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

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

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

REPORTS FOR THE YEAR 2024
WWW.SAMPO.COM/YEAR2024
Contents
Board of Directors’ Report 2024     ....................... 3
Review of the 2024 financial year    ....................... 4
Outlook    ......................................................................... 6
Operating environment and assumptions  ... 6
Outlook for 2025     .................................................. 6
The major risks and uncertainties 
for the Group in the near-term  ........................ 6
Dividend proposal     ..................................................... 8
Operating environment    ........................................... 9
Business areas     ............................................................ 11
If   ................................................................................. 11
Topdanmark   ........................................................... 14
Hastings  ................................................................... 15
Holding    .................................................................... 16
Financial position     ...................................................... 17
Group solvency      ..................................................... 17
Financial leverage position   ............................... 17
Ratings  ..................................................................... 18
Other developments     ................................................ 19
Public exchange offer for Topdanmark     ....... 19
Proposals for the AGM 2025  ............................ 20
Sale of holding in Saxo Bank      ........................... 20
Group Partial Internal Model    ............................ 20
Shares, share capital and shareholders       ............. 21
Shares and share capital     ................................... 21
Shareholders    .......................................................... 23
Holdings of the Board and 
Executive Management     ..................................... 24
Share buyback programmes  ............................ 24
Events after the end of the reporting period     .. 25
Corporate Governance Statement      ...................... 26
Governance in Sampo plc     ................................. 26
Changes in Group structure   ............................. 27
General meeting     ................................................... 29
Board of Directors  ............................................... 31
Board-appointed committees  ......................... 37
Sampo Group CEO      .............................................. 40
Sampo Group Executive Committee      ............ 41
Remuneration    ........................................................ 46
Personnel    ................................................................ 47
Internal control in Sampo Group    .................... 48
Sustainability Statement   ................................... 55
General information    ............................................ 56
Environmental information   ............................... 71
Social information   ................................................ 90
Governance information  .................................... 115
Annexes   ................................................................... 119
Key figures   ................................................................... 134
Calculation of key figures     ....................................... 137
Group’s IFRS Financial Statements      ................... 140
Statement of profit and other 
comprehensive income    ........................................... 141
Consolidated balance sheet      .................................. 142
Statement of changes in equity    ........................... 143
Statement of cash flows   ......................................... 144
Group’s notes to the financial statements   . 145
Accounting principles      ........................................ 146
Segment information   ......................................... 161
Result by segment for twelve months 
ended 31 December 2024   ................................. 162
Result by segment for twelve months 
ended 31 December 2023   ................................. 163
Balance sheet by segment at 
31 December 2024   ............................................... 164
Balance sheet by segment at 
31 December 2023    ............................................... 165
Geographical information    ................................. 166
Other notes     ............................................................ 167
Sampo plc’s Financial Statements    ..................... 269
Sampo plc’s income statement    ............................ 270
Sampo plc’s balance sheet    .................................... 271
Sampo plc’s statement of cash flows  ................. 272
Sampo plc’s notes to the financial 
statements   .............................................................. 273
Summary of significant 
accounting policies   ............................................. 274
Notes 1–5     ................................................................. 276
Notes 6–8     ................................................................ 277
Note 9   ...................................................................... 278
Notes 10-17    ............................................................. 279
Notes 18–19    ............................................................. 280
Note 20    .................................................................... 281
Approval of the Board of Directors’ 
Report, the Sustainability Statement and 
the Financial Statements  ....................................... 282
Auditor’s note     ............................................................. 283
Auditor’s Report    ....................................................... 284
Assurance report on the Sustainability 
Statement (Translation of the Finnish 
Original)     ........................................................................ 289
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 2024 2
This Board of Directors’ report and Financial Statements in pdf format is not an xHTML document compliant with the ESEF 
(European Single Electronic Format) regulation. Sampo’s ESEF Financial Statements is available at www.sampo.com/year2024.

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

Board of Directors’ Report 2024
Review of the 2024 financial year    ..................... 4
Outlook    ......................................................................... 6
Operating environment and assumptions     ........ 6
Outlook for 2025  ....................................................... 6
The major risks and uncertainties for the 
Group in the near-term    ........................................... 6
Dividend proposal   .................................................... 8
Operating environment  .......................................... 9
Business areas  ............................................................ 11
If   ....................................................................................... 11
Topdanmark   ................................................................ 14
Hastings    ........................................................................ 15
Holding    .......................................................................... 16
Financial position   ..................................................... 17
Group solvency   .......................................................... 17
Financial leverage position  .................................... 17
Ratings    .......................................................................... 18
Other developments      ............................................... 19
Public Exchange Offer for Topdanmark    ........... 19
Proposals for the AGM 2025   ................................. 19
Sale of holding in Saxo Bank   ................................. 20
Group Partial Internal Model      ................................. 20
Shares, share capital and shareholders    ........... 21
Shares and share capital  ......................................... 21
Shareholders    ............................................................... 23
Holdings of the Board and Executive 
Management     ............................................................... 24
Share buyback programmes     ................................. 24
Events after the end of the reporting period    25
Corporate Governance Statement   ..................... 26
Governance in Sampo plc   ...................................... 26
Changes in Group structure     .................................. 27
General meeting    ........................................................ 29
Board of Directors     .................................................... 31
Board-appointed committees    .............................. 37
Audit Committee    .................................................. 38
Nomination and Remuneration Committee  39
Sampo Group CEO    ................................................... 40
Sampo Group Executive Committee   .................. 41
Remuneration    ............................................................. 46
Personnel   ...................................................................... 47
Internal control in Sampo Group  ......................... 48
Reporting      ................................................................ 48
Risk management     ................................................ 49
Principles for related party transactions   ..... 53
Internal audit  .......................................................... 54
External auditor    .................................................... 54
Sustainability Statement    ....................................... 55
General information    .................................................. 56
Environmental information    .................................... 71
EU Taxonomy    ........................................................ 71
Climate change    ..................................................... 77
Resource use and circular economy      ............. 87
Social information   ..................................................... 90
Own workforce   ..................................................... 90
Workers in the value chain ............................... 102
Consumers and end-users     ................................ 107
Governance information     ......................................... 115
Business conduct   ................................................. 115
Annexes     ........................................................................ 119
Key figures    .................................................................. 134
Calculation of key figures     ..................................... 137
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 3

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

Board of Directors’ Report 2024
Review of the 2024 financial year 
Sampo Group sustained strong top-line growth in 
2024, fuelled by solid performance in the Group’s 
growth areas, such as the UK, personal insurance, 
and digital sales. Strong growth, combined with 
positive underlying trends, drove underwriting 
result growth of 13 per cent. 
Gross written premiums (GWP) and brokerage income 
increased by 12 per cent on a currency adjusted and a 
reported basis to EUR 9,931 million (8,870) in 2024. If 
enjoyed 6.7 per cent currency adjusted GWP growth, 
driven by high and stable retention and price actions to 
mitigate claims inflation. Private saw 6.5 per cent 
currency adjusted growth, as strong development in 
growth areas such as personal insurance and private 
property, offset slower growth in motor lines due to 
weak new car sales. Commercial delivered a healthy 5.6 
per cent currency adjusted growth despite sluggish 
economic activity, while Industrial achieved 9.5 per cent 
currency adjusted growth, supported by rate action, 
increased values, and a good renewals outcome. 
Topdanmark reported GWP growth of 16 per cent 
driven by the acquisition of Oona Health, rate actions, 
and organic growth of 8 per cent.
The Group’s UK operations had a strong year with 23 
per cent GWP growth on local currency basis. The top-
line growth was driven by an increase in policy count 
and higher average premiums. In total, the policy count 
increased by 12 per cent to 3.9 million at the end of 
2024, driven by 8 per cent growth in motor, and 34 per 
cent growth in home. Policy growth in motor was 
supported by strong development in new products, 
such as telematics, bike and van insurance, as well as 
selective growth in the core portfolio.
Claims experience was mixed in 2024 as the harsh 
Nordic winter in the first quarter was followed by more 
typical weather conditions and an elevated large claims 
outcome, particularly in the second and third quarter. In 
total, severe weather and large claims had a 3.3 
percentage points negative effect on the Group 
combined ratio. Nevertheless, the Group combined ratio 
improved to 84.3 per cent (84.6), and combined with 
strong top-line growth, led to a 13 per cent increase in 
the underwriting result on a currency adjusted basis and 
on a reported basis, reaching EUR 1,316 million (1,164). 
Underlying margin development remained positive 
throughout the year with the Group underlying 
combined ratio improving by 1.5 percentage points. The 
improvement was driven by particularly strong 
performance in the UK, while the Nordics also 
experienced a steady positive trend. If reported an 
undiscounted adjusted risk ratio improvement of 0.3 
percentage points year-on-year, supported by 
disciplined underwriting and rate actions to cover 
Nordic claims inflation, which stood at around 4 per 
cent at the end of 2024. Further, If improved its cost 
ratio by 0.3 percentages points, slightly ahead of the 
0.2 percentage points annual ambition. In the UK, motor 
prices were in a downtrend towards the end of the year, 
while loss costs continued to benefit from favourable 
claims frequency trends.
The net financial result amounted to EUR 636 million 
(560). Net investment income declined to EUR 888 
million (1,006), following weaker market performance in 
the fourth quarter than in the prior year, which 
benefited from exceptionally favourable market 
conditions. The Group fixed income running yield was 
3.9 per cent, while the mark-to-market yield amounted 
to 4.2 per cent at the end of 2024. Insurance finance 
income or expense (IFIE) amounted to EUR -252 million 
(-446), including a negative effect from unwind of 
discounting of EUR -238 million (-248). Changes in 
discount rates had a negative effect of EUR -25 million 
(-160) on IFIE. 
Profit before taxes was EUR 1,559 million (1,481), 
including non-recurring costs of around EUR 150 million 
related to the Topdanmark integration. Excluding this, 
profit before taxes would have been EUR 1,709 million. 
Operating EPS grew 13 per cent to EUR 2.33 (2.07) 
driven by increased underwriting profit. Sampo targets 
more than 7 per cent operating EPS growth on average 
over 2024–2026.
The Group Solvency II ratio, net of the proposed 
dividend, amounted to 177 per cent at the end of 2024, 
down from 182 per cent at the end of 2023. Financial 
leverage stood at 26.9 per cent at the end of 2024, up 
from 25.3 per cent at the end of 2023. Sampo targets a 
solvency ratio of 150–190 per cent and a financial 
leverage of below 30 per cent.
On 6 February 2025, Sampo plc’s Board of Directors 
proposed a regular dividend of EUR 1.70 per share for 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 4

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

2024 to the Annual General Meeting to be held on 23 
April 2025. This represents growth of 6 per cent from 
the prior year regular dividend of EUR 1.60 per share. 
On 5 February 2025, the Board resolved upon a share 
split so that 4 new shares will be issued for each 
existing share. Adjusted for the share split, the 
proposed regular dividend is EUR 0.34 per share.
On 17 June 2024, Sampo announced that Sampo and 
Topdanmark have entered into a combination 
agreement, pursuant to which Sampo will make a 
recommended best and final public exchange offer to 
acquire Topdanmark. The acquisition was successfully 
completed in October 2024. The new Sampo shares 
were listed on Nasdaq Copenhagen and the trading 
commenced on 18 September 2024. The exchange offer 
is summarised in section Other developments.
To reduce the dilution effect from the Topdanmark 
exchange offer, Sampo allocated EUR 800 million to 
share buybacks and the squeeze-out of Topdanmark 
minority shares. As a result, EUR 475 million were used 
to buybacks and EUR 325 for the squeeze-out. In total, 
Sampo repurchased and cancelled 11,747,690 of its own 
A shares in 2024.
In its outlook for 2025, Sampo expects the deliver 
insurance revenue of EUR 8.7 - 9.0 billion, representing  
growth of 4 - 7 per cent, and an underwriting result of 
EUR 1,350 - 1,450 million, implying an increase of 3 - 10 
per cent. The outlook is consistent with Sampo’s 
financial targets of achieving a combined ratio below 85 
per cent annually and operating EPS growth of more 
than 7 per cent on average over 2024-2026.
Key figures
Sampo Group, 2024
EURm 1–12/2024 1–12/2023 Change, %
Profit before taxes  1,559  1,481  5 
  If  1,256  1,358  -8 
  Topdanmark  137  162  -15 
  Hastings  193  129  49 
  Holding  -29  -160  — 
Net profit for the equity holders  1,154  1,323  -13 
Operating result  1,193  1,046  14 
Underwriting result  1,316  1,164  13 
Change, %
Earnings per share (EUR)  2.25  2.62  -14 
Operating EPS (EUR)  2.33  2.07    13 
Return on equity own funds, %  29.5  24.7  — 
Net profit for the equity holders and earnings per share for 2023 include result from life operations.
Financial targets
Sampo Group, 2024-2026
Target 2024
Operating EPS growth: over 7% (period average) 13%
Group combined ratio: below 85%  84.3 %
Solvency ratio: 150-190%  177 %
Financial leverage: below 30%  26.9 %
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 5

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

Outlook
Operating environment and 
assumptions
The acquisition of Topdanmark in 2024 completed 
Sampo’s transition into a fully integrated P&C insurance 
group. Sampo has an attractive operational footprint as 
the leader in the consolidated Nordic P&C insurance 
market, and a leading operator in the growing digital 
UK P&C insurance market, positioning the Group to 
deliver both stability and growth.
Competitive dynamics remain rational across the 
Group’s areas of operation going into 2025, while 
demand for P&C insurance is stable despite limited 
economic growth. Sampo expects claims cost to 
continue to grow above the long-term trend over the 
year, driven by factors including rising repair costs for 
new cars and continued wage and service inflation. At 
Group level, underlying claims cost is expected to see a 
mid-single digit per cent increase in 2025, and the 
Group remains firmly committed to conservatively 
reflecting this in its pricing.
The strategic and operational investments made by 
Sampo over recent years have substantially 
strengthened its competitive position. The Group has 
unique digital capabilities across distribution, pricing, 
underwriting and claims handling that enable it to 
deliver superior service and efficiency. Further, the 
integration of Topdanmark into the Group is expected 
to enable financial benefits through the delivery of scale 
benefits and synergies.
Outlook for 2025
The outlook for Sampo Group’s 2025 financial 
performance is:
• Group insurance revenue: EUR 8.7–9.0 billion, 
representing growth of 4–7 per cent year-on-year.
• Group underwriting result: EUR 1,350–1,450 million, 
representing growth of 3–10 per cent year-on-year.
The outlook for 2025 is consistent with Sampo’s 2024–
2026 financial targets of delivering a combined ratio 
below 85 per cent annually and Operating EPS growth 
of more than 7 per cent annually on average.
The outlook is subject to uncertainty related to 
occurrence and estimation of the cost of P&C claims, 
investment performance, foreign exchange rates and 
competitive dynamics. Revenue forecasts, in particular, 
are subject to competitive conditions, which may 
change rapidly in some areas, such as the UK motor 
insurance market. The revenue and underwriting profit 
figures in the outlook are based on 31 December 2024 
currency exchange rates.
A full explanation of the alternative performance 
metrics used in the Outlook can be found in the section 
Calculation of key figures.
The major risks and 
uncertainties for the Group in 
the near-term
In its current day-to-day business activities Sampo 
Group is exposed to various risks and uncertainties, 
mainly through its major business units. Major risks 
affecting the Group companies’ profitability and its 
variation are market, credit, insurance, and operational 
risks. At the Group level, sources of risks are the same, 
although they are not directly additive due to the 
effects of diversification. 
Uncertainties in the form of major unforeseen events 
may have an immediate impact on the Group’s 
profitability. The identification of unforeseen events is 
easier than the estimation of their probabilities, timing, 
and potential outcomes. Macroeconomic and financial 
market developments affect Sampo Group primarily 
through the market risk exposures it carries via its 
insurance company investment portfolios and insurance 
liabilities. Over time, adverse macroeconomic effects 
could also have an impact on Sampo’s operational 
business, for example, by reducing economic growth or 
increasing claims costs. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 6

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

Inflation continued to fall in 2024 with euro-area 
headline inflation being already close to the central 
bank target. However, the fall in inflation has largely 
come from lower goods inflation and a decline in 
energy prices. Whereas the fall in goods inflation has 
been supported by supply-chain normalisation, it may 
rise if trade restrictions increase import prices, and 
energy prices continue to be vulnerable to geopolitical 
events. Furthermore, rapid wage growth has kept 
services inflation high and could continue to keep price 
pressures elevated unless labour markets loosen as 
currently expected. This creates uncertainty on whether 
central banks will be willing to cut interest rates as 
swiftly as expected. This may lead to both a significant 
slowdown in economic growth and a deterioration in 
the debt service capacity of businesses, households and 
governments, raising the risk of abrupt asset repricing 
in financial markets. Furthermore, the potential 
escalation of wars in Ukraine and the Middle East 
represent a major economic risk. Combined with 
historically high equity market valuations in the US in 
particular, these developments are currently causing 
significant uncertainties in economic and capital market 
development. At the same time, rapidly evolving hybrid 
threats create new challenges for states and businesses. 
There are also a number of widely identified 
macroeconomic, political, and other sources of 
uncertainty which can, in various ways, affect the 
financial services industry in a negative manner. 
Sampo Group’s insurance exposures in Russia or 
Ukraine are limited to certain Nordic industrial line 
clients, with coverage subject to war exclusions. On the 
asset side, Sampo has no material direct investments in 
Russia or Ukraine. Given the limited direct exposure, the 
biggest risk from the war in Ukraine to Sampo relates to 
the second order capital markets and macroeconomic 
effects outlined above. 
Other sources of uncertainty are unforeseen structural 
changes in the business environment, and already 
identified trends and potential wide-impact events. 
These external drivers may have a long-term impact on 
how Sampo Group’s business will be conducted. 
Examples of identified trends are demographic 
changes, climate change, and technological 
developments in areas such as artificial intelligence and 
digitalisation, including threats posed by cybercrime.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 7

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

Dividend proposal
Sampo plc’s dividend policy is to pay a stable and 
sustainable regular dividend that grows in line with 
Sampo Group’s operating result over time. In addition 
to this, excess capital is returned through share 
buybacks and/or extra dividends, to the extent that it is 
not utilised to support business development.
Pursuant to Sampo plc’s dividend policy applicable to 
the distribution of 2024 earnings, total annual dividends 
paid shall represent at least 70 per cent of Sampo 
Group’s operating result for the year. The Group’s 
operating result for the financial year 2024 amounted to 
EUR 1,193 million. The parent company’s distributable 
capital and reserves totalled EUR 7,851 million, of which 
profit for the financial year 2024 was EUR 1,863 million.
Based on the policies outlined above, the Board 
proposes to the Annual General Meeting that a total 
dividend of EUR 1.70 per share be paid, except for any 
shares held by Sampo plc on the dividend record date 
of 25 April 2025. However, if the share issue without 
consideration in proportion to shares owned by 
shareholders (share split), as announced by Sampo plc 
on 5 February 2025, is successfully carried out and 
effected after the date of this proposal but prior to the 
dividend record date, the proposed total dividend shall 
instead be EUR 0.34 per share, except for any shares 
held by Sampo plc on the dividend record date of 25 
April 2025. 
The Board proposal to the Annual General Meeting 
corresponds to a total dividend of EUR 915 million in the 
aggregate, equating to a payout ratio of 77 per cent of 
the Group’s operating result for the financial year 2024.
The remainder of the distributable funds are left in the 
company’s equity capital. After adjusting for the 
proposed dividend, the parent company’s 2024 year-
end distributable funds amounted to approximately 
EUR 6,936 million and Group Solvency II ratio to 177 per 
cent. The Group’s 2024 year-end financial leverage was 
26.9 per cent.
Dividend payment 
The dividend is proposed to be paid to the shareholders 
registered in the company’s shareholders register 
maintained by Euroclear Finland Oy, as at the record 
date of 25 April 2025. The Board proposes that the 
dividends be paid on 6 May 2025.
The issuer of the Swedish depository receipts shall 
ensure that the dividend is paid to the depository 
receipt holders registered in the securities depository 
and settlement register maintained by Euroclear 
Sweden AB, as at the record date of 25 April 2025, with 
payment made in Swedish Krona.
The dividend payment for shares registered in the form 
of share entitlements book-entered in VP Securities A/S 
in Denmark, as at the record date of 25 April 2025 will 
be administered by VP Securities A/S subsequent to 
receipt of the dividend by Euroclear Finland.
Financial position
No significant changes have taken place in the 
company's financial position since the end of the 
financial year. The company's liquidity position is good 
and, in the view of the Board, the proposed 
distributions do not jeopardise the company's ability to 
fulfil its obligations.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 8

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

Operating environment
Nordic countries
During the year, the Nordic P&C industry experienced 
further consolidation, which, combined with new 
ambitious financial targets among major players, is 
expected to strengthen existing financial discipline. The 
four largest players now account for approximately 80–
90 per cent of the markets in Norway, Finland, and 
Sweden, respectively. In Denmark, the top four insurers 
control nearly 70 per cent of the market. Several 
insurers are also established in more than one Nordic 
country.
In 2024, Nordic claims inflation stabilised from the 
elevated levels of recent years. Although inflation 
generally declined across the Nordics, there were some 
local and segment variations in claims inflation. In the 
property segment, claims inflation remained moderate, 
while motor claims inflation stabilised at a somewhat 
elevated level, partly due to pressure from weak 
currencies. For If P&C, claims inflation slowed to around 
4 per cent toward the end of the year.
Throughout the year, price increases aimed at 
mitigating claims inflation persisted, with some players 
reporting significant hikes in areas where rate adequacy 
had previously been insufficient. 
The private market experienced intense competition, 
while price increases continued to be generally 
accepted by customers. In the corporate market, larger 
players focused on select growth areas, with the SME 
segment being a key priority for several. The 
competitive landscape in the large corporate segment 
was impacted by the withdrawal of certain local 
competitors, which limited the effect of rate increases 
on retention. Over recent years, substantial rate 
increases have been implemented, driving significant 
profitability improvements in the segment. The renewal 
outcome in both the corporate and large corporate 
segments at the start of 2025 appears favourable so far 
with continued rate increases generally observed 
throughout the market.
Historically, the Nordic P&C market has achieved higher 
and more stable retention levels than other European 
P&C markets with retention rates ranging between 85 
and 90 per cent. Despite ongoing premium increases 
throughout the year, the demand for insurance 
remained broadly stable, and retention rates in 2024 
continued to be strong. 
In the first quarter of 2024, the Nordic countries 
experienced a more extreme winter season than usual. 
The increase in weather-related claims was primarily 
driven by prolonged cold weather, heavy snowfall, 
storms, and freeze-thaw cycles with high precipitation, 
impacting both the motor and property segments. For 
the remainder of the year, weather conditions were 
relatively benign in the Nordics, with some localised 
storms and instances of heavy rainfall.
The trend of modest new car sales continued in 2024, 
with a 5 per cent decline compared to the previous 
year. In Sweden, new car registrations in 2024 reached 
the lowest level in ten years, driven by the economic 
downturn, high interest rates, and the government's 
announced policies, which did not fully stimulate 
demand. Among the four Nordic countries, only Norway 
saw growth in new car sales during the year.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 9

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

United Kingdom 
The UK motor claims environment has been broadly 
positive during 2024 with both reduced frequencies 
and a lower rate of inflation than the previous year. 
Claims cost inflation, whilst remaining elevated 
compared to historical average trends, has continued to 
reduce from the peak seen in early 2023. Claims 
frequency reductions have been seen across most 
heads of damage, that is accidental damage, third party 
property damage, and bodily injury. This development 
is partially due to driving behaviour and favourable 
weather conditions in both first and fourth quarter.
As result, premiums in the competitive UK market have 
softened during 2024, as insurers pass on the benefits 
of these claims dynamics to consumers. Price 
comparison websites (‘PCW’), Hastings’ primary 
distribution channel, remain by far the largest sales 
channel for UK car and home insurance customers. 
Whilst consumer switching rates are now slowing in line 
with falling market prices, the overall size of the PCW 
market has continued to grow, with Hastings as a 
beneficiary given our business model.
Government and regulatory activity has continued 
across a range of topics. A government taskforce has 
been created with the intention of tackling the causes 
of rising motor insurance prices seen in previous 
periods, and the FCA continues to be active across 
many fronts. Hastings is supportive of efforts to address 
the causes of high claims costs, including tackling fraud, 
so that customers can benefit from lower prices.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 10

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

Business areas
If
If P&C is the leading property and casualty insurer in the Nordic region, where it 
offers solutions in all major lines of business through its four business areas; 
Private, Commercial, Industrial and Baltic. If P&C’s business model is based on 
high customer satisfaction, best in class underwriting and leveraging the scale 
benefits that its unified Nordic model offers. Excellent digital sales and service 
capabilities are a core part of If’s strategy, particularly in the Private and SME 
Commercial market segments.
Underwriting performance 
If reported an insurance service result of EUR 890 million (842) and a combined ratio 
of 83.1 per cent (83.1) in 2024. The underlying margin trend remained positive with an 
undiscounted adjusted risk ratio improvement of 0.3 percentage points and a cost 
ratio reduction of 0.3 percentage points year-on-year. Although the fourth quarter was 
affected by some elevated large claims and severe weather claims, the impact was less 
pronounced than during the same period last year.
Premium development
If reported GWP of EUR 5,860 million (5,468) in 2024. Excluding currency effects, 
premiums grew by 6.7 per cent year-on-year. Growth was robust across business areas 
and countries, and driven primarily by re-pricing, increased values, and stable retention 
levels.
Currency adjusted GWP growth in 2024 in Private was 6.5 per cent driven mainly by 
price increases covering claims inflation. The positive GWP development during the 
year was supported by 12 per cent growth in personal insurance, and 6 per cent 
growth in Private property insurance. Growth in the Private motor products was 
dampened by low new car sales volumes and stood at 5 per cent. Geographically, all 
countries contributed to growth with the Norwegian business being particularly strong.
Results
If, 2024
EURm 2024 2023 Change, %
Gross written premiums  5,860   5,468   7  
Insurance revenue, net  5,258  4,996  5  
Claims incurred, net  -3,267  -3,093  6  
Operating expenses and claims handling costs  -1,101  -1,061  4  
Insurance service result / underwriting result  890  842  6  
Net investment income  652  871  -25  
Insurance finance income or expense, net  -188  -331  -43  
Net financial result  464  539  -14  
Other items  -98  -24  315  
Profit before taxes  1,256  1,358  -8  
Key figures
EURm 2024 2023 Change
Combined ratio, % 83.1 83.1 -0.1
Cost ratio, % 20.9 21.2 -0.3
Risk ratio, % 62.1 61.9 0.2
Large claims 1.7 1.3 0.4
Severe weather 2.6 3.4 -0.8
Risk adjustment and other technical effects, 
current year % 1.3 1.2 0.1
Prior year development, % -5.1 -5.3 0.2
Adjusted risk ratio, current year, % 61.5 61.3 0.2
Discounting effect, current year, % -2.8 -3.4 0.5
Undiscounted adjusted risk ratio, current year, % 64.4 64.7 -0.3
Loss ratio, % 67.6 67.6 0.0
Expense ratio, % 15.5 15.6 -0.1
All the key figures in the table above are calculated on a net basis. Key ratios are based on SEK 
figures. 
Large claims measured against budget but severe weather claims are reported in full; negative 
figures indicate a positive outcome. Severe weather includes natural catastrophes. 
Negative figures for prior year development indicate positive reserve run-off. The discounting 
effect represents the impact of discounting of current year claims reserves on the risk ratio. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 11

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

In 2024, new car sales remained weak with numbers 
down by 5 per cent year-on-year for the Nordics and 7 
per cent for If’s largest market, Sweden. Excluding the 
Swedish mobility business, currency adjusted GWP 
growth in 2024 was 7.6 per cent in Private and 7.2 per 
cent for If P&C. 
Despite rate increases during the year, Private retention 
rate was stable at 89 per cent. The development of 
digital services and digital engagement in the Private 
business area remained strong in 2024, following 
consistent investments in this area over many years. 
Digital sales increased by 10 per cent during the year, 
and online claims continued to increase and stood at 64 
per cent (61) at the end of the year.
Currency adjusted GWP growth in Commercial for 2024 
was 5.6 per cent. The positive development was 
supported by successful renewals, continuous rate 
increases in line with claims inflation, and strong 
retention. Throughout the year, the SME segment grew 
by more than 5 percent, with growth accelerating 
towards the end of the year.
In 2024, digital sales in Commercial increased by 24 per 
cent year-on-year. Strong momentum in online sales 
and accelerated expansion of the digital offering with 
increased usage of self-service solutions contributed to 
the positive development.
Industrial reported GWP growth of 9.5 per cent on a 
currency adjusted basis in 2024 mainly driven by rate 
actions, increased values, and a good renewals 
outcome. Industrial continued to reduce exposures to 
specific large property risks to ensure lower large claims 
volatility. 
The Baltic business delivered currency adjusted GWP 
growth of 4.8 per cent in 2024. The development was 
driven by repricing initiatives but impacted by rising 
competition in the second half of the year.
Combined ratio development 
If reported combined ratios of 83.1 per cent (83.1) for 
the year 2024.
After a favourable large claims outcome in the first 
quarter of the year, the subsequent quarters saw 
adverse large claims development in both Industrial and 
Commercial. Large claims in the year were mainly 
driven by large property claims and had a 1.7 
percentage points negative effect on the combined 
ratio.
During the year, severe weather events had a negative 
impact of 2.6 percentage points on the combined ratio. 
The first quarter of the year was the most severely 
affected due to an unusually harsh Nordic winter and 
Storm Ingunn. If’s large claims outcome is reported as a 
deviation against budget, while severe weather and 
natural catastrophe effects are disclosed in full. 
Prior year gains in the year stood at 5.1 per cent (5.3) 
and the risk adjustment and other technical effects had 
an impact of 1.3 percentage points (1.2).
The discounting effect reduced to 2.8 per cent (3.4) for 
the full year as a result of lower discount rates. 
In total, the risk ratio deteriorated by 0.2 percentage 
points year-on-year to 62.1 per cent (61.9) in 2024. The 
undiscounted adjusted risk ratio improved by 0.3 
percentage points year-on-year.
The 2024 cost ratio improved to 20.9 per cent (21.2), 
which is in line with If P&C’s target for 2024–2026 of a 
~20 basis point yearly cost ratio reduction. Education 
and development costs are included in the cost ratio.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 12

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

Combined ratio, % Risk ratio, %
2024 2023 Change, % 2024 2023 Change, %
Private 82.2 83.1 -0.9 61.5 62.1 -0.6
Commercial 83.6 81.9 1.7 61.9 60.0 1.9
Industrial 88.7 87.3 1.5 69.2 68.3 0.9
Baltic 86.0 85.9 0.0 60.2 59.8 0.4
Sweden 81.2 83.2 -2.0 61.0 63.8 -2.8
Norway 79.9 87.2 -7.3 60.3 66.8 -6.5
Finland 81.0 75.7 5.3 59.2 53.5 5.7
Denmark 108.3 88.4 19.9 83.2 62.9 20.3
Net financial result
For 2024, If’s net financial result fell to EUR 464 million (539), as the prior year 
benefited from exceptionally favourable conditions in the fourth quarter, but the mark-
to-market return on investments remained at a respectable 6.0 per cent (8.3).
At the end of December, the fixed income running yield was 4.3 per cent (4.2). 
However, as a result of increased fixed income instruments’ market values, the mark-
to-market yield decreased to 4.1 per cent from 4.9 per cent at the end of 2023.
In 2024, the unwind of discounting amounted to EUR -169 million (-180) and changes 
in discount rates had an impact of EUR -15 million (-136).
Profit before taxes 
In total, If reported profit before taxes of EUR 1,256 million (1,358) for 2024, 
representing a decrease of 8 per cent year-on-year. The profit before taxes was 
supported by improved underwriting profit and a strong investment result, but offset 
by lower net investment income and non-recurring costs of EUR 76 million related to 
the Topdanmark integration that were booked to the fourth quarter.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 13

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

Topdanmark
Topdanmark is one of the largest P&C insurance companies in Denmark. It 
focuses on the private, agricultural, and SME markets. In 2024, Sampo acquired 
the remaining minority interest in Topdanmark, thereby becoming its sole 
owner. 
Topdanmark delivered GWP of EUR 1,553 million (1,339) in 2024, representing an 
increase of 16 per cent year-on-year driven by the acquisition of Oona Health and 
organic GWP growth of 8 per cent. The organic growth was driven by rate increases 
across all major product areas, positive net customer inflow, and specific rate 
adjustments on workers’ compensation effective from 1 July 2024 following the 
implementation of new legislation affecting the calculation of awarded compensations. 
The organic GWP growth rate trended positively over the year, rising to 8 in the third 
quarter and 11 in the fourth quarter as several actors on the Danish P&C insurance 
market increased prices to reflect higher claims costs. 
The combined ratio improved to 84.2 per cent (85.0), largely as a result of weather and 
large claims falling back into line with expected levels, following an adverse outcome in 
the prior year. The underlying claims trend deteriorated for the full year, but turned 
slightly positive in the fourth quarter as rate increases caught up with elevated motor 
claims inflation, while motor claims frequency stabilised, albeit at a high level. The 
insurance service result increased to EUR 233 million (194) driven by the strong growth 
and an improved combined ratio. Topdanmark’s net financial result more than doubled 
to EUR 60 million (27), mainly as a result of mark-to-market effects on liabilities.
The 2024 result was affected by several one-off charges, including EUR 73 million for 
the integration with If and EUR 15 million of other transaction costs related to the 
acquisition of Topdanmark minority interests by Sampo in October (further details 
available in Other developments). Consequently, profit before taxes declined to EUR 
137 million (162) despite the strong development in the insurance service and net 
financial results.
Results
Topdanmark, 2024
EURm 2024 2023 Change, %
Gross written premiums  1,553  1,339  16  
Insurance revenue, net  1,470  1,288  14 
Claims incurred and claims handling 
costs, net  -970  -862  13 
Operating expenses  -267  -233  15 
Insurance service result / 
underwriting result  233  194  20 
Net investment income  93  107  -13 
Insurance finance income or 
expense, net  -33  -79  -59 
Net financial result  60  27  120 
Other items  -155  -59  163 
Profit before taxes  137  162  -15 
Key figures
2024 2023 Change
Combined ratio, % 84.2 85.0 -0.8
Loss ratio, % 66.0 66.9 -0.9
Expense ratio, % 18.1 18.1 0.1
All the key figures in the table above are calculated on a net basis. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 14

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

Hastings
Hastings is one of the leading digital P&C insurance providers in the UK, serving 
nearly 4 million car, van, bike, and home insurance customers, with a strong 
focus on price comparison distribution, pricing and anti-fraud sophistication and 
digital customer service. 
Results
Hastings, 2024
EURm 2024 2023 Change, %
Gross written premiums  2,161  1,706  27 
Brokerage revenue  404  357  13 
Insurance revenue, net (incl. 
brokerage)  1,659  1,251  33 
Claims incurred and claims handling 
costs, net  -938  -714  31 
Operating expenses  -532  -409  30 
Underwriting result  190  128  49 
Net investment income  72  79  -8 
Insurance finance income or 
expense, net  -31  -35  -11 
Net financial result  41  44  -6 
Other items  -39  -42  -7 
Profit before taxes  193  129  49 
Key figures 2024 2023 Change
Operating ratio, % 88.5 89.8 -1.2
Live customer policies (millions)  3.9  3.5 0.4
All key figures in the table above are calculated on a net basis.
Hastings’ gross written premiums for 2024 increased by 23 per cent year-on-year on a 
constant currency basis to EUR 2,161 million (1,706), reflecting higher earned premiums 
from rate increases implemented mainly during 2023, alongside increases in live 
customer policies (‘LCP’). Total LCP increased to 3.9 million, up 12 per cent year-on-
year, largely due to new business competitiveness. Motor LCP increased by 8 per cent 
year-on-year, whilst home LCP grew by 34 per cent year-on-year.
During the year, Hastings has observed a moderate slow-down in overall claims 
inflation, from around the 12 per cent level seen during 2023, to the high single digit 
range. Claims frequencies in 2024 tracked below historically observed levels, reflecting 
specific underwriting and claims actions taken by Hastings, alongside favourable 
weather conditions and other market wide trends.
The underwriting result increased by 49 per cent to EUR 190 million (128) in 2024, 
reflecting a stronger loss ratio of 61.6 per cent (63.3). Operating expenses increased in 
line with revenue growth, driven by higher acquisition expenses related to new 
business volume growth and by sustained investment into digital capabilities and 
customer servicing initiatives. As such Hastings’ operating ratio for the period 
improved to 88.5 per cent (89.8).
The net financial result decreased slightly to EUR 41 million (44), as a result of both 
lower interest rates and more modest rate changes that reduced both net investment 
income and the offsetting unwind of discount on insurance claim liabilities. 
As a result of the higher underwriting result, Hastings’ profit before taxes increased 49 
per cent to EUR 193 million (129). Included within other items is EUR 47 million (41) of 
non-operational amortisation related to intangible assets identified on acquisition of 
the Hastings Group by Sampo plc in 2020, without which profit before taxes would 
have been EUR 239 million (171).
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 15

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

Holding
Sampo plc is the parent company of Sampo Group and responsible for the 
Group’s strategy and capital management activities. In addition to the Group’s 
insurance subsidiaries, a small number of direct investments are held in the 
holding company.  
Results
Holding, 2024
EURm 2024 2023 Change, %
Net investment income  78   -37   —  
Other income  2   1   124 
Other expenses  -43   -57   24 
Finance expenses  -66   -66   1 
Profit before taxes  -29   -160   82 
Holding segment’s profit before taxes for 2024 was EUR -29 million (-160).
Net investment income increased to EUR 78 million (-37), largely due to stable interest 
yields. The holding company’s investment portfolio includes short-term money market 
investments and short-term bonds, as well as Sampo’s financial investments Nexi and 
NOBA.
The prior year saw mark-to-market losses on holding company’s financial investments.
The holding in Saxo Bank was sold to Mandatum at EUR 302 million on a transaction 
finalised in May 2024. Further details on the transaction are available in Other 
developments.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 16

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

Financial position
Group solvency 
Sampo Group’s Solvency II ratio, net of proposed 
dividend of EUR 1.70 per share, amounted to 177 per 
cent (182) at the end of 2024, based on own funds of 
EUR 5,368 million (5,849) and solvency capital 
requirement of EUR 3,040 million (3,217). 
The decrease in own funds was driven by the capital 
deployment of EUR 800 million into buybacks and 
squeeze-out in connection with the Topdanmark 
exchange offer. Also, the restructuring charge of 
approximately EUR 150 million related to the 
Topdanmark integration had a negative effect on own 
funds. The decrease in solvency capital requirement, on 
the other hand, was driven by the adoption of the 
Group Partial Internal Model in solvency calculation as 
of 30 June 2024.
Sampo targets a Solvency II ratio of 150–190 per cent.
Financial leverage position
Sampo Group’s financial leverage is calculated as Group 
financial debt divided by the sum of IFRS shareholders’ 
equity and financial debt. The Group targets financial 
leverage of below 30 per cent.
The Group’s shareholders’ equity amounted to EUR 
7,059 million (7,687) and financial debt to EUR 2,596 
million (2,604) at the end of 2024, translating into a 
financial leverage of 26.9 per cent, up from 25.3 per 
cent at the end of 2023. The increase from the prior 
year was driven mainly by capital deployment of EUR 
800 million into buybacks and squeeze-out in 
connection with the Topdanmark exchange offer. 
Financial debt remained broadly unchanged during 
2024. 
More information on Sampo Group’s outstanding debt 
issues is available at www.sampo.com/debtfinancing.
Financial debt
Sampo Group, 31 December 2024
EURm Sampo plc If Topdanmark Hastings Eliminations Group total
Sub/hybrid 1,491 131 147 0 -127 1,642
Senior bonds 954 0 0 0 0 954
Total 2,445 131 147 0 -127 2,596
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 17

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

Ratings
Relevant ratings for Sampo Group companies on 31 December 2024 are presented in 
the table below.
Rated company Moody’s Standard & Poor’s
Rating Outlook Rating Outlook
Sampo plc – Issuer Credit Rating A2 Stable A Stable
If P&C Insurance Ltd – Insurance Financial Strength 
Rating Aa3 Stable AA- Stable
If P&C Insurance Holding Ltd (publ) - Issuer Credit 
Rating - - A Stable
On 25 April 2024, Moody’s upgraded Sampo plc’s Issuer Credit Rating to A2 with stable outlook and If P&C
Insurance Ltd’s Insurance Financial Strength Rating to Aa3 with a stable outlook.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 18

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

Other developments
Public exchange offer for 
Topdanmark
On 17 June 2024, Sampo announced that Sampo and 
Topdanmark have entered into a combination 
agreement, based on which Sampo made a 
recommended best and final public exchange offer to 
acquire all of the outstanding shares in Topdanmark not 
already owned by Sampo. Under the terms of the offer, 
Topdanmark shareholders received 1.25 newly issued 
Sampo A shares in exchange for each share held in 
Topdanmark.
On 8 July 2024, Sampo announced that all necessary 
regulatory approvals had been obtained for the 
exchange offer. Sampo’s Extraordinary General Meeting 
(EGM), held on 9 July 2024, authorised the Board to 
resolve on a share issue to acquire Topdanmark shares.
The offer period began on 9 August 2024 and expired 
on 9 September 2024. Based on the final result 
announced on 16 September 2024, Sampo received 
acceptances representing approximately 92.6 per cent 
of the entire share capital and total number of voting 
rights in Topdanmark, excluding Topdanmark’s treasury 
shares. 
Based on the final result, the Board resolved to issue 
48,198,710 new Sampo A shares to Topdanmark non-
controlling shareholders, based on the authorisation 
received from Sampo EGM. The subscription price for 
the new A shares was EUR 41.50 per share. The price 
was determined based on the closing price for the new 
A shares on Nasdaq Helsinki, at the last full trading day 
prior to the Sampo Board resolving upon the directed 
issuance of shares. The new Sampo shares were listed 
on Nasdaq Copenhagen and the trading commenced on 
18 September 2024. The Topdanmark share was 
delisted from public trading on Nasdaq Copenhagen on 
18 October 2024.
On 20 September 2024, Sampo commenced a 
compulsory acquisition of the 6,613,865 Topdanmark 
shares held by the remaining minority shareholders of 
Topdanmark, in accordance with the Danish Companies 
Act and the VP rule book. The compulsory acquisition 
was completed on 25 October 2024, Topdanmark thus 
becoming wholly-owned by Sampo plc. The total 
acquisition cost of the minority shares amounted to 
EUR 325 million.
The price per Topdanmark share offered in both the 
exchange offer and the compulsory acquisition of the 
minority shares was DKK 366.38, corresponding to 1.25 
times the Sampo closing share price of EUR 39.29 on 
Nasdaq Helsinki on 14 June 2024. The price thereby 
reflected the valuation of the Topdanmark shares 
(including the premium of 27 per cent) indicated in the 
announcement published on 17 June 2024.
The total annual pre-tax run-rate cost and revenue 
synergies are expected to amount to approximately 
EUR 95 million, and expected to drive EPS accretion of 
approximately 6 per cent, based on 2025 consensus 
earnings expectations. Additional potential net savings 
from lower one-off IT investments related to 
Topdanmark’s ongoing digital transformation (not 
included in run-rate synergies), may also be possible. 
The realisation of synergies is expected to be phased in 
until 2028, and one-off integration costs are estimated 
at approximately EUR 150 million and expected to be 
incurred upfront. Sampo will begin reporting on the 
delivery of synergies from the first quarter of 2025. 
As an internal transaction, Sampo plc sold its 
Topdanmark shares to If P&C Insurance Holding Ltd on 1 
November 2024. The sales price of EUR 4,659 million, 
equivalent to approximately DKK 34.7 billion, was paid 
in full by way of a loan agreement and a shareholder’s 
contribution between Sampo and If P&C Insurance 
Holding Ltd.
Further information on the Topdanmark transaction is 
available in Appendix 28 Acquisition of Topdanmark’s 
non-controlling interest and at www.sampo.com/
topdanmark.
Proposals to the AGM of 
2025
On 9 December 2024, the Nomination and 
Remuneration Committee of Sampo plc’s Board of 
Directors made its proposals for number, members and 
remuneration of the Board of Directors.
The Nomination and Remuneration Committee 
proposes to the AGM, to be held on 23 April 2025, that 
the number of Board members is decreased by one and 
that eight members be elected to the Board. The 
Committee proposes that the current members of the 
Board Christian Clausen, Steve Langan, Risto Murto, 
Antti Mäkinen, Markus Rauramo, Astrid Stange and 
Annica Witschard be re-elected for a term continuing 
until the close of the next AGM. Of the current 
members, Georg Ehrnrooth and Jannica Fagerholm are 
not available for re-election. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 19

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

The Committee proposes that Sara Mella be elected as 
a new member to the Board. Sara Mella brings with her 
more than three decades of banking experience, and 
she has worked as the Head of Personal Banking and as 
a member of Nordea’s Group Leadership Team since 
2019. 
The Committee proposes that the Board members elect 
Antti Mäkinen from among its number as the Chair of 
the Board and Risto Murto as the Vice Chair.
The Nomination and Remuneration Committee 
proposes that the following annual fees be paid until the 
close of the next AGM:
– EUR 243,000 for the Chair of the Board 
(prev. EUR 235,000);
– EUR 140,000 for the Vice Chair of the Board 
(prev. EUR 135,000);
– EUR 108,000 for each member of the Board 
(prev. EUR 104,000);
– EUR 30,000 for the Chair of the Audit Committee as 
an additional annual fee (prev. EUR 29,000); 
– EUR 6,800 for each member of the Audit Committee 
as an additional annual fee (prev. EUR 6,600).
A Board member must acquire Sampo plc A shares at 
the price paid in public trading with 50 per cent of his/
her annual fee after the deduction of taxes, payments 
and potential statutory social and pension costs. 
Notwithstanding this, a Board member is not required 
to purchase any additional Sampo plc A shares if the 
Board member owns such amount of said shares that 
their value is equivalent to twice the respective Board 
member’s gross annual fee. 
A Board member shall be obliged to retain the Sampo 
plc A shares purchased pursuant to this proposal under 
his/her ownership for two years from the purchasing 
date. The disposal restriction on the Sampo shares shall, 
however, be removed earlier in case the director’s 
Board membership ends prior to the release of the 
restricted shares, i.e. the shares will be released 
simultaneously when the term of the Board membership 
ends. 
The proposals and the CV of Sara Mella are available at 
www.sampo.com/boardproposals.
Sale of holding in Saxo Bank
On 13 May 2024, Sampo completed the sale of its 19.8 
per cent stake in Saxo Bank to Mandatum, as agreed in 
connection with the partial demerger completed in 
2023. The transaction price was EUR 302 million, 
representing the price agreed in the demerger adjusted 
for dividends received. Mandatum opted to settle the 
transaction in cash rather than to utilise the vendor loan 
of EUR 280 million offered by Sampo. 
Group Partial Internal Model
On 2 May 2024, Sampo received approval for its Group 
Partial Internal Model (PIM) from the Swedish FSA 
(Finansinspektionen). Sampo adopted the Group PIM in 
its solvency calculation as of 30 June 2024. The Group 
PIM recognises the risk profile of Sampo’s P&C 
operations better than the Standard Formula and has 
reduced the group-level solvency capital requirement 
(SCR) by EUR 0.3 billion.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 20

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

Shares, share capital and shareholders
Shares and share capital
At the end of 2024, Sampo’s total share count stood at 
538,247,772 shares, which were divided into 
538,047,772 A shares and 200,000 B shares. The total 
number of votes attached to the shares was 
539,047,772. Each A share entitles the holder to one 
vote and each B share entitles the holder to five votes 
at the General Meeting of Shareholders.
During 2024, the share count increased by 36.5 million 
shares, driven by new shares issued in connection with 
the Topdanmark exchange offer, but partly offset by 
share buybacks.
In September 2024, Sampo issued 48,198,710 new 
Sampo A shares to Topdanmark shareholders. The new 
shares represented approximately 8.76 per cent of all 
Sampo shares and approximately 8.75 per cent of the 
votes conferred by all Sampo shares immediately 
following the completion of the share issue.
In December 2024, Sampo cancelled 11,747,690 of its 
own A shares that were repurchased under the buyback 
programme launched in June 2024.
At the end of 2024, Sampo plc’s share capital 
amounted to EUR 98 million (98) and the Group’s 
equity capital in total to EUR 7,059 million (7,687).
Sampo A shares have been listed on Nasdaq Helsinki 
since 1988 and on Nasdaq Copenhagen since 
September 2024. All of the Sampo B shares are held by 
Kaleva Mutual Insurance Company. B shares can be 
converted into A shares at the request of the holder. 
Sampo’s Swedish Depositary Receipts (SDR) have been 
traded on Nasdaq Stockholm since 2022. Helsinki-listed 
A shares can be converted into SDRs and vice versa. 
Approximately 2.7 million SDRs were issued at the end 
of 2024.
Shareholders by the number of shares held
Sampo plc, 31 December 2024
Number of shares
Shareholders, 
number
Share- 
holders, %
Shares, 
number Shares, %
Voting rights, 
number
Voting rights, 
%
1–100 103,735 53.07 4,352,451 0.81 4,352,451 0.81
101–500 62,590 32.02 15,168,210 2.82 15,168,210 2.81
501–1,000 14,104 7.21 10,499,131 1.95 10,499,131 1.95
1,001–5,000 12,664 6.48 26,503,938 4.92 26,503,938 4.92
5,001–10,000 1,377 0.70 9,615,851 1.79 9,615,851 1.78
10,001–50,000 823 0.42 16,042,890 2.98 16,042,890 2.98
50,001–100,000 90 0.05 6,578,084 1.22 6,578,084 1.22
100,001–500,000 65 0.03 12,465,633 2.32 12,465,633 2.31
500,001– 34 0.02 437,021,584 81.19 437,821,584 81.22
Total 195,482 100 538,247,772 100 539,047,772 100
of which nominee registered 11 346,421,982 64.36 346,421,982 64.27
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 21

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

Share price performance
Sampo plc, 2020–2024
Share price performance adjusted for the partial demerger in 2023.
Monthly trading volume
Sampo plc, 2020–2024
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 22

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

Shareholders
The number of Sampo’s Finnish-registered shareholders decreased during 2024 by 
11,510 shareholders to 195,482, as at 31 December 2024. The holdings of nominee and 
foreign shareholders increased to 64.5 per cent (60.3) of the shares, driven by the 
Topdanmark exchange offer. Sampo did not hold any own shares at the end of 2024.
In 2024, Sampo received one (1) flagging notification of change in holding pursuant to 
Chapter 9, Section 5 of the Securities Markets Act, according to which the total 
number of Sampo A shares or related voting rights owned by BlackRock, Inc. and its 
funds directly or through financial instruments is above 5 per cent of Sampo’s total 
shares and voting rights. The reason for the notification by BlackRock, Inc. was the 
Group restructure following the acquisition of Global Infrastructure Management LLC 
(“GIP”) on 1 October 2024. The latest notifications are available at 
www.sampo.com/flaggings.
Shareholders by sector
Sampo plc (A and B shares), 31 December 2024
Sector
Number of 
shares %
Corporations 18,244,564 3.39
Financial institutions and insurance corporations 15,284,027 2.84
Public institutions 71,919,043 13.36
Non-profit institutions 12,612,212 2.34
Households 72,817,450 13.53
Foreign ownership and nominee registered 347,370,476 64.54
Total 538,247,772 100
Shareholders
Sampo plc, the largest shareholders registered in Finland, 31 December 2024
A and B shares
Number of 
shares
% of share 
capital % of votes
Solidium Oy 33,278,580 6.18 6.17
Varma Mutual Pension Insurance Company 22,248,420 4.13 4.13
Ilmarinen Mutual Pension Insurance Company 6,941,083 1.29 1.29
Oy Lival AB 4,220,000 0.78 0.78
Elo Mutual Pension Insurance Company 4,010,000 0.75 0.74
The State Pension Fund 2,900,000 0.54 0.54
OP Life Assurance Company Ltd 1,527,291 0.28 0.28
Svenska litteratursällskapet i Finland r.f. 1,454,150 0.27 0.27
Nordea Nordic Fund 1,270,000 0.24 0.24
Nordea Pro Finland Fund 1,174,415 0.22 0.22
OMX Helsinki 25 Exchange Traded Fund 1,114,925 0.21 0.21
Keva 1,009,300 0.19 0.19
Samfundet folkhälsan i Svenska Finland rf 864,065 0.16 0.16
Nordea Life Assurance Finland Ltd. 830,243 0.15 0.15
OP-Finland Fund 812,251 0.15 0.15
Evli Finland Select Fund 750,000 0.14 0.14
OP Finland Index Fund 743,623 0.14 0.14
Nordea Suomi 719,984 0.13 0.13
Kaleva Mutual Insurance Company 670,430 0.12 0.12
Sigrid Jusélius Foundation 664,150 0.12 0.12
Foreign and nominee registered total 347,370,476 64.54 64.44
Other total 103,674,386 19.26 19.23
Total 538,247,772 100 100
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 23

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

Holdings of the Board and 
Executive Management
The Board’s holdings of Sampo A shares and Group 
Executive Committee’s holdings of Sampo A shares 
are presented in the Corporate Governance Statement 
section. 
At the end of 2024, members of Sampo plc’s Board of 
Directors and their close family members owned either 
directly or indirectly 200,039 (197,429) Sampo A 
shares. Their combined holdings constituted 0.04 per 
cent (0.04) of shares and related votes. 
Members of the Group Executive Committee and their 
close family members owned either directly or indirectly 
235,053 (227,321) Sampo A shares representing 0.04 
per cent (0.04) of shares and related votes.
Share buyback programmes
In 2024, Sampo repurchased and cancelled 11,747,690 
of its own A shares, corresponding to 2.1 per cent of the 
total share count.
To reduce the dilution effect from the public exchange 
offer for Topdanmark announced in June 2024, Sampo 
allocated EUR 800 million to share buybacks and the 
squeeze-out of Topdanmark minority shares, as 
announced on 17 June 2024. 
As the first step of this capital deployment, Sampo 
launched a buyback programme of EUR 400 million, 
which started on 18 June 2024. Following the 
announcement of the result of the exchange offer on 16 
September 2024, the programme was increased to EUR 
475 million and extended to end no later than 30 
November 2024 from the original end date of 31 
October 2024, as the total acquisition cost the 
Topdanmark minority shares amounted to EUR 325 
million. 
The programme was completed on 29 November 2024. 
The average purchase price was EUR 40.43 per share. 
All repurchased shares were cancelled on 10 December 
2024.
Further details on the company’s share buyback 
programmes are available at
www.sampo.com/sharebuyback.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 24

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

Events after the end of the reporting period
Share split
On 5 February 2025, the Board of Directors of Sampo 
plc resolved on a share split by way of a share issue 
without consideration in proportion to shares owned by 
shareholders. In the share split, Sampo issued four (4) 
new A shares for each existing A share and four (4) new 
B shares for each existing B share to shareholders in 
proportion to their existing holdings on the record day 
of the share issuance on 12 February 2025. In total, 
2,152,191,088 new Sampo A shares and 800,000 new 
Sampo B shares were issued. Following the registration 
of the new shares, Sampo’s total share count amounts 
to 2,691,238,860 shares. 
The resolution was based on the authorisation granted 
by Annual General Meeting held on 25 April 2024. The 
share split does not require any action from 
shareholders nor holders of Swedish depository 
receipts. Further information is available at 
www.sampo.com/sharesplit.
Composition of the Sampo 
Group Executive Committee
Peter Hermann, the CEO Topdanmark and Deputy CEO 
of If P&C, has notified Sampo that he plans to pursue 
opportunities outside the Group and that he will 
therefore not join the Sampo Group Executive 
Committee, as previously indicated. Mr Hermann will 
continue as the CEO of Topdanmark until the planned 
merger of Topdanmark and If P&C Insurance Ltd (publ) 
is completed in the summer of 2025. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 25

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

Corporate Governance Statement
This Corporate Governance Statement, as provided by 
Chapter 7 Section 7 of the Finnish Securities Market Act 
(746/2012), has been prepared in accordance with the 
Finnish Corporate Governance Code 2025 issued by the 
Securities Market Association on 19 December 2024, 
which became effective from 1 January 2025 (the “CG 
Code”). This statement is presented as part of the 
Board of Directors’ Report.
Governance in Sampo plc
Sampo plc complies with applicable legislation as well 
as the Helsinki, Stockholm, and Copenhagen stock 
exchange rules to issuers of shares. In addition, Sampo 
plc complies, in full, with the CG Code.1 The CG Code 
can be viewed in full on the website of the Finnish 
Securities Market Association at www.cgfinland.fi.
Sampo’s governance is based on a clear division of 
duties between general meetings, the Board of 
Directors, and the executive management. The articles 
of association define the general principles of division of 
powers between the key corporate organs. 
Sampo plc’s governance structure
1 Sampo plc complies with the CG Code of its domicile and therefore deviates in certain aspects from the Swedish Corporate Governance Code (Svensk kod för bolagsstyrning, the “Swedish Code”) and the 
Danish Recommendation on Corporate Governance (Anbefalinger for god Selskabsledelse, the “Danish Code”). Applying the Swedish Code or Danish Code could lead to contradictions due to differences 
between Finnish and Swedish or Danish legislation, corporate governance codes, and corporate governance practices. The main deviations from the Swedish Code relate to not having a nomination 
committee comprised of members appointed by the company’s owners and to the handling of certain tasks which under the Swedish Code would belong to the nomination committee. The Swedish Code 
issued by the Swedish Corporate Governance Board (Kollegiet för svensk bolagsstyrning) is available at www.corporategovernanceboard.se. 
The main deviations from the Danish Code relate to the possibility for shareholders to follow general meetings through digital transmission, as well as guidelines related to take-over bids and tax practices. 
Sampo plc’s Board of Directors does not include employee representatives and the members of the Board are elected in a bundle. However, the Board of If Group does include employee representatives. In 
addition, Sampo deviates from the Danish Code in certain aspects of executive remuneration. The Danish Code issued by the Danish Committee on Corporate Governance (Komitéen for god 
Selskabsledelse) is available at https://corporategovernance.dk/recommendations-corporate-governance.   
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 26

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

Changes in Group structure
On 17 June 2024, Sampo announced that Sampo and 
Topdanmark A/S have entered into a combination 
agreement, pursuant to which Sampo will make a 
recommended best and final public exchange offer to 
acquire all of the outstanding shares in Topdanmark not 
already owned by Sampo. The Board of Directors of 
Topdanmark unanimously recommended Topdanmark 
shareholders to accept the offer. As a result of the offer, 
Sampo held approximately 92.6 per cent of the shares 
in Topdanmark (excluding treasury shares) and initiated 
a compulsory acquisition of the Topdanmark shares 
held by the remaining minority shareholders. Following 
completion of the offer in late 2024, Sampo began the 
planned integration of Topdanmark’s P&C operations 
into If’s pan-Nordic business organisation.
Sampo Group structure 
31 December 2024
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 27

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

Sampo Group organisation 
31 December 2024
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 28

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

General meeting
The highest decision-making body of Sampo plc is the 
general meeting, where the shareholders participate in 
the supervision and control of the company by using 
their right to speak and vote. 
The Finnish Companies Act and Sampo plc’s articles of 
association determine the issues that have to be dealt 
with at a general meeting (competence of a general 
meeting). 
Customarily, a general meeting deals with, in addition to 
issues determined by law and the articles of association, 
the issues presented by the Board of Directors. 
Furthermore, according to the Finnish Companies Act, a 
shareholder has the right to require a certain issue to be 
dealt with at a general meeting, providing the issue falls 
within the scope of competence of a general meeting. 
The Board of Directors convenes a general meeting by 
publishing a notice of the meeting on Sampo plc’s 
website at least three weeks before the general meeting 
and no later than nine days before the record date of 
the general meeting. The notice of a general meeting 
shall also be published by a stock exchange release.
Annual General Meeting
The AGM must be held within six months of the end of 
the financial year on a date specified by the Board of 
Directors. The AGM shall discuss matters assigned to it 
in accordance with the articles of association and any 
other business referred to in the notice of the meeting. 
The notice and other documents of the AGM, including 
the proposals of the Board of Directors and its 
Committees, as well as the Financial Statements, the 
Board of Directors’ Report and the Remuneration 
Report for Governing Bodies, will be made available on 
Sampo plc’s website at least three weeks before the 
AGM.
In 2024, Sampo plc’s AGM was held on 25 April at the 
Helsinki Expo and Convention Centre and a total of 
3,188 shareholders representing 320,218,518 shares and 
321,018,518 votes were represented at the meeting. 
The Annual General Meeting decided to distribute a 
dividend of EUR 1.80 per share for 2023. The record 
date for the dividend payment was 29 April 2024 and 
the dividend was paid to Sampo shareholders on 7 May 
2024 and to Sampo SDR holders on 10 May 2024. The 
Annual General Meeting adopted the financial accounts 
for 2023 and discharged the Board of Directors and the 
CEO from liability for the financial year. The AGM 
accepted Sampo plc’s Remuneration Report for 
Governing Bodies. The resolution was advisory.
The minutes of the Annual General Meeting are 
available for viewing at www.sampo.com/agm and at 
Sampo plc's head office at Fabianinkatu 27, Helsinki, 
Finland.
Main duties of the AGM
►Receives and accepts the Financial 
Statements.
►Receives the Auditor’s Report. 
►Resolves on the measures occasioned by 
the profit shown in the accepted Financial 
Statements.
►Releases the members of the Board of 
Directors and the Managing Director from 
liability.
►Resolves on the number and fees of the 
members of the Board of Directors.
►Resolves on the fees of the Auditor. 
►Elects the members of the Board of 
Directors and the Auditor. 
►Deals with any other business on the 
agenda, proposed by either a shareholder 
or the Board of Directors. 
►Provides advisory resolutions on the 
Remuneration Policy for Governing Bodies 
and on the acceptance of the Remuneration 
Report.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 29

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

The AGM of 2024 also authorised the Board of 
Directors to resolve to repurchase a maximum of 
50,000,000 Sampo plc’s A shares and to resolve upon 
a share issue without payment (share split) to all 
shareholders in proportion to their holdings so that a 
maximum of five new A shares would be issued for each 
current A share and a maximum of five new B shares 
would be issued for each current B share. The Board of 
Directors did not resolve upon a share issue without 
payment during 2024. 
All resolutions of the AGM of 2024 were made without 
separate voting. 
Extraordinary general meeting
An Extraordinary General Meeting (the “EGM”) is 
convened when considered necessary by the Board of 
Directors. The Auditor, or shareholders together holding 
a minimum of one tenth of all the shares in the company 
may request in writing that an EGM shall be convened 
to discuss a specified matter raised by them. 
In 2024, Sampo plc’s EGM was held on 9 July at the 
Helsinki Hall of Culture and a total of 2,923 shareholders 
representing 319,844,802 shares and 320,644,802 votes 
were represented at the meeting. 
The Board of Directors convened the EGM to authorise 
the Board of Directors to resolve upon the issuance of 
shares in connection with Sampo’s recommended best 
and final public exchange offer to the shareholders of 
Topdanmark A/S, as announced on 17 June 2024. 
The EGM of 2024 authorised the Board of Directors to 
resolve on a share issue of up to maximum of 
57,468,782 new Sampo A shares which corresponded 
to approximately 11.5 per cent of all Sampo A shares on 
the date of the EGM notice in deviation from the 
shareholders’ rights (directed share issue). 
Attending a shareholders’ meeting
By attending shareholders’ meetings shareholders may, 
either personally or through representatives, exercise 
their voting rights, request information, and participate 
in the decision-making process of Sampo plc. 
At a shareholders’ meeting, each Sampo plc A share 
carries one vote, while each Sampo plc B share carries 
five votes. 
Shares and shareholders
As at 31 December 2024, the total number of Sampo 
plc’s shares, including both 538,047,772 A shares and 
200,000 B shares, equalled to 538,247,772 shares. Each 
A share entitles its holder to one vote and each B share 
to five votes at a shareholders’ meeting. The total 
number of votes attached to the shares was 
539,247,772. 
Sampo plc’s articles of association define two different 
classes of shares in the company and determine that 
each A share entitles its holder to one vote and each B 
share entitles its holder to five votes at a general 
meeting. All of Sampo plc’s B shares are owned by a 
shareholder independent from the company. Based on 
Sampo plc’s articles of association, each B share can be 
converted into an A share at the request of the holder 
of the B share. 
Moreover, subject to the Finnish Companies Act, the 
general meeting may resolve upon a directed 
acquisition of own shares, decide on the amendment of 
the articles of association to the effect that share 
classes are combined, or otherwise reduce share class 
rights only provided such a proposal is supported by at 
least two thirds of the votes and shares, per share class, 
represented at the meeting. Thus, the authority to 
decide on the combination of Sampo plc’s share classes 
does not rest with the company.
As at 31 December 2024, a total number of 195,482 
Finnish registered shareholders held 191,825,790 shares 
representing approximately 35.7 per cent of all shares. 
In addition, 11 nominee registers held 346,421,982 shares 
representing approximately 64.3 per cent of all shares.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 30

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

Board of Directors
Sampo plc’s Board of Directors, elected annually by the 
AGM, uses the highest decision-making power in Sampo 
Group between the AGMs. Sampo plc’s Board of 
Directors is responsible for the management of the 
company in compliance with applicable laws, authority 
regulations, Sampo plc’s articles of association, and the 
decisions of the shareholders’ meetings.
Board of Directors’ duties
The working principles and main duties of the Board of 
Directors have been defined in the Board’s charter. To 
ensure the proper running of operations, Sampo plc’s 
Board of Directors has approved internal rules 
concerning general corporate governance, risk 
management, remuneration, compliance, internal 
control, and reporting in Sampo Group.
Main duties of the Board of Directors
►Receives group-wide reporting. 
►Supervises
• the due organisation of functions and 
operations
• the financial reporting systems, including the 
Sustainability Statement, and the efficiency of 
internal audit and risk management
• related party transactions
• the independence of and non-audit services 
provided by the Auditor
• the adequacy and effectiveness of the 
governance, risk management, and internal 
control processes related to the Group 
Internal Model.
►Resolves on
• the strategy and other major strategic or far-
reaching decisions of Sampo Group
• convening of the AGM
• group-wide and Sampo plc level principles 
and policies including the Code of Conduct 
and the Group Internal Audit policies
• the minimum requirements of capitalisation 
and the proposal on profit distribution
• group level remuneration matters
• significant changes to the Group Internal 
►Prepares
• consolidated financial statements 
• proposals for the AGM.
►Appoints, discharges/removes, and decides on 
the Group CEO’s, Group Executive Committee 
members’, and the Group Chief Audit 
Executive’s terms of service and financial 
benefits within the framework of the valid 
Remuneration Policy.
►Discusses the annual performance evaluation of 
the Board of Directors.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 31

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

Election and term of office of 
Board members
According to Sampo plc’s articles of association, the 
company’s Board of Directors comprises no fewer than 
three and no more than ten members elected by 
shareholders at the AGM. The term of office of the 
Board members ends at the close of the next AGM 
following their election. The members of the Board elect 
a chair and vice chair from among its members at their 
first Board meeting following the AGM.
Diversity of the Board
Sampo plc’s Board Diversity Policy which was adopted 
in November 2024 aims to ensure that Sampo’s Board 
of Directors embodies a well-balanced mix of 
knowledge, skills, diversity, and experience, fully in line 
with Sampo Group’s values and Code of Conduct. 
Board members are to have professional experience 
and education relevant and appropriate to Sampo’s 
scale and scope, including financial expertise, industry 
knowledge, international experience, risk management, 
strategic planning, and governance and leadership skills. 
Diversity is key, with consideration given to at least age, 
gender, geographical provenance, and educational and 
professional background. Further, each Board member 
is expected to be able to devote a sufficient time to the 
Board’s work and the Board as a whole shall fulfil 
independence recommendations of the CG Code. More 
information on the skills and experience of the Board is 
available on Sampo’s website. 
To promote gender balance, both genders shall always 
be represented on the Board, with a target that women 
and men both shall be represented by at least 40 per 
cent of the members of the Board. However, some 
deviations may be applied if deemed reasonable due to 
the number of Board members:
Number of Board 
Members
Minimum number of both 
genders on the Board
3-4 1
5-6 2
7-8 3
The number of the Directors and the composition of the 
Board shall be such that they enable the Board of 
Directors to see to its duties efficiently. During the past 
ten years, Sampo plc’s Board of Directors has, on 
average, reached its target for gender diversity and the 
Board continues its endeavours to reach the new 
minimum share of at least 40 per cent of the total 
number of members for both genders. In 2024, the 
target for each gender represented in the Board of 
Directors was 37.5 per cent. As at 31 December 2024, 
the share of women in Sampo plc’s Board of Directors 
was 33 per cent and the share of men was 67 per cent. 
Regardless of a well prepared and performed executive 
search process, the proposed Board composition did 
not fulfil the target according to which each gender 
shall be represented by at least 37.5 per cent of the 
members of the Board. This is attributable to the limited 
number of suitable and available candidates. The Board 
remains committed to reaching its target of having both 
genders represented on the Board and will continue its 
endeavours to reach the target when proposing 
candidates for Board membership in the future. 
Board members
As proposed by the Nomination and Remuneration 
Committee, the number of Board members remained 
unchanged at nine members at the AGM of 2024. 
Christian Clausen, Georg Ehrnrooth, Jannica 
Fagerholm, Steve Langan, Risto Murto, Antti Mäkinen, 
Markus Rauramo, and Annica Witschard were re-
elected to the Board. In addition, Astrid Stange was 
elected as a new member to the Board. The members of 
the Board were elected for a term continuing until the 
close of the next AGM. All Board members have been 
determined to be independent of the company and its 
major shareholders under the rules of the Finnish 
Corporate Governance Code 2025. 
The following persons served on Sampo plc’s Board of 
Directors in 2024:
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 32

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

Antti Mäkinen
Chair of the Board
Male, born 1961, LL.M.
Finnish citizen
Chair of the Board since 17 May 2023. Also served as a 
member of the Board of Directors of Sampo plc in 
2018–2021.
Jannica Fagerholm
Vice Chair of the Board
Managing Director, Signe and Ane Gyllenberg 
Foundation
Female, born 1961, M.Sc. (Econ.)
Finnish citizen
Positions of trust
Mandatum plc, Vice Chair
Solidium Oy, Board Member
Kesko Corporation, Board Member
Swedish Society of Literature in Finland, Board 
Member
Kelonia (Private Equity holding company), Board 
Member
Member of the Board of Directors of Sampo plc since 
18 April 2013 and Vice Chair of the Board since
9 April 2019.
Christian Clausen
Member of the Board
Chair for the Nordics, BlackRock
Male, born 1955, M.Sc. (Econ.), MBA 
Danish citizen
Positions of trust 
BW Group, Board Member
 
Member of the Board of Directors of Sampo plc since 
21 April 2016. 
Information as at 31 December 2024. The CVs of members of the Board of Directors can be viewed at www.sampo.com/board.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 33

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

Georg Ehrnrooth
Member of the Board 
Male, born 1966, Studies in agriculture and forestry 
Finnish citizen
Positions of trust
eQ Oyj, Chair of the Board
Byggmästare Anders J Ahlström Holding AB (publ), 
Board Member
Fennogens Investments S.A., Board Member
Topsin Investments S.A., Board Member
Geveles Ab, Chair of the Board
Neptunia Invest AB, Board Member
Louise and Göran Ehrnrooth Foundation, Chair of the 
Board
Anders Wall Foundation, Board Member
Paavo Nurmi Foundation, Board Member
Member of the Board of Directors of Sampo plc since 
2 June 2020. 
Steve Langan
Member of the Board 
Male, born 1960, Master of Arts, Medieval and Economic 
History 
British citizen
Positions of trust
The Kenneth Armitage Foundation, Chair 
Hepworth Wakefield, Chair of the Board
Member of the Board of Directors of Sampo plc since 
18 May 2022. 
Risto Murto
Member of the Board
CEO and President, Varma Mutual Pension Insurance 
Company
Male, born 1963, Ph.D. (Econ.) 
Finnish citizen
Positions of trust
Nordea Bank Abp, Board Member
Securities Market Association, Chair of the Board 
e2 Research, Chair of the Board
The Finnish Cultural Foundation, Member of the 
Supervisory Board 
The Finnish Pension Alliance TELA, Chair of the Board
Finnish National Opera and Ballet, Member of the 
Supervisory Board
Member of the Board of Directors of Sampo plc since 16 
April 2015.
Information as at 31 December 2024. The CVs of members of the Board of Directors can be viewed at www.sampo.com/board.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 34

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

Markus Rauramo
Member of the Board 
CEO, Fortum Corporation 
Male, born 1968, M.Soc.Sc. 
Finnish citizen
Positions of trust
Eurelectric, Vice President
Member of the Board of Directors of Sampo plc since 19 
May 2021. 
Fiona Clutterbuck
Member of the Board 
Born 1958, LLB (Hons)
British citizen
Member of the Board of Directors of Sampo plc 
9 April 2019 - 25 April 2024
Astrid Stange
Member of the Board 
CEO, ELEMENT Insurance AG
Female, born 1965, Doctorate in Economics
German citizen
Positions of trust
Moody's Investors Service, Independent Director of the 
EU/UK Supervisory Boards
Atos SE, Independent Director of the Board of Directors
Lufthansa Group, Member of the Supervisory Board
Member of the Board of Directors of Sampo plc since 
25 April 2024. 
Annica Witschard
Member of the Board 
Female, born 1973, M.Sc. (Business & Economics)
Swedish citizen
Positions of trust
Viaplay Group, Board Member
Member of the Board of Directors of Sampo plc since 17 
May 2023. 
Information as at 31 December 2024. The CVs of members of the Board of Directors can be viewed at www.sampo.com/board.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 35

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

When elected, all current Board members were independent of the company. 
Furthermore, all Board members were independent of the company’s major 
shareholders. 
The Board convened fifteen times in 2024. The meeting attendance of Sampo plc’s 
current Board members in Board meetings from 1 January–31 December 2024 is 
presented in the below table:
Attendance 
(%)
Meetings 
attended
Antti Mäkinen (Chair of the Board) 100 14/14
Jannica Fagerholm 100 14/14
Christian Clausen 100 14/14
Fiona Clutterbuck (member until 25 April 2024) 100 4/4
Georg Ehrnrooth 100 14/14
Steve Langan 92.86 13/14
Risto Murto 100 14/14
Markus Rauramo 100 14/14
Astrid Stange (member since 25 April 2024) 90 9/10
Annica Witschard 92.86 13/14
Shares and share-based rights held by the Board 
members
On 31 December 2024, the members of the Board of Directors owned, directly or 
through legal entities controlled by them, Sampo plc’s A shares as follows:
Shares owned by the Board of Directors
Sampo plc, 31 December 2024 and 31 December 2023
Board of Directors 31 Dec 2024 31 Dec 2023
Antti Mäkinen 8,550 7,010
Jannica Fagerholm 8,751 8,751
Christian Clausen 38,479 38,479
Fiona Clutterbuck1 3,678
Georg Ehrnrooth 130,345 129,532
Steve Langan 2,330 1,498
Risto Murto 5,869 5,169
Markus Rauramo 3,101 2,407
Astrid Stange2 889 —
Annica Witschard 1,725 905
Total 200,039 197,429
Board of Directors ownership of shares, % 0.04 0.04
Board of Directors share of votes, % 0.04 0.04
1 Member of the Board of Directors member until 25 April 2024
2 Member of the Board of Directors since 25 April, 2024 
The Board members did not have holdings in any Sampo plc share-based rights.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 36

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

The AGM decided to pay the following annual fees to 
the members of the Board of Directors until the close of 
the 2025 AGM: 
• EUR 235,000 for the Chair of the Board 
• EUR 135,000 for the Vice Chair of the Board
• EUR 104,000 for each member of the Board
• EUR 29,000 for the Chair of the Audit Committee as 
an additional annual fee
• EUR 6,600 for each Audit Committee member as an 
additional annual fee
A Board member shall, in accordance with the 
resolution of the AGM, acquire Sampo plc A shares at 
the price paid in public trading for 50 per cent of his/
her annual fee after the deduction of taxes, payments, 
and potential statutory social and pension costs. 
Notwithstanding this, a Board member is not required 
to purchase any additional Sampo plc A shares if the 
Board member owns such amount of said shares that 
their value is equivalent to twice the respective Board 
member’s gross annual fee. The company will pay any 
possible transfer tax related to the acquisition of the 
company shares.
Board-appointed committees
The Board may establish committees, executive 
committees, and other permanent or temporary bodies 
to deal with tasks prescribed by it. The Board confirms 
the charters of the committees of Sampo plc’s Board 
and the Group Executive Committee, and also the 
guidelines and authorisations given to other bodies 
established by the Board. 
The Board has an Audit Committee and a Nomination 
and Remuneration Committee, whose members it 
appoints from among its members in accordance with 
the charters of the respective committees. In 
accordance with the Charter of Sampo plc’s Audit 
Committee, matters related to risk management belong 
under the scope of matters handled by Sampo plc’s 
Audit Committee. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 37

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

Audit Committee
According to its charter, the Audit Committee 
comprises at least three members elected from among 
those Board members who do not hold executive 
positions in Sampo plc and are independent of the 
company and of which at least one is independent of 
Sampo plc’s significant shareholders. The responsible 
Auditor, Group CEO, Group CFO, Group Chief Audit 
Executive, and Group Chief Risk Officer also participate 
in the meetings of the Committee. 
In 2024, the chair of the Audit Committee was Jannica 
Fagerholm, and the other members were Fiona 
Clutterbuck, Georg Ehrnrooth, Steve Langan, and 
Annica Witschard until 25 April 2024 and Steve 
Langan, Markus Rauramo, Astrid Stange, and Annica 
Witschard thereafter. As at 31 December 2024, the 
share of women in Sampo plc’s Audit Committee was 
60 per cent and the share of men was 40 per cent. 
The Audit Committee convened four times in 2024. The 
meeting attendance of Sampo plc’s current Audit 
Committee members in Committee meetings from 1 
January–31 December 2024 is presented in the 
following table:
Attendance 
(%)
Meetings 
attended
Jannica Fagerholm (Chair of 
the Committee) 100 4/4
Fiona Clutterbuck (member 
until 25 April 2024) 100 1/1
Georg Ehrnrooth (member 
until 25 April 2024) 100 1/1
Steve Langan 100 4/4
Markus Rauramo (member 
since 25 April 2024) 100 3/3
Astrid Stange (member since 
25 April 2024) 67 2/3
Annica Witschard 100 4/4
Main duties of the Audit Committee
►Supervises and assesses 
• Group financial and supervisory reporting 
processes
• the accuracy of Group financial statements 
• statutory and external audit, the independence 
of the auditor, auditor’s reporting, and purchases 
of non-audit services 
• the capitalisation, profitability, and liquidity of 
Group companies and the Group itself
• the effective operation of the risk management 
system
• preparation of and compliance with risk 
management policies and other related 
guidelines
• the actions and processes of Sampo Group’s 
compliance functions, significant litigations, and 
compliance with laws and regulations
• communications with authorities
• the company’s tax position and tax risks
• the adequacy and effectiveness of the 
governance, risk management, and internal 
control processes related to the Group Internal 
Model
►Monitors and evaluates
• the preparation of non-financial reporting 
(Sustainability Statement)
• the internal audit’s reporting and approves of the 
internal audit action plan and strategy
• the effectiveness and efficiency of Sampo 
Group’s internal audit function
• the effectiveness of internal control and other 
elements of the system of governance 
• related party transactions and reporting 
processes related thereto
• the Group’s risks, risk management processes, 
and the quality and scope of risk management
• processes and risks regarding IT privacy and 
security
• compliance with risk management principles and 
other guidelines.
►Prepares proposals to the AGM concerning the 
auditor’s election and its fees.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 38

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

Nomination and Remuneration 
Committee
According to the Board Diversity Policy, Sampo plc’s 
Nomination and Remuneration Committee shall identify, 
review and recommend candidates for the Board. The 
Nomination and Remuneration Committee shall take the 
following factors into consideration, including such 
other factors as the Board may determine: 
(I) Regulatory requirements for the members of the 
Board 
(II) Overall Board composition, taking into 
consideration the appropriate combination of 
professional experience, skills, knowledge, and 
variety of viewpoints and backgrounds 
(III) Allocation and sufficiency of time
(IV) Other criteria (e.g. with respect to new directors, 
the integrity, judgment, and available time and 
with respect to current directors, their past 
performance). 
At the AGM, the Nomination and Remuneration 
Committee gives an account of how it has conducted 
its work and explains its proposals. 
According to its charter, the Nomination and 
Remuneration Committee comprises the chair of the 
Board (who acts as the committee’s chair) and two to 
three members elected from among the members of 
the Board.
In 2024 the chair of the Nomination and Remuneration 
Committee was Antti Mäkinen, and the other members 
were Christian Clausen, Risto Murto, and Markus 
Rauramo until 25 April 2024 and Christian Clausen, 
Georg Ehrnrooth, and Risto Murto since 25 April 2024. 
As at 31 December 2024, the share of men in the 
Nomination and Remuneration Committee was 100 per 
cent. 
The Committee convened seven times in 2024. The 
meeting attendance of Sampo plc’s Nomination and 
Remuneration Committee members in Committee 
meetings from 1 January–31 December 2024 is 
presented in the below table:
Attendance 
(%)
Meetings 
attended
Antti Mäkinen (Chair of the 
Committee) 100 6/6
Christian Clausen 83 5/6
Georg Ehrnrooth (member 
since 25 April 2024) 100 4/4
Risto Murto 100 6/6
Markus Rauramo (member 
until 25 April 2024) 100 2/2
Main duties of the Nomination and Remuneration Committee
►Monitors the implementation of the Group 
remuneration in general.
►Evaluates the appropriateness of the 
remuneration of the executive directors and their 
remuneration structure. 
►Prepares and presents proposals to the AGM on 
the composition of the Board of Directors and the 
remuneration of its members as well as on the 
Remuneration Policy for Governing Bodies.
►Prepares and presents proposals to the Board of 
Directors pertaining to
• the evaluation of independence of Board 
members, composition and chair of Board 
committees, and the Board Diversity Policy
• succession planning of the Board of Directors 
and top management positions in Sampo Group
• the appointment of the Group CEO, the Group 
Chief Audit Executive, and members of the 
Group Executive Committee, including their 
fitness and propriety assessments
• the remuneration and terms of employment of 
the members of the GEC as well as the actual 
payments to be made to the GEC members 
• the launch of Sampo Group’s long-term 
incentive schemes based on financial 
instruments of Sampo plc and the maximum 
pay-outs based on short-term programmes and 
long-term incentive schemes 
• Sampo Group Remuneration Principles and 
Sampo Remuneration Policy for Personnel.
►Prepares the annual performance evaluation of 
the Board of Directors.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 39

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

Sampo Group CEO
Sampo plc has a managing director who is 
simultaneously the Group CEO of Sampo Group. The 
Board of Directors elects and releases the Group CEO 
and decides on the terms of service and other 
remuneration. 
The Group CEO is in charge of the daily management of 
Sampo plc, subject to the instructions and control of the 
Board of Directors. The Group CEO is empowered to 
take extraordinary and broad ranging actions, taking 
into account the scope and nature of Sampo plc’s 
operations, only upon authorisation by the Board of 
Directors. The Group CEO ensures the legal compliance 
of Sampo plc’s accounting and the trustworthy 
organisation of asset management. 
Mr. Torbjörn Magnusson, licentiate of engineering, is the 
managing director of the company and the Group CEO. 
His Group CEO contract is in force until further notice. 
The Group CEO contract may be terminated by the 
company with a notice period of 12 months, for which 
period the Group CEO is entitled to receive salary. In 
addition, Magnusson is, due to the terms applied in his 
previous position in Sampo Group as the CEO of If P&C 
Insurance Holding Ltd, entitled to a severance 
compensation corresponding to a maximum of 24 
months’ fixed salary, should i) Sampo plc terminate his 
service contract or ii) the Group CEO terminate the 
contract based on either material breach of the contract 
from the company’s part, or based on material changes 
in the Group CEO’s responsibilities due to significant 
changes in Sampo Group structure or ownership.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 40

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

Sampo Group 
Executive Committee
The Board of Directors has appointed the Sampo Group 
Executive Committee to support the Group CEO in the 
preparation of strategic issues relating to the Group, in 
the handling of operating matters that are significant or 
involve questions of principle, and in ensuring a good 
internal flow of information. 
The Group Executive Committee addresses especially 
the following matters: Sampo Group’s strategy, profit 
development, large purchases and projects, the Group’s 
structure and organisation, as well as key strategic 
issues pertaining to administration and personnel. In 
2024, the Group Executive Committee convened 13 
times at the invitation of the Group CEO. 
As at 31 December 2024, the share of women in the 
Group Executive Committee was 14 per cent and the 
share of men was 86 per cent. 
The following persons served on the Group Executive 
Committee in 2024:
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 41

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

Torbjörn Magnusson
Group CEO, Sampo Group 
Male, born 1963, Licentiate of Engineering 
Swedish citizen
Positions of trust 
Hastings Group, Board Member
If P&C Insurance Holding Ltd, Chair of the Board
Member of Sampo Group Executive Committee since 
2004. 
Knut Arne Alsaker
Group CFO, Sampo Group 
Male, born 1973, M.Sc. (Econ.) 
Norwegian citizen
Positions of trust 
Topdanmark Forsikring A/S, Board Member 
Hastings Group, Board Member
If P&C Insurance Holding Ltd, Board Member
Member of Sampo Group Executive Committee since 
2014. 
Ingrid Janbu Holthe
Head of BA Private, If P&C Insurance Holding Ltd 
(publ) 
Female, born 1982, M.Sc. (Econ.), CEMS MIM 
Norwegian citizen
Positions of trust 
Finance Norway (Finans Norge), Member of the 
Executive Committee of P&C Insurance 
Member of Sampo Group Executive Committee since 
2019. 
Information as at 31 December 2024. The CVs of members of the Group Executive Committee can be viewed at www.sampo.com/management.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 42

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

Klas Svensson
Head of Business Area Commercial , If P&C Insurance 
Holding Ltd (publ)
Male, born 1985, MBA
Swedish citizen
Member of Sampo Group Executive Committee since 
2024. 
Ville Talasmäki
Group CIO, Sampo Group
Male, born 1975, M.Sc. (Econ.) 
Finnish citizen
Positions of trust 
Topdanmark Forsikring A/S, Board Member
Finance Finland, Board Member 
Varma Mutual Pension Insurance Company, Deputy 
Board Member
If P&C Insurance Holding Ltd, Board Member
If P&C Insurance Ltd, Board Member
Member of Sampo Group Executive Committee since 
2023. 
Morten Thorsrud
President & CEO, If P&C Insurance Holding Ltd 
Male, born 1971, M.Sc. (Econ.) 
Norwegian citizen
Positions of trust 
Topdanmark Forsikring A/S, Deputy Chair of the Board
Hastings Group, Board Member
Euronext, Member of the Supervisory Board
Finance Norway (Finans Norge), Member of the 
Executive Committee
 
Member of Sampo Group Executive Committee since 
2006. 
Information as at 31 December 2024. The CVs of members of the Group Executive Committee can be viewed at www.sampo.com/management.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 43

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

Ricard Wennerklint
Chief of Strategy, Sampo Group 
Male, born 1969, Executive Education, Advanced 
Management Programme 
Swedish citizen
Positions of trust 
Topdanmark Forsikring A/S, Chair of the Board
Hastings Group, Chair of the Board 
NOBA Bank Group AB (publ) (former Nordax Bank AB 
(publ)), Chair of the Board
If P&C Insurance Holding Ltd, Board Member 
Member of Sampo Group Executive Committee since 
2005. 
Information as at 31 December 2024. The CVs of members of the Group Executive Committee can be viewed at www.sampo.com/management.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 44

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

Shares and share-based rights held by the Group CEO 
and the members of the Executive Committee
On 31 December 2024, the Group CEO and other members of the Executive 
Committee owned, directly or through legal entities controlled by them, Sampo plc’s A 
shares as follows: 
Shares owned by the Group Executive Committee
Sampo plc, 31 December 2024 and 31 December 2023
Group Executive Committee 31 Dec 2024 31 Dec 2023
Torbjörn Magnusson 48,355 46,268
Knut Arne Alsaker 49,449 43,412
Ingrid Janbu Holthe 10,867 5,588
Klas Svensson 4,761 0
Ville Talasmäki 20,449 17,801
Morten Thorsrud 73,570 65,788
Ricard Wennerklint 27,602 48,464
Total 235,053 227,321
Group Executive Committee's ownership of shares, % 0.04 0.04
Group Executive Committee's share of votes, % 0.04 0.04
The Group CEO and the other members of the Executive Committee did not have 
holdings in any Sampo plc share-based rights.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 45

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

Remuneration
The Board of Directors has established the Sampo 
Group Remuneration Principles, which apply to all 
Sampo Group companies. The Remuneration Principles 
describe the remuneration structure and the principles 
for setting up remuneration systems in Sampo Group. 
The Remuneration Principles may apply to the Group 
CEO, insofar as they do not conflict with Sampo plc’s 
Remuneration Policy for Governing Bodies.
The core of the Remuneration Principles is that all 
remuneration systems in Sampo Group shall safeguard 
the long-term financial stability and value creation of 
Sampo Group and shall comply with regulatory and 
ethical standards. They shall also be aligned with the 
risk management framework and thus be designed in 
parallel with the risk management principles and 
practices. 
Remuneration mechanisms shall encourage and 
stimulate employees to consistently do their best and 
exceed their targets. Remuneration packages shall be 
designed to reward fairly for prudent and successful 
performance. At the same time, however, in order to 
safeguard the interest of other stakeholders, 
compensation mechanisms shall not generate conflicts 
of interest and shall not entice or encourage employees 
to engage in excessive or unwanted risk-taking. 
The different forms of remuneration used in Sampo 
Group are the following:
(a) Fixed compensation 
(b) Variable compensation 
(c) Pension 
(d) Other benefits
Fixed compensation is the basis of an employee’s 
remuneration package. Fixed salary shall support 
financial stability by representing a sufficiently high 
share of the total remuneration. Variable compensation 
is used to ensure the competitiveness of total 
remuneration packages. Variable compensation can 
either be based on the contribution to the company’s 
profitability and on individual performance (short-term 
incentive programs) or be linked to committing 
employees to Sampo Group for a longer period and 
aligning the employees' interests with those of the 
shareholders by linking the payout of the schemes to 
key performance criteria and, if applicable, to the 
positive development of Sampo’s share price (long-
term incentive schemes). The members of the Board of 
Directors do not participate in any short-term incentive 
programs or long-term incentive schemes. 
The payment of variable compensation shall be based 
on the assessment of the incurred risk exposure and the 
fulfilment of solvency capital requirements. The 
payment of a certain portion of the variable 
compensation payable to the Senior Executive 
Management and to certain key persons shall be 
deferred for a defined period of time, as required in the 
regulatory framework applicable to each Sampo Group 
company. 
After the deferral period, a retrospective risk 
adjustment review shall be carried out and the Board of 
Directors of each Sampo Group company shall decide 
whether the deferred variable compensation shall be 
paid/released in full, partly, or cancelled in whole. In 
2024, a total of EUR 11 million (6.5) of short-term and 
long-term incentives have been deferred.
The Board of Directors decides on the launch of long-
term incentive schemes based on financial instruments 
of Sampo plc. In March 2024, the Board of Directors 
decided to adopt a new performance-based long-term 
incentive scheme for the Group Executive Committee 
(including the Group CEO) and other senior leaders and 
key employees of Sampo Group. Please refer to Sampo 
plc’s 2024 Remuneration Report for Governing Bodies 
for further information on the new Sampo Group long-
term incentive scheme 2024. 
Moreover, the second instalment of the long-term 
incentive scheme 2020:1 and the first instalment of the 
long-term incentive scheme 2020:1/2 vested in 2024. 
The vesting of the schemes is determined on the basis 
of Sampo's share price development and dividends paid 
over each instalment’s performance period, starting 
from the issue of the schemes, and performance criteria 
related to return on capital at risk (RoCaR) applicable 
for each instalment. Both incentive schemes contain a 
cap for maximum payout. The terms and conditions of 
the incentive schemes are available at 
www.sampo.com/incentiveterms.
A deferral rule applies to incentive rewards paid to the 
Senior Executive Management and to certain key 
persons. Persons subject to the deferral rule shall at 
payout from the schemes acquire Sampo A shares with 
a certain part of the instalment after deducting income 
tax and other comparable charges. The shares are 
subject to disposal restrictions for three years, after 
which the Board of Directors shall decide on the 
possible release. 
A total of EUR 62 million (71), including social costs, was 
paid as short-term incentives in January–December 
2024 in Sampo Group. In the same period, a total of 43 
million (38) was paid as long-term incentives. The long-
term incentive schemes in force in Sampo Group 
produced a negative result impact of EUR -14 million 
(-10).
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 46

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

The Remuneration Report for Governing Bodies 2023 was presented to and adopted 
by the Annual General Meeting in 2024. Taking into account the advance votes as well 
as the advance voting instructions of the owners of nominee-registered shares and 
holders of SDRs, which were delivered to Sampo before the AGM, the proposal was 
supported in total by 96 per cent of votes represented at the meeting.
Sampo plc publishes the 2024 Remuneration Report for Governing Bodies in 
connection with the Board of Directors’ Report at www.sampo.com/year2024. The 
Remuneration Report for Governing Bodies provides information on the remuneration 
of the Board of Directors and the Group CEO, and has been prepared in accordance 
with the Corporate Governance Code 2025. The Corporate Governance Code 2025 
can be viewed in full on the website of the Securities Market Association at 
www.cgfinland.fi/en.
Sampo plc’s Remuneration Policy defines how the remuneration of the Group CEO and 
the members of the company’s Board of Directors has been arranged. The 
Remuneration Policy has been developed in accordance with the requirements set 
forth by the amended EU Shareholders’ Rights Directive, as implemented into Finnish 
legislation. Sampo plc’s Remuneration Policy was presented to the AGM in 2024. The 
updated Remuneration Policy is available at www.sampo.com/agm.
Personnel
Number of personnel 
Sampo Group, 2024
The average number of employees (FTE) in Sampo Group’s P&C operations in 2024 
was 14,280 (13,272). On 31 December 2024, the total number of staff in the Group’s 
P&C operations was 14,779 (13,450).
Sampo Group personnel
Average 
personnel 
(FTE) 2024 %
Average 
personnel 
(FTE) 2023 %
By company
If 8,070  57 7,858  59 
Hastings 3,736  26 3,200  24 
Topdanmark 2,412  17 2,160  16 
Sampo plc 61  0.4 54  0.4 
Total 14,280  100 13,272  100 
By country
United Kingdom 3,710  26 3,176  24 
Denmark 2,971 20,8 2,756  21 
Finland 1,973 13,8 1,934  15 
Sweden 2,486 17,4 2,446  18 
Norway 1,680 11,8 1,613  12 
Other countries 1,460 11,2 1,346  10 
Total 14,280  100 13,272  100 
*At the end of 2024, the total personnel (FTE) at Sampo plc amounted to 66 (58), of which 57 (49) 
worked at the headquarters in Finland and 9 (9) at the branch office in Sweden. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 47

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

Internal control in 
Sampo Group
The different sectors of Sampo Group’s internal control 
system play a crucial role in ensuring the proper 
functioning of the Group’s corporate governance 
system. 
Internal control means all activities which ensure that 
Sampo Group’s businesses are carried out towards 
desired targets in accordance with desired policies and 
practices and in compliance with applicable legal and 
regulatory requirements. Accordingly, the tasks of 
internal control are performed by different actors within 
the organisation starting from top management. 
The organisation of internal control and safeguarding its 
functioning and viability play a key role in the activities 
of the Board of Directors of Sampo plc. In order to 
ensure the proper running of operations, Sampo plc’s 
Board has approved Group level policies and guidelines 
concerning corporate governance, financial target 
setting, risk management, remuneration, compliance, 
reporting, and internal audit in conformity with and 
supplementing the existing legal and regulatory 
framework. With the policies and guidelines, Sampo 
plc’s Board directs the Group’s activities towards 
desired practices and, with appropriate control 
mechanisms provided by the policies, ensures that 
potential deviations are discovered without undue 
delay. 
Thus, a successful internal control system presumes not 
only controlled steering processes for business 
management, but also appropriate control mechanisms. 
In Sampo Group, the internal control system includes 
managing risks as an integrated part of business 
activities, functions supporting the businesses, as well 
as control and steering functions, which are organised 
as independent from the businesses. 
In addition to internal control activities within the 
financial reporting process and risk management, 
Sampo Group’s compliance function, with insider 
administration supplementing it, together with a fully 
independent internal audit function form core parts of 
Sampo plc’s internal control system. 
Reporting
Financial reporting
The financial reporting process aims to ensure that 
Sampo plc’s Board of Directors and executive 
management have timely and reliable information 
supporting their decision-making, and that external 
interest groups can also rely on the financial information 
provided to them. 
To ensure the accuracy of all reporting, the used 
databases are reconciled on a monthly basis. Several 
systems and analytical tools are also applied to support 
efficiency and accuracy in the reporting process. 
Group level financial reporting is based on information 
provided by the parent company as well as the Group 
companies according to formats and schedules defined 
by the Group’s financial functions. Each Group company 
is responsible for its respective financial reporting and 
related internal controls. Consequently, the process 
ensures the accuracy of the information regarding 
different business segments prior to reporting to the 
parent company. 
Sampo Group’s financial reporting is organised under 
Group Control and Group Financial Reporting functions 
and it operates under the Group Chief Financial Officer. 
The Group Control function prepares and follows Group 
level and parent company’s financial targets and 
forecasts, follows profit development and forecasts of 
the Group companies, and takes care of monthly 
reporting, Group level investment reporting, forecasting 
of profit development of the Group, as well as 
quantitative Solvency II reporting. It also produces 
different types of valuations, market analyses and 
reviews. The Group Control function is responsible for 
the Group’s annual and quarterly quantitative 
Solvency II reporting to the supervisory authorities. 
The Group Financial Reporting function prepares 
Sampo Group’s quarterly and annual financial reports in 
accordance with International Financial Reporting 
Standards (IFRS). The financial reports of the parent 
company, Sampo plc, are prepared in accordance with 
Finnish accounting standards (the Finnish GAAP). 
Quarterly and annual reports are dealt with in the 
Group’s administrative bodies in accordance with 
applicable procedural rules. In addition, the Group 
Financial Reporting function prepares the Group’s 
monthly accounts, which form the basis of the monthly 
analysis prepared by the Group Control function. 
A Management Report is distributed on a monthly basis 
to the members of the Group Executive Committee, and 
a summary of it is delivered to the members of Sampo 
plc’s Board of Directors on a regular basis. 
Profit forecasts are reported quarterly to the Group 
Executive Committee, the Board, and its Audit 
Committee. Group solvency calculations are also 
delivered on a quarterly basis to the Group Executive 
Committee, the Board, and its Audit Committee.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 48

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

Non-financial reporting (Sustainability)
Sampo Group is committed to developing the 
sustainability activities and related reporting of the 
Group. This is in the interests of, and expected by, the 
Group’s various stakeholders.
Sampo plc’s Board of Directors has the ultimate 
oversight of Group level sustainability, covering the 
entire range of environmental, social, and governance 
(ESG) matters. The Board has assigned its Audit 
Committee to monitor Sampo Group’s sustainability 
reporting and activities. 
The Group CFO, who is a member of the Sampo Group 
Executive Committee, directs Sampo plc’s Sustainability 
function. The Group CFO also ensures that adequate 
reporting on sustainability matters is provided to the 
Group CEO. 
The Sustainability function of Sampo plc, led by the 
Head of Sustainability, is responsible for the 
development and coordination of sustainability at 
Group level. The function prepares the Group level 
sustainability reporting and the sustainability 
programme, which sets the direction for the Group’s 
sustainability work. In addition, the function sets 
schedules, requests, and Group level guidance to the 
Group companies and organises regular sustainability 
meetings. 
At each Group company, various business areas, 
operational departments, and functions are actively 
involved in the Group’s sustainability endeavours and 
reporting. Group level sustainability reporting is largely 
based on information provided by the Group companies 
according to formats and schedules defined by Sampo 
plc’s Sustainability function. Each Group company is 
responsible for its respective reporting to the parent 
company to ensure correctness of information. 
Sampo Group’s Sustainability Statement is published 
annually as a part of the Board of Directors’ Report.
Risk management
The Board of Directors of Sampo plc is responsible for 
ensuring that the Group’s risks are properly managed 
and controlled. The Board establishes both the risk 
management principles and closely connected 
remuneration principles and provides guidance on the 
risk management governance structure and internal 
control in the business areas. Working within the 
framework of these principles and guidelines, the Group 
companies tailor their risk management practices to 
take account of the special features of their respective 
business activities. The Board makes decisions on 
strategy, return targets, and overall guidelines 
regarding capital management. 
The Board’s Audit Committee is responsible, on behalf 
of the Board of Directors, for preparing Sampo Group’s 
Risk Management Principles and related guidelines and, 
in turn, the Nomination and Remuneration Committee is 
responsible for preparing the Group’s Remuneration 
Principles, which are closely connected with the Risk 
Management Principles. 
The duty of Sampo Group’s Risk Management function 
is to control the effective operation of the risk 
management system within the Group companies and 
to monitor, review, and report on Group level risks and 
risk management, including the parent company. 
Risk management system
High-quality, comprehensive risk management 
facilitates that Sampo plc’s executive management and 
Board of Directors are constantly aware of the Group 
companies’ business-related risks and their ability to 
carry the financial and other risks related to business 
activities. 
Sampo Group’s business activities and therefore also 
their corresponding risk management activities are 
mainly performed in the Group’s insurance and 
investment operations. 
Sampo Group’s risk management system is based on 
the Risk Management Principles established by the 
parent company. Sampo’s business areas and insurance 
entities organise their risk management activities based 
on these Group level principles taking into account the 
business-specific characteristics as well as local laws 
and regulations. 
To meet the key objectives of Sampo’s risk 
management, the risk management system includes 
governance structure and authorisations and a clear 
division of responsibilities between business lines and 
independent functions. The insurance entities in the 
Group shall have prudent valuation, risk measurement 
and reporting procedures, in line with the companies’ 
more detailed risk policies and instructions related to 
risk management.
Sampo Group’s steering framework
Parent company’s guidance
The Group’s parent company steers its insurance 
businesses by setting targets for their underwriting 
performance and operating efficiency and by defining 
the main preconditions for their operations in the form 
of the group-wide principles. The parent company 
assesses the adequate level of capitalisation and the 
suitability of the capital structure on both Group level 
and insurance entity level.
Parent company’s oversight and activities
Sampo’s risk appetite defines the boundaries for what 
risk the Group is willing to accept in the pursuit of its 
objectives. Sampo reviews the performance of its 
business areas continuously and based on both the 
Group and business area level information, the Board of 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 49

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

Directors of Sampo decides on the Group’s balance 
sheet targets and the parent company’s liquidity 
reserve.
Activities and risk management in the business areas
Sampo’s business areas and insurance entities organise 
their business activities to implement strategic 
decisions made by Sampo. They make decisions on 
specific risk-taking policies, capitalisation, risk limits and 
the delegation of authorisations considering the specific 
characteristics of their operations, within the framework 
provided by approved Sampo Guidelines or otherwise 
binding decisions by Sampo’s Board of Directors. The 
business operations are monitored by the different 
governing bodies and ultimately by the Boards of 
Directors whose members are mainly in senior 
management positions in Sampo or in Sampo Group 
companies. The subsidiaries’ line organisations are in 
charge of pricing their products and services and 
organising their sales and implementation processes, for 
ensuring the profitability, efficiency, quality, security, 
and continuity of their operations as well as the liability 
towards the clients. They are also responsible for the 
management of assets and liabilities and capitalisation 
on the insurance entity level. 
Risk management consists of these continuous activities 
that are the responsibility of the personnel involved in 
business activities and being supported and controlled 
by independent risk management specialists. Parties 
independent of business activities provide 
complementary expertise, support, monitoring, and 
challenge related to the management of risk. This 
includes the development, implementation, and 
continuous improvement of risk management practices 
at a process, system, and entity level. Although the 
responsibilities of business lines and independent risk 
management are clearly segregated in Sampo Group, 
these functions are in continuous dialogue with each 
other. Sampo Group has defined the roles and 
responsibilities of different internal stakeholders in the 
Internal Control Policy, which applies on a group-wide 
basis.
Risk management process
The tasks included in the risk management process 
include the following:
Measuring and reporting of risks, capital, and earnings: 
Financial and risk management functions are explicitly 
responsible for preparing the above prerequisites for 
risk management and operationally they are responsible 
for independent measurement and control, including 
monitoring of operations in general as well as 
profitability, risk, and capitalisation calculations. 
Continuous analysis of opportunities and risks: 
Business units and financial and risk management 
functions are both active in supporting the business 
with continuous analysis and assessment of 
opportunities. The insurance and investment business 
units assess business opportunities, especially their risk 
return ratios, on a daily basis. In the financial and risk 
management functions, on the other hand, a 
considerable amount of time is spent on risk analysis 
and reporting as well as capital planning. 
Actions: Transactions representing the actual insurance 
and investment operations are performed in 
accordance with the given authorisations, risk policies, 
and other instructions. These actions are the 
responsibility of business and investment functions. 
Activities related to capitalisation and liquidity positions 
are included in this part of the process. 
In Sampo Group, proactive profitability, risk, and capital 
management actions are seen as the most important 
phase in the risk and capital management processes. 
Hence, risk policies, limits, and decision-making 
authorisations are set up in a way that they, together 
with profitability targets, facilitate business and 
investment units to take carefully considered risks. 
High-quality execution of the above-mentioned tasks 
contributes to the achievement of the key objectives of 
risk management:
1. Balance between risks, capital, and earnings:
• Risks affecting the profitability as well as other 
material risks are identified, assessed, and analysed.
• Underwriting risks are priced reflecting their inherent 
risk levels, expected returns of investment activities 
are in balance with their risks, and consequential risks 
are mitigated sufficiently.
• Capitalisation is managed in order to be adequate in 
terms of current risks inherent in business activities 
and business risks, taking into account the expected 
profitability of the businesses.
• Risk-bearing capacity is allocated into different 
business areas in accordance with the strategy.
2.Cost-efficient and high-quality processes: 
• Client service processes and internal operational 
processes are cost efficient, sufficiently secured and 
of high quality.
• Continuity of operations is ensured and in case of 
discontinuity events, recovery is fast and 
comprehensive.
• Decision-making is based on accurate, adequate, and 
timely information.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 50

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

3.Strategic and operational flexibility: 
• External risk drivers and potential risks are identified 
and assessed, and the company is in good position, in 
terms of capital structure and management skills, to 
react to changes in business environment.
• Corporate structure, knowledge, skills, and processes 
in companies facilitate effective implementation of 
changes in the business environment. 
When the above targets are met, risk management is 
contributing positively to return on equity and 
mitigating the yearly fluctuations in profitability. 
Risk management reporting and governance 
framework
Sampo’s profits, risks, and capital are reported to 
Sampo plc’s Board of Directors at least quarterly. In 
addition to regular risk reports, Group CRO may ask 
Group companies to prepare an analysis/review on 
subjects that need special attention and in case of a 
severe incident, companies shall inform Sampo plc 
according to the defined process.
Sampo plc’s Board of Directors and the Audit 
Committee, together with the boards of directors of the 
Group companies, share the overall responsibility for 
the Group’s risk management system. The business 
units are responsible for day-to-day risk management 
decisions within the framework of the provided 
principles, guidelines, and authorisations (limits). The 
Sampo Group Risk Committee ensures effective 
communication and cooperation regarding risk 
management and risk reporting within Sampo Group. 
The Group Internal Model Committee is an advisory and 
preparatory body to the Board of Directors and the 
CEO of Sampo plc as well as for all Group companies’ 
Boards of Directors and CEOs using the Group Internal 
Model to calculate the Solvency Capital Requirement. 
In addition to these, Sampo has established a Sampo 
Group Reinsurance Committee, whose purpose is to 
discuss reinsurance related topics across various group 
companies and align interest on group level on 
reinsurance strategy and purchasing.
The risks in If and Hastings are monitored also by their 
Risk Committees. 
Risk management governance framework 
in Sampo Group
More detailed information on Sampo’s risk management 
is available in Sampo Group’s Solvency and Financial 
Condition Report 2024 which will be disclosed in May 
2025 at www.sampo.com/year2024.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 51

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

Compliance
In Sampo Group, compliance is an activity supporting 
business activities while being independently 
administered, ensuring the compatibility with applicable 
norms of all Group activities. 
The starting point of the Sampo Group Compliance 
Principles is that compliance with norms is an 
established part of Sampo plc’s corporate culture. The 
principles ensure that compliance activities are properly 
organised in Group companies, and that the business 
organisation is capable of responding to the changing 
requirements of the business environment. The 
guidance contains the perceived common 
denominators of successful compliance activity – a set 
of general principles that describe essential features of 
effective compliance activities within the context of the 
business environment in which Sampo Group 
companies are operating. The principles do not, 
however, limit the flexibility of each Group company 
when addressing its own specific needs in relation to 
compliance. 
Sampo Group Compliance Principles apply to all Sampo 
Group companies. It should, however, be noted that 
Sampo Group companies operate in several different 
jurisdictions, thus being under an obligation to abide 
with local legislation as well as authority rules and 
regulations. Consequently, the principles have been 
defined to facilitate the deployment of a set of tools 
and procedures serving best the individual needs for 
each company and local operating environment, and to 
ensure full compliance without jeopardising operational 
efficiency. The aforesaid obviously implies that the 
compliance function in each Group company must 
always meet the local standards and other 
requirements. 
According to the approved principles all compliance 
activity is designed to ensure that all business activities, 
as well as the reporting of financial results and risks, are 
at all times compliant with laws, authority regulations, 
and internal guidelines and principles. 
The compliance function also ensures that any 
applicable new legislation and regulation is fully 
enforced in Group companies’ guidelines and day-to-
day business activities. 
According to the principles, the Group companies are 
permitted to organise their compliance activities 
operationally and organisationally as they deem 
pertinent and effective within the framework of 
applicable legislation. 
Reporting of compliance activities is organised in each 
Group company as deemed appropriate and sufficient 
locally. Compliance matters are also regularly reported 
to the parent company’s Board of Directors’ Audit 
Committee, as determined in the Sampo Group 
Compliance Principles. Sampo plc’s Compliance 
function is responsible for overseeing the compiling of 
these reports on the basis of the subgroup specific 
reports provided by the Group companies. 
The CEO of Sampo Group is responsible for the proper 
organisation of the compliance function in the Group. 
The Board of Directors of each Group company ensures 
that the Group company has sufficient resources to 
organise effective internal control and compliance, 
while each Group company’s Managing Director is 
responsible for arranging the respective Group 
company’s compliance function. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 52

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

Insider administration
Given the nature of Sampo Group’s business areas, 
especially bearing in mind the extensive investment 
activities of Sampo Group companies, Sampo plc’s 
Board of Directors has approved separate Guidelines 
for Insiders that is binding on all persons employed by 
Sampo Group as well as on members of Sampo plc’s 
Board of Directors. In addition to current supranational 
law, such as the Market Abuse Regulation (Regulation 
(EU) No 596/2014 of the European Parliament and of 
the Council (“MAR”)), applicable national law, including 
Nasdaq Helsinki’s Guidelines for Insiders and the 
Financial Supervisory Authority’s regulations, as well as 
statements and interpretations, have been taken into 
account in compiling the Guidelines for Insiders. 
The Group Executive Committee, all Sampo plc’s 
employees and other Group’s employees working with 
interim statements and other financial announcements, 
and other persons who have access to such documents 
before publication thereof are under the following 
restrictions on trading: 
• persons must not conduct any transactions relating to 
the financial instruments of Sampo Group during a 
closed window of 30 calendar days before the 
announcement of financial reports (so called 
extended closed window) 
• persons are prohibited from having so called short-
term positions in Sampo A shares (including 
depositary receipts and share entitlements), which 
refers to a situation where the period between the 
acquisition and disposal or the disposal and the 
acquisition of the shares is less than one month
• Group Executive Committee members and their 
closely associated persons must request for prior 
permission before trading in Sampo Group’s financial 
instruments or in other separately defined financial 
instruments. 
In addition to regulatory supervision, compliance with 
the obligations under the Guidelines for Insiders and the 
underlying legislation is supervised by the Insider 
Administration, which is a group function centralised in 
Sampo plc and led by the person in charge of insider 
matters. 
Sampo Group’s Guidelines for Insiders is available at 
www.sampo.com/insiders. 
Whistleblowing
Sampo plc has a whistleblowing channel, which is based 
on the MAR. 
In connection with the entering into force of the MAR, 
Sampo plc adopted an internal procedure for all 
employees to report infringements of both internal and 
external rules and regulations. All whistleblowing 
notifications are investigated promptly in a confidential 
manner while protecting the identity of the 
whistleblower as far as possible. During 2024, no 
whistleblowing notifications were reported. 
Sampo Group companies have established their own 
whistleblowing channels designed to serve their 
personnel and relevant interest groups.
Principles for related party 
transactions
Sampo Group companies may not, as a general rule, 
enter into an agreement with related parties subject to 
terms and conditions that differ from those Sampo plc 
or its Group companies normally apply, or other 
agreements that are not commercially justified, with or 
for the benefit of certain individuals. All related party 
transactions shall be based on written agreements in 
accordance with the relevant local regulation and in the 
ordinary course of business and on arm’s length terms. 
Related party transactions in Sampo Group are 
traditionally purchases of internal services, or other 
services or products that are part of the ordinary 
business of a Group company. 
Sampo Group’s guidelines on related party transactions 
apply to all Group companies and they set the group-
wide principles for monitoring and assessing as well as 
decision-making and reporting of related party 
transactions. The rules for the company level 
identification, decision-making, and reporting processes 
are set in the company level policies of each Group 
company, as approved by the Board of Directors of 
each Group company. 
Related party transactions that are not part of the 
company’s ordinary course of business or are made in 
deviation from customary commercial terms, require a 
decision of Sampo plc’s Board of Directors to carry out 
the related party transaction. Such related party 
transactions shall be reported to the Group Compliance 
prior to entering into the transaction. 
Each Sampo subgroup shall maintain a register of the 
related parties linked to the company within Sampo 
Group by close links and the reported related party 
transactions. An accumulated list concerning the 
agreements of the related parties of Sampo plc is sent 
to Sampo plc’s Board of Directors or its committee 
annually. The Board of Directors or its committee must 
monitor and assess how agreements and other legal 
acts between the company and its related parties meet 
the requirements of ordinary activities and arm’s length 
terms. 
Additionally, in accordance with the Solvency II 
regulation, Sampo Group companies must report all 
significant related party transactions to the relevant 
supervisory authorities. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 53

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

Internal audit
Internal Audit is a function independent of business 
operations, which evaluates the efficiency and 
effectiveness as well as the maturity of the internal 
control system within Sampo Group. The function helps 
the organisation to accomplish its objectives by a 
systematic, disciplined approach to evaluate and 
improve the effectiveness of the risk management, 
control, and governance processes. The Group function 
is organised under the Board of Directors of Sampo plc 
and it reports to Sampo plc’s Board and Audit 
Committee. It is managed by the Group Chief Audit 
Executive, who is appointed by the Board of Directors 
of Sampo plc. Internal audit functions are established in 
each subgroup and legal entity as regulations demand 
and approved by the respective Board of Directors or 
equivalent. 
The work is carried out in accordance with the Sampo 
Group Internal Audit Policy, approved by the board of 
directors of each Group company. According to the 
Policy, the Internal Audit applies the mandatory 
guidance of the Institute of Internal Auditors as 
applicable. 
The Internal Audit establishes an internal audit plan for 
the regulated companies. A period for the audit plan 
may be defined in the subgroups. The plans are 
updated annually and approved by the board of 
directors in the respective legal entity. The plans of the 
subgroups are presented for Sampo plc’s Audit 
Committee’s information. The approach is risk based 
and it considers the focus areas of the business 
operations. The External Audit is informed about the 
internal audit plans. 
The Internal Audit function reports on the audits and 
follow-up activities performed to the Board of Directors 
of the legal entities, and to Sampo plc’s Audit 
Committee. Company-specific audit observations are 
reported to the respective companies’ management. 
Furthermore, the function submits audit reports to 
Sampo plc’s Audit Committee and the Board of 
Directors in all regulated entities at least twice a year. 
These reports include any significant deficiencies 
detected, including follow-up issues related to the risks 
not been mitigated or remedied according to the 
agreed action plans. In addition, an annual internal audit 
report is issued for Sampo Group. 
The Group Chief Audit Executive is responsible for 
ensuring that a quality assurance and improvement 
programme is established in the internal audit functions. 
The results are reported to Sampo plc’s Audit 
Committee.
External auditor
• Deloitte Ltd 
Authorised Public Accountant Firm 
• Jukka Vattulainen, APA ASA
Principally responsible auditor and sustainability 
reporting assurer
Audit firm Deloitte has acted as Sampo plc’s as well as If 
Group’s, Topdanmark’s and Hastings Group’s Auditor in 
2024. Deloitte was elected as Topdanmark’s Auditor in 
2024. 
The fees paid by Sampo Group companies to audit firm 
Deloitte for statutory audit services in 2024 totalled 
approximately EUR 4,322,000. In addition, Sampo 
Group companies paid audit firm Deloitte a total of 
approximately EUR 712,000 in fees for non-audit 
services, which is at most 16.5 per cent of the fees paid 
by Sampo Group companies to audit firm Deloitte for 
statutory audit services. 
The fees paid by Sampo plc to Deloitte Ltd for statutory 
audit services invoiced in 2024 totalled approximately 
EUR 450,000 and approximately EUR 137,000 for 
sustainability reporting assurance. In addition, Sampo 
plc paid Deloitte Ltd a total of approximately EUR 
204,000 in fees for non-audit services.
Sampo plc’s AGM held on 25 April 2024 elected 
Deloitte Ltd to act as Sampo plc’s Auditor with APA 
ASA Jukka Vattulainen as the auditor and sustainability 
reporting assurer with principal responsibility. APA ASA 
Jukka Vattulainen has acted as Sampo plc’s principally 
responsible auditor since May 2021.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 54

===== SIDA 55 =====

Sustainability Statement 
General information       ................................................ 56
Basis for preparation   ................................................ 56
Governance     ................................................................. 56
Strategy    ........................................................................ 61
Impact, risk, and opportunity management     .... 68
Environmental information    ................................... 71
EU Taxonomy     ............................................................. 71
Underwriting activities   ....................................... 72
Investment activities  ........................................... 74
Climate change    .......................................................... 77
Strategy   ................................................................... 78
Impact, risk, and opportunity 
management    .......................................................... 80
Metrics and targets      ............................................. 82
Resource use and circular economy    .................. 87
Impact, risk, and opportunity 
management    ......................................................... 88
Metrics and targets      ............................................. 89
Social information     .................................................... 90
Own workforce ........................................................... 90
Strategy   ................................................................... 91
Impact, risk, and opportunity 
management    .......................................................... 91
Metrics and targets      ............................................. 95
Workers in the value chain    .................................... 102
Strategy   ................................................................... 103
Impact, risk, and opportunity 
management    .......................................................... 103
Metrics and targets      ............................................. 106
Consumers and end-users  ...................................... 107
Strategy   ................................................................... 108
Impact, risk, and opportunity 
management    .......................................................... 108
Metrics and targets      ............................................. 112
Governance information   ........................................ 115
Business conduct     ...................................................... 115
Impact, risk, and opportunity 
management    .......................................................... 116
Metrics and targets      ............................................. 118
Annexes  ........................................................................ 119
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 55

===== SIDA 56 =====

General information
Basis for preparation
General basis for preparation of the 
sustainability statement
This Sampo Group Sustainability Statement 2024 has 
been prepared in accordance with the EU’s Corporate 
Sustainability Reporting Directive (CSRD) and the 
related European Sustainability Reporting Standards 
(ESRS). The Statement covers Sampo plc (Sampo) and 
its subsidiaries If P&C Insurance Holding Ltd (publ) (If), 
including Topdanmark A/S (Topdanmark), and Hastings 
Group (Consolidated) Ltd (Hastings). The consolidation 
principles used in the Sustainability Statement follow 
those used in Sampo Group’s financial reporting. The 
Statement includes Sampo Group’s own operations as 
well as upstream and downstream value chain as 
described under the heading Strategy, business model 
and value chain (p. 61).
Sampo Group has not used the option to omit a specific 
piece of information corresponding to intellectual 
property, know-how, or the results of innovation. 
Neither has Sampo Group used the exemption as 
provided for in articles 19a(3) and 29a(3) of Directive 
2013/34/EU.
In accordance with ESRS 1 appendix C, Sampo Group 
has used the phase-in options that may be used by all 
reporting undertakings in the sustainability reporting for 
2024.
Sampo Group has not marked this Sustainability 
Statement with digital XBRL sustainability tags in 
accordance with Chapter 7, Section 22 (1) (2) of the 
Accounting Act, as it has not been possible to comply 
with the provision due to the absence of the ESEF 
Regulation or other European Union (EU) legislation.
The comparative information (figures for the year 2023) 
reported in the Sustainability Statement related to the 
EU Taxonomy disclosures and greenhouse gas (GHG) 
emissions have not been assured by the assurance 
provider of this Sustainability Statement.
Disclosures in relation to specific 
circumstances
Sampo Group reports the disclosures in relation to 
specific circumstances (e.g. sources of estimation, 
outcome uncertainty) alongside the disclosures to 
which they refer (e.g. in the calculation principles of the 
respective metric), when applicable.
Governance
The role of the administrative, management, 
and supervisory bodies
Composition and diversity
Sampo Group’s administrative, management and 
supervisory bodies consists of nine non-executive board 
members and the Group Chief Executive Officer (CEO). 
Sampo’s Board of Directors does not have employee 
representatives. All Board members have been 
determined to be independent of the company and its 
major shareholders under the rules of the Finnish 
Corporate Governance Code 2025. 
Sampo’s Board Diversity Policy, which was updated in 
November 2024, aims to ensure that Sampo’s Board of 
Directors embodies a well-balanced mix of knowledge, 
skills, diversity, and experience, fully in line with Sampo 
Group’s values and Code of Conduct. Board members 
should have professional experience and education 
relevant and appropriate to Sampo’s scale and scope, 
including financial expertise, industry knowledge, 
international experience, risk management and strategic 
planning expertise, and governance and leadership 
skills. Diversity is key, with consideration given to at 
least age, gender, geographical provenance, and 
educational and professional background. Further, each 
Board member is expected to devote sufficient time to 
the Board’s work, and the Board as a whole shall fulfil 
the independence recommendations of the Corporate 
Governance Code.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 56

===== SIDA 57 =====

To promote gender balance, both genders shall always 
be represented on the Board, with a target that women 
and men both shall be represented by at least 40 per 
cent of the members of the Board. However, some 
deviations may be applied if deemed reasonable due to 
the number of Board members. The number of the 
Directors and the composition of the Board shall be 
such that they enable the Board of Directors to perform 
its duties efficiently. During the past ten years, Sampo’s 
Board of Directors has on average reached its target for 
gender diversity and the Board continues its efforts to 
reach the new minimum share of at least 40 per cent of 
the total number of members for both genders. As at 31 
December 2024, the share of women on Sampo’s Board 
of Directors was 33.3 per cent and the share of men was 
66.7 per cent.
Roles and responsibilities
Sampo’s Board of Directors is responsible for and has 
the ultimate oversight of group level sustainability, 
containing the entire range of environmental, social, and 
governance (ESG) matters. The board has assigned its 
Audit Committee to monitor Sampo Group’s 
sustainability reporting and activities, such as reporting 
in accordance with the CSRD, the double materiality 
assessment, and Sampo Group’s sustainability 
programme. Both the regulatory sustainability reporting 
and the Group sustainability programme enable the 
Board and the top management to monitor overall 
sustainability work and related targets. The annually 
published sustainability statement, including the double 
materiality assessment, and the annually updated 
Sampo Group Code of Conduct are reviewed by the 
Audit Committee and approved by the Board of 
Directors. 
Sampo’s Board of Directors elects and releases the 
Group CEO and appoints the Sampo Group Executive 
Committee (GEC). The Group CEO is in charge of the 
daily management of Sampo. The GEC supports the 
Group CEO in the preparation of strategic issues 
relating to Sampo Group, in the handling of operational 
matters that are significant or involve questions of 
principle, and in ensuring a good internal flow of 
information.
Sampo Group’s Chief Financial Officer (CFO), who is a 
member of the GEC, directs Sampo’s Sustainability unit. 
The CFO also ensures that adequate reporting on 
sustainability matters is provided to the Group CEO. 
Sampo’s Sustainability unit is responsible for the 
development and coordination of sustainability at 
group level. The Group CFO and the Sustainability unit 
report to the Board of Directors and the Audit 
Committee on material impacts, risks, and opportunities 
and associated targets, when needed.
Skills and expertise
Sampo has identified materially important areas of 
expertise which have to be sufficiently covered by the 
Board members’ range of skills and experience. These 
include business conduct, system of governance, and 
material impacts, risks, and opportunities related to the 
insurance industry. Sampo has a Board skills matrix, 
which shows the materially important areas of 
expertise, and the number and percentage of Board 
members who have strong experience in each area 
(self-assessment).
Non-financial experience has also been identified as a 
materially important area of expertise in the Board skills 
matrix. It is defined as the ability to interpret a 
company’s non-financial information (including 
information related to ESG matters), identify key issues, 
set appropriate controls, and take necessary measures 
based on this information. In addition to the existing 
expertise, the Board of Directors has access to training 
on the topics identified as important, as needed. The 
Board members can also leverage knowledge, for 
example, through other positions they hold. Training on 
the CSRD was provided to Sampo’s Board members in 
February 2024.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 57

===== SIDA 58 =====

Sustainability organisation and reporting structure
Sampo Group
Information provided to and sustainability 
matters addressed by the undertaking’s 
administrative, management, and 
supervisory bodies
Sampo Group’s CFO and Sampo’s Head of 
Sustainability report to the Board of Directors and the 
Audit Committee on sustainability matters at least twice 
a year, and more frequently when deemed necessary. 
During 2024, sustainability as a standalone topic was on 
the agenda at Board and/or Audit Committee meetings 
every quarter. The impacts, risks, and opportunities 
identified in Sampo Group’s double materiality 
assessment were presented to the Board and its Audit 
Committee in 2024 as part of regular Board reporting. 
Going forward, the assessment will be reviewed 
annually, as required by the legislation.
In addition to Sampo’s Sustainability unit, other units, 
such as Compliance, Risk Management, Investment 
Management and Operations, and Human Resources 
(HR), provide regular reporting to the Board and/or its 
committees and the Group Executive Committee. This 
reporting may also include sustainability matters, as 
sustainability is an integral part of operations. The 
Board and its committees receive meeting materials 
before each Board and/or committee meeting and have 
time to provide feedback. During a meeting, a 
presentation on the topic in question is provided before 
a decision is made. 
At Sampo Group, sustainability is seen as a business risk 
driver, and sustainability-related risks are a part of 
Sampo Group’s overall risk management. This means 
that sustainability considerations have been 
incorporated into overall business and business 
practices (e.g. insurance and investment operations). 
Sampo’s Board of Directors is responsible for ensuring 
that the Group’s risks are properly managed and 
controlled, while the Audit Committee prepares Sampo 
Group’s risk management principles and other 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 58

===== SIDA 59 =====

guidelines. Additionally, the Board of Directors oversees 
material impacts and opportunities related to strategy 
and major transactions together with the operative 
management.
A list of the material sustainability topics addressed by 
Sampo’s Board of Directors is presented in this 
Sustainability Statement under the heading Material 
impacts, risks, and opportunities, and their interaction 
with strategy and business model (p. 66). In addition, 
examples of topics addressed at the Board meetings in 
2024 include annual policy updates (e.g. Sampo Group 
Code of Conduct), regulatory development concerning 
sustainability (e.g. CSRD), sustainability reporting (e.g. 
climate-related work, EU Taxonomy, employee 
engagement, customer satisfaction), internal control, 
and regular compliance/governance/risk reporting.
Integration of sustainability-related 
performance in incentive schemes
Sampo's Board of Directors resolves all group level 
remuneration matters. The Nomination and 
Remuneration Committee supports the Board of 
Directors by preparing the proposals to the Board on 
the remuneration of the GEC members, Sampo Group's 
long-term incentive schemes (LTIs), maximum pay-outs 
based on short-term incentive programmes (STIs), as 
well as the actual payments to be made to the members 
of the GEC.
Sampo’s Remuneration Policy for Governing Bodies 
states that the performance measures of the STIs and 
LTIs of the Group CEO may include, for example, 
shareholder value creation, financial or operative key 
performance indicators (KPIs), and sustainability 
performance criteria. The Board members are 
independent of the companies and do not participate in 
variable compensation programmes.	
At Sampo Group, variable compensation is used to 
ensure the competitiveness of the total remuneration 
package and can be either short-term or long-term. 
Sampo’s Board of Directors decides on one-year STI 
programmes separately each year and on cash pay-outs 
from the programmes in the following year. The Group 
CEO participates in a one-year STI programme, where 
the payout is triggered by an underlying performance 
criterion and the outcome is determined on the basis of 
key financial and non-financial performance criteria 
related to Sampo Group and its subsidiaries. The 
maximum amount that can be paid to the Group CEO 
from the 2024 programme corresponds to 12 months' 
fixed salary. Part of the payout shall be deferred for at 
least three years as required in the regulatory 
framework applicable to Sampo.
The Group CEO also participates in the LTI scheme 
2024 for Sampo Group’s key employees. The Group 
CEO has been allocated 37,909 performance incentive 
units with a value equivalent to 150 per cent of his 
annual base salary at the time of allocation. The number 
of performance incentive units that will vest ranges 
from 0–37,909 and is dependent on performance 
criteria related to the development of the total 
shareholder return, operational performance, and 
sustainability. In addition, the performance incentive 
units are subject to Sampo A share price movements 
over the performance period. The scheme has a three-
year performance period and at pay-out from the 2024 
scheme, the Group CEO is obliged to purchase Sampo 
A shares with 50 per cent of the pay-out after 
deducting income tax and other comparable charges. 
The shares are subject to disposal restrictions for three 
years, after which the Board of Directors shall decide on 
the possible release.
Sustainability performance criteria
In 2024, 10 per cent of the reward from the STI 
programme was subject to work related to 
sustainability. The sustainability performance criterion 
of the STI was the submission of the group level 
science-based climate targets (SBTs) to the Science 
Based Targets initiative (SBTi) for validation. Also, 10 
per cent of the reward from the LTI scheme 2024 is 
subject to the performance of Sampo Group’s work 
related to sustainability. The sustainability performance 
criterion consists of Group and subsidiary balanced 
scorecards relating to the development, 
implementation, and execution of the SBTs.
In addition to the above mentioned criteria, Sampo 
Group did not factor further GHG emission reduction 
targets into remuneration in 2024.
Statement on due diligence
The main aspects and steps of Sampo Group’s due 
diligence process are described under the applicable 
disclosure requirements in this Sustainability Statement. 
The table Mapping of the main aspects and steps of the 
due diligence process (p. 60) lists the reported 
information. 
  
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 59

===== SIDA 60 =====

Mapping of the main aspects and steps of the due diligence process
Sampo Group
Core elements of 
due diligence Paragraphs in the Sustainability Statement
General disclosures and Governance information Environmental information Social information
Embedding due 
diligence in 
governance, 
strategy, and 
business model
• How sustainability matters are addressed in Sampo 
Group's management (p. 58)
• STIs, LTIs, and the ESG criteria included in 
remuneration (p. 59)
• Material impacts, risks, and opportunities (IROs), and 
their linkage to the Group's strategy and business 
model (p. 66)
• Material IROs in relation to Business conduct (p. 115)
• STIs, LTIs and the ESG criteria-related to science-
based targets (p. 59)
• Material IROs in relation to climate change (p. 77) and 
resource use and circular economy (p. 87)
• Material IROs in relation to own workforce (p. 90), 
workers in the value chain (p. 102) and consumers 
and end-users (p. 107)
Engaging with 
affected 
stakeholders in 
all key steps of 
the due diligence
• How sustainability matters are addressed in Sampo 
Group's management (p. 58)
• How interests and views of stakeholders are taken 
into account in the Group’s strategy and business 
model (p. 64)
• How the process to identify IROs and assessing 
materiality is informed by the due diligence process 
and includes consultation with affected stakeholders 
(p. 68)
• Policies related to business conduct and corporate 
culture (p. 116)
• Process to identify and assess IROs related to climate 
change and resource use and circular economy, 
including how affected stakeholders have been 
considered (p. 68)
• Policies related to climate change (p. 80) and 
resource use and circular economy (p. 88)
• How interests and views of own workforce, workers 
in the value chain, and consumers and end-users are 
taken into account in strategy and business model 
(p. 64)
• Policies related to own workforce (p. 91), workers in 
the value chain (p. 103), and consumers and end-
users (p. 108) 
• Processes for engaging with own workforce (p. 92), 
workers in the value chain (p. 104), and consumers 
and end-users (p. 109), including grievance 
mechanisms and remediation of negative impacts
Identifying and 
assessing 
adverse impacts
• Description of the double materiality assessment, 
including specific information on the process to 
identify and assess governance-related negative 
impacts (p. 68)
• Identified material IROs, as well as how negative 
impacts interact with strategy and business model 
(p. 66)
• Description of the double materiality assessment, 
including additional description of the process to 
identify and assess climate and circular economy-
related negative impacts (p. 68)
• How negative impacts related to climate change 
interact with strategy and business model as well as 
additional information about climate-related risks 
(p. 78)
• Description of the double materiality assessment 
(p. 68)
• How negative impacts related to own workforce 
(p. 91), workers in the value chain (p. 103), and 
consumers and end-users (p. 108) interact with 
strategy and business model
Taking actions to 
address those 
adverse impacts
• Management of supplier relationships and prevention 
and detection of corruption and bribery (p. 116)
• Actions and resources related to climate change 
(p. 80) and resource use and circular economy 
(p. 88)
• Transition plan for climate change mitigation (p. 79)
• Actions and resources related to own workforce 
(p. 93), workers in the value chain (p. 105), and 
consumers and end-users (p. 111)
Tracking the 
effectiveness of 
these efforts and 
communicating
• Metrics and targets related to business conduct 
(p. 118)
• Metrics and targets related to climate change (p. 82) 
and resource use and circular economy (p. 89)
• Metrics and targets related to own workforce (p. 95), 
workers in the value chain (p. 106), and consumers 
and end-users (p. 112)
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 60

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

Risk management and internal controls over 
sustainability reporting
Sampo Group’s risk management and internal control 
system in relation to the sustainability reporting process 
are a part of Sampo Group’s overall risk management. 
As part of Sampo Group's internal control framework, 
the Group companies have comprehensive risk 
management procedures in place to ensure the 
functioning of the reporting process, including 
sustainability reporting. Risk management procedures 
include risk identification, assessment, measurement, 
monitoring, and reporting. 
Sampo Group identifies and assesses risks related to 
operations on a regular basis. The process takes into 
account the causes and consequences of the risks and 
the existing controls. In addition to assessing the 
likelihood and impact of the risk realisation, Sampo 
Group assesses the need for possible additional 
measures. Based on the assessment, the risks are 
arranged in the order of their significance.
Risks related to the sustainability reporting process are 
mainly linked to ensuring the accuracy and 
completeness of the information. Sampo Group controls 
these risks, for example, through internal guidelines, 
well-defined responsibilities, the use of the four-eyes 
principle, and other controls.
During the risk identification and assessment, an owner 
is appointed for all identified risks. The owner is 
responsible for taking action and developing measures 
in relevant internal functions based on the findings.
The most significant risks and related mitigation 
measures are regularly discussed, for example, in the 
Group’s risk committees. Chief Risk Officers (CROs) 
report risks to the respective senior management and 
the Board of Directors.
Strategy
Strategy, business model, and value chain
Sampo Group’s strategy focuses on P&C insurance; 
investing in and developing its P&C insurance 
operations across the Nordic countries, the UK, and the 
Baltics. The strategy is based on disciplined 
underwriting, strong operational capabilities, and 
customer centricity. Combined with careful risk 
management, this enables Sampo Group to deliver 
attractive margins and strong financial resilience, both 
of which Sampo considers essential to value creation.
Sampo Group’s insurance operations are conducted 
through If, Topdanmark (which is to be merged with If), 
and Hastings. The subsidiaries are responsible for 
pricing their products and services, organising their 
sales and implementation processes, ensuring the 
profitability, efficiency, quality, security, and continuity 
of their operations, as well as for liabilities towards their 
customers. The subsidiaries are also responsible for the 
management of assets and liabilities, risks, and 
capitalisation on the business area and company level.
Sampo Group provides safety to customers through its 
high-quality P&C insurance products. Safety is enabled 
by a detailed understanding of various risks that Sampo 
Group underwrites. By pooling risks, Sampo Group 
balances the various risks of the customer base and 
provides insurance coverage for events that can be 
complex for customers to prepare for without P&C 
insurance products.
Sampo Group accomplishes the safety and value 
creation through its teams of employed professionals 
and through cooperation with suppliers and other 
business partners. The value created for customers 
flows to fair compensation to Sampo Group's 
employees and suppliers, and shareholders. This safety 
also benefits society at large, enabling other sectors to 
continue creating value through their value chains, 
which are insured for perils with Sampo Group’s P&C 
insurance solutions.
Sampo Group’s activities are divided into own 
operations, and an upstream and downstream value 
chain. The Group’s own operations are focused on P&C 
insurance operations, with an emphasis on underwriting 
and managing risk, customer support, and investment 
operations. Sampo Group’s upstream value chain 
includes suppliers of office products and services (e.g. 
ICT suppliers and external data providers) who support 
the running of the business. In the downstream value 
chain, Sampo Group has a large network of suppliers 
and business partners, of which suppliers in claims 
handling and loss prevention (e.g. vehicle and property 
repair contractors), and partners in health and travel 
services form a major part. The main features of Sampo 
Group’s value chain are described in the figure Value 
chain (p. 62).
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
BOARD OF DIRECTORS’ REPORT 2024 61

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