Årsredovisning 2023

31 Related party disclosures
The related parties of Sampo Group include subsidiaries, associates and joint ventures. 
In addition, related parties include, as mentioned below, key management personnel 
and their related parties. The Group’s subsidiaries are included in note 29 and 
significant associates in note 13.
All intra-group transactions and balances are eliminated upon consolidation. The 
related party transactions disclosed in the note include transactions with related 
parties that are not eliminated in the preparation of consolidated financial statements. 
Transactions with related parties are on an arm’s length basis. 
Key management personnel and their related parties 
The key management personnel in Sampo Group consists of the members of the Board 
of Directors of Sampo plc, the Chief Executive Officer (CEO) and Sampo Group’s 
Executive Committee. Their related parties include close family members and the 
entities over which the members of the key management personnel or their close 
family members have control or significant influence.
Key management compensation
EURm 2023 2022
Short-term employee benefits  -8  -10 
Post employment benefits  -3    -3 
Other long-term benefits  -6    -6 
Total  -17    -19 
Short-term employee benefits comprise salaries and other short-terms benefits, 
including profit-sharing bonuses accounted for the year, and social security costs.
Post employment benefits include pension benefits under the Employees’ Pensions Act 
(TyEL) in Finland and voluntary supplementary pension benefits.
Other long-term benefits consist of the benefits under long-term incentive schemes 
accounted for the year (see note 28).
Related party transactions of the key management
The key management does not have any loans from the Group companies.
32 Discontinued operations
Mandatum Group’s business
Mandatum is a major financial services provider that combines expertise in money and 
life and offers customers a wide array of services covering asset and wealth 
management, savings and investment, compensation and rewards, pension plans and 
personal risk insurance. Mandatum offers services to three customer segments: 
corporate customers, retail customers as well as institutional and wealth management 
customers.
Mandatum was a wholly-owned direct subsidiary of Sampo plc. In Sampo Group 
financial reporting, it constituted a reporting segment in accordance with IFRS 8 
Operating Segments. Mandatum Group was presented as a discontinued operation, in 
accordance with IFRS 5 Non-current assets held for sale and discontinued operations 
until the demerger on 1 October 2023. For more information related to classification of 
Mandatum, please see section Accounting principles. 
Key accounting principles 
Sampo Group applies IFRS 17 Insurance Contracts from 1 January 2023 and the 
comparative information for the year 2022 is restated. Sampo Group 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. As the new standards, 
IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments, are applied from 1 
January 2023 in Sampo Group, Mandatum’s reporting is done in accordance with these 
standards as well. 
In the following chapters the key accounting principles related to IFRS 17 Insurance 
Contracts of Mandatum Group, are presented in short. New accounting principles 
related to IFRS 9 Financial Instruments are included in section Accounting principles. 
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 139

===== SIDA 140 =====

IFRS 17 Insurance Contracts 
General measurement model (GMM)
IFRS 17 introduces a general measurement model 
(GMM) applicable to all insurance contracts to measure 
insurance contract liabilities. In Mandatum, GMM is 
applied to with profit policies and risk policies. 
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). CSM represents the unearned profit that will be 
recognised when insurance contract services are 
provided in the future. 
On initial recognition, life operations measure a group of 
insurance contracts as the total of the fulfilment cash 
flows, comprising of estimates of future cash flows, 
discounting and risk adjustment for non-financial risk. In 
addition, the measurement includes the contractual 
service margin, which is measured at initial recognition 
on the group of the insurance contracts. 
For insurance contracts related to life operations, 
estimates of future cash flows are based on cash flow 
projections and are estimated until the maturity of the 
contract. Only risk policies with no death benefit or 
permanent disability cover are short term (yearly) 
contracts. Cash flows are estimated for every reporting 
period and assumptions are updated yearly or more 
often, if needed. 
Insurance acquisition cash flows are determined at 
inception of the group of insurance contracts. Insurance 
acquisition cash flows are considered directly 
attributable to a portfolio and are allocated to individual 
contracts.  Where actual and expected acquisition cash 
flows are not equal at the end of the reporting period, 
an experience adjustment is recognized in the 
statement of profit or loss. 
Mandatum has determined the discount rates based on 
a top-down approach where a theoretical reference 
portfolio of assets is used to define the applicable 
discount curve, consisting of risk-free rate and illiquidity 
premium. For insurance contracts without a direct 
participation feature, a so called locked-in rate is 
applied, meaning that the discount rate is determined at 
the initial recognition and is applied in the accretion of 
CSM.
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. In 
Sampo Group the risk adjustment will be 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 general measurement model, the 
risk adjustment is included in the calculation of both 
LRC and LIC. In regards to the risk adjustment, the 
following risks are considered in life operations: 
mortality, longevity, disability (including permanent 
disability), lapse and expense risk.
At the subsequent reporting periods, the amount of 
insurance liabilities is a sum of the LRC consisting of the 
present value of future cash flows for services that will 
be provided during future periods, risk adjustment, 
remaining CSM at that date and LIC. LIC includes 
reported but not settled claims and incurred but not 
reported claims.
Variable fee approach (VFA)
Under IFRS 17, the variable fee approach (VFA) is to be 
applied to direct participating insurance contracts. The 
variable fee approach represents a modification from 
the general measurement model where the treatment of 
contractual service margin is modified. The CSM is 
adjusted to reflect the variable nature of the fees, which 
represent the amount of the entity’s share of the fair 
value of underlying items. In Mandatum VFA is applied 
to unit-linked insurance contracts measured under IFRS 
17. 
In addition,  a significant part of life insurance liabilities 
is under the scope of IFRS 9. Mandatum recognises 
these investment contract liabilities (unit-linked 
policies) at fair value through profit or loss. The fair 
value is based on the financial assets underlying these 
policies and recognised at FVPL.
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 140

===== SIDA 141 =====

Result of discontinued operations
EURm 1-9/2023 1-12/2022
Insurance revenue  255  328 
Insurance service expenses  -213  -292 
Reinsurance result  -1  -2 
Insurance service result  41  34 
Net investment result  658  -829 
Net finance income or expense from insurance contracts  -161  920 
Net result from investment contracts  -369  577 
Net financial result  127  668 
Other income  22  80 
Other expenses  -12  -59 
Finance expenses  -4  -6 
Share of associates' profit or loss  -1  0 
Profit before taxes  173  718 
Income taxes  -33  -139 
Discontinued operations, net of tax  140  579 
Other comprehensive income from discontinued operations, 
net of tax  —  -484 
Total comprehensive income from discontinued operations  140  94 
The profit from the discontinued operations and total comprehensive income for the 
discontinued operations is attributable entirely to the owners of the parent. 
The profit from discontinued operations, amounting to 251 million, includes 
Mandatum’s result until 30 September 2023 amounting to 140 million, the difference 
from the derecognition of the dividend liability amounting to 9 million and the 
recognition of loan receivable from Mandatum, amounting to 102 million. Earning per 
share from discontinued operations was EUR 0.5.
Effect on the financial position of the Group
EURm 9/2023
Assets
Property, plant and equipment  24 
Investment property  132 
Intangible assets  172 
Investments in associates  3 
Financial assets  3,555 
Financial assets related to unit-linked contracts   10,979 
Insurance contract assets  9 
Reinsurance contract assets  1 
Other assets  188 
Cash and cash equivalents  673 
Assets  15,736 
Liabilities
Insurance contract liabilities  5,290 
Investment contract liabilities  7,972 
Subordinated debts  250 
Other financial liabilities  22 
Deferred income tax  133 
Other liabilities  244 
Liabilities  13,910 
Cash flows from discontinued operations 
EURm 1-9/2023 1-9/2022
Net cash flows from operating activities  173  -129 
Net cash flows from investing activities  20  -8 
Net cash flows from financing activities  -280  -166 
Total cash flows  -88  -303 
Cash flows from financing activities include an internal dividend of EUR 150 million (150) and a 
group contribution of EUR 29 million (15) to Sampo plc.
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 141

===== SIDA 142 =====

33 Business operations divested
Topdanmark Forsikring's life and pension business
On 18 March 2022, Sampo's subsidiary Topdanmark Forsikring A/S signed an 
agreement to divest of Topdanmark Liv Holding A/S and all its subsidiaries to Nordea 
Life Holding AB. Illness and Accident in the Liv Holding Group were included in the 
divested operations. The transaction was approved by regulatory authorities  and the 
transaction was completed on 1 December 2022.
In Sampo Group, Topdanmark Life’s operations had been reported as part of 
Topdanmark segment. As Topdanmark’s life business did not represent a major line of 
business or geographic area of operations for Sampo Group, assets and liabilities 
related to Topdanmark Life’s operations were classified to non-current assets held for 
sale, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued 
Operations.
Results of divested operation
EURm 1-11/2022
Insurance revenue  244 
Insurance service expenses  -194 
Reinsurance result  2 
Insurance service result  52 
Net investment result  -1,114 
Net finance income or expense from insurance contracts  1,106 
Net financial result  -9 
Other income  3 
Other expenses  -13 
Profit before taxes  32 
Income taxes  -2 
Divested operations, net of tax  31 
Sales gain  117 
Net profit from the divested operations  148 
Due to the disposal, trademark related to Topdanmark Life was derecognised in the 
statement of profit in the Group, totalling net EUR -46 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 142

===== SIDA 143 =====

34 Business combinations
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S, 
owner of Dansk Sundhedssikring A/S (DSS), PrimaCare A/S and DSS Hälsa AB. DSS is 
an insurance company that offers health insurance to companies and private 
individuals. PrimaCare A/S is a network healthcare company, providing physiotherapy, 
chiropractic and psychology services to insurance companies. DSS Hälsa AB is an 
insurance agency in Sweden, providing health insurance products and administration in 
connection with the insurance policies. 
The purchase price includes goodwill of EUR 237 million (DKK 1,770 million) which 
relates to the unique business model and operational setup of DSS. Goodwill will not 
be deductible for income tax purposes. The following table summarises the 
consideration paid for Oona Health, and the assets acquired and liabilities assumed at 
the acquisition date. 
EURm 1 Dec 2023
Cash  257 
Contingent consideration  12 
Total purchase price  269 
Acquisition related costs  5 
Identified assets acquired and liabilities assumed
Financial assets  39 
Cash and cash equivalents  8 
Intangible asset  87 
Other assets  11 
Total assets  146 
Insurance contract liabilities  18 
Other liabilities  96 
Total liabilities  114 
Total identifiable net assets  31 
Goodwill  237 
Purchase price  269 
In accordance with the purchase agreement Topdanmark A/S took over 97% of the 
shares of Oona Health A/S at closing and will acquire the remaining 3% at a purchase 
price which is variable and dependent on profit after tax in 2026.
The intangible assets include customer relationships EUR 72 million (DKK 535 million) 
and trade names EUR 7 million (DKK 50 million). The revenue included in the 
statement of comprehensive income since 1 December 2023 contributed by Oona 
Health A/S was EUR 12 million (DKK 93 million) and profit EUR 2 million (DKK 14 
million). 
The following table summarises the acquired assets and assumed liabilities: 
EURm 12/2023
Assets and liabilities 
Tangible and intangible assets  326 
Financial assets  39 
Other assets  9 
Cash and cash equivalents  8 
Total assets  383 
Insurance contract liabilities  18 
Other liabilities  108 
Total liabilities  126 
Total consideration paid in cash  257 
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 143

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35 Contingent liabilities, commitments and legal proceedings
EURm 12/2023 12/2022
Off-balance sheet items
Guarantees  9  9 
Investment commitments  15  2,069 
IT acquisitions  1  11 
Other  2  2 
Total  27  2,091 
The comparative period includes Mandatum Group’s figures. The investment commitments in the 
above table in 2022 were for the most part Mandatum’s commitments to private equity and credit 
funds. For further information, please see note 32.
Assets pledged as collateral for liabilities or contingent liabilities
12/2023 12/2022
EURm
Assets 
pledged
Liabilities/ 
commitments
Assets 
pledged
Liabilities/ 
commitments
Assets pledged as collateral
Investment securities  408  293  362  169 
Subsidiary shares  91  27  94  28 
Cash and cash equivalents  63  36  19  32 
Total  561  356  476  230 
Assets pledged as security 
for derivative contracts
Investment securities  9  8 
Cash and cash equivalents  42  60 
Assets pledged as security 
for insurance undertakings
Investment securities  399  354 
Assets pledged as security 
for loans
Shares in subsidiaries  91  94 
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Policyholder's beneficiary rights
EURm 2023 2022
Assets covered by policyholders' beneficiary rights  10,034  9,644 
Technical provisions, net  -6,171  -6,082 
Surplus of registered securities  3,863  3,562 
The assets are registered as assets covering technical provisions (Solvency II). In the 
event of an insolvency situation, policyholders have a beneficiary right to assets 
registered for coverage of technical provisions.  
Other financial commitments
Sampo and Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is 
subject to approvals from authorities. Sampo has granted a loan amounting to EUR 
280 million to Mandatum, which still remains undrawn at the end of reporting period. 
The loan is expected to be repaid within a period of 4 years from its issuance.   
The subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings 
within several pools, such as  the Nordic Nuclear Insurance Pool, Norwegian Natural 
Perils’ Pool and the Dutch Terror Pool.
In connection with the transfer of property and casualty insurance business from the 
Skandia Group to the If Group as of March 1, 1999, If P&C Holding Ltd and If P&C 
Insurance Ltd issued a guarantee for the benefit of Försäkringsaktiebolaget Skandia 
(publ.), whereby the aforementioned companies in the If Group mutually guarantee 
that companies in the Skandia group will be indemnified against any claims or actions 
due to guarantees or similar commitments made by companies in the Skandia Group, 
within the property and casualty insurance business transferred to the If Group.
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
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If P&C Insurance Holding Ltd and If P&C Insurance Ltd 
have separately entered into agreements with 
Försäkringsaktiebolaget Skandia (publ.) and Tryg-
Baltica Forsikrings AS, whereby Skandia and Tryg-
Baltica will be indemnified against any claims 
attributable to guarantees issued 
byFörsäkringsaktiebolaget Skandia (publ.) and Vesta 
Forsikring AS, on behalf of Skandia Marine Insurance 
Company (U.K.) Ltd. (renamed Marlon Insurance 
Company Ltd., company dissolved in July 2017) in 
favour of the Institute of London Underwriters. Marlon 
was sold during 2007, and the purchaser issued a 
guarantee in favour of the aforementioned companies 
in the If Group for the full amount that they may be 
required to pay under these guarantees.
If P&C Insurance Company Ltd has outstanding 
commitments to private equity funds totalling EUR 3 
million, which is the maximum amount that the 
company has committed to invest in the funds. Capital 
will be called to these funds over several years as the 
funds make investments.
With respect to certain IT systems If and Sampo use 
jointly, If P&C Insurance Holding Ltd has undertaken to 
indemnify Sampo for any costs caused by If that Sampo 
may incur in relation to the owners of the systems.
Sampo Group’s Danish companies and Topdanmark 
Group’s companies are jointly taxed, with Topdanmark 
A/S being the management company. Pursuant to the 
specific rules on corporation taxes etc. in the Danish 
Companies Act, the companies are liable for the jointly 
taxed companies and for any obligations to withhold 
tax from interests, royalties and dividend for companies 
concerned.
In connection with the implementation of a new 
customer and core system, Topdanmark Forsikring A/S 
has undertaken to provide support towards specific 
suppliers to fulfil Topdanmark EDB IV ApS’ obligations 
in accordance with the contracts.
Contingent liability
Entities within Hastings Group are subject to review by 
tax authorities in the UK and Gibraltar. The Hastings 
Group commenced discussion with HMRC in December 
2016 regarding aspects of its business model and the 
allocation of certain elements of its profit between the 
Group’s operating subsidiaries, Hastings Insurance 
Services Limited (’HISL’) in the UK and Advantage 
Insurance Company Limited (’AICL’) in Gibraltar. During 
the year, management has engaged in correspondence 
and meetings with HMRC. Management has reviewed 
current and previous tax filings and considered the 
nature of the ongoing enquiries, and does not consider 
it appropriate to provide for any additional tax due. 
Hastings Group provides for potential tax liabilities that 
may arise on the basis of the amount expected to be 
paid to the tax authorities, having taken into 
consideration any ongoing enquiries or reviews and 
based on guidance from professional firms. The final 
amounts paid may differ from the amounts provided 
depending on the ultimate resolution of such matters 
and any changes to the estimates or amounts payable 
in respect of prior periods are reported through 
adjustments relating to prior periods. In the event that 
the tax authorities do not ultimately accept the filed tax 
position, it is possible that the Hastings Group will have 
an additional tax liability. However the ongoing nature 
of the enquiry means that it is inherently difficult to 
predict a range of potential outcomes with certainty. 
Based on the information received from HMRC to date, 
management does not believe that it is probable that 
any additional amounts will ultimately become payable. 
Further information in respect of the enquiries has, 
therefore, not been provided in accordance with IAS 37, 
on the grounds it is not practicable to do so.
Legal proceedings
There are a number of legal proceedings against the 
Group companies outstanding on 31 December 2023, 
arising in the ordinary course of business. The 
companies estimate it unlikely that any significant loss 
will arise from these proceedings.
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 145

===== SIDA 146 =====

36 Subsequent events after the balance sheet date
Change in reference point for 
disaggregation of IFRS 17 
discounting effects in If
On 18 January 2024, Sampo published a press release 
regarding technical changes in the calculation 
methodology for discounting effects in If. Following an 
analysis of the application of IFRS 17 over 2023, the 
reference point used in If P&C for disaggregation of 
IFRS 17 discounting effects has been changed from the 
beginning of year to the beginning of quarter. The 
change in reference point impacts on the split of 
discounting effects between the insurance service result 
(ISR) and insurance finance income or expenses (IFIE), 
but not profit before taxes. This reflects the Group’s 
practice of providing financial results for individual 
quarters, and a desire to align more closely with 
common market practice and the approach taken by 
other Group companies. For more information, please 
see accounting principles. 
Dividend proposal to the AGM
In the meeting of 8 February 2024, the Board of 
Directors decided to proposet, at the Annual General 
Meeting on 25 April 2024, a divided distribution of EUR 
1.80 per share (totalling approx. EUR 903 million based 
on the number the number of outstanding shares at the 
balance sheet date).  The dividends to be paid will be 
accounted for in the equity in 2024 as a deduction of 
retained earnings.
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 146

===== SIDA 147 =====

37 Risk Management disclosure
Sampo Group business and risk 
strategy
Sampo’s strategy is to create long-term value from its 
non-life insurance operations. The Group’s focus within 
non-life insurance is on the private and SME business in 
the Nordic countries and the digital distribution market 
in the United Kingdom. Sampo Group is first and 
foremost exposed to the general performance of the 
Nordic economies. However, the Nordic economies 
typically are at any given time at different stages of 
their economic cycles, because of reasons such as 
different economic structures and separate currencies. 
Also, geographically the Nordics as a large area is more 
a source of underwriting diversification than 
concentration. Hence, inherently the Nordic area is a 
good basis for a diversified business. Geographic 
diversification is extended also outside of the Nordics 
into the United Kingdom via Hastings.
To further maintain diversification of businesses Sampo 
Group proactively prevents concentrations, to the 
extent possible, by segregating the duties of separate 
business areas. As a result, separate companies have 
very few overlapping areas in their underwriting and 
investments activities. Despite proactive strategic 
decisions on segregation of duties, concentrations in 
underwriting and investments may appear and hence 
liabilities and assets are monitored at the Group level to 
identify potential concentrations at a single company or 
risk factor level. 
It is regarded that the current business model where all 
companies have their own operational processes and 
agreements with counterparties mitigates accumulation 
of counterparty default risks and operational risks. 
Hence, these risks are mainly managed at company 
level.   
The number of intragroup exposures between the 
Group companies is small and the parent company is 
the main source of internal liquidity and capital within 
the Group. This effectively prevents contagion risk, and 
hence potential problems of one company will not 
directly affect the other Group companies.   
Underwriting and market risk concentrations and their 
management are described in the later sections as well 
as the parent company’s role as a risk manager of 
group-wide risks and as a source of liquidity.
Sampo's risk management strategy is to:
• Ensure that risks affecting the profit and loss account 
and the balance sheet are identified, assessed, 
managed, monitored and reported in all business 
activities and at the Group level;
• Ensure cost-efficient customer business that is 
soundly priced in terms of risks and adding value to 
our clients;
• Ensure the overall efficiency, security and continuity 
of operations;
• Ensure that risk buffers – in the form of capital and 
foreseeable profitability – are adequate in relation to 
the current risks inherent in business activities and 
existing market environment;
• Limit M&A transactions to bolt-ons in non-life 
insurance;
• Dispose non-strategic or otherwise unnecessary 
balance sheet items and distribute the released 
capital and reserves to the parent company as 
appropriate; and
• Arrange its activities in ways that safeguard the 
Group’s reputation, since in addition to the ability to 
provide value-adding services for its clients and 
sound capitalisation, the confidence of the clients and 
other stakeholders is among the most significant 
assets of Sampo Group. 
Sampo Group risk management 
system
The purpose of risk management is the creation and 
protection of value. The risk management system is part 
of the larger internal control system, and it integrates 
risk management into the governance of the Group and 
into its significant activities and functions, including 
decision making. The risk management system includes 
the risk management principles and the corresponding 
policies, in addition to the organisational structures and 
processes by which risks are being managed.
The central tasks in the risk management process are as 
follows: 
• Identification of risks: The risks involved in business 
operations and business environment, are monitored 
continuously together with earnings potential. In 
particular, when new services are launched or 
business environment is changing, earnings potential 
and risks including reputational risks shall be 
thoroughly analysed. 
• Assessment of capital need: The capital need to cover 
measured risks, risk-based capital, is assessed and 
analysed regularly by risk types and over risks and 
business areas. In addition, management considers 
the size of the buffers over risk-based capital to get 
actual amount of capital. 
• Pricing of risks: Sound pricing of customer 
transactions and careful risk/return consideration of 
investments is the prerequisite for achieving the 
targeted financial performance and profitability over 
time. In general, the starting points of insurance policy 
pricing and investment decisions are (i) adequate 
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 147

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expected return on allocated capital and (ii) operating 
costs. 
• Managing risk exposures, capital positions and 
operational processes: The risks of insurance 
liabilities, investment portfolios and operative 
processes and capital positions are adjusted to 
maintain a sound risk to return ratio and return on 
capital.  
• Measuring and reporting of risks: Results, risks, 
profitability and needed capitalisation are measured, 
analysed and reported by Finance and Risk 
Management functions, which are independent from 
business activities 
Classification of risks
In Sampo Group, the risks associated with business 
activities fall into the categories shown in the picture 
Classification of risks in Sampo Group.
Classification of risks in Sampo Group
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
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Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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Risks inherent in business 
operations
In its underwriting and investment operations, Sampo 
Group is consciously taking certain risks to generate 
earnings. These earnings risks are carefully selected and 
actively managed. Underwriting risks are priced to 
reflect their inherent risk levels and the expected return 
of investments is compared to the related risks. 
Furthermore, earnings related risk exposures are 
adjusted continuously and their impact on the capital 
need is assessed regularly.
Successful management of underwriting risks and 
investment portfolio market risks is the main source of 
earnings for Sampo Group companies. Day-to-day 
management of these risks, i.e., maintaining them within 
given limits and authorisations is the responsibility of 
the business areas and the investment units. 
Some risks, such as counterparty default risks and 
operational risks presented in the graph Classification of 
Risks in Sampo Group are indirect repercussions of 
Sampo’s normal business activities. They are one-sided 
risks, which in principle have no related earnings 
potential. Accordingly, the risk management objective is 
to mitigate these risks efficiently rather than actively 
manage them. Mitigation of consequential risks is the 
responsibility of the business areas and the investment 
units. The capital need for these risks is measured by 
independent risk management functions. It must be 
noted that the categorisation of risks between earnings 
and consequential risks varies depending on the 
industry. For Sampo Group’s clients, for instance, the 
events that are subject to insurance policies are 
consequential risks and for Sampo Group these same 
risks are earnings risks. 
Some risks such as interest rate, currency and liquidity 
risks are by their nature simultaneously linked to various 
activities. To manage these risks efficiently, Sampo 
Group companies must have a detailed understanding 
of expected cash flows and their variance within each of 
the company’s activities. In addition, a thorough 
understanding of how the market values of assets and 
liabilities may fluctuate at the total balance sheet level 
under different scenarios is needed. These balance 
sheet level risks are commonly defined as Asset and 
Liability Management (“ALM”) risks. In addition to 
interest rate, currency and liquidity risk, inflation risk 
and risks relating to GDP growth rates are central ALM 
risks in Sampo Group. The ALM risks are one of the 
focus areas of senior management because of their 
relevance to risks and earnings in the long run.
In general, concentration risk arises when the 
company’s risk exposures are not diversified enough. 
When this is the case, an individual extremely 
unfavourable claim or financial market event, for 
instance, could threaten the solvency of the company. 
Concentrations can evolve within separate activities – 
large single name or industry specific insurance or 
investment exposures – or across activities when a 
single name or an industry is contributing widely to the 
profitability and risks of the company through both 
insurance and investment activities. 
Concentration risk may also materialise indirectly when 
profitability and the capital position react similarly to 
general economic developments or to structural 
changes in the institutional environment in different 
areas of business. 
Sustainability approach
Sampo Group has a sustainability programme, which 
drives Group level sustainability work. The programme 
consists of five strategic sustainability themes: Business 
management and practices, Corporate culture, 
Investment management and operations, Products and 
services, and Communities. In addition, the Group is 
committed to protecting the environment and 
combatting climate change.
Climate-related risks and opportunities at Sampo Group 
are identified, assessed, and managed primarily in the 
insurance subsidiaries, where the actual business 
operations are being carried out.
Environmental issues and climate change are factors 
that are expected to have a mid and long-term effect 
on Sampo Group’s businesses. Climate-related risks can 
be categorised into physical risks and transition risks. 
Physical risks can be further classified into long-term 
weather changes (chronic risks) and extreme weather 
events such as storms, floods, or droughts (acute risks). 
Transition risks refer to risks arising from the shift to a 
low carbon economy, for example changes in 
technology, legislation, and consumer sentiment. 
The strength of the risks depends on the trajectory of 
global warming. A scenario in line with the Paris Climate 
Agreement, limiting the temperature rise to 1.5°C, would 
have moderate consequences, whereas 3–5°C scenarios 
would have severe consequences for industry, 
infrastructure, and public health. Especially in 
geographically vulnerable regions, abandonment of 
low-lying coastal areas due to rising sea levels and food 
and water shortages, can lead to large-scale migration 
and outbreaks of diseases. 
Physical risks are risk factors affecting especially the 
financial position and results of Sampo Group. The 
increasing likelihood of extreme weather conditions and 
natural disasters is included in internal risk models. 
Climate-related risks are also managed effectively with 
reinsurance programs and price assessments. Since 
climate change could increase the frequency and/or 
severity of physical risks, the Sampo Group companies 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 149

===== SIDA 150 =====

conduct sensitivity analyses using scenarios in which 
the severity of natural catastrophes is assumed to 
increase.
Sampo Group’s investments can be exposed to both 
physical risks and transition risks, depending on the 
investment in question. Investments are particularly 
exposed to physical risks in the form of losses incurred 
from extreme weather events. The transition to a low-
carbon society with potentially increasing 
environmental and climate regulation, more stringent 
emission requirements, and changes in market 
preferences could in turn cause transition risks for the 
Group’s investments and possible revaluation of assets 
as operating models in carbon intense sectors change.
To manage physical risks and transition risks, 
investment opportunities are carefully analysed before 
any investments are made and climate-related risks are 
considered along with other factors affecting the risk-
return ratio of individual investments. The methods 
used by Sampo Group include, for example, annual 
analysis of the carbon footprint and climate impact of 
investments, sector-based screening and ESG 
integration, monitoring the geographical distribution of 
investments and engagement with investee companies. 
Core risk management activities
To create value for all stakeholders in the long run, 
Sampo Group must have the following forms of capital 
in place:
• Financial flexibility in the form of adequate capital and 
liquidity.
• Good technological infrastructure.
• Intellectual capital in the form of comprehensive 
proprietary actuarial data and analytical tools to 
convert this data into information.
• Human capital in the form of skilful and motivated 
employees.
• Social and relationship capital in the form of good 
relationships with society and clients to understand 
the changing needs of different stakeholders.
These resources are being continuously developed in 
Sampo Group. They are in use when the following core 
activities related to risk pricing, risk taking, and active 
management of risk portfolios are conducted.  
Appropriate selection and pricing of underwriting risks 
• Underwriting risks are carefully selected and are 
priced to reflect their inherent risk levels.
• Insurance products are developed proactively to 
meet clients’ changing needs and preferences.
Effective management of underwriting exposures 
• Diversification is actively sought. 
• Reinsurance is used effectively to reduce largest 
exposures.
Careful selection and execution of investment 
transactions
• Risk return ratios and sustainability issues of separate 
investments opportunities are carefully analysed.
• Transactions are executed effectively.
Effective mitigation of consequential risks
• Counterparty default risks are mitigated by carefully 
selecting counterparties, applying collateral 
agreements, and assuring adequate diversification.
• High quality and cost-efficient business processes are 
maintained.
• Continuity and recovery plans are continuously 
developed to secure business continuity.
Effective management of investment portfolios and the 
balance sheet 
• Balance between expected returns and risks in 
investment portfolios and the balance sheet is 
optimised, considering the features of insurance 
liabilities, internally assessed capital needs, regulatory 
solvency rules and rating requirements.
• Liquidity risks are managed by having an adequate 
portion of investments in liquid instruments. The 
portion is mainly dependent on the features of the 
liabilities. 
At the Group level, the risk management focus is on 
capitalisation, leverage, and liquidity. It is also essential 
to identify potential risk concentrations and to have a 
thorough understanding of how solvency and reported 
profits of Group companies would develop under 
different scenarios. These concentrations and 
correlations may influence Group level capitalisation, 
leverage, and liquidity as well as on Group level 
management actions. 
When the above-mentioned core activities are 
successfully implemented, a balance between profits, 
risks and capitalisation can be achieved and shareholder 
value can be created.
Accounting principles
Sampo Group applies IFRS 17 Insurance Contracts and 
IFRS 9 Financial Instruments from 1 January 2023. 
Comparative information (IFRS 17) for the year 2022 
has been restated, and IAS 39 is applied. For more 
information on the implementation, please see note on 
accounting principles section IFRS 17 and IFRS 9 
transition impacts.
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FINANCIAL STATEMENTS 2023 150

===== SIDA 151 =====

Underwriting risks at Sampo Group
With respect to the underwriting businesses carried out in the subsidiary companies, it 
has been established that If and Topdanmark operate within the Nordic countries, but 
mostly in different geographical areas and in different lines of business and hence their 
underwriting risks are different by nature. There are some overlapping areas in 
Denmark in If and Topdanmark. However, there are no material underwriting risk 
concentrations in the normal course of business. Hastings operates solely in the United 
Kingdom, and hence its underwriting risks are geographically distinct from the Nordics. 
Consequently, business lines as such are contributing diversification benefits rather 
than a concentration of risks.   
Key sensitivities
Effects from instant change on profit or loss in year 2023
EURm Shock 2023
UW profit Discount rate  +100 bps  45 
UW profit Discount rate   -100 bps  -50 
Insurance finance income and expense, net Discount rate  +100 bps  315 
Insurance finance income and expense, net Discount rate   -100 bps  -360 
Net investment income Interest rates  +100 bps  -335 
Net investment income Interest rates   -100 bps  355 
Net investment income Spreads +100 bps  -330 
Net investment income Equities  -10%  -220 
Underwriting risks at If Group
As shown in the graph Breakdown of gross written premiums by business area, 
country, and line of business, If, 31 December 2023, the If insurance portfolio is well 
diversified across business areas, countries, and lines of business. The six lines of 
business are segmented in accordance with the insurance class segmentation used in 
IFRS.
Breakdown of gross written premiums by business area, country, and line of business
If, 31 December 2023, total EUR 5,468 million (5,432)
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 151

===== SIDA 152 =====

There are minor differences between the figures 
reported by Sampo Group and If due to differences in 
foreign exchange rates used in the consolidation.
Premium and catastrophe risk and their 
management and control
The main factors affecting If’s premium risk are claims 
volatility, claims inflation, and pricing methodology. 
Given the inherent uncertainty of P&C insurance 
operations, there is a risk of losses due to unexpectedly 
high claims expenses. Examples of what could lead to 
high claims expenses include large fires, natural 
catastrophes or an unforeseen increase in the frequency 
or the average size of small and medium-sized claims.
The principal methods for mitigating premium risks are 
by reinsurance, diversification, prudent underwriting, 
and regular follow-ups linked to the strategy and 
financial planning process.
An analysis of how changes in the combined ratio, 
insurance revenue (net of reinsurance premium 
expense) and claims incurred affect the result before 
tax is presented in the table Sensitivity analysis, 
premium risk, If, 31 December 2023 and 31 December 
2022. 
Sensitivity analysis, premium risk
If, 31 December 2023 and 31 December 2022
Level 2023
Change in current 
level Effect on result before tax (Gross) Effect on result before tax (Net)
(Gross) (Net) 2023 2022 2023 2022
Combined ratio, business area Private  83.5 %  83.1 % +/- 1 percentage point + / -  2 8 . 7 + / -  2 9 . 5 + / -  2 8 . 4 + / -  2 9 . 3
Combined ratio, business area Commercial  82.1 %  81.9 % +/- 1 percentage point + / -  1 3 . 2 + / -  1 3 . 4 + / -  1 3 . 1 + / -  1 3 . 2
Combined ratio, business area Industrial  96.5 %  87.3 % +/- 1 percentage point + / -  9 . 2 + / -  8 . 5 + / -  6 . 3 + / -  5 . 9
Combined ratio, business area Baltics  85.6 %  85.9 % +/- 1 percentage point + / -  2 . 3 + / -  1 . 9 + / -  2 . 2 + / -  1 . 9
Insurance revenue (net of reinsurance premium 
expenses EURm)  5,330  4,996 +/- 1 per cent + / -  5 3 . 3 + / -  5 3 . 3 + / -  4 9 . 9 + / -  5 0 . 2
Claims incurred (EURm)  3,763  3,377 +/- 1 per cent + / -  3 7 . 6 + / -  3 6 . 7 + / -  3 3 . 7 + / -  3 5 . 5
The Underwriting Committee is an advisory and 
preparatory body to the CEOs in the respective 
companies. In accordance with the instructions for the 
Underwriting Committee, the committee monitors 
compliance with the established underwriting principles. 
The Chairman of the Underwriting Committee is, among 
other things, responsible for the approval of 
underwriting deviations defined in the Underwriting 
Policy. 
The Underwriting Policy sets general principles, 
restrictions, and directions for the underwriting 
activities. The Underwriting Policy is supplemented by 
guidelines outlining in greater detail how to conduct 
underwriting within each business area. 
The Reinsurance Policy stipulates guidelines for the 
purchase of reinsurance. The optimal choice of 
reinsurance program is evaluated by comparing the 
expected cost with the benefit of the reinsurance, the 
impact on result volatility and capital requirements. The 
main tool for this evaluation is If’s internal model in 
which small claims, large claims and natural 
catastrophes are modelled. 
The Reinsurance Policy includes limitations on 
permitted reinsurers and their rating for each line of 
business. In addition, limits relating to concentration risk 
and exposure to reinsurance risk are included. The 
reinsurers are continuously assessed and evaluated 
through in-house financial and qualitative pre-defined 
analyses.
A group-wide reinsurance program is in place in If since 
2003. In 2023, retention levels were between SEK 100 
million (approximately EUR 9.0 million) and SEK 300 
million (approximately EUR 27.0 million) per risk and 
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===== SIDA 153 =====

SEK 300 million (approximately EUR 27.0 million) per 
event.
Reserve risk and its management and control
If's main reserve risks are claims inflation and increased 
retirement age. 
Reserves, especially in long tailed business, are sensitive 
to assumptions of future claims inflation since they 
affect the future claim amount. An increased retirement 
age, through for instance a political decision, will 
increase the duration and present value of annuities as 
they decrease, or expire, at retirement. An increase in 
life expectancy will likewise increase the duration and 
present value of annuities. 
Valuation of the liability for incurred claims always 
includes a degree of uncertainty since it is based on 
estimates of the size and the frequency of future claims 
payments. The uncertainty in the valuation is normally 
greater for new portfolios for which complete run-off 
statistics are not yet available, and for portfolios 
including claims that take a long time to settle. Workers’ 
compensation, motor third party liability (MTPL), 
personal accident and liability insurance are products 
with the latter characteristics.
The value of the net liability for incurred claims is in 
addition to risk factors relating to reserve risk also 
impacted by changes in discount rates and exchange 
rates. These market risks are described in sections for 
interest rate risk and currency risk. The reserve risk 
differs from interest rate risk since it relates to the size 
of future cash flows, while the interest rate risk only 
impacts the present value of future cash flows.
The duration of the provisions, and thus the sensitivity 
to changes in discount rates, varies with each product 
portfolio. The weighted average duration for 2023 
across the product portfolios was 6.2 (6.0) years.
A large part of the exposure relates to lines of business 
MTPL and workers’ compensation, where a part of the 
liability for these lines includes annuities. In 2023 the 
proportion of liability for incurred claims related to 
MTPL and workers’ compensation was 52 (54) per cent.
In the tables Net liability for incurred claims by line of 
business and major geographical area, If, 31 December 
2023 and 31 December 2022, the size and duration of 
If’s IFRS net liability for incurred claims are presented 
by line of business and major geographical area. 
Net liabilities for incurred claims by line of business and major geographical area 
If, 31 December 2023
Sweden Norway Finland Denmark Baltics Total
EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration
Motor other and MTPL 868 9.2 226 1.7 669 10.8 103 3.0 107 4.0 1,972 8.2
- whereof MTPL 774 10.2 159 2.3 647 11.1 89 3.1 93 4.5 1,762 9.2
Workers' compensation 0 0.0 116 2.9 805 10.4 300 8.2 0 0.0 1,220 9.1
Liability 249 4.0 120 1.5 117 3.3 74 2.9 20 2.0 580 3.1
Accident 283 6.4 319 6.1 163 7.0 80 1.7 3 0.3 847 5.9
Property 330 1.0 364 0.8 175 0.7 101 0.4 26 0.6 996 0.8
Marine, aviation, transport 17 0.7 16 0.7 9 1.1 26 0.6 3 0.7 70 0.7
Total 1,747 6.3 1,162 2.7 1,938 8.9 681 4.7 158 3.1 5,686 6.2
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FINANCIAL STATEMENTS 2023 153

===== SIDA 154 =====

Net liabilities for incurred claims by line of business and major geographical area
If, 31 December 2022
Sweden Norway Finland Denmark Baltics Total
EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration
Motor other and MTPL 845 8.2 270 1.7 642 11.4 106 2.9 94 4.2 1,957 7.9
- whereof MTPL 761 9.0 209 2.1 621 11.7 94 3.0 82 4.8 1,767 8.7
Workers' compensation 0 0.0 140 3.0 846 10.5 279 7.7 0 0.0 1,264 9.0
Liability 245 4.0 113 1.4 108 2.7 70 2.7 21 2.2 557 3.0
Accident 291 5.3 310 5.2 146 6.8 82 1.7 2 0.2 831 5.2
Property 261 1.0 356 0.8 161 0.7 98 0.4 26 0.6 902 0.8
Marine, aviation, transport 16 0.7 17 0.7 10 1.1 26 0.3 2 0.8 70 0.6
Total 1,657 5.8 1,206 2.5 1,913 9.2 661 4.3 144 3.2 5,582 6.0
A sensitivity analysis of the reserve risk is presented in 
the table below as well as the interest rate risk relating 
to insurance contracts. The effects represent the 
immediate impact on the liability’s values as a result of 
changes in the different risk factors as per December 31 
each year. The sensitivity analysis is calculated before 
tax. Change in the liability for incurred claims, net will 
result in a corresponding change in result before 
income taxes. The effect in the income statement is 
presented in either the insurance service result or the 
net financial result. 
Sensitivity analysis, reserve risk
If, 31 December 2023 and 31 December 2022
Insurance liabilities item Risk factor Change in risk parameter Country
Effect EURm
2023 Gross
Effect EURm 
2023 Net
Effect EURm 
2022 Gross
Effect EURm 
2022 Net
Discounted estimated future cash 
flows Inflation increase Increase by 1 percentage point
Sweden 124.5 120.1 114.9 112.1
Denmark 33.6 33.0 30.6 29.9
Finland 25.5 25.2 27.6 27.4
Norway 21.5 20.2 20.3 19.9
Annuities and reated INBR Decrease in mortality Life expectancy increase 
by 1 year
Sweden 15.1 15.1 12.8 12.8
Denmark 1.0 1.0 0.8 0.8
Finland 49.2 49.2 46.4 46.4
Norway 0.2 0.2 0.1 0.1
Discounted liability for incurred 
claims Decrease in discount rate Decrease by 1 percentage point to 
liquid part of yield curve
Sweden 87.0 82.6 79.0 76.4
Denmark 33.5 32.9 29.8 29.2
Finland 171.6 171.3 172.8 172.6
Norway 31.4 30.1 29.0 28.6
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FINANCIAL STATEMENTS 2023 154

===== SIDA 155 =====

The IFRS Insurance liabilities are further analysed by 
claims years. The output from this analysis is illustrated 
both before and after reinsurance in the claims cost 
trend tables. These are disclosed in the note 23. 
The Boards of Directors decide on the guidelines 
governing the calculation of insurance liabilities. The 
Chief Actuary is responsible for developing and 
presenting guidelines on how the insurance liabilities 
are to be calculated and for assessing whether the level 
of total liability is sufficient. The Actuarial function is 
responsible for ensuring compliance with the steering 
documents and that local rules and regulations are 
reflected in guidelines and working routines.  
The Actuarial Committee is a preparatory and advisory 
board for If’s Chief Actuary. The committee secures a 
comprehensive view over reserve risk, discusses, and 
gives recommendations on policies and guidelines for 
calculating insurance liabilities. 
The calculation of liabilities for incurred claims 
according to IFRS is carried out by actuaries within 
each business area. The premium and claims provisions 
according to the Solvency II regulations are based on 
parameters from each business area and the Chief 
Actuary unit. The actuarial estimates are based on 
historical claims data and exposures that are available 
at the closing date. Factors that are considered include 
loss development trends, the level of unpaid claims, 
changes in legislation, case law and economic 
conditions. When estimating the liability, established 
actuarial methods are generally used, combined with 
projections of the number of claims and average claims 
costs. 
Underwriting risks in Topdanmark Group
As shown in the graph Breakdown of gross written 
premiums by business area, country and line of 
business, Topdanmark, 31 December 2023, 
Topdanmark’s insurance portfolio is diversified across 
Business areas and lines of business.
Breakdown of gross written premiums by business area, country and line of business
Topdanmark, 31 December 2023, Total EUR 1,339 million (1,308)
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FINANCIAL STATEMENTS 2023 155

===== SIDA 156 =====

Premium and catastrophe risk and their 
management and control
The main underwriting risk that influences the 
performance is the risk of catastrophe events. However, 
the insurance risk of Topdanmark Forsikring is 
mitigated by a comprehensive reinsurance program. 
The reinsurance program focuses on catastrophe risks 
such as storm, cloudburst, fire and other cumulative 
risks, where several policyholders are affected by the 
same event. The biggest retentions are on storm with 
DKK 150 million plus reinstatement for each event, while 
the biggest retention on fire is DKK 30 million with a 
maximum capacity of DKK 1,245 billion. In workers' 
compensation risks are covered up to DKK 1 billion with 
a retention of DKK 50 million.
Nearly all insurance risks in Topdanmark Forsikring are 
measured by a partial internal model instead of the 
Solvency ll standard model. The partial internal model 
has been approved by the Danish Supervisory 
Authorities for solvency calculations. The efficiency of 
the reinsurance programme is assessed by the partial 
internal model.
With certain restrictions, acts of terrorism are covered 
by the reinsurance contracts. The NBCR (nuclear, 
biological, chemical, radiological) acts of terrorism are 
covered by a public organisation. This is based on an 
Act on NBCR acts of terrorism. Under this scheme the 
costs from a NBCR attack in Denmark will initially be 
borne by the State, but those costs will subsequently be 
recovered from policyholders.
Premium risk reduction measures taken at different 
levels of operations are as follows:
• Collection of data on risk and claims history
• Use of collected and processed data in profitability 
reporting, risk analyses and in the internal model
• Ongoing follow-up on risk developments as well as 
quarterly forecasts for future risk development
• Pricing using a statistical model tool including 
customer scoring tools
• Reinsurance cover that reduces the risk especially for 
catastrophe events
• Ongoing follow-up on the risk overview and 
reinsurance coverage in Topdanmark's Risk 
Committee.
To maintain product and customer profitability, 
Topdanmark monitors changes in its customer 
portfolios. Provisions are recalculated, and the 
profitability reports are updated in the same context on 
a monthly basis. Based on this reporting, trends in claim 
levels are carefully assessed and price levels may be 
adjusted if considered necessary. 
In the private market segment, customer scoring is 
used, and customers are divided into groups according 
to their expected profitability levels. The customer 
scoring has two roles. First it helps to maintain the 
balance between the individual customer's price and 
risk. Secondly it facilitates the fairness between 
individual customers by ensuring that no customers are 
paying too large premiums to cover losses from 
customers who pay too small premiums. 
The historical profitability of major SME customers with 
individual insurance schemes is monitored using 
customer assessment systems. These assessment 
systems enable Topdanmark to achieve accurate 
information about income, claims expenses, combined 
ratio etc. for each customer.
In addition to the analysis described above, 
Topdanmark continuously improves its administration 
systems to achieve more detailed data, which in turn 
enables the company to continuously improve the 
pricing and gain even better insight into how the 
different types of claims are composed. 
The insurance risk scenarios are presented in the table 
Sensitivity analysis, premium risk, Topdanmark, 31 
December 2023 and 31 December 2022.
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FINANCIAL STATEMENTS 2023 156

===== SIDA 157 =====

Sensitivity analysis, premium risk
Topdanmark, 31 December 2023 and 31 December 2022
Key figures
Current level 2023 
(Gross)
Current level 2023 
(Net)
Change in current 
level
Effect on result before tax (Gross) Effect on result before tax (Net)
2023 2022 2023 2022
Combined ratio, business area 
Private  82.6 %  81.5 %
+/- 1 percentage 
point +/- 7.6 +/- 6.4 +/- 6.4 +/- 6.3
Combined ratio, business area 
Commercial  88.5 %  85.2 %
+/- 1 percentage 
point +/- 7 +/- 6.9 +/- 6.4 +/- 6.2
Insurance revenue (net of 
insurance premium expense, 
EURm)  1,460 +/- 1 per cent +/- 13.8 +/- 12.5
Claims incurred (EURm)  953  912 +/- 1 per cent +/- 9.5 +/- 8.5 +/- 9.1 +/- 8.1
Reserve risk and its management and control
The insurance lines of business are divided into short-
tail i.e., those lines where the period from notification 
until settlement is short and long-tail i.e., those lines 
where the period from notification until settlement is 
long. The main short-tail lines in Topdanmark are 
buildings, other property, motor other and health 
products registered via Oona A/S. For the short-tail 
lines the claims are mainly settled within the first year. 
Long-tail lines relate to personal injury and liability and 
consist of the lines Workers' compensation, Accident, 
Motor third party insurance and Commercial liability. 
Composition of non-life provisions for outstanding 
claims is presented in the following table.
Net liability for incurred claims by line of business
Topdanmark, 31 December 2023 and 31 December 2022
2023 2022
EURm Duration EURm Duration
Motor other and MTPL  159  1.8  156  1.1 
 - whereof MTPL  133  2.3  133  2.3 
Workers' compensation  813  7.4  773  7.0 
Liability  105  2.0  99  2.3 
Accident  179  2.1  173  1.7 
Property  209  1.3  167  1.5 
Marine, aviation, transport  1  1.0  2  1.2 
Travel insurance  4  0.8  4  0.9 
Income protection  23  0.9  21  0.9 
Other  11  0.8  0  0.0 
Total  1,503  4.4  1,395  4.2 
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FINANCIAL STATEMENTS 2023 157

===== SIDA 158 =====

Due to the longer period of claims settlement, the risk 
profile of the long-tail lines of business are generally 
more uncertain than that of the short-tail lines. It is not 
unusual that claims in long-tail lines are settled three to 
five years after notification and in rare cases up to ten 
to fifteen years. 
The reserve risk is calculated using Topdanmark’s 
partial internal model for insurance risk. Workers’ 
compensation claims provision has by far the biggest 
risk, followed by the other long-tail lines’ claims 
provisions.
During such a long period of settlement, the levels of 
compensation could be significantly affected by 
changes in legislation, case-law or practice in the 
compensation of claim incidents adopted by the Danish 
Labour Market Insurance which decides on 
compensation for injury and loss of earnings potential in 
all cases of serious industrial injuries. The practice 
adopted by the Danish Labour Market Insurance also 
has some impact on the levels of compensation for 
accident and personal injury within motor liability and 
commercial liability insurance. Supreme court decisions 
can also influence the provisions for former years 
especially for Workers’ compensation.
The reserve risk represents mostly the ordinary 
uncertainty of calculation and claims inflation, i.e., an 
increase in the level of compensation due to the annual 
increase in compensation per policy being higher than 
the general development in prices or due to a change in 
judicial practice or legislation. The sufficiency of the 
provisions is tested in key lines by calculating the 
provisions using alternative models as well, and then 
comparing the compensation with information from 
external sources, primarily statistical material from the 
Danish Labour Market Insurance and the Danish Road 
Sector/Road Directorate.
Sensitivity analysis, reserve risk
Topdanmark, 31 December 2023 and 31 December 2022
Insurance liabilities item Risk factor Change in risk parameter Country
Effect
EURm 
2023
Effect
EURm 
2023 Net
Effect
EURm 
2022
Effect
EURm 
2022 Net
Discounted estimated future cash flows Inflation increase Increase by 1 percentage point Denmark 50.7 50.7 46.5 46.5
Annuities and reated INBR Decrease in mortality Life expectancy increase by 1 year Denmark 0.9 0.9 0.9 0.9
Discounted insurance liabilities, net Decrease in discount rate Decrease by 1 percentage point Denmark 62.4 61.7 57.3 56.6
Underwriting risks in Hastings Group
Hastings provides motor, home insurance products, and 
is a provider of regulated consumer credit in the current 
for of personal loans. To the United Kingdom (UK) 
market the motor and home insurance products are 
provided through its Gibraltar-based general insurance 
underwriting company Advantage. 
For Solvency II reporting purposes the lines of business 
are:
• Motor vehicle liability insurance (Motor liability)
• Other motor insurance (Motor other)
• Fire and other damage to property insurance
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FINANCIAL STATEMENTS 2023 158

===== SIDA 159 =====

Net liability for incurred claims by line of business
Hastings, 31 December 2023 and 31 December 2022
31 Dec 2023 31 Dec 2022
EURm Duration EURm Duration
Motor 755 2.2 763 2.1
Workers' compensation 0 0 0 0
Liability 0 0 0 0
Accident 0 0 0 0
Property 40 1.8 37 1.2
Marine, aviation, transport 0 0 0 0
Other
Total 794 2.2 800 2.1
Sensitivity analysis, premium risk
Hastings, 31 December 2023 and 31 December 2022
Key figure
Level, 2023 
(Gross)
Level, 2023 
(Net) Change
Effect on pre-tax profit (Gross), EURm Effect on pre-tax profit (Net), EURm
2023 2022 2023 2022
Operating ratio  90 % +/- 1 percentage point +/- 12.5 +/- 9.9
Insurance revenue (net of reinsurance 
premium expense) 1719 1128 +/- 1 per cent +/- 17.2 +/- 14.1 +/- 11.3 +/- 8.8
Claims incurred 1135 714 +/- 1 per cent +/- 11.4 +/- 10.1 +/- 7.1 +/- 4.9
Pricing risk
Advantage's risk appetite require management to 
maintain rates that are projected to achieve loss ratios 
within the target loss ratio range. As a response to 
market conditions rates were regularly adjusted, after 
review by management, to remain competitive and 
provide customer-focused benefits to policyholders. 
The rate changes were regularly reviewed and amended 
in keeping with an agile approach to pricing and 
appropriately factoring in ongoing claims cost inflation 
risk. Robust technical product pricing with strong 
governance controls for both Motor and Household 
products is the principal way Advantage manages 
insurance risk exposures in order to mitigate the risk of 
pricing ineffectively.  
Changes to technical rates are constructed based upon 
the analysis of current and future predicted frequency 
and severity patterns, new business acquisition and 
existing case models to ensure an appropriate risk 
spread and balance. Competitor monitoring also feeds 
into the development of pricing and product 
segmentation.
Weekly governance arrangements approve changes to 
rate plan and review account performance. The Rating 
Analysis Committee approves decisions for segment 
level rate changes and book level rate changes. The 
goal is to ensure that the business being written will be 
profitable. 
Audits are conducted on a regular basis to ensure that 
all underwriting and rating rules are being applied 
correctly.  
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FINANCIAL STATEMENTS 2023 159

===== SIDA 160 =====

Reserve risk
Advantage does not take significant reserve risk and 
holds an internal risk margin to a 75 per cent confidence 
level versus internal best estimate.  Since reserving is 
subject to expert judgment the Group Chief Actuary 
calculates the best estimate, the Hastings Group Senior 
Actuary verifies the data, appropriateness of techniques 
utilised, and assumptions used to create the best 
estimate and an additional best estimate is created by a 
fully independent third party. Advantage has a series of 
monthly, quarterly, and semi-annual controls to ensure 
reserve adequacy. 
Hastings’ Gross Written Premiums (GWP) for 2023 
amounted to EUR 1,706 million.
Breakdown of Gross Written Premiums
Hastings, 31 December 2023, Total EUR 1,706 million (1,313)
Advantage maintained a disciplined approach to pricing 
despite continued market competition. Live customer 
policies grew year on year in 2023. This disciplined but 
agile underwriting and pricing approach led to many 
selective rate adjustments during 2023.
Claims cost inflation had a large influence on the risk 
profile for 2023.  Advantage implemented a number of 
standard monthly rate increases over the year to 
mitigate the impact of this. Effective pricing, claims 
management and frequency experience has resulted in 
profits and capital with the solvency ratio within or 
above of Advantage’s target range during the year. 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 160

===== SIDA 161 =====

Sensitivity analysis, reserve risk
Hastings, 31 December 2023 and 31 December 2022
Insurance liabilities item Risk factor Change in risk parameter
Effect Gross
EURm 
2023
Effect Net
EURm 
2023
Effect Gross
EURm 
2022
Effect Net
EURm 
2022
Discounted estimated future cash 
flows Inflation increase Increase by 1 percentage point 63.0 10.1 56.3 8.9
Periodic Payment Orders (PPOs) Decrease in mortality Life expectancy increase by 1 year 3.1 0.1 3.2 0.1
Discounted insurance liabilities, net Decrease in discount rate Decrease by 1 percentage point 37.4 10.2 33.4 9.0
Market risks at Sampo Group
For all subsidiaries, their insurance liabilities and the 
company specific risk appetite are the starting points 
for their investment activities. The insurance liabilities 
including loss absorbing buffers as well as the risk 
appetite of If, Topdanmark, and Hastings differ, and as a 
result the structures and risks of the investment 
portfolios and the balance sheets of the three 
companies differ respectively. Sampo Group’s 
investment assets presented in the tables and graphs in 
this section do not include investments in the shares of 
subsidiaries.
The total amount of Sampo Group’s investment assets 
as at 31 December 2023 was EUR 17,160 million (22,346) 
as presented in the following graph. 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 161

===== SIDA 162 =====

Development of investments
If, Topdanmark, Hastings, and Sampo plc, 31 December 2023 and 31 December 2022
The content of the figures in this graph is different compared to financial asset line presented in the balance sheet. 
Sampo plc figures do not include intragroup items. 
* For 2023 private equity also includes direct holdings in non-
listed equities.
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FINANCIAL STATEMENTS 2023 162

===== SIDA 163 =====

Investment activities and market risk taking are 
arranged pro-actively in such a way that there is no 
significant overlap between the wholly owned 
subsidiaries’ single name risks except with regards to 
Nordic banks where the companies have their extra 
funds in short-term money market assets and cash. 
From the diversification of the assets of the balance 
sheet perspective, Topdanmark is a positive factor 
because the role of Danish assets is dominant in its 
portfolios and especially the role of Danish covered 
bonds is central. In Sampo Group’s other insurance 
companies’ portfolios the weight of Danish investments 
has been immaterial. Even though Hastings’ investment 
portfolio is smaller than other Group companies’ 
portfolios, it has had a positive impact on the 
diversification of Sampo Group’s investments. Most 
Hastings’ assets are British investments, denominated in 
pound sterling, which is a market that other Sampo 
Group companies have very limited exposure to. 
Moreover, Hastings’ investment portfolio consists 
mainly of investment grade fixed income investments. 
In the next paragraphs concentrations by homogenous 
risk groups and by single names are presented first and 
after that balance sheet level risks are discussed. 
Holdings by sector, geographical area and 
asset class
Regarding fixed income and equity exposures financial 
institutions and covered bonds have a material weight 
in the group-wide portfolios whereas the role of public 
sector investments is quite limited. Most of these assets 
are issued by Nordic corporates and institutions, 
although Hastings brings some diversification in this 
respect. Most corporate issuers, although being based 
in the Nordic countries, are operating at global markets 
and hence their performance is not that dependent on 
the Nordic markets. Exposures by sector, asset class 
and rating are presented in the following table. Sampo 
considers that the balance sheet values describe the 
maximum exposure amount exposed to credit risk.
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 163

===== SIDA 164 =====

Exposures by sector, asset class and rating
Sampo Group, 31 December 2023
EURm AAA
AA+
-
AA-
A+
-
A-
BBB+
-
BBB-
BB+
-
C D
Non-
rated
Fixed 
income 
total
Listed 
equities Other
Counter-
party risk Total
Change 
from 31 
Dec 2022
Basic industry  0  0  42  198  31  0  35  307  40  0  0  346  -33 
Capital goods  0  14  147  143  34  0  140  478  520  0  0  998  105 
Consumer products  1  40  232  388  23  0  92  776  191  0  0  967  -45 
Energy  0  19  19  0  0  0  63  100  18  0  0  119  -110 
Financial institutions  33  1,420  2,339  773  51  0  45  4,661  0  728  67  5,456  -1,304 
Governments  427  46  0  0  0  0  0  473  0  0  0  473  -21 
Government guaranteed  46  25  0  0  0  0  0  71  0  0  0  71  -17 
Health care  0  1  15  125  9  0  46  196  1  0  0  197  -20 
Insurance  9  10  51  109  7  0  234  420  0  112  0  532  117 
Media  0  0  0  0  0  0  15  15  0  0  0  15  -14 
Packaging  0  0  0  0  25  0  0  25  0  0  0  25  1 
Public sector, other  504  18  0  0  0  0  0  523  0  0  0  523  -190 
Real estate  0  58  140  221  20  0  184  623  0  14  0  637  -122 
Services  0  0  41  183  108  0  26  358  0  2  0  360  214 
Supranationals  197  0  0  0  0  0  0  197  0  0  0  197  -30 
Technology and electronics  0  12  27  51  0  0  65  155  0  1  0  156  4 
Telecommunications  0  0  12  213  0  0  24  248  37  0  0  285  37 
Transportation  0  49  73  15  0  0  80  217  0  0  0  217  -55 
Utilities  0  0  72  207  60  0  65  404  0  0  0  404  -3 
Others  0  0  16  17  0  0  31  64  4  22  0  90  74 
Asset-backed securities  0  0  0  0  0  0  0  0  0  0  0  0  0 
Covered bonds  3,895  0  32  0  0  0  95  4,022  0  0  0  4,022  -292 
Funds  0  0  0  11  0  0  40  51  663  516  0  1,230  7 
Clearing house  0  0  0  0  0  0  0  0  0  0  2  2  -33 
Total  5,113  1,712  3,257  2,652  368  0  1,280  14,382  1,475  1,395  69  17,321  -1,731 
Change from 31 Dec 2022  -141  -417  -204  251  -153  3  -208  -870  -1,074  692  -429  -1,681 
In the table, both fixed income instruments and listed equities include direct and indirect investments.
Total assets differ from the graph Development of investments 
due to derivatives.
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FINANCIAL STATEMENTS 2023 164

===== SIDA 165 =====

Most of the financial institutions and covered bonds are 
in the Nordic countries, which can be seen in the table 
Fixed income investments in the financial sector, Sampo 
Group, 31 December 2023 and 31 December 2022.
Fixed income investments in the financial sector
Sampo Group, 31 December 2023
EURm Covered bonds Cash and money 
market securities Long-term senior debt Long-term 
subordinated debt Total %
Sweden  1,776  191  566  169  2,702 32,1 %
Denmark  1,863  79  315  162  2,419 28,7 %
Finland  52  750  275  125  1,202 14,3 %
Norway  338  0  384  319  1,041 12,4 %
France  0  249  133  5  388 4,6 %
United States  0  2  179  0  181 2,2 %
Netherlands  0  0  92  21  113 1,3 %
Iceland  0  0  60  2  62 0,7 %
Switzerland  0  0  52  0  52 0,6 %
Canada  0  0  51  0  51 0,6 %
Ireland  0  0  47  0  47 0,6 %
United Kingdom  0  0  41  0  41 0,5 %
Australia  0  0  36  0  36 0,4 %
Austria  0  0  20  0  20 0,2 %
Germany  0  0  18  0  18 0,2 %
Spain  0  0  15  0  15 0,2 %
Belgium  0  0  15  0  15 0,2 %
New Zealand  0  0  11  0  11 0,1 %
Bermuda  0  0  0  7  7 0,1 %
Total  4,028  1,271  2,310  811  8,420 100,0 %
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 165

===== SIDA 166 =====

Fixed income investments in the financial sector
Sampo Group, 31 December 2022
EURm Covered bonds Cash and money 
market securities Long-term senior debt Long-term 
subordinated debt Total %
Denmark  1,813  869  156  2,839 24,3 %
Finland  1,729  157  552  165  2,603 22,3 %
Sweden  44  2,028  291  127  2,490 21,3 %
France  520  515  283  1,318 11,3 %
Norway  179  328  264  771 6,6 %
United States  2  346  2  350 3,0 %
United Kingdom  62  176  2  240 2,1 %
Canada  32  197  230 2,0 %
Netherlands  161  50  211 1,8 %
Ireland  138  27  24  188 1,6 %
Iceland  56  33  89 0,8 %
Germany  1  81  82 0,7 %
Spain  40  40 0,3 %
Gibraltar  40  40 0,3 %
Switzerland  26  13  40 0,3 %
Luxembourg  6  34  39 0,3 %
New Zealand  25  25 0,2 %
Australia  25  25 0,2 %
Austria  18  18 0,2 %
Bermuda  16  16 0,1 %
Belgium  14  14 0,1 %
Estonia  8  8 0,1 %
Cayman Islands  5  5 0,0 %
Jersey  0  0 0,0 %
Total  4,318  3,302  3,087  971  11,679 100,0 %
The public-sector exposure includes government bonds, 
government guaranteed bonds and other public-sector 
investments as shown in the tables Fixed income 
investments in the public sector, Sampo Group 31 
December 2023 and 31 December 2022. The public 
sector has had a relatively minor role in Sampo Group’s 
portfolios and these exposures have been mainly in the 
Nordic countries. 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 166

===== SIDA 167 =====

Fixed income investments in the public sector
Sampo Group, 31 December 2023
 
EURm Governments
Government 
guaranteed
Public sector, 
other Total
Sweden  421  0  131  552 
Norway  0  0  391  391 
Supranationals  0  6  191  197 
United States  46  0  0  46 
Germany  0  46  0  46 
Finland  0  25  0  25 
Denmark  7  0  0  7 
Total  473  77  713  1,264 
Sampo Group, 31 December 2022
EURm Governments
Governments 
guaranteed
Public sector, 
other Total
Sweden  404  184  588 
Norway  369  369 
Finland  19  24  42 
Supranationals  135  135 
United Kingdom  71  71 
Germany  52  52 
France  10  10 
Total  493  87  687  1,267 
The listed equity investments of Sampo Group totalled 
EUR 1,474 million at the end of year 2023 (2,884). 
The geographical core of Sampo Group’s equity 
investments is in the Nordic companies. The proportion 
of Nordic companies’ equities corresponds to 50 per 
cent of the total equity portfolio. This is in line with 
Sampo Group’s investment strategy of focusing on 
Nordic companies. However, these Nordic companies 
are mainly competing in global markets, only a few are 
operationally purely domestic companies. Hence, the 
ultimate risk is not highly dependent on the Nordic 
economies. A breakdown of the listed equity exposures 
of Sampo Group is shown in the graph Breakdown of 
listed equity investments by geographical regions, 
Sampo Group, 31 December 2023 and 31 December 
2022.
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FINANCIAL STATEMENTS 2023 167

===== SIDA 168 =====

Breakdown of listed equity investments by geographical regions
Sampo Group, 31 December 2023 and 31 December 2022
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FINANCIAL STATEMENTS 2023 168

===== SIDA 169 =====

Largest holdings by single name
The largest exposures by individual issuers and 
counterparties are presented in the  tables Largest 
exposures by issuer and asset class, Sampo Group 31 
December 2023 and 31 December 2022.
Largest exposures by issuer and asset class
Sampo Group, 31 December 2023
Issuer Total, EURm
% of total 
investment 
assets
Cash & 
short-term 
fixed income
Long-term 
fixed income, 
total
Long-term 
fixed income: 
Government 
guaranteed
Long-term 
fixed income: 
Covered 
bonds
Long-term 
fixed income: 
Senior bonds
Long-term 
fixed income: 
Tier 1 and Tier 
2 Equities
Uncolla-
teralised part 
of derivatives
Nordea Bank  959  6 %  284  672  0  489  125  57  0  2 
Svenska Handelsbanken  814  5 %  108  705  0  622  44  39  0  0 
Swedbank  713  4 %  0  713  0  589  99  25  0  0 
Nykredit Realkredit A/S  598  3 %  0  598  0  598  0  0  0  0 
Realcredit Danmark  592  3 %  0  592  0  592  0  0  0  0 
Sweden  552  3 %  0  552  0  0  552  0  0  0 
NOBA  471  3 %  0  46  0  0  34  12  425  0 
Skandinaviska Enskilda Banken  439  3 %  252  186  0  22  133  31  0  2 
Danske Bank  429  2 %  251  176  0  24  133  20  0  1 
Norway  391  2 %  0  391  0  0  391  0  0  0 
Total top 10 exposures  5,958  35 %  896  4,631  0  2,936  1,512  183  425  5 
Other  11,202  65 %
Total investment assets  17,160  100 %
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FINANCIAL STATEMENTS 2023 169

===== SIDA 170 =====

Largest exposures by issuer and asset class
Sampo Group, 31 December 2022
Issuer Total, EURm
% of total 
investment 
assets
Cash & 
short-term 
fixed income
Long-term 
fixed income, 
total
Long-term 
fixed income: 
Government 
guaranteed
Long-term 
fixed income: 
Covered 
bonds
Long-term 
fixed income: 
Senior bonds
Long-term 
fixed income: 
Tier 1 and Tier 
2 Equities
Uncolla-
teralised part 
of derivatives
Nordea Bank  1,416  6 %  715  699  0  496  130  73  0  2 
Skandinaviska Enskilda Banken  818  4 %  639  178  0  65  93  20  0  1 
Danske Bank  801  4 %  516  286  0  119  137  29  0  0 
Nykredit Realkredit A/S  645  3 %  0  645  0  645  0  0  0  0 
BNP Paribas  601  3 %  541  60  0  0  60  0  0  0 
Sweden  588  3 %  0  588  0  0  588  0  0  0 
Realkredit Danmark  514  2 %  0  514  0  514  0  0  0  0 
Nordax  425  2 %  0  0  0  0  0  0  425  0 
Norway  369  2 %  0  369  0  0  369  0  0  0 
Saxo Bank  345  2 %  0  31  0  0  13  17  314  0 
Total top 10 exposures  6,522  29 %  2,411  3,368  0  1,840  1,389  140  739  3 
Other  15,824  71 %
Total investment assets  22,346  100 %
The largest high-yield and non-rated fixed income 
investment single-name exposures are presented in the 
tables Ten largest direct high yield and non-rated fixed 
income investments, Sampo Group, 31 December 2023 
and 31 December 2022. Furthermore, the largest direct 
listed equity exposures are presented in the tables Ten 
largest direct listed equity investments, Sampo Group, 
31 December 2023 and 31 December 2022.
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FINANCIAL STATEMENTS 2023 170

===== SIDA 171 =====

Ten largest direct high yield and non-rated fixed income investments and direct listed equity investments 
Sampo Group, 31 December 2023
Ten largest direct high yield and non-rated fixed 
income investments Rating Total, EURm
% of total 
direct fixed 
income 
investments Ten largest direct listed equity investments Total, EURm
% of total 
direct equity 
investments
Saab NR  56 0,4 % NOBA*  425 19,3 %
NOBA NR  46 0,3 % Saxo Bank*  302 13,7 %
ALM Equity NR  38 0,3 % Volvo  180 8,2 %
Ellevio Holding 1 AB NR  35 0,2 % Nexi S.p.A.**  149 6,8 %
Visma Group Holding NR  35 0,2 % ABB  86 3,9 %
Altera Infrastructure Holdings LLC NR  30 0,2 % Autoliv Inc  64 2,9 %
Swedavia NR  30 0,2 % Husqvarna  59 2,7 %
Campus Byen A/S NR  29 0,2 % Nederman Holding  56 2,6 %
Resource Group TRG NR  27 0,2 % Veidekke  46 2,1 %
Huhtamaki BB+  25 0,2 % Volvo Cars  38 1,7 %
Total top 10 exposures  351 2,4 % Total top 10 exposures  1,405 63,8 %
Other direct fixed income investments  13,980 97,6 % Other direct equity investments  797 36,2 %
Total direct fixed income investments  14,331 100,0 % Total direct equity investments  2,202 100,0 %
* Although NOBA and Saxo Bank are not listed companies, they are major equity investments in Sampo plc's portfolio and are therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood 
partners.
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FINANCIAL STATEMENTS 2023 171

===== SIDA 172 =====

Ten largest direct high yield and non-rated fixed income investments and direct listed equity investments 
Sampo Group, 31 December 2022
Ten largest direct high yield and non-rated fixed 
income investments Rating Total, EURm
% of total 
direct fixed 
income 
investments Ten largest direct listed equity investments Total, EURm
% of total 
direct equity 
investments
Ellevio Holding 1 AB NR  60 0,4 % Nordax*  425 21,3 %
Teollisuuden Voima BB+  54 0,3 % Saxo Bank*  314 15,7 %
Saab NR  53 0,3 % Volvo  131 6,6 %
Granite Debtco 9 Limited NR  49 0,3 % ABB  114 5,7 %
Granite Debtco 10 Limited NR  45 0,3 % Enento Group  62 3,1 %
Huhtamaki BB+  44 0,3 % Volvo Car  55 2,8 %
ALM Equity NR  43 0,3 % Nederman Holding  54 2,7 %
Pohjolan Voima NR  41 0,3 % Husqvarna  52 2,6 %
Visma Group Holding NR  36 0,2 % Vaisala  50 2,5 %
Schibsted NR  35 0,2 % Yara International  48 2,4 %
Total top 10 exposures  459 2,8 % Total top 10 exposures  1,306 65,5 %
Other direct fixed income investments  15,790 97,2 % Other direct equity investments  689 34,5 %
Total direct fixed income investments  16,249 100,0 % Total direct equity investments  1,995 100,0 %
The exposures in fixed income instruments issued by 
non-investment grade issuers are significant, because a 
relatively small number of Nordic companies are rated. 
Furthermore, many of the Nordic rated companies have 
a high yield rating. 
Balance sheet concentrations
In general, Sampo Group is structurally dependent on 
the performance of the Nordic economies as already 
described earlier. Sampo Group is also economically 
exposed to a fall in interest rates. This follows from the 
duration of insurance liabilities being longer than fixed 
income asset duration in If. In Topdanmark and Hastings 
interest rate risk of the balance sheet is limited and 
hence Topdanmark or Hastings are not increasing 
interest rate risk materially at the Group level. 
Sampo Group benefits when interest rates rise, as the 
economic value of insurance liabilities decreases more 
than the value of assets backing them. 
Market risks at If Group
The total market value of If’s investment portfolio at 31 
December 2023 was EUR 11,156 million (10,719). A large 
part of the fixed income portfolio was concentrated to 
corporate bonds issued by financial institutions and 
bank account balances amounted to 29.6 per cent of 
the fixed income portfolio. When including covered 
bonds, the concentration to financial institutions was 
52.0 per cent. The remainder of the fixed income 
portfolio consists of exposure to other sectors with real 
estate representing the second largest concentration of 
6.3 per cent.
The composition of the If investment portfolios by asset 
class at year end 2023 and at year end 2022 as well as 
average maturities of fixed income investments, are 
shown in the table Investment allocation, If, 31 
December 2023 and 31 December 2022.
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FINANCIAL STATEMENTS 2023 172

===== SIDA 173 =====

Investment allocation
If, 31 December 2023 and 31 December 2022
2023 2022
Asset class
Market value, 
EURm Weight, %
Average maturity, 
years
Market value, 
EURm Weight, %
Average maturity, 
years
Fixed income total  9,905  89 % 3.1  9,541  89 % 2.9
Money market securities and cash  240  2 % 0.0  272  3 % 0.0
Government bonds  1,065  10 % 3.7  1,030  10 % 3.5
Credit bonds, funds and loans  8,600  77 % 3.2  8,239  77 % 2.9
Covered bonds  2,181  20 % 2.8  2,505  23 % 3.0
Investment grade bonds and loans  4,327  39 % 3.5  3,649  34 % 2.8
High-yield bonds and loans  1,137  10 % 2.8  1,088  10 % 2.7
Subordinated / Tier 2  490  4 % 3.0  555  5 % 2.9
Subordinated / Tier 1  466  4 % 2.9  442  4 % 3.0
Hedging swaps  0  0 % -  0  0 % -
Listed equity total  1,244  11 % -  1,169  11 % -
Finland  0  0 % -  0  0 % -
Scandinavia  718  6 % -  630  6 % -
Global  526  5 % -  539  5 % -
Alternative investments total  5  0 % -  5  0 % -
Real estate  0  0 % -  1  0 % -
Private equity  4  0 % -  4  0 % -
Biometric  0  0 % -  0  0 % -
Commodities  0  0 % -  0  0 % -
Other alternative  0  0 % -  0  0 % -
Trading derivatives  2  0 % -  4  0 % -
Asset classes total  11,156  100 % -  10,719  100 % -
FX Exposure, gross position  134 - -  73 - -
If’s investment management strategy is conservative, 
with a low equity share and low fixed-income duration. 
The Investment Policy is the principal document for 
managing market risk. If also has a separate 
Responsible Investment Policy, expanding the scope of 
the responsible investment processes and increasing 
alignment across the Sampo Group. Both investment 
performance and market risk are actively monitored 
and controlled by the Investment Control Committee 
monthly. Other limits, such as the allocation limits, issuer 
and counterparty limits, sensitivity limits for interest 
rates and credit spreads as well as the regulatory capital 
requirements are regularly monitored.
Market risks of balance sheet
Asset and liability management risk
If's exposure to ALM risk arises mainly from changes in 
interest rates, inflation, and currency movements. The 
ALM risk is considered through the risk appetite 
framework and its management and governance are 
based on If’s investment policies. To maintain the ALM 
risk within the overall risk appetite, the insurance 
liabilities may be matched by investing in appropriate 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 173

===== SIDA 174 =====

fixed income instruments and by using currency and 
interest rate derivatives. 
Interest rate risk
If's exposure to interest rate risk from insurance 
contracts issued and reinsurance contracts held arises 
from the net liability for incurred claims, where future 
claims payments are discounted to a present value and 
therefore impacted by changes in discount rates. The 
duration sensitivity to changes in interest rates in the 
net liability for incurred claims is analysed in the 
Reserve risk section. For more information see the 
tables Sensitivity analysis, reserve risk, If, 2023 and 
2022 in the section Underwriting risks.
If’s exposure to interest rate risk from financial 
instruments arises primarily from fixed income 
investments.
If is negatively affected when interest rates are 
decreasing, as the duration of insurance liabilities is 
longer than the duration of investment assets. During 
2023 interest rates maintained their higher level 
compared to recent history and If invested in 
instruments with somewhat longer maturities. Interest 
rate sensitivity in terms of the average duration of fixed 
income investments was 2.4 years on 31 December 
2023 (1.9). The respective duration of insurance 
liabilities was 6.2 years (6.0). However, the fixed income 
portfolio is significantly larger than the amount of 
insurance liabilities which mitigates the duration 
mismatch respectively.
Interest rate risk relating to insurance liabilities is, in 
accordance with the Investment Policy, considered in 
the composition of investment assets. The overall 
interest rate risk is managed by sensitivity limits for 
instruments sensitive to interest rate changes.
Currency risk
If writes insurance policies that are mostly denominated 
in the Scandinavian currencies and in euro. Currency 
risk is reduced by matching insurance liabilities with 
investment assets in corresponding currencies or by 
using currency derivatives. The currency exposure in 
insurance operations is hedged to the base currency on 
a regular basis. The currency exposure in investment 
assets is monitored weekly and hedged when the 
exposure has reached a specific level, set with respect 
to cost efficiency and minimum transaction size. An 
active currency management can be performed within 
set limits. The transaction risk positions against the 
Swedish krona are shown in the tables Transaction risk 
position, If, 31 December 2023 and 31 December 2022. 
The tables show the net transaction risk exposures and 
the changes in the value of positions given a 10 per cent 
decrease in the value of the functional currency
Transaction risk position 
If, 31 December 2023
Base currency SEK (in EURm) EUR USD JPY GBP SEK NOK DKK Other Total, net
Insurance operations  -3,255  -180  0  -49  37  -2,233  -1,114  -29  -6,823 
Investments  3,091  319  0  24  113  1,869  187  0  5,604 
Derivatives  117  -123  5  22  -168  350  916  22  1,141 
Transaction risk, net position  -47  15  5  -4  -18  -13  -11  -7  -79 
Sensitivity: SEK -10%  -5  2  0  0  -2  -1  -1  -1  -8 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 174

===== SIDA 175 =====

Transaction risk position
If, 31 December 2022
Base currency SEK (in EURm) EUR USD JPY GBP SEK NOK DKK Other Total, net
Insurance operations  -3,739  -185  0  -33  -11  -2,318  -1,029  -28  -7,342 
Investments  2,304  297  1  11  108  2,071  263  5  5,058 
Derivatives  1,370  -113  13  16  -78  229  760  15  2,211 
Transaction risk, net position  -66  -1  13  -7  19  -18  -6  -8  -73 
Sensitivity: SEK -10%  -7  0  1  -1  2  -2  -1  -1  -7 
The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a functional currency other than SEK.
In addition to transaction risk, If is also exposed to 
translation risk which at a Group level stems from 
foreign operations with other functional currencies than 
SEK.
Liquidity risk
If’s liquidity risk is limited since premiums are collected 
in advance and large claim payments are usually known 
a long time before they fall due. The Cash Management 
unit is responsible for liquidity planning. To identify 
liquidity risk, expected cash flows from investment 
assets and insurance liabilities are analysed regularly, 
taking both normal market conditions and stressed 
conditions into consideration. Liquidity risk is reduced 
by investing in assets that are traded in liquid markets. 
The maturities of cash flows from financial instruments, 
insurance liabilities and reinsurance contracts are 
presented in the tables Cash flows according to 
contractual maturity, If, 31 December 2023 and 31 
December 2022. The average maturity of fixed income 
investments was 3.2 years (2.9). In the table, financial 
assets and liabilities are divided into contracts with a 
contractual maturity profile, and other contracts. Only 
the carrying amount is shown for the other contracts. 
The table also shows expected future cash flows for 
insurance liabilities and reinsurance assets, which by 
nature are inherently associated with a degree of 
uncertainty. 
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 175

===== SIDA 176 =====

Cash flows according to contractual maturity
If, 31 December 2023
EURm
Carrying amount 
total
Carrying amount 
without contractual 
maturity
Carrying amount with 
contractual maturity
Cash flows
2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets  11,296  1,485  9,812  1,605  1,835  2,142  2,561  1,400  1,487  0 
Financial assets 
(non-derivatives)  11,275  1,485  9,791  1,585  1,835  2,142  2,561  1,400  1,487  0 
Interest rate swaps  2  0  2  2 
FX derivatives  19  0  19  19 
Asset for incurred claims  527  0  527  328  108  44  19  11  18  1 
Financial liabilities  -550  0  -550  -402  -31  -137  0  0  0  0 
Financial liabilities 
(non-derivatives)  -492  -492  -344  -31  -137  0  0  0  0 
Interest rate swaps
FX derivatives  -58  0  -58  -58  0  0  0  0  0  0 
Lease liabilities  -148  0  -148  -27  -26  -23  -20  -14  -47  0 
Liability for incurred claims and 
other insurance related payables  -6,443  0  -6,443  -2,483  -794  -471  -339  -262  -1,301  -795 
Board of Directors’ 
Report
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FINANCIAL STATEMENTS 2023 176

===== SIDA 177 =====

Cash flows according to contractual maturity
If, 31 December 2022
EURm
Carrying amount 
total
Carrying amount 
without contractual 
maturity
Carrying amount with 
contractual maturity
Cash flows
2023 2024 2025 2026 2027
2028-
2037 2038-
Financial assets  10,943  1,464  9,479  1,647  2,178  1,811  2,023  2,266  862  0 
Financial assets 
(non-derivatives)  10,888  1,464  9,424  1,596  2,177  1,811  2,023  2,266  862  0 
Interest rate swaps  4  0  4  3  1  0  0  0  0  0 
FX derivatives  50  0  50  48  0  0  0  0  0  0 
Asset for incurred claims  236  0  236  127  48  24  13  8  15  1 
Financial liabilities  -628  -48  -580  -436  -8  -35  -138  0  0  0 
Financial liabilities 
(non-derivatives)  -621  -48  -573  -429  -8  -35  -138  0  0  0 
Interest rate swaps
FX derivatives  -7  0  -7  -6  0  0  0  0  0  0 
Lease liabilities  -160  0  -160  -26  -23  -23  -22  -18  -59  0 
Liability for incurred claims and 
other insurance related payables  -6,014  0  -6,014  -2,215  -734  -469  -334  -271  -1,248  -743 
In the table, financial assets and liabilities are divided 
into contracts that have an exact contractual maturity 
profile, and other contracts. Only the carrying amount is 
shown for the other contracts. In addition, the table 
shows expected cash flows for net technical provisions, 
which by their nature, are associated with a certain 
degree of uncertainty. Cashflows related to assets 
without contractual maturity are not included in the 
table, although they are covering the 2023 cashflows, 
which in the table are negative..
Market risks at Topdanmark Group
In general, long-term value creation shall be based 
mainly on the acceptance of insurance risks. To 
supplement the profit from insurance activities,  
Topdanmark accepts a certain level of market risks, 
given its strong liquidity position and stable, high 
earnings from insurance operations. Hence, in addition 
to fixed income instruments, Topdanmark has invested, 
among other things, in equities and fixed income assets 
to improve the average investment return.
Market risks are kept on an appropriate level in order to 
limit negative profit and loss effects to very 
unfavourable financial market scenarios. The investment 
portfolio shall be managed to ensure that market risks 
will not endanger the insurance operations even in 
unfavourable market conditions.  
To achieve company level targets, the investment policy 
sets the company's objectives, strategies, organisation, 
and reporting practices on investments. The investment 
strategy is more precisely determined in terms of 
market risk limits and specific requirements for certain 
investments and sub-portfolios (risk appetite). The 
investment strategy is determined by the Board and 
revised at least once a year. Appropriate financial risk 
mitigation techniques are used.
When selecting the investment assets, a portfolio 
composition that matches the risk features of the 
corresponding liabilities is sought. The purpose of the 
investment policy is also to ensure that the company 
has effectively implemented the organisation, systems, 
and processes necessary to identify, measure, monitor, 
manage and report on investment risks to which it is 
exposed.
When market risks are measured and managed, all 
exposures are included, regardless of whether they 
arise from active portfolio management of investments 
or from annuities, which are considered market risk. 
As of 1 December 2022, when the closing deal between 
Topdanmark Forsikring and Nordea was finalised, the 
new investment department took over all front office 
capabilities for Topdanmark Forsikring. The investment 
policy and thereby the overall risk profile and strategic 
asset allocation is mainly unchanged. However, the 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 177

===== SIDA 178 =====

investment strategy has been altered. As part of the 
closing deal, the co-investing arrangement between 
Topdanmark Forsikring and Topdanmark Livsforsikring 
has been terminated. The exposures have been shifted 
to ETFs (Exchange Traded Funds). The original asset 
classes and geographical exposures are unchanged. The 
CLO-portfolio has been sold. The credit exposure is 
managed through a High Yield ETF (EUR). 
The purpose of these changes is to keep the risk profile 
unchanged and use index trackers to have the right 
exposures that comply with the set risk limits, ESG 
policy etc.
Investment allocation
Topdanmark, 31 December 2023 and 31 December 2022
Topdanmark
31 Dec 2023 31 Dec 2022
Asset class
Market 
value, 
EURm Weight, %
Market 
value, 
EURm Weight,%
Fixed income total  1,898  94 %  2,422  94 %
Money market securities and cash  1  0 %  544  21 %
Government and mortgage bonds  1,766  88 %  1,722  67 %
Credit bonds  43  2 %  39  2 %
Index-linked bonds  88  4 %  91  4 %
CLOs  0  0 %  26  1 %
Listed equity total  81  4 %  111  4 %
Denmark  15  1 %  25  1 %
Scandinavia  2  0 %  2  0 %
Global  64  3 %  85  3 %
Alternative investments total  34  2 %  35  1 %
Real estate  0  0 %  0  0 %
Unlisted equities and hedge funds  34  2 %  35  1 %
Trading derivatives  1  0 %  1  0 %
Asset classes total  2,014  100 %  2,569  100 %
The exposure in equities outside Denmark and credit bonds has been adjusted by the use of derivatives. Unlisted equities and hedge funds include also private equity and direct holdings in non-listed 
equities
The equity portfolios, excluding associated companies, 
are well-diversified and without large concentrations.
Investment assets are mostly comprised of government 
and Danish mortgage bonds. These assets are interest 
rate sensitive and to a significant extent equivalent to 
the total interest rate sensitivity of the non-life 
insurance liabilities. Consequently, the return on 
government and mortgage bonds should be assessed in 
connection with return and revaluation of non-life 
insurance liabilities. 
The small allocation to credit bonds is primarily exposed 
to European issuers.
Index-linked bonds comprise primarily Danish mortgage 
bonds for which the coupon and principal are index-
linked.
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 178

===== SIDA 179 =====

Market risks of balance sheet
Interest rate risk
Interest rate risk is calculated for assets, liabilities, and 
derivative instruments, for which the carrying amount is 
dependent on the interest rate level. Regarding 
insurance liabilities Topdanmark is exposed to interest 
rate risk due to provisions for outstanding claims.
Shifting the market yield curve upwards and 
downwards or changing its shape leads to changed 
market values of assets and derivatives and thus to 
unrealised gains or losses.
When assessing the value and sensitivity of insurance 
provisions Topdanmark has used the Solvency II 
discount curve that is based on the market yield curve.
Generally, the interest rate risk is limited and controlled 
by investing in interest-bearing assets in order to 
reduce the overall interest rate exposure of the assets 
and liabilities to the desired level. Therefore, the Danish 
mortgage bonds and government bonds have a central 
role in the asset portfolios. To further reduce the 
interest rate sensitivity of the balance sheet, interest 
rate swaps have been used for hedging purposes.
Equity risk
The Danish part of the equity portfolio is based on the 
OMXCCAP index and is approximated by the ETF Xact 
OMXC25. The rest of the equity holdings are in the 
foreign equity portfolio that seeks to track the MSCI 
World DC index by the relevant geographical ETF in 
USA, Europe and Japan. As a result, Topdanmark’s 
equity holdings are well-diversified both in terms of 
geographical and company-specific risks.
Real estate risk
Real estate risk is limited to properties in own use and 
located in Ballerup and Viby. The properties are valued 
in accordance with the rules of the Danish FSA i.e., at 
market value taking the level of rent and the terms of 
the tenancy agreements into consideration.
Spread risk
Most of Topdanmark's interest-bearing assets comprise 
of AAA rated Danish mortgage bonds. The risk of credit 
losses is minor due to the high credit quality of the 
issuers and because investments have been made at 
spreads that are in balance with Topdanmark’s desired 
risk ratio levels. The portfolio is well-diversified by 
issuer, issuer type and capital centres, and therefore, the 
exposure to concentration risk is insignificant.
The investment policy stipulates that the portfolio must 
be well-diversified by the number of counterparties and 
by the amount of exposure to individual counterparties. 
The main source of spread risk is the mortgage bonds. 
Due to high allocation of these investments in the 
portfolios, spread risk is the most material source of 
market risk SCR.
Currency risk
In practice, the investment assets are the only source of 
currency risk while the insurance liabilities are in Danish 
krones. The currency risk is mitigated by derivatives and 
net exposures in different currencies are minor except 
in the euro.
The currency risk is assessed based on the SCR. The 
value of the base currency is shocked by 25 per cent 
against most of the currencies except against the euro 
where the largest exposure exists, and the shock is 0.39 
per cent, because the Danish krone is pegged to the 
euro.
Inflation risk
Future inflation is implicitly included in the models 
Topdanmark uses to calculate its insurance liabilities. 
The insurance liabilities are calculated based on the 
expected future indexation of wages and salaries.
An expected higher future inflation rate would generally 
be included in the insurance liabilities with a certain 
time delay, while at the same time the result would be 
impacted by higher future indexation of premiums. To 
reduce the risk of inflation within Workers' 
compensation, Topdanmark uses index-linked bonds 
and inflation derivatives to hedge a proportion of the 
expected cash flows sensitive to future inflation. The 
inflation sensitivity of capitalisation factors is not 
hedged.
Board of Directors’ 
Report
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FINANCIAL STATEMENTS 2023 179

===== SIDA 180 =====

Liquidity risk
Topdanmark Group has a strong liquidity position. 
Firstly, as premiums are paid in the beginning of the 
coverage period, liquidity risk related to customers’ 
payments is very limited. Secondly, the nature of a 
diversified insurance business means that it is highly 
unlikely that a liquidity shock could occur. Insurance 
liabilities are quite stable and on the investment side 
money market investments are complemented by a 
large portfolio of liquid listed Danish government and 
mortgage bonds. 
The maturities of cash flows from financial instruments, 
insurance liabilities and reinsurance contracts are 
presented in the table Cash flows according to 
contractual maturity, Topdanmark, 31 December 2023. .
Cash flows according to contractual maturity
Topdanmark, 31 December 2023
EURm
Carrying 
amount total
Carrying 
amount 
without 
contractual 
maturity
Carrying 
amount with 
contractual 
maturity
Cash flows
2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets 1,861 1,861 420 424 321 170 166 505 113
Financial assets 
(non-derivatives) 1,859 1,859 420 424 321 170 166 504 113
Interest rate swaps 1 1 0 0 0 0 0 1 0
FX forwards 0 0 0
Asset for incurred claims 79 79 58 9 4 3 2 4
Financial liabilities 299 128 172 10 9 102 59 1 21 1
Financial liabilities 
(non-derivatives) 275 128 148 9 7 101 57
Interest rate swaps 24 24 1 2 1 1 1 21 1
FX derivatives 0 0 0
Lease liabilities
Liability for incurred claims and 
other insurance related payables 1,582 1,582 603 249 183 118 87 303 184
Market risks at Hastings Group
Hastings’ investment portfolio has been designed to 
generate a targeted return whilst operating within the 
conservative risk appetite parameters set by the Board. 
Management aims to prudently operate within its risk 
appetite. The risk appetite includes a low appetite for 
losses arising from volatility of market prices affecting 
values of assets and liabilities and for assets not 
matching the profile of liabilities. As a result, 
the investment strategy includes only a very limited 
amount of equity exposure.
The total market value of Hastings' investment portfolio 
at 31 December 2023 was EUR 1,680 million (1,320). The 
investment portfolio was dominated by investment 
grade fixed income investments, which comprised 69 
per cent of total investment assets. The rest was 
invested in money market securities and cash 
amounting to 27 per cent, and high yield and alternative 
investments with a combined allocation of 4 per cent.
The composition of the Hastings investment portfolios 
by asset class at year end 2023 and at year end 2022 as 
well as average maturities of fixed income investments, 
are shown in the table Investment allocation, Hastings, 
31 December 2023 and 31 December 2022. 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 180

===== SIDA 181 =====

Investment allocation
Hastings, 31 December 2023 and 31 December 2022
2023 2022
Asset class
Market value, 
EURm Weight, %
Average 
maturity, years
Market value, 
EURm Weight, %
Average 
maturity, years
Fixed income total  1,646  98 % 2.2  1,287  98 % 3.3
Money market securities and cash  448  27 % 0.0  246  19 % 0.0
Government bonds  0  0 % 3.9  71  5 % 0.1
Credit bonds, funds, and loans  1,198  71 % 3.0  970  74 % 4.3
Covered bonds  0  0 % 0.0  0  0 % 0.0
Investment grade bonds and loans  1,164  69 % 5.0  954  72 % 4.4
High-yield bonds and loans  27  2 % 4.9  16  1 % 4.0
Subordinated / Tier 2  7  0 % —  0  0 % —
Subordinated / Tier 1  0  0 % —  0  0 % —
Hedging swaps  0  0 % —  0  0 % —
Listed equity total  0  0 % —  0  0 % —
UK  0  0 % —  0  0 % —
Global  0  0 % —  0  0 % —
Alternative investments total  34  2 % —  32  2 % —
Real estate  0  0 % —  0  0 % —
Private equity  0  0 % —  0  0 % —
Biometric  0  0 % —  0  0 % —
Commodities  0  0 % —  0  0 % —
Other alternative  34  2 % —  32  2 % —
Trading derivatives  0  0 % —  0  0 % —
Asset classes total  1,680  100 % —  1,320  100 % —
FX Exposure, gross position  0  — %  0  — % —
The core investment portfolio of debt securities, 
supplemented by a diversified portfolio of holdings in 
collective investment schemes, is held by Advantage. 
The Advantage Board works with the investment 
managers and investment consultants to maximise 
return whilst minimising risk and preserving capital. The 
criteria for the portfolio structure, classes of holdings 
and individual limits are consistent with a very low risk 
appetite. These investment rules are monitored on a 
quarterly basis internally and using an external 
consultancy. The monitoring outputs are provided to 
the Investment Committee and Risk & Compliance 
Committee quarterly. 
Advantage made no direct use of derivatives during the 
period. Derivatives are, however, utilised within 
Investment Funds in which Advantage has a share, both 
for hedging purposes and to generate additional return.
Interest rate risk
Hastings manages balance sheet interest rate risk 
principally through matched duration of assets and 
liabilities, meaning that interest rates are aligned as far 
as possible, and interest rate risk is reduced. This is 
monitored in the quarterly Investment Committee 
meetings and includes adherence to tight duration 
mismatch tolerances which form part of the relevant 
risk appetite statement. 
Liquidity risks
Hastings maintains a short duration and highly liquid 
portfolio, in line with its low risk appetite. Liquidity Risk 
is largely managed at Advantage. Cash and cash 
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 181

===== SIDA 182 =====

equivalent balances are held in current accounts or 
short-term money market instruments. These are 
generally less than 60 days in duration, with low 
sensitivity to movements in interest rates compared to 
longer duration assets. 
The liquidity profile and cashflow of investments is 
monitored at the quarterly Investment Committee to 
ensure Advantage can meet its liabilities into the future.
Advantage’s investment managers actively manage 
liquidity risk in the portfolio to ensure that bonds can be 
sold efficiently to meet cash needs.  Informed by market 
data, they look to purchase bonds with less than 5 years 
since issue date, larger issue sizes and which trade 
regularly.  Liquidity scoring is conducted by 
Advantage’s investment managers, based on time since 
issue, issue size, traded volumes and observed bid-ask 
spreads.   
Cash flows according to contractual maturity
Hastings, 31 December 2023 
EURm
Carrying 
amount total
Carrying 
amount 
without 
contractual 
maturity
Carrying 
amount with 
contractual 
maturity
Cash flows
2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets 1,869 704 1,165 143 341 349 179 154 0 0
Financial assets 
(non-derivatives) 1,869 704 1,165 143 341 349 179 154 0 0
Interest rate swaps 0 0 0 0 0 0 0 0 0 0
FX forwards 0 0 0 0 0 0 0 0 0 0
Asset for incurred claims 1,333 1,333 0 349 236 183 61 96 169 240
Financial liabilities 187 0 187 73 71 43 0 0 0 0
Financial liabilities 
(non-derivatives) 185 0 185 71 71 43 0 0 0 0
Interest rate swaps 2 0 2 2 0 0 0 0 0 0
FX derivatives 0 0 0 0 0 0 0 0 0 0
Lease liabilities 10 0 10 6 3 1 0 0 0 0
Liability for incurred claims and 
other insurance related payables 2,125 2,125 0 670 404 302 127 137 211 275
Board of Directors’ 
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FINANCIAL STATEMENTS 2023 182

===== SIDA 183 =====

Counterparty risks at If Group
In If, the major sources of counterparty risk stem from 
reinsurance recoverables, bank balances, financial 
derivatives, and other receivables. 
Counterparty default risk arising from receivables from 
policyholders and other receivables related to 
commercial transactions is limited, as non-payment of 
premiums generally results in cancellation of insurance 
policies. 
Reinsurance counterparty risk
Reinsurance is used regularly to utilise If’s own funds 
efficiently, reduce the cost of capital, limit large 
fluctuations of underwriting results, and to have access 
to reinsurers’ competence base. 
The distribution of reinsurance recoverables and pooled 
solutions is presented in the table below. In the table, 
EUR 206 (151) million is excluded, which mainly relates 
to captives and statutory pool solutions.
Reinsurance recoverables and pooled solutions
If, 31 December 2023 and 31 December 2022
31 Dec 2023 31 Dec 2022
Rating Total EURm % of total Total EURm % of total
AAA  0  0 %  0  0 %
AA+ - A-  450  100 %  134  100 %
BBB+ - BBB-  0  0 %  0  0 %
BB+ - C  0  0 %  0  0 %
D  0  0 %  0  0 %
Non-rated  0  0 %  0  0 %
Total  450  100 %  135  100 %
The amount of the recoverables reported above is 
exposed to counterparty risk as recoverables are 
typically not covered by collaterals.
If’s Reinsurance Policy sets requirements for the 
reinsurers’ minimum financial strength rating and the 
maximum exposure limits to individual reinsurers. In 
addition, internal credit risk analysis plays a central role 
when counterparties are approved.
The Reinsurance Committee is a collaboration forum 
with the role to secure appropriate reinsurance cover 
for insurance risk in accordance with If’s risk appetite 
and provides an opinion as well as proposes actions in 
respect of such issues. 
The Reinsurance Security Committee in If shall give 
input and suggestions in respect to various issues 
regarding reinsurance default risk and risk exposure, as 
well as proposed deviations from the Reinsurance 
Policy. 
Reinsurance assets for incurred claims for the ten 
largest reinsurer counterparties amounted to EUR 272 
(144) million, representing 52 (61) per cent of the total 
reinsurance assets for incurred claims. Out of the ten 
largest reinsurer counterparties, 59 (32) per cent of the 
reinsurers had an A rating or higher, while the rest were 
from non-rated captives.
The total ceded written premium related to treaty and 
facultative reinsurance agreements amounted to EUR 
89 (82) million. 
Counterparty risk related to financial derivatives
In If, the default risk of derivative counterparties is a by-
product of managing market risks. The role of long-term 
interest rate derivatives has been immaterial and 
counterparty risk mainly stems from short-term FX 
derivatives. The counterparty risk of bilaterally settled 
derivatives is mitigated by a careful selection and 
diversification of counterparties to prevent risk 
concentrations and by using collateral techniques, e.g. 
ISDA Master Agreements backed by Credit Support 
Annexes. If settles interest rate swaps in central clearing 
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 183

===== SIDA 184 =====

houses, which mitigates bilateral counterparty risk but 
also results in a systemic risk exposure related to 
centralised clearing parties.
Counterparty risks at Topdanmark Group
Topdanmark is exposed to counterparty risk in both its 
insurance and investment activities. The default risk 
related to fixed income and equity investments is 
covered by spread-risk and equity-risk models in SCR 
calculations and hence they are not discussed in this 
context.
The main sources of counterparty risk are deposits 
made to individual banks, derivative contracts with 
banks and current receivables from reinsurance 
companies with the addition of potential receivables 
that will arise in case of a 1-in-200-year catastrophe 
event. Topdanmark's counterparty risk is assessed by 
the SCR standard formula
Reinsurance
Within insurance activities the reinsurance companies' 
ability to pay is the most important counterparty risk 
factor. Topdanmark minimises this risk by primarily 
buying reinsurance cover from reinsurance companies 
with a minimum rating of A- and by spreading 
reinsurance cover over many reinsurers.
For reinsurance counterparties, the Board approves 
security guidelines which determine the maximum size 
of reinsurance contract cover per a separate reinsurer. 
This portion is dependent on the reinsurer's rating as 
well as on Topdanmark’s own assessment of the 
reinsurer. The largest risk concentrations may occur in 
case of major catastrophe events, including storms and 
cloudbursts.
Investments
Topdanmark may suffer losses due to their 
counterparties’ inability to meet their obligations on 
bonds, loans, and other contracts including derivatives. 
The majority of Topdanmark’s interest bearing assets 
comprise of Danish mortgage bonds. 
To limit the counterparty risk of financial contracts, 
including derivative contracts, the choice of 
counterparties is restrictive, and collateral is required 
when the value of the financial contracts exceeds the 
predetermined limits. The size of the limits depends on 
the counterparty's credit rating and the terms of the 
contract.
Counterparty risks at Hastings Group
Hastings is exposed to counterparty risk through 
reinsurance assets, financial assets and cash and cash 
equivalents. A number of controls exist within the 
Hastings Group to mitigate against counterparty 
default, such as annual reviews of reinsurance panels, 
credit rating tolerances in line with a low-risk appetite, 
and a low-risk, diversified investment portfolio..
Reinsurance counterparty risk
A key component of risk mitigation is reinsurance. 
Advantage manages the tender of the reinsurance 
programme, which consists of both non-capitalised 
Excess of Loss (“XoL”) and Quota Share (“QS”) 
protection.  Under the 2023 arrangements, the Motor 
exposure risk to Advantage is capped at GBP 1 million 
per loss, net of XoL reinsurance, and Household 
exposure is capped at GBP 16.0 million (approximately 
EUR 18.4 million)  per event loss. In 2023, the 
Advantage Board reduced the motor QS participation 
from 35 per cent to 30 per cent, driven principally by a 
change in risk appetite. Advantage’s reinsurance 
strategy will continue to be reviewed in line with risk 
appetite.  
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 184

===== SIDA 185 =====

Reinsurance recoverables
Hastings, 31 December 2023 and 31 December 2022
2023 2022
Rating Total, EURm % of total Total, EURm % of total
AAA 0  0 % 0  0 %
AA 1,031  63 % 962  65 %
A 608  37 % 512  35 %
BBB 2  0 % 3  0 %
Less than BBB 0  0 % 0  0 %
Unrated 0  0 % 0  0 %
Total 1,640  100 % 1,477  100 %
To mitigate the inherent counterparty and credit risk 
posed by the reinsurance programme to Advantage’s 
balance sheet, Advantage has set criteria for the 
minimum credit quality of the reinsurance 
counterparties and for concentration limits. These 
tolerances are monitored and mitigated on a continual 
basis, with line of sight to the Board quarterly, or ad-hoc 
as needed. 
To better protect itself where possible, Advantage aims 
to:
• place with parent entities within reinsurance groups 
to mitigate counterparty risk in accepting reinsurance 
from small regional branches
• introduce collateralisation or cut through terms and/
or parental guarantees to mitigate counterparty risk
• ensure special termination clauses are in place in the 
event of rating downgrade or reorganisation of 
reinsurance groups to which Advantage is exposed
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 185

===== SIDA 186 =====

Capitalisation
Sampo’s core business competences are skilful pricing 
of risks inherent in business operations and high-quality 
management of arising risk-exposures and capital 
needed to cover these risks. A balance between 
earnings, risks, and capital contributes positively to 
return on equity and to stakeholder confidence, 
facilitating the creation of shareholder value.
Sampo plc is responsible for the group’s capital 
management activities. These actions are guided by 
targets set for group-level solvency and financial 
leverage and they include decisions on group-level 
investment exposures, business growth and 
performance targets, reinsurance strategies, capital 
distributions, and capital instrument issuances.
Group level capitalisation is managed within Sampo’s 
capital management framework, which sets targets for 
solvency and informs potential risk management 
actions.
Group-level capitalisation and the factors affecting it 
are illustrated in the graph Sampo Group’s capitalisation 
framework. 
Sampo Group’s capitalisation framework
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 186

===== SIDA 187 =====

The Group’s capital requirement is dependent mainly on 
the capital requirements of the sub-groups and 
investments in the Nordic financial service companies 
on Sampo plc's balance sheet. Otherwise, the parent 
company’s contribution to the Group capital need is 
relatively small, because Sampo plc does not have any 
business activities of its own other than the 
management of its capital structure and liquidity 
portfolio. 
Diversification benefit exists at two levels, within the 
companies and between the companies. The former is 
included in the companies’ solvency capital requirement 
(SCR).
Conceptually, the Group’s own funds equals the 
difference between the market value of assets and 
liabilities plus the subordinated liabilities. This difference 
has accrued during the lifetime of the Group and it 
includes the following main components: 
• accrued profits that have not been paid as dividends 
over the years
• valuation differences between IFRS and Solvency II
• issued capital and subordinated liabilities meeting 
Solvency II requirements.
At the Group level, the capital requirement and own 
funds are both exposed to foreign currency translation 
risk. The actual capital and the capital needs of If, 
Topdanmark, and Hastings are converted from their 
reporting currencies to the euro. When the reporting 
currencies of If, Topdanmark, and Hastings depreciate, 
the actual amount of the Group’s capital in euros 
decreases and the capital requirements of If, 
Topdanmark, and Hastings will be lower in euro terms. 
Translation currency risk is monitored internally and its 
effect on Sampo Group’s solvency on a going concern 
basis is analysed regularly. However, internally no 
capital need is set for translation risk, because it is 
realised only when a sub-group is divested.
The Group-level buffers equal in total to the difference 
between the amount of the Group’s own funds and the 
Group capital requirement. In addition to sub-group 
level factors – expected profits and their volatility, 
business growth prospects, volatility of the balance 
sheet due to fluctuations in the market value of 
investments and insurance liabilities, and ability to issue 
Solvency II compliant capital instruments – there are 
factors that are additionally relevant when considering 
the size of the Group-level buffers. The most material of 
them are correlation of sub-groups’ profits, parent 
company’s capacity to generate liquidity, probability of 
business arrangements and shareholders’ dividend 
expectations.
The role of Sampo plc
As the Group’s holding company, Sampo plc is 
responsible for the Group’s capital management 
activities. These actions are guided by targets set for 
group-level solvency and financial leverage and they 
include decisions on group-level investment exposures, 
business growth and performance targets, reinsurance 
strategies, capital distributions and capital instrument 
issuances. In addition, group-level risk accumulations 
and concentrations are monitored regularly and 
managed by adjusting aggregated risks where 
necessary. 
The parent company Sampo plc is also a source of 
liquidity within the Group. Hence, the healthy funding 
structure and the capacity to generate funds if needed 
are a continuous focus. Sampo plc needs liquidity to 
manage the group’s financing needs, enable dividend 
security and to finance potential transactions. Sampo 
plc funding is mainly limited to internal dividends and 
investment returns but can periodically be 
complemented with new debt and capital or asset sales. 
Hence, holding company liquidity needs to be managed 
holistically together with the dividend policy, strategic 
ambitions, and balance sheet targets.
As at 31 December 2023, Sampo had long-term 
strategic holdings of EUR 5,635 million in the subsidiary 
companies and they were funded mainly by capital of 
EUR 5,465 million. Sampo plc had outstanding senior 
debt of EUR 959 million and subordinated debt of EUR 
1,490 million. Average remaining maturity of senior debt 
was 4.8 years and EUR 395 million of it had a maturity 
longer than five years. Funding structure of strategic 
holdings and other holdings can be considered strong.
The capacity to generate funds is dependent on 
leverage and liquidity buffers which can be inferred 
from the table Balance sheet structure, Sampo plc, 31 
December 2023 and 31 December 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 187

===== SIDA 188 =====

Balance sheet structure
Sampo plc, 31 December 2023 and 31 December 
2022
EURm 31 Dec 2023 31 Dec 2022
Assets total  7,990  9,685 
Liquidity  1,352  2,467 
Investment assets  979  990 
Other investments  2  2 
Fixed income  101  27 
Equity & private equity  876  961 
Subordinated loans  0  100 
Equity holdings  5,635  6,066 
Subsidiaries  5,635  6,066 
Associated  0  0 
Other assets  24  62 
EURm 31 Dec 2023 31 Dec 2022
Liabilities total  7,990  9,685 
CPs issued  0  0 
Long-term senior debt  959  1,306 
Private placements  2  21 
Bonds issued  957  1,285 
Subordinated debt  1,490  1,489 
Capital  5,465  6,814 
Undistributable capital  98  98 
Distributable capital  5,367  6,716 
Other liabilities  76  77 
The leverage of Sampo plc was moderate at year end 
according to for example these measures: 
• The financial leverage measured as the portion 
of debt within all liabilities was 31 (29) per cent.
• Sampo’s net debt is EUR 996 (201) million.
Regarding liquidity, Sampo plc held EUR 1,352 (2,467) 
million in bank account balances and short-term money 
market investments. Liquidity is mainly affected by 
received and paid dividends as well as changes in 
issued debt instruments and changes in investments. 
Sampo’s dividend payment takes place in May and it will 
significantly lower the liquidity position of the holding 
company. A part of the investment assets (979) can be 
sold in case liquidity is needed. Short-term liquidity can 
be considered adequate.
All in all, Sampo plc is in a good position to refinance its 
current debt and even issue more debt. This capacity 
together with the tradable financial assets means that 
Sampo plc can generate liquid funds.
Sampo plc is able to balance risks within Sampo Group. 
When Sampo plc is managing its funding, capital 
structure, and liquidity, it takes into account that some 
of its operative companies have other base currencies 
than the euro (the Swedish krona, the Danish krone, 
pound sterling), and are exposed to lower interest rates. 
These risks may affect Sampo’s decisions on the 
issuance of debt instruments and the composition of 
the liquidity portfolio.
The maturities of financial assets and liabilities and lease 
liabilities are presented in the table Cash flows 
according to contractual maturity, Sampo plc, 31 
December 2023 and 31 December 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 188

===== SIDA 189 =====

Cash flows according to contractual maturity
Sampo plc, 31 December 2023 and 31 December 2022
31 Dec 2023 Carrying amount total Cash flows
EURm
Carrying amount 
total
Carrying amount 
without contractual 
maturity
Carrying amount 
with contractual 
maturity 2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets  2,325  1,623  702  617  14  2  2  30  65  0 
Financial assets (non-derivatives)  2,325  1,623  702  617  14  2  2  30  65  0 
Interest rate swaps  0  0  0  0  0  0  0  0  0  0 
FX forwards  0  0  0  0  0  0  0  0  0  0 
Asset for incurred claims  0  0  0  0  0  0  0  0  0  0 
Financial liabilities  2,527  0  2,527  -72  -223  -59  -59  -475  -2,032  0 
Financial liabilities (non-derivatives)  2,507  0  2,507  -70  -223  -59  -59  -461  -2,032  0 
Interest rate swaps  20  0  20  -2  0  0  0  -14  0  0 
FX derivatives  0  0  0  0  0  0  0  0  0  0 
Lease liabilities  2  0  2  -1  1  0  0  0  0  0 
Liability for incurred claims and other 
insurance related payables  0  0  0  0  0  0  0  0  0  0 
31 Dec 2022 Carrying amount total Cash flows
EURm
Carrying amount 
total
Carrying amount 
without contractual 
maturity
Carrying amount 
with contractual 
maturity 2023 2024 2025 2026 2027
2028-
2037 2038-
Financial assets  3,596  2,799  797  688  24  8  8  8  77  183 
Financial assets (non-derivatives)   3,596  2,799  797  688  24  8  8  8  77  183 
Interest rate swaps  0  0  0  0  0  0  0  0  0  0 
FX forwards  0  0  0  0  0  0  0  0  0  0 
Asset for incurred claims  0  0  0  0  0  0  0  0  0  0 
Financial liabilities  2,816  0  2,816  -416  -65  -224  -60  -60  -2,513  0 
Financial liabilities (non-derivatives)  2,802  0  2,802  -416  -63  -223  -59  -59  -2,504  0 
Interest rate swaps  14  0  14  0  -2  -1  -1  -1  -9  0 
FX derivatives  0  0  0  0  0  0  0  0  0  0 
Lease liabilities  2  0  2  -1  -1  0  0  0  0  0 
Liability for incurred claims and other 
insurance related payables  0  0  0  0  0  0  0  0  0  0 
Board of Directors’ 
Report
Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2023 189

===== SIDA 190 =====

Sampo plc’s Financial Statements
Sampo plc’s income statement    ........................... 191
Sampo plc’s balance sheet     ................................... 192
Sampo plc’s statement of cash flows  ............... 193
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 190

===== SIDA 191 =====

Sampo plc’s income statement
EURm Note 1–12/2023 1–12/2022
Sales  1  — 
Staff expenses
Salaries and remunerations  -14  -21 
Social security costs
Pension costs  -2  -2 
Other  -3  -6 
Other operating expenses 1  -39  -19 
Operating profit  -57  -48 
Financial income and expense 3
Income from shares in Group companies  1,039  1,008 
Income from other shares  23  182 
Other interest and financial income
Group companies  —  4 
Other  23  6 
Other investment income and expense  -9  704 
Other interest income  37  11 
Interest and other financial expense  -95  -111 
Exchange result  3  -12 
Profit before appropriations and taxes  963  1,744 
Group contribution  —  29 
Income taxes  0  8 
Profit for the financial year  963  1,780 
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 191

===== SIDA 192 =====

Sampo plc’s balance sheet
EURm Note 2023 2022
Assets
Intangible assets  1  1 
Tangible assets  3  3 
Investments
Shares in Group company 21  5,635  6,066 
Receivables from Group companies 4  —  100 
Other shares and participations 5  876  961 
Other investments 6  706  696 
Short-term receivables
Other receivables 7  20  44 
Prepayments and accrued income 8  2  16 
Cash and cash equivalents  747  1,798 
Total assets  7,990  9,685 
EURm Note 2023 2022
Liabilities
Equity 9,10
Share capital  98  98 
Invested unrestricted equity  1,527  1,527 
Other reserves  273  273 
Retained earnings  2,604  3,136 
Profit for the financial year  963  1,780 
Liabilities   
Long-term liabilities 13   
Bonds  959  1,306 
Subordinated debt securities  1,490  1,489 
Short-term liabilities   
Deferred tax liability 14  —  — 
Other liabilities 11  5  12 
Accruals and deferred income 12  71  65 
Total liabilities  7,990  9,685 
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 192

===== SIDA 193 =====

Sampo plc’s statement of cash flows
EURm 1–12/2023 1–12/2022
Operating activities
Profit before tax  963  1,773 
Adjustments
Realised gains and losses on investments  9  — 
Other adjustments  -14  -830 
Adjustments total  -5  -830 
Change (+/-) in assets of operating activities
Investments  341  48 
Other assets  11  13 
Total  351  60 
Change (+/-) in liabilities of operating activities
Financial liabilities  -2  -35 
Other liabilities  1  9 
Paid interests  -72  -90 
Paid taxes  0  8 
Total  -73  -107 
Net cash from operating activities  1,237  896 
Investing activities
Investment in subsidiaries  -108  -427 
Divestments in associates  —  2,291 
Dividend received from associates  —  157 
Other investments  0  — 
Net cash from investing activities  -108  2,022 
EURm 1–12/2023 1–12/2022
Financing activities
Dividends paid  -1,321  -2,186 
Purchase of own shares  -555  -1,444 
Repayments of debt securities in issue  -334  -571 
Received group contribution  29  15 
Net cash used in financing activities  -2,180  -4,186 
Total cash flows  -1,051  -1,269 
Cash and cash equivalents at 1 January  1,798  3,067 
Cash and cash equivalents at 31 December  747  1,798 
Net change in cash and cash equivalents  -1,051  -1,269 
Additional information to the statement of cash flows
EURm 1–12/2023 1–12/2022
Interest income received  63  23 
Interest expense paid  -72  -90 
Dividend income received  1,062  1,190 
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 193

===== SIDA 194 =====

Sampo plc’s notes to the financial statements
Summary of significant accounting policies  .. 195
Notes    ............................................................................. 196
1 Other operating expenses   ................................... 196
2 Auditors' fees   .......................................................... 196
3 Financial income and expense   .......................... 196
4 Receivables from Group companies  ............... 196
5 Other shares and participations      ....................... 196
6 Other investments  ................................................. 197
7 Other receivables ................................................... 197
8 Prepayments and accrued income   .................. 197
9 Movements in the parent company's 
equity    ............................................................................. 198
10 Share capital      .......................................................... 199
11 Other liabilities   ....................................................... 199
12 Accruals and deferred income    ........................ 199
13 Long-term liabilities  ............................................. 199
14 Deferred tax assets and liabilities   .................. 199
15 Pension liabilities  .................................................. 199
16 Rental commitments   ........................................... 199
17 Other liabilities and commitments     ................. 199
18 Number of personnel     .......................................... 200
19 Salaries and remuneration of the Board 
and the Group CEO  .................................................. 200
20 Pension contributions to the CEO, deputy 
CEO and the members of the Board     .................. 200
21 Shares held    ............................................................ 201
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 194

===== SIDA 195 =====

Sampo plc’s notes to the financial statement
Summary of significant 
accounting policies
Sampo plc (business ID 0142213-3) is Sampo Group’s 
parent company and a Finnish public company listed in 
Helsinki Nasdaq. It is domiciled in Helsinki and the 
headquarters are at Fabianinkatu 27, 00100 Helsinki, 
Finland. 
The presentation of Sampo plc’s financial statements 
have been prepared in accordance with the Finnish 
Accounting Act and Ordinance. 
Partial demerger
On 7 December 2022, Sampo Group announced a 
strategic review of Mandatum Group’s role in the Group. 
Following an assessment of options, on 29 March 2023, 
the Board resolved to propose a partial demerger of 
Sampo plc to separate Mandatum from Sampo Group. 
The Annual General Meeting approved the partial 
demerger on 17 May 2023 as set forth in the demerger 
plan, approved and signed by the Board on 29 March 
2023. The demerger plan was registered in the Finnish 
Trade Register on 30 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 amounting to 
EUR 538 million 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. 
The recognition of loan receivable had an impact on the 
parent company’s equity amounting to EUR 102 million. 
Foreign currency translation
Foreign currency transactions are translated using the 
exchange rate prevailing at the date of transactions or 
the average rate for the month. The Balance sheet items 
denominated in foreign currencies are translated at the 
rate prevailing at the balance sheet date. The exchange 
differences are recognised in the income statement.
Non-current assets
Intangible and tangible assets are stated at acquisition 
cost less depreciation or amortisation. 
Investments are measured at acquisition cost and, in 
case there is objective evidence of an impairment, the 
impairment is recognised through profit or loss. 
Previously the financial instruments were measured at 
fair value through Fair Value reserve applying Chapter 5 
section 2a § of the Finnish Accounting Act. The change 
in the accounting policy is recognised through retained 
earnings on 1 January 2022. 
Derivatives
Financial derivatives held for trading are initially 
recognised at fair value, and gains and losses arising 
from changes in fair value together with realised gains 
and losses are recognised in the income statement. 
Derivative instruments are carried as assets when the 
fair value is positive and as liabilities when the fair value 
is negative.
Derivative financial instruments have been used only for 
operative hedging purposes. For more information see 
the Group note Summary of Significant Accounting 
Policies.
Risk management
The risk management note 37 includes detailed 
information on the risk management.
Revenue recognition
Revenue is recognised when it occurs.
Leases
Lease payments are treated as rentals.
Income taxes
The income statement includes the company's income 
taxes based on taxable profit for the period. Income tax 
includes tax expense based on taxable profit for the 
period as well as deferred tax. Tax expense is 
recognised in profit or loss except for the items 
recognised directly in equity, in which case tax is 
recognised accordingly. Tax is adjusted for possible 
items related to previous reporting 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 195

===== SIDA 196 =====

1 Other operating expenses
EURm 1–12/2023 1–12/2022
Rental expenses  -1  -1 
IT expenses  -1  -1 
External services  -28  -10 
Other staff costs  -1  -1 
Other  -7  -6 
Total  -38  -19 
Item Other includes e.g. administration fees.
2 Auditors' fees
EUR thousand 1–12/2023 1–12/2022
Auditing fees  -414  -1,065 
Tax consultancy  —  — 
Other fees  —  — 
Total  -414  -1,065 
3 Financial income and expense
EURm 1–12/2023 1–12/2022
Dividend income  1,062  1,190 
Interest income  60  20 
Interest expense  -72  -86 
Gains on disposal  —  704 
Exchange result  3  -12 
Other  -32  -25 
Total  1,020  1,792 
4 Receivables from Group companies
EURm 2023 2022
Carrying amount at the beginning of the year  100  100 
Disposals  -100  — 
Carrying amount at the end of the year  —  100 
Mandatum Life issued in 2002 EUR 100 million Capital Notes, which were wholly 
subscribed by Sampo plc. At the time of partial demerger, with the consent of the 
Financial Supervisory Authority, Mandatum redeemed the loan in full. 
5 Other shares and participations
EURm 2023 2022
Fair value at 1 January  —  795 
Change of accounting policy  —  -200 
Acquisition cost 1 January  961  595 
Transfer from associates  —  368 
Increase  7  3 
Decrease  -92  -5 
Acquisition cost 31 December  876  961 
In connection with the demerger, Sampo sold certain financial assets to Mandatum. 
These assets included holdings in Enento Group, guarantee shares of Kaleva Mutual 
Insurance Company and other smaller equity, debt, and alternative investments. 
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 196

===== SIDA 197 =====

6 Other investments
EURm 2023 2022
Acquisition cost 1 January  696  704 
Increase  2,325  3,766 
Decrease  -2,315  -3,773 
Acquisition cost 31 December  706  696 
EURm 2023 2022
Bonds  15    26   
Money market  590    670   
Loan receivable  101    —   
Total  706    696   
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.
7 Other receivables
EURm 2023 2022
Trading receivables  —    1   
Other  20    43   
Total  20    44   
Item Other includes derivative guarantees EUR 20 (14) million and Group receivables 
of EUR 0 (29) million.
8 Prepayments and accrued income
EURm 2023 2022
Accrued interest  2  5 
Other  0  11 
Total  2  16 
EURm 2023 Fair value 2022 Fair value
Derivatives
Contract
/notional 
value Assets Liabilities
Contract
/notional 
value Assets Liabilities
Derivatives held for 
trading
Interest rate 
derivatives  89  —  20  95  —  14 
Total  89  —  20  95  —  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 197

===== SIDA 198 =====

9 Movements in the parent company's equity
Restricted equity Unrestricted equity
EURm Share capital
Invested 
unrestricted capital Other reserves Retained earnings Total
Carrying amount at 1 January 2022  98  1,527  273  6,766  8,663 
Dividends  —  —  —  -2,186  -2,186 
Acquisition of own shares  —  —  —  -1,444  -1,444 
Profit for the year  —  —  —  1,780  1,780 
Carrying amount at 31 December 2022  98  1,527  273  4,916  6,814 
Restricted equity Unrestricted equity
EURm Share capital
Invested 
unrestricted capital Other reserves Retained earnings Total
Carrying amount at 1 January 2023  98  1,527  273  4,916  6,814 
Dividends  —  —  —  -1,321  -1,321 
Acquisition of own shares  —  —  —  -555  -555 
Partial demerger  —  —  —  -539  -539 
Loan receivable due to partial demerger  —  —  —  102  102 
Profit for the year  —  —  —  963  963 
Carrying amount at 31 December 2023  98  1,527  273  3,567  5,465 
Distributable funds
EURm 2023 2022
Parent company
Profit for the year  963  1,780 
Retained earnings  2,604  3,136 
Invested unrestricted capital  1,527  1,527 
Other reserves  273  273 
Total  5,367  6,716 
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 198

===== SIDA 199 =====

10 Share capital
Information on share capital is disclosed in note 27 in the consolidated financial 
statements.
11 Other liabilities
EURm 2023 2022
Other  5  12 
Total  5  12 
12 Accruals and deferred income
EURm 2023 2022
Deferred interest  29  29 
Derivatives  20  14 
Other  23  22 
Total  71  65 
13 Long-term liabilities
EURm 2023 2022
Bonds  959  1,306 
Subordinated debt securities  1,490  1,489 
Total  2,449  2,794 
More information in Sampo Group’s consolidated note 24 Financial liabilities.
14 Deferred tax assets and liabilities
The parent company did not have any deferred tax liability or asset in the balance 
sheet at the end of 2023 or 2022. 
15 Pension liabilities
The basic and supplementary pension insurance of Sampo plc’s staff is handled 
through insurance policies in pension insurance companies in Finland and Sweden.
16 Rental commitments
EURm 2023 2022
Not more than one year  1  1 
Over one year but not more than five years  1  1 
Total  2  2 
17 Other liabilities and commitments
Sampo plc has granted a credit facility to Hastings Group Holdings Ltd of GBP 75 
million, which will terminate in October 2026. The credit facility was undrawn at the 
end of the reporting period. More information is in Sampo Group’s note 24 Financial 
liabilities.
Sampo and Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is 
subject to approvals from authorities. Sampo has granted Mandatum a loan amounting 
to EUR 280 million, which still remains undrawn at the end of reporting period. The 
loan is expected to be repaid within a period of four years from its issuance.   
The fund commitments given total EUR 7 (7) million.
The joint liability related to the Finnish VAT group was terminated on 30 April 2023, so 
there was no joint VAT liability on the balance sheet date (EUR 3 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 199

===== SIDA 200 =====

18 Number of personnel
2023 
Average during 
the year
2022 
Average during 
the year
Full-time personnel 54 50
Part-time personnel 1 —
Total 55 50
19 Salaries and remuneration of the Board 
and the Group CEO
EUR thousand 2023 2022
Group CEO Torbjörn Magnusson 3,139 3,328
Members of the Board of Directors
Antti Mäkinen 228 —
Björn Wahlroos — 190
Christian Clausen 101 98
Fiona Clutterbuck 107 104
Georg Ehrnrooth 107 104
Jannica Fagerholm 159 152
Johanna Lamminen 45 104
Steve Langan 107 104
Risto Murto 101 98
Markus Rauramo 101 98
Annica Withchard 107 —
In accordance with the decision of the Annual General Meeting in 2023, the company 
has compensated the transfer tax related to the acquisition of the company shares, in 
total EUR 8,446.39 (EUR 1,819.48 pertaining to the Chairman, EUR 1,268.84 EUR to the 
Vice Chairman and EUR 5,358.07 to the other members of the Board).
20 Pension contributions to the CEO, deputy 
CEO and the members of the Board
EUR thousand
Supplementary 
pension costs
Statutory 
pension costs Total
Pension contributions paid during the 
year
President/CEO1  869  468  1,337 
Former Chairmen of the Board
Kalevi Keinänen2  90  90 
Former Presidents/CEO:s
Harri Hollmen3  225  225 
Total  1,184  468  1,652 
1 The Group CEO is entitled to a supplementary defined contribution pension in accordance with 
the present pension contract.
2 Group pension agreement with a retirement age of 60 years and pension benefit of 66 per cent of 
the pensionable TyEL-salary (TyEL: Employees’s Pension Act). The payment for 2023 is based on a 
TyEL index adjustment.
3 Group pension agreement with a retirement age of 60 years and a pension benefit of 60 per cent 
of the pensionable TyEL-salary. The payment for 2023 is based on a TyEL index adjustment.
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 200

===== SIDA 201 =====

21 Shares held  
31 December 2023 31 December 2022
Company name
Percentage 
of share 
capital held
Carrying 
amount 
EURm
Percentage 
of share 
capital held
Carrying 
amount 
EURm
Group undertakings
P&C insurance
If P&C Insurance Holding Ltd, 
Stockholm, Sweden 100.00 1,886 100.00 1,886
P&C insurance
Topdanmark A/S, Copenhague, 
Denmark 48.92 1,121 48.53 1,107
P&C insurance
Hastings Group (Consolidated) Plc, 
London, United Kingdom 100.00 2,611 100.00 2,534
Life insurance
Mandatum Holding Ltd, Helsinki, 
Finland — — 100.00 539
Sampo Plc has a branch located in Sweden.
Due to the demerger, all the shares in Mandatum Holding Ltd were transferred without 
a liquidation procedure to Mandatum plc, a company incorporated in the demerger on 
the effective 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 201

===== SIDA 202 =====

Approval of the Financial Statements and 
                                the Board of Directors’ Report
                                                                                                                                     Helsinki, 6 March 2024
                                                                Sampo plc
                                                                Board of Directors
Christian Clausen Fiona Clutterbuck Georg Ehrnrooth
Jannica Fagerholm Steve Langan Risto Murto
Markus Rauramo Annica Witschard
Antti Mäkinen
Chairman
Torbjörn Magnusson
Group CEO
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 202

===== SIDA 203 =====

Auditor’s note
An auditor's report on the audit performed has been issued today.
Helsinki, 12 March 2024
Deloitte Oy
Audit firm 
Jukka Vattulainen
APA
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 203

===== SIDA 204 =====

Auditor’s Report (Translation of the Finnish Original)
To the Annual General Meeting of Sampo plc
Report on the Audit of 
the Financial Statements
Opinion
We have audited the financial statements of Sampo plc 
(business identity code 0142213-3) for the year ended 31 
December, 2023. The financial statements comprise the 
consolidated balance sheet, income statement, 
statement of comprehensive income, statement of 
changes in equity, statement of cash flows and notes, 
including material accounting policy information, as well 
as the parent company’s balance sheet, income 
statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and 
fair view of the group’s financial position, financial 
performance and cash flows in accordance with IFRS 
Accounting Standards as adopted by the EU
• the financial statements give a true and fair view of 
the parent company’s financial performance and 
financial position in accordance with the laws and 
regulations governing the preparation of financial 
statements in Finland and comply with statutory 
requirements.
Our opinion is consistent with the additional report 
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good 
auditing practice in Finland. Our responsibilities under 
good auditing practice are further described in the 
Auditor’s Responsibilities for the Audit of the Financial 
Statements section of our report.
We are independent of the parent company and of the 
group companies in accordance with the ethical 
requirements that are applicable in Finland and are 
relevant to our audit, and we have fulfilled our other 
ethical responsibilities in accordance with these 
requirements.
In our best knowledge and understanding, the non-
audit services that we have provided to the parent 
company and group companies are in compliance with 
laws and regulations applicable in Finland regarding 
these services, and we have not provided any 
prohibited non-audit services referred to in Article 5(1) 
of regulation (EU) 537/2014. The non-audit services that 
we have provided have been disclosed in note 6 to the 
consolidated financial statements and in note 2 to the 
parent company notes.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our 
opinion.
Key Audit Matters 
Key audit matters are those matters that, in our 
professional judgment, were of most significance in our 
audit of the financial statements of the current period. 
These matters were addressed in the context of our 
audit of the financial statements as a whole, and in 
forming our opinion thereon, and we do not provide a 
separate opinion on these matters.
We have also addressed the risk of management 
override of internal controls. This includes consideration 
of whether there was evidence of management bias 
that represented a risk of material misstatement due to 
fraud.
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 204

===== SIDA 205 =====

Valuation of insurance contract liabilities 
We refer to Summary of Material Accounting policies in the financial statements as well 
as notes 20 and 21. 
As of 31 December 2023, Sampo Group has insurance contract liabilities totalling EUR 
11,716 million (2022: EUR 16,210 million), consisting primarily of property and casualty 
(P&C) insurance contract liabilities. The measurement of insurance liabilities consists of 
the liability for remaining coverage (LRC) and the liability for incurred claims (LIC) 
including both reported but not settled claims as well as incurred but not reported 
claims (IBNR). 
Sampo Group adopted IFRS 17 Insurance Contracts standard from 1 January 2023, and 
comparative figures have been restated. Sampo Group’s operations are focused on the 
P&C business and Sampo primarily uses the premium allocation approach (PAA) under 
IFRS 17. As of 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. 
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 result of management's assessments regarding the calculation of the liability for 
incurred claims depends on inputs, the choice of actuarial methods and the precision of 
management judgment in determining actuarial assumptions. Key assumptions with the 
greatest impact on the carrying amount include inflation, discount rates as well as 
estimated future payments for claims.
Valuation of insurance contract liabilities requires significant management judgment and 
accounting assumptions about uncertain future events, which may materially affect the 
carrying amount, and thus this is a key audit matter.
We have assessed the measurement of the provisions for insurance contracts as 
calculated by Management. Our audit procedures included testing of the key controls 
relating to valuation of insurance liabilities and key assumptions.
We have involved Deloitte´s actuarial experts together with IFRS 17 subject matter 
experts in our audit procedures and evaluated methods and models used by the 
management. We have compared the information used in the calculations with the 
historical data and we have analysed the developments in risk, interest and cost trends. 
We have evaluated management’s significant estimations and judgments and performed 
independent calculations based on actuarial methods for a substantial part of the 
insurance contract liabilities.
We have evaluated management’s interpretation of the new accounting standard IFRS 
17 and its application to the relevant insurance contracts as well as assessed the changes 
introduced to the financial statements and related disclosures following the adoption of 
IFRS 17.
We have evaluated and examined a selection of general IT controls linked to relevant 
systems and applications assessed as critical to the data that forms the basis for the 
calculation of the liability for incurred claims. On a sample basis we have examined input 
data used in the calculations of the liability for incurred claims.
Key Audit Matter How our audit addressed the Key Audit Matter
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 205

===== SIDA 206 =====

Valuation of financial assets 
We refer to Summary of Material Accounting policies in the financial statements as well 
as notes 14–16. 
The Group's investments amount to EUR  15,757 million (2022: EUR 19,565 million). 
Financial assets represent a significant part of the group's balance sheet. 
Major part of the Group's financial assets are measured at fair value. At level 1, the 
valuation of the financial asset is based on the quoted price in an active market. Level 2 
valuation also uses other verifiable prices as inputs, either directly or derived from them, 
using valuation techniques. At level 3, valuation is based on non-observable market data.
Audit focus areas relate to valuations on level 2 and 3 in line with IFRS in which the 
valuation techniques include inputs which are not directly observable from the markets. 
The use of different valuation techniques and assumptions may result in different 
estimates of fair value and hence this is a key audit matter.
Our audit procedures have included the evaluation of the internal controls, 
appropriateness of accounting policies used and the reasonableness of accounting 
estimates made by management.
We have evaluated the appropriateness of the valuation models and accounting policies 
used by the company to assess whether the fair value measurement is in accordance 
with generally accepted standards and industry practices. We have requested external 
confirmations to verify the existence of the investment.
Together with our valuation specialists, we have assessed the assumptions used by 
management in the valuation calculation. We have utilized Deloitte´s valuation analytics 
and performed the recalculation of fair values based on the information available on the 
market.
For financial assets that are valued on the basis of non-market information, we have also 
evaluated the practices and assumptions used by management in determining fair 
values.
We have assessed the disclosures of the investments in the financial statements.
Key Audit Matter How our audit addressed the Key Audit Matter
There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the parent company’s financial statements.
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 206

===== SIDA 207 =====

Responsibilities of the Board of 
Directors and the Group CEO for 
the Financial Statements
The Board of Directors and the Group CEO are 
responsible for the preparation of consolidated financial 
statements that give a true and fair view in accordance 
with IFRS Accounting Standards as adopted by the EU, 
and of financial statements that give a true and fair view 
in accordance with the laws and regulations governing 
the preparation of financial statements in Finland and 
comply with statutory requirements. The Board of 
Directors and the Group CEO are also responsible for 
such internal control as they determine is necessary to 
enable the preparation of financial statements that are 
free from material misstatement, whether due to fraud 
or error. 
In preparing the financial statements, the Board of 
Directors and the Group CEO are responsible for 
assessing the parent company’s and the group’s ability 
to continue as a going concern, disclosing, as 
applicable, matters relating to going concern and using 
the going concern basis of accounting. The financial 
statements are prepared using the going concern basis 
of accounting unless there is an intention to liquidate 
the parent company or the group or cease operations, 
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the 
Audit of Financial Statements
Our objectives are to obtain reasonable assurance 
about whether the financial statements as a whole are 
free from material misstatement, whether due to fraud 
or error, and to issue an auditor’s report that includes 
our opinion. Reasonable assurance is a high level of 
assurance, but is not a guarantee that an audit 
conducted in accordance with good auditing practice 
will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the 
aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the 
basis of the financial statements.
As part of an audit in accordance with good auditing 
practice, we exercise professional judgment and 
maintain professional skepticism throughout the audit. 
We also: 
• Identify and assess the risks of material misstatement 
of the financial statements, whether due to fraud or 
error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence 
that is sufficient and appropriate to provide a basis 
for our opinion. The risk of not detecting a material 
misstatement resulting from fraud is higher than for 
one resulting from error, as fraud may involve 
collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant 
to the audit in order to design audit procedures that 
are appropriate in the circumstances, but not for the 
purpose of expressing an opinion on the effectiveness 
of the parent company’s or the group’s internal 
control.
• Evaluate the appropriateness of accounting policies 
used and the reasonableness of accounting estimates 
and related disclosures made by management.
• Conclude on the appropriateness of the Board of 
Directors’ and the Group CEO’s use of the going 
concern basis of accounting and based on the audit 
evidence obtained, whether a material uncertainty 
exists related to events or conditions that may cast 
significant doubt on the parent company’s or the 
group’s ability to continue as a going concern. If we 
conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to 
the related disclosures in the financial statements or, 
if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit 
evidence obtained up to the date of our auditor’s 
report. However, future events or conditions may 
cause the parent company or the group to cease to 
continue as a going concern. 
• Evaluate the overall presentation, structure and 
content of the financial statements, including the 
disclosures, and whether the financial statements 
represent the underlying transactions and events so 
that the financial statements give a true and fair view.
• Obtain sufficient appropriate audit evidence 
regarding the financial information of the entities or 
business activities within the group to express an 
opinion on the consolidated financial statements. We 
are responsible for the direction, supervision and 
performance of the group audit. We remain solely 
responsible for our audit opinion.
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 207

===== SIDA 208 =====

We communicate with those charged with governance 
regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, 
including any significant deficiencies in internal control 
that we identify during our audit.
We also provide those charged with governance with a 
statement that we have complied with relevant ethical 
requirements regarding independence, and 
communicate with them all relationships and other 
matters that may reasonably be thought to bear on our 
independence, and where applicable, related 
safeguards.
From the matters communicated with those charged 
with governance, we determine those matters that were 
of most significance in the audit of the financial 
statements of the current period and are therefore the 
key audit matters. We describe these matters in our 
auditor’s report unless law or regulation precludes 
public disclosure about the matter or when, in 
extremely rare circumstances, we determine that a 
matter should not be communicated in our report 
because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest 
benefits of such communication.
Other Reporting 
Requirements 
Information on our audit 
engagement
We were first appointed as auditors by the Annual 
General Meeting on 19 May 2021, and our appointment 
represents a total period of uninterrupted engagement 
of 3 years.
Other information
The Board of Directors and the Group CEO are 
responsible for the other information. The other 
information comprises the report of the Board of 
Directors. 
Our opinion on the financial statements does not cover 
the other information.
In connection with our audit of the financial statements, 
our responsibility is to read the other information and, in 
doing so, consider whether the other information is 
materially inconsistent with the financial statements or 
our knowledge obtained in the audit, or otherwise 
appears to be materially misstated. Our responsibility 
also includes considering whether the report of the 
Board of Directors has been prepared in accordance 
with the applicable laws and regulations. 
In our opinion, the information in the report of the 
Board of Directors is consistent with the information in 
the financial statements and the report of the Board of 
Directors has been prepared in accordance with the 
applicable laws and regulations. 
If, based on the work we have performed, we conclude 
that there is a material misstatement of the report of 
the Board of Directors, we are required to report that 
fact. We have nothing to report in this regard.
Other opinions
We support that the financial statements should be 
adopted. The proposal by the Board of Directors 
regarding the use of the profit shown in the balance 
sheet is in compliance with the Limited Liability 
Companies Act. We support that the Members of the 
Board of Directors of the parent company and the 
Group CEO should be discharged from liability for the 
financial period audited by us.
Helsinki, 12 March 2024
Deloitte Oy
Audit Firm
Jukka Vattulainen
Authorised Public Accountant (KHT)
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 208

===== SIDA 209 =====