Årsredovisning 2023

Derivative financial instruments 
and hedge accounting
Derivative financial instruments are classified as those 
held for trading and those held for hedging, including 
interest rate derivatives, credit risk derivatives, foreign 
exchange derivatives, equity derivatives and 
commodity derivatives. Derivative instruments are 
measured initially at fair value. All derivatives are carried 
as assets when fair value is positive and as liabilities 
when fair value is negative.
Derivatives held for trading
Derivative instruments that are not designated as 
hedges are treated as held for trading. They are 
measured at fair value and the change in fair value, 
together with realised gains and losses and interest 
income and expenses, is recognised in profit or loss.
Hedge accounting
Sampo Group may hedge its operations against interest 
rate risks, currency risks, and price risks through fair 
value hedging and cash flow hedging. Cash flow 
hedging is used as a protection against the variability of 
the future cash flows. During the financial year, cash 
flow hedging has been applied in Hastings.
Hedge accounting applies to hedges that are effective 
in relation to the hedged risk and meet the hedge 
accounting requirements of IFRS 9. The hedging 
relationship between the hedging instrument and the 
hedged item, as well as the risk management objective 
and strategy for undertaking the hedge, are 
documented at the inception of the hedge. 
Cash flow hedging
Cash flow hedging is used to hedge the interest cash 
flows of individual floating rate debt securities or other 
floating rate assets or liabilities. The hedging 
instruments used include currency forward contracts. 
Derivative instruments which are designated as hedges 
and are effective as such, are measured at fair value. 
The effective part of the change in fair value is 
recognised in other comprehensive income. 
The cumulative change in fair value is transferred from 
equity and recognised in profit or loss in the same 
period that the hedged cash flows affect profit or loss.
When a hedging instrument expires, is sold, terminated, 
or the hedge no longer meets the criteria for hedge 
accounting, the cumulative change in fair value remains 
in equity until the hedged cash flows affect profit or 
loss.
Leases
Group as lessee
All lease contracts are primarily recognised in the 
balance sheet in accordance with IFRS 16 Leases. The 
only optional exemptions include certain short-term 
contracts with a duration under 12 months or low-value 
contracts for which the lease payments can be 
recognised as an expense on a straight-line basis over 
the lease term.
Right-of-use assets related to lease contracts (right to 
use an underlying asset) are recognised in the asset 
side as part of Property, plant and equipment and the 
corresponding lease liabilities in the liability side as part 
of Other liabilities. A right-of-use asset is recognised at 
the commencement date of the lease and measured at 
cost that includes the amount of the initial 
measurement of the liability and potential prepaid rents 
to the lessor. Right-of-use assets are amortised on a 
straight-line basis over the lease period. Lease liability is 
also recognised at the commencement date and 
measured at the present value of the lease payments.
Depreciations on right-of-use assets and interests on 
the lease liabilities are recognised in the income 
statement.
Intangible assets
Goodwill
Goodwill represents the excess of the cost of an 
acquisition (made after 1 January 2004) over the fair 
value of the Group’s share of the net identifiable assets, 
liabilities, and contingent liabilities of the acquired entity 
at the date of acquisition. Goodwill on acquisitions 
before 1 January 2004 is accounted for in accordance 
with the previous accounting standards and the 
carrying amount is used as the deemed cost in 
accordance with the IFRS. 
Goodwill is measured at historical cost less accumulated 
impairment losses. Goodwill is not amortised. Instead, it 
is tested at least annually for impairment.
Other intangible assets
IT software and other intangible assets, whether 
procured externally or internally generated, are 
recognised in the balance sheet as intangible assets 
with finite useful lives if it is probable that the expected 
future economic benefits that are attributable to the 
assets will flow to the Group and the cost of the assets 
can be measured reliably. The cost of internally 
generated intangible assets is determined as the sum of 
all costs directly attributable to the assets. Research 
costs are recognised as expenses in profit or loss as 
they are incurred. Costs arising from the development 
of new IT software or from significant improvement of 
existing software are recognised only to the extent they 
meet the above-mentioned requirements for being 
recognised as assets in the balance sheet.
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
FINANCIAL STATEMENTS 2023 60

===== SIDA 61 =====

Intangible assets with finite useful lives are measured at 
historical cost less accumulated amortisation and 
impairment losses. Intangible assets are amortised on a 
straight-line basis over the estimated useful life of the 
asset. The estimated useful lives by asset class are as 
follows:
• IT software 3-10 years
• Other intangible assets 3-10 years
Intangible assets with an indefinite useful life, such as 
brands and trademarks acquired in business 
combinations, are not amortised. Instead, they are 
tested at least annually for impairment.
Property, plant and equipment
Property, plant and equipment comprise properties 
occupied for Sampo’s own activities, office equipment, 
fixtures and fittings, and furniture. 
Property, plant and equipment are measured at 
historical cost less accumulated depreciation and 
impairment losses.
Improvement costs are added to the carrying amount 
of a property when it is probable that the future 
economic benefits that are attributable to the asset will 
flow to the entity. Costs for repairs and maintenance are 
recognised as expenses in the period in which they 
were incurred.
Items of property, plant and equipment are depreciated 
on a straight-line basis over their estimated useful life. In 
most cases, the residual value is estimated at zero. Land 
is not depreciated. Estimates of useful life are reviewed 
at financial year-ends and the useful life is adjusted if 
the estimates change significantly. The estimated useful 
lives by asset class are as follows:
• Buildings 20-50 years
• Components of buildings 15-20 years
• Property and leasehold improvements 4-10 years
• IT equipment and motor vehicles 2-5 years 
• Other equipment 3-15 years 
Depreciation of property, plant or equipment will be 
discontinued if the asset in question is classified as held 
for sale in accordance with IFRS 5 Non-current Assets 
Held for Sale and Discontinued Operations.
Impairment of intangible assets 
and property, plant and equipment
At each reporting date, the Group assesses whether 
there is any indication that an intangible asset or an 
item of property, plant or equipment may be impaired. 
If any such indication exists, the Group will estimate the 
recoverable amount of the asset. In addition, goodwill, 
intangible assets not yet available for use, and 
intangible assets with an indefinite useful life will be 
tested for impairment annually, independent of any 
indication of impairment. For impairment testing the 
goodwill is allocated to the cash-generating units of the 
Group from the date of acquisition. In the test, the 
carrying amount of the cash-generating unit, including 
the goodwill, is compared with its recoverable amount.
The recoverable amount is the higher of an asset’s fair 
value less costs to sell and its value in use. The value in 
use is calculated by estimating future net cash flows 
expected to be derived from an asset or a cash-
generating unit, and by discounting them to their 
present value using a pre-tax discount rate. If the 
carrying amount of an asset is higher than its 
recoverable amount, an impairment loss is recognised in 
profit or loss. In conjunction with this, the impaired 
asset’s useful life will be re-determined.
The impairment loss is reversed if there has been a 
change in circumstances and the recoverable amount 
has changed after the recognition of the impairment 
loss, but no more than to the carrying amount that it 
would have been without recognition of the impairment 
loss. Impairment losses recognised for goodwill are not 
reversed.
Insurance contracts 
Sampo Group is applying IFRS 17 Insurance Contracts 
from 1 January 2023 and comparative figures are 
restated for 2022. Sampo Group’s operations are 
focused on the P&C business and Sampo primarily uses 
the premium allocation approach (PAA) under IFRS 17. 
More details on IFRS 17 transition are included in the 
section Transition to IFRS 17 Insurance Contracts and 
IFRS 9 Financial Instruments.
The risks involved in insurance contracts are widely 
elaborated in the Group’s note 37. 
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
FINANCIAL STATEMENTS 2023 61

===== SIDA 62 =====

P&C operations
Scope
In the Group’s P&C insurance contracts, insurance risk is 
considered significant. Insurance contracts issued by 
third party underwriters (panel underwriters), which do 
not transfer any insurance risk to the Group companies, 
are not in the scope of IFRS 17 but instead accounted 
for under IFRS 15 Revenue from Contracts with 
Customers.
Insurance contracts containing one or more 
components within the scope of different accounting 
standards are accounted for separately. Sampo 
evaluates the insurance contracts to identify 
components from the contracts. For example, an 
insurance contract may include an investment 
component or a component for services other than 
insurance contract services (or both).
Level of aggregation 
Insurance contracts are aggregated into portfolios of 
insurance contracts. The portfolios comprise contracts 
with similar risks that are managed together. These 
portfolios are further divided into annual cohorts, i.e. 
contracts not issued more than one year apart.
In Sampo Group's P&C operations, portfolios are 
determined based on a segmentation of business, or a 
combination of line of business (as defined by the 
management), business area and country. Portfolios are 
determined separately for each legal entity or based on 
product lines. 
Sampo Group has identified some onerous contracts, 
but all in all their amount is insignificant.
The carrying amount of the portfolios of insurance and 
reinsurance contracts determines their presentation as 
assets or liabilities in the balance sheet.
Contract boundary 
The initial measurement of a group of insurance 
contracts includes all future cash flows arising within 
the contract boundary. In determining which cash flows 
fall within the contract boundary, substantive rights and 
obligations arising from the terms of the contract, 
together with applicable laws and regulations, are 
considered.
In Sampo Group’s P&C operations, the majority of 
contracts have a one-year contract boundary, typically 
until the next renewal date, i.e. contract has one-year 
coverage period during which there are substantive 
rights and obligations.
Measurement 
IFRS 17 introduces a general measurement model 
(GMM) applicable to all insurance contracts to measure 
insurance contract liabilities. Under the general 
measurement model insurance contracts are measured 
based on future cash flows, adjusted to reflect the time 
value of money, including a risk adjustment, and a 
contractual service margin (CSM). 
When certain eligibility criteria are met, insurers may 
apply a simplified approach, the premium allocation 
approach (PAA), for the measurement of insurance 
contracts. PAA is eligible for insurance contracts with a 
coverage period of one year or less. This approach is 
also available for contracts where the PAA would not 
materially differ from the results of the GMM. In Sampo 
Group's P&C operations, PAA is applied to all insurance 
contracts, because the coverage period for most of the 
insurance contracts is one year or less, and for longer 
insurance contracts the qualifying eligibility criteria are 
fulfilled. 
The measurement of insurance liabilities consists of 
liability for remaining coverage (LRC) and acquisition 
cash flow asset, and liability for incurred claims (LIC), 
the latter including both reported but not settled claims 
as well as incurred but not reported claims (IBNR).
On initial recognition of P&C operations’ groups of 
insurance contracts, the carrying amount of LRC is 
measured as premiums initially received less insurance 
acquisition cash flows. In case of onerous contracts, a 
loss component is recognised.
The acquisition cash flows reducing the carrying 
amount of LRC mainly include staff costs related to 
sales personnel and commissions, as well as certain 
costs related to selling policies through price 
comparison websites. Any overhead costs are expensed 
immediately. Sampo Group's P&C operations in the 
private business area have elected to recognise 
acquisition cash flows as an expense at the date when 
they are incurred. For other business areas, the 
acquisition costs are deferred over the coverage period 
of the contracts, generally one year, or longer in case of 
expected renewals.
Any acquisition cash flows paid, relating to a group of 
insurance contracts not yet recognised, are presented 
as a separate acquisition cash flow asset and included in 
the related portfolio’s total carrying amount.   
The liability for remaining coverage relates to the 
obligation to investigate and pay valid claims that have 
not yet occurred. At subsequent reporting periods, the 
carrying amount of LRC is increased by premiums 
received during the period and decreased by the 
amount recognised as insurance revenue for services 
provided in the period, which for most products is 
based on the passage of time (straight line basis). 
Consequently, any premium receipts pertaining to 
insurance services to be provided after the closing date, 
remain in this liability. The carrying amount is also 
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
FINANCIAL STATEMENTS 2023 62

===== SIDA 63 =====

increased for any premiums received in subsequent 
periods less additional insurance acquisition cash flows 
paid. The carrying amount of LRC is not discounted or 
adjusted with the effect of financial risk as the time 
between providing services and the related premium 
due date generally is no more than a year.
For groups of onerous contracts, a loss component is 
part of the liability for remaining coverage. The loss 
component is calculated as the difference between the 
liability measured with the general measurement model 
and with the premium allocation approach.
The liability for incurred claims (LIC) is intended to 
cover the future payments of all claims incurred, 
including claims not yet reported to the company and 
all claims handling expenses. Sampo Group measures 
the liability for incurred claims (LIC) for the group of 
insurance contracts at the amount of estimated 
fulfilment cash flows relating to incurred claims. 
Fulfilment cash flows consist of three components, 
namely expected cash flows, discounting and risk 
adjustment. The estimated future cash flows (best 
estimate) are calculated with the aid of statistical 
methods or through individual assessments of individual 
claims. Both the best estimate and risk adjustment are 
discounted to present value using standard actuarial 
methods and applying market-based yield curves. The 
curves are constructed based on a risk-free rate and an 
illiquidity premium for each of the main currencies.
Discounting
Sampo Group's P&C operations have determined the 
discount rates based on a bottom-up approach. The 
interest rate curve includes a risk-free rate (excluding 
credit risk adjustment) and an illiquidity premium for 
each currency. The illiquidity premium is mainly derived 
based on a portfolio of high-rated bonds for the liquid 
part of the interest rate curve. Beyond this, the curve 
converges to the ultimate forward rate, consistent with 
the EIOPA curves. Discount rates are constructed 
separately for the main currencies applied in Sampo 
Group’s subsidiaries.
The discounting effect of current year liabilities for 
incurred claims and changes in the cash flows are 
recognised in the insurance service result. Unwinding of 
interest rates, effect of changes in interest rates and 
other financial assumptions are presented as insurance 
finance income or expense in profit or loss. Sampo 
Group has elected not to apply the OCI option allowed 
under IFRS 17. 
Risk adjustment 
IFRS 17 introduces an explicit risk adjustment included 
in the measurement of insurance liabilities. The risk 
adjustment reflects the cost of uncertainty associated 
with the amount and timing of cash flows arising from 
non-financial risk and the degree of risk aversion. The 
risks typically considered in P&C operations, when 
assessing risk adjustment, are reserve risk, longevity 
risk, inflation risk, and premium risk.
In Sampo Group, the risk adjustment is derived through 
a confidence level technique whereby management 
determines the appropriate quantile. The risk 
adjustment is calculated at the subsidiary level and 
aggregated into the consolidated Sampo Group level 
risk adjustment, without any diversification effects 
assumed. Under the premium allocation approach, the 
risk adjustment is only included in LIC, unless a group of 
insurance contracts is onerous.
Reinsurance contracts 
The PAA model is applied to reinsurance contracts held. 
The corresponding accounting policies as for measuring 
the insurance contracts issued are applied when 
measuring the reinsurance contracts held. Thus, 
correspondingly to insurance liabilities for issued 
insurance contracts, the reinsurance assets for 
reinsurance contracts held consist of asset for 
remaining coverage and asset for incurred claims. The 
asset for incurred claims also takes into consideration 
the effect of the risk of non-performance by the issuer 
of the reinsurance contract.
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
FINANCIAL STATEMENTS 2023 63

===== SIDA 64 =====

Life operations
Sampo Group’s life operations were reclassified as 
discontinued operations during the first quarter. 
Accounting principles related to life operations are 
presented in the note 32.  
Employee benefits 
Post-employment benefits
Post-employment benefits include pensions and life 
insurance.
Sampo has defined benefit plans in Sweden and 
Norway, and defined contribution plans in other 
countries. The most significant defined contribution 
plan is that arranged through the Employees’ Pensions 
Act (TyEL) in Finland.
In the defined contribution plans, the Group pays fixed 
contributions to a pension insurance company and has 
no legal or constructive obligation to pay further 
contributions. The obligations arising from a defined 
contribution plan are recognised as an expense in the 
period to which the obligation relates.
In the defined benefit plans, the company still has 
obligations after paying the contributions for the 
financial period and bears their actuarial and/or 
investment risk. The obligation is calculated separately 
for each plan using the projected unit credit method. In 
calculating the amount of the obligation, actuarial 
assumptions are used. The pension costs are recognised 
as an expense for the service period of employees.
Defined benefit plans are both funded and unfunded. 
The amounts reported as pension costs during a 
financial year consist of the actuarially calculated 
earnings of old-age pensions during the year, calculated 
straight-line, based on pensionable income at the time 
of retirement. The calculated effects in the form of 
interest expense for crediting/appreciating the 
preceding years’ established pension obligations are 
then added. The calculation of pension costs during the 
financial year starts at the beginning of the year and is 
based on assumptions about such factors as salary 
growth and price inflation throughout the duration of 
the obligation and on the current market interest rate 
adjusted to take into account the duration of the 
pension obligations.
The current year pension cost and the net interest of 
the net liability is recognised through profit or loss in 
pension costs. The actuarial gains and losses and the 
return of the plan assets (excluding net interest) are 
recognised as a separate item in other comprehensive 
income.
The fair value of the plan assets covered by the plan is 
deducted from the present value of future pension 
obligations and the remaining net liability or net asset is 
recognised separately in the balance sheet.
The Group has also certain voluntary defined benefit 
plans which have no material significance.
Termination benefits
An obligation based on termination of employment is 
recognised as a liability when the Group is verifiably 
committed to terminate the employment of one or 
more persons before the normal retirement date or to 
grant benefits payable upon termination as a result of 
an offer to promote voluntary redundancy. As no 
economic benefit is expected to flow to the employer 
from these benefits in the future, they are recognised 
immediately as an expense. Obligations maturing more 
than 12 months later than the balance sheet date are 
discounted. The benefits payable upon termination at 
Sampo are the monetary and pension packages related 
to redundancy.
Share-based payments
During the financial year, Sampo had four valid share-
based incentive schemes settled in cash (the long-term 
incentive schemes 2017 II as well as 2020 I, 2020 II and 
2020 III for the management and key employees). 
Topdanmark had one mainly share-settled incentive 
scheme for the executive board and senior executives 
during the financial year. Hastings had also a share-
based incentive scheme settled in cash during the 
financial year. 
More information on the different incentive schemes of 
the Group companies can be found in note 28 Incentive 
schemes.
The schemes have been measured at fair value at the 
grant date and at every reporting date thereafter.
In the schemes settled in cash, the valuation is 
recognised as a liability and changes are recognised 
through profit or loss.
In the schemes settled in shares, the strike amounts 
received on the exercise of the options are recognised 
in the shareholder’s equity.
The fair value of the schemes has to a large extent been 
determined using the Black-Scholes-pricing model. The 
fair value of the market-based part of the incentive 
takes into consideration the model’s forecast 
concerning the number of incentive units to be paid as 
a reward. The effects of non-market-based terms are 
not included in the fair value of the incentive; instead, 
they are considered in the number of those incentive 
units that are expected to be exercised during the 
vesting period. In this respect, the Group will update the 
assumption on the estimated final number of incentive 
units at every interim or annual balance sheet date.
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
FINANCIAL STATEMENTS 2023 64

===== SIDA 65 =====

Income taxes
Item Tax expenses in the income statement comprise 
current and deferred tax. Tax expenses are recognised 
through profit or loss, except for items recognised 
directly in equity or other comprehensive income, in 
which case the tax effect will also be recognised for 
those items. Current tax is calculated based on the valid 
tax rate of each country. Tax is adjusted by any tax 
related to previous periods.
Deferred tax is calculated on all temporary differences 
between the carrying amount of an asset or liability in 
the balance sheet and its tax base. Deferred tax is not 
recognised on non-deductible goodwill impairment, nor 
is it recognised on the undistributed profits of 
subsidiaries to the extent that it is probable that the 
temporary difference will not reverse in the foreseeable 
future. Deferred tax liabilities and assets are offset in the 
individual companies if, and only if, they relate to 
income taxes levied by the same taxation authority and 
the company has a legally enforceable right of offset 
them.
Deferred tax is calculated by using the enacted tax 
rates prior to the balance sheet date. A deferred tax 
asset is recognised to the extent that it is probable that 
future taxable income will be available against which a 
temporary difference can be utilised.
Share capital 
The incremental costs directly attributable to the issue 
of new shares or options or to the acquisition of a 
business are included in equity as a deduction, net of 
tax, from the proceeds. 
Dividends are recognised in equity in the period when 
they are approved by the Annual General Meeting. 
When the parent company or other Group companies 
purchase the parent company’s equity shares, the 
consideration paid is deducted from the equity as 
treasury shares until they are cancelled. If such shares 
are subsequently sold or reissued, any consideration 
received is included in equity.
Treasury shares 
The purchase price paid for buy-back of treasury shares 
(own shares) is directly deducted from equity. No gains 
or losses are recognised from purchase, sale, or 
cancellation of own shares. If own shares are re-issued, 
the difference between purchase price and 
consideration received is recognised in the premium 
reserve.
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-
term deposits (3 months).
Sampo presents cash flows from operating activities 
using the indirect method in which the profit (loss) 
before taxation is adjusted for the effects of 
transactions of a non-cash nature, deferrals and 
accruals, and income and expense associated with 
investing or financing cash flows.
In the cash flow statement, interest received and paid is 
presented in cash flows from operating activities. In 
addition, the dividends received from other than 
associated companies are included in cash flows from 
operating activities. Dividends received from associates 
are presented in cash flows from investments. 
Dividends paid are presented in cash flows from 
financing.
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
FINANCIAL STATEMENTS 2023 65

===== SIDA 66 =====

Accounting policies requiring 
management judgement and 
key sources of estimation 
uncertainties
Preparation of the accounts in accordance with the 
IFRS requires management estimates and assumptions 
that have affected the revenue, expenses, assets, 
liabilities and contingent liabilities presented in the 
financial statements. Judgement is required also in the 
application of accounting policies. The estimates made 
are based on the best information available at the 
balance sheet date. The estimation is based on historical 
experiences and the most probable assumptions 
concerning the future at the balance sheet date. The 
actual outcome may deviate from results based on 
estimates and assumptions. Any changes in the 
estimates will be recognised in the financial year during 
which the estimate is reviewed in all subsequent 
periods.
Insurance contracts
Sampo Group management applies judgement 
regarding the determination of discount rates and risk 
adjustment.
The interest rate curve includes a risk-free rate and an 
illiquidity premium determined by Management, which 
in Sampo Group is mainly based on a portfolio of high-
rated bonds.
Risk adjustment is determined separately for all Sampo 
Group’s companies and aggregated at the Group level. 
Management considers this to reflect the compensation 
that different entities would require for bearing non-
financial risk and their degree to risk aversion. The 
confidence level approach is applied in the Group 
companies. The confidence level applied in calculating 
the risk adjustment is varying between group 
companies from 75 per cent to 85 per cent. 
Actuarial assumptions 
Evaluation of insurance liabilities always involves 
uncertainty, as technical provisions are based on 
estimates and assumptions concerning future claims 
costs. The estimates are based on statistics on historical 
claims available to the Group on the balance sheet date. 
The uncertainty related to the estimates is generally 
greater when estimating new insurance portfolios or 
portfolios where the clarification of a loss takes a long 
time because complete claims statistics are not yet 
available. In addition to the historical data, estimates of 
insurance liabilities take into consideration other 
matters such as claims development, the amount of 
unpaid claims, legislative changes, court rulings and the 
general economic situation.
A substantial part of the Group’s P&C insurance 
liabilities concerns statutory accident and traffic 
insurance. The most significant uncertainties related to 
the evaluation of these liabilities are assumptions about 
inflation, mortality, discount rates and the effects of 
legislative revisions and legal practices.
Defined benefit plans as intended in IAS 19 are also 
estimated in accordance with actuarial principles. As 
the calculation of a pension plan reserve is based on 
expected future pensions, assumptions must be made 
not only about discount rates, but also about matters 
such as mortality, employee turnover, price inflation and 
future salaries. 
Determination of fair value
The fair value of any non-quoted financial assets is 
determined using valuation methods that are generally 
accepted in the market. 
Impairment tests 
Goodwill, and intangible assets with an indefinite useful 
life are tested for impairment at least annually. The 
recoverable amounts from cash-generating units have 
mainly been determined by using calculations based on 
the value in use. These require management estimates 
on matters such as future cash flows, the discount rate, 
and general economic growth and inflation.
Consolidation of Topdanmark as a 
subsidiary
According to IFRS 10 Consolidated Financial Statements 
an investor controls an investee when it is exposed, or 
has rights, to variable returns from its involvement with 
the investee, and has the ability to affect those returns 
through its power over the investee.
On 30 September 2017, Sampo’s ownership of 
Topdanmark AS’s shares was 44.2 per cent and 49.1 per 
cent of votes. At that time, Sampo’s management 
thoroughly considered all the facts and circumstances 
required by the standard in assessing whether Sampo 
controlled Topdanmark and concluded that it should 
consolidate Topdanmark as a subsidiary in the 
consolidated financial statements. Considerations 
included, among other things, the fact that Sampo was 
the largest individual investor and Sampo was unaware 
of any agreements between the other investors. In 
addition, it was considered that Sampo had the power 
to direct Topdanmark’s relevant activities, i.e., the 
activities that significantly affect the investee’s returns. 
At the time of assessment, Sampo had three members 
in Topdanmark’s Board of Directors, one of them being 
the Chairman. In total, there are 9 members on 
Topdanmark’s Board and a vote of 50 per cent is 
required for the decision making, according to the 
Articles of Association. However, Sampo has the right, 
at its discretion, to convene an extraordinary 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
FINANCIAL STATEMENTS 2023 66

===== SIDA 67 =====

meeting to change the composition of the Board of 
Directors and therefore gain the majority of voting 
rights over the Board of Directors.
Discontinued operations
Sampo evaluated the reclassification principles set in 
IFRS 5 Non-current Assets Held for Sale and 
Discontinued Operations and IFRIC 17 Distribution of 
Non-cash Assets to Owners. As a result of the analysis, 
Sampo concluded that the demerger met the criteria 
set for arrangements considered as held for distribution 
to owners acting in their capacity as owners on 30 
September 2023. Mandatum’s assets and liabilities were 
reclassified as a disposal group held for distribution to 
owners and related liabilities on 31 March 2023. 
The partial demerger was completed as planned on 1 
October 2023. The first trading day for Mandatum on 
Nasdaq Helsinki was 2 October 2023. In the demerger, 
all the shares in Mandatum Holding Ltd (a wholly owned 
direct subsidiary of Sampo plc) and the related assets 
and liabilities were transferred without a liquidation 
procedure to Mandatum plc, a company incorporated in 
the demerger on the effective date. 
In addition, a part of Sampo's general liabilities not 
allocated to any specific business operations were 
allocated to Mandatum plc. These liabilities cannot be 
legally transferred due to their nature, and therefore 
Sampo and Mandatum agreed on forming an equivalent 
debt relationship between them, amounting to EUR 102 
million on 2 October 2023. Despite the allocation of 
general liabilities, Sampo’s original liabilities in the 
balance sheet remain unchanged in the arrangement 
and Sampo plc will remain as the primary debtor 
towards the creditors.
Dividend liability on partial demerger 
Sampo analysed the accounting principles set in IFRIC 
17 Distribution of Non-cash Assets to Owners regarding 
the timing of recognition of liability for dividend 
payable. IFRIC 17.10 states that the liability to pay a 
dividend is recognised against the equity when the 
dividend is appropriately authorised and is no longer at 
the discretion of the entity. An entity shall measure a 
liability to distribute non-cash assets as a dividend to its 
owners at the fair value of the assets to be distributed.
In September 2023, the Board of Directors completed 
the final evaluation of the conditions for completing the 
demerger. The dividend liability on the partial demerger 
of Mandatum was recognised in Sampo Group’s balance 
sheet amounting to EUR 1,826 million. Sampo’s 
management concluded that Mandatum segment’s net 
assets represented the best estimate of Mandatum’s fair 
value prior listing at the end of the reporting period 
Q3/2023.
The best estimate for the fair value of Mandatum Group 
was considered to be the weighted average share price 
during the first day of listing on 2 October 2023 in 
Nasdaq Helsinki. The average price of Mandatum’s share 
was EUR 3.657, resulting in a dividend liability of EUR 
1,835 million. 
As the dividend liability recognised in September 2023 
was EUR 1,826 million, Sampo recognised a difference 
of EUR 9 million in the last quarter of 2023. The income 
was recognised in the statement of comprehensive 
income as a part of the discontinued operations. In 
addition, Sampo recognised the loan receivable from 
Mandatum plc, both in the financial assets in the 
balance sheet and in discontinued operations in the 
statement of comprehensive income. 
Change in reference point for 
disaggregation of IFRS 17 
discounting effects in If
IFRS 17 Insurance contracts, implemented on 1 January 
2023, requires insurance liability cash flows to be 
discounted at rates consistent with observable market 
prices, and for the effect of this to be disaggregated 
between the insurance service result and insurance 
finance income and expense. Following an analysis of 
the application of IFRS 17 over 2023, Sampo Group has 
decided to change the reference point used in If for 
disaggregation from the beginning of year to the 
beginning of quarter. This reflects the Group’s practice 
of providing financial results for individual quarters, and  
a desire to align more closely with common market 
practise and the approach taken by other group 
companies.
The implementation of the new methodology for 
disaggregation is considered to be a change in 
accounting estimate, in accordance with IAS 8.32 
Accounting Policies, Changes in Accounting Estimates 
and Errors and not a change in an accounting policy. 
Accounting estimates are amounts “that are subject to 
measurement uncertainty” and measurement 
techniques and inputs are used to develop an 
accounting estimate. Consequently, no restatement of 
comparative year (2022) is required (IAS 8.36). For 
more information, please see notes 1 and 3.
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
FINANCIAL STATEMENTS 2023 67

===== SIDA 68 =====

Application of new or revised 
IFRSs and interpretations
The Group will apply new or amended standards and 
interpretations related to the Group’s business in the 
financial years when they become effective, or if the 
effective date is other than the beginning of the 
financial year, during the financial year following the 
effective date. The new IFRSs coming into effect in 
financial year 2024 will not have any significant 
influence on the Group's financial reporting.
Pillar II
Sampo Group is within the scope of Pillar II regulations 
(EU Minimum Tax Directive and OECD Safe Harbour 
rules). Sampo Group companies have applied a 
temporary mandatory relief from deferred tax 
accounting for any potential impacts of the top-up tax, 
and account for it as a current tax, should it occur. 
Sampo Group will, as of fiscal year 2024, be subject to 
the global minimum top-up tax rules either at the 
ultimate parent entity level, by Sampo plc in Finland, or 
domestic top-up tax in the countries where Sampo 
Group companies operate, and where such rules are 
enacted.
Sampo is in the process of assessing its exposure to the 
global minimum top-up tax rules for when it comes into 
effect. The assessment does not indicate any material 
additional tax to be levied as a consequence of the top-
up tax rules, apart from a possible exception in 
Gibraltar. Due to the complexities in applying the 
legislation and calculating GloBe income, there may still 
be top-up tax effects.
Transition to IFRS 17 Insurance 
Contracts and IFRS 9 Financial 
Instruments
Summary of high-level impacts in Sampo 
Group
Sampo Group is applying IFRS 17 Insurance Contracts 
and IFRS 9 Financial Instruments from 1 January 2023. 
Sampo Group’s operations are focused on the P&C 
business and Sampo primarily uses the premium 
allocation approach (PAA) under IFRS 17. PAA requires 
changes in the calculation of insurance liabilities, 
including setting up an explicit risk adjustment for non-
financial risk and discounting claims reserves with 
market rates.
The application of IFRS 9 did not have significant 
impacts on the measurement of Sampo Group’s balance 
sheet items, as the main part of financial assets is 
currently reported at fair value in the balance sheet. 
However, under IFRS 9, the fair value changes of 
financial instruments are recognised in the statement of 
profit or loss, which may increase earnings volatility.   
Implementation of IFRS 17 or IFRS 9 did not have an 
impact on the Solvency II calculations. 
IFRS 17 Insurance Contracts
Transition approaches applied
On transition to IFRS 17 a full retrospective approach 
and restatement of the previous year’s comparatives is 
required. However, if the application of a full 
retrospective approach is impracticable, then a 
modified retrospective approach or a fair value 
approach may be applied. A full retrospective approach 
was applied in the Group’s non-life companies whereas 
all transition methods were applied in the Group’s life 
company.
In the full retrospective approach, Sampo Group 
identifies, recognises and measures each group of 
insurance contracts as if IFRS 17 had always been 
applied and derecognised any existing balances that 
would not exist if IFRS 17 had always been applied. The 
resulting net difference was recognised in retained 
earnings.
Sampo Group's life operations applied the modified 
retrospective approach and fair value approach, when 
application of the full retrospective approach was 
impracticable. The choice of transition approach 
depended on the type of the product/portfolio, the 
issue date, and data availability.
When applying the fair value approach, Sampo Group’s 
life operations were required to determine the 
contractual service margin or loss component of the 
liability for the remaining coverage at the transition 
date. as the difference between the fair value of a group 
of insurance contracts at that date and the fulfilment 
cash flows measured at the same date. At the end of 
the reporting period 2023, Sampo Group does not have 
life operations due to the partial demerger and listing of 
Mandatum Group on 1 October 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
FINANCIAL STATEMENTS 2023 68

===== SIDA 69 =====

Opening balance sheet 1 January 2022
Sampo Group's opening balance sheet amounted to EUR 58.7 billion and equity to 
EUR 13.5 billion. Compared to the IFRS 4 closing balance sheet of EUR 61.1 billion, the 
opening IFRS 17 balance sheet decreased by EUR 2.4 billion. On transition to IFRS 17, 
both assets and liabilities decreased mainly due to reclassifications of premium 
receivables, and deferred acquisition costs from other assets to insurance liabilities in 
the balance sheet. Discounting of reserves decreased insurance liabilities, whereas 
introduction of risk adjustment increased insurance liabilities. The introduction of the 
loss component related to onerous contracts had only an insignificant impact on 
transition. 
The net transition impact on the IFRS 17 equity was insignificant, amounting to EUR 14 
million in the opening balance sheet.
The following table presents the IFRS 17 opening balance sheet, as of 1 January 2022.
EURm 1 Jan 2022
Assets
Property, plant and equipment  373 
Investment property  236 
Intangible assets  3,660 
Investments in associates  475 
Financial assets  19,862 
Financial assets related to unit-linked contracts  10,546 
Deferred income tax  53 
Insurance contract assets  41 
Reinsurance contract assets  2,008 
Other assets  712 
Cash and cash equivalents  4,690 
Non-current assets held for sale*  16,029 
Total assets  58,684 
Liabilities
Insurance contract liabilities  18,266 
Investment contract liabilities  7,239 
Subordinated debts  2,016 
Other financial liabilities  2,315 
Deferred income tax  851 
Other liabilities  1,532 
Liabilities related to non-current assets held for sale*  13,010 
Total liabilities  45,228 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  9,945 
Other components of equity  1,231 
Equity attributable to owners of the parent  12,805 
Non-controlling interests  651 
Total equity  13,456 
Total equity and liabilities  58,684 
* 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.
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
FINANCIAL STATEMENTS 2023 69

===== SIDA 70 =====

IFRS 17 impacts on Sampo Group’s non-life 
operations
The impact on the insurance contract liabilities due to 
the introduction of the new IFRS 17 components, 
including risk adjustment, deferred acquisition costs and 
additional discounting amounted to EUR -2 billion. The 
main impacts decreasing the insurance contract 
liabilities were due to the additional discounting effect 
and reclassifications. Under IFRS 17, all liabilities for 
incurred claims are discounted, whereas only a smaller 
part of reserves was discounted under IFRS 4.
IFRS 17 impacts on Sampo Group’s life operations
In the IFRS 17 opening balance, insurance contract 
liabilities amounted to EUR 6.6 billion. Introduction of 
discounting, as well as the new IFRS 17 components, risk 
adjustment and CSM, increased the insurance contract 
liabilities. At transition, the CSM amounted to EUR 433 
million. 
A significant part of life insurance liabilities (unit-linked 
policies) is in the scope of IFRS 9, as these contracts do 
not include significant insurance risk or discretionary 
bonuses. In the opening balance sheet these investment 
contract liabilities amounted to EUR 7.2 billion. For 
contracts in scope of IFRS 9, expected profits are not 
presented as CSM.
At the end of reporting period 2023, Sampo Group 
does not have life operations due to the partial 
demerger and listing of Mandatum Group on 1 October 
2023.
Equity bridge calculation between IFRS 4 and IFRS 17 
Sampo Group assessed the impact that the application 
of IFRS 17 had on the Group’s equity. Sampo Group’s 
retained earnings decreased by EUR 7 million (of which 
revaluation of investment property was EUR 2 million), 
and other components of equity increased by EUR 23 
million at 1 January 2022. Other components of equity 
increased due to the termination of shadow accounting 
related to the segregated group pension portfolio.
EURm Share capital Reserves
Retained 
earnings
Other 
components of 
equity
Non-controlling 
interests Total
Equity 31 Dec 2021 98 1,530 9,952 1,208 676 13,464
IFRS 17 adjustments 
non-life companies 9 -32 -23
IFRS 17 adjustments 
life company -18 -18
Tax impact 0 7 7
Other 2 23 25
Equity 1 Jan 2022 98 1,530 9,945 1,231 651 13,456
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
FINANCIAL STATEMENTS 2023 70

===== SIDA 71 =====

IFRS 9 Financial Instruments 
IFRS 9 Financial Instruments standard superseded IAS 39 Financial Instruments: 
Recognition and Measurement. The new standard changed the classification and 
measurement of financial assets, and includes a new impairment model based on 
expected credit losses.
Sampo Group has applied the temporary exemption regarding the adoption of IFRS 9 
Financial Instruments and implemented IFRS 9 at the same time as IFRS 17 Insurance 
Contracts i.e. on 1 January 2023. The IFRS 9 comparative figures 2022 are not restated.
Classification and measurement under IFRS 9
The table presents the changes in classification and measurement of the main financial 
assets and liabilities during the transition to IFRS 9. The implementation of IFRS 9 did 
not have a material impact on the measurement of the balance sheet, as the main part 
of the financial assets were reported at fair value under IAS 39 in the balance sheet, 
which is also the measurement principle under IFRS 9. Therefore, the new classification 
requirements did not have a material impact on total equity at the transition to IFRS 9
As financial assets classified as available for sale under IAS 39 are measured at fair 
value through profit or loss under IFRS 9, the equity reserve related to available-for-
sale financial assets is transferred into retained earnings.
There were no changes in the measurement of financial liabilities on transition to 
IFRS 9. 
Measurement 
category under IAS 39
Measurement 
category under 
IFRS 9
Carrying 
amount 31 Dec 
2022  (IAS 39) Transfer
Carrying 
amount 1 Jan 
2023 (IFRS 9)
EURm EURm
Derivative financial 
instruments
Derivative 
financial 
instruments 79 — 79
Financial assets at fair 
value
Financial assets 
at fair value 
through profit 
or loss 3,045 — 3,045
Financial assets 
available for sale
Financial assets 
at fair value 
through profit 
or loss 16,048 — 16,048
Loans and receivables
Financial assets 
at amortised 
cost 296 — 296
The carrying amounts presented in the table above exclude the effect of expected credit losses. 
The effect is expected to be insignificant. Previously recognised incurred credit losses are included 
in the carrying amounts presented in the table. 
Investments underlying unit-linked policies amounting to EUR 10.5 billion are excluded in the 
table.They are classified as at fair value through profit or loss both under IAS 39 and IFRS 9. 
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
FINANCIAL STATEMENTS 2023 71

===== SIDA 72 =====

Segment information
At the end of the reporting period, Sampo Group’s 
business segments are If, Topdanmark, Hastings and 
Holding. At the end of comparative period, Mandatum 
has been presented as a business segment. 
Segment information has been produced in accordance  
with the accounting policies adopted for preparing and 
presenting the consolidated financial statements. The  
segment revenue, expense, assets and liabilities, either  
directly attributable or reasonably allocable, have been 
allocated to the segments. Inter-segment pricing is 
based on market prices. The transactions, assets and 
liabilities between the segments are eliminated in the 
consolidated financial statements on a line-by-line basis. 
There was no significant income between segments 
during the financial periods.
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
FINANCIAL STATEMENTS 2023 72

===== SIDA 73 =====

Result by segment for twelve months ended 31 December 2023
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
GWP & brokerage income  5,468  1,339  2,063  —  —  8,870 
Insurance revenue, net 
(incl. brokerage)  4,996  1,288  1,251  —  —  7,535 
Claims incurred, net  -3,377  -862  -714  —  —  -4,953 
Operating expenses  -777  -233  -409  —  —  -1,419 
Underwriting result  842  194  128  —  —  1,164 
Net investment income  871  107  79  -37  -13  1,006 
Insurance finance income 
or expense, net  -331  -79  -35  —  —  -446 
Net financial result  539  27  44  -37  -13  560 
Other items  -24  -59  -42  -122  4  -243 
Profit before taxes  1,358  162  129  -160  -9  1,481 
Income taxes  -285  -43  -11  0  —  -339 
Profit from the continuing 
operations  1,073  119  118  -160  -9  1,142 
Discontinued operations, 
net of tax*  —  —  —  —  9  251 
Net profit  1,393 
Other comprehensive 
income
Items reclassifiable to 
profit or loss
Exchange differences  -23  -3  24  —  —  -1 
Cash flow hedges  —  —  -1  —  —  -1 
Total items reclassifiable 
to profit or loss, net of tax  -23  -3  23  —  —  -3 
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
Items not reclassifiable to 
profit or loss
Actuarial gains and losses 
from defined pension plans  -6  —  —  —  —  -6 
Taxes  1  —  —  —  —  1 
Total items not 
reclassifiable to profit or 
loss, net of tax  -5  —  —  —  —  -5 
Total other comprehensive 
income for the continuing 
operations, net of tax  -28  -3  23  —  —  -8 
Total comprehensive 
income  1,045  117  141  -160  -9  1,386 
Profit attributable to
Owners of the parent  1,323 
Non-controlling interests  70 
Total comprehensive 
income attributable to
Owners of the parent  1,316 
Non-controlling interests  70 
Mandatum segment has been presented in the table on a single line as a discontinued operation, 
and therefore the Group’s net profit by lines do not reconcile to the segment totals. 
* The elimination totalling EUR 9 million is related to intra-segment operations between the 
reportable segments and discontinued operation. 
The segment result formula has been adjusted in Q4/2023 to align the presentation with the 
management’s follow-up and ratio calculation. Hastings’ income and expenses previously included 
in line-item Other P&C other insurance related income/expense are now split into Insurance 
revenue, net (incl. brokerage) and Operating expenses. 
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
FINANCIAL STATEMENTS 2023 73

===== SIDA 74 =====

Result by segment for twelve months ended 31 December 2022
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
GWP & brokerage income  5,432  1,308  1,636  —  —  8,375 
Insurance revenue, net 
(incl. brokerage)  5,024  1,255  998  —  —  7,277 
Claims incurred, net  -3,550  -809  -509  —  —  -4,867 
Operating expenses  -801  -216  -361  —  —  -1,379 
Underwriting result  673  230  128  —  —  1,031 
Net investment income  278  -142  16  177  -8  320 
Insurance finance income 
or expense, net  610  115  11  —  —  736 
Net financial result  888  -28  27  177  -8  1,056 
Other items  -11  -45  -49  -31  -28  -163 
Profit before taxes  1,550  158  107  146  -36  1,924 
Income taxes  -325  -40  -8  8  —  -366 
Profit from the continuing 
operations  1,225  117  98  153  -36  1,559 
Discontinued operations, 
net of tax  —  —  —  —  36  579 
Divested operations, net of 
tax  —  102  —  —  —  102 
Net profit  2,240 
Other comprehensive 
income
Items reclassifiable to 
profit or loss
Exchange differences  -169  -1  -106  8  —  -268 
Available-for-sale financial 
assets  -823  —  -58  -240  —  -1,121 
Taxes  169  —  —  40  —  209 
Total items reclassifiable 
to profit or loss, net of tax  -823  -1  -164  -192  —  -1,180 
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
Items not reclassifiable 
to profit or loss
Actuarial gains and 
losses from defined 
pension plans  32  —  —  —  —  32 
Taxes  -7  —  —  —  —  -7 
Total items not 
reclassifiable to profit 
or loss, net of tax  26  —  —  —  —  26 
Total other 
comprehensive income 
for the continuing 
operations, net of tax  -797  -1  -164  -192  —  -1,154 
Other comprehensive 
income for the 
discontinued operations, 
net of tax  -484 
Other comprehensive 
income, total net of tax  -1,639 
Total comprehensive 
income  428  117  -66  -39  -36  601 
Profit attributable to
Owners of the parent  2,107 
Non-controlling interests  133 
Total comprehensive 
income attributable to
Owners of the parent  468 
Non-controlling interests  133 
Mandatum’s segment has been presented in the table on a single line as a discontinued operation, 
and therefore the Group total by lines do not reconcile to the segment totals. 
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
FINANCIAL STATEMENTS 2023 74

===== SIDA 75 =====

Balance sheet by segment at 31 December 2023
EURm If Topdanmark Hastings Holding Elim. Sampo Group
Assets
Property, plant and equipment  177   117   19   4   —   318  
Intangible assets  579  1,545  1,512  1  —  3,637 
Investments in associates  4  8  —  —  —  12 
Financial assets  10,838  2,060  1,407  7,564  -6,112  15,757 
Deferred income tax  4  4  —  —  -4  3 
Reinsurance contract assets  563  79  1,640  —  —  2,282 
Other assets  553  89  136  23  —  800 
Cash and cash equivalents  197  24  448  747  —  1,415 
Total assets  12,915  3,926  5,162  8,339  -6,117  24,225 
Liabilities
Insurance contract liabilities  7,134   1,855   2,726   —   —   11,716  
Subordinated debts  135  148  —  1,490  -127  1,645 
Other financial liabilities  58  46  186  979  —  1,269 
Deferred income tax  352  139  76  0  —  567 
Other liabilities  1,011  162  112  58  —  1,342 
Total liabilities  8,689  2,350  3,100  2,527  -128  16,538 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  6,378 
Other components of equity  -743 
Equity attributable to owners of the parent  7,263 
Non-controlling interests  424 
Total equity  7,687 
Total equity and liabilities  24,225 
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
FINANCIAL STATEMENTS 2023 75

===== SIDA 76 =====

Balance sheet by segment at 31 December 2022
EURm If Topdanmark Hastings Mandatum Holding Elim. Sampo Group
Assets
Property, plant and equipment  190   112   23   26   4   —   355  
Investment property  1  —  —  166  —  —  166 
Intangible assets  588  1,232  1,501  172  1  —  3,494 
Investments in associates  4  7  —  4  —  —  16 
Financial assets  10,451  2,584  1,149  3,776  8,250  -6,644  19,565 
Financial assets related to unit-linked contracts  —  —  —  9,930  —  —  9,930 
Deferred income tax  9  7  —  —  —  -4  11 
Insurance contract assets  —  —  —  6  —  —  6 
Reinsurance contract assets  264  79  1,477  1  —  —  1,821 
Other assets  394  66  127  162  60  -34  775 
Cash and cash equivalents  296  8  246  761  1,762  —  3,073 
Total assets  12,197  4,094  4,521  15,004  10,077  -6,682  39,212 
Liabilities
Insurance contract liabilities  6,693  1,763  2,434  5,321  —  —  16,210 
Investment contract liabilities  —  —  —  7,103  —  —  7,103 
Subordinated debts  224  148  —  350  1,489  -228  1,983 
Other financial liabilities  7  55  73  3  1,320  —  1,457 
Deferred income tax  306  120  79  160  0  —  666 
Other liabilities  1,079  166  118  224  64  -34  1,617 
Total liabilities  8,309  2,252  2,704  13,159  2,873  -262  29,035 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  8,482 
Other components of equity  -492 
Equity attributable to owners of the parent  9,618 
Non-controlling interests  560 
Equity  10,178 
Total equity and liabilities  39,212 
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
FINANCIAL STATEMENTS 2023 76

===== SIDA 77 =====

Geographical information
EURm
2023 Finland Sweden Norway Denmark UK Baltic Total
Revenue from external customers  1,343    1,801    1,654    1,897    1,308    223    8,225   
Non-current assets  111    454    189    1,675    1,531    7    3,968   
EURm
2022 Finland Sweden Norway Denmark UK Baltic Total
Revenue from external customers  1,682    1,840    1,730    1,848    1,030    189    8,319   
Non-current assets  481    457    208    1,354    1,523    7    4,030   
Geographical information has been disclosed on income from external customers and 
non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, UK and 
the Baltic countries.
The revenue includes insurance revenue according to the underwriting country. 
Holding includes net investment income and other operating income. For Hastings, 
income from broker activities has been included as well. Revenue from external 
customers during the reporting period 2023 includes Mandatum’s revenue until the 
date of demerger i.e. 1 October 2023. 
Non-current assets comprise of intangible assets, investments in associates, property, 
plant and equipment, and investment property. At the end of the reporting period, 
non-current assets no longer include Mandatum’s assets or liabilities.  
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
FINANCIAL STATEMENTS 2023 77

===== SIDA 78 =====

Other notes
1 Insurance service result
EURm 1-12/2023 1-12/2022
Insurance revenue 
Insurance contracts measured under PAA
Gross written premiums  8,513  8,053 
Change in liability for remaining coverage  -329  -204 
Brokerage revenue  233  213 
Total insurance revenue from contracts measured under PAA  8,417  8,062 
Total insurance revenue  8,417  8,062 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -5,292  -4,844 
Claims handling expenses  -468  -481 
Change in liability for incurred claims  -29  -220 
Change in risk adjustment  -9  13 
Change in loss component  -12  12 
Insurance service expenses related to claims incurred  -5,810  -5,519 
Operating expenses  -1,266  -1,239 
Total insurance service expenses  -7,076  -6,759 
Reinsurance result 
Premiums  -1,005  -894 
Claims recovered  857  652 
Total reinsurance result  -148  -242 
Total insurance service result  1,193  1,062 
The table does not include Mandatum Group’s figures. For further information, please see note 32.
During Q4/2023 Sampo decided to change the reference point in discounting used in 
If for disaggregation from the beginning of year to the beginning of quarter. The 
change in reference point had an impact on the split of discounting effects between 
the insurance service result and insurance finance income and expenses. Under the 
new methodology, current year discounting effects identified in If’s insurance service 
result are estimated at EUR 168 million for the full-year 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
FINANCIAL STATEMENTS 2023 78

===== SIDA 79 =====

2 Net investment income
The net investment income consists of investment income and expenses from financial 
assets and liabilities held by the group companies. Figures for the comparative year 
are presented in accordance with IAS 39 Financial Instruments: Recognition and 
Measurement.
EURm 1-12/2023 1-12/2022
Derivative financial instruments
Interest income  6   1  
Interest expense  -23   -12  
Net gains or losses  5   136 
Derivative financial instruments, total  -12   126 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  447   43 
Net gains or losses  364   -147 
Equity securities 
Dividend income  59   32 
Net gains or losses  64   -26 
Funds
Distributions  5   — 
Interest income  11   2 
Net gains or losses  60   -1 
Financial assets at fair value through profit or loss, total  1,010   -97 
Financial assets available-for-sale (IAS 39) 
Debt securities n/a  255 
Equity securities n/a  45 
Funds n/a  6 
Financial assets available-for-sale, total n/a  305 
Financial assets at amortised cost  23  n/a
Loans and receivables n/a  -4 
Total income or expenses from financial assets  1,021   330 
EURm 1-12/2023 1-12/2022
Other
Dividend income from associates  —   157 
Expenses from asset management  -19   -23 
Other income  34   16 
Other expenses  -26   -153 
Fee expenses  -1   0 
Expenses from investment property  -4   -7 
Total other  -15   -10 
Total net investment income  1,006   320 
The table does not include Mandatum Group’s figures. For further information, please see note 32.
Net gains or losses for debt securities include exchange differences of EUR -3 million 
(2).
The amount of expected credit losses on financial assets measured at amortised cost is 
presented in the note 14. 
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
FINANCIAL STATEMENTS 2023 79

===== SIDA 80 =====

3 Net finance income or expense from 
insurance contracts
EURm 1-12/2023 1-12/2022
Insurance contracts
Unwinding of discount rate  -322    -132   
Effect of changes in interest rates and other financial 
assumptions  -207    959   
Total finance income or expenses from insurance contracts  -529    827   
Reinsurance contracts
Unwinding of discount rate  74    39   
Reinsurers' share of effect of changes in interest rates and 
other financial assumptions  9    -130   
Total finance income or expenses from reinsurance contracts  83    -90   
Net finance result insurance and reinsurance contracts  -446    736   
The table does not include Mandatum Group’s figures. For further information, please see note 32.
Due to the change in reference point in discounting in If, the unwind of discount rate 
included in finance income or expense was EUR -180 million for the full year. 
4 Other income
EURm 1-12/2023 1-12/2022
Other income  265    345   
Income related to broker activities  12    6   
Total other income  277    350   
The table does not include Mandatum Group’s figures. For further information, please see note 32.
If’s other operating income includes approximately EUR 144 million (138) income from 
insurance operations without a transfer of insurance risk. Such income is primarily 
attributable, e.g. to sales commission and services for administration and claims 
settlement in insurance contracts on behalf of other parties. This operating income is 
accounted for under IFRS 15 Revenue from Contracts with Customers. In addition, 
other operating income includes income from roadside assistance services provided by 
If’s subsidiary Viking Assistance Group AS, recognised when roadside assistance has 
been provided. 
Hastings’ operating income includes total of EUR 115 million (106) revenue recognised 
under IFRS 15 and consisting of fees and commission on panel providers, ancillary 
product income and other retail income. Income related to broker activities is also 
accounted for under IFRS 15 if there is no insurance risk transferred to Hastings. 
5 Other expenses
EURm 1-12/2023 1-12/2022
Other expenses  -300    -127   
Depreciation and amortisation  -99    -117   
Salaries and other staff costs  -57    -192   
Total other expenses  -457    -436   
The table does not include Mandatum Group’s figures. For further information, please see note 32.
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
FINANCIAL STATEMENTS 2023 80

===== SIDA 81 =====

Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the 
following table provides additional information on the nature of the expenses including 
the total of depreciation, amortisation and employee benefit expense. 
EURm 1-12/2023 1-12/2022
Staff costs
Salaries and wages  -893  -892 
Cash-settled share-based payments  -4  -34 
Share-settled share-based payments  -2  -2 
Pension costs
Pension expenses - defined contribution plans  -99  -101 
Pension expenses - defined benefit plans  -15  -17 
Other social security costs  -168  -176 
Depreciations 
Depreciation on plant and equipment  -15  -8 
Depreciation IFRS 16  -33  -34 
Amortisations
Amortisation on customer relations  -64  -65 
Amortisation on other intangibles  -46  -62 
Rental expenses  -34  -36 
IT costs  -244  -250 
Marketing expenses  -62  -65 
Other  -654  -594 
Total expenses split by nature  -2,335    -2,337   
The table includes Mandatum Group’s figures.
The main items in line Other include commissions of EUR 138 million (157), other 
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78), 
and levies EUR 48 million (42).
6 Auditor's fees
EUR thousand 1-12/2023 1-12/2022
Auditing fees  -4,666    -4,300   
Deloitte  -4,032    -4,000   
KPMG  -634    -300   
Other fees  -612    -1,000   
Deloitte  -460    -700   
KPMG  -152    -300   
Total  -5,278    -5,300   
7 Finance expenses
EURm 1-12/2023 1-12/2022
Interest expense on financial liabilities  -24    -32   
Interest expense on subordinated loans  -48    -49   
Other items  -22    -17   
Total finance expenses  -93    -98   
The table does not include Mandatum Group’s figures. For further information, please see note 32.
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
FINANCIAL STATEMENTS 2023 81

===== SIDA 82 =====

8 Components of other comprehensive 
income
EURm 1-12/2023 1-12/2022
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  -1  -268 
Available-for-sale financial assets
Gains/losses arising during the year n/a  -1,102 
Reclassification adjustments (IAS 1.93) n/a  -19 
Cashflow 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 n/a  -484 
Other comprehensive income total, net of tax  -8  -1,639 
The table does not include Mandatum Group’s figures in 2023 . For further information, please see 
note 32.
9 Earnings per share
EURm 1-12/2023 1-12/2022
Profit or loss attributable to the equity holders of the parent 
company  1,323    2,107   
Weighted average number of shares outstanding during the 
financial year*  506    530   
Earnings per share (EUR per share)  2.62    3.97   
Earnings per share, continuing operations  2.12    2.88   
Earning per share, discontinuing operations  0.50    1.09   
* The weighted average number of treasury shares during the financial year has been taken into 
account in the number of shares. There were no other share-related transactions during the 
financial 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
FINANCIAL STATEMENTS 2023 82

===== SIDA 83 =====

10 Property, plant and equipment
2023
EURm
Right-of-
use assets1
Land and 
buildings
Plant and 
equipment2 Total
At 1 January
Cost  289  119  162  570 
Accumulated depreciation  -92  -8  -115  -216 
Net carrying amount at 1 January  197  111  47  355 
Carrying amount at 1 January
Business acquisitions  —  1  0  1 
Additions  19  1  25  45 
Disposals  -20  -4  -5  -29 
Depreciation  -32  0  -14  -46 
Exchange differences  -4  0  -1  -4 
Other changes  —  -3  —  -3 
Carrying amount at 31 December  160  106  52  318 
At 31 December
Cost  286  114  182  582 
Accumulated depreciation  -126  -9  -130  -264 
Net carrying amount at 31 
December  160  106  52  318 
The disposals in the financial year include the PP&E of Mandatum Group, separated 
from Sampo on 1 October 2023. For further information, please see note 32.
2022
EURm
Right-of-
use assets1
Land and 
buildings
Plant and 
equipment2 Total
At 1 January
Cost  276  127  162  566 
Accumulated depreciation  -70  -8  -113  -191 
Net carrying amount at 1 January  207  119  50  375 
Carrying amount at 1 January
Additions  33  —  18  50 
Disposals  -3  —  -13  -17 
Depreciation  -34  -1  -8  -43 
Exchange differences  -6  -7  0  -12 
Carrying amount at 31 December  197  111  47  355 
At 31 December
Cost  294  120  163  577 
Accumulated depreciation  -97  -9  -116  -222 
Net carrying amount at 31 
December  197  111  47  355 
1 The Group acts as a lessee in various leases of office premises, vehicles, and office equipment. 
Right-of-use assets relate to lease contracts for large office premises. The Group leases premises 
mainly for its own use. The expected lease term varies from 2 to 12 years. Most contracts include an 
option to extend the contract at the term end. Some lease contracts have an option to terminate 
the contract before the term end. Variable lease payments are generally linked to consumer price 
indexes.
More information on leases is in note 25 Other liabilities.
2 Equipment in different segments comprise IT equipment and furniture.
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
FINANCIAL STATEMENTS 2023 83

===== SIDA 84 =====

11 Intangible assets
2023
EURm Goodwill
Customer 
relations Trademark
Work in 
progress
Other 
intangible 
assets Total
At 1 January
Cost  2,385  679  224  72  625  3,985 
Accumulated 
amortisation  —  -216  —  —  -275  -492 
Net carrying amount at 
1 January  2,385  463  224  72  350  3,494 
Net carrying amount at 
1 January
Business acquisitions  238  72  7  —  8  325 
Additions  —  —  —  102  4  106 
Disposals  -163  -31  —  -2  -4  -200 
Amortisation  —  -65  0  -1  -44  -109 
Transfers from WIP  —  —  —  -81  81  — 
Exchange differences  10  3  3  —  5  21 
Net carrying amount at 
31 December  2,469  443  233  90  401  3,637 
At 31 December
Cost  2,469  726  233  91  722  4,241 
Accumulated 
amortisation  —  -282  0  -1  -321  -604 
Net carrying amount at 
31 December  2,469  443  233  90  401  3,637 
The disposals in the financial year include the intangibles of Mandatum Group, 
separated from Sampo on 1 October 2023.  For further information, please see note 32.
2022
EURm Goodwill
Customer 
relations Trademark
Work in 
progress
Other 
intangible 
assets Total
At 1 January
Cost  2,490  716  277  36  681  4,200 
Accumulated 
amortisation  —  -157  —  —  -249  -406 
Net carrying amount 
at 1 January  2,490  560  277  36  432  3,794 
Net carrying amount 
at 1 January
Business acquisitions  —  5  —  1  2  7 
Additions  3  1  —  102  7  114 
Disposals  -12  -28  -43  -6  -72  -162 
Amortisation  —  -65  —  —  -60  -125 
Transfers from WIP  —  —  —  -41  41  — 
Other changes  -4  1  —  -19  16  -5 
Exchange differences  -92  -11  -10  -1  -15  -129 
Net carrying amount 
at 31 December  2,385  463  224  72  350  3,494 
At 31 December
Cost  2,385  680  224  72  626  3,988 
Accumulated 
amortisation  —  -218  —  —  -276  -494 
Net carrying amount 
at 31 December  2,385  463  224  72  350  3,494 
The comparison year includes Mandatum. For further information, please see note 32.
Goodwill is split between the segments as follows: 2023 2022
If  556    562   
Topdanmark  1,038    802   
Hastings  876    858   
Mandatum  —    163   
Total  2,469    2,385   
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
FINANCIAL STATEMENTS 2023 84

===== SIDA 85 =====

The useful life for customer relations in the Group is 3–10 years. They are amortised 
using the straight-line method. The useful life of trademark is deemed indefinite and it 
will not be amortised. 
Other intangible assets in all segments comprise mainly IT software. Amortisations and 
impairment losses are included in the income statement item Other expenses.
Testing goodwill for impairment
Goodwill is tested for impairment in accordance with IAS 36 Impairment of assets. No 
impairment losses have been recognised based on these tests.
For the purpose of testing goodwill for impairment, Sampo determines the recoverable 
amount of its cash-generating units, to which goodwill has been allocated, on the basis 
of value in use. Sampo has defined these cash-generating units as If Group, 
Topdanmark Group, and Hastings Group.
The recoverable amounts for If and Hastings have been determined by using a 
discounted cash flow model. The model is based on the best estimates of companies’ 
management of both historical evidence and financial conditions such as premiums, 
claims, reinsurance, margins, interest rates, capital structure, and income and cost 
development. The derived cash flows were discounted at the pre-tax rate of the cost 
of equity which for both If and Hastings was 10.1 per cent. The cost of capital is defined 
based on the CAPM model from external sources to reflect the risk of each company 
relative to the market.
Forecasts for If, approved by the management, cover the years 2024–2026. The cash 
flows beyond that have been extrapolated using a 2 per cent growth rate. Hastings’ 
long-term growth rate for years beyond 2028 is 2.0 per cent.
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 700 
million. With the calculation method used, e.g. an increase of about 2 percentage 
points in the cost of equity could lead to a situation where the recoverable amount of 
the entity would equal its carrying amount.
As for the If Group, the management believes that any reasonably possible change in 
any of these key assumptions would not cause the aggregate carrying amount to 
exceed the aggregate recoverable amount.
IAS 36 permits determining the recoverable amount by using the fair value less costs 
to sell. For Topdanmark, the valuation of goodwill has been tested on the balance 
sheet date by using that method. The fair value of Topdanmark of EUR 1,904 million on 
the balance sheet date exceeds its carrying amount in the Group.
Sensitivity analysis
Impact on the present value from the following changes (EURbn) 2023
If
Long-term Combined ratio +2.5 p.p. -1.7
Long-term Combined ratio -2.5 p.p. 1.7
Long-term growth rate -1 p.p. -1.8
Long-term growth rate +1 p.p. 2.6
Cost of equity +1 p.p. -2.1
Cost of equity -1 p.p. 3.0
Hastings
Long-term growth rate -1 p.p. -0.3
Long-term growth rate +1 p.p. 0.4
Cost of Equity +1 p.p. -0.4
Cost of Equity -1 p.p. 0.5
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
FINANCIAL STATEMENTS 2023 85

===== SIDA 86 =====

Acquisition of Oona Health AS, impairment testing of goodwill
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S. 
The purchase price includes goodwill of EUR 237 million (DKK 1,770 million). For 
further information on the acquisition, please see note 34. 
Calculation of value in use is based on 10 years expected cash flows as approved by 
the management. The pre-tax discount rate is 13.8%, and the post-tax rate 10.2%. 
2023
Assumptions
Earned premiums, CAGR, 0-10 years 8.9%
Earned premiums CAGR >10 years (terminal growth) 3.0%
Long-term combined ratio 84.2%
Sensitivities (EURm)
Earned premiums CAGR >10 years (terminal growth) -1pp -25
Long-term combined ratio +1pp -10
Post-tax discount rate +1pp -41
12 Investment property
EURm 12/2023 12/2022
Net carrying amount at 1 January  166  568 
Additions  —  17 
Disposals  -166  -375 
Net gains and losses from fair value adjustments  —  5 
Other changes  0  -49 
Exchange differences  0  0 
Net carrying amount at 31 December  0  166 
The disposals in the financial year include the investment property of Mandatum 
Group, separated from Sampo on 1 October 2023.  For further information, please see 
note 32.
The premises in investment property for different segments are leased on market-
based, irrevocable contracts. The lengths of the contracts vary from those for the time 
being to those for several years. 
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
FINANCIAL STATEMENTS 2023 86

===== SIDA 87 =====

13 Investments in associates and joint ventures
Associates and joint ventures that have been 
accounted for by the equity method at 31 December 
2023
EURm
Name Domicile
Carrying 
amount
Interest held 
%
Associates
CAB Group AB Sweden  3  21.98 
Rogaland Forsikring AS Norway  1  33.00 
Bornholms Brandforsikring A/S Denmark  8  27.00 
Associates and joint ventures that have been accounted 
for by the equity method at 31 December 2022
EURm
Name Domicile
Carrying 
amount
Interest held 
%
Associates
Precast Holding Oy Finland  4  24.43 
CAB Group AB Sweden  3  21.98 
Rogaland Forsikring AS Norway  1  33.00 
Bornholms Brandforsikring A/S Denmark  7  27.00 
Changes in investments in associates and in joint 
ventures
EURm 2023 2022
At 1 January  16  777 
Share of profit or loss  1  22 
Additions  —  1 
Disposals  -4  -313 
Changes in the equity of associates  —  -12 
Exchange differences  —  -33 
Reclassification as an investment at fair value through p/l  —  -425 
At 31 December  12  16 
The carrying amount of investments in associates included goodwill of EUR - million (4).
The disposals in the financial year include the investments in associates of Mandatum 
Group, separated from Sampo on 1 October 2023.  For further information, please see 
note 32.
Changes in holding of associate shares in 2022
NOBA Holding AB (former Nordax)
At the end of the financial year 2022 the associate shares in NOBA Holding were 
reclassified to equity securities at fair value through profit or loss at the balance sheet 
date, in accordance with IAS 39 Financial Instruments: Recognition and Measurement. 
The valuation difference between the book value and fair value was recognised in the 
income statement in other operating income.
Until the reclassification date, NOBA Holding was accounted for under IAS 28 
Investments in associates and joint ventures. Other comprehensive income of EUR -37 
million, recognised in earlier periods and remaining, was recycled to the income 
statement at the reclassifcation.
Nordea
In April 2022, Sampo sold its remaining Nordea holding through an accelerated 
bookbuild offering of 200 million shares. The sale of Nordea shares ended the 
classification of shares as non-current assets held for sale. 
The transactions in 2022 generated total gross proceeds of EUR 2.3 billion, of which 
EUR 2.1 billion was raised in the second quarter. The positive accounting effect from 
the transactions on Sampo’s consolidated statement of profit and loss was EUR 103 
million, of which EUR 75 million was booked for the second quarter. 
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
FINANCIAL STATEMENTS 2023 87

===== SIDA 88 =====

14 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9 
Financial Instruments. Figures for comparative year are presented in accordance with 
IAS 39 Financial Instruments: Recognition and Measurement. 
EURm 12/2023 12/2022
Financial assets
Derivative financial instruments  38  101 
Financial assets at fair value through profit or loss
Debt securities  12,925  1,941 
Equity securities  1,640  560 
Funds  662  — 
Deposits and other  40  544 
Total financial assets at fair value through profit or loss  15,267  3,045 
Financial assets available-for-sale (IAS 39) 
Debt securities n/a  12,815 
Equity securities n/a  1,581 
Funds n/a  1,652 
Total financial assets available-for-sale n/a  16,048 
Financial assets measured at amortised cost
Loans  451 n/a
Other  1 n/a
Total financial assets measured at amortised cost  452 n/a
Loans and receivables (IAS 39) n/a  371 
Total financial assets  15,757  19,565 
The comparative period includes Mandatum Group’s figures. For further information, please see 
note 32.
Due to the demerger on 1 October 2023, Sampo recognised the loan receivable from 
Mandatum plc amounting to EUR 102 million in order to allocate general liabilities. Loan 
receivable is measured at amortised cost. In connection with the demerger, Sampo 
sold certain financial assets to Mandatum at fair market value. These assets included 
holdings in Enento Group, guarantee shares of Kaleva Mutual Insurance Company, and 
other smaller equity, debt and alternative investments. In addition, Sampo and 
Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is subject to 
approvals from authorities. For more information regarding the sale of Saxo, please see 
note 35.  
Loans measured at amortised cost include Hastings’ loans to customers amounting to 
EUR 186 million (75). 
Financial assets measured at amortised cost by stages
The financial assets measured at amortised cost are in the scope of impairment. The 
impairment model is based on a forward-looking expected credit loss model (ECL). 
The expected credit loss  model has a three-stage approach based on changes in 
credit risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant 
increase in credit risk since initial recognition. For items where there is a significant 
increase in credit risk (Stage 2), or in default (Stage 3), lifetime ECL applies. 
The determination of expected credit losses is described in detail in the section 
Accounting principles. The next table presents the gross amounts of financial assets 
measured at amortised cost and loss allowance by stages. 
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
FINANCIAL STATEMENTS 2023 88

===== SIDA 89 =====

12/2023
EURm
Stage 1 - 
12-month 
ECL
Stage 2 - 
Lifetime 
ECL - not 
credit-
impaired
Stage 3 -
Lifetime 
ECL - 
credit-
impaired Total
Financial assets at amortised cost
Loans 451 8 7 466
Deposits 1 — — 1
Loss allowance -9 -1 -5 -16
Total 442 6 2 451
The gross carrying amounts of the financial assets measured at amortised cost was 
EUR 468 million and loss allowance was EUR 16 million on 31 December 2023. During 
the reporting period, the expected credit losses recognised in P&L was EUR 10 million. 
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
FINANCIAL STATEMENTS 2023 89

===== SIDA 90 =====

Derivative financial instruments
2023
Fair value
2022
Fair value
EURm
Contract/
Notional 
Amount Assets Liabilities
Contract/
Notional 
Amount Assets Liabilities
Derivatives held for 
trading
Interest rate 
derivatives
OTC derivatives
Interest rate swaps 340 3 44 394 5 45
Inflation cover 211 16 12 274 22 3
Total interest rate 
derivatives 551 18 56 668 27 48
Foreign exchange 
derivatives
OTC derivatives
Currency forwards 3,032 18 57 5,092 58 6
Currency options, 
bought and sold 53 1 1 31 4 2
Total foreign exchange 
derivatives 3,085 20 58 5,123 62 7
Total derivatives held 
for trading 3,636 38 114 5,791 89 55
2023
Fair value
2022
Fair value
EURm
Contract/
Notional 
Amount Assets Liabilities
Contract/
Notional 
Amount Assets Liabilities
Derivatives held for 
hedging
Fair value hedges
Currency forwards — — — 328 12 —
Total derivatives held 
for fair value hedging — — — 328 12 —
Cash flow hedges
Currency forwards — — — 6 — —
Interest rate swaps 228 — 2 — — —
Total cash flow hedges 228 — 2 6 — —
Total derivatives held 
for hedging 228 — 2 334 12 —
Group financial 
derivatives, total 3,864 38 116 6,124 101 55
Fair value hedges 
During comparative period 2022 in Mandatum, fair value hedging was applied to 
hedge a proportion of foreign exchange risk in available-for-sale financial assets. The 
interest elements of foreign exchange forward contracts were excluded from hedging 
relationships.
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
FINANCIAL STATEMENTS 2023 90

===== SIDA 91 =====

15 Determination and hierarchy of fair values
A majority of Sampo Group's financial assets are valued 
at fair value. The valuation is based on either published 
price quotations or valuation techniques based on 
market observable inputs, where available. For a limited 
amount of assets the value needs to be determined 
using other techniques. The financial instruments 
measured at fair value have been classified into three 
hierarchy levels in the notes, depending on, for example, 
whether the market for the instrument is active, or if the 
inputs used in the valuation technique are observable. 
The classification of financial assets in hierarchy levels is 
assessed quarterly. 
The fair value of the derivative instruments is assessed 
using quoted market prices in active markets, 
discounting method or option pricing models. 
The fair value of loans and other financial instruments 
which have no quoted price in active markets is based 
on discounted cash flows, using quoted market rates. 
The market’s yield curve is adjusted by other 
components of the instrument, e.g. by credit risk.
Fair values are "clean" fair values, i.e. less interest 
accruals.
On level 1, the measurement of the instrument is based 
on quoted prices in active markets for identical assets 
or liabilities. Quoted prices in active markets are 
considered to represent the best estimate of fair value 
for related financial assets. On an active market quoted 
prices  are easily and regularly available and represent 
actual and regularly occurring transactions at arm’s 
length distance. 
In level 2, inputs for the measurement of the instrument 
also include other than quoted prices observable for the 
asset or liability, either directly or indirectly by using 
valuation techniques.
In level 3, the measurement is based on other inputs 
rather than observable market data. Sampo Group’s 
level 3 assets consist mainly of a few larger equity 
investments and investments in private equity and 
alternative funds.
In level 3, the two most prominent equity investments 
are valued by using excess return model, in which the 
value of a company is sum of capital invested currently 
in the company and the present value of excess returns 
that the company expects to make in the future. 
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 
publicly traded peer companies, the multiple based 
valuation or the cash flows of the underlying 
investments. 
The carrying amounts and fair values of financial assets 
and financial liabilities, including their fair value 
hierarchy levels, are presented in the following table. 
Fair value information of financial assets and financial 
liabilities not measured at fair value is not presented in 
the table, if the carrying amount is a reasonable 
estimate of the fair value. Reporting period figures are 
presented in accordance with IFRS 9 Financial 
Instruments.  
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
FINANCIAL STATEMENTS 2023 91

===== SIDA 92 =====

EURm
31 December 2023
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 3 — 3 — 3
Foreign exchange derivatives 20 — 20 — 20
Other derivatives 16 — 16 — 16
Total 38 — 38 — 38
Financial assets at fair value 
through profit or loss
Debt securities 12,925 8,476 4,430 19 12,925
Equity securities 1,640 886 24 730 1,640
Funds 662 480 31 151 662
Deposits and other 40 — 40 — 40
Total 15,267 9,842 4,525 900 15,267
Total financial assets measured 
at fair value 15,305 9,842 4,563 900 15,305
Financial assets measured at 
amortised cost
Loans 451 — — 451 451
Other 1 — — 1 1
Total 452 — — 452 452
Total financial assets 15,757 9,842 4,563 1,352 15,756
EURm
31 December 2023
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  46  2  44  —  46 
Foreign exchange derivatives  58  —  58  —  58 
Other derivatives  12  —  12  —  12 
Total financial liabilities at fair 
value  116  2  114  —  116 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,645  1,448  148  —  1,596 
Debt securities in issue
Bonds  959  936  —  —  936 
Amounts owed to credit 
institutions  194  —  9  184  194 
Financial liabilities measured at 
amortised cost total  2,798  2,385  157  184  2,726 
Group financial liabilities, total  2,914  2,387  271  184  2,842 
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
FINANCIAL STATEMENTS 2023 92

===== SIDA 93 =====

EURm
31 December 2022
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps  5  —  5  —  5 
Foreign exchange derivatives  74  —  74  —  74 
Other derivatives  22  —  22  —  22 
Total  101  —  101  —  101 
Financial assets at fair value 
through profit or loss
Equity securities  560  111  24  425  560 
Debt securities  1,881  1,718  159  5  1,881 
Total  2,441  1,829  183  430  2,441 
Financial assets designated as 
at fair value through profit or 
loss
Deposits  544  —  544  —  544 
Debt securities  1  —  1  —  1 
Debt securities (unit-trusts)  60  43  16  —  60 
Total  604  43  561  —  604 
EURm
31 December 2022
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets related to unit-
linked insurance
Equity securities  676  643  2  31  676 
Debt securities  941  90  757  94  941 
Funds  7,883  4,880  676  2,327  7,883 
Derivative financial instruments  18  —  18  —  18 
Other assets  412  —  412  —  412 
Total  9,930  5,612  1,865  2,453  9,930 
Financial assets available-for-
sale
Equity securities  1,581  1,224  2  354  1,581 
Debt securities  12,815  7,941  4,832  43  12,815 
Other assets  1,652  775  72  806  1,652 
Total  16,048  9,940  4,906  1,203  16,048 
Total financial assets at fair 
value  29,125  17,425  7,614  4,086  29,125 
Other financial assets
Financial assets at amortised 
cost
Loans and receivables  371  —  —  370  370 
Total  371  —  —  370  370 
Group's financial assets, total  29,495  17,425  7,614  4,456  29,495 
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
FINANCIAL STATEMENTS 2023 93

===== SIDA 94 =====

EURm
31 December 2022
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest rate derivatives  45  —  45  —  45 
Foreign exchange derivatives  7  —  7  —  7 
Other derivatives  3  —  3  —  3 
Total  55  —  55  —  55 
Total financial liabilities at fair 
value  55  —  55  —  55 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,983  1,409  478  —  1,887 
Debt securities in issue
Bonds  1,306  1,126  110  —  1,236 
Borrowings on Revolving Credit 
Facility  73  —  —  73  73 
Amounts owed to credit 
institutions  23  23  —  —  23 
Financial liabilities measured at 
amortised cost total  3,384  2,558  588  73  3,219 
Group financial liabilities, total  3,439  2,558  643  73  3,274 
Comparative year figures are presented in accordance with IAS 39 Financial 
Instruments: Recognition and Measurement. The comparative period includes 
Mandatum Group’s figures. For further information, please see note 32.
Transfers between levels 1 and 2
EURm 1-12/2023 1-12/2022
Transfers between levels 1 and 2
Transfers 
from level 2
to level 1
Transfers 
from level 1
to level 2
Transfers 
from level 
2
to level 1
Transfers 
from level 1
to level 2
Financial assets at fair value 
through profit or loss
Debt securities  378  334  —  — 
Total  378  334  —  — 
Financial assets related to unit-
linked insurance
Debt securities  —  —  13    6   
Total  13    6   
Financial assets available-for-sale
Debt securities  —  —  632    500   
Total  632    500   
Transfers are based mainly on the changes of trading volume information provided by 
an external service provider. 
Comparative year figures are presented in accordance with IAS 39 Financial 
Instruments: Recognition and Measurement. The comparative period includes 
Mandatum Group’s figures. For further information, please see note 32.
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
FINANCIAL STATEMENTS 2023 94

===== SIDA 95 =====

Sensitivity analysis of fair values
Sensitivities presented for the reporting period do not include Mandatum’s figures. The 
sensitivity of financial assets and liabilities to changes in exchange rates is assessed on 
business area level due to different base currencies. 
12/2023 12/2022
EURm
Recognised 
in profit or 
loss
Recognised 
in profit or 
loss
Recognised 
in equity
If
10 percentage point depreciation of all other 
currencies against SEK  4  13  2 
Topdanmark
10 percentage point depreciation of all other 
currencies against DKK  -1  -11 No impact
Hastings
10 percentage point depreciation of all other 
currencies against GBP  — n/a n/a
Holding
10 percentage point depreciation of all other 
currencies against EUR  -73 No impact  -109 
The sensitivity analysis of the Group’s fair values of financial assets and liabilities in 
different market risk scenarios is presented in the following table. The effects represent 
the instantaneous effects of a one-off change in the underlying market variable on the 
fair values on 31 December 2023. The sensitivity analysis includes the effects of 
derivative positions. All sensitivities are calculated before taxes. 
Interest 
rate
Interest 
rate Equity
Other 
financial 
assets
EURm
1% parallel 
shift down
1% parallel 
shift up
20% fall in 
prices
20% fall in 
prices
Effect in profit/loss  358  -340  -266  -166 
Total effect  358  -340  -266  -166 
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
FINANCIAL STATEMENTS 2023 95

===== SIDA 96 =====

16 Movements in level 3 financial instruments measured at fair value
EURm
Financial assets At 1 Jan
Total gains/ 
losses in income 
statement
Purchases and 
re-classifi-
cations Sales
At 31 December 
2023
Financial assets at fair value through profit or loss
Debt securities  134  1  11  -126  19 
Equity securities  763  -14  9  -28  730 
Funds  212  -61  —  —  151 
Total  1,109  -74  20  -155  900 
Mandatum Group’s financial instruments on level 3 are not included in the opening balance 1 January 2023. For further information on classification of Mandatum Group as 
discontinued operation, please see note 32.
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
FINANCIAL STATEMENTS 2023 96

===== SIDA 97 =====

EURm
Financial assets At 1 Jan
Total gains/ 
losses in 
income 
statement
Total gains/ 
losses 
recorded in 
other 
compre- 
hensive 
income
Purchases 
and re-
classifi-
cations Sales Settlements
Transfers 
from level 1 
and 2
Transfers to 
levels 1 and 2
At 31 Dec 
2022
Gains/ losses 
included in 
p/l for 
financial 
assets 
1-12/2022
Financial assets at fair value 
through profit or loss
Equity securities  —  —  —  425  —  —  —  —  425  — 
Debt securities  11  0  —  —  -6  —  —  —  5  1 
Total  11  0  —  425  -6  —  —  —  430  1 
Financial assets related to unit-
linked insurance contracts
Equity securities  20  1  —  15  -5  —  —  —  31  1 
Debt securities  61  -8  —  108  -81  -23  40  -3  94  -8 
Funds  2,065  -16  —  598  -315  —  —  -5  2,327  -23 
Total  2,145  -22  —  721  -401  -23  40  -7  2,453  -30 
Financial assets available-for-sale
Equity securities  394  6  -41  2  -7  —  —  —  354  -41 
Debt securities  73  0  0  17  -18  —  —  -30  43  2 
Funds  1,078  11  -226  44  -101  —  —  —  806  -216 
Total  1,545  16  -267  64  -125  —  —  -30  1,203  -255 
Total financial assets measured at 
fair value  3,702  -6  -267  1,210  -533  -23  40  -37  4,086  -284 
Purchases and reclassifications include the reclassification of Nordax associate shares EUR 425 million to equity securities at fair value through profit or loss. The comparative 
period includes Mandatum Group’s figures. For further information, please see note 32.
1–12/2022
EURm
Realised gains and 
losses
Fair value gains and 
losses Total
Total gains or losses included in profit or loss for the financial year  -6  -267  -273 
Total gains or losses included in profit or loss for assets held at the end of the financial year  -17  -267  -284 
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
FINANCIAL STATEMENTS 2023 97

===== SIDA 98 =====

Sensitivity analysis of level 3 financial instruments 
measured at fair value
12/2023 12/2022
EURm
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Financial assets at fair value through 
profit or loss (IFRS 9)
Debt securities  19  0  —  — 
Equity securities  730  -146  —  — 
Funds 151 -30  —  — 
Total  900  -176  —  — 
Financial assets available-for-sale 
(IAS 39)
Debt securities  —  —  43  -1 
Equity securities  —  —  354  -71 
Funds  —  —  806  -161 
Total  —  —  1,203  -233 
The comparative period includes Mandatum Group’s figures. For further information, please see 
note 32.
The value of financial assets regarding the debt security instruments has been tested 
by assuming a rise of 1 per cent in interest rate level in all maturities. For other financial 
assets, the prices were assumed to go down by 20 per cent. 
During the reporting period, on the basis of these alternative assumptions, a possible 
change in interest levels would cause a reduction of EUR -0 million for the debt 
instruments, and EUR -176 million valuation loss for other instruments in the Group’s 
statement of profit or loss. The reasonably possible effect, proportionate to the 
Group’s equity, would thus be 2.4 per cent.
During the comparison period, Sampo Group carried no investment risks related to 
unit-linked insurance, so a change in assumptions regarding these assets did not affect 
profit or loss. On the basis of these alternative assumptions, a possible change in 
interest levels would have caused a reduction of EUR -1 million for the debt 
instruments, and EUR -232 million valuation loss for other instruments in the Group’s 
other comprehensive income. The reasonably possible effect, proportionate to the 
Group’s equity, would have been 2.6 per cent.
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
FINANCIAL STATEMENTS 2023 98

===== SIDA 99 =====

17 Deferred tax assets and liabilities
Changes in deferred tax during the financial year 2023
EURm 1 Jan
Business 
acquisitions/
disposals
Recognised in 
comprehensive 
income statement
Recognised in 
equity
Exchange 
differences 31 Dec
Deferred tax assets
Tax losses carried forward  2  0  -1  —  0  1 
Changes in fair values  5  —  -5  —  0  0 
Other deductible temporary differences  128  -3  -11  0  2  116 
Total  135  -3  -17  —  2  117 
Netting of deferred taxes            -114 
Deferred tax assets in the balance sheet, total  135  -3  -17  0  2  3 
Deferred tax liabilities
Depreciation differences and untaxed reserves  209  -2  21  —  -4  224 
Changes in fair values  194  -70  67  0  2  194 
Pension assets  7  —  -1  —  —  7 
Other taxable temporary differences  379  -93  -32  0  1  255 
Total  790  -164  56  0  -1  680 
Netting of deferred taxes            -114 
Deferred tax liabilities in the balance sheet, total  790  -164  56  0  -1  567 
The disposals include the deferred tax assets and liabilities of Mandatum Group, separated from Sampo on 1 October 2023. For further information, please see note 32.
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
FINANCIAL STATEMENTS 2023 99

===== SIDA 100 =====

Changes in deferred tax during the financial year 2022
EURm 1 Jan
Business 
acquisitions/
disposals
Recognised in 
comprehensive 
income statement
Recognised in 
equity
Exchange 
differences 31 Dec
Deferred tax assets
Tax losses carried forward  2  —  0  0  0  2 
Changes in fair values  6  —  0  —  0  5 
Other deductible temporary differences  141  1  -6  0  -7  128 
Total  148  1  -6  0  -8  135 
Netting of deferred taxes            -124 
Deferred tax assets in the balance sheet, total  148  1  -6  0  -8  11 
Deferred tax liabilities
Depreciation differences and untaxed reserves  219  0  -7  7  -10  209 
Changes in fair values  513  7  -307  —  -18  194 
Pension assets  —  —  7  —  —  7 
Other taxable temporary differences  226  -19  175  1  -4  379 
Total  957  -12  -131  9  -33  790 
Netting of deferred taxes            -124 
Deferred tax liabilities in the balance sheet, total  957  -12  -131  9  -33  666 
The line items in deferred tax assets and liabilities for the comparison year 2022 have been restated due to the transition to IFRS 17.
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
FINANCIAL STATEMENTS 2023 100

===== SIDA 101 =====

Pillar II - tax losses 
Sampo Group companies have applied a temporary mandatory relief from deferred tax accounting for any impacts of the top-up tax and accounts for it as a current tax should it 
occur. 
EURm
Tax losses carried forward 
2023 Country
Tax losses 
carried forward 
in local currency
Tax losses 
carried forward 
Of which no 
deferred tax 
asset has been 
recognised
Of which 
deferred tax 
asset has been 
recognised
Recognised 
deferred tax 
asset
Applicable tax 
rate 
Potential 
deferred tax 
asset not 
recognised
Sampo Plc Finland EURm 267  267  267 — —  20.00 % 53
If P&C Insurance Holding Ltd 
(publ) Norway NOKm 83 7 7 — —  22.00 % -*
If P&C Insurance Ltd (publ) Germany EURm 2 2 2 — —  27.38 % -*
If P&C Insurance Ltd (publ) France EURm 16 16 16 — —  25.83 % -*
If P&C Insurance Ltd (publ) UK GBPm 20 23 23 — —  25.00 % -*
If P&C Insurance AS Latvia  — — — — —  20.00 % -
Insrt AB Sweden SEKm 6 1 1 — —  20.60 % —
Viking Sverige AB Sweden SEKm 42 4 — 4 1  20.60 % —
Viking Assistance A/S Denmark DKKm 33 4 4 — —  22.00 % 1
Viking Nordic Assistance S.L Spain  — — — — —  25.00 % —
Hastings Group Finance plc UK GBPm 7 8 8 — —  25.00 % 2
Total 1 56
* Loss has occurred in a foreign branch and has been deducted in the head office. Utilisation of the loss locally in the foreign branch would not affect the tax expense for the company as a whole. Therefore, 
no deferred tax asset can be recognised relating to the foreign branch. 
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
FINANCIAL STATEMENTS 2023 101

===== SIDA 102 =====

MEUR
Tax losses carried forward 
2022 Country
Tax losses 
carried forward 
in local currency
Tax losses 
carried forward
Of which no 
deferred tax 
asset has been 
recognised
Of which 
deferred tax 
asset has been 
recognised
Recognised 
deferred tax 
asset
Applicable tax 
rate
Potential 
deferred tax 
asset not 
recognised
Sampo Plc Finland EURm 172  172  172 — —  20.00 % 34
If P&C Insurance Holding Ltd 
(publ) Norway  — — — — —  22.00 % -*
If P&C Insurance Ltd (publ) Germany EURm 5 5 5 — —  27.38 % -*
If P&C Insurance Ltd (publ) France EURm 24 24 24 — —  25.83 % -*
If P&C Insurance Ltd (publ) UK GBPm 25 28 28 — —  25.00 % -*
If P&C Insurance AS Latvia EURm 3 3 3 — —  20.00 % 1
Insrt AB Sweden SEKm 6 1 1 — —  20.60 % —
Viking Sverige AB Sweden SEKm 22 2 — 2 —  20.60 % —
Viking Assistance A/S Denmark DKKm 33 4 4 — —  22.00 % 1
Viking Nordic Assistance S.L Spain EURm 0 — — — —  25.00 % —
Hastings Group Finance plc UK GBPm 7 8 8 — —  25.00 % 2
Total — 38
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
FINANCIAL STATEMENTS 2023 102

===== SIDA 103 =====

18 Taxes
EURm 2023 2022
Profit before tax  1,481  1,924 
Tax calculated at parent company's tax rate  -296  -385 
Different tax rates in foreign jurisdictions  -40  -153 
Income from associates not subject to tax  0  21 
Income not subject to tax  46  49 
Non-deductible expenses  -40  -17 
Tax losses for which no deferred tax asset has been recognised  -36  -28 
Changes in tax rates  -8  2 
Tax from previous years  2  5 
Total  -372    -505   
The taxes include the tax from the discontinued operations EUR -33 million (-139).
19 Other assets
EURm 12/2023 12/2022
Assets arising from direct insurance operations  245  213 
Assets arising from reinsurance operations  92  22 
Settlement receivables  5  83 
Accrued interest  130  113 
Net pension asset  32  34 
Other  296  310 
Total other asset  800  775 
Item Other includes, e.g. assets related to patient insurance pool EUR 63 million (68),  
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 61 million (65).
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
FINANCIAL STATEMENTS 2023 103

===== SIDA 104 =====

20 Insurance contract liabilities
Insurance liabilities reflect the liability the Group has for its insurance undertakings, 
meaning the insurance contracts underwritten. The liability consists of two parts, the 
liability for remaining coverage and acquisition cash flow assets as well as the liability 
for incurred claims. 
The liability for remaining coverage relates to the obligation to investigate and pay 
valid claims that have not yet occurred. The liability consists of the premium payments 
received for insurance services to be provided after the closing date, i.e. relating to the 
unexpired portion of the insurance coverage, and adjusted for acquisition cash flows. 
The liability for incurred claims relates to the obligation to investigate and pay valid 
claims that have occurred. The liability is designed to cover anticipated future 
payments for all claims incurred, including claims not yet reported.
For further information on accounting principles related to insurance contract 
liabilities, please see the section Accounting principles.
EURm 12/2023 12/2022
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  1,709  1,514 
Liability for incurred claims  10,007  9,376 
Insurance contract liability - contracts measured under GMM 
and VFA
Liability for remaining coverage  —  5,299 
Liability for incurred claims  —  22 
Total insurance contract liabilities  11,716    16,210   
Reinsurance contract assets
Assets for remaining coverage  258  221 
Assets for incurred claims  2,024  1,600 
Reinsurance contract assets, total  2,282    1,821   
Total insurance contracts, net of reinsurance  9,434    14,389   
The comparative period includes Mandatum Group’s figures. For further information, please see 
note 32.
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
FINANCIAL STATEMENTS 2023 104

===== SIDA 105 =====

21 Reconciliation of insurance contract liabilities
Insurance contracts 
The first table presents the reconciliation of the carrying 
amounts of the liability for remaining coverage and the 
liability for incurred claims for issued insurance 
contracts during the reporting period as a result of 
amounts recognized in the statement of total 
comprehensive income and cash flows. 
Reinsurance contracts 
Following table presents  the reconciliation of the 
carrying amounts of the asset for remaining coverage 
and the asset for incurred claims for reinsurance 
contracts during the reporting period as a result of 
amounts recognized in the statement of profit and 
other comprehensive income and cash flows.
Information is presented on Sampo Group level and on 
the reporting segment level. Information regarding 
insurance contract liability is presented on contracts 
measured under PAA model. 
Mandatum Group’s figures are not included in the 
reconciliation tables as Mandatum is reported as 
disposal group held for distribution to owners.  
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
FINANCIAL STATEMENTS 2023 105

===== SIDA 106 =====

Sampo Group - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023 2022
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance 1,499 14 8,931 444 10,889 1,504 28 9,686 477 11,695
Changes in the statement of comprehensive income
Insurance revenue -8,417 — — — -8,417 -8,062 — — — -8,062
Insurance service expenses
Incurred claims and other insurance service expenses — — 6,503 154 6,657 — — 5,897 151 6,047
Amortisation of insurance acquisition cash flows 223 — — — 223 213 — — — 213
Changes that relate to past service (LIC) — — -395 -145 -540 — — -71 -163 -234
Changes that relate to future service (LRC) — 12 — — 12 — -12 — — -12
Total insurance service expenses 223 12 6,108 9 6,351 213 -12 5,826 -13 6,014
Insurance service result -8,195 12 6,108 9 -2,066 -7,849 -12 5,826 -13 -2,048
Insurance finance income or expense — — 529 — 529 -1 — -826 — -827
Other items (including FX effects) -185 — 91 4 -89 244 -1 -475 -20 -252
Total changes in the statement of comprehensive 
income -8,379 12 6,728 13 -1,626 -7,606 -14 4,525 -32 -3,127
Cash flows during the period
Premiums received  8,785 — — — 8,785 7,808 — — — 7,808
Claims and other insurance service expenses paid — — -6,111 — -6,111 — — -5,280 — -5,280
Insurance acquisition cash flows paid -221 — — — -221 -207 — — — -207
Total cash flows during the period 8,564 — -6,111 — 2,453 7,601 — -5,280 — 2,321
Transfer to other items in the balance sheet 17 — — 1 18 — — — — —
Closing balance - liabilities relating to insurance 
contracts 1,701 27 9,547 459 11,734 1,499 14 8,931 444 10,889
Acquisition cash flow asset -18 —
Closing balance 11,716 10,889
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
FINANCIAL STATEMENTS 2023 106

===== SIDA 107 =====

Sampo Group - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023 2022
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets 221 1,384 215 1,820 251 1,523 232 2,007
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -1,005 — — -1,005 -894 — — -894
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses — 935 72 1,007 — 600 67 667
Adjustments to assets for incurred claims — -80 -70 -150 — 155 -73 82
Effect of changes in non-performance risk of reinsurers — — — — — — — —
Net expenses from reinsurance contracts -1,005 855 2 -148 -894 756 -6 -144
Insurance finance income or expenses from reinsurance contracts — 83 — 83 — -90 — -90
Effect of movements in exchange rates -8 31 4 26 22 -85 -11 -75
Total changes in the statement of comprehensive income -1,014 969 6 -39 -872 580 -17 -310
Cash flows
Premiums paid 1,051 — — 1,051 842 — — 842
Amounts received — -550 — -550 — -719 — -719
Total cash flows 1,051 -550 — 501 842 -719 — 123
Closing assets 258 1,803 220 2,282 221 1,384 215 1,820
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
FINANCIAL STATEMENTS 2023 107

===== SIDA 108 =====

If  - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023 2022
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance - liabilities relating to insurance contracts 868 7 5,655 162 6,693 873 25 6,230 172 7,301
Changes in the statement of comprehensive income
Insurance revenue -5,330 — — — -5,330 -5,322 — — — -5,322
Insurance service expenses
Incurred claims and other insurance service expenses — — 3,924 58 3,981 — — 3,570 52 3,621
Amortisation of insurance acquisition cash flows 100 — — — 100 102 — — — 102
Changes that relate to past service (LIC) — — -184 -43 -228 — — 118 -56 62
Changes that relate to future service (LRC) — 10 — — 10 — -17 — — -17
Total insurance service expenses 100 10 3,739 14 3,863 102 -17 3,688 -4 3,769
Insurance service result -5,230 10 3,739 14 -1,467 -5,220 -17 3,688 -4 -1,553
Insurance finance income or expense — — 340 — 340 — — -619 — -619
Other items (including FX effects) -191 — 57 -2 -135 211 -1 -333 -6 -130
Total changes in the statement of comprehensive income -5,420 10 4,136 13 -1,261 -5,009 -18 2,735 -10 -2,302
Cash flows during the period
Premiums received  5,572 — — — 5,572 5,102 — — — 5,102
Claims and other insurance service expenses paid — — -3,754 — -3,754 — — -3,311 — -3,311
Insurance acquisition cash flows paid -108 — — — -108 -98 — — — -98
Total cash flows during the period 5,463 — -3,754 — 1,710 5,004 — -3,311 — 1,693
Transfer to other items in the balance sheet
Closing balance - liabilities relating to insurance contracts 911 17 6,038 175 7,141 868 7 5,655 162 6,693
Acquisition cash flow asset -7 —
Closing balance - 
Insurance contract liabilities 7,134 6,693
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
FINANCIAL STATEMENTS 2023 108

===== SIDA 109 =====

If  - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023 2022
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets 28 226 10 264 23 242 11 276
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -334 — — -334 -299 — — -298
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service 
expenses — 339 10 348 — 84 3 87
Adjustments to assets for incurred claims — 41 -3 38 — 34 -4 30
Effect of changes in non-performance risk of reinsurers — — — — — — — —
Net expenses from reinsurance contracts -334 380 7 52 -299 118 -1 -181
Insurance finance income or expenses from reinsurance contracts — 8 — 8 — -9 — -9
Effect of movements in exchange rates -12 8 0 -4 13 -2 0 11
Total changes in the statement of comprehensive income -346 396 7 57 -285 107 -1 -179
Cash flows
Premiums paid 354 — — 354 291 — — 291
Amounts received — -112 — -112 0 -123 — -123
Total cash flows 354 -112 — 242 291 -123 — 167
Closing assets 36 510 17 563 28 226 10 264
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
FINANCIAL STATEMENTS 2023 109

===== SIDA 110 =====

Topdanmark - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023 2022
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance - liabilities relating to insurance contracts 285 2 1,441 35 1,763 303 1 1,529 40 1,872
Changes in the statement of comprehensive income
Insurance revenue -1,369 — — — -1,369 -1,330 — — — -1,330
Insurance service expenses
Incurred claims and other insurance service expenses — — 1,093 15 1,108 — — 1,015 17 1,031
Amortisation of insurance acquisition cash flows 31 — — — 31 33 — — — 33
Changes that relate to past service (LIC) — — -27 -16 -43 — — -25 -21 -46
Changes that relate to future service (LRC) 0 1 0 — 1 0 1 0 0 1
Total insurance service expenses 31 1 1,066 -1 1,097 33 1 989 -5 1,018
Insurance service result -1,337 1 1,066 -1 -272 -1,298 1 989 -5 -312
Insurance finance income or expense — — 81 — 81 -1 — -116 — -117
Other items (including FX effects) — — -5 1 -4 -1 — — — —
Total changes in the statement of comprehensive income -1,337 1 1,142 — -194 -1,299 1 874 -5 -429
Cash flows during the period
Premiums received  1,336 — — — 1,336 1,314 — — — 1,314
Claims and other insurance service expenses paid — — -1,038 — -1,038 — — -961 — -961
Insurance acquisition cash flows paid -18 — — — -18 -33 — — — -33
Total cash flows during the period 1,318 — -1,038 — 280 1,281 — -961 — 320
Transfer to other items in the balance sheet 17 — — 1 18 — — — — —
Closing balance - liabilities relating to insurance 
contracts 282 2 1,546 37 1,867 285 2 1,441 35 1,763
Acquisition cash flow asset -12 —
Closing balance - 
liabilities relating to insurance contracts 1,855 1,763
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
FINANCIAL STATEMENTS 2023 110

===== SIDA 111 =====

Topdanmark  - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023 2022
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future 
cash flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future 
cash flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets -2 80 1 79 3 83 2 88
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -80 — — -80 -75 — — -75
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service 
expenses — 49 — 49 — 44 — 44
Adjustments to assets for incurred claims — 1 — 1 — -5 — -5
Effect of changes in non-performance risk of reinsurers — — — — — — — —
Net expenses from reinsurance contracts -80 49 — -31 -75 39 — -37
Insurance finance income or expenses from reinsurance contracts — 2 — 2 0 -2 — -2
Effect of movements in exchange rates — — — 0 0 0 — 0
Total changes in the statement of comprehensive income -80 51 0 -29 -75 37 — -39
Cash flows
Premiums paid 82 — — 82 70 — — 70
Amounts received 0 -54 0 -54 0 -39 — -39
Total cash flows 82 -54 0 28 70 -39 — 30
Closing assets -1 78 1 79 -2 80 1 79
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
FINANCIAL STATEMENTS 2023 111

===== SIDA 112 =====

Hastings - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023 2022
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
componen
t
Loss 
componen
t
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
componen
t
Loss 
componen
t
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance - liabilities relating to insurance contracts 347 5 1,835 247 2,434 328 3 1,927 265 2,522
Changes in the statement of profit or loss 
Insurance revenue -1,719 — — — -1,719 -1,409 — — — -1,409
Insurance service expenses
Incurred claims and other insurance service expenses — — 1,486 81 1,568 — — 1,312 82 1,394
Amortisation of insurance acquisition cash flows 92 — — — 92 79 — — — 79
Changes that relate to past service (LIC) — — -184 -86 -269 — — -163 -86 -250
Changes that relate to future service (LRC) 0 2 0 0 2 0 3 0 0 3
Total insurance service expenses 92 2 1,303 -4 1,391 79 3 1,149 -4 1,226
Insurance service result -1,628 2 1,303 -4 -328 -1,331 3 1,149 -4 -183
Insurance finance income or expense — — 108 — 108 — — -91 — -91
Other items (including FX effects) 6 — 39 5 50 34 — -142 -14 -122
Total changes in the statement of profit or loss -1,622 2 1,449 1 -170 -1,297 3 916 -18 -396
Cash flows during the period
Premiums received  1,877 — — — 1,877 1,393 — — — 1,393
Claims and other insurance service expenses paid — — -1,320 — -1,320 — — -1,008 — -1,008
Insurance acquisition cash flows paid -95 — — — -95 -77 — — — -77
Total cash flows during the period 1,782 — -1,320 0 462 1,316 — -1,008 — 308
Transfer to other items in the balance sheet — — — — — — — — — —
Closing balance - liabilities relating to insurance contracts 508 7 1,964 247 2,726 347 5 1,835 247 2,434
Closing balance - 
liabilities relating to insurance contracts 2,726 2,434
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
FINANCIAL STATEMENTS 2023 112

===== SIDA 113 =====

Hastings - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023 2022
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets 195 1,078 203 1,477 225 1,198 219 1,643
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -591 — — -591 -520 — — -520
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service 
expenses — 548 62 610 — 473 64 537
Adjustments to assets for incurred claims — -121 -67 -188 — 126 -69 57
Effect of changes in non-performance risk of reinsurers — — — — — — — —
Net expenses from reinsurance contracts -591 426 -5 -170 -520 599 -5 73
Insurance finance income or expenses from reinsurance 
contracts — 73 — 73 — -80 — -80
Effect of movements in exchange rates 4 22 4 30 8 -83 -11 -86
Total changes in the statement of comprehensive income -588 521 -1 -68 -512 436 -16 -92
Cash flows
Premiums paid 615 — — 615 482 — — 482
Amounts received — -384 — -384 — -556 — -556
Total cash flows 615 -384 — 231 482 -556 — -74
Closing assets 223 1,215 202 1,640 195 1,078 203 1,477
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
FINANCIAL STATEMENTS 2023 113

===== SIDA 114 =====

22 Assets for insurance acquisition cash flows
The table presents the reconciliation from opening to closing balances of the carrying 
amount of the acquisition cash flow asset during the reporting periods.  
EURm 2023
Reconciliation of acquisition cash flow asset
Opening balance 10
Cash flows recognised as an asset 36
Amounts transferred to liability for remaining coverage -28
Closing balance 18
The table does not include Mandatum Group’s figures. 
The following table presents the expected timing of when the acquisition cash flow 
asset will be derecognised and instead be included in the liability for remaining 
coverage of the group of insurance contracts to which they are allocated.
Time bands: Assets for insurance acquisition cash flows	
2023 Expected timing of derecognition
EURm 2024 2025-2026 2027-2028 Total
Acquisition cash flow asset  12  4  2  18 
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
FINANCIAL STATEMENTS 2023 114

===== SIDA 115 =====

23 Non-life claims development
Prior-year estimates of the claims expense for individual 
claims years also represent a measure of Sampo 
Group’s and its reporting segment’s ability to foresee 
final claims expenses. The following tables present the 
expense trend for the claims for individual claims in the 
years before and after reinsurance. For accident years 
2013 and earlier, the information is aggregated to one 
row. Information is presented on Sampo Group level 
and on the reporting segment level. 
The upper part of the table shows how an estimate of 
the total claims expense per accident year evolves 
annually relating to the undiscounted fulfilment cash 
flows (i.e. consisting of both best estimate and risk 
adjustment). The lower section shows how large a share 
of this is presented in the balance sheet. More 
information on insurance liabilities is in the risk 
management note 37. 
Since Sampo Group’s group companies have operations 
in various countries, their portfolios are exposed to a 
number of currencies. To adjust for currency effects, the 
local reporting currency has been translated to EUR at 
the closing rate on 31 December 2023. Consequently, 
the table is not directly comparable with the 
corresponding tables reported in previous years, since 
all accident years include translated information and 
closing rates are used throughout. The table is not 
directly comparable with the income statement either 
where average rates throughout the year are applied, 
and since the effect is partially presented in claims 
incurred and partially within insurance finance income 
or expense when relating to changes in indexation of 
annuities.
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
FINANCIAL STATEMENTS 2023 115

===== SIDA 116 =====

Sampo Group - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 3,838 3,928 4,072 4,192 4,424 4,667 4,748 4,914 5,451 6,412
one year later 3,837 3,995 4,131 4,188 4,508 4,683 4,692 5,006 5,480
two years later 3,851 3,970 4,086 4,178 4,547 4,729 4,687 4,912
three years later 3,857 3,937 4,052 4,177 4,583 4,717 4,615
four years later 3,868 3,899 3,950 4,152 4,562 4,674
five years later 3,793 3,858 3,992 4,127 4,505
six years later 3,735 3,853 3,967 4,102
seven years later 3,736 3,860 3,950
eight years later 3,732 3,827
nine years later 3,708
ten years later
Current estimate of total claims expense 3,708 3,827 3,950 4,102 4,505 4,674 4,615 4,912 5,480 6,412
Total disbursed 3,516 3,612 3,671 3,801 4,095 4,117 3,889 3,831 3,907 3,017
Liability (gross) reported in the balance 
sheet 192 215 279 301 410 558 725 1,081 1,572 3,394 8,727
Liability (gross) relating to 2013 and 
prior years 2,933
Discounting effect, gross -2,034
Liability for claims handling expenses and 
other items 380
Total liability for incurred claims 10,007
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
FINANCIAL STATEMENTS 2023 116

===== SIDA 117 =====

Sampo Group - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 3,509 3,544 3,515 3,597 3,805 4,002 3,999 4,089 4,657 5,287
one year later 3,508 3,571 3,527 3,620 3,866 3,998 3,916 4,094 4,675
two years later 3,501 3,546 3,511 3,603 3,907 4,023 3,901 4,038
three years later 3,509 3,532 3,474 3,617 3,950 4,053 3,875
four years later 3,494 3,485 3,445 3,601 3,948 4,033
five years later 3,434 3,472 3,462 3,610 3,911
six years later 3,393 3,463 3,462 3,584
seven years later 3,392 3,480 3,431
eight years later 3,396 3,453
nine years later 3,371
ten years later
Current estimate of total claims expense 3,371 3,453 3,431 3,584 3,911 4,033 3,875 4,038 4,675 5,287
Total disbursed 3,187 3,250 3,224 3,341 3,564 3,614 3,348 3,310 3,519 2,823
Liability (net) reported in the balance 
sheet 184 203 206 243 347 419 528 728 1,156 2,464 6,478
Liability (net) relating to 2013 and prior 
years 2,768
Discounting effect, gross -1,626
Liability for claims handling expenses 349
Risk of non-performance by reinsurer 15
Total liability for incurred claims 7,983
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
FINANCIAL STATEMENTS 2023 117

===== SIDA 118 =====

If - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 2,580 2,583 2,534 2,608 2,743 2,869 3,005 2,991 3,293 3,945
one year later 2,568 2,597 2,565 2,645 2,836 2,912 3,043 3,128 3,383
two years later 2,573 2,581 2,559 2,631 2,864 2,926 3,083 3,099
three years later 2,585 2,555 2,515 2,634 2,881 2,969 3,048
four years later 2,588 2,523 2,502 2,605 2,897 2,959
five years later 2,552 2,517 2,511 2,613 2,865
six years later 2,522 2,501 2,515 2,587
seven years later 2,511 2,510 2,484
eight years later 2,508 2,490
nine years later 2,488
ten years later
Current estimate of total claims expense 2,488 2,490 2,484 2,587 2,865 2,959 3,048 3,099 3,383 3,945
Total disbursed 2,345 2,330 2,306 2,397 2,601 2,659 2,682 2,591 2,577 1,905
Liability (gross) reported in the balance 
sheet 144 160 178 190 264 300 367 508 807 2,040 4,958
Liability (gross) relating to 2013 and 
prior years 2,474
Discounting effect, gross -1,471
Liability for claims handling expenses 252
Total liability for incurred claims 6,213
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
FINANCIAL STATEMENTS 2023 118

===== SIDA 119 =====

If - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 2,544 2,542 2,481 2,553 2,693 2,810 2,829 2,868 3,205 3,571
one year later 2,529 2,553 2,491 2,594 2,768 2,842 2,848 2,973 3,270
two years later 2,520 2,534 2,484 2,576 2,796 2,853 2,889 2,926
three years later 2,532 2,516 2,447 2,579 2,814 2,898 2,857
four years later 2,530 2,483 2,434 2,550 2,827 2,891
five years later 2,492 2,476 2,439 2,569 2,796
six years later 2,462 2,461 2,443 2,543
seven years later 2,451 2,471 2,412
eight years later 2,449 2,451
nine years later 2,429
ten years later
Current estimate of total claims expense 2,429 2,451 2,412 2,543 2,796 2,891 2,857 2,926 3,270 3,571
Total disbursed 2,287 2,294 2,253 2,360 2,537 2,599 2,501 2,453 2,527 1,916
Liability (net) reported in the balance 
sheet 141 157 159 183 259 291 356 473 743 1,655 4,417
Liability (net) relating to 2013 and prior 
years 2,460
Discounting effect, gross -1,445
Liability for claims handling expenses 239
Risk of non-performance by reinsurer 15
Total liability for incurred claims 5,686
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
FINANCIAL STATEMENTS 2023 119

===== SIDA 120 =====

Topdanmark - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 839 827 800 728 787 790 820 843 883 974
one year later 849 836 800 744 799 810 802 835 876
two years later 841 821 786 735 807 816 780 844
three years later 833 819 774 744 815 817 793
four years later 815 813 757 737 813 815
five years later 795 793 760 735 816
six years later 783 788 755 741
seven years later 782 795 757
eight years later 788 789
nine years later 784
ten years later
Current estimate of total claims expense 784 789 757 741 816 815 793 844 876 974
Total disbursed 743 746 717 686 738 725 681 681 638 484
Liability (gross) reported in the balance 
sheet 42 44 40 55 79 90 112 163 238 490 1,351
Liability (gross) relating to 2013 and 
prior years 303
Discounting effect, gross -119
Other items 48
Total liability for incurred claims 1,583
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
FINANCIAL STATEMENTS 2023 120

===== SIDA 121 =====

Topdanmark - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 791 776 742 703 735 757 782 785 837 923
one year later 798 784 746 716 746 774 764 777 830
two years later 792 770 731 708 754 780 744 785
three years later 784 768 720 717 762 781 758
four years later 766 756 702 711 759 779
five years later 745 747 701 708 763
six years later 733 742 698 715
seven years later 736 751 701
eight years later 742 745
nine years later 738
ten years later
Current estimate of total claims expense 738 745 701 715 763 779 758 785 830 923
Total disbursed 697 701 662 660 686 691 648 633 604 466
Liability (net) reported in the balance 
sheet 41 44 38 55 77 88 109 152 226 457 1,288
Liability (net) relating to 2013 and prior 
years 301
Discounting effect, gross -117
Liability for claims handling expenses 30
Total liability for incurred claims 1,503
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
FINANCIAL STATEMENTS 2023 121

===== SIDA 122 =====

Hastings - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 419 518 738 857 893 1,008 923 1,079 1,275 1,493
one year later 420 562 765 800 873 962 847 1,043 1,221
two years later 437 568 741 812 876 988 825 969
three years later 439 563 763 799 887 931 773
four years later 465 562 691 810 852 900
five years later 445 548 721 780 824
six years later 430 564 697 774
seven years later 443 555 710
eight years later 436 547
nine years later 435
ten years later
Current estimate of total claims expense 435 547 710 774 824 900 773 969 1,221 1,493
Total disbursed 428 536 649 717 757 732 526 559 693 629
Liability (gross) reported in the balance 
sheet 7 11 61 56 67 167 247 410 528 864 2,418
Liability (gross) relating to 2013 and 
prior years 156
Discounting effect, gross -443
Liability for claims handling expenses 80
Total liability for incurred claims 2,211
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
FINANCIAL STATEMENTS 2023 122

===== SIDA 123 =====

Hastings - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Estimated claims expense
at the close of the claims year 175 225 292 341 377 436 388 436 614 794
one year later 181 234 290 310 351 382 303 345 575
two years later 189 241 296 320 357 391 267 327
three years later 193 248 307 321 374 374 260
four years later 197 247 309 339 362 364
five years later 197 250 323 333 353
six years later 197 261 321 327
seven years later 205 259 318
eight years later 205 258
nine years later 204
ten years later
Current estimate of total claims expense 204 258 318 327 353 364 260 327 575 794
Total disbursed 203 256 309 322 342 324 198 224 388 441
Liability (net) reported in the balance 
sheet 1 2 9 5 11 39 62 103 187 353 772
Liability (net) relating to 2013 and prior 
years 6
Discounting effect, gross -64
Liability for claims handling expenses 80
Total liability for incurred claims 794
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
FINANCIAL STATEMENTS 2023 123

===== SIDA 124 =====

24 Financial liabilities
EURm 12/2023 12/2022
Subordinated debt liabilities 
Subordinated loans  1,645  1,983 
Total subordinated debt liabilities  1,645  1,983 
Other financial liabilities
Derivative financial instruments  116  55 
Financial liabilities measured at amortised cost
Debt securities in issue  959  1,306 
Amounts owed to credit institutions  194  96 
Total financial liabilities measured at amortised cost  1,153  1,402 
Total other financial liabilities  1,269  1,457 
Total financial liabilities  2,914  3,439 
The comparative period includes Mandatum Group’s figures. For further information, please see 
note 32.
The segment financial liabilities include subordinated debts, derivatives, debt securities 
in issue, and other financial liabilities.
If
EURm 12/2023 12/2022
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan, 2021 
(nominal value SEKm 1,500) 30 years
3 month 
Stibor
+ 1.30%  135  134 
Subordinated loan, 2018 
(nominal value SEKm 1,000) perpetual
3 month 
Stibor
+ 2.75% -  90 
Total subordinated debt securities  135  224 
Other financial liabilities
Derivative financial instruments  58  7 
Total financial liabilities  193  231 
The loan of 2018 was issued with floating interest rate terms. The loan included terms 
stating the right of redemption after five years and at any interest payment date 
thereafter. The loan was redeemed in March 2023.
The loan of 2021 was issued with floating interest rate terms. The loan includes terms 
stating the right of redemption after five years, at any date for a three-month period 
after the first five years and thereafter at any interest payment date. The loan is listed 
on the Luxembourg Stock Exchange (BdL Market).
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
FINANCIAL STATEMENTS 2023 124

===== SIDA 125 =====

Topdanmark 
EURm 12/2023 12/2022
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan tier 1, 2022 
(nominal value DKKm 400) perpetual
3 month Cibor 
+ 4.75 %  54  54 
Subordinated loan, 2021 
(nominal value DKKm 700) 12/2031
3 month Cibor 
+ 1.25 %  94  94 
Total subordinated debt securities  148  148 
Other financial liabilities
Derivative financial instruments  36  32 
Amounts owed to credit institutions  9  23 
Total financial liabilities  193  203 
Subordinated loans are wholly included in Topdanmark’s own funds. Approximately 
EUR 127 million (128) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm 12/2023 12/2022
Other financial liabilities
Amounts owed to credit institutions  184  73 
Total financial liabilities  186  73 
Hastings has a revolving credit facility with a financial institution totalling EUR 98 
million, of which EUR 56 million was undrawn at the end of the reporting period. The 
revolving credit facility matures on 23 November 2024, after which the contract has an 
extension option of one more year. Hastings has an undrawn credit facility also with 
Sampo plc totalling EUR 86 million with a maturity date of 29 October 2026. 
Mandatum
Table presents Mandatum segment’s financial liabilities for the comparative period 
2022. 
EURm 12/2022
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan, 2019 
(nominal value EURm 250) 30 years
12 month 
Euribor + 
4.5 %  250 
Subordinated loan, 2002 
(nominal value EURm 100) perpetual  —  100 
Total subordinated debt securities  350 
Other financial liabilities
Derivative financial instruments  3 
Total financial liabilities  352 
Mandatum Life issued in 2002 EUR 100 million Capital Notes, which were wholly 
subscribed by Sampo plc.  At the time of the partial demerger, with the consent of the 
Financial Supervisory Authority, Mandatum redeemed the loan.   
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
FINANCIAL STATEMENTS 2023 125

===== SIDA 126 =====

Holding
EURm 12/2023 12/2022
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan, 2020 (nominal 
value EURm 1,000) 32 years 2.50 %  993  993 
Subordinated loan, 2019 (nominal 
value EURm 500) 30 years 3.38 %  496  496 
Total subordinated debt securities  1,490  1,489 
Other financial liabilities
Derivative financial instruments  20  14 
Debt securities in issue Maturity Interest
Bond 2016, (nominal value EURm 750) 7 years 1.00 %  —  318 
Bond 2017, (nominal value EURm 500) 8 years 1.25 %  162  161 
Bond 2018, (nominal value EURm 500) 10 years 1.625 %  311  311 
Bond 2018, (nominal value EURm 500) 12 years 2.25 %  395  400 
Bond 2018, (nominal value NOKm 1,000) 10 years 3.10 %  89  95 
Other  2  21 
Total bonds  959  1,306 
Total financial liabilities  2,469  2,808 
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and the 
2020 loan for the first 12 years. After that, the loans become subject to a variable 
interest rate but they also include terms stating the right of redemption at this point in 
time or at any interest payment date thereafter. The loans are listed on the London 
Stock Exchange.
The determination and hierarchy of fair values of financial assets and liabilities 
measured at acquisition cost is disclosed in note 15. According to this determination, 
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm 12/2023 12/2022
Eliminations between segments  -127  -228 
Group financial liabilities total  2,914  3,439 
Change in liabilities from financing activities
EURm
1 
January 
2023
Incoming 
cash 
flows
Outgoing 
cash 
flows
Exchange 
differences Other
31 
December 
2023
Subordinated debt  1,983  —  -87  -3  -248  1,645 
Bonds  1,306  —  -340  -7  —  959 
Other loans  96  143  -46  2  —  194 
Total  3,384  143  -473  -8  -248  2,798 
EURm
1 
January 
2022
Incoming 
cash 
flows
Outgoing 
cash 
flows
Exchange 
differences Other
31 
December 
2022
Subordinated debt  2,016  54  -69  -19  2  1,983 
Bonds  2,200  —  -859  -10  -25  1,306 
Other loans  43  69  -13  -3  —  96 
Total  4,259  122  -942  -32  -24  3,384 
Item Other for the reporting period 2023 is mainly related to the separation of 
Mandatum.
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
FINANCIAL STATEMENTS 2023 126

===== SIDA 127 =====

25 Other liabilities
EURm 12/2023 12/2022
Liabilities arising out of direct insurance operations  227  252 
Liabilities arising out of reinsurance operations  69  10 
Settlement liabilities  5  61 
Provisions  6  6 
Interests  29  9 
Tax liabilities  2  20 
Lease liabilities  160  197 
Employee benefit liability  21  — 
Prepayments and accrued income  241  287 
Other  581  776 
Total other liabilities  1,342  1,617 
Item Other includes, e.g. premium taxes EUR 164 million (176), other tax liabilities, 
employee withholding taxes, and liabilities related with patient insurance pool.
In the provisions, EUR 3 million (3) of the provision consist of funds reserved for 
futures expenses for previously implemented or planned development of efficient 
administrative, and claims adjustment processes and structural changes in distribution 
channels, resulting in organisational changes that affect all business areas. In addition, 
the item includes a provision of approximately EUR 4 million (3) for lawsuits and other 
uncertain liabilities.
The non-current share of other liabilities is EUR 82 million (95).
Leases 
The total effect of leases on the statement of cash flows was EUR -33 million (-15). 
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 15 
million (32).
EURm 1-12/2023 1-12/2022
Items recognised in the p/l from lease liabilities
Interest expenses  -2  -3 
Expenses from short-term and low-value lease liabilities  -4  -7 
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
FINANCIAL STATEMENTS 2023 127

===== SIDA 128 =====

26 Employee benefits
Sampo Group’s subsidiary If had defined benefit plans in Sweden and Norway during 
the financial year 2023. 
If applies IAS 19 Employee Benefits and recognizes defined-benefit pension plans in 
Sweden and Norway. Other pension plans existing in the Group have either been 
classified as defined-contribution plans or have been classified as defined-benefit 
plans, but recognized as defined-contribution plans. This occurs because If lacks the 
information necessary to recognize them as defined-benefit plans or they have been 
deemed as insignificant.
For the defined-contribution pension plans, If pays fixed contributions and has no 
further payment obligations once the contributions have been paid. The pension 
expense for the defined-contribution plans is equal to the premiums paid by If for the 
fiscal year.
Employee benefit obligations of If
EURm 2023 2022
Defined benefit pension obligations, including social costs  209  210 
Fair value of plan assets  220  220 
Net liability (asset) recognised in the balance sheet  -11  -9 
of which recognised as Net pension assets in Other assets  32  34 
of which recognised as Net pension liabilities in Other liabilities  21  25 
The Swedish defined-benefit pension plan, FTP2, is a multiemployer plan and is closed 
to new employees born in 1972 or later. In Norway, there are a few smaller pension 
plans, mainly unfunded pension plans, for which If is responsible for ongoing payments. 
These include an early retirement plan, covering all employees born in 1957 or earlier 
and who were employed by If in 2013, as well as a small number of pension obligations 
on salary above 12G or individual pension agreements. 
A common feature of the defined-benefit plans is that the employees and survivors 
encompassed by the plans are entitled to a guaranteed pension that depends on the 
employees’ service period and pensionable salary at the time of retirement. The 
dominating benefit is the old-age pension, referring to a life-long pension after the 
anticipated retirement age.
The anticipated retirement age for Sweden in connection with life-long pension is 65 
years. Life-long old-age pension following a complete service period is payable at a 
rate of 10% of the pensionable salary between 0 and 7.5 income base amounts, 65% of 
salary between 7.5 and 20 income base amounts and 32.5% between 20 and 30 
income base amounts. Paid-up policies and pension payments from the Swedish plans 
are normally indexed annually with an amount corresponding to the change in the 
consumer price index. However, there is no agreement guaranteeing the value and 
future supplements, in addition to the contractual pension benefit, which could either 
rise or fall.
The pensions in Sweden are primarily funded through insurance whereby the insurer 
establishes the premiums and disburse the benefits. If’s obligation is primarily fulfilled 
through payment of the premiums. Should the assets that are attributable to the 
pension benefits not be sufficient to enable the insurer to cover the guaranteed 
pension benefits, If could be forced to pay supplementary insurance premiums or 
secure the pension obligations in some other way. However, given the insurer’s high 
consolidation ratio, the risk that If will be forced to take any such action is low.
To cover the insured pension benefits in Sweden, as well as for a small plan in Norway, 
the related capital is managed as part of the insurers’ management portfolios. New and 
existing asset categories are evaluated on an ongoing basis, in order to diversify the 
asset portfolios with a view to optimize the anticipated risk-adjusted return. Any 
surplus that arises from management of the assets normally accrues to If and/or the 
insured and there is no form of transfer of the asset value to other members of the 
insurance collective.
The insurers and If are jointly responsible for monitoring the pension plans, including 
investment decisions and contributions. The pension plans are essentially exposed to 
similar material risks regarding the final amount of the benefits, longevity, the 
investment risk associated with the plan assets, and the fact that the choice of 
discount interest rate affects the valuation in the financial statements.
When applying IAS 19, the pension obligation and the pension cost attributed to the 
fiscal period are calculated annually, using the Projected Unit Credit method. The 
calculation of the defined benefit obligation is based on future expected pension 
payments and includes yearly updated actuarial assumptions such as salary growth, 
inflation, mortality and employee turnover. The expected pension payments are then 
discounted to a present value, using a discount rate set with reference to AAA and AA 
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
FINANCIAL STATEMENTS 2023 128

===== SIDA 129 =====

corporate bonds issued in local currency, including mortgage-backed bonds, as of 
mid- December. The discount rates chosen in Sweden and Norway take into account 
the duration of the company’s pension obligations in each respective country. After a 
deduction for the plan assets, a net asset or a net liability is recognized in the balance 
sheet.
The following tables contain a number of material assumptions, specifications of 
pension costs, assets and liabilities, and a sensitivity analysis showing the potential 
effect on the obligations of reasonable changes in those assumptions, as of the end of 
the fiscal year. 
The carrying amounts have been stated, including special payroll tax in Sweden 
(24.26%) and a corresponding fee in Norway (14.1%-19.1%).
During 2022, the main defined benefit plan in Norway was closed for accounting 
purposes, as only a few individuals remain in the plan, as well as two small plans in 
Sweden. This has been reported as a settlement under IAS 19 as of December 31 2022.
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
FINANCIAL STATEMENTS 2023 129

===== SIDA 130 =====

Specification of employee benefit obligations by country
2023 2022
EURm Sweden Norway Total Sweden Norway Total
Recognised in income statement and other comprehensive income
Current service cost  3  0  3  4  0  4 
Past service cost and settlements  —  —  —  0  1  1 
Total defined benefit pensions costs in insurance service result  3  0  3  4  1  5 
Interest expense on net pension liability  -1  1  -1  0  0  0 
Remeasurement of the net pension liability  6  0  6  -31  -2  -32 
Total net cost (income) in comprehensive income statement  8  1  8  -26  0  -27 
Recognised in balance sheet
Defined benefit pension obligations, including social costs  186  23  209  184  27  210 
Fair value of plan assets  218  2  220  218  2  220 
Net liability (net assets) recognised in balance sheet  -32  21  -11  -34  25  -9 
Distribution by asset class
Bonds  42 %  —  42 %  — 
Equities  20 %  —  20 %  — 
Properties  10 %  —  10 %  — 
Other  28 %  —  28 %  — 
The following actuarial assumptions have been used for the calculation of defined benefit pension plans in Norway and Sweden:
Sweden Sweden Norway Norway
31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022
Discount rate  3.50 %  3.50 %  3.75 %  3.25 %
Future salary increases  3.00 %  2.75 %  3.25 %  3.00 %
Price inflation  2.00 %  2.00 %  2.25 %  2.00 %
Mortality table DUS23 DUS21 K2013 K2013
Average duration of pension liabilities 17 years 18 years 11 years 10 years
Expected contributions to the defined benefit plans during 2023 and 2022  6  6 - -
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
FINANCIAL STATEMENTS 2023 130

===== SIDA 131 =====

2023 2022
Sensitivity analysis of effect of reasonably possible changes Sweden Norway Total Sweden Norway Total
Discount rate, +0.50% -15 -1 -15 -15 -1 -16
Discount rate, -0.50% 16 1 17 17 1 18
Future salary increases, +0.25% 4 0 4 4 0 4
Future salary increases, -0.25% -3 0 -3 -3 0 -3
Expected longevity, +1 year 6 1 6 6 1 7
2023 2022
EURm Funded plans Unfunded plans Total Funded plans Unfunded plans Total
Distribution of obligations on funded and unfunded plans
Defined benefit pension obligations, including social costs  188  20  209  186  24  210 
Fair value of plan assets  220  —  220  220  —  220 
Net pension liability (net assets) recognised in the balance sheet  -31  20  -11  -34  24  -9 
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
FINANCIAL STATEMENTS 2023 131

===== SIDA 132 =====

Analysis of the change in net liability recognised in the 
balance sheet
EURm 2023 2022
Pension liabilities
At the beginning of the year  204  288 
Current cost  3  4 
Interest cost  7  5 
Actuarial gains (-) / losses (+) on financial assumptions  —  -66 
Actuarial gains (-) / losses (+) on demographic assumptions  0  -6 
Actuarial gains (-) / losses (+), experience adjustments  -3  25 
Exchange differences on foreign plans  -1  -19 
Benefits paid  -7  -20 
Settlements  —  -7 
Defined benefit pension obligations on Dec 31, excl. social 
security costs  203  204 
Social security costs  6  7 
Defined benefit plans  on Dec 31, incl. social security costs  209  210 
Reconciliation of plan assets
At the beginning of the year  220  268 
Interest income  7  5 
Difference between actual return and calculated interest income  -9  -16 
Contributions paid  5  10 
Exchange differences on foreign plans 0  -19 
Benefits paid  -4  -20 
Settlements  —  -7 
Plan assets at 31 December  220  220 
Other short-term employee benefits
There are other short-term employee incentive programmes in the Group, the terms of 
which vary according to country, business area or company. Benefits are recognised in 
the profit or loss for the year they arise. An estimated amount of these short-term 
incentives, social security costs included, for 2023 is EUR 62 million.
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
FINANCIAL STATEMENTS 2023 132

===== SIDA 133 =====

27 Equity and reserves
Equity (1,000 shares)
12/2023 12/2022
Equity (1,000 shares) 501,797 514,369
The shares are divided into A and B classes, with the number of A shares being 
179,000,000 at minimum and 711,200,000 at maximum, and the number of B shares 
being 0 at minimum and 4,800,000 at maximum. Each A share entitles its holder to 
one vote and each B share entitles its holder to five votes at a General Meeting of 
Shareholders. The shares have no nominal value.
At the end of the financial year 2023, the number of A shares amounted to 501,596,752 
and B shares to 200,000 shares.
Treasury shares (1,000 shares)
12/2023 12/2022
Own shares held by Sampo plc (1,000 shares) — 2,141
Reserves and retained earnings
Legal reserve
The legal reserve comprises the amounts to be transferred from the distributable 
equity, according to the Articles of Association or on the basis of the decision of the 
AGM.
Invested unrestricted equity
The reserve includes other investments of equity nature, as well as the issue price of 
shares to the extent it is not recorded in the share capital by an express decision.
Other components of equity
Other components of equity include derivatives used in cash flow hedges and 
exchange differences. In the comparison year, fair value changes of financial assets 
available for sale were also included in other components of equity.
Changes in the reserves and retained earnings are presented in the Group’s statement 
of changes in equity.
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
FINANCIAL STATEMENTS 2023 133

===== SIDA 134 =====

28 Incentive schemes
Long-term incentive schemes 2017 I–2020 I
The Board of Directors of Sampo plc has decided on the long-term incentive schemes 
2017:1 and 2020:1 for the key employees of Sampo Group. The Board of Directors of 
Sampo plc has authorised the Group CEO to decide on the allocation of incentive units, 
which are used to determine the incentive reward. The Board decides on the number 
of incentive units allocated to the Group CEO and the Group Executive Committee 
members. Some 90 persons in Sampo plc and If were included in the long-term 
incentive schemes at the end of 2023.
The amount of the incentive reward is based on the share price development of the 
Sampo A share and Sampo Group’s return on capital at risk (RoCaR). In addition, in 
accordance with the terms updated in September 2023, the amount of the incentive 
paid in 2024 is partly based on the share price development of Mandatum plc. The 
value of one calculated incentive unit is the trade-weighted average price of the 
Sampo A share (and for rewards paid in 2024 Mandatum share price) at the time 
period specified in the terms of the incentive scheme, reduced by the dividend-
adjusted starting price. The starting price of the incentive schemes varies between 
EUR 32.94–44.74. The maximum value of one incentive unit varies between EUR 
56.94–68.74. In the 2020:1 incentive scheme, the calculation of the incentive reward 
furthermore takes into account the RoCaR. If the RoCaR is at least risk-free return + 5 
per cent, the reward is paid out in full. If the RoCaR is at least risk-free return + 3 per 
cent but less than risk-free return + 5 per cent, the payout is 50 per cent. If the RoCaR 
is below risk-free return + 3 per cent, no incentive reward will be paid.
Each plan has three performance periods and incentive rewards are paid in cash in 
three instalments. Identified staff shall buy Sampo A shares with 50 per cent of the 
amount of the instalment after deducting income tax and other comparable charges. 
The shares are subject to disposal restrictions for three years from the date when the 
instalment was paid. A premature payment of the incentive reward may occur in the 
event of changes in the group structure. The fair value of the incentive schemes is 
estimated by using the Black-Scholes pricing model.
2017:I/2 2020:I 2020:I/2 2020:I/3
Terms approved*
14 Sep 
2017
5 Aug 
2020
5 Aug 
2020
5 Aug 
2020
Granted  (1,000)  31 Dec 2020  85  3,877  —  — 
Granted  (1,000)  31 Dec 2021  60  3,815  220  — 
Granted  (1,000)  31 Dec 2022  30  3,805  220  208 
Granted  (1,000)  31 Dec 2023**  —  2,124  170  158 
End of performance period I 30% Q2-2021 Q2-2023 Q2-2024 Q2-2025
End of performance period II  35% Q2-2022 Q2-2024 Q2-2025 Q2-2026
End of performance period III 35% Q2-2023 Q2-2025 Q2-2026 Q2-2027
Payment I  30% 09/2021 09/2023 09/2024 09/2025
Payment II  35% 09/2022 09/2024 09/2025 09/2026
Payment III 35% 09/2023 09/2025 09/2026 09/2027
Price of Sampo A at terms approval 
date EUR*  44.02  30.30  30.30  30.30 
Starting price EUR***  44.10  32.94  43.49  44.74 
Dividend-adjusted starting price EUR 
at 31 December 2023  —  24.54  36.79  42.14 
Sampo A closing price EUR at 31 
December 2023 39.61
Mandatum closing price EUR at 31 
December 2023 4.07
Total intrinsic value, EURm  31  1  — 
Total debt 32
Total cost for the financial period, 
EURm (incl. social cost) 10
* Grant dates vary
** Without Mandatum
** In the 2017:1 incentive scheme, the trade-weighted average price of the Sampo A share during 
ten trading days from the adoption of the scheme and in the 2020:1 incentive scheme, the trade-
weighted average price of the Sampo A share during twenty-five trading days commencing the 
day after Sampo plc’s publication of its Half-Year Financial Report in 2020.
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
FINANCIAL STATEMENTS 2023 134

===== SIDA 135 =====

Long-term incentive scheme of Topdanmark
Topdanmark’s long-term option-based scheme is for its Executive Board and senior 
executives. The strike price has been fixed at 110% of the market price on the last 
trading date in the prior financial year (average of all trades). The options may be 
exercised 3-5 years subsequent to the granting. The scheme is settled by shares.
The only earnings conditions to the option scheme requires employment during the 
whole year of the allocation. Options are allocated at the beginning of the year and, in 
connection with resignations in the year of allocation, a proportional deduction in the 
number of allocated options is made.
The tables below show option holder’s standing at the year end.
Strike price Executive board Senior executives Resigned Total
Total number of options (1,000)
At 1 January 2023  38  85  425  470  981 
Granted  54  25  101  —  126 
Transferred  —  —  -56  56  — 
Exercised  30  -12  -73  -131  -216 
Forfeited  46  —  —  -16  -16 
At 31 December 2023  167  98  397  379  874 
At 1 January 2022  36  108  765  249  1,121 
Granted  54  38  180  —  218 
Transferred  —  -53  -414  467  — 
Exercised  28  -8  -105  -239  -352 
Forfeited  37  —  —  -7  -7 
At 31 December 2022  155  85  425  470  981 
Per granting
2019, exercise period January 2022–2024  30  6  31  72  108 
2020, exercise period January 2023–2025  36  17  72  103  192 
2021, exercise period January 2024–2026  28  23  100  122  245 
2022, exercise period January 2025–2027  45  27  104  75  206 
2023, exercise period January 2026–2028  50  25  90  7  122 
Executive board Senior executives Resigned Total
Average market price on date of exercise 2023  47 
Fair value of granting 2023  —  1  —  1 
Fair value at 31 December 2023  1  3  4  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
FINANCIAL STATEMENTS 2023 135

===== SIDA 136 =====

The fair value of the granting for the year has been calculated using the Black and 
Scholes model, assuming a share price of EUR 49 (49). The interest rate corresponds 
to the zero-coupon rate based on the swap curve on 31 December of the previous 
year. Future volatility is assumed to be 22 per cent (22) p.a and the average life of the 
options approximately 4 years. The volatility based on previous years’ volatility is still 
management’s best estimate of the future volatility. The strike prices are adjusted by 
dividend distribution for outstanding options.
On 31 December 2023, there were 300,000 options (290,000), which could be 
exercised.
Long-term incentive scheme of Hastings
The total charge for the share-based payments recognised in the profit or loss during 
2023 was EUR 7 million (2) with a share-based payment liability of EUR 8 million (15) 
held at 31 December 2023.
Long term incentive plan 
Certain management personnel of Hastings Group participate in the Group’s Long 
Term Incentive Plan (’LTIP’), which is a cash settled scheme. Vesting is subject to a 
three-year service period and the achievement of certain performance conditions. The 
performance conditions for the LTIP are profit before tax and live customer policies. 
Cash awards totalling EUR 13 million (12) were granted in 2023 and EUR 6 million (2) of 
cash awards were forfeited. The expected life is the contractual life of the award 
adjusted to reflect management’s best estimate of holder behaviour. There were cash 
awards with a value of EUR 32 million (38) outstanding on 31 December 2023.
Restricted stock awards 
Restricted Stock Awards are whereby certain individuals are granted cash awards 
conditional upon their continued employment with the Group. The expected life is the 
contractual life of the award adjusted to reflect management’s best estimate of holder 
behaviour. During 2023, certain key management personnel were granted cash awards 
with a value of EUR 0.7 million (0.5) conditional upon continued employment within 
the Group. There were cash awards with a value of EUR 0.9 million (0.8) outstanding at 
31 December 2023. 
Capital appreciation plan 
At the year end, 31 December 2021, certain key management personnel were invited to 
participate in the Hastings Group’s Capital Appreciation Plan (’CAP’), under which they 
may be awarded up to five free B Ordinary Shares in HGCL, for every B Ordinary Share 
they purchase, subject to performance thresholds, based upon total shareholder return 
(’TSR’). The total number of B Ordinary Shares purchased and allotted under the 
scheme in 2023 was zero (-). Potential matching awards of B Ordinary Shares have the 
potential to vest in two tranches, with 50% being conditional upon a TSR measured 
over a four-year period, and 50% being conditional upon TSR measured over a five-
year period, with the number of awards dependent upon the level of return between a 
minimum and maximum target. At the end of each performance period, one half of 
shares will vest immediately, and one half will be deferred for 12 months before 
becoming exercisable. The vesting is dependent on continuing service by the 
participant over the period of any deferment, ranging from three to six years. 
The TSR measure for these awards is calculated using the Monte Carlo valuation 
model. The fair value of the matching shares was EUR 4 million, or approximately EUR 
4 per matching 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
FINANCIAL STATEMENTS 2023 136

===== SIDA 137 =====

29 Investments in subsidiaries
Name
Group holding 
%
Carrying 
amount
If P&C Insurance Holding Ltd 100  1,886   
If P&C Insurance Ltd 100  1,488   
If P&C Insurance AS 100  40   
Vertikal Helseassistanse AS 100  31   
Viking Assistance Group AS 100  83   
Topdanmark A/S* 49.6  1,488   
Topdanmark Forsikring A/S 49.6  559   
Topdanmark EDB A/S 49.6  40   
Topdanmark BidCo A/S** 48.4  265   
Oona Health A/S 48.4  31   
Forsikringsselskabet Dansk Sundhedssikring A/S 48.4  38   
Daytona Midco Ltd** 48.4  249   
Daytona Acquisitions Ltd 48.4  249   
Hastings Group (Consolidated) Ltd 100  2,611   
Hastings Group Holdings Limited 100  1,961   
Hastings Group (Finance) plc 100  1,058   
Hastings Group Limited 100  348   
Advantage Global Holdings Limited 100  270   
Hastings (Holdings) Limited 100  23   
* The Group’s ownership of votes.
** Topdanmark BidCo A/S and Daytona Midco Ltd are related to the acquisition of Oona Health A/S. 
The table excludes dormant companies in Great Britain as well as property and housing companies 
accounted for in the consolidated accounts, and other companies that are insignificant to the 
consolidated financial statements.
Changes in the subsidiary shares in 2023
Topdanmark A/S acquired 100% of the shares of Oona Health A/S on 1 December 
2023.
Sampo plc made an additional investment of approximately EUR 14 million in 
Topdanmark A/S in the third quarter of 2023. 
Mandatum Group was separated from the Group due to a partial demerger in October 
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
FINANCIAL STATEMENTS 2023 137

===== SIDA 138 =====

30 Material partly-owned subsidiaries  
Equity interest held by 
non-controlling interests 
Subsidiary Country 2023 2022
Topdanmark A/S Denmark 50.4 50.7
Accumulated balances of material non-
controlling interests
Topdanmark A/S  424   560
The summarised financial information
Amounts before the separation of non-controlling interests can be seen in the Group’s 
segment income statement and balance sheet.
Non-controlling interests’ share of the income statement
EURm 2023 2022
Insurance revenue  690  674 
Insurance service expenses  -577    -541   
Reinsurance result  -15    -19   
Insurance service result  98    114   
Net investment result  54    -72   
Net finance income or expense from insurance contracts  -40    58   
Net financial result  14    -14   
Other income  1    11   
Other expenses  -12    -4   
Finance expenses  -6    -3   
Profit before taxes  95    104   
Income taxes  -25    -23   
Share of discontinued operations -  52   
Net profit attributable to the non-controlling interests  70  133 
Non-controlling interests’ share of the balance sheet
EURm 2023 2022
Assets
Property, plant and equipment  59    57   
Intangible assets  406    249   
Investments in associates  4    4   
Financial assets  1,038    1,309   
Deferred income tax  2    3   
Reinsurance contract assets  40    40 
Other assets  45    33   
Cash and cash equivalents  12    4   
Total assets  1,608    1,700   
Liabilities
Insurance contract liabilities  935    893   
Subordinated debts  74    75   
Other financial liabilities  23    28 
Deferred income tax  70    61   
Other liabilities  82    84   
Total liabilities  1,184    1,141   
Total equity attributable to non-controlling interests  424  560 
EURm 2023 2022
Dividends paid to non-controlling interests  187  207 
Cash flows allocated to non-controlling interests  4    -73   
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
FINANCIAL STATEMENTS 2023 138

===== SIDA 139 =====