-based: 6
Capital expenditures-based:  0.1% Capital expenditures-based: 18
The proportion of the insurance or 
reinsurance undertaking’s investments other 
than investments held in respect of life 
insurance contracts where the investment 
risk is borne by the policy holders, that are 
directed at funding, or are associated with, 
Taxonomy-aligned:
Value of insurance or reinsurance 
undertaking’s investments other than 
investments held in respect of life insurance 
contracts where the investment risk is borne 
by the policy holders, that are directed at 
funding, or are associated with, Taxonomy-
aligned:
Turnover-based:  0.7% Turnover-based: 129
Capital expenditures-based:  0.9% Capital expenditures-based: 184
The proportion of Taxonomy-aligned 
exposures to other counterparties and 
assets in over total assets covered by the 
KPI:
Value of Taxonomy-aligned exposures to 
other counterparties and assets over total 
assets covered by the KPI:
Turnover-based:  —% Turnover-based: —
Capital expenditures-based:  —% Capital expenditures-based: —
Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities – provided ‘do-not-significant-harm’(DNSH) and social 
safeguards positive assessment:
(1) Climate 
change 
mitigation
Turnover:  0.5% 
Transitional 
activities:
Turnover: 0,1% ; 
CapEx: 0,1%
CapEx:  0.8% 
Enabling 
activities:
Turnover: 0,2% ; 
CapEx: 0,4%
(2) Climate 
change 
adaptation
Turnover:  0.0% 
Enabling 
activities:
Turnover: 0,0% ; 
CapEx: 0,0%
CapEx:  0.0% 
(3) The 
sustainable use 
and protection 
of water and 
marine 
resources
Turnover:  —% 
Enabling 
activities:
Turnover: -% ; 
CapEx: -%
CapEx:  —% 
(4) The 
transition to a 
circular 
economy
Turnover:  —% 
Enabling 
activities:
Turnover: -% ; 
CapEx: -%
CapEx:  —% 
(5) Pollution 
prevention and 
control
Turnover:  —% 
Enabling 
activities:
Turnover: -% ; 
CapEx: -%
CapEx:  —% 
(6) The 
protection and 
restoration of 
biodiversity and 
ecosystems
Turnover:  —% 
Enabling 
activities:
Turnover: -% ; 
CapEx: -%
CapEx:  —% 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 39

===== SIDA 40 =====

Supplementary voluntary  
information
To supplement the mandatory disclosures, Sampo 
Group provides voluntary disclosures with additional 
details. 
Calculation of Taxonomy eligibility according to the 
previous methodology, not taking into consideration 
the European Commission Notice (draft) published on 
21 December 2023, shows that 94.2 per cent of Sampo 
Group’s non-life insurance GWP would have been 
Taxonomy eligible in 2023 (92.3 per cent in 2022). 
Calculation of taxonomy alignment, not taking into 
consideration the European Commission Notice (draft) 
published on 21 December 2023, shows that 6.7 per 
cent of Sampo Group’s non-life insurance GWP would 
have been Taxonomy-aligned in 2023.
Going forward, Sampo Group closely follows the 
development of the Taxonomy regulation as the Group 
is committed to developing its assessment and 
reporting processes accordingly. Following the 
publication of the Commission Notice (draft) on 21 
December 2023, Sampo Group has acknowledged the 
reporting requirements laid down by the Delegated 
Regulation (EU) 2022/1214, related to fossil gas and 
nuclear energy sectors. Due to late publication date of 
the Notice, Sampo Group was not able to gather 
reliable data for declaring the information as part of this 
report. In addition, the varying reporting practices and 
data quality of non-financial companies impacted 
Sampo Group’s capabilities of producing high quality 
reporting for the financial year 2023. During 2024, 
Sampo Group will focus on enhancing its data collection 
in accordance with the European Commission guidance. 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 40

===== SIDA 41 =====

Events after the end of the reporting period
Change in reference point for 
disaggregation of IFRS 17 
discounting effects in If
On 18 January 2024, Sampo published a press release 
regarding technical changes in the calculation 
methodology for discounting effects in If. Following an 
analysis of the application of IFRS 17 over 2023, the 
reference point used in If P&C for disaggregation of 
IFRS 17 discounting effects has been changed from the 
beginning of year to the beginning of quarter. The 
change in reference point impacts on the split of 
discounting effects between the ISR and IFIE, but not 
profit before taxes. This reflects the Group’s practice of 
providing financial results for individual quarters, and a 
desire to align more closely with common market 
practice and the approach taken by other Group 
companies.
SAMPO PLC
Board of Directors
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
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BOARD OF DIRECTORS’ REPORT 2023 41

===== SIDA 42 =====

Key figures
Financial highlights 2023
2022 
(restated)
2022 
(published) 2021 2020 2019
Group
Gross written premiums & brokerage income EURm  8,870  8,375  —  —  —  — 
Insurance revenue, net EURm  7,412  7,168  —  —  —  — 
Insurance service result, net EURm  1,193  1,062  —  —  —  — 
Underwriting result EURm  1,164  1,031  1,314  1,282  967  — 
Net financial result EURm  560  1,056  —  —  —  — 
Profit before taxes (P&C operations) EURm  1,481  1,924  1,863  3,171  380  1,541 
Net profit for the equity holders EURm  1,323  2,107  1,427  2,567  37  1,130 
Combined ratio %  84.6  85.8  82.1  81.4  83.4  — 
Solvency ratio1 3 %  182  210  210  185  176  174 
Financial leverage %  25.3  24.4  25.6  23.8  28.6  — 
Return on equity %  15.6  4.2  -1.3  26.8  3.1  12.0 
Average number of staff incl. Mandatum  13,935  13,550  13,550  13,274  13,227  9,813 
If 2023
2022 
(restated)
2022 
(published) 2021 2020 2019
Gross written premiums EURm  5,468  5,432  —  —  —  — 
Insurance revenue, net EURm  4,996  5,024  —  —  —  — 
Insurance service result/underwriting result EURm  842  673  985  891  801  682 
Net financial result EURm  539  888  —  —  —  — 
Premiums written before reinsurers' share (IFRS 4) EURm  —  —  5,432  5,134  4,823  4,675 
Premiums earned (IFRS 4) EURm  —  —  5,002  4,772  4,484  4,388 
Profit before taxes EURm  1,358  1,550  1,217  1,077  901  884 
Combined ratio %  83.1  86.6  80.3  81.3  82.1  84.5 
Cost ratio %  21.2  21.6  21.1  21.4  21.5  21.8 
Risk ratio %  61.9  65.0  59.2  59.9  60.7  62.7 
Adjusted risk ratio, current year, %5 %  61.3  62.3  —  —  —  — 
Undiscounted adjusted risk ratio, current year, %6 %  64.7  65.2  —  —  —  — 
Loss ratio %  67.6  70.7  64.9  65.5  66.4  68.4 
Expense ratio %  15.6  15.9  15.4  15.8  15.8  16.1 
Return on equity %  31.3  13.2  6.1  37.0  33.3  34.5 
Average number of staff  7,858  7,496  7,496  7,223  7,182  6,603 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2023 42

===== SIDA 43 =====

Topdanmark 2023
2022 
(restated)
2022 
(published) 2021 2020 2019
Gross written premiums EURm  1,339  1,308  —  —  —  — 
Insurance revenue, net EURm  1,288  1,255  —  —  —  — 
Insurance service result/underwriting result EURm  194  230  224  227  182  210 
Net financial result EURm  27  -28  —  —  —  — 
Premiums written before reinsurers' share, P&C insurance (IFRS 4) EURm  —  —  1,391  1,383  1,315  1,272 
Premiums earned, P&C insurance (IFRS 4) EURm  —  —  1,326  1,285  1,227  1,178 
Profit before taxes EURm  162  158  220  346  167  238 
Combined ratio %  85.0  81.7  83.1  82.3  85.2  82.1 
Loss ratio %  66.9  64.4  66.8  66.7  69.0  66.2 
Expense ratio %  18.1  17.2  16.3  15.6  16.2  16.0 
Average number of staff  2,160  2,381  2,381  2,395  2,428  2,322 
Hastings 2023
2022 
(restated)
2022 
(published) 2021 16.11.-31.12.2020 2019
GWP & brokerage income EURm  2,063  1,636  —  —  —  — 
Insurance revenue, net EURm  1,128  889  —  —  —  — 
Insurance service result, net EURm  157  159  —  —  —  — 
Underwriting result EURm  128  128  104  164  —  — 
Net financial result EURm  44  27  —  —  —  — 
Premiums written before reinsurers' share (IFRS 4) EURm  —  —  1,313  1,127  103  — 
Net premiums written (IFRS 4) EURm  —  —  727  495  137  — 
Premiums earned (IFRS 4) EURm  —  —  594  499  63  — 
Profit before taxes EURm  129  107  73  127  -16  — 
Operating ratio % 89.8 87.2  89.7  80.3  —  — 
Loss ratio % 63.3 57.2  83.7  62.2  —  — 
Return on equity % 13.2 -8.5  —  —  —  — 
Average number of staff  3,200  3,021  3,021  3,005  2,974  — 
Holding 2023
2022 
(restated)
2022 
(published) 2021 2020 2019
Profit before taxes EURm  -160  146  146  1,331  -826  139 
Average number of staff  54  50  50  63  67  63 
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BOARD OF DIRECTORS’ REPORT 2023 43

===== SIDA 44 =====

Per share key figures 2023
2022 
(restated)
2022 
(published) 2021 2020 2019
Earnings per share EUR  2.62  3.97  2.69  4.63  0.07  2.04 
Earnings per share, continuing operations2 EUR  2.12  2.88  —  —  —  — 
Earning per share, discontinuing operations EUR  0.50  1.09  —  —  —  — 
Operational result per share EUR  2.07  —  —  —  —  — 
Equity per share EUR  14.47  18.70  17.44  23.39  20.56  21.44 
Net asset value per share EUR  15.30  20.01  18.74  25.48  19.82  20.71 
Market capitalisation4 EURm  19,876  25,112  25,112  24,093  19,199  21,609 
Dividend per share EUR 1.80 2.60  2.60  4.10  1.70  1.50 
Dividend payout ratio %  68.8  65.4  96.7  88.6  78.7  73.5 
Effective dividend yield %  4.5  5.3  5.3  9.3  4.9  3.9 
Price/earnings ratio 15.1 12.3  18.1  9.5  16.0  19.1 
Number of shares at 31 Dec. 1,000 501,797 514,369 514,369 546,812 555,352 555,352
Average number of shares 1,000 505,939 530,296 530,296 554,317 555,352 555,352
Weighted average number of shares 1,000 505,939 530,296 530,296 554,317 555,352 555,352
A shares 2023 2022 2022 2021 2020 2019
Number of shares at 31 Dec. 1,000 501,597 514,169 514,169 545,612 554,152 554,152
Average  number of shares 1,000 505,739 530,096 530,096 553,117 554,152 554,152
Weighted average number of shares 1,000 505,739 530,096 530,096 553,117 554,152 554,152
Weighted average share price EUR 39.36 44.25 44.25 40.50 32.35 39.15
Adjusted share price, high4 EUR 45.21 49.97 49.97 47.33 42.46 43.38
Adjusted share price, low4 EUR 34.53 35.85 35.85 33.82 21.34 34.45
Adjusted closing price EUR 39.61 48.82 48.82 44.06 34.57 38.91
Share trading volume during the financial year 1,000 178,801 257,879 257,879 243,763 376,964 250,282
Relative share trading volume %  35.4  48.6  48.6  44.1  68.0  45.2 
B shares 2023 2022 2022 2021 2020 2019
Number of shares at 31 Dec. 1,000 200 200 200 1,200 1,200 1,200
Average number of shares 1,000 200 200 200 1,200 1,200 1,200
1 The Group solvency is calculated according to the consolidation method defined in the Solvency II Directive (2009/138/EC).
2 Earnings per share on continuing operations for comparative period 2022 includes the divested operations i.e. Topdanmark Life operations.
3 The solvency ratio for 2023 is pro forma figure excluding the effect of Saxo Bank on the Group SCR. 
4 Share prices have been adjusted to reflect the separation of Mandatum Group in the partial demerger. 
5 Adjusted risk ratio illustrates the underlying underwriting performance as it excludes certain volatile effects such as large and severe weather and prior year development on risk ratio.
6Undiscounted adjusted risk ratio excludes the effect from current year discounting on adjusted risk ratio and illustrates the underlying current year underwriting performance. 
The number of shares used at the reporting date was 501,796,752 and as the average number during the financial period 505,939,064.
In calculating the key figures the tax corresponding to the result for the accounting period has been taken into account. 
In the net asset value per share, the Group valuation difference on the listed subsidiary Topdanmark has been taken into account
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BOARD OF DIRECTORS’ REPORT 2023 44

===== SIDA 45 =====

Calculation of key figures 
Sampo Group applies IFRS 17 Insurance Contracts and 
IFRS 9 Financial Instruments from 1 January 2023. 
Comparative information (IFRS 17) for the year 2022 
has been restated. Due to the change in the accounting 
principle, Sampo presents both the restated key figures 
and previously published figures for 2022.
As a result of the partial demerger during 2023 and the 
sale of Topdanmark Life operations during 2022, the 
table excludes any key figures related to the life 
operations. In addition, the following key figures are no 
longer included: Equity/assets ratio, Group solvency (in 
euros), and Earnings per share, incl. items in other 
comprehensive income or extraordinary items.
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BOARD OF DIRECTORS’ REPORT 2023 45

===== SIDA 46 =====

Calculation of key figures
The key figures have been calculated in accordance with the decree issued by the Ministry of Finance and the specifying regulations and instructions of the Financial Supervisory 
Authority. The Group solvency is calculated according to the consolidation method defined in the Solvency II Directive (2009/138/EC) and Insurance Companies Act (521/2008).
Additional information on the Group’s alternative performance measures is on the Group’s website www.sampo.com.
Return on equity, %
+ total comprehensive income attributable to owners of the parent x 100%+ total equity attributable to owners of the parent
(average of values 1 Jan. and the end of reporting period)
Equity/assets ratio, %
+ total equity attributable to owners of the parent x 100%+ balance sheet total
Financial leverage
financial debt x 100%equity + financial debt
Underwriting result
+ insurance revenue, net
+ other income (Hastings)
- claims incurred
- operating expenses
underwriting result
Operational result
+ P&C operations’ (incl. Sampo plc) profit after tax
- non-controlling interest in P&C operations
- unrealised gains/losses on investments in P&C operations
- result effect from changes in discount rates in P&C operations
- non-operational amortisations in P&C operations
- non-recurring items
operational result
Combined ratio for P&C insurance, %
+ claims incurred
+ operating expenses x 100%+ insurance revenue, net
+ other revenue (Hastings)
Risk ratio for P&C insurance, %
+ claims incurred
– claims settlement expenses x 100%insurance revenue, net
Cost ratio for P&C insurance, %
+ operating expenses
+ claims settlement expenses x 100%insurance revenue, net
Loss ratio for P&C insurance, %
claims incurred x 100%insurance revenue, net
Expense ratio for P&C insurance, %
operating expenses x 100%insurance revenue, net
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BOARD OF DIRECTORS’ REPORT 2023 46

===== SIDA 47 =====

Operating ratio for Hastings, %
+ claims incurred
+ acquisition costs
+ other operating expenses
+ operational depreciation and amortisation x 100%+ insurance revenue, net
+ other revenue
Per share key figures
Earnings per share
profit for the financial period attributable to owners of the parent
adjusted average number of shares
Operational result per share
operational result
adjusted average number of shares
Equity per share
equity attributable to owners of the parent
adjusted number of shares at the balance sheet date
Net asset value per share
+ equity attributable to owners of the parent
± valuation differences on listed Group companies
adjusted number of shares at balance sheet date
Market capitalisation
number of shares at the balance sheet date x closing share price at the 
balance sheet date
Dividend payout ratio
Dividend per share
x 100%Earnings per share
Effective dividend yield
Dividend per share
x 100%Adjusted closing price
Price/earnings ratio
Adjusted closing price
Earnings per share
Relative share trading volume
Share trading volume during the financial year
x 100%Average number of A shares
Exchange rates used in reporting
1–12/2023 1–9/2023 1–6/2023 1–3/2023 1–12/2022
EURSEK
Income statement (average) 11.4745 11.4787 11.3310 11.2050 10.6286
Balance sheet (at end of 
period)
11.0960 11.5325 11.8055 11.2805 11.1218
DKKSEK
Income statement (average) 1.5406 1.5411 1.5219 1.5052 1.4288
Balance sheet (at end of 
period)
1.4888 1.5465 1.5852 1.5145 1.4956
NOKSEK
Income statement (average) 1.0048 1.0116 1.0013 1.0194 1.0522
Balance sheet (at end of 
period)
0.9871 1.0248 1.0087 0.9900 1.0578
EURDKK
Income statement (average) 7.4510 7.4486 7.4464 7.4428 7.4396
Balance sheet (at end of 
period)
7.4529 7.4571 7.4474 7.4485 7.4365
EURGBP
Income statement (average) 0.8697 0.8707 0.8764 0.8831 0.8527
Balance sheet (at end of 
period)
0.8691 0.8646 0.8583 0.8792 0.8869
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BOARD OF DIRECTORS’ REPORT 2023 47

===== SIDA 48 =====

Group’s IFRS Financial Statements
Statement of profit and other 
comprehensive income     .......................................... 49
Consolidated balance sheet   ................................. 50
Statement of changes in equity    .......................... 51
Statement of cash flows     ........................................ 52
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FINANCIAL STATEMENTS 2023 48

===== SIDA 49 =====

Statement of profit and other comprehensive income
EURm Note 1-12/2023 1-12/2022
Insurance revenue  8,417  8,062 
Insurance service expenses  -7,076  -6,759 
Reinsurance result  -148  -242 
Insurance service result 1  1,193  1,062 
Net investment income 2  1,006  320 
Net finance income or expense from insurance 
contracts 3  -446  736 
Insurance finance income or expense, gross  -529  827 
Insurance finance income or expense, reinsurance  83  -90 
Net financial result  560  1,056 
Other income 4  277  350 
Other expenses 5  -457  -436 
Finance expenses 7  -93  -98 
Share of associates' profit or loss  1  -10 
Profit before taxes  1,481  1,924 
Income taxes 17,18  -339  -366 
Profit from the continuing operations  1,142  1,559 
Discontinued operations, net of tax 32  251  579 
Divested operations, net of tax 33  —  102 
Net profit  1,393  2,240 
EURm Note 1-12/2023 1-12/2022
Other comprehensive income 8
Items reclassifiable to profit or loss
Exchange differences  -1  -268 
Available-for-sale financial assets  —  -1,121 
Cash flow hedges  -1  0 
Taxes  —  209 
Total items reclassifiable to profit or loss, net of tax  -3  -1,180 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans  -6  32 
Taxes  1  -7 
Total items not reclassifiable to profit or loss, net of 
tax  -5  26 
Total other comprehensive income for the 
continuing operations, net of tax  -8  -1,154 
Other comprehensive income for the discontinued 
operations, net of tax  —  -484 
Other comprehensive income total, net of tax  -8  -1,639 
Total comprehensive income  1,386  601 
Profit attributable to
Owners of the parent  1,323  2,107 
Non-controlling interests  70  133 
Total comprehensive income attributable to
Owners of the parent  1,316  468 
Non-controlling interests  70  133 
Earnings per share (EPS), EUR  2.62  3.97 
Earnings per share, continuing operations, EUR  2.12  2.88 
Sampo Group applies IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 
2023. Comparative information on IFRS 17 for the year 2022 is restated. For more information on 
the implementation, please see accounting principles section IFRS 17 and IFRS 9 transition impacts. 
Mandatum segment has been presented in the table on a single line as a discontinued operations. 
For further information, please see note 32. 
Earnings per share on continuing operations for comparative period 2022 includes the divested 
operations, i.e. Topdanmark Life operations. 
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FINANCIAL STATEMENTS 2023 49

===== SIDA 50 =====

Consolidated balance sheet
EURm Note 12/2023 12/2022
1 Jan 
2022
Assets
Property, plant and equipment 10  318  355  373 
Investment property 12  0  166  236 
Intangible assets 11  3,637  3,494  3,660 
Investments in associates 13  12  16  475 
Financial assets 14,15,16  15,757  19,565  19,862 
Financial assets related to unit-linked contracts  —  9,930  10,546 
Deferred income tax 17  3  11  53 
Insurance contract assets  —  6  41 
Reinsurance contract assets 21  2,282  1,821  2,008 
Other assets 19  800  775  712 
Cash and cash equivalents  1,415  3,073  4,690 
Non-current assets held for sale* 33  —  —  16,029 
Total assets  24,225  39,212  58,684 
EURm Note 12/2023 12/2022
1 Jan 
2022
Liabilities
Insurance contract liabilities 20,21,22
,23  11,716  16,210  18,266 
Investment contract liabilities  —  7,103  7,239 
Subordinated debts 24  1,645  1,983  2,016 
Other financial liabilities 24  1,269  1,457  2,315 
Deferred income tax 17  567  666  851 
Other liabilities 25  1,342  1,617  1,532 
Liabilities related to non-current assets held 
for sale* 33  —  —  13,010 
Total liabilities  16,538  29,035  45,228 
Equity 27
Share capital  98  98  98 
Reserves  1,530  1,530  1,530 
Retained earnings  6,378  8,482  9,945 
Other components of equity  -743  -492  1,231 
Equity attributable to owners of the parent  7,263  9,618  12,805 
Non-controlling interests  424  560  651 
Total equity  7,687  10,178  13,456 
Total equity and liabilities  24,225  39,212  58,684 
Sampo Group applies IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 
2023. Comparative information (IFRS 17) for the year 2022 has been restated. For more 
information on the implementation, please see accounting principles section IFRS 17 and IFRS 9 
transition impacts. 
Mandatum is included in the IFRS 17 opening balance sheet on 1 January 2022, and in the 
comparative period 2022. For further information, please see note 32. 
*Topdanmark Life was classified as non-current assets held for sale on 1 January 2022 and the sale 
was completed on 1 December 2022. Topdanmark Life is accounted for under IFRS 17 in the 
opening balance 1 January 2022. Please see note 33 for further information.
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FINANCIAL STATEMENTS 2023 50

===== SIDA 51 =====

Statement of changes in equity
EURm
Share 
capital
Legal 
reserve
Invested 
unres-
tricted 
equity
Cash flow 
hedges Total
Non- 
controlling 
interest Total
Equity at 31 December 2021 (IFRS 4)  98  4  1,527  9,952  -415  1,622  —  12,788  676  13,464 
Impact of IFRS 17 transition 1 January 2022  —  —  —  -7  —  23  —  16  -25  -9 
Restated equity at 1 January 2022 (IFRS 17)  98  4  1,527  9,945  -415  1,646  —  12,805  651  13,456 
Changes in equity
Acquired non-controlling interests  —  —  —  -6  —  —  —  -6  -2  -8 
Dividends4  —  —  —  -2,186  —  —  —  -2,186  -207  -2,393 
Acquisition of own shares  —  —  —  -1,444  —  —  —  -1,444  —  -1,444 
Changes in associate share holdings  —  —  —  -10  —  —  —  -10  —  -10 
Other changes in equity  —  —  —  51  -58  -1  —  -9  -15  -24 
Profit for the reporting period  —  —  —  2,107  —  —  —  2,107  133  2,240 
Other comprehensive income for the period  —  —  —  26  -268  -1,396  —  -1,639  —  -1,639 
Total comprehensive income  —  —  —  2,133  -268  -1,396  —  468  133  601 
Equity at 31 December 2022  98  4  1,527  8,482  -741  248  —  9,618  560  10,178 
Equity at 31 December 2022 (IFRS 17, restated)  98  4  1,527  8,482  -741  248  0  9,618  560  10,178 
Impact of IFRS 9 transition 1 January 2023  —  —  —  248  —  -248  —  —  —  — 
Restated equity at 1 January 2023  98  4  1,527  8,730  -741  —  0  9,618  560  10,178 
Changes in equity
Acquired non-controlling interests  —  —  —  -11  —  —  —  -11  -3  -14 
Dividends4  —  —  —  -1,321  —  —  —  -1,321  -187  -1,508 
Transferred assets at fair value in the demerger  —  —  —  -1,835  —  —  —  -1,835  —  -1,835 
Acquisition of own shares  —  —  —  -555  —  —  —  -555  —  -555 
Other changes in equity  —  —  —  51  —  —  —  51  -15  36 
Profit for the reporting period  —  —  —  1,323  —  —  —  1,323  70  1,393 
Other comprehensive income for the period  —  —  —  -5  -1  —  -1  -8  —  -8 
Total comprehensive income  —  —  —  1,318  -1  —  -1  1,316  70  1,386 
Equity at 31 December 2023  98  4  1,527  6,378  -742  —  -1  7,263  424  7,687 
Retained 
earnings1
Transla-
tion of 
foreign 
operations2
Available- 
for-sale 
financial 
assets3
1 IAS 19 Pension benefits had a net effect of EUR -5 million (26) on retained earnings.
2 In the comparison year, the translation differences of the other comprehensive income include associate Nordax’s share of exchange difference EUR 8 million.
3 In accordance with IAS 39, the comparison year includes EUR -1,300 million recognised in equity and EUR -96 million was transferred to profit or loss from available-for-sale financial assets. 
4 Dividend per share EUR 2.60 (4.10)
Sampo plc has cancelled 5,401,743 acquired own shares on 30 March 2023 and 9,381,017 shares on 10 August 2023.
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FINANCIAL STATEMENTS 2023 51

===== SIDA 52 =====

Statement of cash flows
EURm 1–12/2023 1–12/2022
Operating activities
Profit before tax  1,765  2,744 
Adjustments
Depreciation and amortisation  158  170 
Unrealised gains and losses arising from valuation  -559  1,119 
Realised gains and losses on investments  -280  217 
Change in liabilities for insurance and investment 
contracts
 1,146  -14,380 
Other adjustments*  -537  -2,193 
Adjustments total  -72  -15,068 
Change (+/-) in assets of operating activities
Investments**  -86  10,384 
Other assets  -208  2,127 
Total  -294  12,511 
Change (+/-) in liabilities of operating activities
Financial liabilities  176  35 
Other liabilities  -196  291 
Paid taxes  -277  -290 
Paid interest  -132  -190 
Total  -429  -155 
Net cash from (or used in) operating activities  970  33 
Investing activities
Investments in subsidiary shares  -247  -7 
Divestments in subsidiary shares  20  519 
Divestments in associate shares  —  2,291 
Dividends received from associates  —  160 
Net investment in equipment and intangible assets  5  8 
Net cash from (or used in) investing activities  -223  2,970 
EURm 1–12/2023 1–12/2022
Financing activities
Dividends paid  -1,321  -2,186 
Dividends paid to non-controlling interests  -187  -207 
Acquisition of non-controlling interests  -14  -9 
Acquisition of own shares  -555  -1,444 
Issue of debt securities  142  62 
Repayments of debt securities in issue  -473  -920 
Net cash used in (or from) financing activities  -2,407  -4,704 
Total cash flows  -1,660  -1,701 
Cash and cash equivalents at the beginning of reporting period  3,073  4,819 
Effects of exchange rate changes  3  -44 
Cash and cash equivalents at the end of reporting period  1,415  3,073 
Net change in cash and cash equivalents  -1,660  -1,701 
Additional information to the cash flow statement 1–12/2023 1–12/2022
Interest income received  751  375 
Dividend income received (excl. profit sharing from funds)  92  273 
Total out-going cashflows from leases  -37  -21 
* Other adjustments in the comparison year relate mainly to the sale of Nordea shares.  
** Investments include investment property and financial assets.
Statement of cash flows includes continuing and discontinued operations. Profit before tax for 
2023 is the Group’s profit before taxes together with the discontinued operations’ profit before 
taxes. In the comparison year, the profit before tax includes the divested operations.
The presentation of line items in the comparison year have changed due to the transition to IFRS 17.
The items of the statement of cash flows cannot be directly concluded from the balance sheets due 
to e.g. exchange rate differences, and acquisitions and disposals of subsidiaries during the period.
Cash and cash equivalents include cash at bank and in hand EUR 1,081 million (2,907) and short-
term deposits (max 3 months) EUR 334 million (166).
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FINANCIAL STATEMENTS 2023 52

===== SIDA 53 =====

Group’s notes to the financial statements 
Summary of material accounting principles   . 54
Segment information   .............................................. 72
Result by segment for twelve months 
ended 31 December 2023    ..................................... 73
Result by segment for twelve months 
ended 31 December 2022     ..................................... 74
Balance sheet by segment at 31 December 
2023 ............................................................................... 75
Balance sheet by segment at 31 December 
2022     ............................................................................... 76
Geographical information     ..................................... 77
Other notes     ................................................................. 78
1 Insurance service result      ....................................... 78
2 Net investment income     ....................................... 79
3 Net finance income or expense from 
insurance contracts      .................................................. 80
4 Other income    .......................................................... 80
5 Other expenses    ...................................................... 80
6 Auditor's fees   .......................................................... 81
7 Finance expenses      .................................................. 81
8 Components of other comprehensive 
income   ........................................................................... 82
9 Earnings per share   ................................................ 82
10 Property, plant, equipment    ............................. 83
11 Intangible assets    .................................................... 84
12 Investment property    ........................................... 86
13 Investments in associates and joint 
ventures    ........................................................................ 87
14 Financial assets     .................................................... 88
15 Determination and hierarchy of fair values  91
16 Movements in level 3 financial instruments 
measured at fair value    ........................................... 96
17 Deferred tax assets and liabilities     ................ 99
18 Taxes       ....................................................................... 103
19 Other assets    .......................................................... 103
20 Insurance contract liabilities       ......................... 104
21 Reconciliation of insurance contract 
liabilities    ....................................................................... 105
22 Assets for insurance acquisition cash 
flows   .............................................................................. 114
23 Non-life claims development    ......................... 115
24 Financial liabilities   .............................................. 124
25 Other liabilities      .................................................... 127
26 Employee benefits   ............................................. 128
27 Equity and reserves     ........................................... 133
28 Incentive schemes     ............................................. 134
29 Investments in subsidiaries        ........................... 137
30 Material partly-owned subsidiaries      ............. 138
31 Related party disclosures     ................................. 139
32 Discontinued operations       ................................. 139
33 Business operations divested       ....................... 142
34 Business combinations    .................................... 143
35 Contingent liabilities and commitments      .... 144
36 Subsequent events after the balance 
sheet date   ................................................................... 146
37 Risk management disclosure    ......................... 147
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FINANCIAL STATEMENTS 2023 53

===== SIDA 54 =====

Group’s notes to the financial statements 
Summary of material 
accounting principles
Sampo plc (business ID 0142213-3) is a Finnish public 
company listed in Helsinki Nasdaq. It is domiciled in 
Helsinki and the headquarters are at Fabianinkatu 27, 
00100 Helsinki, Finland. The consolidated financial 
statements of Sampo Group include Sampo plc 
together with its subsidiaries and associates as of 31 
December 2023. The group subsidiaries have insurance 
and financing activities in Finland, Sweden, Norway, 
Denmark, the Baltic countries, and the United Kingdom. 
A copy of the Group’s financial statements is available 
at the internet address www.sampo.com. 
Basis of preparation
Sampo Group has prepared the consolidated financial 
statements for 2023 in compliance with the 
International Financial Reporting Standards (IFRSs). In 
preparing the financial statements, Sampo has applied 
all the standards and interpretations relating to its 
business, adopted by the commission of the EU and 
effective on 31 December 2023.
In the financial year of 2023, Sampo adopted two new 
standards IFRS 17 Insurance Contracts and IFRS 9 
Financial Instruments. The impact of these two 
standards on the Group’s financial statements reporting 
is described in the section IFRS 17 and IFRS 9 transition.
The annual improvements or other amendments to the 
standards, adopted at the beginning of 2023, had no 
material impact on the Group’s financial statements 
reporting.
In preparing the notes to the consolidated financial 
statements, attention has also been paid to the Finnish 
accounting and company legislation and applicable 
regulatory requirements.
The going concern accounting assumption has been 
assessed by the Board and used in the preparation of 
the financial statements.
The consolidated financial statements are presented in 
euro (EUR), rounded to the nearest million, unless 
otherwise stated.
The Board of Directors of Sampo plc accepted the 
financial statements for issue on 6 March 2024. In 
accordance with Limited Liability Companies Act, the 
Annual General Meeting has right to approve or reject 
the consolidated financial statements or change the 
statements after they have been issued. 
Consolidation
Subsidiaries 
The consolidated financial statements combine the 
financial statements of Sampo plc and all its 
subsidiaries. Companies in which the Group has control 
are consolidated as subsidiaries. Control exists when the 
Group has more than half of the voting power or it has 
power over the entity together with exposure to 
variable returns from its involvement there and the 
ability to use its power to affect the amount of these 
returns. Subsidiaries are consolidated from the date on 
which control is transferred to the Group and cease to 
be consolidated from the date that control ceases.
The acquisition method of accounting is used for the 
purchase of subsidiaries. The cost of an acquisition is 
allocated to the identifiable assets, liabilities and 
contingent liabilities, which are measured at the fair 
value of the date of the acquisition. Acquisition-related 
costs are recognised through profit or loss. Possible 
non-controlling interest of the acquired entity is 
measured either at fair value or at proportionate 
interest in the acquiree’s net assets. The acquisition-
specific choice affects both the amount of recognised 
goodwill and non-controlling interest. The excess of the 
aggregate of consideration transferred, non-controlling 
interest and possibly previously held equity interest in 
the acquiree, over the Group’s share of the fair value of 
the identifiable net assets acquired, is recognised as 
goodwill.
The accounting policies used throughout the Group for 
the purposes of consolidation are consistent with 
respect to similar business activities and other events 
taking place in similar conditions. All intra-group 
transactions and balances are eliminated upon 
consolidation.
Non-controlling interests
The technical division of profit for the financial year and 
the total comprehensive income to the owners of the 
parent and non-controlling interests is presented after 
the statement of comprehensive income. The share of 
profits is attributed to non-controlling interests even if it 
should be negative. 
Non-controlling interests are presented in the balance 
sheet separately as part of equity. 
Board of Directors’ 
Report
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Non-controlling interests in an acquiree are measured 
either at fair value or as a proportionate share of net 
assets of the acquiree. The choice is made for each 
acquisition separately. At the end of the financial 
reporting period, Sampo’s non-controlling interests 
were determined as the proportionate share of net 
assets of the acquirees. 
Foreign currency translation
The consolidated financial statements are presented in 
euro, which is the functional and reporting currency of 
the Group and the parent company. Items included in 
the financial statements of each of the Group entities 
are measured using their functional currency, being the 
currency of the primary economic environment in which 
the entity operates. Foreign currency transactions are 
translated into the appropriate functional currency 
using the exchange rates prevailing at the dates of 
transactions or the average rate for a month. The 
balance sheet items denominated in foreign currencies 
are translated into the functional currency at the rate 
prevailing at the balance sheet date.
Exchange differences arising from the translation of 
transactions and monetary balance sheet items 
denominated in foreign currencies into functional 
currency are recognised as translation gains and losses 
in profit or loss. During comparative period, exchange 
differences arising from non-monetary financial assets 
classified as available-for-sale financial assets were 
recognised directly in the fair value reserve in equity.
The income statements of Group entities whose 
functional currency is other than euro are translated 
into euro at the average rate for the period, and the 
balance sheets at the rates prevailing at the balance 
sheet date. The resulting exchange differences are 
included in equity and their change in other 
comprehensive income. When a subsidiary is divested 
entirely or partially, the cumulative exchange 
differences are included in the income statement under 
sales gains or losses. 
Goodwill and fair value adjustments arising from an 
acquisition of a foreign entity are treated as if they were 
assets and liabilities of the foreign entity. Exchange 
differences resulting from the translation of these items 
at the exchange rate of the balance sheet date are 
included in equity and their change in other 
comprehensive income.
The following exchange rates were applied in the 
consolidated financial statements: 
1 euro (EUR) = 
Balance sheet 
date
Average 
exchange rate 
Swedish krona (SEK) 11.0960 11.4745
Danish krona (DKK) 7.4529 7.4510
Pound sterling (GBP) 0.8691 0.8697
Segment reporting
The Group’s segmentation is based on business areas 
whose risks and performance bases as well as 
regulatory environment differ from each other. The 
control and management of business and management 
reporting are organised in accordance with the business 
segments. The Group’s business segments are If, 
Topdanmark, Hastings, and Holding (including Nordea 
in 2022). Mandatum was presented as a segment until it 
was reclassified as discontinued operations during the 
first quarter of 2023.
Geographical information has been given on income 
from external customers and non-current assets. The 
reported areas are Finland, Sweden, Norway, Denmark, 
United Kingdom, and the Baltic countries.
In the inter-segment and inter-company pricing, for 
both domestic and cross border transactions, market-
based prices are applied. The pricing is based on the 
Code of Conduct on Transfer Pricing Documentation in 
the EU and OECD guidelines.
Inter-segment transactions, assets and liabilities are 
eliminated in the consolidated financial statements.
Non-current assets held for sale 
and discontinued operations
Non-current assets and the assets and liabilities related 
to discontinued operations are classified as held for 
sale, if their carrying amount will be recovered 
principally through sales transactions rather than from 
continuing use. For this to be the case, the sale must be 
highly probable, and the asset or disposal group must 
be available for immediate sale in its present condition 
subject only to terms that are usual and customary for 
sales of such assets. In addition, the management must 
be committed to a plan to sell, and the sale should be 
expected to qualify for recognition as a completed sale 
within one year from the date of classification. The 
classification, presentation, and measurement 
requirements of non-current assets or disposal groups 
held for sale also apply to those that are held for 
distribution to owners acting in their capacity as 
owners.
Assets that meet the criteria to be classified as held for 
sale are measured at the lower of carrying amount and 
fair value less costs to sell. Immediately before the initial 
classification of the asset as held for sale, the carrying 
amount of the asset shall be measured in accordance 
with applicable IFRSs. If the fair value less costs to sell is 
the lower, an entity recognises an impairment loss at 
initial reclassification. Gains for subsequent increases in 
fair value are recognised through profit or loss. Once 
reclassified, any depreciation or recognition of 
associates’ share of profit or loss on such assets ceases. 
Board of Directors’ 
Report
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Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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Income and expense recognition 
principles related to insurance 
contracts 
The introduction of IFRS 17 changed the structure of the 
statement of profit or loss to reflect the key sources of 
profit. The insurance service result, comprising of 
insurance revenue, insurance service expenses, and 
reinsurance result, reflects the result relating to 
underwriting and servicing insurance policies. The net 
financial result reflects the impacts arising from financial 
components of insurance contracts.  
Insurance revenue
Insurance revenue reflects the compensation that 
Sampo receives from the policyholder in return for the 
transfer of risk (insurance contract services) on an 
earned basis. The insurance revenue recognised in the 
reporting period is based on premium receipts and 
expected premium receipts allocated linearly over the 
underlying terms of the insurance contracts, i.e. based 
on the passage of time. The liability for remaining 
coverage is reduced with a corresponding amount as 
the insurance revenue.  
Insurance service expenses
The insurance service expenses comprise of both claims 
incurred and operating expenses. 
Claims incurred for the reporting period include claims 
payments during the period and changes in the liability 
for incurred claims. The change in liability for the 
incurred claims includes the changes in undiscounted 
best estimate, discounted risk adjustment and the 
changes in discounting effect due to changes in 
underlying best estimate or changes in payment 
patterns. The claims incurred also include claims 
handling expenses and changes in the loss component.
Operating expenses reported in the insurance service 
result relate to administrative expenses arising from the 
handling of insurance contracts. Additionally, the 
operating expenses include the acquisition cash flows 
recognised in profit or loss, where the liability for 
remaining coverage changes with a corresponding 
amount. 
Reinsurance result 
Reinsurance result comprises both reinsurance premium 
expenses and reinsurer’s share of claims incurred. 
Reinsurance premium expenses related to reinsurance 
contracts held are recognised similarly to insurance 
revenue and reflect the premium payments attributable 
to the reporting period for the reinsurance contract 
services received. Any commissions received reduce 
the reinsurance premium expenses. The reinsurers’ 
share of claims incurred is reported consistently with 
direct insurance expenses, including also changes in the 
risk of non-performance.
Insurance finance income or expense
The insurance finance income or expenses included in 
the net financial result reflect the impacts arising from 
financial components. These include changes in the 
liability for incurred claims related to changes in 
discount rates and time value of money (unwinding). 
Therefore, the effect from changes in interest rates as 
well as interest expense is presented in its entirety as 
insurance finance income or expenses. The effect of 
changes in indexation of annuities is also presented 
within insurance finance income or expenses. Amounts 
related to reinsurance contracts are presented 
separately. The option to present changes in 
discounting effect in other comprehensive income is not 
applied.
Net investment income 
Interest and dividends
Interest income and expenses are recognised in the 
income statement using the effective interest rate 
method. This method recognises income and expenses 
on the instrument evenly in proportion to the amount 
outstanding over the period to maturity. Dividends on 
equity securities are recognised as revenue when the 
right to receive payment is established.
Fees and commissions
The fees and transaction costs of financial instruments 
measured at fair value through profit or loss are 
recognised in profit or loss when the instrument is 
initially recognised.
Revenue from contracts with 
customers
Other income consists of income from insurance-related 
services provided, that do not involve a transfer of 
significant insurance risk, and are therefore accounted 
for under IFRS 15 Revenue from contracts with 
customers. Such income is primarily attributable to sales 
commission and services for administration, claims 
settlement, etc. in insurance contracts on behalf of 
other parties.
Furthermore, If Group’s subsidiary Viking Assistance 
Group AS provides roadside assistance. Income from 
these services is recognised when roadside assistance 
has been provided. 
The subsidiary Hastings has revenue from broker 
activities in accordance with IFRS 15 Revenue from 
Contracts with Customers. The revenue consists 
principally of fees and commissions relating to the 
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FINANCIAL STATEMENTS 2023 56

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arrangement of third party underwritten insurance 
contracts and ancillary products.
Revenue from insurance brokerage activities is 
recognised at the point of sale to the customer and 
revenue from other retail services is recognised when 
the service has been completed. Revenue arising from 
insurance broking activities is measured on an agency 
basis, net of cost, at the fair value of the income 
receivable after adjusting for any allowance for 
expected future cancellation refunds. Hastings may also 
provide contracts for the provision of other ad hoc, 
point-in-time services to customers. Such income is 
recognised when the performance obligation has been 
satisfied at the expected value of consideration. 
In the consolidated financial statements, the fees and 
commissions from external broker activities are 
included in Other income or Other expenses.
Financial assets and liabilities 
Sampo Group is applying IFRS 9 Financial Instruments 
from 1 January 2023. IFRS 9 superseded IAS 39 
Financial Instruments: Recognition and Measurement. 
Sampo Group applied the temporary exemption 
regarding the adoption of IFRS 9 and implemented 
IFRS 9 at the same time as IFRS 17 Insurance Contracts. 
The IFRS 9 comparative figures 2022 were not restated. 
More details on the IFRS 9 transition are included in the 
section Transition to IFRS 17 Insurance Contracts and 
IFRS 9 Financial Instruments.
Initial recognition and derecognition
Financial assets and liabilities are measured at the initial 
recognition at fair value. If the acquired financial assets 
and liabilities are not measured at fair value, transaction 
costs directly attributable to acquisition or issue are 
added or deducted respectively.
Purchases and sales of financial assets at fair value 
through profit or loss are recognised and derecognised 
on the trade date, which is the date on which the Group 
commits to purchase or sell the asset. Loans and other 
receivables are recognised when cash is advanced.
Financial assets and liabilities are offset, and the net 
amount is presented in the balance sheet only when the 
Group has a legally enforceable right to set off the 
recognised amounts and it intends to settle on a net 
basis, or to realise the asset and settle the liability 
simultaneously.
Financial assets are derecognised when the contractual 
rights to receive cash flows have expired or the Group 
has substantially transferred all the risks and rewards of 
ownership. Financial liabilities are derecognised when 
the obligation specified in the contract is discharged, 
cancelled or expired.
IFRS 9 Classification and measurement 
principles (applied 1 January 2023 onwards)
Financial assets are classified as being subsequently 
measured either at amortised cost, at fair value through 
other comprehensive income (FVOCI) or at fair value 
through profit or loss (FVPL). Under IFRS 9, the 
majority of Sampo Group’s financial assets are classified 
at fair value through profit or loss and only a limited 
amount of financial assets is measured at amortised 
cost. No financial assets are classified as FVOCI.
The classification of financial assets into these 
measurement categories is based on Sampo Group’s 
business model for managing the financial assets and 
the contractual cash flow characteristics of the financial 
assets. Business model reflects how the portfolios of 
financial assets are managed to achieve business 
objectives and to generate cash flows. The factors 
considered in determining the portfolio’s business 
model include how the financial assets’ performance is 
evaluated and reported to management, how risks are 
assessed and managed, past experience of how the 
cash flows have been collected, and how compensation 
is linked to performance. 
Financial assets at fair value through profit 
or loss
Financial assets classified as at fair value through profit 
or loss include mainly investments in equity instruments 
and funds, debt instruments, and other loans. 
Equity instruments are classified and measured at fair 
value through profit or loss. 
Debt instruments, such as bonds and other interest-
bearing securities, are classified as measured at fair 
value through profit or loss when the business model 
reflects the assets being managed and evaluated on a 
fair value basis. The instruments are initially recognised 
and subsequently measured at fair value. Transaction 
costs that are directly attributable to the issue or 
acquisition of the assets are expensed in profit or loss.
Gains and losses arising from changes in fair value, or 
realised on disposal, together with related interest 
income and dividend, are recognised in the income 
statement under net investment income.
Derivative instruments that are not designated as 
hedges and do not meet the requirements for hedge 
accounting are classified as financial assets at fair value 
through profit or loss. Derivatives are initially 
recognised at fair value. Derivative instruments are 
carried as assets when the fair value is positive and as 
liabilities when the fair value is negative. Derivative 
instruments are recognised at fair value, and gains and 
losses arising from changes in fair value, together with 
realised gains and losses, are recognised in the income 
statement under net investment income.
Board of Directors’ 
Report
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Report ≡
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Financial assets measured at amortised cost
A financial asset is measured at amortised cost only if 
the objective of the business model is to hold a financial 
asset in order to collect contractual cash flows, and the 
contractual cash flows of the financial asset meet the 
SPPI criteria (solely payments of principal and interest -
criteria, SPPI) i.e. it is consistent with basic lending 
arrangement. SPPI criteria is met when the financial 
instrument’s contractual cash flows are solely payments 
of principal and interest on the principal amount 
outstanding. Financial assets measured at amortised 
cost comprise mainly debt instruments, loans, and 
receivables. 
Financial assets measured at amortised costs are 
initially recognised at their fair value, including 
transaction costs directly attributable to the acquisition 
of the asset. Loans and other receivables are 
subsequently measured at amortised cost using the 
effective interest rate method.
Interest revenue is calculated using the effective 
interest rate method. Under IFRS 9 financial assets 
subsequently measured at amortised cost are subject to 
loss allowance, that is, expected credit losses (ECL) 
requirements.
Financial liabilities
Financial liabilities, including subordinated debt 
securities, debt securities in issue, and other financial 
liabilities, are subsequently measured at amortised cost 
using the effective interest rate method. Interest 
expenses and gains or losses on derecognition are 
recognised in the income statement.
Derivative financial liabilities are measured at fair value 
through profit or loss. 
If debt securities issued are redeemed before maturity, 
they are derecognised and the difference between the 
carrying amount and the consideration paid at 
redemption is recognised in profit or loss.
IAS 39 Classification and measurement 
principles (comparative period 2022)
During the comparative year 2022, based on the 
measurement practice, financial assets and liabilities 
were classified in the following categories upon the 
initial recognition: financial assets at fair value through 
profit or loss, loans and receivables, available-for-sale 
financial assets, financial liabilities at fair value through 
profit or loss, and other liabilities. Accounting principles 
related to classification and measurement principles 
under IAS 39 are presented in full in the Financial 
Statements 2022. 
Fair value
The fair value of financial instruments is determined 
primarily by using quoted prices in active markets. 
Instruments are measured either at a bid price or at the 
last trade price if there is an auction policy in the stock 
market of the price source. An exception are the 
syndicated loans which are measured at a mid-price 
because of the lower liquidity. The financial derivatives 
are also measured at the last trade price. If the financial 
instrument has a counter-item that will offset its market 
risk, the same price source is used in assets and 
liabilities to that extent. If a published price quotation 
does not exist for a financial instrument in its entirety, 
but active markets exist for its component parts, the fair 
value is determined based on the relevant market prices 
of the component parts.
Fair values of financial assets are based on either 
published price quotations or valuation techniques 
based on market observable inputs, where available. If 
these are not available, the fair value is established by 
using generally accepted valuation techniques including 
recent arm’s length market transactions between 
knowledgeable, willing parties, reference to the current 
fair value of another instrument that is substantially the 
same, discounted cash flow analysis, and option pricing 
models. For a limited amount of assets, the value needs 
to be determined using these other techniques. 
The carrying amount of cash and cash equivalents as 
well as settlement receivables included in other assets is 
used as an approximation of fair value.
The financial instruments measured at fair value have 
been classified into three hierarchy levels in the notes, 
depending on, e.g. if the market for the instrument is 
active, or if the inputs used in the valuation technique 
are observable. 
On level 1, the measurement of the instrument is based 
on quoted prices in active markets for identical assets 
or liabilities.
On level 2, inputs for the measurement of the 
instrument include also other than quoted prices 
observable for the asset or liability, either directly or 
indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs 
rather than observable market data. The majority of 
Sampo Group’s level 3 assets are private equity and 
alternative funds.
For private equity funds, the valuation of the underlying 
investments is conducted by the fund manager who has 
all the relevant information required in the valuation 
process. The valuation is usually updated quarterly 
based on the value of the underlying assets and the 
amount of debt in the fund. There are several valuation 
methods, which can be based on, for example, the 
acquisition value of the investments, the value of 
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publicly traded peer companies, the multiple-based 
valuation, or the cashflows of the underlying 
investments. Most private equity funds follow the 
International Private Equity and Venture Capital (IPEV) 
guidelines which give detailed instructions on the 
valuation of private equity funds.
For alternative funds, the valuation is also conducted by 
the fund managers. Alternative funds often have 
complicated structures, and the valuation is dependent 
on the nature of the underlying investments. There are 
many different valuation methods that can be used, for 
example, the method based on the cashflows of the 
underlying investments. The operations and valuation of 
alternative funds are regulated, for example by the 
Alternative Investment Fund Managers Directive 
(AIFMD), which determines the principles and 
documentation requirements of the valuation process.
Impairment of financial assets
Sampo assesses at the end of each reporting period 
whether there is any objective evidence that a financial 
asset, other than those at fair value through profit or 
loss, may be impaired. A financial asset is impaired and 
impairment losses are recognised based on the 
estimated future cash flows of the financial asset if 
there is objective evidence of impairment as a result of 
one or more loss events that occurred after the initial 
recognition of the asset and if that event has an impact 
that can be reliably estimated.
There is objective evidence of impairment, if, for 
example, an issuer or debtor encounters significant 
financial difficulties that will lead to insolvency and to 
estimation that the customer will probably not be able 
to meet the obligations to the Group. When there is 
objective evidence of impairment of a financial asset 
carried at amortised cost, the amount of the loss is 
measured as the difference between the receivable’s 
carrying amount and the present value of estimated 
future cash flows discounted at the receivable’s original 
effective interest rate. The difference is recognised as 
an impairment loss in profit or loss. In Sampo Group the 
impairment is assessed individually for each asset.
Financial assets measured at amortised cost
IFRS 9 introduced a forward-looking ECL model, which 
in Sampo Group is mainly applicable to financial assets 
measured at amortised cost. Impairment requirements 
do not apply to equity instruments or other financial 
instruments measured at FVPL. Expected credit losses 
reflect past events, i.e. historical loss experience, current 
conditions, and forecasts of future economic conditions.
IFRS 9 introduces a general approach for impairment in 
which a loss allowance is calculated either for 12-month 
expected credit losses or lifetime expected credit 
losses. A three staged model is used to determine the 
ECL at each reporting date. In stage 1, the credit risk has 
not increased significantly. Loss allowance is measured 
at an amount equal to 12-month expected credit losses. 
In stages 2 and 3, the credit risk has increased 
significantly since initial recognition and the loss 
allowance is measured at an amount equal to the 
lifetime expected credit losses. In stage 3, the financial 
asset is assessed to be credit-impaired (at default) and 
the interest is calculated on the credit-impaired amount 
instead of gross carrying amount.
In Sampo Group, the general approach is based on 
three components, namely probability of default (PD), 
loss given default (LGD), and exposure at default 
(EAD).
Board of Directors’ 
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Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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