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Årsredovisning 2024
increase. Sampo Group also helps its corporate and
private customers to manage climate-related risks.
Extreme weather events can, for example, damage
properties and lead to crop failure and business
interruption. Loss prevention is an essential part of
insurance services, as it helps customers to reduce
economic losses and mitigates the impacts of climate
change.
Sampo Group’s investments can be exposed to both
physical risks and transition risks, depending on the
investment in question. Investments are particularly
exposed to physical risks in the form of losses incurred
from extreme weather events. The transition to a low-
carbon society, with potentially increasing
environmental and climate regulation, more stringent
emission requirements, and changes in market
preferences, could in turn cause transition risks for the
Group’s investments, and a possible revaluation of
assets as operating models in carbon-intense sectors
change. To manage physical risks and transition risks,
investment opportunities are carefully analysed before
any investments are made, and climate-related risks are
considered along with other factors affecting the risk-
return ratio of individual investments. The methods
used by Sampo Group include annual analysis of the
carbon footprint and climate impact of investments,
sector-based screening and ESG integration, monitoring
the geographical distribution of investments, and
engagement with investee companies.
In terms of climate change scenario analysis, Sampo
Group, together with the external vendor ORTEC
Finance, has analysed the Group investment portfolio's
exposure to systemic economic and financial climate
change risks in four different climate scenarios over the
next 40 years. Based on the impact on macroeconomic
variables as well as the potential effect on claims related
to natural catastrophes, including consequences on
pricing of insurance contracts, the impact on the
insurance results has also been analysed.
For more information on the scenario analysis, see the
section Climate change in the Sustainability Statement.
Core risk management activities
To create value for all stakeholders in the long run,
Sampo Group must have the following forms of capital
in place:
• Financial flexibility in the form of adequate capital and
liquidity.
• Good technological infrastructure.
• Intellectual capital in the form of comprehensive
proprietary actuarial data and analytical tools to
convert this data into information.
• Human capital in the form of skilful and motivated
employees.
• Social and relationship capital in the form of good
relationships with society and clients to understand
the changing needs of different stakeholders.
These resources are being continuously developed in
Sampo Group. They are in use when the following core
activities related to risk pricing, risk taking, and active
management of risk portfolios are conducted.
Appropriate selection and pricing of underwriting risks
• Underwriting risks are carefully selected and are
priced to reflect their inherent risk levels.
• Insurance products are developed proactively to
meet clients’ changing needs and preferences.
Effective management of underwriting exposures
• Diversification is actively sought.
• Reinsurance is used effectively to reduce largest
exposures.
Careful selection and execution of investment
transactions
• Risk return ratios and sustainability issues of separate
investments opportunities are carefully analysed.
• Transactions are executed effectively.
Effective mitigation of consequential risks
• Counterparty default risks are mitigated by carefully
selecting counterparties, applying collateral
agreements, and assuring adequate diversification.
• High quality and cost-efficient business processes are
maintained.
• Continuity and recovery plans are continuously
developed to secure business continuity.
Effective management of investment portfolios and the
balance sheet
• Balance between expected returns and risks in
investment portfolios and the balance sheet is
optimised, considering the features of insurance
liabilities, internally assessed capital needs, regulatory
solvency rules and rating requirements.
• Liquidity risks are managed by having an adequate
portion of investments in liquid instruments. The
portion is mainly dependent on the features of the
liabilities.
At the Group level, the risk management focus is on
capitalisation, leverage, and liquidity. It is also essential
to identify potential risk concentrations, and to have a
thorough understanding of how solvency and reported
profits of Group companies would develop under
different scenarios. These concentrations and
correlations may influence Group level capitalisation,
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
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FINANCIAL STATEMENTS 2024 231
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leverage, and liquidity, as well as on Group level
management actions.
When the above-mentioned core activities are
successfully implemented, a balance between profits,
risks and capitalisation can be achieved and shareholder
value can be created.
Underwriting risks at Sampo Group
With respect to the underwriting businesses carried out
in the subsidiary companies, it has been established that
If and Topdanmark operate within the Nordic countries,
but mostly in different geographical areas, and in
different lines of business; hence their underwriting risks
differ by nature. However, there are no material
underwriting risk concentrations in the normal course of
business. Hastings operates solely in the
United Kingdom and hence, its underwriting risks are
geographically distinct from the Nordics. Consequently,
business lines as such are contributing diversification
benefits rather than a concentration of risks.
Sampo Group’s insurance service result increased in
2024 by 14 per cent to EUR 1,394 million (1,193). The
table Underwriting performance, 31 December 2024
and 31 December 2023 presents the development of
insurance revenue, claims expenses, operating
expenses, and insurance service result for the last two
years.
Underwriting performance
Sampo Group, 31 December 2024 and 31 December 2023
EURm
Insurance revenue
Reinsurance premiums
expenses
Insurance service
expenses, Claims
incurred
Insurance service
expenses, Operating
expenses
Reinsurers' share of
claims incurred Insurance service result
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Motor 4,520 3,973 -392 -590 -2,989 -2,688 -680 -621 173 424 632 499
Workers'
compensation 314 309 -6 -6 -164 -106 -43 -42 5 1 106 155
Liability 460 446 -71 -68 -213 -222 -68 -65 36 22 143 114
Accident 1,162 910 -8 -6 -746 -542 -180 -148 6 4 234 217
Property 2,796 2,532 -406 -307 -2,054 -2,097 -388 -347 297 393 244 173
Marine, aviation,
transport 136 142 -24 -27 -75 -79 -21 -22 16 13 31 28
Other 62 105 -2 -2 -46 -76 -16 -22 4 1 3 7
Total 9,450 8,418 -909 -1,006 -6,287 -5,810 -1,396 -1,266 537 858 1,394 1,193
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FINANCIAL STATEMENTS 2024 232
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Key sensitivities
Effects from instant change on profit or loss in year 2024
EURm Shock 2024
Combined ratio (quarterly effect) Discount rate +100 bps -0.60 %
Combined ratio (quarterly effect) Discount rate -100 bps 0.60 %
Insurance finance income and expense, net Discount rate +100 bps 330
Insurance finance income and expense, net Discount rate -100 bps -380
Net investment income Interest rates +100 bps -320
Net investment income Interest rates -100 bps 350
Net investment income Spreads +100 bps -330
Net investment income Equities -10% -220
The main non-life underwriting risks that may influence
future claims are the risk of single large claims and the
risk of catastrophe events. However, Sampo Group has
comprehensive reinsurance programmes in place,
contributing to the low level of underwriting risk. The
negative economic impacts of natural catastrophes and
single large claims are also mitigated by the Group’s
well-diversified portfolio. Claims costs may also be
affected by uncertainty in claims outstanding caused by
higher-than-expected claims inflation, lower discount
rates, or an increased retirement age with the
consequence that both annuities and lump sum
payments would increase. However, higher long-term
inflation would be expected to coincide with higher
nominal discount rates, whereby the effects would in
part cancel each other out.
Net liabilities for incurred claims have been presented in
the following table.
Net liabilities for incurred claims
Sampo Group, 31 December 2024
Sweden Norway Finland Denmark Baltics UK Total
EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration
Motor other and MTPL 779 8.9 163 1.3 655 11.0 273 2.2 111 4.0 1,030 2.2 3,011 5.9
- whereof MTPL 679 10.2 91 2.0 633 11.4 238 2.3 98 4.5 — — 1,739 8.8
Workers' compensation — — 97 2.8 773 10.3 1,137 7.3 — — — — 2,008 8.3
Liability 229 3.8 100 1.5 113 2.7 193 2.5 23 2.0 — — 658 2.8
Accident 253 6.0 338 5.9 190 7.1 269 2.3 3 0.3 — — 1,053 5.2
Property 349 0.9 334 0.9 160 0.8 325 1.1 34 0.4 44 1.0 1,245 0.9
Marine, aviation, transport 17 0.7 18 0.7 9 1.0 13 0.7 2 0.6 — — 59 0.8
Other — — 0 — — — 34 1.1 — 0.0 — — 34 1.1
Total 1,628 6.0 1,050 2.8 1,900 8.9 2,243 4.6 172 3.0 1,074 2.1 8,067 5.3
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FINANCIAL STATEMENTS 2024 233
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Underwriting risks at If Group
As shown in the graph Breakdown of gross written
premiums by business area, country, and line of
business, If, 31 December 2024, the If insurance portfolio
is well diversified across business areas, countries, and
lines of business. The six lines of business are
segmented in accordance with the insurance class
segmentation used in IFRS.
Breakdown of gross written premiums by business area, country, and line of business
If, 31 December 2024, total EUR 5,860 million (5,468)
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FINANCIAL STATEMENTS 2024 234
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There are minor differences between the figures
reported by Sampo Group and If due to different
foreign exchange rates used in the consolidation.
Premium and catastrophe risk and their
management and control
The main factors affecting If’s premium risk are claims
volatility, claims inflation, and pricing methodology.
Given the inherent uncertainty of P&C insurance
operations, there is a risk of losses due to unexpectedly
high claim expenses. Examples of what could lead to
high claim expenses include large fires, natural
catastrophes, or an unforeseen increase in the
frequency or the average size of small and medium-
sized claims. Another example is claims inflation, which
is taken into account in the pricing process and can
affect competitiveness when claim costs increases.
The principal methods for mitigating premium risk are
reinsurance and risk sharing, portfolio diversification,
prudent underwriting, and detailed and frequent follow-
ups linked to the strategy and financial planning
process.
An analysis of how changes in the combined ratio,
insurance revenue, and claims incurred affect the result
before tax is presented in the table Sensitivity analysis,
premium risk, If, 31 December 2024 and 31 December
2023.
Sensitivity analysis, premium risk
If, 31 December 2024 and 31 December 2023
Level 2024
Change in current
level Effect on result before tax (Gross) Effect on result before tax (Net)
Key Figures (Gross) (Net) 2024 2023 2024 2023
Combined ratio, business area Private 81.9 % 82.2 % +/- 1 percentage point + / - - 3 0 . 1 + / - - 2 8 . 7 + / - - 2 9 . 7 + / - - 2 8 . 4
Combined ratio, business area Commercial 89.4 % 83.6 % +/- 1 percentage point + / - - 1 3 . 7 + / - - 1 3 . 2 + / - - 1 3 . 6 + / - - 1 3 . 1
Combined ratio, business area Industrial 76.9 % 88.7 % +/- 1 percentage point + / - - 1 0 . 3 + / - - 9 . 2 + / - - 6 . 6 + / - - 6 . 3
Combined ratio, business area Baltics 85.6 % 86.0 % +/- 1 percentage point + / - - 2 . 4 + / - - 2 . 3 + / - - 2 . 4 + / - - 2 . 2
Insurance revenue (net of reinsurance premium
expenses EURm) 5,680 5,258 +/- 1 per cent + / - - 5 6 . 8 + / - - 5 3 . 3 + / - - 5 2 . 6 + / - - 4 9 . 9
Claims incurred (EURm) 3,873 3,554 +/- 1 per cent + / - - 3 8 . 7 + / - - 3 7 . 6 + / - - 3 5 . 5 + / - - 3 3 . 7
The overall risk appetite and risk tolerance limit for
underwriting risk is set out in the Risk Management
Policy, which is complemented by sub-limits for risks
within the underwriting operations. The Underwriting
Policy sets general principles, restrictions, and
directions for the underwriting activities, and is
supplemented by guidelines outlining in greater detail
how to conduct underwriting within each business area.
The Reinsurance Policy stipulates guidelines for the
purchase of reinsurance. The optimal choice of
reinsurance program is evaluated by comparing the
expected cost with the benefit of the reinsurance, as
well as the impact on result volatility and capital
requirements. The main tool for this evaluation is the
Sampo Group internal model in which small claims,
large claims, and natural catastrophes are modelled.
The Reinsurance Policy includes limitations on
permitted reinsurers as well as limits relating to
concentration risk and reinsurance risk.
In 2024, retention levels were between SEK 100 million
(approximately EUR 11.0 million) and SEK 300 million
(approximately EUR 34.0 million) per risk and SEK 300
million (approximately EUR 34.0 million) per event.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
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FINANCIAL STATEMENTS 2024 235
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Reserve risk and its management and control
If's main reserve risks are claims inflation and increased
retirement age.
Reserves, especially in long tailed business, are sensitive
to assumptions of future claims inflation, as they affect
the future claim amount. An increased retirement age,
through for instance a political decision, will increase
the duration and present value of annuities as they
decrease, or expire, at retirement. An increase in life
expectancy will likewise increase the duration and
present value of annuities.
The valuation of the liability for incurred claims always
includes a degree of uncertainty, since it is based on
estimates of the size and the frequency of future claim
payments. The uncertainty in the valuation is normally
greater for new portfolios for which complete run-off
statistics are not yet available, and for portfolios
including claims that take a long time to settle. Workers’
compensation, motor third party liability (MTPL),
personal accident, and liability insurance are products
with the latter characteristics.
The value of the net liability for incurred claims is, in
addition to risk factors relating to reserve risk, also
impacted by changes in discount rates and exchange
rates. These market risks are described in sections for
interest rate risk and currency risk. Reserve risk differs
from interest rate risk since it relates to the size of
future cash flows, while the interest rate risk only
impacts the present value of future cash flows.
The duration of the provisions, and thus the sensitivity
to changes in discount rates, varies with each product
portfolio. The weighted average duration for 2024
across the product portfolios was 6.1 years (6.2).
A large part of the exposure relates to lines of business
MTPL and workers’ compensation, where a part of the
liability for these lines includes annuities. In 2024 the
proportion of liability for incurred claims related to
MTPL and workers’ compensation was 51 per cent (52).
In the table Net liability for incurred claims by line of
business and major geographical area, If, 31 December
2024 and 31 December 2023, the size and duration of
If’s IFRS net liability for incurred claims are presented
by line of business and major geographical area.
Net liabilities for incurred claims by line of business and major geographical area
If, 31 December 2024
Sweden Norway Finland Denmark Baltics Total
EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration
Motor other and MTPL 800 8.8 163 1.3 655 11.0 102 2.3 111 4.0 1,831 8.3
- whereof MTPL 699 10.0 91 2.0 633 11.4 97 2.4 98 4.5 1,618 9.3
Workers' compensation — — 97 2.8 773 10.3 319 8.1 — — 1,190 9.1
Liability 229 3.8 100 1.5 113 2.7 84 2.8 23 2.0 548 2.9
Accident 253 6.0 338 5.9 190 7.1 79 1.9 3 0.3 863 5.8
Property 349 0.9 334 0.9 160 0.8 125 0.3 34 0.4 1,001 0.8
Marine, aviation, transport 17 0.7 18 0.7 9 1.0 12 0.7 2 0.6 58 0.7
Total 1,648 5.9 1,050 2.8 1,900 8.9 721 4.5 172 3.0 5,491 6.1
Includes internal items with Hastings.
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FINANCIAL STATEMENTS 2024 236
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Net liabilities for incurred claims by line of business and major geographical area
If, 31 December 2023
Sweden Norway Finland Denmark Baltics Total
EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration
Motor other and MTPL 868 9.2 226 1.7 669 10.8 103 3.0 107 4.0 1,972 8.2
- whereof MTPL 774 10.2 159 2.3 647 11.1 89 3.1 93 4.5 1,762 9.2
Workers' compensation — — 116 2.9 805 10.4 300 8.2 — — 1,220 9.1
Liability 249 4.0 120 1.5 117 3.3 74 2.9 20 2.0 580 3.1
Accident 283 6.4 319 6.1 163 7.0 80 1.7 3 0.3 847 5.9
Property 330 1.0 364 0.8 175 0.7 101 0.4 26 0.6 996 0.8
Marine, aviation, transport 17 0.7 16 0.7 9 1.1 26 0.6 3 0.7 70 0.7
Total 1,747 6.3 1,162 2.7 1,938 8.9 681 4.7 158 3.1 5,686 6.2
A sensitivity analysis of the reserve risk is presented in
the table below, as well as the interest rate risk relating
to insurance contracts. The effects represent the
immediate impact on the liability values as a result of
changes in the different risk factors as per December 31
each year. The sensitivity analysis is calculated before
tax. Changes in the liability for incurred claims, net will
result in a corresponding change in result before
income taxes. The effect in the income statement is
presented in either the insurance service result or the
net financial result.
Sensitivity analysis, reserve risk
If, 31 December 2024 and 31 December 2023
Insurance liabilities item Risk factor Change in risk parameter Country
Effect EURm
2024 Gross
Effect EURm
2024 Net
Effect EURm
2023 Gross
Effect EURm
2023 Net
Discounted estimated future cash
flows Inflation increase Increase by 1 percentage point
Sweden 110.4 106.5 124.5 120.1
Denmark 35.7 33.8 33.6 33.0
Finland 29.0 27.9 25.5 25.2
Norway 17.3 16.2 21.5 20.2
Annuities and reated INBR Decrease in mortality Life expectancy increase
by 1 year
Sweden 14.7 14.7 15.1 15.1
Denmark 1.1 1.1 1.0 1.0
Finland 49.1 49.1 49.2 49.2
Norway 0.2 0.2 0.2 0.2
Discounted liability for incurred
claims Decrease in discount rate Decrease by 1 percentage point to
liquid part of yield curve
Sweden 79.0 75.2 87.0 82.6
Denmark 35.3 33.4 33.5 32.9
Finland 169.5 168.4 171.6 171.3
Norway 28.6 27.5 31.4 30.1
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FINANCIAL STATEMENTS 2024 237
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The output from the sensitivity analysis is illustrated
both before and after reinsurance in the claims cost
trend tables. These are disclosed in note 21.
The Boards of Directors decide on the guidelines
governing the calculation of insurance liabilities. The
Chief Actuary is responsible for developing and
presenting guidelines on how the insurance liabilities
are to be calculated, and for assessing whether the level
of total liability is sufficient.
The actuarial estimates are based on historical claims
data and exposures that are available at the closing
date. Considered factors include loss development
trends, level of unpaid claims, changes in legislation,
case law and economic conditions. When estimating the
liability, established actuarial methods are generally
used, combined with projections of the number of
claims and average claim costs.
Underwriting risks in Topdanmark
As shown in the graph Breakdown of gross written
premiums by business area, country and line of
business, Topdanmark, 31 December 2024,
Topdanmark’s insurance portfolio is well diversified
across Business areas and lines of business.
Breakdown of gross written premiums by business area, country and line of business
Topdanmark, 31 December 2024, Total EUR 1,553 million (1,339)
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FINANCIAL STATEMENTS 2024 238
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Premium and catastrophe risk and their
management and control
The main underwriting risk that influences the
performance is the risk of catastrophe events. However,
the insurance risk of Topdanmark Forsikring is
mitigated by a comprehensive reinsurance program.
The reinsurance program focuses on catastrophe risks
such as storm, cloudburst, fire, and other cumulative
risks, where several policyholders are affected by the
same event. The biggest retentions are on storm with
DKK 150 million plus reinstatement for each event, while
the biggest retention on fire is DKK 30 million with a
maximum capacity of DKK 1,245 billion. In workers'
compensation risks are covered up to DKK 1 billion with
a retention of DKK 50 million.
Nearly all insurance risks in Topdanmark Forsikring are
measured by a partial internal model instead of the
Solvency ll standard model. The partial internal model
has been approved by the Danish Supervisory
Authorities for solvency calculations. The efficiency of
the reinsurance programme is assessed by the partial
internal model.
With certain restrictions, acts of terrorism are covered
by the reinsurance contracts. The NBCR (nuclear,
biological, chemical, radiological) acts of terrorism are
covered by a public organisation. This is based on an
Act on NBCR acts of terrorism. Under this scheme the
costs from a NBCR attack in Denmark will initially be
borne by the State, but those costs will subsequently be
recovered from policyholders.
Premium risk reduction measures taken at different
levels of operations are as follows:
• Collection of data on risk and claims history
• Use of collected and processed data in profitability
reporting, risk analyses, and in the internal model
• Ongoing follow-up on risk developments, as well as
quarterly forecasts for future risk development
• Correct pricing using a statistical model tool,
including customer scoring tools
• Reinsurance cover that reduces the risk, especially for
catastrophe events
• Ongoing follow-up on the risk overview and
reinsurance coverage in Topdanmark's Risk
Committee.
To maintain product and customer profitability,
Topdanmark monitors changes in its customer
portfolios. Provisions are recalculated, and the
profitability reports are updated in the same context on
a monthly basis. Based on this reporting, trends in claim
levels are carefully assessed, and price levels may be
adjusted if considered necessary.
In the private market segment, customer scoring is
used, and customers are divided into groups, according
to their expected profitability levels. The customer
scoring has two roles. First, it helps to maintain the
balance between the individual customer's price and
risk. Secondly, it facilitates the fairness between
individual customers by ensuring that no customers are
paying too large premiums to cover losses from
customers who pay too small premiums.
The historical profitability of major SME customers with
individual insurance schemes is monitored using
customer assessment systems. These assessment
systems enable Topdanmark to achieve accurate
information about income, claims expenses, combined
ratio etc., for each customer.
In addition to the analysis described above,
Topdanmark continuously improves its administration
systems to achieve more detailed data, which, in turn
enables the company to continuously improve pricing
and gain even better insight into how the different
types of claims are composed.
The insurance risk scenarios are presented in the table
Sensitivity analysis, premium risk, Topdanmark, 31
December 2024 and 31 December 2023.
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FINANCIAL STATEMENTS 2024 239
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Sensitivity analysis, premium risk
Topdanmark, 31 December 2024 and 31 December 2023
Key figures
Current level 2024
(Gross)
Current level 2024
(Net)
Change in current
level
Effect on result before tax (Gross) Effect on result before tax (Net)
2024 2023 2024 2023
Combined ratio, business area
Private 85.6 % 85.4 %
+/- 1 percentage
point +/- 8.2 +/- 7.6 +/- 8.1 +/- 7.5
Combined ratio, business area
Commercial 85.0 % 83.2 %
+/- 1 percentage
point +/- 7.4 +/- 7.0 +/- 6.6 +/- 6.4
Insurance revenue (net of
insurance premium expense,
EURm) — 1,468 +/- 1 per cent — — +/- 14.7 +/- 13.8
Claims incurred (EURm) 1,017 971 +/- 1 per cent +/- 10.2 +/- 9.5 +/- 9.7 +/- 9.1
Reserve risk and its management and control
The insurance lines of business are divided into short-
tail i.e., those lines where the period from notification
until settlement is short, and long-tail i.e., those lines
where the period from notification until settlement is
long. The main short-tail lines in Topdanmark Forsikring
are buildings, other property, and motor. Other short
tail lines are health products registered via Oona A/S.
For the short-tail lines, the claims are mainly settled
within the first year. Long-tail lines relate to personal
injury and liability, and consist of the lines Workers'
compensation, Accident, Motor third party insurance,
and Commercial liability. Composition of non-life
provisions for outstanding claims is presented in the
following table.
Net liability for incurred claims by line of business
Topdanmark, 31 December 2024 and 31 December 2023
2024 2023
EURm Duration EURm Duration
Motor other and MTPL 170 2.1 159 2.1
- whereof MTPL 141 2.3 133 2.3
Workers' compensation 818 7.1 813 7.2
Liability 110 2.3 105 2.3
Accident 190 2.5 179 2.5
Property 199 1.5 209 1.4
Marine, aviation, transport 1 1.2 1 1.0
Other 35 1.1 37 1.0
Total 1,523 4.7 1,503 4.8
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FINANCIAL STATEMENTS 2024 240
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Due to the longer period of claims settlement, the risk
profile of the long-tail lines of business are generally
more uncertain than that of the short-tail lines. It is not
unusual that claims in long-tail lines are settled three to
five years after notification and in rare cases up to ten
to fifteen years.
The reserve risk is calculated using Topdanmark’s
partial internal model for insurance risk. Workers’
compensation claims provision has by far the biggest
risk, followed by the other long-tail lines’ claims
provisions.
During such a long period of settlement, the levels of
compensation could be significantly affected by
changes in legislation, case-law or practice in the
compensation of claim incidents adopted by the Danish
Labour Market Insurance, which decides on
compensation for injury and loss of earnings potential in
all cases of serious industrial injuries. The practice
adopted by the Danish Labour Market Insurance also
has some impact on the levels of compensation for
accident and personal injury within motor liability and
commercial liability insurance. Supreme court decisions
can also influence the provisions for former years,
especially for Workers’ compensation.
The reserve risk represents mostly the ordinary
uncertainty of calculation and claims inflation, i.e., an
increase in the level of compensation due to the annual
increase in compensation per policy being higher than
the general development in prices, or due to a change
in judicial practice or legislation. The sufficiency of the
provisions is tested in key lines by calculating the
provisions using alternative models as well, and then
comparing the compensation with information from
external sources, primarily statistical material from the
Danish Labour Market Insurance and the Danish Road
Sector/Road Directorate.
The sensitivity analysis of the reserve risk is presented
in the following table.
Sensitivity analysis, reserve risk
Topdanmark, 31 December 2024 and 31 December 2023
Insurance liabilities item Risk factor Change in risk parameter Country
Effect
EURm
2024
Effect
EURm
2024 Net
Effect
EURm
2023
Effect
EURm
2023 Net
Discounted estimated future cash flows Inflation increase Increase by 1 percentage point Denmark 49.9 49.9 50.7 50.7
Annuities and reated INBR Decrease in mortality Life expectancy increase by 1 year Denmark 0.9 0.9 0.9 0.9
Discounted insurance liabilities, net Decrease in discount rate Decrease by 1 percentage point Denmark 59.1 58.7 62.4 61.7
Underwriting risks in Hastings Group
Hastings provides motor, home insurance products, and
is a provider of regulated consumer credit in the current
form of personal loans. In the United Kingdom (UK)
market, the motor and home insurance products are
provided through its Gibraltar-based general insurance
underwriting company Advantage.
For Solvency II reporting purposes the lines of business
are:
• Motor vehicle liability insurance (Motor liability)
• Other motor insurance (Motor other)
• Fire and other damage to property insurance
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FINANCIAL STATEMENTS 2024 241
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Net liability for incurred claims by line of business
Hastings, 31 December 2024 and 31 December 2023
31 Dec 2024 31 Dec 2023
EURm Duration EURm Duration
Motor 1,014 2.2 755 2.2
Property 44 1.0 40 1.8
Total 1,058 2.1 794 2.2
Sensitivity analysis, premium risk
Hastings, 31 December 2024 and 31 December 2023
Key figure
Level, 2024
(Gross)
Level, 2024
(Net) Change
Effect on pre-tax profit (Gross), EURm Effect on pre-tax profit (Net), EURm
2024 2023 2024 2023
Operating ratio — % 89 % +/- 1 percentage point — — +/- 16.7 +/- 12.5
Insurance revenue (net of reinsurance
premium expense) 2234 1814 +/- 1 per cent +/- 22.3 +/- 17.2 +/- 18.2 +/- 11.3
Claims incurred 1417 1230 +/- 1 per cent +/- 14.2 +/- 11.4 +/- 12.3 +/- 7.1
Pricing risk
Advantage's risk appetite requires management to
maintain rates that are projected to achieve loss ratios
within the target loss ratio range. As a response to
market conditions, rates were regularly adjusted, after
review by management, to remain competitive and
provide customer-focused benefits to policyholders.
The rate changes were regularly reviewed and
amended, in keeping with an agile approach to pricing
and appropriately factoring in ongoing claims cost
inflation risk. Robust technical product pricing with
strong governance controls for both Motor and
Household products is the principal way Advantage
manages insurance risk exposures, in order to mitigate
the risk of pricing ineffectively.
Changes to technical rates are constructed based upon
the analysis of current and future predicted frequency
and severity patterns, new business acquisition, and
existing case models to ensure an appropriate risk
spread and balance. Competitor monitoring also feeds
into the development of pricing and product
segmentation.
Weekly governance arrangements approve changes to
rate plan and review account performance. The Rating
Analysis Committee approves decisions for segment
level rate changes and book level rate changes. The
goal is to ensure that the business being written will be
profitable.
Audits are conducted on a regular basis to ensure that
all underwriting and rating rules are being applied
correctly.
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FINANCIAL STATEMENTS 2024 242
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Reserve risk
Advantage does not take significant reserve risk and
holds an internal risk margin at a 75 per cent confidence
level versus the internal best estimate. Since reserving is
subject to expert judgment, the Group Chief Actuary
calculates the best estimate, the Hastings Group Senior
Actuary verifies the data, appropriateness of techniques
utilised, and assumptions used to create the best
estimate, and an additional best estimate is created by
a fully independent third party. Advantage has a series
of monthly, quarterly, and semi-annual controls to
ensure reserve adequacy.
Hastings’ Gross Written Premiums (GWP) for 2024
amounted to EUR 2,161 million.
Breakdown of gross written premiums by business area, country and line of business
Hastings, 31 December 2024, Total EUR 2,161 million (1,706)
Advantage maintained a disciplined approach to pricing
despite continued market competition. Live customer
policies grew year-on-year in 2024. This disciplined but
agile underwriting and pricing approach led to many
selective rate adjustments during 2024.
Claims cost inflation remained a large influence on the
risk profile for 2024. Effective pricing, claims
management, and frequency experience has resulted in
profits and capital with the solvency ratio within or
above of Advantage’s target range during the year.
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FINANCIAL STATEMENTS 2024 243
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Sensitivity analysis, reserve risk
Hastings, 31 December 2024 and 31 December 2023
Insurance liabilities item Risk factor Change in risk parameter
Effect Gross
EURm
2024
Effect Net
EURm
2024
Effect Gross
EURm
2023
Effect Net
EURm
2023
Discounted estimated future cash
flows Inflation increase Increase by 1 percentage point 66.1 12.6 63.0 10.1
Periodic Payment Orders (PPOs) Decrease in mortality Life expectancy increase by 1 year 3.4 0.1 3.1 0.1
Discounted insurance liabilities, net Decrease in discount rate Decrease by 1 percentage point 58.8 17.3 37.4 10.2
Market risks at Sampo Group
For all insurance entities, their insurance liabilities and
the company specific risk appetite are the starting
points for their investment activities. The insurance
liabilities, including loss-absorbing buffers, as well as the
risk appetite of the insurance entities in If, Topdanmark,
and Hastings differ, and as a result, the structures and
risks of the investment portfolios and the balance
sheets of the companies differ respectively. Sampo
Group’s investment assets presented in the tables and
graphs in this section do not include investments in the
shares of subsidiaries.
The total amount of Sampo Group’s investment assets
as at 31 December 2024 was EUR 16,727 million (17,160)
as presented in the following table, Investment
Allocation, Sampo Group, 31 December 2024 and 31
December 2023.
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FINANCIAL STATEMENTS 2024 244
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Investment allocation
Sampo Group, 31 December 2024 and 31 December 2023
2024 2023
Asset class
Market value,
EURm Weight, %
Average maturity,
years
Market value,
EURm Weight, %
Average maturity,
years
Fixed income total 14,780 88 % 3.7 14,903 87 % 3.4
Money market securities and cash 1,262 8 % 0.1 2,026 12 % 0.1
Government bonds 1,597 10 % 4.1 1,299 8 % 3.4
Credit bonds, funds and loans 11,922 71 % 3.9 11,579 67 % 3.9
Covered bonds 4,175 25 % 4.9 4,022 23 % 4.8
Investment grade bonds and loans 6,518 39 % 3.4 6,013 35 % 3.6
High-yield bonds and loans 1,228 7 % 3.3 1,544 9 % 3.1
Listed equity total 1,520 9 % - 1,474 9 % -
Nordic Countries 693 4 % - 735 4 % -
Western Europe 447 3 % - 416 2 % -
North America 204 1 % - 155 1 % -
Asia 176 1 % - 147 1 % -
Others 0 0 % - 20 – % -
Alternative investments total 465 3 % - 800 5 % -
Real estate 0 0 % - 1 0 % -
Private equity 464 3 % - 765 4 % -
Other alternative 0 0 % - 34 0 % -
Derivatives -38 0 % - -17 0 % -
Asset classes total 16,727 100 % - 17,160 100% -
The financial assets, as presented in the note 12, differ from the investment allocation because the latter does not include the Hastings lending business and the associated expected credit loss (ECL)
provision. Additionally, investment allocation includes cash and cash equivalents, accrued interest and derivatives with negative market value. It also includes settlement receivables and liabilities.
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FINANCIAL STATEMENTS 2024 245
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Investment activities and market risk taking are
arranged pro-actively in order to diversify single name
risks, except with regards to Nordic banks, where most
Sampo Group companies have placed their extra funds
in short-term money market assets and cash. From the
diversification of the assets on the balance sheet
perspective, Topdanmark is a positive factor because
the role of Danish assets is dominant in its portfolios,
and especially the role of Danish covered bonds is
central. In Sampo Group’s other insurance companies’
portfolios, the weight of Danish investments has been
immaterial. Also Hastings’ investment
portfolio has a positive impact on the diversification of
Sampo Group’s investments. Most Hastings’ assets are
British investments, denominated in pound sterling,
which is a market that Sampo Group otherwise has very
limited exposure to. Moreover, Hastings’ investment
portfolio consists mainly of investment grade fixed
income investments.
In the next paragraphs concentrations by homogenous
risk groups and by single names are presented first, and
after that balance sheet level risks are discussed.
Holdings by sector, geographical area and
asset class
Regarding fixed income and equity exposures, financial
institutions and covered bonds have a material weight
in the group-wide portfolios, whereas the role of public
sector investments is quite limited. Most of these assets
are issued by Nordic corporates and institutions,
although Hastings brings some diversification in this
respect. Most corporate issuers, although being based
in the Nordic countries, are operating at global markets
and hence their performance is not as dependent on the
Nordic markets. Exposures by sector, asset class, and
rating are presented in the following table. Sampo
considers that the balance sheet values to be
descriptive of the maximum exposure amount exposed
to credit risk.
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FINANCIAL STATEMENTS 2024 246
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Exposures by sector, asset class and rating
Sampo Group, 31 December 2024
EURm AAA
AA+
-
AA-
A+
-
A-
BBB+
-
BBB-
BB+
-
C D
Non-
rated
Fixed
income
total
Listed
equities Other
Counter-
party risk Total
Change
from 31
Dec 2023
Basic industry – – 36 171 28 – 31 266 32 – – 297 -49
Capital goods – 15 100 228 26 – 31 399 518 – – 917 -84
Consumer products – 57 272 323 22 – 122 796 173 1 – 969 -12
Energy – 21 44 – – – 44 108 13 – – 122 2
Financial institutions 34 962 2,122 800 27 – 81 4,026 – 404 3 4,432 -1,049
Governments 487 209 – – – – 15 711 – – – 711 240
Government guaranteed 55 25 – – – – – 80 – – – 80 6
Health care – – 17 141 23 – 47 228 2 – – 230 32
Insurance 17 20 44 230 8 – 4 324 – – – 324 -210
Media – – – 5 5 – 47 57 – – – 57 42
Packaging – – – 6 12 – 9 27 – – – 27 2
Public sector, other 478 18 – – – – – 496 – – – 496 -27
Real estate – 35 149 137 27 3 154 506 – – – 507 -133
Services – – 42 193 135 – 59 428 – – – 428 68
Supranationals 310 – – – – – – 310 – – – 310 107
Technology and electronics – 12 28 68 – – 86 193 – 1 – 194 38
Telecommunications – – 35 263 – – – 298 43 – – 341 51
Transportation – 49 85 48 5 – 62 249 – – – 249 29
Utilities – – 130 238 60 – 94 522 – – – 522 114
Others – – 31 20 – – 42 93 4 25 – 122 32
Covered bonds 3,764 – 109 – – – 302 4,175 – – – 4,175 137
Funds 157 79 120 18 24 – 81 480 735 13 – 1,228 -22
Clearing house – – – – – – – – – – 9 9 7
Total 5,302 1,502 3,363 2,887 402 3 1,311 14,771 1,520 445 12 16,748 -677
Change from 31 Dec 2023 -111 -235 -118 206 10 3 18 -228 43 -436 -57 -677
Total assets differ from the table Investment allocation due to derivatives.
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FINANCIAL STATEMENTS 2024 247
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Most of the financial institutions and covered bonds are
in the Nordic countries, which can be seen in the table
Fixed income investments in the financial sector, Sampo
Group, 31 December 2024 and 31 December 2023.
Fixed income investments in the financial sector
Sampo Group, 31 December 2024
EURm Covered bonds Cash and money
market securities Long-term senior debt Long-term
subordinated debt Total %
Denmark 2,214 7 332 168 2,721 32,3 %
Sweden 1,506 40 474 175 2,195 26,0 %
Norway 303 – 361 311 974 11,6 %
Finland 39 310 269 161 778 9,2 %
France – 153 233 15 401 4,8 %
United States – – 331 – 331 3,9 %
United Kingdom – 134 144 – 278 3,3 %
Canada 64 – 131 – 195 2,3 %
Netherlands – – 159 32 192 2,3 %
Australia 45 – 37 – 82 1,0 %
Switzerland 5 – 70 – 75 0,9 %
Iceland – – 61 – 61 0,7 %
Germany – – 50 – 50 0,6 %
Spain – – 37 – 37 0,4 %
Belgium – – 33 – 33 0,4 %
Austria – – 21 – 21 0,2 %
Bermuda – – 3 8 11 0,1 %
Total 4,175 644 2,745 871 8,435 100,0 %
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FINANCIAL STATEMENTS 2024 248
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Fixed income investments in the financial sector
Sampo Group, 31 December 2023
EURm Covered bonds
Cash and money
market securities Long-term senior debt
Long-term
subordinated debt Total %
Sweden 1,776 191 566 169 2,702 32,1 %
Denmark 1,863 79 315 162 2,419 28,7 %
Finland 52 750 275 125 1,202 14,3 %
Norway 338 – 384 319 1,041 12,4 %
France – 249 133 5 388 4,6 %
United States – 2 179 – 181 2,2 %
Netherlands – – 92 21 113 1,3 %
Iceland – – 60 2 62 0,7 %
Switzerland – – 52 – 52 0,6 %
Canada – – 51 – 51 0,6 %
Ireland – – 47 – 47 0,6 %
United Kingdom – – 41 – 41 0,5 %
Australia – – 36 – 36 0,4 %
Austria – – 20 – 20 0,2 %
Germany – – 18 – 18 0,2 %
Spain – – 15 – 15 0,2 %
Belgium – – 15 – 15 0,2 %
New Zealand – – 11 – 11 0,1 %
Bermuda – – – 7 7 0,1 %
Total 4,028 1,271 2,310 811 8,420 100,0 %
The public-sector exposure includes government bonds,
government guaranteed bonds, and other public-sector
investments including supranationals, as shown in the
tables Fixed income investments in the public sector,
Sampo Group 31 December 2024 and 31 December
2023. The public sector has had a relatively minor role
in Sampo Group’s portfolios and these exposures have
been mainly in the Nordic countries.
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FINANCIAL STATEMENTS 2024 249
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Fixed income investments in the public sector
Sampo Group, 31 December 2024
EURm Governments
Government
guaranteed
Public sector,
other Total
Sweden 415 – 96 511
Norway 72 – 397 470
Supranationals – – 313 313
United States 122 – – 122
United Kingdom 87 – – 87
Germany – 56 – 56
Finland 14 25 – 39
Total 711 80 806 1,597
Sampo Group, 31 December 2023
EURm Governments
Governments
guaranteed
Public sector,
other Total
Sweden 421 – 131 552
Norway – – 391 391
Supranationals – 6 191 197
United States 46 – – 46
Germany – 46 – 46
Finland – 25 – 25
Denmark 7 – – 7
Total 473 77 713 1,264
The listed equity investments of Sampo Group totalled
EUR 1,520 million at the end of year 2024 (1,474).
The geographical core of Sampo Group’s equity
investments is in Nordic companies. The proportion of
Nordic equities corresponds to 46 per cent of the total
equity portfolio. A breakdown of the listed equity
exposures of Sampo Group is shown in the graph
Breakdown of listed equity investments by
geographical regions, Sampo Group, 31 December 2024
and 31 December 2023.
Breakdown of listed equity investments by geographical regions
Sampo Group, 31 December 2024 and 31 December 2023
Equity funds and ETFs are reported using a fund look-through approach for both the 2024 and 2023 reporting periods.
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FINANCIAL STATEMENTS 2024 250
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Largest holdings by single name
The largest exposures by individual issuers and
counterparties are presented in the tables Largest
exposures by issuer and asset class, Sampo Group
31 December 2024 and 31 December 2023.
Largest exposures by issuer and asset class
Sampo Group, 31 December 2024
Issuer Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Other bonds Equities
Uncolla-
teralised part
of derivatives
Nordea Bank 1,174 7 % 204 788 181 — 1
Nykredit Association 897 5 % — 815 82 — —
Swedbank 658 4 % — 546 112 — —
Svenska Handelsbanken 582 3 % 40 451 91 — —
Realkredit Danmark 558 3 % — 558 — — —
Sweden 511 3 % — — 511 — —
Norway 472 3 % — — 472 — —
NOBA 433 3 % — — 9 424 —
Jyske Bank 299 2 % — 226 73 — —
Danske Bank 223 1 % 34 15 174 — 1
Total top 10 exposures 5,808 35 % 278 3,399 1,704 424 2
Other 10,919 65 %
Total investment assets 16,727 100 %
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FINANCIAL STATEMENTS 2024 251
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Largest exposures by issuer and asset class
Sampo Group, 31 December 2023
Issuer Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Other bonds Equities
Uncolla-
teralised part
of derivatives
Nordea Bank 959 6 % 284 489 183 — 2
Svenska Handelsbanken 814 5 % 108 622 83 — —
Swedbank 713 4 % — 589 124 — —
Nykredit Realkredit A/S 598 3 % — 598 — — —
Realcredit Danmark 592 3 % — 592 — — —
Sweden 552 3 % — — 552 — —
NOBA 471 3 % — — 46 425 —
Skandinaviska Enskilda Banken 439 3 % 252 22 164 — 2
Danske Bank 429 2 % 251 24 152 — 1
Norway 391 2 % — — 391 — —
Total top 10 exposures 5,958 35 % 896 2,936 1,696 425 5
Other 11,202 65 %
Total investment assets 17,160 100 %
The largest high-yield and non-rated fixed income
investment single-name exposures are presented in the
tables Ten largest direct high yield and non-rated fixed
income investments, Sampo Group, 31 December 2024
and 31 December 2023. Furthermore, the largest direct
listed equity exposures are presented in the tables Ten
largest direct listed equity investments, Sampo Group,
31 December 2024 and 31 December 2023.
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FINANCIAL STATEMENTS 2024 252
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Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31 December 2024
Ten largest high yield and non-rated
fixed income investments Rating Total, EURm
% of total fixed
income investments Ten largest listed equity investments Total, EURm
% of total equity
investments
Vattenfall AB BB+ 60 0.4 % NOBA * 424 21,8 %
Pohjolan Voima Oy NR 32 0.2 % Nexi S.p.A. ** 156 8,0 %
Campus Byen A/S NR 29 0.2 % Volvo 148 7,6 %
Swedavia AB NR 29 0.2 % ABB 88 4,5 %
Visma AS NR 28 0.2 % Nederman Holding 66 3,4 %
Hexagon AB NR 24 0.2 % Veidekke 61 3,1 %
Sanoma Oyj NR 22 0.2 % Autoliv Inc 57 2,9 %
Altera Shuttle NR 21 0.1 % Telia Company 43 2,2 %
Granite Debtco 9 Ltd NR 20 0.1 % Husqvarna 40 2,1 %
Ica Gruppen AB NR 20 0.1 % Beijer AB 32 1,7 %
Total top 10 exposures 286 1.9 % Total top 10 exposures 1,116 57,4 %
Other fixed income investments 14,494 98.1 % Other equity investments 828 42,6 %
Total fixed income investments 14,780 100.0 % Total equity investments 1,944 100,0 %
* Although NOBA is not listed company, it is major equity investment in Sampo plc's portfolio and therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood partners.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31 December 2023
Ten largest high yield and non-rated
fixed income investments Rating Total, EURm
% of total fixed
income investments Ten largest direct listed equity investments Total, EURm
% of total direct
equity investments
Saab NR 56 0.4 % NOBA* 425 19.3 %
NOBA NR 46 0.3 % Saxo Bank* 302 13.7 %
ALM Equity NR 38 0.3 % Volvo 180 8.2 %
Ellevio Holding 1 AB NR 35 0.2 % Nexi S.p.A.** 149 6.8 %
Visma Group Holding NR 35 0.2 % ABB 86 3.9 %
Altera Infrastructure Holdings LLC NR 30 0.2 % Autoliv Inc 64 2.9 %
Swedavia NR 30 0.2 % Husqvarna 59 2.7 %
Campus Byen A/S NR 29 0.2 % Nederman Holding 56 2.6 %
Resource Group TRG NR 27 0.2 % Veidekke 46 2.1 %
Huhtamaki BB+ 25 0.2 % Volvo Cars 38 1.7 %
Total top 10 exposures 351 2.4 % Total top 10 exposures 1,405 63.8 %
Other fixed income investments 14,031 97.6 % Other equity investments 797 36.2 %
Total fixed income investments 14,382 100.0 % Total equity investments 2,202 100.0 %
* Although NOBA and Saxo Bank are not listed companies, they are major equity investments in Sampo plc's portfolio and are therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood partners.
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FINANCIAL STATEMENTS 2024 253
===== SIDA 254 =====
The exposures in fixed income instruments issued by
non-investment grade issuers are significant, because a
relatively small number of Nordic companies are rated.
Furthermore, many of the Nordic rated companies have
a high yield rating.
Balance sheet concentrations
In general, Sampo Group is structurally dependent on
the performance of the Nordic economies, as described
earlier. Sampo Group is also economically exposed to a
fall in interest rates. This follows from the duration of
insurance liabilities being longer than the fixed income
asset duration in If. In Topdanmark and Hastings,
interest rate risk of the balance sheet is limited, and
hence, Topdanmark or Hastings are not increasing
interest rate risk materially at the Group level.
Sampo Group benefits when interest rates rise, as the
economic value of insurance liabilities decreases more
than the value of assets backing them.
Market risks at If Group
The total market value of If’s investment portfolio at 31
December 2024 was EUR 10,704 million (11,156). A large
part of the fixed income portfolio was concentrated to
corporate bonds issued by financial institutions, and
bank account balances amounted to 29.6 per cent of
the fixed income portfolio. When including covered
bonds, the concentration to financial institutions was
49.4 per cent. Consumer products represent the second
largest concentration of 4.7 per cent.
The overall risk appetite and risk tolerance limit for
market risk is set out in the Risk Management Policy,
which is complemented by sub-limits for risks within
investment operations in the Investment Policy and
Currency Risk Policy. The Investment Policy is the
principal document for managing market risk. It sets the
guiding principles, for instance, the prudent person
principle, specific risk restrictions, and decision-making
structure for asset management. If also has a
Responsible Investment Policy, expanding the scope of
the responsible investment processes and increasing
alignment across the Sampo Group. Investment
performance and market risk are actively monitored
and controlled by the Investment Control Committee.
If’s investment management strategy is conservative,
with a low equity share and low fixed-income duration.
Market risks of balance sheet
Asset and liability management risk
If’s exposure to ALM risk arises mainly from interest rate
risk, inflation risk, and currency risk. ALM risk is
considered through the risk appetite framework and is
governed by the Investment Policy. To maintain the
ALM risk within the overall risk appetite, the insurance
liabilities may be matched by investing in appropriate
fixed income instruments, and by using currency and
interest rate derivatives.
Interest rate risk
The exposure to interest rate risk from issued insurance
contracts and held reinsurance contracts arises from
the net liability for incurred claims, where future claim
payments are discounted to present value and,
therefore, impacted by changes in discount rates.
The duration sensitivity to changes in interest rates in
the net liability for incurred claims is analysed in the
Reserve risk section. For more information see the
tables Sensitivity analysis, reserve risk, If, 2024 and
2023 in the section Underwriting risks.
If’s exposure to interest rate risk from financial
instruments arises primarily from fixed income
investments.
On a net basis, If is negatively affected when interest
rates are decreasing, as the duration of insurance
liabilities is longer than the duration of investment
assets. The duration of fixed income investments at
year-end 2024 was 2.5 years (2.4). The respective
duration of insurance liabilities was 6.1 years (6.2).
Interest rate risk relating to insurance liabilities is, in
accordance with the Investment Policy, considered in
the composition of investment assets. The interest rate
risk is managed by sensitivity limits for instruments
sensitive to interest rate changes.
Currency risk
If writes insurance policies that are mostly denominated
in the Scandinavian currencies and in euro. If is mainly
exposed to transaction currency risk due to its
insurance operations in foreign currencies. In addition,
If’s investment decisions create currency exposure. The
currency risk has decreased compared to 31 December
2023.
Transaction currency risk is reduced by matching
insurance liabilities with investment assets in
corresponding currencies or by using currency
derivatives. The currency exposure in insurance
operations is hedged to the functional currency at
branch level on a regular basis. The currency exposure
in investment assets is monitored weekly and is hedged
when the exposure reaches a specified level, which is
set with respect to cost efficiency and minimum
transaction size. The transaction risk positions to the
Swedish krona are shown in the tables Transaction risk
position, If, 31 December 2024 and 31 December 2023.
The tables show the net transaction risk exposures and
the changes in the value of positions, given a 10 per
cent decrease in the value of the functional currency.
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FINANCIAL STATEMENTS 2024 254
===== SIDA 255 =====
Transaction risk position
If, 31 December 2024
Base currency SEK (in EURm) EUR USD JPY GBP SEK NOK DKK Other Total, net
Insurance operations -3,225 -156 0 -93 13 -2,332 -1,163 -32 -6,989
Investments 3,261 480 0 68 97 1,930 53 1 5,889
Derivatives -117 -323 12 20 -109 354 976 7 820
Transaction risk, net position -82 1 12 -5 1 -49 -134 -25 -280
Sensitivity: SEK -10% -8 0 1 0 0 -5 -13 -2 -28
Transaction risk position
If, 31 December 2023
Base currency SEK (in EURm) EUR USD JPY GBP SEK NOK DKK Other Total, net
Insurance operations -3,255 -180 0 -49 37 -2,233 -1,114 -29 -6,823
Investments 3,091 319 0 24 113 1,869 187 0 5,604
Derivatives 117 -123 5 22 -168 350 916 22 1,141
Transaction risk, net position -47 15 5 -4 -18 -13 -11 -7 -79
Sensitivity: SEK -10% -5 2 0 0 -2 -1 -1 -1 -8
The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a functional currency other than SEK.
In addition to transaction risk, If is also exposed to
translation risk at Group level, stemming from foreign
operations, predominantly through If P&C insurance Ltd
branches, with other functional currencies than SEK.
Liquidity risk
Liquidity risk is not deemed material since premiums are
collected in advance, and large claim payments are
usually known well in advance. The risk is managed in
accordance with the principles set out in the Investment
Policy. In general, the liquidity position for If is strong,
from both availability and maturity point of view.
Liquidity risk is reduced by investing in assets that are
readily marketable in liquid markets. The available
liquidity of financial assets, meaning the part of the
assets that can be converted into cash at a specific
point in time, is continuously analysed and reported to
the Risk Committee.
The maturities of cash flows from financial instruments,
insurance liabilities, and reinsurance contracts are
presented in the tables Cash flows, according to
contractual maturity, If, 31 December 2024 and 31
December 2023, where financial assets and liabilities are
divided into contracts with a contractual maturity
profile, and other contracts. The tables also show
expected future cash flows for insurance liabilities and
reinsurance assets, which by nature are inherently
associated with a degree of uncertainty. The average
maturity of fixed income investments was 3.4 years
(3.2).
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FINANCIAL STATEMENTS 2024 255
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Cash flows according to contractual maturity
If, 31 December 2024
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2025 2026 2027 2028 2029
2030-
2039 2040-
Financial assets 10,848 1,353 9,495 1,434 1,850 2,524 1,577 1,129 1,945 3
Financial assets (non-derivatives) 10,838 1,353 9,484 1,423 1,850 2,524 1,577 1,129 1,945 3
FX derivatives 11 — 11 11 — — — — — —
Asset for incurred claims 659 — 659 424 131 52 23 11 18 1
Financial liabilities -482 -1 -481 -323 -134 -27 — — — —
Financial liabilities (non-derivatives) -462 -1 -461 -305 -134 -27 — — — —
FX derivatives -19 — -19 -18 — — — — — —
Lease liabilities -125 — -125 -27 -24 -20 -17 -16 -44 —
Liability for incurred claims and
other insurance related payables -6,445 — -6,445 -2,606 -789 -475 -339 -265 -1,209 -762
All intra-group cashflows are eliminated.
Cash flows according to contractual maturity
If, 31 December 2023
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets 11,296 1,485 9,812 1,605 1,835 2,142 2,561 1,400 1,487 —
Financial assets
(non-derivatives) 11,275 1,485 9,791 1,585 1,835 2,142 2,561 1,400 1,487 —
Interest rate swaps 2 — 2 2 — — — — — —
FX derivatives 19 — 19 19 — — — — — —
Asset for incurred claims 527 — 527 328 108 44 19 11 18 1
Financial liabilities -550 — -550 -402 -31 -137 — — — —
Financial liabilities (non-derivatives) -492 — -492 -344 -31 -137 — — — —
FX derivatives -58 — -58 -58 — — — — — —
Lease liabilities -148 — -148 -27 -26 -23 -20 -14 -47 —
Liability for incurred claims and
other insurance related payables -6,443 — -6,443 -2,483 -794 -471 -339 -262 -1,301 -795
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FINANCIAL STATEMENTS 2024 256
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Market risks at Topdanmark
In general, long-term value creation shall be based
mainly on the acceptance of insurance risks. To
supplement the profit from insurance activities,
Topdanmark accepts a certain level of market risks,
given its strong liquidity position and stable, high
earnings from insurance operations. Hence, in addition
to fixed income instruments, Topdanmark has invested,
among other things, in equities and fixed income assets
to improve the average investment return.
Market risks are kept on an appropriate level in order to
limit negative profit and loss effects to very
unfavourable financial market scenarios. The investment
portfolio shall be managed to ensure that market risks
will not endanger the insurance operations, even in
unfavourable market conditions.
To achieve company level targets, the investment policy
sets the company's objectives, strategies, organisation,
and reporting practices on investments. The investment
strategy is more precisely determined in terms of
market risk limits, and specific requirements for certain
investments and sub-portfolios (risk appetite). The
investment strategy is determined by the Board and
revised at least once a year. Appropriate financial risk
mitigation techniques are used.
When selecting the investment assets, a portfolio
composition that matches the risk features of the
corresponding liabilities is sought. The purpose of the
investment policy is also to ensure that the company
has effectively implemented the organisation, systems,
and processes necessary to identify, measure, monitor,
manage, and report on investment risks to which it is
exposed.
When market risks are measured and managed, all
exposures are included, regardless of whether they
arise from active portfolio management of investments
or from annuities, which are considered market risk.
Investment allocation
The equity portfolios, excluding associated companies,
are well-diversified and without large concentrations.
Investment assets are mostly comprised of government
and Danish mortgage bonds. These assets are interest
rate sensitive and to a significant extent equivalent to
the total interest rate sensitivity of the non-life
insurance liabilities. Consequently, the return on
government and mortgage bonds should be assessed in
connection with return and revaluation of non-life
insurance liabilities.
The small allocation to credit bonds is through an ETF,
and is primarily exposed to European issuers.
Index-linked bonds comprise primarily, Danish
mortgage bonds, for which the coupon and principal
are index-linked.
Market risks of balance sheet
Interest rate risk
Interest rate risk is calculated for assets, liabilities, and
derivative instruments, for which the carrying amount is
dependent on the interest rate level. Regarding
insurance liabilities, Topdanmark is exposed to interest
rate risk due to provisions for outstanding claims.
Shifting the market yield curve upwards and
downwards or changing its shape leads to changed
market values of assets and derivatives, and thus to
unrealised gains or losses.
When assessing the value and sensitivity of insurance
provisions, Topdanmark has used the Solvency II
discount curve that is based on the market yield curve.
Generally, the interest rate risk is limited and controlled
by investing in interest-bearing assets in order to
reduce the overall interest rate exposure of the assets
and liabilities to the desired level. Therefore, the Danish
mortgage bonds and government bonds have a central
role in the asset portfolios. To further reduce the
interest rate sensitivity of the balance sheet, interest
rate swaps have been used for hedging purposes -
especially in the long end as the Danish fixed income
market presents few alternative assets.
Equity risk
The Danish part of the equity portfolio is based on the
OMXCCAP index and is approximated by the ETF Xact
OMXC25. The rest of the equity holdings are in the
foreign equity portfolio that seeks to track the MSCI
World DC index by the relevant geographical ETF in
USA, Europe, and Japan. As a result, Topdanmark’s
equity holdings are well-diversified, both in terms of
geographical and company-specific risks.
Real estate risk
Real estate risk is limited to one property in own use
and is located in Ballerup. The property is valued in
accordance with Danish accounting rules.
Spread risk
Most of Topdanmark's interest-bearing assets comprise
of AAA rated Danish mortgage bonds. The risk of credit
losses is minor due to the high credit quality of the
issuers and because investments have been made at
spreads that are in balance with Topdanmark’s desired
risk ratio levels. The portfolio is well-diversified by
issuer, issuer type, and capital centres, and therefore,
the exposure to concentration risk is insignificant.
The investment policy stipulates that the portfolio must
be well-diversified by the number of counterparties and
by the amount of exposure to individual counterparties.
The main source of spread risk is the mortgage bonds.
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FINANCIAL STATEMENTS 2024 257
===== SIDA 258 =====
Due to high allocation of these investments in the
portfolios, spread risk is the most material source of
market risk SCR.
Currency risk
In practice, the investment assets are the only source of
currency risk, while the insurance liabilities are in Danish
krones. The currency risk is mitigated by derivatives,
and net exposures in different currencies are minor
except in the euro.
The currency risk is assessed based on the SCR. The
value of the base currency is shocked by 25 per cent
against most currencies, except against the euro, where
the largest exposure exists, and the shock is 0.39 per
cent because the Danish krone is pegged to the euro.
Inflation risk
Future inflation is implicitly included in the models
Topdanmark uses to calculate its insurance liabilities.
The insurance liabilities are calculated based on the
expected future indexation of wages and salaries.
An expected higher future inflation rate would generally
be included in the insurance liabilities with a certain
time delay, while, at the same time, the result would be
impacted by higher future indexation of premiums. To
reduce the risk of inflation within Workers'
compensation, Topdanmark uses index-linked bonds
and inflation derivatives to hedge a proportion of the
expected cash flows sensitive to future inflation. The
inflation sensitivity of capitalisation factors is not
hedged.
Liquidity risk
Topdanmark has a strong liquidity position. Firstly, as
premiums are paid in the beginning of the coverage
period, liquidity risk related to customers’ payments is
very limited. Secondly, the nature of a diversified
insurance business means that it is highly unlikely that a
liquidity shock could occur. Insurance liabilities are quite
stable and on the investment side, money market
investments are complemented by a large portfolio of
liquid listed Danish government and mortgage bonds.
The maturities of cash flows from financial instruments,
insurance liabilities and reinsurance contracts are
presented in the tables Cash flows according to
contractual maturity, Topdanmark, 31 December 2024
and 31 December 2023.
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FINANCIAL STATEMENTS 2024 258
===== SIDA 259 =====
Cash flows according to contractual maturity
Topdanmark, 31 December 2024
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2025 2026 2027 2028 2029
2030-
2039 2040-
Financial assets 2,278 — 2,278 668 485 347 314 211 374 142
Financial assets (non-derivatives) 2,276 — 2,276 668 485 347 314 211 373 142
Interest rate swaps 2 — 2 0 0 0 0 0 1 0
FX forwards 0 — 0 0 — — — — — —
Asset for incurred claims 73 — 73 52 9 5 3 2 4 —
Financial liabilities -348 -175 -172 -9 -103 -60 -2 -2 -18 -2
Financial liabilities (non-derivatives) -323 -175 -148 -7 -101 -57 — — — —
Interest rate swaps -25 — -25 -2 -2 -2 -2 -2 -18 -2
FX derivatives 0 — 0 0 — — — — — —
Lease liabilities — — — — — — — — — —
Liability for incurred claims and other
insurance related payables -1,596 — -1,596 -606 -261 -175 -124 -90 -306 -169
All intra-group cashflows are eliminated.
Cash flows according to contractual maturity
Topdanmark, 31 December 2023
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets 1,861 — 1,861 420 424 321 170 166 505 113
Financial assets (non-derivatives) 1,859 — 1,859 420 424 321 170 166 504 113
Interest rate swaps 1 — 1 0 0 0 0 0 1 0
FX forwards 0 — 0 0 — — — — — —
Asset for incurred claims 79 — 79 58 9 4 3 2 4 0
Financial liabilities -299 -128 -172 -10 -9 -102 -59 -1 -21 -1
Financial liabilities (non-derivatives) -275 -128 -148 -9 -7 -101 -57 — — —
Interest rate swaps -24 — -24 -1 -2 -1 -1 -1 -21 -1
FX derivatives 0 — 0 0 — — — — — —
Lease liabilities — — — — — — — — — —
Liability for incurred claims and other
insurance related payables -1,582 — -1,582 -603 -249 -183 -118 -87 -303 -184
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FINANCIAL STATEMENTS 2024 259
===== SIDA 260 =====
Market risks at Hastings Group
Hastings’ investment portfolio has been designed to
generate a targeted return whilst operating within the
conservative risk appetite parameters set by the Board.
Management aims to prudently operate within its risk
appetite. The risk appetite includes a low appetite for
losses arising from volatility of market prices affecting
values of assets and liabilities, and for assets not
matching the profile of liabilities. As a result,
the investment strategy includes only a very limited
amount of equity exposure.
The total market value of Hastings' investment portfolio
at 31 December 2024 was EUR 2,263 million (1,680). The
investment portfolio was dominated by investment
grade fixed income investments, which comprised 60
per cent of total investment assets. The rest was
invested in money market securities and cash
amounting to 15 per cent, government bonds
amounting to 18 per cent, and high yield and alternative
investments with a combined allocation of 6 per cent.
Investment allocation
The core investment portfolio of debt securities,
supplemented by a diversified portfolio of holdings in
collective investment schemes, is held by Advantage.
The Advantage Board works with the investment
managers and investment consultants to maximise
return, whilst minimising risk and preserving capital. The
criteria for the portfolio structure, classes of holdings,
and individual limits are consistent with a very low risk
appetite. These investment rules are monitored on a
quarterly basis internally and using an external
consultancy. The monitoring outputs are provided to
the Investment Committee and Risk & Compliance
Committee quarterly.
Advantage made no direct use of derivatives during the
period. Derivatives are, however, utilised within
Investment Funds, in which Advantage has a share,
both for hedging purposes and to generate additional
return.
Interest rate risk
Hastings manages balance sheet interest rate risk
principally through matched duration of assets and
liabilities, meaning that interest rates are aligned as far
as possible, and interest rate risk is reduced. This is
monitored in the quarterly Investment Committee
meetings and includes adherence to tight duration
mismatch tolerances which form part of the relevant
risk appetite statement.
Liquidity risks
Hastings maintains a short duration and highly liquid
portfolio, in line with its low risk appetite. Liquidity Risk
is largely managed at Advantage. Cash and cash
equivalent balances are held in current accounts or
short-term money market instruments. These are
generally less than 60 days in duration, with low
sensitivity to movements in interest rates compared to
longer duration assets.
The liquidity profile and cashflow of investments is
monitored at the quarterly Investment Committee to
ensure Advantage can meet its liabilities into the future.
Advantage’s investment managers actively manage
liquidity risk in the portfolio to ensure that bonds can be
sold efficiently to meet cash needs. Informed by market
data, they look to purchase bonds with less than 5 years
since issue date, larger issue sizes, and which trade
regularly. Liquidity scoring is conducted by Advantage’s
investment managers, based on time since issue, issue
size, traded volumes, and observed bid-ask spreads.
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FINANCIAL STATEMENTS 2024 260
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Cash flows according to contractual maturity
Hastings, 31 December 2024
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2025 2026 2027 2028 2029
2030-
2039 2040-
Financial assets 2,263 438 1,825 438 497 373 391 103 13 11
Financial assets
(non-derivatives) 2,263 438 1,825 437 497 373 391 103 13 11
FX forwards 0 — 0 0 — — — — — —
Asset for incurred claims 1,537 1,537 — 409 264 225 64 99 169 307
Financial liabilities -355 — -355 -22 -85 -305 — — — —
Financial liabilities
(non-derivatives) -354 — -354 -21 -85 -305 — — — —
Interest rate swaps -1 — -1 -1 — — — — — —
FX derivatives -0 — -0 -0 — — — — — —
Lease liabilities -5 — -5 -3 -1 -0 -0 -0 — —
Liability for incurred claims and
other insurance related payables -2,683 -2,683 — -908 -493 -390 -154 -151 -227 -358
Cash flows according to contractual maturity
Hastings, 31 December 2023
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets 1,869 704 1,165 143 341 349 179 154 — —
Financial assets
(non-derivatives) 1,869 704 1,165 143 341 349 179 154 — —
Asset for incurred claims 1,333 1,333 — 349 236 183 61 96 169 240
Financial liabilities -187 — -187 -73 -71 -43 — — — —
Financial liabilities
(non-derivatives) -185 — -185 -71 -71 -43 — — — —
Interest rate swaps -2 — -2 -2 — — — — — —
Lease liabilities -10 — -10 -6 -3 -1 -0 -0 -0 —
Liability for incurred claims and
other insurance related payables -2,125 -2,125 — -670 -404 -302 -127 -137 -211 -275
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FINANCIAL STATEMENTS 2024 261
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Counterparty risks at If Group
In If, the major sources of counterparty risk stem from
reinsurance recoverables and investments.
Counterparty default risk arising from receivables from
policyholders and other receivables related to
commercial transactions is limited, as non-payment of
premiums generally results in cancellation of insurance
policies.
Reinsurance counterparty risk
The distribution of reinsurance recoverables and pooled
solutions is presented in the table below. In the table,
EUR 220 million (206) is excluded, which mainly relates
to captives and statutory pool solutions.
Reinsurance recoverables and pooled solutions
If, 31 December 2024 and 31 December 2023
31 Dec 2024 31 Dec 2023
Rating Total EURm % of total Total EURm % of total
AAA — — % — — %
AA+ - A- 633 100 % 450 100 %
BBB+ - BBB- — — — — %
BB+ - C — — % — — %
D — — % — — %
Non-rated — — % — — %
Total 633 100 % 450 100 %
The amount of the recoverables reported above is
exposed to counterparty default risk, as recoverables
are typically not covered by collaterals.
To limit and control credit risk associated with ceded
reinsurance, the Reinsurance Policy sets requirements
for the reinsurers’ minimum financial strength ratings
and the maximum exposure limits to individual
reinsurers. Credit ratings from rating agencies are used
to determine the creditworthiness of reinsurance
companies.
Counterparty risk related to investments
Before investing, potential investments are analysed
thoroughly. The creditworthiness and outlook of the
issuer are assessed together with any collateral and
structural details of the potential investment. Internal
risk indicators are important factors in the assessment,
although the macroeconomic environment, market
trends, and external opinions of analysts and credit
ratings by rating agencies are also taken into account.
In addition, the portfolio performance and the
counterparties’ credit standings are monitored
continuously.
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FINANCIAL STATEMENTS 2024 262
===== SIDA 263 =====
Counterparty risks at Topdanmark
Topdanmark is exposed to counterparty risk in both its
insurance and investment activities. The default risk
related to fixed income and equity investments is
covered by spread-risk and equity-risk models in SCR
calculations, and hence are not discussed in this
context.
The main sources of counterparty risk are deposits
made to individual banks, derivative contracts with
banks, and current receivables from reinsurance
companies, with the addition of potential receivables
that will arise in case of a 1-in-200-year catastrophe
event. Topdanmark's counterparty risk is assessed by
the SCR standard formula
Reinsurance
Within insurance activities the reinsurance companies'
ability to pay is the most important counterparty risk
factor. Topdanmark minimises this risk by primarily
buying reinsurance cover from reinsurance companies
with a minimum rating of A-, and by spreading
reinsurance cover over many reinsurers.
For reinsurance counterparties, the Board approves
security guidelines which determine the maximum size
of reinsurance contract cover per a separate reinsurer.
This portion is dependent on the reinsurer's rating as
well as on Topdanmark’s own assessment of the
reinsurer. The largest risk concentrations may occur in
case of major catastrophe events, including storms and
cloudbursts.
Investments
Topdanmark may suffer losses due to their
counterparties’ inability to meet their obligations on
bonds, loans, and other contracts including derivatives.
The majority of Topdanmark’s interest bearing assets
comprise of Danish mortgage bonds.
To limit the counterparty risk of financial contracts,
including derivative contracts, the choice of
counterparties is restrictive, and collateral is required
when the value of the financial contracts exceeds the
predetermined limits. The size of the limits depends on
the counterparty's credit rating and the terms of the
contract.
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FINANCIAL STATEMENTS 2024 263
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Counterparty risks at Hastings Group
Hastings is exposed to counterparty risk through
reinsurance assets, financial assets and cash, and cash
equivalents. A number of controls exist within the
Hastings Group to mitigate against counterparty
default, such as annual reviews of reinsurance panels,
credit rating tolerances in line with a low-risk appetite,
and a low-risk, diversified investment portfolio.
Reinsurance counterparty risk
A key component of risk mitigation is reinsurance.
Advantage manages the tender of the reinsurance
programme, which consists of both non-capitalised
Excess of Loss (“XoL”) and Quota Share (“QS”)
protection. Under the 2024 arrangements, the Motor
exposure risk to Advantage is capped at GBP 2 million
per loss, net of XoL reinsurance, and Household
exposure is capped at GBP 17.5 million (approximately
EUR 21.1 million) per event loss. In 2024, the Advantage
Board maintained the motor QS participation at 30 per
cent. Advantage’s reinsurance strategy will continue to
be reviewed in line with risk appetite.
Reinsurance recoverables
Hastings, 31 December 2024 and 31 December 2023
2024 2023
Rating Total, EURm % of total Total, EURm % of total
AAA — — % — — %
AA 1,232 65 % 1,031 63 %
A 664 35 % 608 37 %
BBB — — % 2 0 %
Less than BBB — — % — — %
Unrated — — % — — %
Total 1,896 100 % 1,640 100 %
To mitigate the inherent counterparty and credit risk
posed by the reinsurance programme to Advantage’s
balance sheet, Advantage has set criteria for the
minimum credit quality of the reinsurance
counterparties and for concentration limits. These
tolerances are monitored and mitigated on a continual
basis, with line of sight to the Board quarterly, or ad-hoc
as needed.
To better protect itself where possible, Advantage aims
to:
• Place with parent entities within reinsurance groups
to mitigate counterparty risk in accepting reinsurance
from small regional branches
• Where exposure to non-parent reinsurers is
unavoidable, seek to put in place collateralisation of
cut-through terms and/or parental guarantees to
mitigate counterparty risk
• Ensure special termination clauses are in place in the
event of rating downgrade or reorganisation of
reinsurance groups to which Advantage is exposed
• Historically, Advantage has sought to increase the
number of reinsurance partners on its panels to
facilitate the growth of the product exposure and
reinsurance capacity from the market.
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FINANCIAL STATEMENTS 2024 264
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Capitalisation
Sampo’s core business competences are skilful pricing
of risks inherent in business operations and high-quality
management of arising risk-exposures, and capital
needed to cover these risks. A balance between
earnings, risks, and capital contributes positively to
return on equity and to stakeholder confidence,
facilitating the creation of shareholder value.
Sampo plc is responsible for the group’s capital
management activities. These actions are guided by
targets set for group-level solvency and financial
leverage, and they include decisions on group-level
investment exposures, business growth and
performance targets, reinsurance strategies, capital
distributions, and capital instrument issuances.
Group level capitalisation is managed within Sampo’s
capital management framework, which sets targets for
solvency and informs potential risk management
actions.
Group-level capitalisation and the factors affecting it
are illustrated in the graph Sampo Group’s capitalisation
framework.
Sampo Group’s capitalisation framework
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FINANCIAL STATEMENTS 2024 265
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The Group’s capital requirement is dependent mainly on
the capital requirements of the insurance entities. The
parent company’s contribution to the Group capital
need is relatively small, because Sampo plc does not
have any business activities of its own, other than the
management of its capital structure and liquidity
portfolio. Sampo still holds two private equity
investments on the parent company’s balance sheet,
also contributing to the Group’s capital requirement.
Diversification benefit exists at two levels, within the
companies and between the companies. The former is
included in the companies’ solvency capital requirement
(SCR).
Conceptually, the Group’s own funds equals the
difference between the market value of assets and
liabilities plus the subordinated liabilities. This difference
has accrued during the lifetime of the Group and it
includes the following main components:
• accrued profits that have not been paid as dividends
over the years
• valuation differences between IFRS and Solvency II
• issued capital and subordinated liabilities meeting
Solvency II requirements.
At the Group level, the capital requirement and own
funds are both exposed to foreign currency translation
risk. The actual capital and the capital needs of If,
Topdanmark, and Hastings are converted from their
reporting currencies to the euro. When the reporting
currencies of the subsidiary companies depreciate, the
actual amount of the Group’s capital in euros decreases,
and the capital requirements of the subsidiary
companies will be lower in euro terms. Translation
currency risk is monitored internally, and its effect on
Sampo Group’s solvency on a going concern basis is
analysed regularly. However, internally, no capital need
is set for translation risk, because it is realised only
when a subsidiary company is divested.
The Group-level buffers equal, in total, to the difference
between the amount of the Group’s own funds and the
Group capital requirement. In addition to insurance
entity level factors – expected profits and their volatility,
business growth prospects, volatility of the balance
sheet due to fluctuations in the market value of
investments and insurance liabilities, and the ability to
issue Solvency II compliant capital instruments – there
are factors that are additionally relevant when
considering the size of the Group-level buffers. The
most material of them are correlation of Group
companies’ profits, parent company’s capacity to
generate liquidity, probability of business arrangements,
and shareholders’ dividend expectations.
The role of Sampo plc
As the Group’s parent company, Sampo plc is
responsible for the Group’s capital management
activities. These actions are guided by targets set for
group-level solvency and financial leverage, and they
include decisions on group-level investment exposures,
business growth and performance targets, reinsurance
strategies, capital distributions, and capital instrument
issuances. In addition, group-level risk accumulations
and concentrations are monitored regularly, and
managed by adjusting aggregated risks, where
necessary.
The parent company Sampo plc is also a source of
liquidity within the Group. Hence, the healthy funding
structure and the capacity to generate funds, if needed,
are a continuous focus. Sampo plc needs liquidity to
manage the group’s financing needs, enable dividend
security, and to finance potential transactions. Sampo
plc funding is mainly limited to internal dividends and
investment returns but can be periodically
complemented with new debt, and capital or asset
sales. Hence, the parent company liquidity needs to be
managed holistically, together with the dividend policy,
strategic ambitions, and balance sheet targets.
As at 31 December 2024, Sampo plc had long-term
strategic holdings of EUR 7,431 million in the subsidiary
companies, and they were funded mainly by capital of
EUR 7,989 million. Sampo plc had outstanding senior
debt of EUR 954 million and subordinated debt of EUR
1,491 million. Average remaining maturity of senior debt
was 3.8 years and EUR 395 million of it had a maturity
longer than five years. Funding structure of strategic
holdings and other holdings can be considered strong.
The capacity to generate funds is dependent on
leverage and liquidity buffers, which can be inferred
from the table Balance sheet structure, Sampo plc, 31
December 2024 and 31 December 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 266
===== SIDA 267 =====
Balance sheet structure
Sampo plc, 31 December 2024 and 31 December
2023
EURm 31 Dec 2024 31 Dec 2023
Assets total 10,508 7,970
Liquidity 626 1,352
Investment assets 2,408 980
Other investments 3 3
Fixed income 1,826 101
Equity & private equity 580 876
Equity holdings 7,431 5,618
Subsidiaries 7,431 5,618
Other assets 44 20
EURm 31 Dec 2024 31 Dec 2023
Liabilities total 10,508 7,970
Long-term senior debt 954 959
Bonds issued 954 959
Subordinated debt 1,491 1,490
Capital 7,989 5,445
Undistributable capital 98 98
Distributable capital 7,891 5,347
Other liabilities 75 76
The amounts in the table are IFRS numbers, including the
internal loan with If.
Regarding liquidity, Sampo plc held EUR 626 million
(1,352) in bank account balances and short-term money
market investments. Liquidity is mainly affected by
received and paid dividends, as well as changes in
issued debt instruments and changes in investments.
Sampo’s dividend payment takes place in May and it will
significantly lower the liquidity position of the holding
company. A part of the investment assets can be sold in
case liquidity is needed. Short-term liquidity can be
considered adequate.
All in all, Sampo plc is in a good position to refinance its
current debt and even issue more debt. This capacity,
together with the tradable financial assets, means that
Sampo plc can generate liquid funds.
Sampo plc is able to balance risks within Sampo Group.
When Sampo plc is managing its funding, capital
structure, and liquidity, it takes into account that most
insurance entities in the Group have other base
currencies than the euro (the Swedish krona, the Danish
krone, pound sterling), and the Group is exposed to
lower interest rates. These risks may affect Sampo’s
decisions on the issuance of debt instruments and the
composition of the liquidity portfolio.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
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FINANCIAL STATEMENTS 2024 267
===== SIDA 268 =====
The maturities of financial assets and liabilities, and
lease liabilities are presented in the table Cash flows,
according to contractual maturity, Sampo plc, 31
December 2024 and 31 December 2023.
Cash flows according to contractual maturity
Sampo plc, 31 December 2024 and 31 December 2023
31 Dec 2024 Carrying amount total Cash flows
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount
with contractual
maturity 2025 2026 2027 2028 2029
2030-
2039 2040-
Financial assets 1,307 828 479 395 2 2 30 36 29 —
Financial assets (non-derivatives) 1,307 828 479 395 2 2 30 36 29 —
Financial liabilities -2,520 — -2,520 -232 -58 -59 -475 -551 -1,481 —
Financial liabilities (non-derivatives) -2,495 — -2,495 -229 -59 -59 -456 -551 -1,481 —
Interest rate swaps -25 — -25 -2 1 — -19 — — —
Lease liabilities -1 — -1 -1 — — — — — —
Intra-group cashflows are eliminated.
31 Dec 2023 Carrying amount total Cash flows
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount
with contractual
maturity 2024 2025 2026 2027 2028
2029-
2038 2039-
Financial assets 2,325 1,623 702 617 14 2 2 30 65 0
Financial assets (non-derivatives) 2,325 1,623 702 617 14 2 2 30 65 0
Financial liabilities -2,527 — -2,527 -72 -223 -59 -59 -475 -2,032 —
Financial liabilities (non-derivatives) -2,507 — -2,507 -70 -223 -59 -59 -461 -2,032 —
Interest rate swaps -20 — -20 -2 0 0 0 -14 0 —
Lease liabilities -2 — -2 -1 1 — — — — —
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 268
===== SIDA 269 =====
Sampo plc’s Financial Statements
Sampo plc’s income statement ........................... 270
Sampo plc’s balance sheet ................................... 271
Sampo plc’s statement of cash flows ............... 272
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
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FINANCIAL STATEMENTS 2023 269
===== SIDA 270 =====
Sampo plc’s income statement
EURm Note 1–12/2024 1–12/2023
Sales 2 1
Staff expenses
Salaries and remunerations -17 -14
Social security costs
Pension costs -2 -2
Other -3 -3
Other operating expenses 1 -21 -39
Operating profit -42 -57
Financial income and expense 3
Income from shares in Group companies 768 1,039
Income from other shares — 23
Other interest and financial income
Group companies 12 —
Other 26 23
Other investment income and expense 1,130 -9
Other interest income 30 37
Interest and other financial expense -74 -95
Exchange result 14 3
Profit before appropriations and taxes 1,863 963
Income taxes 0 0
Profit for the financial year 1,862 963
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 2023 270
===== SIDA 271 =====
Sampo plc’s balance sheet
EURm Note 2024 2023
Assets
Intangible assets 1 1
Tangible assets 3 3
Investments
Shares in Group company 20 7,448 5,635
Receivables from Group companies 4 1,725 —
Other shares and participations 5 524 876
Other investments 6 479 706
Short-term receivables
Other receivables 7 25 20
Prepayments and accrued income 8 18 2
Cash and cash equivalents 248 747
Total assets 10,469 7,990
EURm Note 2024 2023
Liabilities
Equity 9,10
Share capital 98 98
Invested unrestricted equity 3,527 1,527
Other reserves 273 273
Retained earnings 2,189 2,604
Profit for the financial year 1,862 963
Liabilities
Long-term liabilities 12
Bonds 792 959
Subordinated debt securities 1,491 1,490
Short-term liabilities
Bonds 162 —
Other liabilities 2 5
Accruals and deferred income 11 72 71
Total liabilities 10,469 7,990
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 2023 271
===== SIDA 272 =====
Sampo plc’s statement of cash flows
EURm 1–12/2024 1–12/2023
Operating activities
Profit before tax 1,863 963
Adjustments
Realised gains and losses on investments -18 9
Other adjustments1 -1,118 -14
Adjustments total -1,136 -5
Change (+/-) in assets of operating activities
Investments 529 341
Other assets 47 11
Total 576 351
Change (+/-) in liabilities of operating activities
Financial liabilities -2 -2
Other liabilities 4 1
Paid interests -66 -72
Paid taxes 0 0
Total -65 -73
Net cash from operating activities 1,238 1,237
Investing activities
Investments in subsidiaries -356 -108
Net cash used in investing activities -356 -108
EURm 1–12/2024 1–12/2023
Financing activities
Dividends paid -903 -1,321
Purchase of own shares -475 -555
Repayments of debt securities in issue -2 -334
Received group contribution — 29
Net cash used in financing activities -1,380 -2,180
Total cash flows -499 -1,051
Cash and cash equivalents at 1 January 747 1,798
Cash and cash equivalents at 31 December 248 747
Net change in cash and cash equivalents -499 -1,051
Additional information to the statement of cash flows
EURm 1–12/2024 1–12/2023
Interest income received 54 63
Interest expense paid -66 -72
Dividend income received 768 1,062
1Other adjustments include items related to the acquisition of Topdanmark A/S minority shares and
the sale of the Topdanmark A/S shares to If P&C Insurance Holding Ltd.
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 2023 272
===== SIDA 273 =====
Sampo plc’s notes to the financial statements
Summary of significant accounting policies .. 274
Notes ............................................................................. 276
1 Other operating expenses ................................... 276
2 Auditors' fees .......................................................... 276
3 Financial income and expense .......................... 276
4 Receivables from Group companies ............... 276
5 Other shares and participations ....................... 276
6 Other investments ................................................. 277
7 Other receivables ................................................... 277
8 Prepayments and accrued income .................. 277
9 Movements in the parent
company's equity ...................................................... 278
10 Share capital .......................................................... 279
11 Accruals and deferred income ......................... 279
12 Long-term liabilities ............................................. 279
13 Deferred tax assets and liabilities ................... 279
14 Pension liabilities .................................................. 279
15 Rental commitments ........................................... 279
16 Other liabilities and commitments ................. 279
17 Number of personnel .......................................... 279
18 Salaries and remuneration of the Board
and the Group CEO .................................................. 280
19 Pension contributions to the CEO, deputy
CEO and the members of the Board .................. 280
20 Shares held ........................................................... 281
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 2023 273
===== SIDA 274 =====
Sampo plc’s notes to the financial statement
Summary of significant
accounting policies
Sampo plc (business ID 0142213-3) is Sampo Group’s
parent company and a Finnish public company listed in
Helsinki Nasdaq. Sampo has a dual listing in Nasdaq
Stockholm and in Nasdaq Copenhagen. It is domiciled in
Helsinki, and the headquarters are at Fabianinkatu 27,
00100 Helsinki, Finland.
The presentation of Sampo plc’s financial statements
have been prepared in accordance with the Finnish
Accounting Act and Ordinance, and in compliance with
other regulations on the preparation of financial
statements.
The acquisition of Topdanmark A/S minority
shares and related sale of shares to If P&C
Insurance Holding
On 17 June 2024, Sampo announced that Sampo and
Topdanmark had entered into a combination
agreement, based on which Sampo made a 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. For more detailed
description of the acquisition, please see Sampo Group
financial statements’ note 28.
In the public offer, minority shareholders were issued, as
a compensation, new Sampo A shares. The share issue
amounting to EUR 2,000 million was recognised in the
invested unrestricted equity.
In the compulsory acquisition, the total acquisition cost
of the remaining minority shares amounted to EUR 325
million. Compensation was paid in cash.
The measurement of the acquired Topdanmark A/S
shares was based on the compensation given as an
exchange of those shares. The acquisition costs directly
related to the acquisition were activated to the balance
sheet value of the acquired shares.
After the completion of the acquisition of minority
shares, Sampo plc sold all the issued shares in
Topdanmark A/S to If P&C Insurance Holding Ltd. The
transaction was completed at an arm’s length basis.
The sale price was based on the recent market value
and amounted to EUR 4,659 million. The sale price 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. The shareholder’s
contribution was recognised as an increase in the
carrying amount of If Holding’s shares in Sampo plc’s
balance sheet.
Partial demerger 2023
The Annual General Meeting of Sampo Group approved
the partial demerger on 17 May 2023. The partial
demerger was completed as planned on 1 October
2023. In the demerger, all shares in Mandatum Holding
Ltd, amounting to EUR 538 million, were transferred
without a liquidation procedure to Mandatum plc, a
company incorporated in the demerger on the effective
date.
In addition, a part of Sampo's general liabilities, not
allocated to any specific business operations, were
allocated to Mandatum plc. The recognition of a loan
receivable had an impact on the parent company’s
equity amounting to EUR 102 million during the
comparative period.
Foreign currency translation
Foreign currency transactions are translated using the
prevailing exchange rate at the date of transactions or
the average rate for the month. The Balance sheet items
denominated in foreign currencies are translated at the
prevailing rate at the balance sheet date. The exchange
differences are recognised in the income statement.
Non-current assets
Intangible and tangible assets
Intangible and tangible assets are stated at acquisition
cost less depreciation or amortisation.
Investments
In Sampo plc financial instruments are measured in
accordance with Chapter 5 section 2 § of the Finnish
Accounting Act and are part of non-current assets.
Investments are measured at acquisition cost and, in
case there is objective evidence of an impairment, and
the fair value is expected to be permanently lower than
the book value, the impairment is recognised through
profit or loss. Impairment recognition cannot be not
reversed.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
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FINANCIAL STATEMENTS 2024 274
===== SIDA 275 =====
Derivatives
Financial derivatives held for trading are initially
recognised at fair value. If the difference between the
acquisition value and the fair value at reporting date is
negative, the difference is recognized as a loss for the
period in the income statement and as a liability in the
balance sheet. Positive difference is not recognized.
In addition, interest income and expense as well as
income and expense related to the closing or expiry of a
contract is recognised in the financial income and
expense.
If an interest rate swap or a cross currency interest rate
swap is used to hedge a separate loan or a similar
balance sheet item, and the floating rate cash flows net
each other, the net interest expense of the transaction is
recognised in the income statement, amounting to the
fixed interest rate amount. Also, any potential exchange
rate differences are netted. Financial derivatives are
used only for operational hedging, hedge accounting is
not applied.
Revenue recognition
Revenue is recognised when it occurs.
Financial income and expense
Financial income and expense includes income from
shares in the Group companies, interest income and
expense on investments, and financial derivatives
allocated for the reporting period, sale profits and
losses on investments, income and expense related to
the closing or expiry of derivative contracts, as well as
impairment losses recognized on investments.
Leases
Lease payments are treated as rentals.
Income taxes
The income statement includes the company's income
taxes based on taxable profit for the period. Income tax
includes tax expense based on taxable profit for the
period as well as deferred tax. Tax expense is
recognised in profit or loss except for the items
recognised directly in equity, in which case tax is
recognised accordingly. Tax is adjusted for possible
items related to previous reporting periods.
Risk management
The risk management note 34 includes detailed
information on the risk management.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 275
===== SIDA 276 =====
1 Other operating expenses
EURm 1–12/2024 1–12/2023
Rental expenses -1 -1
IT expenses -3 -1
External services -10 -28
Other staff costs -1 -1
Other -5 -7
Total -21 -39
Item Other includes e.g. administration fees.
2 Auditors' fees
EUR thousand 1–12/2024 1–12/2023
Auditing fees -450 -1,166
CSRD assurance -137 —
Other fees -204 -53
Total -791 -1,219
Auditing fees in 2023 include also fees related to IFRS 17 transition.
3 Financial income and expense
EURm 1–12/2024 1–12/2023
Dividend income 768 1,062
Interest income 67 60
Interest expense -68 -72
Gains on disposal 1,199 —
Exchange result 14 3
Other -74 -32
Total 1,905 1,020
The gains on disposal consist of the sale gain of the Topdanmark A/S shares to If P&C
Insurance Holding Ltd, amounting to EUR 1 180 million, and the sale gain from the
shares of Saxo Bank AS, amounting to EUR 18 million.
4 Receivables from Group companies
EURm 2024 2023
Carrying amount at the beginning of the year — 100
Additions 1,725 —
Disposals — -100
Carrying amount at the end of the year 1,725 —
As part of the sale of shares in Topdanmark A/S, Sampo granted a loan of EUR 1,724
million to If Holding, which consisted of EUR nominated facility of EUR 862 million and
DKK nominated facility of DKK 6,432 million (approx. EUR 862 million)
During the comparative period 2023, in connection with the partial demerger,
Mandatum redeemed issued Capital Notes with the nominal value of EUR 100 million.
5 Other shares and participations
EURm 2024 2023
Acquisition cost 1 January 876 961
Increase — 7
Decrease -352 -92
Acquisition cost 31 December 524 876
Decrease in Other shares include the sale of Saxo Bank AS shares of EUR 284 million.
In addition, a permanent impairment of EUR 68 million was recorded into H&F
Evergood partners SA private equity fund.
During the comparative period 2023, in connection with the demerger, Sampo sold
certain financial assets to Mandatum. These assets included holdings in Enento Group,
guarantee shares of Kaleva Mutual Insurance Company and other smaller equity, debt,
and alternative investments.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
FINANCIAL STATEMENTS 2024 276
===== SIDA 277 =====
6 Other investments
EURm 2024 2023
Acquisition cost 1 January 706 696
Increase 1,659 2,325
Decrease -1,886 -2,315
Acquisition cost 31 December 479 706
EURm 2024 2023
Bonds 75 15
Money market 303 590
Loan receivable 101 101
Total 479 706
Loan receivable consists of a loan from Mandatum plc in order to allocate general
liabilities due to the demerger in 2023.
7 Other receivables
EURm 2024 2023
Other 25 20
Total 25 20
Item Other includes derivative guarantees EUR 25 (20) million.
8 Prepayments and accrued income
EURm 2024 2023
Accrued interest 15 2
Other 3 0
Total 18 2
EURm 2024 Fair value 2023 Fair value
Derivatives
Contract
/notional
value Assets Liabilities
Contract
/notional
value Assets Liabilities
Derivatives held for
trading
Interest rate
derivatives 85 — 25 89 — 20
Total 85 — 25 89 — 20
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
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FINANCIAL STATEMENTS 2024 277
===== SIDA 278 =====
9 Movements in the parent company's equity
Restricted equity Unrestricted equity
EURm Share capital
Invested
unrestricted capital Other reserves Retained earnings Total
Carrying amount at 1 January 2023 98 1,527 273 4,916 6,814
Dividends — — — -1,321 -1,321
Acquisition of own shares — — — -555 -555
Partial demerger — — — -539 -539
Loan receivable due to partial demerger — — — 102 102
Profit for the year — — — 963 963
Carrying amount at 31 December 2023 98 1,527 273 3,567 5,465
Restricted equity Unrestricted equity
EURm Share capital
Invested
unrestricted capital Other reserves Retained earnings Total
Carrying amount at 1 January 2024 98 1,527 273 3,567 5,465
Dividends — — — -903 -903
Acquisition of own shares — — — -475 -475
Directed share issue — 2,000 — — 2,000
Profit for the year — — — 1,862 1,862
Carrying amount at 31 December 2024 98 3,527 273 4,051 7,949
As part of the public exchange offer, the owners of Topdanmark’s minority shares were given Sampo A shares in return. The share issue of EUR 2,000 million was recognised in the
invested unrestricted equity fund.
Distributable funds
EURm 2024 2023
Parent company
Profit for the year 1,862 963
Retained earnings 2,189 2,604
Invested unrestricted capital 3,527 1,527
Other reserves 273 273
Total 7,851 5,367
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
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FINANCIAL STATEMENTS 2024 278
===== SIDA 279 =====
10 Share capital
Information on share capital is disclosed in Sampo Group’s note 25 in the consolidated
financial statements.
11 Accruals and deferred income
EURm 2024 2023
Deferred interest 28 29
Derivatives 25 20
Other 19 23
Total 72 71
Additional information on derivatives is included in the note 8.
12 Long-term liabilities
EURm 2024 2023
Bonds 792 959
Subordinated debt securities 1,491 1,490
Total 2,283 2,449
More information can be found in Sampo Group’s consolidated note 22 Financial
liabilities.
13 Deferred tax assets and liabilities
The parent company did not have any deferred tax liability or asset in the balance
sheet at the end of 2024 or 2023.
14 Pension liabilities
The basic and supplementary pension insurance of Sampo plc’s staff is handled
through insurance policies in pension insurance companies in Finland and Sweden.
15 Rental commitments
EURm 2024 2023
Not more than one year 1 1
Over one year but not more than ten years 15 1
Total 16 2
During the reporting period 2024, Sampo plc has signed a ten-year rental agreement
for new office premises commencing in June 2025.
16 Other liabilities and commitments
Sampo plc has granted a credit facility to Hastings Group Holdings Ltd of GBP 75
million, which will terminate in October 2026. The credit facility was undrawn at the
end of the reporting period. More information is in Sampo Group’s note 22 Financial
liabilities.
The fund commitments given amounted to EUR 7 (7) million.
17 Number of personnel
2024
Average during
the year
2023
Average during
the year
Full-time personnel 61 54
Part-time personnel — 1
Temporary personnel 4 —
Total 65 55
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 279
===== SIDA 280 =====
18 Salaries and remuneration of the Board
and the Group CEO
EUR thousand 2024 2023
Group CEO Torbjörn Magnusson 4,257 3,139
Members of the Board of Directors
Antti Mäkinen 235 228
Christian Clausen 104 101
Fiona Clutterbuck — 107
Georg Ehrnrooth 104 107
Jannica Fagerholm 164 159
Johanna Lamminen — 45
Steve Langan 111 107
Risto Murto 104 101
Markus Rauramo 111 101
Annica Withchard 111 107
Astrid Stange 111 —
In accordance with the decision of the Annual General Meeting in 2024, the company
has compensated the transfer tax related to the acquisition of the company shares, in
total EUR 6,482.75 (EUR 1.758,66 pertaining to the Chairman and EUR 4.724,09 to the
other members of the Board).
19 Pension contributions to the CEO, deputy
CEO and the members of the Board
EUR thousand
Supplementary
pension costs
Statutory
pension costs Total
Pension contributions paid during the
year
President/CEO1 905 615 1,520
Former Chairmen of the Board
Kalevi Keinänen2 74 — 74
Former Presidents/CEO:s
Harri Hollmen3 186 — 186
Total 1,165 615 1,780
1 The Group CEO is entitled to a supplementary defined contribution pension in accordance with
the present pension contract.
2 Group pension agreement with a retirement age of 60 years and pension benefit of 66 per cent of
the pensionable TyEL-salary (TyEL: Employees’s Pension Act). The payment for 2024 is based on a
TyEL index adjustment.
3 Group pension agreement with a retirement age of 60 years and a pension benefit of 60 per cent
of the pensionable TyEL-salary. The payment for 2024 is based on a TyEL index adjustment.
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 280
===== SIDA 281 =====
20 Shares held
2024 2023
Company name
Percentage
of share
capital held
Carrying
amount
EURm
Percentage
of share
capital held
Carrying
amount
EURm
Group undertakings
P&C insurance
If P&C Insurance Holding Ltd,
Stockholm, Sweden 100.00 4,820 100.00 1,886
P&C insurance
Topdanmark A/S, Copenhagen,
Denmark — — 48.92 1,122
P&C insurance
Hastings Group (Consolidated) Plc,
London, United Kingdom 100.00 2,627 100.00 2,627
Sampo Plc has a branch located in Sweden.
During the financial year, Sampo plc sold the shares of Topdanmark A/S to If P&C
Insurance Holding Ltd. For a more detailed description of the acquisition, please see
Sampo Group financial statements’ note 28.
As part of the sale of Topdanmark A/S shares, Sampo plc granted If P&C Insurance
Holding Ltd a shareholder’s contribution amounting to EUR 2 934 million. If Holding
used the shareholder’s contribution to set off a part of the sale price of the
Topdanmark shares. The shareholder’s contribution was recognised as an increase in
the carrying amount of If Holding’s shares in Sampo plc’s balance sheet.
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
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Approval of the Board of Directors’ Report, the Sustainability
Statement and the Financial Statements
The Financial Statements prepared in accordance with the applicable accounting regulations provide a true and fair view of the assets, liabilities, financial position, and profit or loss
of both the company and the entities included in its consolidated financial statements.
The Board of Directors’ Report includes a description of a true and fair view of the development and results of the business activities of both the company and the entities included
in its consolidated financial statements, as well as a description of the most significant risks and uncertainties and other aspects concerning the company.
The Sustainability Statement included in the Board of Directors’ Report has been prepared in accordance with the sustainability reporting standards referred to in Chapter 7 of the
Accounting Act and Article 8 of the Taxonomy Regulation.
Helsinki, 12 March 2025
Sampo plc
Board of Directors
Christian Clausen Georg Ehrnrooth Jannica Fagerholm
Steve Langan Risto Murto Markus Rauramo
Astrid Stange Annica Witschard
Antti Mäkinen
Chairman
Torbjörn Magnusson
Group CEO
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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Auditor’s note
An auditor's report on the audit performed has been issued today.
Helsinki, 13 March 2025
Deloitte Oy
Audit firm
Jukka Vattulainen
APA
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
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Auditor’s Report (Translation of the Finnish Original)
To the Annual General Meeting of Sampo plc
Report on the Audit of
the Financial Statements
Opinion
We have audited the financial statements of Sampo plc
(business identity code 0142213-3) for the year ended
31 December, 2024. The financial statements comprise
the consolidated balance sheet, income statement,
statement of comprehensive income, statement of
changes in equity, statement of cash flows and notes,
including material accounting policy information, as well
as the parent company’s balance sheet, income
statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and
fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS
Accounting Standards as adopted by the EU
• the financial statements give a true and fair view of
the parent company’s financial performance and
financial position in accordance with the laws and
regulations governing the preparation of financial
statements in Finland and comply with statutory
requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good
auditing practice in Finland. Our responsibilities under
good auditing practice are further described in the
Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We are independent of the parent company and of the
group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our audit, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements.
In our best knowledge and understanding, the non-
audit services that we have provided to the parent
company and group companies are in compliance with
laws and regulations applicable in Finland regarding
these services, and we have not provided any
prohibited non-audit services referred to in Article 5(1)
of regulation (EU) 537/2014. The non-audit services that
we have provided have been disclosed in note 6 to the
consolidated financial statements and in note 2 to the
parent company notes.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the financial statements of the current period.
These matters were addressed in the context of our
audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have also addressed the risk of management
override of internal controls. This includes consideration
of whether there was evidence of management bias
that represented a risk of material misstatement due to
fraud.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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Valuation of insurance contract liabilities
We refer to Summary of Material Accounting policies in the financial statements as well
as notes 18 and 19.
As at 31.12.2024 Sampo Group has insurance contract liabilities totalling EUR 12,286
million (2023: EUR 11,716 million), consisting primarily of property and casualty (P&C)
insurance contract liabilities. The measurement of insurance liabilities consists of the
liability for remaining coverage (LRC) and the liability for incurred claims (LIC) including
both reported but not settled claims as well as incurred but not reported claims (IBNR).
The result of management's assessments regarding the calculation of the liability for
incurred claims depends on inputs, the choice of actuarial methods and the precision of
management judgment in determining actuarial assumptions. Key assumptions with the
greatest impact on the carrying amount include inflation, discount rates as well as
estimated future payments for claims.
Valuation of insurance contract liabilities requires significant management judgment and
accounting assumptions about uncertain future events, which may materially affect the
carrying amount, and thus this is a key audit matter.
We have assessed the measurement of the provisions for insurance contracts as
calculated by Management. Our audit procedures included testing of the key controls
relating to valuation of insurance liabilities and key assumptions.
We have involved Deloitte´s actuarial experts together with IFRS 17 subject matter
experts in our audit procedures and evaluated methods and models used by the
management. We have compared the information used in the calculations with the
historical data and we have analysed the developments in risk, interest and cost trends.
We have evaluated management’s significant estimations and judgments and performed
independent calculations based on actuarial methods for a substantial part of the
insurance contract liabilities.
We have evaluated and examined a selection of general IT controls linked to relevant
systems and applications assessed as critical to the data that forms the basis for the
calculation of the liability for incurred claims. On a sample basis we have examined input
data used in the calculations of the liability for incurred claims.
We have assessed the disclosures of the insurance contract liabilities in the financial
statements.
Key Audit Matter How our audit addressed the Key Audit Matter
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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Valuation of financial assets
We refer to Summary of Material Accounting policies in the financial statements as well
as notes 12-14.
The Group's investments amount to EUR 16,090 million (2023: EUR 15,757 million).
Financial assets represent a significant part of the group's balance sheet.
Major part of the Group's financial assets are measured at fair value. At level 1, the
valuation of the financial asset is based on the quoted price in an active market. Level 2
valuation also uses other verifiable prices as inputs, either directly or derived from them,
using valuation techniques. At level 3, valuation is based on non-observable market data.
Audit focus areas relate to valuations on level 2 and 3 in line with IFRS in which the
valuation techniques include inputs which are not directly observable from the markets.
The use of different valuation techniques and assumptions may result in different
estimates of fair value and hence this is a key audit matter.
Our audit procedures have included the evaluation of the internal controls,
appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management.
We have evaluated the appropriateness of the valuation models and accounting policies
used by the company to assess whether the fair value measurement is in accordance
with generally accepted standards and industry practices. We have requested external
confirmations to verify the existence of the investment.
Together with our valuation specialists, we have assessed the assumptions used by
management in the valuation calculation. We have utilized Deloitte´s valuation analytics
and performed the recalculation of fair values based on the information available on the
market.
For financial assets that are valued on the basis of non-market information, we have also
evaluated the practices and assumptions used by management in determining fair
values.
We have assessed the disclosures of the investments in the financial statements.
Key Audit Matter How our audit addressed the Key Audit Matter
There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the parent company’s financial statements.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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Responsibilities of the Board of
Directors and the Group CEO for
the Financial Statements
The Board of Directors and the Group CEO are
responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the EU,
and of financial statements that give a true and fair view
in accordance with the laws and regulations governing
the preparation of financial statements in Finland and
comply with statutory requirements. The Board of
Directors and the Group CEO are also responsible for
such internal control as they determine is necessary to
enable the preparation of financial statements that are
free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the Board of
Directors and the Group CEO are responsible for
assessing the parent company’s and the group’s ability
to continue as a going concern, disclosing, as
applicable, matters relating to going concern and using
the going concern basis of accounting. The financial
statements are prepared using the going concern basis
of accounting unless there is an intention to liquidate
the parent company or the group or cease operations,
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the
Audit of Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole are
free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit
conducted in accordance with good auditing practice
will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of the financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and
maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud or
error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness
of the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of the Board of
Directors’ and the Group CEO’s use of the going
concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to
the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
cause the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events so
that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient
appropriate audit evidence regarding the financial
information of the entities or business units within the
group as a basis for forming an opinion on the group
financial statements. We are responsible for the
direction, supervision and review of the audit work
performed for purposes of the group audit. We
remain solely responsible for our audit opinion.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related
safeguards.
From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of the financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in
extremely rare circumstances, we determine that a
matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.
Other Reporting
Requirements
Information on our audit
engagement
We were first appointed as auditors by the Annual
General Meeting on 19 May, 2021, and our appointment
represents a total period of uninterrupted engagement
of 4 years.
Other information
The Board of Directors and the Group CEO are
responsible for the other information. The other
information comprises the report of the Board of
Directors.
Our opinion on the financial statements does not cover
the other information.
In connection with our audit of the financial statements,
our responsibility is to read the other information and, in
doing so, consider whether the other information is
materially inconsistent with the financial statements or
our knowledge obtained in the audit, or otherwise
appears to be materially misstated. Our responsibility
also includes considering whether the report of the
Board of Directors has been prepared in compliance
with the applicable provisions, excluding the
sustainability report information on which there are
provisions in Chapter 7 of the Accounting Act and in
the sustainability reporting standards.
In our opinion, the information in the report of the
Board of Directors is consistent with the information in
the financial statements and the report of the Board of
Directors has been prepared in compliance with the
applicable provisions. Our opinion does not cover the
sustainability report information on which there are
provisions in Chapter 7 of the Accounting Act and in
the sustainability reporting standards.
If, based on the work we have performed, we conclude
that there is a material misstatement of the report of
the Board of Directors, we are required to report that
fact. We have nothing to report in this regard.
Other opinions
We support that the financial statements should be
adopted. The proposal by the Board of Directors
regarding the use of the profit shown in the balance
sheet is in compliance with the Limited Liability
Companies Act. We support that the Members of the
Board of Directors of the parent company and the
Group CEO should be discharged from liability for the
financial period audited by us.
Helsinki, 13 March 2025
Deloitte Oy
Audit Firm
Jukka Vattulainen
Authorised Public Accountant (KHT)
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s
Report ≡
Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements
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Assurance report on the Sustainability Statement
(Translation of the Finnish Original)
To the Annual General Meeting of Sampo plc
We have performed a limited assurance engagement on
the group sustainability report (“Sustainability
Statement”) of Sampo plc (0142213-3) that is referred
to in Chapter 7 of the Accounting Act and that is
included in the report of the Board of Directors for the
financial year 1.1.–31.12.2024.
Opinion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the
Sustainability Statement does not comply, in all material
respects, with
• the requirements laid down in Chapter 7 of the
Accounting Act and the sustainability reporting
standards (ESRS);
• the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of
a framework to facilitate sustainable investment, and
amending Regulation (EU) 2019/2088 (EU
Taxonomy).
Point 1 above also contains the process in which Sampo
plc has identified the information for reporting in
accordance with the sustainability reporting standards
(double materiality assessment) and the tagging of
information as referred to in Chapter 7, Section 22 of
the Accounting Act.
Our opinion does not cover the tagging of the
Sustainability Statement with digital XBRL sustainability
tags in accordance with Chapter 7, Section 22,
Subsection 1(2), of the Accounting Act, because
sustainability reporting companies have not had the
possibility to comply with that provision in the absence
of the ESEF regulation or other European Union
legislation.
Basis for Opinion
We performed the assurance of the Sustainability
Statement as a limited assurance engagement in
compliance with good assurance practice in Finland and
with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) Assurance
Engagements Other than Audits or Reviews of
Historical Financial Information.
Our responsibilities under this standard are further
described in the Responsibilities of the Authorised
Group Sustainability Auditor section of our report.
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
Other Matter
We draw attention to the fact that the group
sustainability report (“Sustainability Statement”) of
Sampo plc that is referred to in Chapter 7 of the
Accounting Act has been prepared and assurance has
been provided for it for the first time for the financial
year 1.1.–31.12.2024.
Our opinion does not cover the comparative
information that has been presented in the
Sustainability Statement. Our opinion is not modified in
respect of this matter.
Authorised group sustainability
auditor's Independence and
Quality Management
We are independent of the parent company and of the
Group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our engagement, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements.
The authorised group sustainability auditor applies
International Standard on Quality Management ISQM 1,
which requires the authorised sustainability audit firm to
design, implement and operate a system of quality
management including policies or procedures regarding
compliance with ethical requirements, professional
standards and applicable legal and regulatory
requirements.
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
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Responsibilities of the Board of
Directors and the Managing
Director
The Board of Directors and the Managing Director of
Sampo plc are responsible for:
• the Sustainability Statement and for its preparation
and presentation in accordance with the provisions of
Chapter 7 of the Accounting Act, including the
process that has been defined in the sustainability
reporting standards and in which the information for
reporting in accordance with the sustainability
reporting standards has been identified as well as the
tagging of information as referred to in Chapter 7,
Section 22 of the Accounting Act and
• the compliance of the Sustainability Statement with
the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of
a framework to facilitate sustainable investment, and
amending Regulation (EU) 2019/2088;
• such internal control as the Board of Directors and
the Managing Director determine is necessary to
enable the preparation of a Sustainability Statement
that is free from material misstatement, whether due
to fraud or error.
Inherent Limitations in the
Preparation of a Sustainability
Statement
In preparing the sustainability report, the company is
required to conduct a materiality assessment to identify
relevant matters to be reported. This process involves
significant management judgement and choices. Due to
the nature and characteristics of sustainability
reporting, this type of information involves estimates
and assumptions, as well as measurement and
evaluation uncertainties.
In reporting forward-looking information, management
is required to prepare the forward-looking information
on the basis of disclosed assumptions about events that
may occur in the future and possible future actions by
the Group. The actual outcome is likely to be different
since anticipated events frequently do not occur as
expected.
Responsibilities of the Authorised
Group Sustainability Auditor
Our responsibility is to perform an assurance
engagement to obtain limited assurance about whether
the Sustainability Statement is free from material
misstatement, whether due to fraud or error, and to
issue a limited assurance report that includes our
opinion. Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the decisions of users taken on the basis of
the Sustainability Statement.
Compliance with the International Standard on
Assurance Engagements (ISAE) 3000 (Revised)
requires that we exercise professional judgment and
maintain professional scepticism throughout the
engagement. We also:
• Identify and assess the risks of material misstatement
of the Sustainability Statement, whether due to fraud
or error, and obtain an understanding of internal
control relevant to the engagement in order to design
assurance procedures that are appropriate in the
circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the parent
company’s or the Group’s internal control.
• Design and perform assurance procedures responsive
to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
Description of the Procedures That
Have Been Performed
The procedures performed in a limited assurance
engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance
engagement. The nature, timing and extent of
assurance procedures selected depend on professional
judgment, including the assessment of risks of material
misstatement, whether due to fraud or error.
Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower
than the assurance that would have been obtained had
a reasonable assurance engagement been performed.
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
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Our procedures included for example the following:
• Performed inquiries of the company’s management and personnel responsible for
collecting and reporting the information contained in the Sustainability Statement at
the group level and for subsidiaries, as well as at the different levels and business
areas of the organization.
• Obtained an understanding of the company’s sustainability reporting process, internal
controls, and information systems related to the sustainability reporting process
through inquiries.
• Reviewed the supporting documentation and records prepared by the company,
where applicable, and assessed whether they support the information included in the
Sustainability Statement.
• With respect to the double materiality assessment process, we evaluated the
implementation of the process conducted by the company in relation to the
requirements of the ESRS standards and assessed whether the disclosed information
on the double materiality assessment is in accordance with the ESRS standards.
• Evaluated whether the Sustainability Statement meets the requirements of the ESRS
standards, in all material aspects, regarding material sustainability matters to a
significant extent.
• With respect to the EU taxonomy information, we obtained an understanding of the
process by which the company has identified taxonomy-eligible and taxonomy-
aligned economic activities and assessed the compliance of the related disclosed
information with the regulations.
Helsinki, 13 March 2025
Deloitte Oy
Authorised Sustainability Audit Firm
Jukka Vattulainen
Authorised Sustainability Auditor
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
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