Årsredovisning 2024

schemes of the Group companies can be found in 
note 26 Incentive schemes.
The schemes have been measured at fair value at the 
grant date and at every reporting date thereafter. 
In the schemes settled in cash, the valuation is 
recognised as a liability and changes are recognised 
through profit or loss. In the schemes settled in shares, 
the strike amounts received on the exercise of the 
options are recognised in the shareholder’s equity.
The fair value of the schemes has to a large extent been 
determined using the Black-Scholes-pricing model. The 
fair value of the market-based part of the incentive 
takes into consideration the model’s forecast 
concerning the number of incentive units to be paid as 
a reward. The effects of non-market-based terms are 
not included in the fair value of the incentive; instead, 
they are considered in the number of those incentive 
units that are expected to be exercised during the 
vesting period. In this respect, the Group will update the 
assumption on the estimated final number of incentive 
units at every interim or annual balance sheet date.
Provisions
A provision is recognised when the Group has a present 
legal or constructive obligation as a result of a past 
event, and when it is probable that an outflow of 
resources embodying economic benefits will be 
required to settle the obligation and the Group can 
reliably estimate the amount of the obligation.
If it is expected that some or all of the expenditure 
required to settle the provision will be reimbursed by 
another party, the reimbursement will be treated as a 
separate asset only when it is virtually certain that the 
Group will receive it.    
Income taxes
Item Tax expenses in the income statement comprise 
current and deferred tax. Tax expenses are recognised 
through profit or loss, except for items recognised 
directly in equity or other comprehensive income, in 
which case the tax effect will also be recognised for 
those items. Current tax is calculated based on the valid 
tax rate of each country. Tax is adjusted for any tax 
related to previous periods.
Deferred tax is calculated on all temporary differences 
between the carrying amount of an asset or liability in 
the balance sheet and its tax base. Deferred tax is not 
recognised on non-deductible goodwill impairment, nor 
is it recognised on undistributed profits of subsidiaries 
to the extent that it is probable that the temporary 
difference will not reverse in the foreseeable future. 
Deferred tax liabilities and assets are offset in individual 
companies if, and only if, they relate to income taxes 
levied by the same taxation authority and the company 
has a legally enforceable right of offset them.
Deferred tax is calculated using the enacted tax rates 
prior to the balance sheet date. A deferred tax asset is 
recognised to the extent that it is probable that future 
taxable income will be available against which a 
temporary difference can be utilised.
Share capital 
The incremental costs directly attributable to the issue 
of new shares or options or to the acquisition of a 
business are included in equity as a deduction, net of 
tax, from the proceeds. 
Dividends are recognised in equity in the period when 
they are approved by the Annual General Meeting. 
When the parent company or other Group companies 
purchase the parent company’s equity shares, the 
consideration paid is deducted from equity as treasury 
shares until they are cancelled. If such shares are 
subsequently sold or reissued, any consideration 
received is included in equity.
Treasury shares 
The purchase price paid for the buy-back of treasury 
shares (own shares) is directly deducted from equity. 
No gains or losses are recognised from purchase, sale, 
or cancellation of own shares. If own shares are re-
issued, the difference between purchase price and 
consideration received is recognised in the premium 
reserve.
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-
term deposits (3 months).
Sampo presents cash flows from operating activities 
using the indirect method, in which the profit (loss) 
before taxation is adjusted for the effects of 
transactions of a non-cash nature, deferrals and 
accruals, and income and expense associated with 
investing or financing cash flows.
In the cash flow statement, interest received and paid is 
presented in cash flows from operating activities. In 
addition, the dividends received from other than 
associated companies are included in cash flows from 
operating activities. Dividends received from associates 
are presented in cash flows from investments. 
Dividends paid are presented in cash flows from 
financing.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 157

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

Accounting policies requiring 
management judgement and 
key sources of estimation 
uncertainties
Preparation of the accounts in accordance with the 
IFRS requires management estimates and assumptions 
that have affected the revenue, expenses, assets, 
liabilities and contingent liabilities presented in the 
financial statements. Judgement is also required in the 
application of accounting policies. The estimates made 
are based on the best information available at the 
balance sheet date. The estimation is based on historical 
experience and the most probable assumptions 
concerning the future at the balance sheet date. The 
actual outcome may deviate from results based on 
estimates and assumptions. Any changes in the 
estimates will be recognised in the financial year during 
which the estimate is reviewed in all subsequent 
periods.
Insurance contracts
Sampo Group management applies judgement 
regarding the determination of discount rates and risk 
adjustment.
The interest rate curve includes a risk-free rate and an 
illiquidity premium determined by Management, which 
in Sampo Group is mainly based on a portfolio of high-
rated bonds.
Risk adjustment is determined separately for all Sampo 
Group’s companies and aggregated at the Group level. 
Management considers this to reflect the compensation 
that different entities would require for bearing non-
financial risk and their degree to risk aversion. The 
confidence level approach is applied in the Group 
companies. The confidence level applied in calculating 
the risk adjustment is varying between group 
companies from 75 per cent to 85 per cent. If Group 
applies a confidence level of 85 per cent, and Hastings 
75 per cent, respectively. 
Actuarial assumptions 
Evaluation of insurance liabilities always involves 
uncertainty, as technical provisions are based on 
estimates and assumptions concerning future claims 
costs. The estimates are based on statistics on historical 
claims available to the Group on the balance sheet date. 
The uncertainty related to the estimates is generally 
greater when estimating new insurance portfolios, or 
portfolios where the clarification of a loss takes a long 
time because complete claims statistics are not yet 
available. In addition to historical data, estimates of 
insurance liabilities take into consideration other 
matters such as claims development, the amount of 
unpaid claims, legislative changes, court rulings and the 
general economic situation.
A substantial part of the Group’s P&C insurance 
liabilities concerns statutory accident and traffic 
insurance. The most significant uncertainties related to 
the evaluation of these liabilities are assumptions about 
inflation, mortality, discount rates and the effects of 
legislative revisions and legal practices.
Defined benefit plans as intended in IAS 19, are also 
estimated in accordance with actuarial principles. As 
the calculation of a pension plan reserve is based on 
expected future pensions, assumptions must be made 
not only about discount rates, but also about matters 
such as mortality, employee turnover, price inflation and 
future salaries. 
Determination of fair value
The fair value of any non-quoted financial assets is 
determined using valuation methods that are generally 
accepted in the market. 
Impairment tests 
Goodwill, and intangible assets with an indefinite useful 
life are tested for impairment at least annually. The 
recoverable amounts from cash-generating units have 
mainly been determined by using calculations based on 
the value in use. These require management estimates 
on matters such as future cash flows, the discount rate, 
and, general economic growth and inflation.
Acquisition of Topdanmark’s non-
controlling interest
On 17 June 2024, Sampo announced that Sampo and 
Topdanmark had 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. The transaction was 
completed by the compulsory acquisition of the 
remaining Topdanmark minority shares on 25 October 
2024. Following the acquisition of NCI, Sampo plc sold 
all the issued shares in Topdanmark A/S to If P&C 
Insurance Holding Ltd. For more detailed description of 
the acquisition, please see note 28. 
In accordance with IFRS 10 Consolidated Financial 
Statements, after the control of a subsidiary has been 
gained, any subsequent change in the ownership, not 
resulting in a loss of control, is treated as an equity 
transaction between the non-controlling interests and 
the owners of the parent company (IFRS 10.23). The 
acquisition of non-controlling interest of Topdanmark 
was accounted for as an equity transaction between the 
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
FINANCIAL STATEMENTS 2024 158

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

NCI and the owners of the parent. Transaction costs, 
which were incremental and directly related to equity 
transaction, were deducted directly from equity. The 
original purchase price allocation calculation (PPA), 
prepared at the time of the original acquisition in 2017, 
and including goodwill, remained unchanged. 
Measurement of acquired Topdanmark shares 
Sampo has determined that the measurement of 
acquired Topdanmark A/S shares was based on the 
compensation given as an exchange of those shares. 
The issue price was determined based on the closing 
price of the Sampo class A shares on Nasdaq Helsinki 
Ltd on the last full trading day prior to the Sampo 
Board resolving upon the directed issuance of shares. 
For shares acquired via compulsory acquisition, the 
value of acquired shares was determined based on the 
compensation paid in cash. 
Sale of Topdanmark A/S shares to If P&C Insurance 
Holding Ltd
As the sale transaction of Topdanmark’s shares was an 
intra-group transaction, all impacts, including the sales 
gain of the shares, were eliminated on the Sampo Group 
level. The sales gain was due to the previously owned 
shares being on balance sheet at historical value. The 
transaction was completed at arm’s length basis. The 
intra-group sale of shares met the definition of a 
common control transaction as both If P&C Insurance 
Holding Ltd and Topdanmark A/S are under control of 
Sampo plc before and after the acquisition. 
As part of the intra-group sales transaction, Sampo 
granted If P&C Insurance Holding loans denominated 
partly in currencies other than functional currencies 
either in Sampo or in If Group. IAS 21 The Effects of 
Changes in Foreign Exchange Rates enables to 
recognise exchange rate differences arising from a loan 
(monetary item) in other comprehensive income when 
that loan is included as part of the net investment in a 
foreign operation. Sampo has assessed that in its 
consolidated accounts, the long-term loan receivable 
forms a part of Sampo’s net investment in foreign 
operation i.e. investment in subsidiary shares in If P&C 
Insurance Holding Ltd.
Segment presentation
At the end of the financial year, Sampo Group’s 
business segments were If, Topdanmark, Hastings and 
Holding.  Topdanmark continued to be presented as a 
business segment regardless of the intra-group sale of 
Topdanmark A/S shares. As Sampo presents reporting 
segments unchanged for the financial year 2024 
reporting, no changes have been done to the allocation 
of goodwill to Topdanmark segment. 
Restructuring reserve
Following the acquisition of non-controlling interests in 
Topdanmark, Sampo plc sold the shares of Topdanmark 
A/S to If P&C Insurance Holding Ltd for further 
integration into If Group’s structure. In connection with 
the acquisition and the integration of Topdanmark into 
If Group, the one-off restructuring costs incurred 
amounted to approximately EUR 150 million. If and 
Topdanmark have estimated that requirements set in 
the IAS 37 Provisions, Contingent Liabilities and 
Contingent Assets for a recognition of a provision were 
met at the end of the reporting period. The 
restructuring provision is recognised as it is probable 
that the restructuring costs will incur while carrying out 
the integration. The costs relate mainly to redundancies, 
decommissioning and sunsetting of systems as well as 
rebranding. 
On Sampo Group level, the restructuring provision 
amounted to approximately EUR 150 million, of which 
EUR 77 million was recognised in If’s segment and EUR 
73 million in Topdanmark’s segment. In Sampo Group’s 
balance sheet, the restructuring provision is presented 
under other liabilities. 
Pillar II
Sampo Group is within the scope of Pillar II regulations 
(EU Minimum Tax Directive and OECD Safe Harbour 
rules). Sampo Group companies have applied a 
temporary mandatory relief from deferred tax 
accounting for any potential impacts of the top-up tax 
and account for it as a current tax should it occur. 
Sampo Group will, as of fiscal year 2024, be subject to 
the global minimum top-up tax rules either at the 
ultimate parent entity level, by Sampo plc in Finland, or 
domestic top-up tax in the countries where Sampo 
Group companies operate and where such rules are 
enacted. At the reporting date, Sampo Group has 
identified that Hastings’ operations in Gibraltar are 
subject to the global minimum top-up tax rules. 
Discontinued operations in 2023
In order to segregate the Mandatum subgroup in the 
demerger of Sampo plc, Mandatum’s assets and 
liabilities were reclassified as a disposal group held for 
distribution to owners and related liabilities on 31 March 
2023. In the statement of profit and other 
comprehensive income, the result of Mandatum is 
reported as a single line item as profit from the 
discontinued operations. 
The partial demerger was completed on 1 October 
2023, and the first trading day for Mandatum on 
Nasdaq Helsinki was 2 October 2023. In the demerger, 
all the shares in Mandatum Holding Ltd (a wholly owned 
direct subsidiary of Sampo plc) and the related assets 
and liabilities were transferred without a liquidation 
procedure to Mandatum plc, a company incorporated in 
the demerger on the effective date. 
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
FINANCIAL STATEMENTS 2024 159

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

In addition, EUR 102 million of Sampo's general 
liabilities, not allocated to any specific business 
operations, were allocated to Mandatum plc. These 
liabilities cannot be legally transferred due to their 
nature, and therefore Sampo and Mandatum agreed on 
forming an equivalent debt relationship between them 
on 2 October 2023. 
Application of new or revised 
IFRSs and interpretations
The Group will apply new or amended standards and 
interpretations related to the Group’s business in the 
financial years when they become effective, or if the 
effective date is other than the beginning of the 
financial year, during the financial year following the 
effective date. The new IFRSs coming into effect in the 
financial year 2025 will not have any significant 
influence on the Group's financial reporting.
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
FINANCIAL STATEMENTS 2024 160

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

Segment information
At the end of the reporting period, Sampo Group’s 
business segments are If, Topdanmark, Hastings and 
Holding. Topdanmark continued to be presented as a 
business segment regardless of the intra-group sale of 
Topdanmark A/S shares to If P&C Holding Ltd. 
Segment information has been produced in accordance  
with the accounting policies adopted for preparing and 
presenting the consolidated financial statements. The  
segment revenue, expense, assets and liabilities, either  
directly attributable or reasonably allocable, have been 
allocated to the segments. Inter-segment pricing is 
based on market prices. The transactions, assets and 
liabilities between the segments are eliminated in the 
consolidated financial statements on a line-by-line basis. 
There was no significant income between segments 
during the financial periods.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 161

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

Result by segment for twelve months ended 31 December 2024
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
GWP & brokerage income  5,860  1,553  2,565  —  -47  9,931 
Insurance revenue, net (incl. 
brokerage)  5,258  1,470  1,659  —  —  8,386 
Claims incurred, net  -3,554  -970  -938  —  4  -5,459 
Operating expenses  -814  -267  -532  —  —  -1,612 
Underwriting result  890  233  190  —  3  1,316 
Net investment income  652  93  72  78  -8  888 
Insurance finance income or 
expense, net  -188  -33  -31  —  —  -252 
Net financial result  464  60  41  78  -8  636 
Other items  -98  -155  -39  -107  8  -392 
Profit before taxes  1,256  137  193  -29  3  1,559 
Income taxes  -252  -48  -30  0  —  -330 
Profit after taxes  1,003  90  163  -30  3  1,229 
Divested operations, net of 
tax  —  -26  —  —  —  -26 
Net profit  1,203 
Other comprehensive income
Items reclassifiable to profit 
or loss
Exchange differences  -104  -1  101  —  —  -4 
Cash flow hedges  —  —  1  —  —  1 
Total items reclassifiable to 
profit or loss, net of tax  -104  -1  102  —  —  -3 
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
Items not reclassifiable to 
profit or loss
Actuarial gains and losses 
from defined pension plans  0  —  —  —  —  0 
Taxes  0  —  —  —  —  0 
Total items not reclassifiable 
to profit or loss, net of tax  0  —  —  —  —  0 
Total other comprehensive 
income, net of tax  -105  -1  102  —  —  -3 
Total comprehensive income  899  63  265  -30  3  1,200 
Profit attributable to
Owners of the parent  1,154 
Non-controlling interests  50 
Total comprehensive income 
attributable to
Owners of the parent  1,151 
Non-controlling interests  50 
All intra-group transactions related to the sale of Topdanmark A/S shares to If P&C Insurance 
Holding Ltd have been eliminated already from the segment figures. For more information on the 
transaction, please see note 28. 
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
FINANCIAL STATEMENTS 2024 162

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

Result by segment for twelve months ended 31 December 2023
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
GWP & brokerage income  5,468  1,339  2,063  —  —  8,870 
Insurance revenue, net 
(incl. brokerage)  4,996  1,288  1,251  —  —  7,535 
Claims incurred, net  -3,377  -862  -714  —  —  -4,953 
Operating expenses  -777  -233  -409  —  —  -1,419 
Underwriting result  842  194  128  —  —  1,164 
Net investment income  871  107  79  -37  -13  1,006 
Insurance finance income 
or expense, net  -331  -79  -35  —  —  -446 
Net financial result  539  27  44  -37  -13  560 
Other items  -24  -59  -42  -122  4  -243 
Profit before taxes  1,358  162  129  -160  -9  1,481 
Income taxes  -285  -43  -11  0  —  -339 
Profit from the continuing 
operations  1,073  119  118  -160  -9  1,142 
Discontinued operations, 
net of tax 1  —  —  —  —  9  251 
Net profit  1,393 
Other comprehensive 
income
Items reclassifiable to 
profit or loss
Exchange differences  -23  -3  24  —  —  -1 
Cash flow hedges  —  —  -1  —  —  -1 
Total items reclassifiable 
to profit or loss, net of tax  -23  -3  23  —  —  -3 
EURm If
Topdan-
mark Hastings  Holding Elim.
Sampo 
Group
Items not reclassifiable 
to profit or loss
Actuarial gains and 
losses from defined 
pension plans  -6  —  —  —  —  -6 
Taxes  1  —  —  —  —  1 
Total items not 
reclassifiable to profit 
or loss, net of tax  -5  —  —  —  —  -5 
Total other 
comprehensive income 
for the continuing 
operations, net of tax  -28  -3  23  —  —  -8 
Total comprehensive 
income  1,045  117  141  -160  -9  1,386 
Profit attributable to
Owners of the parent  1,323 
Non-controlling interests  70 
Total comprehensive 
income attributable to
Owners of the parent  1,316 
Non-controlling interests  70 
Mandatum Group has been presented in the comparative year in a single line as discontinued 
operations, and therefore the Group total by lines do not reconcile to the segment totals. 
1 The elimination totalling EUR 9 million is related to intra-segment operations between the 
reportable segments and discontinued operation. 
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
FINANCIAL STATEMENTS 2024 163

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

Balance sheet by segment at 31 December 2024
EURm If Topdanmark Hastings Holding Elim. Sampo Group
Assets
Property, plant and equipment  151   114   15   3   —   284  
Intangible assets  560  1,521  1,554  1  —  3,637 
Investments in associates  4  —  —  —  —  4 
Financial assets  10,454  2,418  2,287  7,645  -6,713  16,090 
Deferred income tax  4  1  —  0  -4  2 
Reinsurance contract assets  679  73  1,896  —  -30  2,618 
Other assets  593  91  167  31  -1  880 
Cash and cash equivalents  273  108  333  248  —  962 
Total assets  12,720  4,327  6,252  7,927  -6,748  24,478 
Liabilities
Insurance contract liabilities  7,049   1,875   3,396   —   -33   12,286  
Subordinated debts  131  147  —  1,491  -127  1,642 
Other financial liabilities  19  43  353  979  —  1,395 
Deferred income tax  358  113  64  —  —  535 
Other liabilities  1,113  290  110  51  -1  1,562 
Total liabilities  8,670  2,469  3,923  2,520  -162  17,419 
Equity
Share capital  98 
Reserves  3,531 
Retained earnings  4,176 
Other components of equity  -746 
Equity attributable to owners of the parent  7,059 
Non-controlling interests  — 
Total equity  7,059 
Total equity and liabilities  24,478 
All intra-group transactions related to the sale of Topdanmark A/S shares to If P&C Insurance Holding Ltd have been eliminated already from the segment figures. For more information on the transaction, 
please see note 28.. 
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
FINANCIAL STATEMENTS 2024 164

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

Balance sheet by segment at 31 December 2023
EURm If Topdanmark Hastings Holding Elim. Sampo Group
Assets
Property, plant and equipment  177   117   19   4   —   318  
Intangible assets  579  1,545  1,512  1  —  3,637 
Investments in associates  4  8  —  —  —  12 
Financial assets  10,838  2,060  1,407  7,564  -6,112  15,757 
Deferred income tax  4  4  —  —  -4  3 
Reinsurance contract assets  563  79  1,640  —  —  2,282 
Other assets  553  89  136  23  —  800 
Cash and cash equivalents  197  24  448  747  —  1,415 
Total assets  12,915  3,926  5,162  8,339  -6,117  24,225 
Liabilities
Insurance contract liabilities  7,134  1,855  2,726  —  —  11,716 
Subordinated debts  135  148  —  1,490  -127  1,645 
Other financial liabilities  58  46  186  979  —  1,269 
Deferred income tax  352  139  76  —  —  567 
Other liabilities  1,011  162  112  58  —  1,342 
Total liabilities  8,689  2,350  3,100  2,527  -128  16,538 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  6,378 
Other components of equity  -743 
Equity attributable to owners of the parent  7,263 
Non-controlling interests  424 
Equity  7,687 
Total equity and liabilities  24,225 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 165

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

Geographical information
EURm
2024 Finland Sweden Norway Denmark UK Baltic Total
Revenue from external customers  1,269    1,954    1,749    2,126    2,234    245    9,577   
Non-current assets  99    433    179    1,639    1,570    6    3,925   
EURm
2023 Finland Sweden Norway Denmark UK Baltic Total
Revenue from external customers  1,343    1,801    1,654    1,897    1,977    223    8,894   
Non-current assets  111    454    189    1,675    1,531    7    3,968   
Geographical information has been disclosed on income from external customers and 
non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, UK and 
the Baltic countries.
The revenue includes insurance revenue according to the underwriting country. 
Holding includes net investment income and other operating income. For Hastings, 
income from broker activities has been included as well. Revenue from external 
customers during the reporting period 2023 includes Mandatum’s revenue until the 
date of demerger i.e. 1 October 2023. 
Non-current assets comprise of intangible assets, investments in associates, property, 
plant and equipment, and investment property. Mandatum’s assets were no longer 
included at the end of the comparative period 2023.
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
FINANCIAL STATEMENTS 2024 166

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

Other notes
1 Insurance service result
EURm 1-12/2024 1-12/2023
Insurance revenue 
Insurance contracts measured under PAA
Gross written premiums  9,527  8,513 
Change in liability for remaining coverage  -343  -329 
Brokerage revenue  266  233 
Total insurance revenue from contracts measured under PAA  9,450  8,417 
Total insurance revenue  9,450  8,417 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -5,827  -5,292 
Claims handling expenses  -518  -468 
Change in liability for incurred claims  118  -29 
Change in risk adjustment  -80  -9 
Change in loss component  21  -12 
Insurance service expenses related to claims incurred  -6,287  -5,810 
Operating expenses  -1,396  -1,266 
Total insurance service expenses  -7,684  -7,076 
Reinsurance result 
Premiums  -909  -1,005 
Claims recovered  537  857 
Total reinsurance result  -372  -148 
Total insurance service result  1,394  1,193 
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
FINANCIAL STATEMENTS 2024 167

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

2 Net investment income
The net investment income consists of investment income and expenses from financial 
assets and liabilities held by the group companies. 
EURm 1-12/2024 1-12/2023
Derivative financial instruments
Interest income  4   6  
Interest expense  0   -23  
Net gains or losses  13   5 
Derivative financial instruments, total  17   -12 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  493   447 
Net gains or losses  147   364 
Equity securities 
Dividend income  37   59 
Net gains or losses  81   64 
Funds
Distributions  6   5 
Interest income  10   11 
Net gains or losses  70   60 
Financial assets at fair value through profit or loss, total  844   1,010 
Financial assets at amortised cost  32   23 
Total income or expenses from financial assets  892   1,021 
Other
Expenses from asset management  -21   -19 
Other income  57   34 
Other expenses  -38   -26 
Fee expenses  0   -1 
Expenses from investment property  -3   -4 
Total other  -4   -15 
Total net investment income  888   1,006 
Net gains or losses for debt securities include exchange differences of EUR 2 million (-3).
The amount of expected credit losses on financial assets measured at amortised cost is 
presented in the note 12. 
3 Net finance income or expense from 
insurance contracts
EURm 1-12/2024 1-12/2023
Insurance contracts
Unwinding of discount rate  -324    -322   
Effect of changes in interest rates and other financial 
assumptions  15    -207   
Total finance income or expenses from insurance contracts  -309    -529   
Reinsurance contracts
Unwinding of discount rate  86    74   
Reinsurers' share of effect of changes in interest rates and 
other financial assumptions  -29    9   
Total finance income or expenses from reinsurance contracts  57    83   
Net finance result insurance and reinsurance contracts  -252    -446   
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
FINANCIAL STATEMENTS 2024 168

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

4 Other income
EURm 1-12/2024 1-12/2023
Other income  300    265   
Income related to broker activities  12    12   
Total other income  312    277   
If’s other operating income includes approximately EUR 144 million (144) income from 
insurance operations without a transfer of insurance risk. Such income is primarily 
attributable, e.g. to sales commission and services for administration and claims 
settlement in insurance contracts on behalf of other parties. This operating income is 
accounted for under IFRS 15 Revenue from Contracts with Customers. In addition, 
other operating income includes income from roadside assistance services provided by 
If’s subsidiary Viking Assistance Group AS, recognised when roadside assistance has 
been provided. 
Hastings’ operating income includes total of EUR 134 million (115) revenue recognised 
under IFRS 15 and consisting of fees and commission on panel providers, ancillary 
product income, and other retail income. Income related to broker activities is also 
accounted for under IFRS 15 if there is no insurance risk transferred to Hastings. 
5 Other expenses
EURm 1-12/2024 1-12/2023
Other expenses  -465    -300   
Depreciation and amortisation  -119    -99   
Salaries and other staff costs  -100    -57   
Total other expenses  -685    -457   
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the 
following table provides additional information on the nature of the expenses, 
including the total of depreciation, amortisation, and employee benefit expense. 
EURm 1-12/2024 1-12/2023
Staff costs
Salaries and wages  -967  -893 
Cash-settled share-based payments  -22  -4 
Share-settled share-based payments  -7  -2 
Pension costs
Pension expenses - defined contribution plans  -101  -99 
Pension expenses - defined benefit plans  -9  -15 
Other social security costs  -188  -168 
Depreciations 
Depreciation on plant and equipment  -17  -15 
Depreciation IFRS 16  -34  -33 
Amortisations
Amortisation on customer relations  -72  -64 
Amortisation on other intangibles  -57  -46 
Rental expenses  -35  -34 
IT costs  -243  -244 
Marketing expenses  -75  -62 
Other  -824  -654 
Total expenses split by nature  -2,653    -2,335   
The comparative year includes Mandatum Group’s figures.
The main items in line Other include commissions of EUR 146 million (138), other 
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92), 
and levies EUR 47 million (48).
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
FINANCIAL STATEMENTS 2024 169

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

6 Auditor's fees
EUR thousand 1-12/2024 1-12/2023
Auditing fees  -4,322    -4,666   
Deloitte  -4,322    -4,032   
KPMG  —    -634   
Other fees  -712    -612   
Deloitte  -712    -460   
KPMG  —    -152   
Total  -5,034    -5,278   
7 Finance expenses
EURm 1-12/2024 1-12/2023
Interest expense on financial liabilities  -21    -24   
Interest expense on subordinated loans  -52    -48   
Other items  -30    -22   
Total finance expenses  -103    -93   
8 Components of other comprehensive 
income
EURm 1-12/2024 1-12/2023
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  -25  -1 
Exchange differences arising from net investment in foreign 
operation  21  — 
Cashflow hedges  1  -1 
Total items reclassifiable to profit or loss, net of tax  -3  -3 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans  0  -6 
Taxes  0  1 
Total items not reclassifiable to profit or loss, net of tax  0  -5 
Other comprehensive income total, net of tax  -3  -8 
On 1 November 2024, Sampo plc sold all the issued shares in Topdanmark A/S to If 
P&C Insurance Holding Ltd. As part of the arrangement, Sampo plc granted a loan to If 
P&C Insurance Holding Ltd, amounting to EUR 1,724 million divided in principle 
amounts of DKK 6,432 million and EUR 862 million. The loan is considered to form a 
part of Sampo’s net investment in a foreign operation (subsidiary) and therefore any 
exchange rate gains or losses are recognised in other comprehensive income. The net 
exchange rate differences are accumulated in the equity in the translation of foreign 
operations reserve. 
For more information on the transaction, please see note 28 Acquisition of 
Topdanmark’s non-controlling interest and note 29 Related party disclosures. 
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
FINANCIAL STATEMENTS 2024 170

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

9 Earnings per share
EURm 1-12/2024 1-12/2023
Profit or loss attributable to the equity holders of the parent 
company  1,154    1,323   
Weighted average number of shares outstanding during the 
financial year*  512    506   
Earnings per share (EUR per share)  2.25    2.62   
Earnings per share, continuing operations  2.25    2.12   
Earning per share, discontinuing operations  —    0.50   
* The weighted average number of treasury shares during the financial year has been taken into 
account in the number of shares. There were no other share-related transactions during the 
financial year.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 171

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

10 Property, plant and equipment
2024
EURm
Right-of-
use assets1
Land and 
buildings
Plant and 
equipment2 Total
At 1 January
Cost  286  114  182  582 
Accumulated depreciation  -126  -9  -130  -264 
Net carrying amount at 1 January  160  106  52  318 
Carrying amount at 1 January
Additions  14  2  17  33 
Disposals  -4  -7  -1  -12 
Depreciation  -34  0  -17  -51 
Exchange differences  -4  0  0  -4 
Other changes  1  -1  —  — 
Carrying amount at 31 December  134  100  51  284 
At 31 December
Cost  294  108  197  599 
Accumulated depreciation  -160  -9  -147  -315 
Net carrying amount at 31 
December  134  100  51  284 
2023
EURm
Right-of-
use assets1
Land and 
buildings
Plant and 
equipment2 Total
At 1 January
Cost  289  119  162  570 
Accumulated depreciation  -92  -8  -115  -216 
Net carrying amount at 1 January  197  111  47  355 
Carrying amount at 1 January
Business acquisitions  —  1  0  1 
Additions  19  1  25  45 
Disposals  -20  -4  -5  -29 
Depreciation  -32  0  -14  -46 
Exchange differences  -4  0  -1  -4 
Other changes  —  -3  —  -3 
Carrying amount at 31 December  160  106  52  318 
At 31 December
Cost  286  114  182  582 
Accumulated depreciation  -126  -9  -130  -264 
Net carrying amount at 31 
December  160  106  52  318 
1 The Group acts as a lessee in various leases of office premises, vehicles, and office equipment. 
Right-of-use assets relate to lease contracts for large office premises. The Group leases premises 
mainly for its own use. The expected lease term varies from 2 to 12 years. Most contracts include an 
option to extend the contract at the term end. Some lease contracts have an option to terminate 
the contract before the term end. Variable lease payments are generally linked to consumer price 
indexes.
More information on leases is in note 23 Other liabilities.
2 Equipment in different segments comprise IT equipment and furniture.
The disposals in the comparative year include the PP&E of Mandatum Group, 
separated from Sampo on 1 October 2023. 
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
FINANCIAL STATEMENTS 2024 172

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

11 Intangible assets
2024
EURm Goodwill
Customer 
relations Trademark
Work in 
progress
Other 
intangible 
assets Total
At 1 January
Cost  2,469  726  233  91  722  4,241 
Accumulated 
amortisation  —  -282  0  -1  -321  -604 
Net carrying amount at 
1 January  2,469  443  233  90  401  3,637 
Net carrying amount at 
1 January
Additions  —  —  —  96  5  101 
Disposals  -5  -13  -6  —  -1  -25 
Amortisation  —  -72  —  —  -57  -129 
Impairment losses  —  —  —  -2  —  -2 
Transfers from WIP  —  —  —  -36  36  — 
Exchange differences  26  7  6  0  14  54 
Net carrying amount at 
31 December  2,490  365  233  149  399  3,637 
At 31 December
Cost  2,490  719  234  151  777  4,371 
Accumulated 
amortisation  —  -354  —  -1  -378  -733 
Accumulated 
impairment losses  —  —  —  -2  —  -2 
Net carrying amount at 
31 December  2,490  365  233  149  399  3,637 
2023
EURm Goodwill
Customer 
relations Trademark
Work in 
progress
Other 
intangible 
assets Total
At 1 January
Cost  2,385  679  224  72  625  3,985 
Accumulated 
amortisation  —  -216  —  —  -275  -492 
Net carrying amount 
at 1 January  2,385  463  224  72  350  3,494 
Net carrying amount 
at 1 January
Business acquisitions  238  72  7  —  8  325 
Additions  —  —  —  102  4  106 
Disposals  -163  -31  —  -2  -4  -200 
Amortisation  —  -65  0  -1  -44  -109 
Transfers from WIP  —  —  —  -81  81  — 
Exchange differences  10  3  3  0  5  21 
Net carrying amount 
at 31 December  2,469  443  233  90  401  3,637 
At 31 December
Cost  2,469  726  233  91  722  4,241 
Accumulated 
amortisation  —  -282  0  -1  -321  -604 
Net carrying amount 
at 31 December  2,469  443  233  90  401  3,637 
The disposals in the comparative year include the intangibles of Mandatum Group, 
separated from Sampo on 1 October 2023.  
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
FINANCIAL STATEMENTS 2024 173

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

Goodwill is split between the segments as follows: 2024 2023
If  537    556   
Topdanmark  1,036    1,038   
Hastings  918    876   
Total  2,490    2,469   
The useful life for customer relations in the Group is 3–10 years. They are amortised 
using the straight-line method. The useful life of trademark is deemed indefinite and it 
will not be amortised. 
Other intangible assets in all segments comprise mainly IT software. Amortisations and 
impairment losses are included in the income statement item Other expenses.
Testing goodwill for impairment
Goodwill is annually tested for impairment in accordance with IAS 36 Impairment of 
assets. No impairment losses have been recognised based on these tests.
For the purpose of testing goodwill for impairment, Sampo determines the recoverable 
amount of its cash-generating units, to which goodwill has been allocated, on the basis 
of value in use. Sampo has defined these cash-generating units as If Group, 
Topdanmark Group, and Hastings Group.
The recoverable amounts for If and Hastings have been determined by using a 
discounted cash flow model. The model is based on the best estimates of companies’ 
management of both historical evidence and financial conditions such as premiums, 
claims, reinsurance, margins, interest rates, capital structure, and income and cost 
development. The derived cash flows were discounted at the pre-tax rate of the cost 
of equity which for If was 9.2 per cent and for Hastings 11.1 per cent. The cost of capital 
is defined based on the CAPM model from external sources to reflect the risk of each 
company relative to the market.
Financial plans for If and Hastings, approved by the management and the boards, 
cover the years 2025–2027. The cash flows beyond that have been extrapolated using 
a 2 per cent growth rate. 
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 600 
million. With the calculation method used, e.g. an increase of about 2 percentage 
points in the cost of equity could lead to a situation where the recoverable amount of 
the entity would equal its carrying amount.
As for If Group, management believes that any reasonably possible change in any of 
the key assumptions would not cause the aggregate carrying amount to exceed the 
aggregate recoverable amount.
Sampo acquired the non-controlling interests of Topdanmark at a market price during 
H2/2024. Management has not identified any indicators of impairment as per 31 
December 2024.
Sensitivity analysis
Impact on the present value from the following changes (EURbn) 2024
If
Long-term Combined ratio +2.5 p.p. -1.4
Long-term Combined ratio -2.5 p.p. 2.0
Long-term growth rate -1 p.p. -1.9
Long-term growth rate +1 p.p. 2.7
Cost of equity +1 p.p. -2.3
Cost of equity -1 p.p. 3.2
Hastings
Long-term growth rate -1 p.p. -0.2
Long-term growth rate +1 p.p. 0.3
Cost of Equity +1 p.p. -0.4
Cost of Equity -1 p.p. 0.5
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 174

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

12 Financial assets
EURm 12/2024 12/2023
Financial assets
Derivative financial instruments  26  38 
Financial assets at fair value through profit or loss
Debt securities  13,325  12,925 
Equity securities  1,288  1,640 
Funds  823  662 
Deposits and other  —  40 
Total financial assets at fair value through profit or loss  15,436  15,267 
Financial assets measured at amortised cost
Loans  272  276 
Loans and advances to customers  356  175 
Deposits  1  1 
Total financial assets measured at amortised cost  629  452 
Total financial assets  16,090  15,757 
Loans and advances to customers consist of Hastings’ loans to customers. 
Loans measured at amortised cost also include a loan receivable from Mandatum plc 
amounting to 101 million (101 million). The loan receivable was recognised in the 
allocation of general liabilities, as part of the partial demerger of 1 October 2023.
During 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.
Financial assets measured at amortised cost by stages
The financial assets measured at amortised cost are in the scope of impairment. The 
impairment model is based on a forward-looking expected credit loss model (ECL). 
The expected credit loss model has a three-stage approach based on changes in credit 
risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant increase 
in credit risk since initial recognition. For items where there is a significant increase in 
credit risk (Stage 2), or in default (Stage 3), lifetime ECL applies. 
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
FINANCIAL STATEMENTS 2024 175

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

The determination of expected credit losses is 
described in detail in the section Accounting principles. 
The next table presents the gross amounts of financial 
assets measured at amortised cost and loss allowance 
by stages. 
2024
EURm
Stage 1 - 
12-month ECL
Stage 2 - 
Lifetime ECL - 
not credit-
impaired
Stage 3 -
Lifetime ECL - 
credit-impaired Total
Financial assets at amortised cost
Loans 273 — — 273
Loans and advances to customers 347 16 14 377
Deposits 1 — — 1
Loss allowance -8 -3 -11 -23
Total 613 13 3 629
2023
EURm
Stage 1 - 
12-month ECL
Stage 2 - 
Lifetime ECL - 
not credit-
impaired
Stage 3 -
Lifetime ECL - 
credit-impaired Total
Financial assets at amortised cost
Loans 278 — 2 280
Loans and advances to customers 173 8 5 186
Deposits 1 — — 1
Loss allowance -9 -1 -5 -16
Total 442 6 2 451
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
FINANCIAL STATEMENTS 2024 176

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

The gross carrying amounts of the financial assets 
measured at amortised cost was EUR 651 million (EUR 
468  million) and loss allowance was EUR -23 million 
(EUR -16 million).
During the reporting period, the expected credit losses 
recognised in the income statement was EUR -7 million 
and in the comparative period EUR -10 million. 
Derivative financial instruments
2024
Fair value
2023
Fair value
EURm
Contract/
Notional 
Amount Assets Liabilities
Contract/
Notional 
Amount Assets Liabilities
Derivatives held for 
trading
Interest rate 
derivatives
OTC derivatives
Interest rate swaps 456 2 49 340 3 44
Inflation cover 211 13 18 211 16 12
Total interest rate 
derivatives 667 15 68 551 18 56
Foreign exchange 
derivatives
OTC derivatives
Currency forwards 2,760 10 19 3,032 18 57
Currency options, 
bought and sold 24 1 0 53 1 1
Total foreign exchange 
derivatives 2,784 11 20 3,085 20 58
Total derivatives held 
for trading 3,451 26 87 3,636 38 114
2024
Fair value
2023
Fair value
EURm
Contract/
Notional 
Amount Assets Liabilities
Contract/
Notional 
Amount Assets Liabilities
Derivatives held for 
hedging
Cash flow hedges
Currency forwards 5 0 — — — —
Interest rate swaps 576 — 1 228 — 2
Total cash flow hedges 581 0 1 228 — 2
Total derivatives held 
for hedging 581 0 1 228 — 2
Group financial 
derivatives, total 4,032 26 88 3,864 38 116
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
FINANCIAL STATEMENTS 2024 177

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

13 Determination and 
hierarchy of fair values
A majority of Sampo Group's financial assets are valued 
at fair value. The valuation is based on either published 
price quotations or valuation techniques based on 
market observable inputs, where available. For a limited 
amount of assets, the value needs to be determined 
using other techniques. The financial instruments 
measured at fair value have been classified into three 
hierarchy levels in the notes, depending on, for example, 
whether the market for the instrument is active, or if the 
inputs used in the valuation technique are observable.  
The classification of financial assets into hierarchy levels 
is assessed quarterly. 
The fair value of the derivative instruments is assessed 
using quoted market prices in active markets, 
discounting method, or option pricing models. 
The fair value of loans and other financial instruments, 
which have no quoted price in active markets is based 
on discounted cash flows, using quoted market rates. 
The market’s yield curve is adjusted by other 
components of the instrument, e.g. by credit risk.
Fair values are "clean" fair values, i.e. less interest 
accruals.
On level 1, the measurement of the instrument is based 
on quoted prices in active markets for identical assets 
or liabilities. Quoted prices in active markets are 
considered to represent the best estimate of fair value 
for related financial assets. On an active market quoted 
prices are easily and regularly available and represent 
actual and regularly occurring transactions at arm’s 
length distance. 
On level 2, inputs for the measurement of the 
instrument also include other than quoted prices 
observable for the asset or liability, either directly or 
indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs 
rather than observable market data. Sampo Group’s 
level 3 assets consist mainly of a few larger equity 
investments and investments in private equity and 
alternative funds.
In level 3 equity investment is valued by using excess 
return model, in which value of a company is sum of 
capital invested currently in the company and the 
present value of excess returns that the company 
expects to make in the future. 
For private equity funds, the valuation of the underlying 
investments is conducted by the fund manager who has 
all the relevant information required in the valuation 
process. The valuation is usually updated quarterly 
based on the value of the underlying assets and the 
amount of debt in the fund. There are several valuation 
methods, which can be based on, for example, the 
acquisition value of the investments, the value of 
publicly traded peer companies, the multiple-based 
valuation or the cash flows of the underlying 
investments.
The carrying amounts and fair values of financial assets 
and financial liabilities, including their fair value 
hierarchy levels, are presented in the following table. 
Fair value information on financial assets and financial 
liabilities not measured at fair value is not presented in 
the table, if the carrying amount is a reasonable 
estimate of the fair value. 
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
FINANCIAL STATEMENTS 2024 178

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

EURm
31 December 2024
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 2 — 2 — 2
Foreign exchange derivatives 11 — 11 — 11
Inflation cover derivatives 13 — 13 — 13
Total 26 — 26 — 26
Financial assets at fair value 
through profit or loss
Debt securities 13,325 8,469 4,839 17 13,325
Equity securities 1,288 837 19 432 1,288
Funds 823 491 176 157 823
Total 15,436 9,796 5,033 606 15,436
Total financial assets measured 
at fair value 15,462 9,796 5,059 606 15,462
Financial assets measured at 
amortised cost
Loans 272 — 101 171 272
Loans and advances to 
customers 356 — — 356 356
Other 1 — — 1 1
Total 629 — 101 528 629
Total financial assets 16,090 9,796 5,160 1,134 16,090
EURm
31 December 2024
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  50  —  50  —  50 
Foreign exchange derivatives  20  —  20  —  20 
Inflation cover derivatives  18  —  18  —  18 
Total financial liabilities at fair 
value  88  —  88  —  88 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,642  1,535  20  —  1,555 
Debt securities in issue
Bonds  954  847  80  —  927 
Amounts owed to credit 
institutions  353  —  —  353  353 
Financial liabilities measured at 
amortised cost total  2,948  2,382  100  353  2,835 
Group financial liabilities, total  3,036  2,382  188  353  2,923 
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
FINANCIAL STATEMENTS 2024 179

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

EURm
31 December 2023
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 3 — 3 — 3
Foreign exchange derivatives 20 — 20 — 20
Inflation cover derivatives 16 — 16 — 16
Total 38 — 38 — 38
Financial assets at fair value 
through profit or loss
Debt securities 12,925 8,476 4,430 19 12,925
Equity securities 1,640 886 24 730 1,640
Funds 662 480 31 151 662
Deposits and other 40 — 40 — 40
Total 15,267 9,842 4,525 900 15,267
Total financial assets measured 
at fair value 15,305 9,842 4,563 900 15,305
Financial assets measured at 
amortised cost
Loans 276 — 97 179 276
Loans and advances to 
customers 175 — — 175 175
Other 1 — — 1 1
Total 452 — 97 354 452
Total financial assets 15,757 9,842 4,660 1,254 15,756
EURm
31 December 2023
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  46  2  44  —  46 
Foreign exchange derivatives  58  —  58  —  58 
Inflation cover derivatives  12  —  12  —  12 
Total financial liabilities at fair 
value  116  2  114  —  116 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,645  1,448  148  —  1,596 
Debt securities in issue
Bonds  959  936  —  —  936 
Amounts owed to credit 
institutions  194  —  9  184  194 
Financial liabilities measured at 
amortised cost total  2,798  2,385  157  184  2,726 
Group financial liabilities, total  2,914  2,387  271  184  2,842 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 180

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

Transfers between levels 1 and 2
EURm 1-12/2024 1-12/2023
Transfers between levels 1 and 2
Transfers 
from level 2
to level 1
Transfers 
from level 1
to level 2
Transfers 
from level 
2
to level 1
Transfers 
from level 1
to level 2
Financial assets at fair value 
through profit or loss
Debt securities  192  181  378  334 
Total  192  181  378  334 
Transfers are based mainly on the changes of trading volume information provided by 
an external service provider. 
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is 
assessed on business area level due to different base currencies. 
12/2024 12/2023
EURm
Recognised 
in profit or 
loss
Recognised 
in profit or 
loss
If
10 percentage point depreciation of all other currencies against 
SEK  17  4 
Topdanmark
10 percentage point depreciation of all other currencies against 
DKK  -1  -1 
Hastings
10 percentage point depreciation of all other currencies against 
GBP  8  — 
Holding
10 percentage point depreciation of all other currencies against 
EUR  -68  -73 
The sensitivity analysis of the Group’s fair values of financial assets and liabilities in 
different market risk scenarios is presented in the following table. The effects represent 
the instantaneous effects of a one-off change in the underlying market variable on the 
fair values on 31 December 2024. The sensitivity analysis includes the effects of 
derivative positions. All sensitivities are calculated before taxes. 
Interest 
rate
Interest 
rate Equity
Other 
financial 
assets
EURm
1% parallel 
shift down
1% parallel 
shift up
20% fall in 
prices
20% fall in 
prices
Effect in profit/loss  354  -332  -270  -141 
Total effect  354  -332  -270  -141 
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
FINANCIAL STATEMENTS 2024 181

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

14 Movements in level 3 financial instruments measured at fair value
EURm
Financial assets At 1 Jan
Total gains/ losses 
in income 
statement
Purchases and re-
classifi-cations Sales
Settle-
ments At 31 Dec 2024
Financial assets at fair value through profit or loss
Debt securities  19  0  —  —  -2  17 
Equity securities  730  -1  5  -302  —  432 
Funds  151  6  —  —  —  157 
Total  900  6  5  -302  -2  606 
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. 
EURm
Financial assets At 1 Jan
Total gains/ losses in 
income statement
Purchases and re-
classifi-cations Sales At 31 Dec 2023
Financial assets at fair value through profit or loss
Debt securities  134  1  11  -126  19 
Equity securities  763  -14  9  -28  730 
Funds  212  -61  —  0  151 
Total  1,109  -74  20  -155  900 
Mandatum Group’s financial instruments on level 3 are not included in the opening balance 1 January 2023. Additional information on classification of Mandatum Group into 
discontinued operations in note 30. 
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
FINANCIAL STATEMENTS 2024 182

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

Sensitivity analysis of level 3 financial instruments 
measured at fair value
12/2024 12/2023
EURm
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Financial assets at fair value 
through profit or loss 
Debt securities  17  -1  19  0 
Equity securities  432  -86  730  -146 
Funds 157 -31  151  -30 
Total  606  -118  900  -176 
The value of financial assets regarding the debt security instruments has been tested 
by assuming a rise of 1 per cent in interest rate level in all maturities. For other financial 
assets, the prices were assumed to go down by 20 per cent. 
During the reporting period, on the basis of these alternative assumptions, a possible 
change in interest levels would cause a reduction of EUR -1 (-0) million for the debt 
instruments, and EUR -118 (-176) million valuation loss for other instruments in the 
Group’s statement of profit or loss. The reasonably possible effect, proportionate to 
the Group’s equity, would thus be 1.7 (2.4) per cent.
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
FINANCIAL STATEMENTS 2024 183

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

15 Deferred tax assets and liabilities
Changes in deferred tax during the financial year 2024
EURm 1 Jan
Business 
acquisitions/
disposals
Recognised in 
statement of profit 
and other 
comprehensive 
income 
Recognised in 
equity
Exchange 
differences 31 Dec
Deferred tax assets
Tax losses carried forward  1  —  —  —  0  1 
Changes in fair values  0  —  —  —  0  0 
Other deductible temporary differences  116  —  38  1  0  156 
Total  117  —  38  1  0  157 
Netting of deferred taxes            -155 
Deferred tax assets in the balance sheet, total  117  —  38  1  0  2 
Deferred tax liabilities
Depreciation differences and untaxed reserves  224  —  1  —  -5  219 
Changes in fair values  194  —  32  —  2  228 
Pension assets  7  —  1  0  —  8 
Other taxable temporary differences  255  —  -18  0  -3  235 
Total  680  —  15  1  -6  690 
Netting of deferred taxes            -155 
Deferred tax liabilities in the balance sheet, total  680  —  15  1  -6  535 
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
FINANCIAL STATEMENTS 2024 184

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

Changes in deferred tax during the financial year 2023
EURm 1 Jan
Business 
acquisitions/
disposals
Recognised in 
statement of profit 
and other 
comprehensive 
income 
Recognised in 
equity
Exchange 
differences 31 Dec
Deferred tax assets
Tax losses carried forward  2  0  -1  —  0  1 
Changes in fair values  5  —  -5  —  0  0 
Other deductible temporary differences  128  -3  -11  0  2  116 
Total  135  -3  -17  0  2  117 
Netting of deferred taxes            -114 
Deferred tax assets in the balance sheet, total  135  -3  -17  0  2  3 
Deferred tax liabilities
Depreciation differences and untaxed reserves  209  -2  21  —  -4  224 
Changes in fair values  194  -70  67  0  2  194 
Pension assets  7  —  -1  —  —  7 
Other taxable temporary differences  379  -93  -32  0  1  255 
Total  790  -164  56  0  -1  680 
Netting of deferred taxes            -114 
Deferred tax liabilities in the balance sheet, total  790  -164  56  0  -1  567 
The disposals include the deferred tax assets and liabilities of Mandatum Group, separated from Sampo on 1 October 2023. 
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
FINANCIAL STATEMENTS 2024 185

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

Pillar II - tax losses 
Sampo Group companies have applied a temporary mandatory relief from deferred tax accounting for any impacts of the top-up tax and accounts for it as a current tax should it 
occur. 
EURm
Tax losses carried forward 2024 Country
Tax losses 
carried forward 
in local currency
Tax losses 
carried forward 
Of which no 
deferred tax 
asset has been 
recognised
Of which 
deferred tax 
asset has been 
recognised
Recognised 
deferred tax 
asset
Applicable tax 
rate 
Potential 
deferred tax 
asset not 
recognised
Sampo Plc Finland EURm 413  413  413 — — 20,0 %  83 
If P&C Insurance Holding Ltd (publ) Norway NOKm 83 7 7 — — 22,0 % -*
If P&C Insurance Ltd (publ) Germany  — — — — — 27,4 % -*
If P&C Insurance Ltd (publ) France EURm 15 15 15 — — 25,8 % -*
If P&C Insurance Ltd (publ) UK GBPm 9 11 11 — — 25,0 % -*
If P&C Insurance AS Latvia  — — — — — 20,0 % —
Insrt AB Sweden SEKm 6 1 — 0 0 20,6 % —
Viking Sverige AB Sweden SEKm 61 5 2 4 1 20,6 % 0
Viking Assistance A/S Denmark DKKm 27 4 4 0 0 22,0 % 1
Viking Membership AB Sweden SEKm 3 0 0 — — 20,6 % 0
Viking Guard AS Norway NOKm 6 1 — 1 0 22,0 % —
Viking Assistance A/S Estonia EURm 0 0 0 — — 20,0 % 0
Hastings Group Finance plc UK GBPm 9 9 9 — —  25.0 % 2
Hastings Holdings Limited UK GBPm 0 0 0 — —  25.0 % 0
Hastings (US) Limited UK GBPm 0 0 0 — —  25.0 % 0
Total 86
* Loss has occurred in a foreign branch and has been deducted in the head office. Utilisation of the loss locally in the foreign branch would not affect the tax expense for the company as a whole. Therefore, 
no deferred tax asset can be recognised relating to the foreign branch. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 186

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

MEUR
Tax losses carried forward 2023 Country
Tax losses 
carried forward 
in local currency
Tax losses 
carried forward
Of which no 
deferred tax 
asset has been 
recognised
Of which 
deferred tax 
asset has been 
recognised
Recognised 
deferred tax 
asset
Applicable tax 
rate
Potential 
deferred tax 
asset not 
recognised
Sampo Plc Finland EURm 365  365  365 — —  20.00 % 73
If P&C Insurance Holding Ltd (publ) Norway NOKm 83 7 7 — —  22.00 % -*
If P&C Insurance Ltd (publ) Germany EURm 2 2 2 — —  27.38 % -*
If P&C Insurance Ltd (publ) France EURm 16 16 16 — —  25.83 % -*
If P&C Insurance Ltd (publ) UK GBPm 20 23 23 — —  25.00 % -*
If P&C Insurance AS Latvia  — — — — —  20.00 % -
Insrt AB Sweden SEKm 6 1 1 — —  20.60 % —
Viking Sverige AB Sweden SEKm 42 4 — 4 1  20.60 % —
Viking Assistance A/S Denmark DKKm 33 4 4 — —  22.00 % 1
Viking Nordic Assistance S.L Spain  — — — — —  25.00 % —
Hastings Group Finance plc UK GBPm 7 8 8 — —  25.00 % 2
Total 1 76
* Loss has occurred in a foreign branch and has been deducted in the head office. Utilisation of the loss locally in the foreign branch would not affect the tax expense for the company as a whole. Therefore, 
no deferred tax asset can be recognised relating to the foreign branch. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 187

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

16 Taxes
EURm 2024 2023
Profit before tax  1,559  1,481 
Tax calculated at parent company's tax rate  -312  -296 
Different tax rates in foreign jurisdictions  -3  -40 
Income from associates not subject to tax  2  0 
Income not subject to tax  9  46 
Non-deductible expenses  -17  -40 
Tax losses for which no deferred tax asset has been recognised  -10  -36 
Changes in tax rates  0  -8 
Tax from previous years  1  2 
Total  -330    -372   
The comparative year taxes include taxes EUR -33 million as part of the result from the 
discontinued operations.
Sampo Group has identified that Hastings’ operations in Gibraltar are subject to the 
global minimum top-up tax rules under Pillar II regulations. A top-up tax amounting to 
EUR -4 million has been recognised during the reporting period.
17 Other assets
EURm 12/2024 12/2023
Receivables arising from direct insurance operations  233  245 
Receivables arising from reinsurance operations  174  92 
Settlement receivables  8  5 
Accrued interest  155  130 
Net pension asset  36  32 
Other  274  296 
Total other asset  880  800 
Item Other includes, e.g. assets related to patient insurance pool EUR 56 million (63),  
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 53 million (61).
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
FINANCIAL STATEMENTS 2024 188

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

18 Insurance contract liabilities
Insurance liabilities reflect the liability the Group has for its insurance undertakings, 
meaning the insurance contracts underwritten. The liability consists of two parts, the 
liability for remaining coverage and acquisition cash flow assets, as well as the liability 
for incurred claims. 
The liability for remaining coverage relates to the obligation to investigate and pay 
valid claims that have not yet occurred. The liability consists of the premium payments 
received for insurance services to be provided after the closing date, i.e. relating to the 
unexpired portion of the insurance coverage, and adjusted for acquisition cash flows. 
The liability for incurred claims relates to the obligation to investigate and pay valid 
claims that have occurred. The liability is designed to cover anticipated future 
payments for all claims incurred, including claims not yet reported.
For further information on accounting principles related to insurance contract 
liabilities, please see the section Accounting principles.
EURm 12/2024 12/2023
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  1,877  1,709 
Liability for incurred claims  10,409  10,007 
Total insurance contract liabilities  12,286    11,716   
Reinsurance contract assets
Assets for remaining coverage  276  258 
Assets for incurred claims  2,342  2,024 
Reinsurance contract assets, total  2,618    2,282   
Total insurance contracts, net of reinsurance  9,668    9,434   
The table below presents the yield curves by currency as a percentage that have been 
used to discount the cash flows of the insurance contract liabilities. 
2024 2023
Currency
, % 1 year
5 
years
10 
years
20 
years
30 
years 1 year
5 
years
10 
years
20 
years
30 
years
DKK  2.23  2.13  2.26  2.25  2.38  3.35  2.31  2.38  2.40  2.53 
EUR  2.44  2.34  2.47  2.46  2.55  3.61  2.57  2.64  2.66  2.74 
GBP  4.70  4.58  4.92  5.41  5.69  4.83  3.83  4.02  4.51  4.58 
NOK  4.82  4.52  4.45  4.23  4.01  4.56  3.87  3.78  3.75  3.70 
SEK  2.91  3.07  3.29  3.35  3.33  3.71  2.94  2.93  3.16  3.26 
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
FINANCIAL STATEMENTS 2024 189

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

19 Reconciliation of 
insurance contract liabilities
Insurance contracts 
The first table presents the reconciliation of the carrying 
amounts of the liability for remaining coverage, and the 
liability for incurred claims for issued insurance 
contracts during the reporting period, as a result of 
amounts recognized in the statement of total 
comprehensive income and cash flows. 
Reinsurance contracts 
The following table presents the reconciliation of the 
carrying amounts of the asset for remaining coverage, 
and the asset for incurred claims for reinsurance 
contracts during the reporting period, as a result of 
amounts recognized in the statement of profit and 
other comprehensive income and cash flows.
The information is presented on the Sampo Group level 
and on the reporting segment level. Information 
regarding insurance contract liability is presented on 
contracts measured under PAA model. 
If and Hastings entered into an internal reinsurance 
arrangement at the beginning of 2024. Reconciliation 
calculations of the insurance contract liabilities for the 
reported segments are presented, including the internal 
amounts. On the Sampo Group level these amounts 
have been eliminated.
Mandatum Group’s figures are not included in the 
reconciliation tables for the comparative year 2023, as 
Mandatum is reported as a disposal group held for 
distribution to owners.  
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
FINANCIAL STATEMENTS 2024 190

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

Sampo Group - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024 2023
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance 1,701 27 9,547 459 11,734 1,499 14 8,931 444 10,889
Acquisition cash flow asset -18 —
11,716 10,889
Changes in the statement of comprehensive income
Insurance revenue -9,450 — — — -9,450 -8,417 — — — -8,417
Insurance service expenses
Incurred claims and other insurance service expenses — — 6,847 186 7,032 — — 6,503 154 6,657
Amortisation of insurance acquisition cash flows 262 — — — 262 223 — — — 223
Changes that relate to past service (LIC) — — -174 -100 -274 — — -395 -145 -540
Changes that relate to future service (LRC) — -21 — — -21 — 12 — — 12
Total insurance service expenses 262 -21 6,673 85 7,000 223 12 6,108 9 6,351
Insurance service result -9,188 -21 6,673 85 -2,450 -8,195 12 6,108 9 -2,066
Insurance finance income or expense — — 307 — 307 — — 529 — 529
Other items (including FX effects) -62 0 24 11 -27 -185 0 91 4 -89
Total changes in the statement of comprehensive 
income -9,250 -21 7,004 97 -2,170 -8,379 12 6,728 13 -1,626
Cash flows during the period
Premiums received  9,718 — — — 9,718 8,785 — — — 8,785
Claims and other insurance service expenses paid — — -6,703 — -6,703 — — -6,111 — -6,111
Insurance acquisition cash flows paid -283 — — — -283 -221 — — — -221
Total cash flows during the period 9,435 — -6,703 — 2,732 8,564 — -6,111 — 2,453
Transfer to other items in the balance sheet — — — — — 17 — — 1 18
Other 5 — 4 0 9 — — — — —
Closing balance - liabilities relating to insurance 
contracts 1,891 6 9,853 557 12,305 1,701 27 9,547 459 11,734
Acquisition cash flow asset -20 -18
Closing balance 12,286 11,716
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
FINANCIAL STATEMENTS 2024 191

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

Sampo Group - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024 2023
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets 258 1,803 220 2,282 221 1,384 215 1,820
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -909 — — -909 -1,005 — — -1,005
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses — 521 79 600 — 935 72 1,007
Adjustments to assets for incurred claims 0 21 -52 -31 0 -80 -70 -150
Effect of changes in non-performance risk of reinsurers — 0 — 0 — 0 — 0
Net expenses from reinsurance contracts -909 542 28 -340 -1,005 855 2 -148
Insurance finance income or expenses from reinsurance contracts — 57 — 57 — 83 — 83
Effect of movements in exchange rates -33 29 4 -1 -8 31 4 26
Reinsurance investment component — — — —
Total changes in the statement of comprehensive income -943 628 31 -284 -1,014 969 6 -39
Investment component excluded from the net expenses from 
reinsurance contracts -216 216 — —
Cash flows
Premiums paid 1,176 — — 1,176 1,051 — — 1,051
Amounts received — -556 — -556 — -550 — -550
Total cash flows 1,176 -556 — 620 1,051 -550 — 501
Closing assets 276 2,090 252 2,618 258 1,803 220 2,282
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
FINANCIAL STATEMENTS 2024 192

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

If  - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024 2023
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance - liabilities relating to insurance contracts 911 17 6,038 175 7,141 868 7 5,655 162 6,693
Acquisition cash flow asset -7 —
7,134 6,693
Changes in the statement of comprehensive income
Insurance revenue -5,680 — — — -5,680 -5,330 — — — -5,330
Insurance service expenses
Incurred claims and other insurance service expenses — — 4,060 65 4,125 — — 3,924 58 3,981
Amortisation of insurance acquisition cash flows 107 — — — 107 100 — — — 100
Changes that relate to past service (LIC) — — -191 -50 -241 — — -184 -43 -228
Changes that relate to future service (LRC) — -11 — — -11 — 10 — — 10
Total insurance service expenses 107 -11 3,869 15 3,980 100 10 3,739 14 3,863
Insurance service result -5,573 -11 3,869 15 -1,700 -5,230 10 3,739 14 -1,467
Insurance finance income or expense — — 208 — 208 — — 340 — 340
Other items (including FX effects) -5 -1 -104 -3 -112 -191 0 57 -2 -135
Total changes in the statement of comprehensive income -5,579 -11 3,973 12 -1,605 -5,420 10 4,136 13 -1,261
Cash flows during the period
Premiums received  5,694 — — — 5,694 5,572 — — — 5,572
Claims and other insurance service expenses paid — — -4,052 — -4,052 — — -3,754 — -3,754
Insurance acquisition cash flows paid -125 — — — -125 -108 — — — -108
Total cash flows during the period 5,569 — -4,052 — 1,517 5,463 — -3,754 — 1,710
Transfer to other items in the balance sheet — — — — — — — — — —
Other 5 — 4 — 9 — — — — —
Closing balance - liabilities relating to insurance contracts 906 6 5,962 188 7,062 911 17 6,038 175 7,141
Acquisition cash flow asset -14 -7
Closing balance - 
Insurance contract liabilities 7,049 7,134
As a consequence of Sampo plc’s partial demerger of Mandatum Holding Ltd in 2023, If Livförsäkring AB concluded an agreement on the transfer of parts of Mandatum’s life portfolio to If Livförsäkring AB. 
The transfer was completed on 1 October 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
FINANCIAL STATEMENTS 2024 193

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

If  - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024 2023
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets 36 510 17 563 28 226 10 264
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -423 — — -423 -334 — — -334
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service 
expenses — 282 11 293 — 339 10 348
Adjustments to assets for incurred claims — 30 -4 26 — 41 -3 38
Effect of changes in non-performance risk of reinsurers — 0 — 0 — 0 — 0
Net expenses from reinsurance contracts -423 312 6 -104 -334 380 7 52
Insurance finance income or expenses from reinsurance contracts — 20 — 20 — 8 — 8
Effect of movements in exchange rates 1 -7 — -6 -12 8 0 -4
Reinsurance investment component — — — —
Total changes in the statement of comprehensive income -421 325 6 -90 -346 396 7 57
Investment component excluded from the net expenses from 
reinsurance contracts -25 25 — —
Cash flows
Premiums paid 429 — — 429 354 — — 354
Amounts received — -223 — -223 — -112 — -112
Total cash flows 429 -223 — 206 354 -112 — 242
Closing assets 20 636 23 679 36 510 17 563
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
FINANCIAL STATEMENTS 2024 194

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

Topdanmark - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024 2023
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance - liabilities relating to insurance contracts 282 2 1,546 37 1,867 285 2 1,441 35 1,763
Acquisition cash flow asset -12 —
1,855 1,763
Changes in the statement of comprehensive income
Insurance revenue -1,560 — — — -1,560 -1,369 — — — -1,369
Insurance service expenses
Incurred claims and other insurance service expenses — — 1,287 39 1,326 — — 1,093 15 1,108
Amortisation of insurance acquisition cash flows 29 — — — 29 31 — — — 31
Changes that relate to past service (LIC) — — -31 -16 -47 — — -27 -16 -43
Changes that relate to future service (LRC) — -2 — — -2 — 1 — — 1
Total insurance service expenses 29 -2 1,256 23 1,306 31 1 1,066 -1 1,097
Insurance service result -1,530 -2 1,256 23 -253 -1,337 1 1,066 -1 -272
Insurance finance income or expense — — 32 — 32 — — 81 — 81
Other items (including FX effects) 1 0 -1 1 1 0 0 -5 1 -4
Total changes in the statement of comprehensive income -1,530 -2 1,287 25 -220 -1,337 1 1,142 0 -194
Cash flows during the period
Premiums received  1,561 — — — 1,561 1,336 — — — 1,336
Claims and other insurance service expenses paid — — -1,298 — -1,298 — — -1,038 — -1,038
Insurance acquisition cash flows paid -29 — — — -29 -18 — — — -18
Total cash flows during the period 1,531 — -1,298 — 234 1,318 — -1,038 — 280
Transfer to other items in the balance sheet — — — — — 17 — — 1 18
Other — — — — — — — — — —
Closing balance - liabilities relating to insurance 
contracts 284 0 1,535 61 1,881 282 2 1,546 37 1,867
Acquisition cash flow asset -6 -12
Closing balance - 
liabilities relating to insurance contracts 1,875 1,855
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
FINANCIAL STATEMENTS 2024 195

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

Topdanmark  - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024 2023
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future 
cash flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future 
cash flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets -1 78 1 79 -2 80 1 79
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -90 — — -90 -80 — — -80
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service 
expenses — 44 2 46 — 49 — 49
Adjustments to assets for incurred claims — 2 -1 1 — 1 0 1
Effect of changes in non-performance risk of reinsurers — — — — — — — —
Net expenses from reinsurance contracts -90 46 1 -43 -80 49 0 -31
Insurance finance income or expenses from reinsurance contracts — 1 — 1 — 2 — 2
Effect of movements in exchange rates — — — 0 0 0 0 0
Reinsurance investment component — — — —
Total changes in the statement of comprehensive income -90 47 1 -42 -80 51 0 -29
Investment component excluded from the net expenses from 
reinsurance contracts — — — —
Cash flows
Premiums paid 90 — — 90 82 — — 82
Amounts received — -54 — -54 — -54 — -54
Total cash flows 90 -54 — 36 82 -54 — 28
Closing assets -1 72 2 73 -1 78 1 79
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
FINANCIAL STATEMENTS 2024 196

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

Hastings - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024 2023
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance - liabilities relating to insurance contracts 508 7 1,964 247 2,726 347 5 1,835 247 2,434
Acquisition cash flow asset — —
2,726 2,434
Changes in the statement of profit or loss 
Insurance revenue -2,234 — — — -2,234 -1,719 — — — -1,719
Insurance service expenses
Incurred claims and other insurance service expenses — — 1,517 84 1,601 — — 1,486 81 1,568
Amortisation of insurance acquisition cash flows 125 — — — 125 92 — — — 92
Changes that relate to past service (LIC) — — 48 -34 14 — — -184 -86 -269
Changes that relate to future service (LRC) — -8 — — -8 — 2 — — 2
Total insurance service expenses 125 -8 1,566 50 1,733 92 2 1,303 -4 1,391
Insurance service result -2,109 -8 1,566 50 -501 -1,628 2 1,303 -4 -328
Insurance finance income or expense — — 67 — 67 — — 108 — 108
Other items (including FX effects) -20 0 129 13 122 6 0 39 5 50
Total changes in the statement of profit or loss -2,129 -7 1,762 63 -312 -1,622 2 1,449 1 -170
Cash flows during the period
Premiums received  2,463 — — — 2,463 1,877 — — — 1,877
Claims and other insurance service expenses paid — — -1,353 — -1,353 — — -1,320 — -1,320
Insurance acquisition cash flows paid -129 — — — -129 -95 — — — -95
Total cash flows during the period 2,334 — -1,353 — 981 1,782 — -1,320 — 462
Transfer to other items in the balance sheet — — — — — — — — — —
Other — — — — — — — — — —
Closing balance - liabilities relating to insurance contracts 713 0 2,373 310 3,396 508 7 1,964 247 2,726
Closing balance - 
liabilities relating to insurance contracts 3,396 2,726
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
FINANCIAL STATEMENTS 2024 197

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

Hastings - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024 2023
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets 223 1,215 202 1,640 195 1,078 203 1,477
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -420 — — -420 -591 — — -591
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service 
expenses — 181 63 245 — 548 62 610
Adjustments to assets for incurred claims 0 -11 -46 -57 0 -121 -67 -188
Effect of changes in non-performance risk of reinsurers — — — — — — — —
Net expenses from reinsurance contracts -420 170 17 -232 -591 426 -5 -170
Insurance finance income or expenses from reinsurance 
contracts — 36 — 36 — 73 — 73
Effect of movements in exchange rates 2 63 10 75 4 22 4 30
Total changes in the statement of comprehensive income -418 269 27 -122 -588 521 -1 -68
Investment component excluded from the net expenses from 
reinsurance contracts -191 191 — —
Cash flows
Premiums paid 657 — — 657 615 — — 615
Amounts received — -279 — -279 — -384 — -384
Total cash flows 657 -279 — 378 615 -384 — 231
Closing assets 270 1,396 229 1,896 223 1,215 202 1,640
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
FINANCIAL STATEMENTS 2024 198

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

20 Assets for insurance acquisition 
cash flows
The table presents the reconciliation from opening to closing balances of the carrying 
amount of the acquisition cash flow asset during the reporting periods.  
EURm 2024 2023
Reconciliation of acquisition cash flow asset
At 1 January 18 10
Cash flows recognised as an asset 32 36
Amounts transferred to liability for remaining coverage -30 -28
At 31 December 20 18
The following table presents the expected timing of when the acquisition cash flow 
asset will be derecognised and instead be included in the liability for remaining 
coverage of the group of insurance contracts to which they are allocated.
Time bands: Assets for insurance acquisition cash flows	
2024 Expected timing of derecognition
EURm 2025 2026-2027 2028-2029 2030- Total
Acquisition cash flow 
asset  7  6  1  5  20 
2023 Expected timing of derecognition
EURm 2024 2025-2026 2027-2028 Total
Acquisition cash flow asset  12  4  2  18 
21 Non-life claims development
Prior-year estimates of the claims expense for individual claims years also represent a 
measure of Sampo Group’s and its reporting segment’s ability to foresee final claims 
expenses. The following tables present the expense trend for the claims for individual 
claims for the past ten years, before and after reinsurance. For earlier years, the 
information is aggregated into one row. The information is presented at the Sampo 
Group level and at the reporting segment level. 
The upper part of the table shows how an estimate of the total claims expense per 
accident year evolves annually in relation to the undiscounted fulfilment cash flows (i.e. 
consisting of both best estimate and risk adjustment). The lower section shows how 
large a share of this is presented in the balance sheet. More information on insurance 
liabilities can be found in the risk management note 34. 
Since Sampo Group’s group companies have operations in various countries, their 
portfolios are exposed to a number of currencies. To adjust for currency effects, the 
local reporting currency has been translated to EUR at the closing rate on 31 December 
2024. Consequently, the table is not directly comparable with the corresponding tables 
reported in previous years, since all accident years include translated information and 
amounts are always translated with the closing balance sheet rates of the financial 
year. The table is not directly comparable with the income statement either where 
average rates throughout the year are applied, and since the effect is partially 
presented in claims incurred and partially within insurance finance income or expense 
when relating to changes in indexation of annuities.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 199

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

Sampo Group - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 3,917 4,034 4,129 4,344 4,529 4,531 4,760 5,321 6,342 6,491
one year later 3,937 4,049 4,136 4,429 4,591 4,574 4,916 5,427 6,403
two years later 3,914 4,015 4,120 4,495 4,642 4,650 4,986 5,426
three years later 3,896 3,985 4,164 4,556 4,747 4,658 4,975
four years later 3,843 3,924 4,118 4,560 4,710 4,696
five years later 3,832 4,012 4,137 4,530 4,719
six years later 3,812 3,988 4,106 4,543
seven years later 3,835 3,986 4,142
eight years later 3,803 3,943
nine years later 3,744
ten years later
Current estimate of total claims expense 3,777 3,930 4,100 4,486 4,606 4,515 4,844 5,372 6,430 6,491
Total disbursed 2,469 2,308 2,301 2,526 2,581 2,787 2,700 2,672 2,833 1,963
Liability (gross) reported in the balance 
sheet 184 252 289 351 417 504 781 1,109 1,933 3,245 9,066
Liability (gross) relating to prior years 2,859
Discounting effect, gross -2,120
Liability for claims handling expenses and 
other items 624
Elimination -20
Total liability for incurred claims 10,409
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
FINANCIAL STATEMENTS 2024 200

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

Sampo Group - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 3,779 3,807 3,929 4,191 4,327 4,244 4,374 4,925 5,529 5,868
one year later 3,797 3,822 3,969 4,258 4,362 4,239 4,465 4,982 5,567
two years later 3,766 3,803 3,949 4,302 4,388 4,270 4,456 4,959
three years later 3,748 3,758 3,968 4,341 4,453 4,295 4,472
four years later 3,692 3,713 3,915 4,334 4,435 4,338
five years later 3,672 3,714 3,930 4,302 4,459
six years later 3,655 3,705 3,902 4,308
seven years later 3,667 3,672 3,916
eight years later 3,634 3,658
nine years later 3,608
ten years later
Current estimate of total claims expense 3,644 3,570 3,698 4,009 4,080 4,030 4,135 4,463 4,929 5,193
Total disbursed 2,435 2,250 2,282 2,419 2,497 2,515 2,475 2,494 2,558 1,861
Liability (net) reported in the balance 
sheet 170 171 209 302 306 355 515 761 1,202 2,513 6,504
Liability (net) relating to prior years 2,678
Discounting effect, gross -1,594
Liability for claims handling expenses 482
Risk of non-performance by reinsurer 1
Elimination -4
Total liability for incurred claims 8,067
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
FINANCIAL STATEMENTS 2024 201

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

If - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 2,515 2,474 2,546 2,678 2,797 2,927 2,917 3,157 3,775 3,921
one year later 2,529 2,505 2,582 2,768 2,839 2,962 3,066 3,273 3,870
two years later 2,513 2,499 2,569 2,796 2,851 3,006 3,049 3,223
three years later 2,487 2,456 2,572 2,812 2,896 2,978 2,997
four years later 2,456 2,443 2,543 2,830 2,887 2,938
five years later 2,450 2,452 2,552 2,799 2,846
six years later 2,435 2,457 2,527 2,790
seven years later 2,445 2,427 2,504
eight years later 2,425 2,411
nine years later 2,413
ten years later
Current estimate of total claims expense 2,413 2,411 2,504 2,790 2,846 2,938 2,997 3,223 3,870 3,921
Total disbursed 2,279 2,270 2,361 2,577 2,646 2,694 2,654 2,759 2,943 2,005
Liability (gross) reported in the balance 
sheet 134 141 143 212 200 244 343 464 927 1,916 4,725
Liability (gross) relating to prior years 2,332
Discounting effect, gross -1,374
Liability for claims handling expenses 467
Total liability for incurred claims 6,150
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
FINANCIAL STATEMENTS 2024 202

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

If - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 2,479 2,423 2,491 2,628 2,739 2,757 2,797 3,074 3,424 3,627
one year later 2,490 2,433 2,532 2,702 2,771 2,774 2,914 3,163 3,486
two years later 2,471 2,426 2,515 2,729 2,780 2,818 2,879 3,116
three years later 2,454 2,390 2,518 2,747 2,826 2,791 2,824
four years later 2,421 2,378 2,490 2,761 2,820 2,750
five years later 2,414 2,382 2,509 2,731 2,777
six years later 2,400 2,388 2,484 2,721
seven years later 2,410 2,358 2,460
eight years later 2,391 2,343
nine years later 2,379
ten years later
Current estimate of total claims expense 2,379 2,343 2,460 2,721 2,777 2,750 2,824 3,116 3,486 3,627
Total disbursed 2,248 2,216 2,323 2,514 2,586 2,514 2,511 2,675 2,786 2,027
Liability (net) reported in the balance 
sheet 131 127 138 207 191 236 313 442 700 1,600 4,083
Liability (net) relating to prior years 2,317
Discounting effect, gross -1,345
Liability for claims handling expenses 434
Risk of non-performance by reinsurer 1
Total liability for incurred claims 5,491
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
FINANCIAL STATEMENTS 2024 203

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

Topdanmark - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 826 800 727 786 789 819 842 882 975 1,087
one year later 836 799 743 798 809 801 834 875 968
two years later 821 785 735 806 815 779 843 868
three years later 818 774 743 814 816 793 847
four years later 812 756 737 812 815 791
five years later 793 759 734 816 817
six years later 787 755 741 817
seven years later 795 756 740
eight years later 789 759
nine years later 788
ten years later
Current estimate of total claims expense 788 759 740 817 817 791 847 868 968 1,087
Total disbursed 752 723 695 753 739 705 727 709 722 600
Liability (gross) reported in the balance 
sheet 36 36 45 64 78 86 120 159 246 487 1,357
Liability (gross) relating to prior years 352
Discounting effect, gross -157
Other items 45
Total liability for incurred claims 1,596
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
FINANCIAL STATEMENTS 2024 204

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

Topdanmark - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 776 742 703 735 756 782 785 837 925 1,042
one year later 783 745 716 746 773 764 777 830 919
two years later 770 731 707 754 780 743 784 823
three years later 767 719 716 761 781 757 787
four years later 756 701 710 759 778 756
five years later 746 700 707 763 779
six years later 742 698 714 763
seven years later 750 700 713
eight years later 744 702
nine years later 741
ten years later
Current estimate of total claims expense 741 702 713 763 779 756 787 823 919 1,042
Total disbursed 707 667 668 701 703 671 671 669 685 581
Liability (net) reported in the balance 
sheet 34 35 45 63 76 85 116 154 234 461 1,303
Liability (net) relating to prior years 351
Discounting effect, gross -155
Liability for claims handling expenses 24
Total liability for incurred claims 1,523
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
FINANCIAL STATEMENTS 2024 205

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

Hastings - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 576 760 856 880 943 786 1,000 1,282 1,591 1,483
one year later 573 744 811 863 943 811 1,016 1,279 1,564
two years later 581 730 817 893 976 865 1,094 1,336
three years later 591 755 849 930 1,035 888 1,131
four years later 574 724 838 918 1,008 967
five years later 590 800 851 915 1,056
six years later 590 776 838 936
seven years later 595 802 898
eight years later 589 774
nine years later 543
ten years later
Current estimate of total claims expense 576 760 856 880 943 786 1,000 1,282 1,591 1,483
Total disbursed -562 -685 -754 -805 -804 -612 -681 -795 -832 -641
Liability (gross) reported in the balance 
sheet 14 75 101 75 139 174 318 486 759 842 2,985
Liability (gross) relating to prior years 176
Discounting effect, gross -589
Liability for claims handling expenses 112
Total liability for incurred claims 2,683
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
FINANCIAL STATEMENTS 2024 206

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

Hastings - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimated claims expense
at the close of the claims year 524 642 735 828 832 706 792 1,014 1,180 1,199
one year later 523 643 721 810 818 701 774 989 1,162
two years later 525 646 728 819 828 709 792 1,020
three years later 527 648 734 833 846 746 861
four years later 516 634 716 814 837 832
five years later 512 631 714 808 904
six years later 513 620 704 824
seven years later 506 614 742
eight years later 499 613
nine years later 488
ten years later
Current estimate of total claims expense 524 524 524 524 524 524 524 524 524 524
Total disbursed -520 -633 -709 -796 -792 -671 -706 -849 -912 -747
Liability (net) reported in the balance 
sheet 5 9 26 32 40 35 86 165 268 453 1,118
Liability (net) relating to prior years 10
Discounting effect, gross -93
Liability for claims handling expenses 24
Total liability for incurred claims 1,058
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
FINANCIAL STATEMENTS 2024 207

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

22 Financial liabilities
Group
EURm 12/2024 12/2023
Subordinated debt liabilities 
Subordinated loans  1,642  1,645 
Total subordinated debt liabilities  1,642  1,645 
Other financial liabilities
Derivative financial instruments  88  116 
Financial liabilities measured at amortised cost
Debt securities in issue  954  959 
Amounts owed to credit institutions  353  194 
Total financial liabilities measured at amortised cost  1,307  1,153 
Total other financial liabilities  1,395  1,269 
Total financial liabilities  3,036  2,914 
The segment financial liabilities include subordinated debts, derivatives, debt securities 
in issue, and other financial liabilities.
If
EURm 12/2024 12/2023
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan, 2021 
(nominal value SEKm 1,500) 30 years
3 month 
Stibor
+ 1.30%  131  135 
Total subordinated debt securities  131  135 
Other financial liabilities
Derivative financial instruments  19  58 
Total financial liabilities  150  193 
The loan of 2021 was issued with floating interest rate terms. The loan includes terms 
stating the right of redemption after five years, at any date for a three-month period 
after the first five years and thereafter at any interest payment date. The loan is listed 
on the Luxembourg Stock Exchange (BdL Market).
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 208

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

Topdanmark 
EURm 12/2024 12/2023
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan tier 1, 2022 
(nominal value DKKm 400) perpetual
3 month Cibor 
+ 4.75 %  54  54 
Subordinated loan, 2021 
(nominal value DKKm 700) 12/2031
3 month Cibor 
+ 1.25 %  94  94 
Total subordinated debt securities  147  148 
Other financial liabilities
Derivative financial instruments  43  36 
Amounts owed to credit institutions  —  9 
Total financial liabilities  191  193 
Subordinated loans are wholly included in Topdanmark’s own funds. Approximately 
EUR 127 million (127) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm 12/2024 12/2023
Other financial liabilities
Derivative financial instruments  1  2 
Amounts owed to credit institutions  353  184 
Total financial liabilities  353  186 
Hastings has a revolving credit facility with a financial institution, totalling EUR 103 
million (98), of which EUR 39 million (56) was undrawn at the end of the reporting 
period. The revolving credit facility matures on 20 December 2026, after which the 
contract has an extension option of two more years. 
Related to the RCF above,  the applicable covenants for Hastings are leverage ratio 
and interest cover, and the related carrying amount of the liability would be EUR 63 
million. There are no facts or circumstances that would indicate that Hastings may 
have difficulty with complying with the covenants, or that Hastings would not have 
complied with the covenants if they were assessed for compliance based on Hastings 
circumstances at 31 December 2024.
Hastings also has a securitisation facility arrangement with a financial institution to 
refinance the acquisition of loans totalling EUR 332 million (201), of which EUR 42 
million (58) was undrawn at the end of reporting period. The arrangement ends in 
November 2027.  
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 90 million 
with a maturity date of 29 October 2026. 
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
FINANCIAL STATEMENTS 2024 209

===== SIDA 210 =====

Holding
EURm 12/2024 12/2023
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan, 2020 (nominal 
value EURm 1,000) 32 years 2.50 %  994  993 
Subordinated loan, 2019 (nominal 
value EURm 500) 30 years 3.38 %  497  496 
Total subordinated debt securities  1,491  1,490 
Other financial liabilities
Derivative financial instruments  25  20 
Debt securities in issue Maturity Interest
Bond 2017, (nominal value EURm 500) 8 years 1.25 %  162  162 
Bond 2018, (nominal value EURm 500) 10 years 1.625 %  312  311 
Bond 2018, (nominal value EURm 500) 12 years 2.25 %  395  395 
Bond 2018, (nominal value NOKm 1,000) 10 years 3.10 %  85  89 
Other  2 
Total bonds  954  959 
Total financial liabilities  2,470  2,469 
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and the 
2020 loan for the first 12 years. After that, the loans become subject to a variable 
interest rate, but they also include terms stating the right of redemption at this point in 
time or at any interest payment date thereafter. The loans are listed on the London 
Stock Exchange.
The determination and hierarchy of fair values of financial assets and liabilities 
measured at acquisition cost is disclosed in note 13. According to this determination, 
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm 12/2024 12/2023
Eliminations between segments  -127  -127 
Group financial liabilities total  3,036  2,914 
Change in liabilities from financing activities
EURm
1 
January 
2024
Incoming 
cash 
flows
Outgoing 
cash 
flows
Exchange 
differences Other
31 
December 
2024
Subordinated debt  1,645  —  —  -3  —  1,642 
Bonds  959  —  -2  -3  —  954 
Other loans  194  194  -48  13  —  353 
Total  2,798  194  -50  7  —  2,948 
EURm
1 
January 
2023
Incoming 
cash 
flows
Outgoing 
cash 
flows
Exchange 
differences Other
31 
December 
2023
Subordinated debt  1,983  —  -87  -3  -248  1,645 
Bonds  1,306  —  -340  -7  —  959 
Other loans  96  143  -46  2  —  194 
Total  3,384  143  -473  -8  -248  2,798 
Item Other for the reporting period 2023 is mainly related to the separation of 
Mandatum.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 210

===== SIDA 211 =====

23 Other liabilities
EURm 12/2024 12/2023
Liabilities arising out of direct insurance operations  176  227 
Liabilities arising out of reinsurance operations  126  69 
Settlement liabilities  90  5 
Provisions  174  6 
Interests  29  29 
Tax liabilities  14  2 
Lease liabilities  134  160 
Employee benefit liability  21  21 
Prepayments and accrued income  265  241 
Other  535  581 
Total other liabilities  1,562  1,342 
Item Other includes, e.g. premium taxes of EUR 148 million (164), liabilities related with 
patient insurance pool of EUR 54 million (64), and other tax liabilities and employee 
withholding taxes.
The non-current share of other liabilities is EUR 96 million (82).
Leases 
The total effect of leases on the statement of cash flows was EUR -36 million (-33). 
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 12 
million (15).
EURm 1-12/2024 1-12/2023
Items recognised in the p/l from lease liabilities
Interest expenses  -2  -2 
Expenses from short-term and low-value lease liabilities  -4  -4 
Provisions 
EURm 2024
At 1 January  6 
Reclassification of Topdanmark's provision  27 
Provisions utilized during the financial year  -9 
Provisions added during the fiscal year  151 
Translation difference  -1 
At 31 December  174 
In connection with the acquisition and the integration of Topdanmark into If Group, a 
restructuring reserve amounting to EUR 149 million was recognised. The costs relate 
mainly to redundancies, decommissioning, and sunsetting of systems, as well as 
rebranding. 
Other restructuring provisions consist of funds amounting to EUR 13 million reserved 
for future expenses attributable to previously implemented or planned future 
organisational changes including expenses related to the separation of Topdanmark 
Liv Holding Group (now Nordea Pension Holding Danmark A/S) to Nordea.
In addition, provisions for employer contributions reserved for commitments 
attributable to endowment policies and other uncertain liabilities are also included in 
the total amount of the provisions.
The non-current share of provisions is EUR 73 million. 
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
FINANCIAL STATEMENTS 2024 211

===== SIDA 212 =====

24 Employee benefits
Employee benefit obligations
Sampo Group’s subsidiary, If, had defined benefit plans in Sweden and Norway during 
the financial year 2024. 
If applies IAS 19 Employee Benefits and recognizes defined-benefit pension plans in 
Sweden and Norway. Other pension plans existing in the Group have either been 
classified as defined-contribution plans or have been classified as defined-benefit 
plans, but recognized as defined-contribution plans. This occurs because If lacks the 
information necessary to recognize them as defined-benefit plans, or they have been 
deemed as insignificant.
For the defined-contribution pension plans, If pays fixed contributions and has no 
further payment obligations once the contributions have been paid. The pension 
expense for the defined-contribution plans is equal to the premiums paid by If for the 
financial year.
Employee benefit obligations of If
EURm 2024 2023
Defined benefit pension obligations, including social costs  217  209 
Fair value of plan assets  232  220 
Net liability (asset) recognised in the balance sheet  -15  -11 
of which recognised as Net pension assets in Other assets  36  32 
of which recognised as Net pension liabilities in Other liabilities  21  21 
The Swedish defined-benefit pension plan, FTP2, is a multiemployer plan and is closed 
to new employees born in 1972 or later. In Norway, there are a few smaller pension 
plans, mainly unfunded pension plans, for which If is responsible for ongoing payments. 
These include a small number of pension obligations on salary above 12G (G= National 
Insurance basic amount) or individual pension agreements. 
A common feature of the defined-benefit plans is that the employees and survivors 
encompassed by the plans are entitled to a guaranteed pension that depends on the 
employees’ service period and pensionable salary at the time of retirement. The 
dominating benefit is the old-age pension, referring to a life-long pension after the 
anticipated retirement age.
The anticipated retirement age for Sweden, in connection with life-long pension, is 65 
years. Life-long old-age pension following a complete service period is payable at a 
rate of 10% of the pensionable salary between 0 and 7.5 income base amounts, 65% of 
salary between 7.5 and 20 income base amounts and 32.5% between 20 and 30 
income base amounts. Paid-up policies and pension payments from the Swedish plans 
are normally indexed annually, with an amount corresponding to the change in the 
consumer price index. However, there is no agreement guaranteeing the value and 
future supplements, in addition to the contractual pension benefit, which could either 
rise or fall.
The pensions in Sweden are primarily funded through insurance, whereby the insurer 
establishes the premiums and disburse the benefits. If’s obligation is primarily fulfilled 
through payment of the premiums. Should the assets that are attributable to the 
pension benefits not be sufficient to enable the insurer to cover the guaranteed 
pension benefits, If could be forced to pay supplementary insurance premiums or 
secure the pension obligations in some other way. However, given the insurer’s high 
consolidation ratio, the risk that If will be forced to take any such action is low.
To cover the insured pension benefits in Sweden, as well as for a small plan in Norway, 
the related capital is managed as part of the insurers’ management portfolios. New and 
existing asset categories are evaluated on an ongoing basis in order to diversify the 
asset portfolios, with a view to optimize the anticipated risk-adjusted return. Any 
surplus that arises from management of the assets normally accrues to If and/or the 
insured, and there is no form of transfer of the asset value to other members of the 
insurance collective.
The insurers and If are jointly responsible for monitoring the pension plans, including 
investment decisions and contributions. The pension plans are essentially exposed to 
similar material risks regarding the final amount of the benefits, longevity, the 
investment risk associated with the plan assets, and the fact that the choice of the 
discount interest rate affects the valuation in the financial statements.
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
FINANCIAL STATEMENTS 2024 212

===== SIDA 213 =====

When applying IAS 19, the pension obligation and the pension cost attributed to the 
fiscal period are calculated annually, using the Projected Unit Credit method. The 
calculation of the defined benefit obligation is based on future expected pension 
payments and includes yearly updated actuarial assumptions, such as salary growth, 
inflation, mortality and employee turnover. The expected pension payments are then 
discounted to a present value, using a discount rate set with reference to AAA and AA 
corporate bonds issued in local currency, including mortgage-backed bonds, as of 
mid- December. The discount rates chosen in Sweden and Norway take into account 
the duration of the company’s pension obligations in each respective country. After a 
deduction for the plan assets, a net asset or a net liability is recognized in the balance 
sheet.
The following tables contain a number of material assumptions, specifications of 
pension costs, assets and liabilities, and a sensitivity analysis showing the potential 
effect on the obligations of reasonable changes in those assumptions, as of the end of 
the fiscal year. 
The carrying amounts have been stated, including special payroll tax in Sweden 
(24.26%) and a corresponding fee in Norway (14.1%-19.1%).
Specification of employee benefit obligations by country
2024 2023
EURm Sweden Norway Total Sweden Norway Total
Recognised in income statement and other comprehensive income
Current service cost  2  0  3  3  0  3 
Total defined benefit pensions costs in insurance service result  2  0  3  3  0  3 
Interest expense on net pension liability  -1  1  -1  -1  1  -1 
Remeasurement of the net pension liability  -1  1  0  6  0  6 
Total net cost (income) in comprehensive income statement  0  2  2  8  1  8 
Recognised in balance sheet
Defined benefit pension obligations, including social costs  194  22  217  186  23  209 
Fair value of plan assets  230  1  232  218  2  220 
Net liability (net assets) recognised in balance sheet  -36  21  -15  -32  21  -11 
Distribution by asset class
Bonds  41 %  —  42 %  — 
Equities  22 %  —  20 %  — 
Properties  9 %  —  10 %  — 
Other  28 %  —  28 %  — 
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
FINANCIAL STATEMENTS 2024 213

===== SIDA 214 =====

The following actuarial assumptions have been used for the calculation of defined benefit pension plans in Norway and Sweden:
Sweden Sweden Norway Norway
31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
Discount rate  3.25 %  3.50 %  4.00 %  3.75 %
Future salary increases  3.00 %  3.00 %  3.25 %  3.25 %
Price inflation  2.00 %  2.00 %  2.25 %  2.25 %
Mortality table DUS23 DUS23 K2013 K2013
Average duration of pension liabilities 17 years 17 years 11 years 11 years
Expected contributions to the defined benefit plans during 2025 and 2024  5  6 - -
2024 2023
Sensitivity analysis of effect of reasonably possible changes Sweden Norway Total Sweden Norway Total
Discount rate, +0.50% -15 -1 -16 -15 -1 -15
Discount rate, -0.50% 17 1 18 16 1 17
Future salary increases, +0.25% 3 0 4 4 0 4
Future salary increases, -0.25% -3 0 -3 -3 0 -3
Expected longevity, +1 year 7 1 7 6 1 6
2024 2023
EURm Funded plans Unfunded plans Total Funded plans Unfunded plans Total
Distribution of obligations on funded and unfunded plans
Defined benefit pension obligations, including social costs  196  20  217  188  20  209 
Fair value of plan assets  232  —  232  220  —  220 
Net pension liability (net assets) recognised in the balance sheet  -36  20  -15  -31  20  -11 
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
FINANCIAL STATEMENTS 2024 214

===== SIDA 215 =====

Analysis of the change in net liability recognised in the 
balance sheet
EURm 2024 2023
Pension liabilities
At the beginning of the year  202  204 
Current cost  2  3 
Interest cost  7  7 
Actuarial gains (-) / losses (+) on financial assumptions  7  — 
Actuarial gains (-) / losses (+), experience adjustments  4  -3 
Exchange differences on foreign plans  -7  -1 
Benefits paid  -6  -7 
Defined benefit pension obligations on Dec 31, excl. social 
security costs  210  203 
Social security costs  7  6 
Defined benefit plans  on Dec 31, incl. social security costs  217  209 
Reconciliation of plan assets
At the beginning of the year  220  220 
Interest income  7  7 
Difference between actual return and calculated interest income  11  -9 
Contributions paid  5  5 
Exchange differences on foreign plans -7  0 
Benefits paid  -5  -4 
Plan assets at 31 December  232  220 
Other short-term employee benefits
There are other short-term employee incentive programmes in the Group, the terms of 
which vary according to country, business area, or company. Benefits are recognised in 
the profit or loss for the year they arise. An estimated amount of these short-term 
incentives, social security costs included, for 2024 is EUR 81 million.
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
FINANCIAL STATEMENTS 2024 215

===== SIDA 216 =====

25 Equity and reserves
Equity (1,000 shares)
12/2024 12/2023
Equity (1,000 shares) 538,248 501,797
The shares are divided into A and B classes, with the number of A shares being 
179,000,000 at minimum and 711,200,000 at maximum, and the number of B shares 
being 0 at minimum and 4,800,000 at maximum. Each A share entitles its holder to 
one vote and each B share entitles its holder to five votes at a General Meeting of 
Shareholders. The shares have no nominal value.
At the end of the financial year 2024, the number of A shares amounted to 
538,047,772 and B shares to 200,000 shares.
Treasury shares (1,000 shares)
12/2024 12/2023
Own shares held by Sampo plc (1,000 shares) — —
Reserves and retained earnings
Legal reserve
The legal reserve comprises the amounts to be transferred from the distributable 
equity, according to the Articles of Association or on the basis of the decision of the 
AGM.
Reserve for invested unrestricted equity
The reserve includes other investments of equity nature, as well as the issue price of 
shares, to the extent it is not recorded in the share capital by an express decision.
During the financial year 2024, the directed share issue of EUR 2,000 million to acquire 
the non-controlling interests of Topdanmark was recognised in the reserve.
Other components of equity
Other components of equity include changes in exchange differences, derivatives used 
for cash flow hedges, revaluation reserve and hedges of a net investment.
Changes in the reserves and retained earnings are presented in the Group’s statement 
of changes in equity.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 216

===== SIDA 217 =====

26 Incentive schemes
Sampo’s long-term incentive scheme 2020 I
The Board of Directors of Sampo plc has decided on the long-term incentive schemes 
2020:1 for the key employees of Sampo Group. The Board of Directors of Sampo plc 
has authorised the Group CEO to decide on the allocation of incentive units that are 
used to determine the incentive reward. The Board decides on the number of incentive 
units allocated to the Group CEO and the Group Executive Committee members. Some 
90 persons in Sampo plc and If were included in the long-term incentive schemes at 
the end of 2024.
The amount of the incentive reward is based on the share price development of the 
Sampo A share and Sampo Group’s return on capital at risk (RoCaR). In addition, in 
accordance with the terms updated in September 2023, the amount of the incentive 
paid in 2024 was partly based on the share price development of Mandatum plc. The 
value of one calculated incentive unit is the trade-weighted average price of the 
Sampo A share (and for rewards paid in 2024, Mandatum share price) at the time 
period specified in the terms of the incentive scheme, reduced by the dividend-
adjusted starting price. The starting price of the incentive schemes varies between 
EUR 32.94–44.74. The maximum value of one incentive unit varies between EUR 
52.64–64.44. The calculation of the incentive reward furthermore takes into account 
the RoCaR. If the RoCaR is at least risk-free return + 5 per cent, the reward is paid out 
in full. If the RoCaR is at least risk-free return + 3 per cent but less than risk-free return 
+ 5 per cent, the payout is 50 per cent. If the RoCaR is below risk-free return + 3 per 
cent, no incentive reward will be paid.
Each plan has three performance periods and incentive rewards are paid in cash in 
three instalments. Identified staff shall buy Sampo A shares with 50 per cent of the 
amount of the instalment after deducting income tax and other comparable charges. 
The shares are subject to disposal restrictions for three years from the date when the 
instalment was paid. A premature payment of the incentive reward may occur in the 
event of changes in the Group structure. The fair value of the incentive schemes is 
estimated by using the Black-Scholes pricing model.
2020:I 2020:I/2 2020:I/3
Terms approved* 5 Aug 2020 5 Aug 2020 5 Aug 2020
Granted  (1,000)  31 Dec 2021  3,815  220  — 
Granted  (1,000)  31 Dec 2022  3,805  220  208 
Granted  (1,000)  31 Dec 2023**  2,124  170  158 
Granted  (1,000)  31 Dec 2024**  1,052  119  158 
End of performance period I 30% Q2-2023 Q2-2024 Q2-2025
End of performance period II  35% Q2-2024 Q2-2025 Q2-2026
End of performance period III 35% Q2-2025 Q2-2026 Q2-2027
Payment I 30% 09/2023 09/2024 09/2025
Payment II 35% 09/2024 09/2025 09/2026
Payment III 35% 09/2025 09/2026 09/2027
Price of Sampo A at terms approval date 
EUR*  30.30  30.30  30.30 
Starting price EUR***  32.94  43.49  44.74 
Starting price adjusted with dividend and 
Mandatum  EUR at 31 December 2024  18.11  30.36  35.71 
Sampo A closing price EUR at 31 
December 2024 39.38
Total intrinsic value, EURm  19  1  1 
Total debt 21
Total cost for the financial period, EURm 
(incl. social cost) 14
* Grant dates vary
** Without Mandatum
*** The trade-weighted average price of the Sampo A share during twenty-five trading days 
commencing the day after Sampo plc’s publication of its Half-Year Financial Report in 2020.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 217

===== SIDA 218 =====

Sampo’s long-term incentive scheme 2024 
On 6 March 2024, the Board of Directors of Sampo plc decided to adopt a 
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.
The participants in LTI 2024 were granted 355,699 performance incentive units (out of 
a maximum of 370,000).  The performance incentive units have a three-year 
performance period covering financial years 2024-2026, with subsequent deferral 
periods according to the rules and regulations applicable to Sampo Group. 
The reward is a cash-based compensation. According to the terms and conditions of 
the scheme, identified staff must buy Sampo A shares with 50% of the net reward after 
taxes and other comparable charges. The shares are subject to a formal disposal 
restriction of three years from the date of payment, and the Board of Directors of 
Sampo plc will perform a risk and compliance assessment before any shares are 
released to participants. 
To achieve a maximum reward from the LTI 2024, excellent financial and operational 
performance is required. The performance assessment will be based on the following 
performance criteria: 
Relative total shareholder return: 25% of the reward is subject to the performance of 
the Sampo A share’s relative TSR over the performance period against a peer group of 
companies. 
Adjusted absolute total shareholder return: 25% of the reward is subject to the 
performance of the Sampo A share’s growth and combined dividends over the 
performance period. 
Underwriting profit growth: 40% of the reward is subject to the performance of 
Sampo Group’s underwriting profit growth over the performance period. 
Sustainability charter: 10% of the reward is subject to the performance of Sampo 
Group’s work related to sustainability. 
In addition, the performance incentive units are subject to Sampo A share price 
movements over the performance period. The share price growth is capped at a 
maximum increase to avoid excessive pay-outs and minimize risk. 
The fair value of the scheme has been estimated using the Monte Carlo pricing model.
At the end of the period 76 persons were included in the scheme. The total cost for the 
financial period and the liability of the scheme amounted to EUR 1 million.
Topdanmark’s incentive schemes 
Long-term incentive programme 
Topdanmark’s LTI programme for the Executive Board and other grade A and B+ 
managers is a revolving option- and/or phantom share units based long-term incentive 
programme which entail that a fixed proportion, equivalent to 10 per cent of the salary,  
is paid in the form of share options according to a revolving option programme and/or 
as phantom share units based on the development in the share price of Sampo plc’s A 
shares. 
Upon completion of Sampo’s compulsory acquisition of the remaining Topdanmark 
shares in October 2024, the outstanding rights to Topdanmark shares under the LTI 
programme have been converted. Instead of options with the right to receive 
Topdanmark shares upon exercising of options, the LTI participants have received 
phantom share units tied to the development in the share price of Sampo’s listed A 
share which will be settled in cash when the phantom share units are exercised. When 
converting LTI options under the LTI programme to phantom share units, the market 
value of the LTI option was determined per the completion in accordance with the 
Black-Scholes formula. Based on the calculated market value, the LTI participant has 
been granted a number of phantom share units in Sampo per the Compulsory 
Acquisition Date. The LTI participants are compensated for any negative tax effect in 
consequence of the convertion into phantom share units.
The options and/or phantom share units are issued at the beginning of a financial year 
and may not be exercised any earlier than subsequent to the publication of the first 
interim results announced by Sampo three years after the options and/or phantom 
share units were acquired. For phantom share units resulting from the conversion of 
options under the LTI programme, the calculation is made from the original time of 
granting of options.
At the end of the financial period, the liability of the scheme amounted to EUR 15 
million.
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
FINANCIAL STATEMENTS 2024 218

===== SIDA 219 =====

Short-term incentive programme
Topdanmark’s STI programme is a cash and share and/or phantom share-based short-
term incentive programme which is tied up to the completion of a number of 
predefined targets for each member of the programme. For the financial year 2024, 
individual STI participant agreements have been entered with every member of the 
Executive Board, other grade A managers as well as a group of other Material Risk 
Takers. 
STI bonus cannot exceed 40% of the employee’s fixed basic salary including pension.
As per the Compulsory Acquisition Date, the STI participant’s outstanding rights to 
Topdanmark shares under the STI programme have been replaced by rights to 
phantom shares tied to the development in the share price of Sampo’s listed A share 
which will be settled in cash when the deferral and retention period expires.
The market value of the right to Topdanmark shares under the STI programme is 
determined in accordance with the exchange ratio in connection with the share 
exchange offer, thus the right to receive a Topdanmark share is replaced by the right 
to receive 1.25 phantom shares based on the development in share price of Sampo 
shares. The STI participants are compensated for any negative tax effect in 
consequence of the convertion into phantom shares.
Payment of STI bonus is 50% cash payment at the time of allocation and 50% shares 
and/or phantom shares based on the development in share price of Sampo’s A share. 
For larger amounts (generally, more than DKK 750,000), 40% is paid as a cash amount 
at the time of allocation, and 60% as shares and/or phantom shares. The number of 
shares and/or phantom shares is calculated based on the average trade price of 
Sampo’s listed A share four banking days after the announcement of Sampo’s annual 
results. 
Long-term incentive schemes of Hastings
The total charge for the share-based payments recognised in profit or loss during 2024 
was EUR 29 million (7) with a share-based payment liability of EUR 36 million (8) held 
at 31 December 2024.
Long-term incentive plan 
Certain management personnel of Hastings Group participate in the Group’s Long- 
Term Incentive Plan (’LTIP’), which is a cash settled scheme. Vesting is subject to a 
three-year service period and the achievement of certain performance conditions. The 
performance conditions for the LTIP are profit before tax and live customer policies. 
Cash awards totalling EUR 15 million (13) were granted in 2024, and EUR 9 million (6) 
of cash awards were forfeited. The expected life is the contractual life of the award 
adjusted to reflect management’s best estimate of holder behaviour. There were cash 
awards with a value of EUR 40 million (32) outstanding on 31 December 2024.
Restricted stock awards 
Restricted Stock Awards are whereby certain individuals are granted cash awards 
conditional upon their continued employment with the Group. The expected life is the 
contractual life of the award adjusted to reflect management’s best estimate of holder 
behaviour. During 2024, certain key management personnel were granted cash awards 
with a value of EUR 0.6 million (0.7) conditional upon continued employment within 
the Group. There were cash awards with a value of EUR 1.0 million (0.9) outstanding at 
31 December 2024. 
Capital appreciation plan 
At the year end, 31 December 2021, certain key management personnel were invited to 
participate in the Hastings Group’s Capital Appreciation Plan (’CAP’), under which they 
may be awarded up to five free B Ordinary Shares in HGCL, for every B Ordinary Share 
they purchase, subject to performance thresholds, based upon total shareholder return 
(’TSR’). The total number of B Ordinary Shares purchased and allotted under the 
scheme in 2024 was zero (-). Potential matching awards of B Ordinary Shares have the 
potential to vest in two tranches, with 50% being conditional upon a TSR measured 
over a four-year period, and 50% being conditional upon TSR measured over a five-
year period, with the number of awards dependent upon the level of return between a 
minimum and maximum target. At the end of each performance period, one-half of 
shares will vest immediately, and one half will be deferred for 12 months before 
becoming exercisable. The vesting is dependent on continuing service by the 
participant over the period of any deferment, ranging from three to six years. 
The TSR measure for these awards is calculated using the Monte Carlo valuation 
model. The fair value of the matching shares was EUR 4 million, or approximately EUR 
4 per matching share. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 219

===== SIDA 220 =====

27 Investments in subsidiaries
Name
Group holding 
%
Carrying 
amount
If P&C Insurance Holding Ltd 100  4,820   
If P&C Insurance Ltd 100  1,441   
If P&C Insurance AS 100  39   
Vertikal Helseassistanse AS 100  9   
Viking Assistance Group AS 100  80   
Topdanmark A/S 100  39   
Topdanmark Forsikring A/S 100  4,614   
Topdanmark EDB A/S 100  41   
Topdanmark BidCo A/S* 100  261   
Hastings Group (Consolidated) Ltd 100  2,611   
Hastings Group Holdings Limited 100  2,535   
Advantage Global Holdings Limited 100  1,518   
Advantage Insurance Company Limited 100  283   
Hastings Insurance Services Limited 100  537   
* Topdanmark BidCo A/S relates to the acquisition and holding of Oona Health A/S. 
The table excludes dormant companies in Great Britain as well as property and housing companies 
accounted for in the consolidated accounts, and other companies that are insignificant to the 
consolidated financial statements.
Changes in subsidiary shares in 2024
Sampo acquired all the outstanding NCI shares in Topdanmark A/S through a public 
exchange offer, followed by a compulsory acquisition during H2 in 2024. The shares 
were then sold to If P&C Holding Ltd in November 2024. At the same time, a 
shareholders’ contribution of EUR 2,934 million was made to If P&C Insurance Holding 
Ltd by Sampo plc.
The carrying amounts of Hastings’ companies have changed mainly due to internal 
restructuring in Hastings’ subgroup. 
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
FINANCIAL STATEMENTS 2024 220

===== SIDA 221 =====

28 Acquisition of 
Topdanmark’s non-
controlling interest
Background
On 17 June 2024, Sampo announced that Sampo and 
Topdanmark had 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. The offer period began on 9 
August 2024 and expired on 9 September 2024. The 
transaction was completed by the compulsory 
acquisition of the remaining Topdanmark minority 
shares on 25 October 2024. Topdanmark shares were 
removed from trading on Nasdaq Copenhagen on 18 
October 2024. For more detailed description of the 
acquisition, please see sections Other developments. 
Compensation to non-controlling interests
During the tender offer process, 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. The Board resolved to issue 48,198,710 new 
Sampo A shares to the Topdanmark non-controlling 
shareholders and the subscription price for the new 
class A shares was EUR 41.50 per share. The price was 
determined based on the closing price of the Sampo 
class A shares on Nasdaq Helsinki Ltd at the last full 
trading day prior to the Sampo Board resolving upon 
the directed issuance of shares. The share issue 
amounting to EUR 2,000 million was recognised in the 
invested unrestricted equity. 
Following the completion of the tender process, Sampo 
commenced a compulsory acquisition of the 6,613,865 
Topdanmark shares held by the remaining non-
controlling shareholders of Topdanmark. The total 
acquisition cost of the remaining minority shares 
amounted to EUR 325 million. Compensation was paid 
in cash. 
Equity transaction 
As the transaction with the non-controlling interest is 
accounted for as an equity transaction in Sampo Group, 
the compensation paid to the NCI for their shares in 
Topdanmark A/S was recognised as a decrease in the 
retained earnings, amounting to EUR 2,325 million. The 
portion of the NCI’s share in equity, amounting to EUR 
394 million, was allocated to the owners of the parent 
company, and recognised as an increase in retained 
earnings. The total decrease of retained earnings 
amounted to EUR 1,931 million. As a result of the 
acquisition, there were no accumulated balances at the 
year end 2024. In the statement of profit or loss, the 
NCI’s share of EUR 49 million was calculated as the 
weighted average during the financial year. 
The acquisition costs related to the equity transaction, 
amounting to EUR 31 million, were accounted for as a 
deduction from the equity. Therefore, the transaction 
decreased Sampo Group’s total equity by EUR 356 
million consisting of compensation paid in compulsory 
acquisition of EUR 325 million and transaction costs of 
EUR 31 million. 
Valuation of Topdanmark A/S shares 
The measurement of acquired Topdanmark A/S shares 
was based on the compensation given as an exchange 
of those shares. For Topdanmark’s shares acquired via 
tender offer, the value of the acquired shares was 
determined based on the value of Sampo’s shares 
issued totalling EUR 2,000 million. For shares acquired 
via the compulsory acquisition, the value of acquired 
shares was determined based on the compensation 
paid in cash totalling EUR 325 million.   
Sale of Topdanmark A/S shares to If P&C 
Insurance Holding Ltd
On 1 November 2024, Sampo plc sold all the issued 
shares in Topdanmark A/S to If P&C Insurance Holding 
Ltd. The transaction was completed at arm’s length 
basis. The sale price, based on the recent market value 
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 plc 
and If P&C Insurance Holding Ltd. On 1 November, the 
loan agreement, amounting to EUR 1,724 million, 
consisted of EUR nominated facility of EUR 862 million 
and DKK nominated facility of DKK 6,432 million 
(approx. EUR 862 million). The remaining part of the 
purchase price was paid by setting-off against 
shareholder’s contribution amounting to SEK 34 029 
million (approx. EUR 2,934 million) granted by Sampo 
plc to If Holding. The shareholder’s contribution was 
recognised as an increase in the carrying amount of If 
Holding’s shares in Sampo plc’s balance sheet. 
As the sale transaction of Topdanmark’s shares is an 
intra-group transaction, all impacts, including the sales 
gain of the shares, are eliminated at the Sampo Group 
level. The intra-group sale of shares meets the definition 
of a common control transaction as both If P&C 
Insurance Holding Ltd and Topdanmark A/S are under 
control of Sampo plc before and after the acquisition. 
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
FINANCIAL STATEMENTS 2024 221

===== SIDA 222 =====

29 Related party disclosures
The related parties of Sampo Group include subsidiaries, associates and joint ventures. 
In addition, related parties include, as mentioned below, key management personnel 
and their related parties. The Group’s subsidiaries are included in note 27. At the end of 
the financial year, there were no significant associates in the Group. 
All intra-group transactions and balances are eliminated upon consolidation. The 
related party transactions disclosed in the note include transactions with related 
parties that are not eliminated in the preparation of consolidated financial statements. 
During the financial year, Sampo plc sold Topdanmark A/S shares to If Holding A/B. 
Related to the sale, substantial internal transactions and financing arrangements were 
formed between group entities. For further information, please see note 28.   
Transactions with related parties are on an arm’s length basis. 
Key management personnel and their related parties 
The key management personnel in Sampo Group consists of the members of the Board 
of Directors of Sampo plc, the Chief Executive Officer (CEO) and Sampo Group’s 
Executive Committee. Their related parties include close family members and the 
entities over which the members of the key management personnel or their close 
family members have control or significant influence.
Key management compensation
EURm 2024 2023
Short-term employee benefits  -8  -8 
Post employment benefits  -4    -3 
Other long-term benefits  -8    -6 
Total  -20    -17 
Short-term employee benefits comprise salaries and other short-term benefits, 
including profit-sharing bonuses accounted for the year, and social security costs.
Post-employment benefits include pension benefits under the Employees’ Pensions 
Act (TyEL) in Finland and voluntary supplementary pension benefits.
Other long-term benefits consist of the benefits under long-term incentive schemes 
accounted for the year (see note 26).
Related party transactions of the key management
The key management does not have any loans from the Group companies.
30 Discontinued operations
Mandatum Group’s business
Mandatum was a wholly owned direct subsidiary of Sampo plc until 1 October 2023 
when it was separated from the Group in the partial demerger of Sampo plc. In the 
comparative year,  Mandatum Group was presented as a discontinued operation, in 
accordance with IFRS 5 Non-current assets held for sale and discontinued operations, 
until the demerger. 
Result of discontinued operations
EURm 1-9/2023
Insurance revenue  255 
Insurance service expenses  -213 
Reinsurance result  -1 
Insurance service result  41 
Net investment result  658 
Net finance income or expense from insurance contracts  -161 
Net result from investment contracts  -369 
Net financial result  127 
Other income  22 
Other expenses  -12 
Finance expenses  -4 
Profit before taxes  173 
Income taxes  -33 
Discontinued operations, net of tax  140 
The profit from the discontinued operations is attributed entirely to the owners of the 
parent company. Other comprehensive income did not include any items from the 
discontinued operations.
The profit from discontinued operations in the consolidated income statement, 
amounting to 251 million, included also the difference of 9 million from the 
derecognition of the dividend liability, and 102 million from the recognition of a loan.
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
FINANCIAL STATEMENTS 2024 222

===== SIDA 223 =====

31 Business combinations
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S, 
owner of Dansk Sundhedssikring A/S (DSS), PrimaCare A/S and DSS Hälsa AB. DSS is 
an insurance company that offers health insurance to companies and private 
individuals.
The purchase price included goodwill of EUR 237 million (DKK 1,770 million), related to 
the unique business model and operational setup of DSS. Goodwill is not deductible for 
income tax purposes. The following table summarises the consideration paid for Oona 
Health, and the assets acquired and liabilities assumed at the acquisition date. 
EURm 1 Dec 2023
Cash  257 
Contingent consideration  12 
Total purchase price  269 
Acquisition related costs  5 
Identified assets acquired and liabilities assumed
Financial assets  39 
Cash and cash equivalents  8 
Intangible asset  87 
Other assets  11 
Total assets  146 
Insurance contract liabilities  18 
Other liabilities  96 
Total liabilities  114 
Total identifiable net assets  31 
Goodwill  237 
Purchase price  269 
In accordance with the purchase agreement Topdanmark A/S took over 97% of the 
shares of Oona Health A/S at closing and will acquire the remaining 3% at a purchase 
price which is variable and dependent on profit after tax in 2026.
On 1 November 2024, shares of Topdanmark A/S were sold to If Holding A/B. The 
shares of Oona Health A/S were therefore transferred to If Group. For further 
information, please see note 27 and note 28. 
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
FINANCIAL STATEMENTS 2024 223

===== SIDA 224 =====

32 Contingent liabilities, commitments and 
legal proceedings
EURm 12/2024 12/2023
Off-balance sheet items
Guarantees  9  9 
Investment commitments  40  15 
IT acquisitions  —  1 
Other  2  2 
Total  51  27 
Assets pledged as collateral for liabilities or contingent liabilities
12/2024 12/2023
EURm
Assets 
pledged
Liabilities/ 
commitments
Assets 
pledged
Liabilities/ 
commitments
Assets pledged as collateral
Investment securities  403  294  408  293 
Subsidiary shares  91  25  91  27 
Cash and cash equivalents  66  43 63 36
Total  559  362 561 356
Assets pledged as security 
for derivative contracts
Investment securities  —  9 
Cash and cash equivalents  66  62 
Assets pledged as security 
for insurance undertakings
Investment securities  403  399 
Assets pledged as security 
for loans
Shares in subsidiaries  91  91 
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Policyholder's beneficiary rights
EURm 12/2024 12/2023
Assets covered by policyholders' beneficiary rights  9,748  10,034 
Technical provisions, net  -6,021  -6,171 
Surplus of registered securities  3,727  3,863 
The assets are registered as assets covering technical provisions (Solvency II). In the 
event of an insolvency situation, policyholders have a beneficiary right to assets 
registered for coverage of technical provisions.  
Other financial commitments
If 
The subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings 
within several pools, such as  the Nordic Nuclear Insurance Pool, Norwegian Natural 
Perils’ Pool and the Dutch Terror Pool.
In connection with the transfer of property and casualty insurance business from the 
Skandia Group to the If Group as of March 1, 1999, If P&C Holding Ltd and If P&C 
Insurance Ltd issued a guarantee for the benefit of Försäkringsaktiebolaget Skandia 
(publ.), whereby the aforementioned companies in the If Group mutually guarantee 
that companies in the Skandia group will be indemnified against any claims or actions 
due to guarantees or similar commitments made by companies in the Skandia Group, 
within the property and casualty insurance business transferred to the If Group.
If P&C Insurance Holding Ltd and If P&C Insurance Ltd have separately entered into 
agreements with Försäkringsaktiebolaget Skandia (publ.) and Tryg-Baltica Forsikrings 
AS, whereby Skandia and Tryg-Baltica will be indemnified against any claims 
attributable to guarantees issued by Försäkrings-aktiebolaget Skandia (publ.) and 
Vesta Forsikring AS, on behalf of Skandia Marine Insurance Company (U.K.) Ltd. 
(renamed Marlon Insurance Company Ltd., company dissolved in July 2017) in favour 
of the Institute of London Underwriters. Marlon was sold during 2007, and the 
purchaser issued a guarantee in favour of the aforementioned companies in the If 
Group for the full amount that they may be required to pay under these guarantees.
If P&C Insurance Company Ltd has outstanding commitments to private equity funds 
totalling EUR 40 million, which is the maximum amount that the company has 
committed to invest in the funds. Capital will be called to these funds over several 
years as the funds make investments.
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
FINANCIAL STATEMENTS 2024 224

===== SIDA 225 =====

With respect to certain IT systems that If and Sampo 
use jointly, If P&C Insurance Holding Ltd has undertaken 
to indemnify Sampo for any costs caused by If that 
Sampo may incur in relation to the owners of the 
systems.
Topdanmark
Sampo Group’s Danish companies and Topdanmark 
Group’s companies are jointly taxed, with Topdanmark 
A/S being the management company. Pursuant to the 
specific rules on corporation taxes etc. in the Danish 
Companies Act, the companies are liable for the jointly 
taxed companies and for any obligations to withhold 
tax from interest, royalties and dividend for companies 
concerned.
In connection with the implementation of a new 
customer and core system, Topdanmark Forsikring A/S 
has undertaken to provide support towards specific 
suppliers to fulfil Topdanmark EDB IV ApS’ obligations 
in accordance with the contracts.
Contingent liability
Hastings 
Entities within Hastings Group are subject to review by 
tax authorities in the UK and Gibraltar. The Hastings 
Group commenced discussion with HMRC in December 
2016 regarding aspects of its business model and the 
allocation of certain elements of its profit between the 
Group’s operating subsidiaries, Hastings Insurance 
Services Limited (’HISL’) in the UK and Advantage 
Insurance Company Limited (’AICL’) in Gibraltar. During 
the year, management has engaged in correspondence 
and meetings with HMRC. Management has reviewed 
current and previous tax filings and considered the 
nature of the ongoing enquiries, and does not consider 
it appropriate to provide for any additional tax due. 
Hastings Group provides for potential tax liabilities that 
may arise on the basis of the amount expected to be 
paid to the tax authorities, having taken into 
consideration any ongoing enquiries or reviews and 
based on guidance from professional firms. The final 
amounts paid may differ from the amounts provided 
depending on the ultimate resolution of such matters 
and any changes to the estimates or amounts payable 
in respect of prior periods are reported through 
adjustments relating to prior periods. In the event that 
the tax authorities do not ultimately accept the filed tax 
position, it is possible that the Hastings Group will have 
an additional tax liability. However the ongoing nature 
of the enquiry means that it is inherently difficult to 
predict a range of potential outcomes with certainty. 
Based on the information received from HMRC to date, 
management does not believe that it is probable that 
any additional amounts will ultimately become payable. 
Further information in respect of the enquiries has, 
therefore, not been provided in accordance with IAS 37, 
on the grounds it is not practicable to do so.
Topdanmark 
In December 2022, Sampo plc´s subsidiary Topdanmark 
Forsikring A/S sold Topdanmark Liv Holding A/S and all 
its subsidiaries to Nordea Life Holding AB. On 1 May 
2024, Topdanmark announced that Topdanmark 
Forsikring A/S had entered into an agreement with 
Nordea regarding the process for completion of the IT 
separation of Topdanmark Liv Holding A/S (today 
Nordea Pension Holding Danmark A/S). 
As announced by Topdanmark in the first quarter of 
2024, Nordea Group has reserved the right to raise 
claims against Topdanmark Forsikring A/S for certain 
potential losses. At present, it is not possible for 
Topdanmark A/S to determine the size or existence of 
the potential losses, and thus it is not possible to assess 
whether they would constitute losses for which 
Topdanmark Forsikring A/S may be held liable under 
the signed Share Purchase Agreement (SPA). Currently, 
there is no new information on the potential claims, and 
thus the contingent liability remains.
Rental commitments
During the reporting period 2024, Sampo plc signed a 
rental agreement on new office premises commencing 
in June 2025.  
Legal proceedings
There are a number of legal proceedings against the 
Group companies outstanding as of 31 December 2024, 
arising in the ordinary course of business. The 
companies estimate it unlikely that any significant loss 
will arise from these proceedings.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 225

===== SIDA 226 =====

33 Subsequent events after 
the balance sheet date
Dividend proposal to the AGM
In the meeting on 6 February 2025, the Board of 
Directors decided to propose, at the Annual General 
Meeting on 23 April 2025, a divided distribution of EUR  
1.70 per share (totalling approx. EUR 915 million based 
on the number the number of outstanding shares at the 
balance sheet date). The dividends to be paid will be 
accounted for in equity in 2025 as a deduction of 
retained earnings.
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.
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
FINANCIAL STATEMENTS 2024 226

===== SIDA 227 =====

34 Risk Management 
disclosure
Sampo Group business and risk 
strategy
Sampo’s strategy is to create long-term value from its 
non-life insurance operations. The Group’s focus within 
non-life insurance is on the private and SME business in 
the Nordic countries, and the digital distribution market 
in the United Kingdom. Sampo Group is first and 
foremost exposed to the general performance of the 
Nordic economies. However, the Nordic economies 
typically are at different stages of their economic cycles 
at any given time, for reasons such as different 
economic structures and separate currencies. Also, 
geographically the Nordics as a large area is more a 
source of underwriting diversification than 
concentration. Hence, the Nordic area is inherently a 
good basis for a diversified business. Geographic 
diversification is also extended outside of the Nordics 
into the United Kingdom and to a smaller extent the 
Baltics.
To further maintain diversification of businesses, Sampo 
Group proactively prevents concentrations, to the 
extent possible, by segregating the duties of separate 
business areas. Despite proactive strategic decisions on 
segregation of duties, concentrations in underwriting 
and investments may appear, and hence liabilities and 
assets are monitored at the Group level to identify 
potential concentrations at a single company or risk 
factor level. 
Underwriting and market risk concentrations, and their 
management are described in the later sections, as well 
as the parent company’s role as a risk manager of 
group-wide risks and as a source of liquidity.
Sampo's risk management strategy is to:
• Ensure that risks affecting the profit and loss account 
and the balance sheet are identified, assessed, 
managed, monitored, and reported in all business 
activities and at the Group level;
• Ensure cost-efficient customer business that is 
soundly priced in terms of risks and adding value to 
our clients;
• Ensure the overall efficiency and resilience of 
operations;
• Ensure that risk buffers – in the form of capital and 
foreseeable profitability – are adequate in relation to 
the current risks inherent in business activities and the 
existing market environment;
• Limit M&A transactions to bolt-ons in non-life 
insurance within current markets;
• Dispose of non-strategic or otherwise unnecessary 
balance sheet items and distribute the released 
capital and reserves to the parent company as 
appropriate; and
• Arrange its activities in ways that safeguard the 
Group’s reputation, since in addition to the ability to 
provide value-adding services for its clients and 
sound capitalisation, the confidence of the clients and 
other stakeholders is among the most significant 
assets of Sampo Group. 
Sampo Group risk management 
system
The purpose of risk management is the creation and 
protection of value. The risk management system is part 
of the larger internal control system, and it integrates 
risk management into the governance of the Group and  
its significant activities and functions, including decision 
making. The risk management system comprises the 
overall organisational structure, documented rules, 
processes, and procedures, as well as resources to 
identify, measure, or assess, contain, monitor, and 
report on risk exposure and overall risk management. It 
is supported by Sampo’s corporate governance system 
and risk culture. It is built on the risk management 
principles and the corresponding policies.
Effective management of risks
Effective risk management is carried out by way of the 
risk management process, which involves the 
systematic application of policies, procedures and 
practices to the identifying, assessing, treating, 
monitoring, measuring, and reporting risk: 
• Identification of risks: The risks involved in business 
operations and business environment, are monitored 
continuously together with earnings potential. In 
particular, when new services are launched or 
business environment is changing, earnings potential 
and risks including reputational risks shall be 
thoroughly analysed. 
• Assessment of capital need: The capital need to cover 
measured risks, risk-based capital, is assessed and 
analysed regularly by risk types and over risks and 
business areas. In addition, management considers 
the size of the buffers over risk-based capital to get 
actual amount of capital. 
• Pricing of risks: Sound pricing of customer 
transactions and careful risk/return consideration of 
investments is the prerequisite for achieving the 
targeted financial performance and profitability over 
time. In general, the starting points of insurance policy 
pricing and investment decisions are (i) adequate 
expected return on allocated capital and (ii) operating 
costs. 
• Managing risk exposures, capital positions, and 
operational processes: The risks of insurance 
liabilities, investment portfolios and operative 
processes and capital positions are adjusted to 
maintain a sound risk-to-return ratio and return on 
capital.  
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
FINANCIAL STATEMENTS 2024 227

===== SIDA 228 =====

• Measuring and reporting of risks: Results, risks, 
profitability, and needed capitalisation are measured, 
analysed, and reported by Finance and Risk 
Management functions, which are independent from 
business activities 
Classification of risks
Risks in Sampo Group are classified under three broad 
categories, namely business risks, reputational risk, and 
risks inherent in business operations, as shown in the 
picture Classification of risks in Sampo Group.
Classification of risks in Sampo Group
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s 
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 228

===== SIDA 229 =====

Risks inherent in business 
operations
In its underwriting and investment operations, Sampo 
Group is consciously taking certain risks to generate 
earnings. These earnings risks are carefully selected and 
actively managed. Underwriting risks are priced to 
reflect their inherent risk levels and the expected return 
of investments is compared to the related risks. 
Furthermore, earnings related risk exposures are 
adjusted continuously and their impact on the capital 
need is assessed regularly.
Successful management of underwriting risks and 
investment portfolio market risks is the main source of 
earnings for Sampo Group. Day-to-day management of 
these risks, i.e., maintaining them within given limits and 
authorisations is the responsibility of the business areas 
and the investment units. 
Some risks, such as counterparty default risks and 
operational risks presented in the graph Classification of 
Risks in Sampo Group are indirect repercussions of 
Sampo’s normal business activities. They are one-sided 
risks, which in principle have no related earnings 
potential. Accordingly, the risk management objective is 
to mitigate these risks efficiently rather than actively 
manage them. Mitigation of consequential risks is the 
responsibility of the business areas and the investment 
units. The capital need for these risks is measured by 
independent risk management functions. It must be 
noted that the categorisation of risks between earnings 
and consequential risks varies, depending on the 
industry. For Sampo Group’s clients, for instance, the 
events that are subject to insurance policies are 
consequential risks and for Sampo Group these same 
risks are earnings risks. 
Some risks such as interest rate, currency, and liquidity 
risks are by their nature simultaneously linked to various 
activities. To manage these risks efficiently, Sampo 
Group must have a detailed understanding of expected 
cash flows and their variance within its business 
operations. In addition, a thorough understanding of 
how the market values of assets and liabilities may 
fluctuate at the total balance sheet level under different 
scenarios is needed. These balance sheet level risks are 
commonly defined as Asset and Liability Management 
(“ALM”) risks. In addition to interest rate, currency, and 
liquidity risk, inflation risk and risks relating to GDP 
growth rates are central ALM risks in Sampo Group. The 
ALM risks are one of the focus areas of senior 
management because of their relevance to risks and 
earnings in the long run.
In general, concentration risk arises when the 
company’s risk exposures are not diversified enough. 
When this is the case, an extremely unfavourable claim 
or financial market event, for instance, could threaten 
the solvency of the company. 
Concentrations can evolve within separate activities – 
such as large single name or industry specific insurance 
or investment exposures – or across activities when a 
single name or an industry is contributing widely to the 
profitability and risks of the company through both 
insurance and investment activities. 
Concentration risk may also materialise indirectly when 
profitability and the capital position react similarly to 
general economic developments or to structural 
changes in the institutional environment in different 
areas of business. 
Emerging risks
Emerging risk refers to newly developing or changing 
risks that are difficult to quantify and which may have a 
major impact on Sampo Group. Being aware of the risk, 
gathering information about it, and reviewing 
contractual terms in light of development are means of 
managing and mitigating the risk.
Sustainability approach
Sampo Group has a sustainability programme, which 
drives group level sustainability work. The programme 
consists of three strategic sustainability themes: 
Business management and practices, People and 
communities, and Climate and environment. Under each 
theme, the most material sustainability topics have been 
identified. They link to Sampo Group’s strategy, 
business, and risk management and are seen as 
important by the Group’s various stakeholders.
When drafting the programme, views of both internal 
and external stakeholders have been considered. This 
includes, for example, regulatory requirements 
regarding current and future sustainability reporting 
(e.g., CSRD, CSDDD), feedback from investors and 
employees, industry best practices, relevant reporting 
frameworks (e.g., GRI Standards, TCFD), and the views 
of various ESG rating agencies.
The business management and practices theme focuses 
on topics that are fundamental to Sampo Group‘s 
operations. This includes especially good corporate 
governance, sustainable insurance operations and 
supply chain management, and responsible investment.
Good governance in Sampo Group means effective 
policies, management practices, and training that 
provide assurance that the Group complies with laws, 
regulations, and generally accepted principles, for 
example, regarding anti-corruption and bribery and 
anti-money laundering, and counter-terrorist financing. 
Furthermore, they include comprehensive information 
security and cybersecurity governance systems, and 
data privacy activities, as well as effective 
whistleblowing and grievance procedures.
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
FINANCIAL STATEMENTS 2024 229

===== SIDA 230 =====

Sustainable insurance operations are important in 
meeting the evolving needs of all customers and in 
mitigating potential adverse impacts on the Group’s 
reputation. Therefore, Sampo Group aims to take ESG 
considerations into account in product and service 
development, and insurance underwriting. By 
integrating ESG considerations into insurance 
operations, Sampo Group aims to prevent association 
with business activities that do not comply with the 
company’s sustainability policies, and offer products 
and services aligned with customers’ need and 
preferences. This means, for example, that Sampo 
Group integrates ESG considerations into insurance 
underwriting (e.g. expectations for corporate clients to 
respect international norms and standards as defined 
by the UN Global Compact, integration of sustainability 
considerations into underwriting principles and/or other 
relevant policies), provides loss prevention services, 
handles claims in a sustainable way, and develops 
products and services in accordance with relevant legal 
requirements (e.g. the EU Taxonomy).
Sampo Group emphasises sustainability factors when 
working with suppliers. Sampo Group is a major 
procurer of goods and services, especially in claims 
handling, and therefore has an impact on the economy, 
the environment, and people. Supply chains are also a 
crucial part of the sustainability of Sampo Group’s 
products and services. Sustainability issues can carry 
significant reputational and operational risks if not 
managed correctly. Therefore, Sampo Group takes ESG 
considerations into account in supply chain 
management, for example, by using supplier codes of 
conduct, setting additional contractual requirements for 
specific suppliers (e.g. based on ESG risks, sector, size, 
geography, business relevance), setting targets related 
to supply chain management, and conducting supplier 
risk assessments (e.g. audits, questionnaires). Sampo 
Group is also committed to encouraging and supporting 
the company’s suppliers and partners in their efforts to 
use more sustainable methods in their operations.
Responsible investment management and operations 
are important in managing investment-related risks, and 
in mitigating potential adverse impacts on the Group's 
reputation. Therefore, Sampo Group takes ESG 
considerations into account when assessing the 
security, quality, liquidity, and profitability of 
investments. Investment opportunities are carefully 
analysed before any investments are made, and ESG 
considerations are analysed in parallel with other 
factors that might affect the risk-return ratio of 
individual investments. Depending on the asset class, 
Sampo Group uses different ESG strategies to ensure 
the effective consideration and management of 
investment risks arising from ESG considerations. The 
strategies used include, for example, ESG integration, 
sector-based screening, norms-based screening, and 
engagement with investee companies.
The people and communities theme includes topics 
relating to human rights and labour practices; diversity, 
equity, and inclusion; health, safety, and wellbeing; 
competence development; customer needs and 
preferences; and sustainable sales and marketing 
practices.
Sampo Group wants to provide customers with the best 
service in all situations. Here, skilled and motivated 
employees are an essential success factor. Losing talent 
or being perceived as an unattractive employer would 
pose large risks for the businesses. Therefore, Sampo 
Group strives to ensure a sound work environment, not 
only because it is stipulated by law but also because it 
lays the foundation for sustainable business 
performance. Diversity and inclusion are key focus areas 
for Sampo Group, as it is committed to providing a non-
discriminatory, open, and agreeable work environment 
where everyone is treated fairly and equally. Risks 
related to these themes are managed, for example, by 
having strong internal policies and governance 
structures, conducting organisational development 
programmes, and offering employees training, 
interesting career opportunities, and attractive 
remuneration packages.
Additionally, a sustainable product and service offering 
requires being attentive to the risks relating to 
inappropriate customer advice and product sales, errors 
in claims handling and complaint processes, and a lack 
of clarity on conditions, prices, and fees. The focus in 
sales and marketing practices is on meeting the 
demands and needs of the customer and providing the 
customer with the information necessary for them to 
make well-informed decisions on their insurance 
coverage. Sampo Group manages risks related to these 
themes, for example, by having effective internal 
policies and governance structures, and offering 
employees training.
The climate and environment theme includes topics, 
such as, climate change, resource use and circular 
economy as well as biodiversity.
Climate change and environmental issues are factors 
that are expected to have a mid- and long-term effect 
on Sampo Group’s businesses. Climate-related risks can 
be categorised into physical risks and transition risks.
The financial position and results of Sampo Group’s 
insurance operations are affected especially by physical 
risks. The increasing likelihood of extreme weather 
conditions and natural disasters is included in internal 
risk models. Climate-related risks are also managed 
effectively with reinsurance programmes and price 
assessments. Since climate change can increase the 
frequency and/or severity of physical risks, Sampo 
Group conducts sensitivity analyses using scenarios in 
which the severity of natural catastrophes is assumed to 
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
FINANCIAL STATEMENTS 2024 230

===== SIDA 231 =====