FULLTEXT DEL 1 AV 5
Årsredovisning 2025
===== SIDA 1 ===== Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements ===== SIDA 2 ===== REPORTS FOR THE YEAR 2025 WWW.SAMPO.COM/YEAR2025 Contents Board of Directors’ Report 2025 ........................... 3 Review of the 2025 financial year ......................... 4 Financial overview ....................................................... 6 Outlook ............................................................................ 7 Operating environment and assumptions ...... 7 Outlook for 2026 ..................................................... 7 The major risks and uncertainties for the Group in the near-term ......................................... 8 Dividend proposal ........................................................ 9 Operating environment .............................................. 10 Segments ......................................................................... 12 Private Nordic .......................................................... 12 Private UK .................................................................. 13 Nordic Commercial ................................................. 14 Nordic Industrial ...................................................... 15 Net financial result and other items ....................... 16 Financial position .......................................................... 17 Group solvency ........................................................ 17 Financial leverage position .................................. 17 Ratings ........................................................................ 18 Other developments ................................................... 19 Changes to the Group Executive Committee ................................................................. 19 Group Partial Internal Model ............................... 19 Sale of shares in NOBA Group ........................... 19 Changes in the Group’s financial debt ............. 19 Conversion of Sampo’s Swedish Depositary Receipts ...................................................................... 20 Proposals to the AGM of 2026 ........................... 20 Shares, share capital and shareholders ................ 21 Shares and share capital ....................................... 21 Shareholders ............................................................. 23 Holdings of the Board and Executive Management ............................................................. 24 Share buyback programmes ............................... 24 Events after the end of the reporting period ..... 25 Update to Sampo’s distribution policy ............ 25 Share buyback programme ................................. 25 Issuance of new Restricted Tier 1 notes .......... 25 Reduction of ownership in NOBA Group ....... 25 Corporate Governance Statement ................... 26 Governance in Sampo plc .................................... 27 Changes in Group structure ................................ 28 General meeting ...................................................... 30 Board of Directors .................................................. 32 Board-appointed committees ............................ 38 Sampo Group CEO ................................................. 41 Sampo Group Executive Committee ............... 42 Remuneration ........................................................... 47 Personnel ................................................................... 48 Internal control in Sampo Group ....................... 49 Sustainability Statement ..................................... 56 General information ............................................... 57 Environmental information .................................. 72 Social information ................................................... 94 Governance information ....................................... 121 Annexes ...................................................................... 125 Key figures ..................................................................... 132 Calculation of key figures .......................................... 135 Group’s IFRS Financial Statements ...................... 138 Statement of profit and other comprehensive income ......................................... 139 Consolidated balance sheet ................................ 140 Statement of changes in equity ......................... 141 Statement of cash flows ....................................... 142 Group’s notes to the financial statements ... 143 Summary of material accounting principles .. 144 Segment information ............................................. 159 Geographical information .................................... 164 Other notes ............................................................... 165 Sampo plc’s Financial Statements ........................ 240 Sampo plc’s income statement .......................... 241 Sampo plc’s balance sheet .................................. 242 Sampo plc’s statement of cash flows .............. 243 Sampo plc’s notes to the financial statements ................................................................. 244 Approval of the Board of Directors’ Report, the Sustainability Statement and the Financial Statements .................................................. 253 Auditor’s note ................................................................ 254 Auditor’s Report .......................................................... 255 Assurance report on the Sustainability Statement ........................................................................ 260 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 2 This Board of Directors’ report and Financial Statements in pdf format is not an xHTML document compliant with the ESEF (European Single Electronic Format) regulation. Sampo’s ESEF Financial Statements are available at www.sampo.com/year2025. ===== SIDA 3 ===== Board of Directors’ Report 2025 Review of the 2025 financial year .......................................................................... 4 Financial overview ......................................................................................................... 6 Outlook ............................................................................................................................... 7 Operating environment and assumptions ................................................................. 7 Outlook for 2026 ................................................................................................................ 7 The major risks and uncertainties for the Group in the near-term ................... 8 Dividend proposal .......................................................................................................... 9 Operating environment ............................................................................................... 10 Segments ........................................................................................................................... 12 Private Nordic ...................................................................................................................... 12 Private UK ............................................................................................................................. 13 Nordic Commercial ............................................................................................................ 14 Nordic Industrial ................................................................................................................. 15 Net financial result and other items ....................................................................... 16 Financial position ........................................................................................................... 17 Group solvency ................................................................................................................... 17 Financial leverage position ............................................................................................. 17 Ratings ................................................................................................................................... 18 Other developments ..................................................................................................... 19 Changes to the Group Executive Committee .......................................................... 19 Group Partial Internal Model .......................................................................................... 19 Sale of shares in NOBA Group ....................................................................................... 19 Changes in the Group’s financial debt ........................................................................ 19 Conversion of Sampo’s Swedish Depositary Receipts ......................................... 20 Proposals to the AGM of 2026 ...................................................................................... 20 Shares, share capital and shareholders ................................................................. 21 Shares and share capital .................................................................................................. 21 Shareholders ........................................................................................................................ 23 Holdings of the Board and Executive Management .............................................. 24 Share buyback programmes .......................................................................................... 24 Events after the end of the reporting period ...................................................... 25 Update to Sampo’s distribution policy ....................................................................... 25 Share buyback programme ............................................................................................ 25 Issuance of new Restricted Tier 1 notes ..................................................................... 25 Reduction of ownership in NOBA Group ................................................................... 25 Corporate Governance Statement .......................................................................... 26 Governance in Sampo plc ............................................................................................... 27 Changes in Group structure ........................................................................................... 28 General meeting ................................................................................................................. 30 Board of Directors .............................................................................................................. 32 Board-appointed committees ........................................................................................ 38 Audit Committee ........................................................................................................... 39 Nomination and Remuneration Committee ......................................................... 40 Sampo Group CEO ............................................................................................................ 41 Sampo Group Executive Committee ........................................................................... 42 Remuneration ...................................................................................................................... 47 Personnel ............................................................................................................................... 48 Internal control in Sampo Group .................................................................................. 49 Reporting ......................................................................................................................... 49 Risk management ......................................................................................................... 50 Principles for related party transactions .............................................................. 54 Internal audit ................................................................................................................... 55 External auditor ............................................................................................................. 55 Sustainability Statement ............................................................................................ 56 General information ........................................................................................................... 57 ESRS 2 General disclosures ....................................................................................... 57 Environmental information ............................................................................................. 72 EU Taxonomy ................................................................................................................. 72 E1 Climate change ......................................................................................................... 77 E5 Resource use and circular economy ................................................................ 91 Social information .............................................................................................................. 94 S1 Own workforce ......................................................................................................... 94 S2 Workers in the value chain .................................................................................. 107 S4 Consumers and end-users ................................................................................... 113 Governance information .................................................................................................. 121 G1 Business conduct .................................................................................................... 121 Annexes ................................................................................................................................. 125 Key figures ....................................................................................................................... 132 Calculation of key figures ........................................................................................... 135 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 3 ===== SIDA 4 ===== Board of Directors’ Report 2025 Review of the 2025 financial year Sampo Group delivered strong results in 2025, supported by broad-based growth across private and SME lines and disciplined underwriting in a favourable claims environment. The underwriting result strengthened by 12 per cent on a currency adjusted basis to EUR 1,485 million, driving an operating EPS growth of 7 per cent. Gross written premiums (GWP), including brokerage income, grew by 8 per cent both on a like-for-like basis and a reported basis to EUR 10,738 million (9,931) in 2025. Insurance revenue, including brokerage income, stood at EUR 9,078 million (8,386), representing 8 per cent growth. The Group’s private businesses both in the Nordics and the UK continued to perform well, more than offsetting softer development seen within large corporates. Private Nordic delivered like-for-like GWP growth of 8.5 per cent on the back of high retention, rate actions, and continued positive development across growth areas. Personal insurance grew by 11 per cent, while private property increased by 6 per cent. Motor recorded 10 per cent growth, benefiting from a recovery in Nordic new car sales, albeit from low levels. Digital sales continued to show strong momentum, growing by 15 per cent and hitting the EUR 175 million operational ambition a full year ahead of schedule, originally set for 2026. Geographically, Norway stood out, with 16 per cent growth, driven by strong new sales and high retention. Private UK reported solid development, delivering 13.0 per cent top-line growth on a like-for-like basis, supported by growth in home insurance, selective expansion in higher premium motor segments, and stronger retention in a softer pricing environment. UK live customer policy (LCP) count increased to 4.5 million, up 16 per cent, driven by growth in telematics, bike, van, and home insurance. Nordic Commercial reported like-for-like GWP growth of 5.9 per cent. The growth was supported by continued strong development in personal insurance and SME. Personal insurance grew by 13 per cent and SME increased by 7 per cent. Meanwhile, retention remained high and broadly stable with solid renewals and a growing customer base. Digital sales increased by 15 per cent. In Nordic Industrial, the intentional de-risking of large property exposures, combined with more competitive market conditions and lower project insurance, led to a -3.0 per cent like-for-like GWP decline. The Group combined ratio improved by 0.7 percentage points to 83.6 per cent (84.3), supported by lower large and weather claims. In the Nordics, the claims environment was favourable throughout the first nine months of 2025, reflecting benign weather conditions and a large claims outcome better than budget. In the fourth quarter, severe storm activity led to elevated claims. As a result, severe weather and large claims had a positive effect of 0.7 percentage points on the Nordic risk ratio, representing a material benefit compared to the 3.4 percentage points negative effect in the comparison period. Further, the underlying trend remained positive with a 0.3 percentage points improvement in the Nordic underlying risk ratio. In the UK, underwriting margins were affected by the softer pricing environment but in line with target levels. The Group cost ratio increased by 0.1 percentage points to 25.4 per cent (25,3). Meanwhile, the Nordic operating cost ratio improved by 0.1 percentage points, or by 0.4 percentage points if corporate centre costs in Topdanmark had been fully included in the prior year, hence improving in line with targets. The Topdanmark integration has been progressing well, and synergies have emerged somewhat ahead of schedule. Following a detailed assessment, the estimated run-rate synergies were increased from the original EUR 95 million to EUR 140 million pre-tax for 2028 on 7 May 2025. By the end of 2025, EUR 37 million of the targeted synergies were realised. The underwriting result increased by 12 per cent on a currency adjusted basis and by 13 per cent on a reported basis to EUR 1,485 million (1,316), supported by solid top-line growth, a favourable claims experience, and the successful delivery of Topdanmark synergies. The net financial result increased to EUR 1,210 million (636), driven by net investment income, primarily due to a EUR 540 million net gain, including FX effects, on the Group’s ownership in NOBA, as well as the insurance finance income or expense being materially better than in the comparison period. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 4 ===== SIDA 5 ===== Operating EPS increased by 7 per cent to EUR 0.50 (0.47) on the back of a higher underwriting result. The Group Solvency II coverage, net of the proposed dividend, stood at 174 per cent, down from 177 per cent at the end of 2024. Financial leverage amounted to 23.6 per cent at the year-end, down from 26.9 per cent at the end of 2024. Sampo targets a solvency ratio of 150–190 per cent and a financial leverage of below 30 per cent. On 2 July 2025, following the legal merger of If and Topdanmark, Sampo filed an application to the Swedish FSA (Finansinspektionen) to extend the Group’s Partial Internal Model to include the operations previously under Topdanmark. The update in the Group’s Partial Internal Model is expected to be approved in the spring 2026, and it is estimated to reduce the group-level solvency capital requirement by around EUR 60-90 million. On 5 November, Sampo’s Board of Directors decided to raise the Group’s operating EPS growth target to more than 9 per cent from more than 7 per cent annually on average for 2024-2026. The increase reflected Sampo’s strong operational performance and execution of its P&C focused strategy since the start of 2024, but also the confidence in the outlook into 2026. On 5 February 2026, Sampo plc’s Board of Directors proposed a regular dividend of EUR 0.36 per share for 2025 to the Annual General Meeting to be held on 22 April 2026. This represents an increase of 6 per cent compared with the prior year regular dividend of EUR 0.34 per share. In 2025, Sampo repurchased its own A shares under two different buyback programmes based on the authorisation granted by the Annual General Meeting of 2025. In total, Sampo repurchased 29.4 million shares for EUR 290 million in 2025, corresponding to approximately 1.1 per cent of cent of all shares based on the share count prior to the start of the programmes. In its outlook for 2026, Sampo expects to deliver insurance revenue of EUR 9.5-9.8 billion, representing growth of 5-8 per cent and an underwriting result of EUR 1,485-1,600 million, implying a growth of 0-8 per cent. The outlook is consistent with Sampo’s financial targets of achieving a combined ratio below 85 per cent annually and operating EPS growth of more than 9 per cent on average over 2024-2026. Key figures Sampo Group EURm 2025 2024 Change, % Gross written premiums 10,738 9,931 8 Insurance revenue, net 9,078 8,386 8 Underwriting result 1,485 1,316 13 Net financial result 1,210 636 90 Profit before taxes 2,436 1,559 56 Net profit 1,998 1,154 73 Operating result 1,343 1,193 13 Earnings per share (EUR) 0.74 0.45 65 Operating EPS (EUR) 0.50 0.47 7 2025 2024 Change Risk ratio, % 58.3 59.0 -0.7 Cost ratio, % 25.4 25.3 0.1 Combined ratio, % 83.6 84.3 -0.7 Solvency II ratio (incl. dividend accrual), % 174 177 -3 Gross written premiums (GWP) and insurance revenue include broker revenues. Like-for-like GWP growth is calculated by using constant currency rates and it is adjusted to exclude potential technical items affecting comparability, such as portfolio transfers, changes in inception dates for large contracts, and changes in accounting methods. Net profit for the comparison period refers to Net profit for the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 5 ===== SIDA 6 ===== Financial overview 2025 2024 Gross written premiums (incl. brokerage) EURm 10,738 9,931 Insurance revenue (incl. brokerage), net EURm 9,078 8,386 Claims incurred, net EURm -5,290 -4,948 Operating expenses and claims handling costs EURm -2,302 -2,122 Underwriting result EURm 1,485 1,316 Net investment income EURm 1,285 888 Net insurance finance income or expense EURm -74 -252 Net financial result EURm 1,210 636 Other items EURm -259 -392 Profit before taxes EURm 2,436 1,559 Net profit EURm 1,998 1,154 Key figures Earnings per share EUR 0.74 0.45 Operating EPS EUR 0.50 0.47 Risk ratio % 58.3 59.0 Cost ratio % 25.4 25.3 Combined ratio % 83.6 84.3 Nordic operating cost ratio % 22.6 22.7 Like-for-like GWP growth % 8 12 Solvency II ratio (incl. dividend accrual) % 174 177 Financial leverage % 23.6 26.9 Return on equity own funds % 32.3 29.5 Number of shares (end of reporting period) Millions 2,662 2,691 Average number of shares Millions 2,685 2,561 2025 2024 Nordic underlying development Risk ratio % 59.8 61.0 -Large claims % -1.1 1.2 -Severe weather % 0.4 2.2 -Prior year development, risk adjustment and other technical effects % -0.1 -3.5 -Discounting effect, current year % -2.9 -2.8 Underlying risk ratio % 63.5 63.8 Segments Private Nordic Insurance revenue, net EURm 3,995 3,667 Underwriting result EURm 715 628 Combined ratio % 82.1 82.9 Private UK Insurance revenue (incl. brokerage), net EURm 2,000 1,659 Underwriting result EURm 216 190 Combined ratio % 89.2 88.5 Live customer policies Millions 4.5 3.9 Nordic Commercial Insurance revenue, net EURm 2,201 2,128 Underwriting result EURm 376 352 Combined ratio % 82.9 83.5 Nordic Industrial Insurance revenue, net EURm 584 657 Underwriting result EURm 109 74 Combined ratio % 81.3 88.7 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 6 ===== SIDA 7 ===== Outlook Operating environment and assumptions Operating conditions across Sampo’s business footprint remain broadly stable with increasing customer adoption of digital solutions across sales, service, and claims both in direct channels and partnerships. This enables the Group to continue to execute on its organic growth strategy. In general, competitive dynamics in the private businesses remain supportive albeit with some variation by markets, with Norway still the most favourable, while the UK has continued to see falling market pricing that makes growth at target margins increasingly challenging in the short-term. Competitive conditions in the Nordic SME market remains stable, while the large commercial segment saw an increase in price competition over 2025, which is expected to carry into 2026. Following several years of relatively high levels of claims inflation, underlying claims cost trends have returned to long-term average levels across Sampo’s major markets, with only Norway still somewhat elevated. However, the Nordics have seen wintry weather conditions at the beginning of 2026, creating some uncertainty around severe weather claims costs for the first quarter. Sampo’s outlook is based on a range of assumed outcomes on weather, large claims, prior year development, and discount rates around expected budget levels with the lower end representing a materially adverse outcome on one or several variables. Sampo remains a disciplined underwriter, firmly committed to reflecting expected claims cost development in its pricing. Underwriting margins in 2026 are expected to benefit from synergies related to the integration of Topdanmark into the Group, driving profit and Nordic cost ratio improvements in line with communicated operational ambitions. Outlook for 2026 The outlook for Sampo Group’s 2026 financial performance is: • Group insurance revenue: EUR 9.5–9.8 billion, representing growth of 5–8 per cent year-on-year. • Group underwriting result: EUR 1,485–1,600 million, representing growth of 0-8 per cent year-on-year. Any forecast of Sampo’s underwriting result is subject to estimates for weather claims, large claims, prior year development, and certain other items that may vary periodically and are out of Sampo’s control, meaning regular updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget levels are typical on a quarterly basis, and Sampo intends to broadly reflect these in the outlook statement in its quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from returns on its investment portfolio and insurance finance income and expense, meaning changes in the outlook cannot be assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial result. The outlook for 2026 is consistent with Sampo’s 2024– 2026 financial targets of delivering a combined ratio below 85 per cent annually and operating EPS growth of more than 9 per cent annually on average. The outlook is subject to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and competitive dynamics. Revenue forecasts, in particular, are subject to competitive conditions, which may change rapidly in some areas, such as the UK motor insurance market. The revenue and underwriting profit figures in the outlook are based on currency exchange rates as of the latest reporting date. A full explanation of the alternative performance metrics used in the Outlook can be found in the section Calculation of key figures. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 7 ===== SIDA 8 ===== The major risks and uncertainties for the Group in the near-term In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties, mainly through its major business units. Major risks affecting the Group companies’ profitability and its variation are market, credit, insurance, and operational risks. At the Group level, the sources of risks are the same, although they are not directly additive due to the effects of diversification. Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential outcomes. Macroeconomic and financial market developments affect Sampo Group primarily through the market risk exposures it carries via its insurance company investment portfolios and insurance liabilities. Over time, adverse macroeconomic effects could also have an impact on Sampo’s operational business, for example, by reducing economic growth or increasing claims costs. Euro area inflation is currently expected to stay close to the central bank target. However, the future development of consumer prices is uncertain. The impact of trade restrictions on inflationary pressures has remained muted but may intensify again, and energy prices continue to be vulnerable to geopolitical events. Furthermore, domestic price pressures could continue to keep inflation elevated unless labour markets continue to loosen as currently expected. This in turn creates uncertainty on the future path for interest rates. At the same time, trade disputes are expected to depress economic growth in Europe as investments and consumption are held back. These developments may lead to both a significant slowdown in economic growth and a deterioration in the debt service capacity of businesses, households, and governments, raising the risk of abrupt asset repricing in financial markets. Furthermore, geopolitical risks may have major economic effects. These developments are currently causing significant uncertainties in economic and capital market development. At the same time, rapidly evolving hybrid threats create new challenges for states and businesses. There are also a number of widely identified macroeconomic, political, and other sources of uncertainty which can, in various ways, affect the financial services industry in a negative manner. Other sources of uncertainty are unforeseen structural changes in the business environment and already identified trends and potential wide-impact events, sometimes also driven by regulatory uncertainty. These external drivers may have a long-term impact on how Sampo Group’s business will be conducted. Examples of identified trends are demographic changes, climate change, and technological developments in areas such as artificial intelligence and digitalisation including threats posed by cybercrime. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 8 ===== SIDA 9 ===== Dividend proposal Sampo plc’s dividend policy, that was applied for 2025, is to pay a stable and sustainable regular dividend that grows in line with Sampo Group’s operating result over time. In addition to this, excess capital is returned through share buybacks and/or extra dividends, to the extent that it is not utilised to support business development. Pursuant to Sampo plc’s dividend policy applicable to the distribution of 2025 earnings, total annual dividends paid shall represent at least 70 per cent of Sampo Group’s operating result for the year. The Group’s operating result for the financial year 2025 amounted to EUR 1,343 million. The parent company’s distributable capital and reserves totalled EUR 8,150 million of which profit for the financial year 2025 was EUR 1,504 million. Based on the policies outlined above, the Board proposes to the Annual General Meeting that a total dividend of EUR 0.36 per share be paid, except for any shares held by Sampo plc on the dividend record date of 24 April 2026. The Board proposal to the Annual General Meeting corresponds to a total dividend of EUR 956 million in the aggregate, equating to a payout ratio of 71 per cent of the Group’s operating result for the financial year 2025. The remainder of the distributable funds are left in the company’s equity capital. After adjusting for the proposed dividend, the parent company’s 2025 year-end distributable funds amounted to approximately EUR 7,194 million and Group Solvency II ratio to 174 per cent. The Group’s 2025 year-end financial leverage was 23.6 per cent. Dividend payment The dividend is proposed to be paid to the shareholders registered in the company’s shareholders’ register maintained by Euroclear Finland Oy in Finland, Euroclear Sweden AB in Sweden or VP Securities A/S in Denmark as at the record date of 24 April 2026. For shareholders whose shares are registered with Euroclear Finland Oy, the payment date is on 5 May 2026. For shareholders whose shares are registered outside Finland, the dividend is paid in accordance with the practices of Euroclear Sweden AB and VP Securities A/S, and may occur at a later date. Financial position No significant changes have taken place in the company's financial position since the end of the financial year. The company's liquidity position is good and in the view of the Board, the proposed distributions do not jeopardise the company's ability to fulfil its obligations. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 9 ===== SIDA 10 ===== Operating environment Nordic countries Historically, the Nordic P&C market has delivered strong profitability and lower combined ratios than other European markets, a trend that continued in 2025 supported by a disciplined competitive environment. After several years focused on managing elevated claims inflation, several major insurers are now placing clearer emphasis on profitable growth, backed by strong underwriting performance and ample capacity. As part of this shift, insurers are increasingly directing growth efforts toward selected segments, particularly SME and personal lines continued to be focus areas for many players. The Nordic P&C market remains highly concentrated, with a small number of large insurers holding strong c r o s s - N o r d i c p o s i t i o n s a n d c o n t r i b u t i n g t o s t a b l e competitive dynamics. In both Sweden and Norway, the four largest companies account for more than 80 per cent of the non-life market, while in Finland the top four control 90 per cent. Even after recent mergers and acquisitions, the Danish market remains less concentrated than its Nordic peers. It is still dominated by a limited number of major insurers, with the top four controlling around 70 per cent. After several years of elevated claims inflation, underlying claims costs in the Nordic markets have begun moving back toward longer run averages. Although overall inflation declined, claims trends differed between markets and product segments, with Norway remaining somewhat higher than the rest. Property claims inflation was moderate, while motor claims inflation stabilised and began to ease during the year, supported by favourable currency exchange rate movements. Despite the more favourable claims inflation environment, price increases aimed at addressing the higher cost levels of recent years continued, with insurers implementing notable adjustments in areas where rate adequacy had previously lagged. The claims environment across the Nordics was favourable through the first three quarters of 2025. After a very harsh winter in 2024, weather conditions were largely typical for the season in 2025, with only localised severe events in the last quarter of the year with several storms affecting the region. The most notable were Storm Amy in October, which primarily impacted Norway, and Storm Johannes (referred to as Hannes in Finland) in late December, which hit Finland the hardest. Despite this relatively benign year, c l i m a t e - r e l a t e d r i s k s r e m a i n a g r o w i n g c o n c e r n f o r Nordic insurers, as the increasing frequency of severe w e a t h e r e v e n t s i s e x p e c t e d t o p l a c e l o n g - t e r m u p w a r d pressure on property claims and premiums. During the year, competitive dynamics in both private and commercial segments remained supportive, a l t h o u g h t h e r e w e r e s o m e m a r k e t - s p e c i f i c d i f f e r e n c e s , with Norway still the most favourable. Retention remained strong among larger players, supported by high brand loyalty and stable customer demand. Historically strong Nordic retention levels between 85 and 90 per cent were maintained in 2025. The large corporate market continued to soften during the year, driven by ample capacity and improved reinsurance conditions. Competition intensified as i n s u r e r s s o u g h t h i g h - q u a l i t y r i s k s , w h i l e u n d e r w r i t i n g d i s c i p l i n e r e m a i n e d f i r m l y a p p l i e d i n h i g h e r - r i s k segments. The Nordic region remains one of the most digitally advanced insurance markets with insurers continuing to invest in technology and innovation. Digitalisation and automation further strengthened the customer e x p e r i e n c e a n d r e t e n t i o n , w h i l e A I - d r i v e n t o o l s b e c a m e even more deeply embedded in underwriting and claims processes. Throughout the year, the region sustained its position as a frontrunner in adopting advanced digital solutions, reflecting ongoing progress in operational efficiency and service quality. Nordic new car sales increased by 10 per cent during the year but remained comparatively modest. Sales developments varied across the countries, with weaker economic conditions, cautious consumer sentiment, d e l i v e r y c h a l l e n g e s , a n d p r o d u c t - p o r t f o l i o s h i f t s a m o n g certain manufacturers contributing to subdued underlying demand. In Norway, sales strengthened t o w a r d y e a r - e n d a s c o n s u m e r s b r o u g h t f o r w a r d purchases amid uncertainty about potential changes to EV incentives. Across the region, the ageing vehicle fleet remains a challenge, as several years of low n e w - c a r s a l e s h a v e s h i f t e d t h e m i x t o w a r d o l d e r vehicles with implications for claims trends. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 10 ===== SIDA 11 ===== United Kingdom The UK motor claims environment was broadly neutral during 2025. Claims cost inflation reduced slightly during the year and is now broadly in line with historical average trends, and below the peak seen in 2023. Claims frequency has seen a small uptick from 2024, which was a benign year, but is still below the long-term average partially due to driving behaviour. Whilst motor experienced frequency benefit from mild weather, home claims did see an uptick in subsidence claims as a result of the prolonged dry summer. As result of these claims cost patterns, premiums in the competitive UK market continued to soften during 2025, as insurers passed on the benefits to consumers. Price comparison websites (‘PCW’), Hastings’ primary distribution channel, remain by far the largest sales channel for UK car and home insurance customers. Whilst consumer switching rates are now slowing in line with falling market prices, the overall size of the PCW market has continued to grow, with Hastings as a beneficiary given our business model. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 11 ===== SIDA 12 ===== Segments Private Nordic Sampo operates in the Nordic private insurance market through a number of brands including If, Topdanmark, Volvia, and other white-label partnerships. Its business model is based on high customer satisfaction and leveraging the benefits from digital sales and service capabilities. In total, the Group serves around 3.7 million households in Sweden, Denmark, Norway, and Finland. Results Private Nordic, 2025 EURm 2025 2024 Change, % Gross written premiums 4,183 3,872 8 Insurance revenue, net 3,995 3,667 9 Claims incurred, net -2,431 -2,226 9 Operating expense (incl. claims handling costs) -849 -814 4 Underwriting result 715 628 14 Key ratios 2025 2024 Change Like-for-like GWP growth, % 8.5 — — Risk ratio, % 60.9 60.7 0.2 Cost ratio, % 21.2 22.2 -1.0 Combined ratio, % 82.1 82.9 -0.8 All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio. Premium development In 2025, Private Nordic delivered GWP growth of 8.5 per cent on a like-for-like basis. The growth was primarily driven by high customer retention, rate actions to cover claims inflation, and continued positive development in growth areas. Personal insurance saw growth of 11 per cent year-on-year, while private property grew by 6 per cent, meaning both product lines performed ahead of the operational ambition. In motor insurance, GWP grew by 10 per cent, benefiting from the rebound in Nordic new car sales, albeit from low levels. Nordic new car sales rose 10 per cent in 2025, driven by strong year-end demand in Norway due to the announced VAT changes. Meanwhile, Sweden, Private Nordic’s largest market for mobility, remained stagnated and saw only 1 per cent growth. Geographically, all countries recorded positive GWP growth during the year. Norway led the development with a 16 per cent increase, driven by rate adjustments combined with strong new sales and high retention, resulting in growth in both customer numbers and insured objects. The momentum in digital sales continued to be strong over the year with growth of 15 per cent year-on-year. This led to achieving the operational ambition of EUR 175 million for 2026 a full year ahead of schedule. Meanwhile, the share of online claims increased to 66 per cent in December, compared with 64 per cent for 2024. Despite rate actions to mitigate the effects of claims inflation, the retention rate remained at the target level of >89 per cent (89), with a growing customer base. Throughout the year, customer satisfaction for Private Nordic remained consistently high, reflecting a solid and consolidated trend. Underwriting performance The underwriting result increased by 14 per cent to EUR 715 million (628) in 2025, and the combined ratio improved to 82.1 per cent (82.9). The positive development was supported by a stable risk ratio of 60.9 per cent (60.7). The year was characterised by favourable weather conditions and claims frequency development, except for the fourth quarter, which was impacted by two storms. The cost ratio for 2025 improved to 21.2 per cent (22.2) supporting the targeted efficiency improvements at Nordic level for the year. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 12 ===== SIDA 13 ===== Private UK Sampo operates in the UK private insurance market through its brand Hastings, which is one of the leading digital P&C insurance providers focused on UK car, van, bike, and home insurance. The Group serves over 4 million UK customers and is specialised in price comparison distribution, advanced pricing, anti-fraud, and digital capabilities. Results Private UK, 2025 EURm 2025 2024 Change, % Gross written premiums 2,865 2,565 12 Insurance revenue, net 2,000 1,659 21 Claims incurred, net -1,073 -868 24 Operating expense (incl. claims handling costs) -712 -601 19 Underwriting result 216 190 13 Key ratios 2025 2024 Change Like-for-like GWP growth, % 13.0 — — Risk ratio, % 53.6 52.3 1.3 Cost ratio, % 35.6 36.2 -0.6 Combined ratio, % 89.2 88.5 0.7 Gross written premiums and insurance revenue include broker revenues. All key figures in the table above are calculated on a net basis. Premium development Private UK recorded a 13.0 per cent year like-for-like growth in GWP (including brokerage), with a higher policy count being offset against the earned impact of lower market-wide rates. Growth in home products and selective expansion in higher premium motor segments supported new customer acquisition, while reduced c o n s u m e r m o v e m e n t w i t h i n a d e c l i n i n g - p r i c e e n v i r o n m e n t c o n t r i b u t e d t o s t r o n g e r policy renewal levels. Insurance revenue rose by 21 per cent year-on-year, driven by the combined effect of growth in the customer base and continued earning through pricing increases from the prior year. In total, live customer policies increased to 4.5 million, representing 16 per cent growth year-on-year. This was driven by motor growing by 13 per cent, while home recorded a policy growth of 27 per cent. Underwriting performance The underwriting result increased by 13 per cent to EUR 216 million (190) in 2025, reflecting a modest increase in the combined ratio on higher net insurance revenue. The risk ratio increased by 1.3 percentage points year-on-year to 53.6 per cent (52.3), with claims frequencies and severities tracking broadly in line with historically observed rates, and with common seasonal variances in the fourth quarter. The Group continued to adopt a highly conservative reserving approach during the year. Operating costs increased by 19 per cent compared with the previous year. This was primarily driven by higher acquisition outflows linked to new policy growth, together with continued investment in service infrastructure and digital development. These investments have contributed towards record-high levels of customer satisfaction and reduced levels of customer complaints. In addition, the cost ratio reduced by 0.6 percentage points to 35.6 per cent (36.2) for the year as operating leverage begins to be visible. As a result of the above movements in the risk ratio and the cost ratio, there was a slight increase in the combined ratio for the period from 88.5 per cent to 89.2 per cent. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 13 ===== SIDA 14 ===== Nordic Commercial Sampo operates in the Nordic commercial insurance market through its brands If, Topdanmark, and Dansk Sundhedssikring (Oona Health) with a particular focus on SMEs. In total, the Group serves around 460,000 commercial customers in Sweden, Denmark, Norway, and Finland. Results Nordic Commercial, 2025 EURm 2025 2024 Change, % Gross written premiums 2,391 2,173 10 Insurance revenue, net 2,201 2,128 3 Claims incurred, net -1,285 -1,254 3 Operating expense (incl. claims handling costs) -539 -522 3 Underwriting result 376 352 7 Key ratios 2025 2024 Change Like-for-like GWP growth, % 5.9 — — Risk ratio, % 58.4 58.9 -0.5 Cost ratio, % 24.5 24.5 — Combined ratio, % 82.9 83.5 -0.5 All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio. Premium development In 2025, Nordic Commercial delivered like-for-like GWP growth of 5.9 per cent. The positive development was supported by solid renewals and rate actions to mitigate claims inflation but was partly offset by effects from de-risking and adjustment premiums related to workers’ compensation. The top-line development was supported by continued strong development in personal insurance, and growth of 7 per cent in the SME portfolio. Growth was particularly strong in Norway driven by repricing and volume. The retention rate remained high and largely stable throughout the year, accompanied by a growing customer base. In 2025, digital sales increased by 15 per cent year-on-year, in line with the ambition. There was also strong momentum in online claims and self-service solutions as customers continued to increasingly engage through digital channels. Underwriting performance During 2025, the underwriting result increased by 7 per cent to EUR 376 million (352), and the combined ratio improved to 82.9 per cent (83.5). This positive development for the year was supported by an improved risk ratio of 58.4 per cent (58.9), reflecting less frequency claims and favourable large claims development relative to budget. The cost ratio was unchanged compared to last year and stood at 24.5 per cent (24.5). Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 14 ===== SIDA 15 ===== Nordic Industrial Sampo is the leading insurer of large corporates in the Nordics through the If brand. Corporates with turnover of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees, are classified as Industrial customers. In total, the segment serves around 1,200 companies. Results Nordic Industrial, 2025 EURm 2025 2024 Change, % Gross written premiums 1,046 1,070 -2 Insurance revenue, net 584 657 -11 Claims incurred, net -341 -455 -25 Operating expense (incl. claims handling costs) -134 -128 4 Underwriting result 109 74 48 Key ratios 2025 2024 Change Like-for-like GWP growth, % -3.0 — — Risk ratio, % 58.4 69.2 -10.8 Cost ratio, % 22.9 19.5 3.4 Combined ratio, % 81.3 88.7 -7.4 All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio. Premium development Nordic Industrial reported a GWP decline of -3.0 per cent on a like-for-like basis for 2025, while insurance revenue decreased by -11.0 per cent. The top-line development was impacted by softening market conditions, with lower new sales, combined with weaker year-on-year retention. The targeted de-risking measures introduced earlier in the year to ensure lower large claims volatility have now been largely implemented. While project insurance premiums were subdued for most of the year, they recovered in the fourth quarter. Underwriting performance The underwriting result increased by 48 per cent to EUR 109 million (74) in 2025 and the combined ratio improved to 81.3 per cent (88.7). The positive development was driven by a strong risk ratio of 58.4 per cent (69.2), reflecting a favourable large claims outcome and benign frequency development throughout the year. In 2025, the cost ratio deteriorated to 22.9 per cent (19.5), primarily due to lower premium volumes, while nominal cost development remained in line with targets. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 15 ===== SIDA 16 ===== Net financial result and other items EURm 2025 2024 Change, % Fixed income 541 559 -3 Equities 28 37 -24 Funds 23 16 49 Interest and dividend income 592 612 -3 Fixed income 41 147 -72 Equities 648 81 700 Funds 83 70 20 Net gains or losses 772 298 159 Other items -80 -22 259 Net investment income 1,285 888 45 Unwind of discounting, net -240 -238 1 Changes in discount rates, net 183 -25 — Indexation of annuities, net -17 11 — Insurance finance income or expense -74 -252 -71 Net financial result 1,210 636 90 Other income or expense -48 -210 -77 Non-operational amortisations -128 -79 62 Finance expenses -83 -103 -20 Total -259 -392 -34 Key figures 2025 2024 Change Investment return, % 7.6 5.5 2.1 Fixed income mark-to-market yield, % 3.6 4.2 -0.6 Fixed income running yield, % 3.9 3.9 — Fixed income duration, years 2.3 2.3 — The Group’s net investment income increased by 45 per cent to EUR 1,285 million (888) in 2025. The increase was primarily driven by EUR 540 million net gain, including FX effects, on NOBA. Meanwhile, interest and dividend income came in at EUR 592 million (612). The fixed income running yield stood stable at 3.9 per cent (3.9) at the end of 2025. Meanwhile, the mark-to-market yield decreased to 3.6 per cent (4.2), driven by lower rates but also partly by the inclusion of Topdanmark’s assets into the calculation following the legal merger of If and Topdanmark on 1 July 2025. The Group’s investment portfolio amounted to EUR 17.8 billion (16.5) at the end of 2025. Of this, 87 per cent (88) was allocated to fixed income, 13 per cent (8) to equities, and less than 1 per cent (4) to alternative investments. The increase in equity exposure over the year was mainly driven by the IPO of NOBA in September 2025, after which the stake was moved from alternatives to equities. Insurance finance income or expense (IFIE) was EUR -74 million (-252), supported by positive effect from changes in discount rates over the year. As a result of both materially higher investment income and IFIE, the net financial result increased to EUR 1,210 million (636) for 2025. The non-operational amortisations included a negative one-off effect of EUR -26 million related to the Ballerup office in Denmark, and finance expenses included a positive one-off effect of EUR 20 million from the Tier 2 tender offer in September 2025. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 16 ===== SIDA 17 ===== Financial position Group solvency Sampo Group’s Solvency II ratio, net of the proposed dividend of EUR 0.36 per share, amounted to 174 per cent (178) at the end of 2025, based on own funds of EUR 6,059 million (5,368) and solvency capital requirement of EUR 3,490 million (3,040). The increase in own funds over the year was driven by strong operating performance and robust investment returns. At the same time, the increase in the solvency capital requirement was driven by the market value gain of the NOBA investment, combined with materially higher symmetric adjustment compared to the end of 2024. Sampo targets a Solvency II ratio of 150–190 per cent. Solvency position EURm 2025 2024 Own funds 6,059 5,368 Solvency capital requirement 3,490 3,040 Solvency II ratio, % 174 177 Financial leverage position Sampo Group’s financial leverage is calculated as Group financial debt divided by the sum of IFRS shareholders’ equity and financial debt. The Group targets financial leverage of below 30 per cent. The Group’s shareholders’ equity (excluding Tier 1 instruments) amounted to EUR 7,794 million (7,059) and financial debt to 2,402 million (2,596) at the end of 2025, translating into a financial leverage of 23.6 per cent (26.9). The increase in shareholders’ equity was driven by strong results. Meanwhile, the decrease in financial debt was driven by the maturity of Sampo plc’s EUR 162 million outstanding senior bond in May and the repurchase of Topdanmark’s DKK 150 million external hybrid debt prior to the legal demerger of If and Topdanmark. More information on Sampo Group’s outstanding debt issues is available at www.sampo.com/debtfinancing. Financial debt EURm 2025 2024 Sub/Hybrid 1,615 1,642 Senior bonds 787 954 Total financial debt 2,402 2,596 IFRS equity (excl. Tier 1 instruments) 7,794 7,059 Financial leverage, % 23.6 26.9 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 17 ===== SIDA 18 ===== Ratings Relevant ratings for Sampo Group companies on 31 December 2025 are presented in the table below. Rated company Moody’s Standard & Poor’s Rating Outlook Rating Outlook Sampo plc – Issuer Credit Rating A2 Stable A Stable If P&C Insurance Ltd – Insurance Financial Strength Rating Aa3 Stable AA- Stable If P&C Insurance Holding Ltd (publ) - Issuer Credit Rating - - A Stable Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 18 ===== SIDA 19 ===== Other developments Changes to the Group Executive Committee On 18 June 2025, Sampo’s Board of Directors appointed Morten Thorsrud, CEO of If P&C, as Sampo Group CEO to succeed Torbjörn Magnusson, who had informed the Board of his intention to retire from the role. Thorsrud assumed the position of Group CEO on 1 October 2025. At the same time, on 1 October, Ricard Wennerklint was appointed Deputy CEO, and Poul Steffensen, Head of Nordic Industrial, and Tiina Halmesmäki, Chief Legal Officer, joined Sampo’s Group Executive Committee (GEC). Further, Group CFO Knut Arne Alsaker announced his decision to resign. He will continue as Group CFO until 31 March 2026. Lars Kufall Beck, COO of If P&C, was appointed as his successor and will take over the role on 1 April 2026. To reflect the simplification of Sampo into a pure P&C insurance group in recent years, Morten Thorsrud will lead a more operationally focused GEC, actively engaged in the running of the business. To facilitate this, certain responsibilities previously held by the If P&C CEO role were integrated into the Sampo Group CEO role, aligning leadership with the Group’s operational structure across its four customer segments. Group Partial Internal Model On 2 July 2025, Sampo announced that it had filed an application to the Swedish FSA (Finansinspektionen) to extend the Group’s Partial Internal Model to include the operations formerly under Topdanmark. Sampo expects that the application process will be completed in spring 2026. Sampo estimates that the extended model could reduce the Group-level solvency capital requirement by around EUR 60-90 million. Sale of shares in NOBA Group The Swedish specialist bank NOBA Group completed its initial public offering in late September 2025. In connecting with the IPO, Sampo sold part of its holding in NOBA, reducing the Group’s ownership in NOBA to 14.9 per cent. The sale of shares generated around EUR 155 million in proceeds for Sampo. Together with the value gain on the remaining stake, this had a positive effect of EUR 540 million, including FX effects, on net investment income in the annual result for 2025. The effect was excluded from the operating result. Sampo’s NOBA stake was valued at EUR 814 million at the end of December 2025. NOBA is now treated as a public equity investment and valued on a mark-to-market basis. However, any realised gains or losses will be treated as extraordinary items and thus, excluded from the operating result. Changes in the Group’s financial debt In 2025, the Group’s financial debt decreased due to the maturity of Sampo plc’s EUR 162 million outstanding senior debt in May and the repurchase of Topdanmark’s DKK 150 million external hybrid debt prior to the legal merger of If and Topdanmark. In September 2025, Sampo launched a EUR 300 million tender offer for its Tier 2 notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal value of its Tier 2 notes due 2052 for EUR 295 million. In connection with the tender offer, Sampo issued EUR 300 million of new restricted Tier 1 notes with a coupon rate of 5.25 per cent and a first call date in 2035. The restricted Tier 1 instrument is accounted as part of shareholders equity, but treated as debt for certain key figures such as financial leverage. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 19 ===== SIDA 20 ===== Conversion of Sampo’s Swedish Depositary Receipts On 5 November 2025, Sampo announced that it will request the termination of its Swedish Depositary Receipt (SDR) arrangement for the Sampo A share on Nasdaq Stockholm and will submit an application for its A Shares to be admitted to trading on Nasdaq Stockholm. All issued and outstanding SDRs were to be delisted and converted into A Shares in connection with the listing, in accordance with the terms and conditions of the SDRs. The advantages for Sampo and its shareholders, similarly to the listings on Nasdaq Helsinki and Nasdaq Copenhagen, include increasing the maximum available liquidity pool in the Swedish market to cover all issued A Shares, a smaller tick size on Nasdaq Stockholm in comparison to the one applicable for the SDRs, and the possibility for current SDR holders to exercise shareholder rights without the involvement of SEB as an intermediary. The applications to Nasdaq Stockholm for the delisting of the SDRs and the admission to trading of the A Shares were submitted after the end of the reporting period on 26 January 2026 and approved on 28 January 2026. The last trading day for SDRs was 13 February 2026 and the first trading day for Sampo A was 16 February 2026. Proposals to the AGM of 2026 On 4 February 2026, the Nomination and Remuneration Committee of Sampo plc’s Board of Directors made its proposals for number, members and remuneration of the Board of Directors. The Nomination and Remuneration Committee of the Board of Directors proposes to the Annual General Meeting to be held on 22 April 2026 that the number of Board members remain unchanged and that eight members be elected to the Board. The Committee proposes that the current members of the Board Steve Langan, Sara Mella, Risto Murto, Antti Mäkinen, Markus Rauramo, Astrid Stange and Annica Witschard be re- elected for a term continuing until the close of the next Annual General Meeting. Of the current members, Christian Clausen is not available for re-election. The Committee proposes that Andreas Brandstetter, CEO of UNIQA Insurance Group, be elected as a new member to the Board. Andreas Brandstetter has close to three decades of experience in the P&C insurance industry, marked by a distinguished and steadily advancing career at UNIQA Insurance Group. The Nomination and Remuneration Committee will propose to the Board that it elects Antti Mäkinen as the Chair of the Board and Risto Murto as the Vice Chair. The Nomination and Remuneration Committee of the Board of Directors proposes to the Annual General Meeting that the following annual fees be paid to the members of the Board of Directors until the close of the next Annual General Meeting: • EUR 250,000 for the Chair of the Board (prev. EUR 243,000); • EUR 144,000 for the Vice Chair of the Board (prev. EUR 140,000); • EUR 111,000 for each member of the Board (prev. EUR 108,000); • EUR 30,000 for the Chair of the Audit Committee as an additional annual fee (prev. EUR 30,000); • EUR 15,000 for each member of the Audit Committee as an additional annual fee (prev. EUR 6,800); • EUR 20,000 for the Chair of the Nomination and Remuneration Committee as an additional annual fee (new committee fee); and • EUR 10,000 for each member of the Nomination and Remuneration Committee as an additional annual fee (new committee fee) A Board member must acquire Sampo plc A shares at the price paid in public trading with 50 per cent of his/ her annual fee after the deduction of taxes, payments, and potential statutory social and pension costs. Notwithstanding this, a Board member is not required to purchase any additional Sampo plc A shares if the Board member owns such amount of said shares that their value is equivalent to twice the respective Board member’s gross annual fee. A Board member shall be obliged to retain the Sampo plc A shares purchased pursuant to this proposal under his/her ownership for two years from the purchasing date. The disposal restriction on the Sampo shares shall, however, be removed earlier in case the director’s Board membership ends prior to the release of the restricted shares i.e. the shares will be released simultaneously when the term of the Board membership ends. The proposals and the CV of Andreas Brandstetter are available at www.sampo.com/boardproposals. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 20 ===== SIDA 21 ===== Shares, share capital and shareholders Shares and share capital At the end of 2025, Sampo’s total share count stood at 2,670,754,027 shares, which were divided into 2,669,754,027 A shares and 1,000,000 B shares. The total number of votes attached to the shares was 2,674,754,027. Each A share entitles the holder to one vote and each B share entitles the holder to five votes at the General Meeting of Shareholders. On 5 February 2025, the Board of Directors of Sampo plc resolved on a share split by way of a share issue without consideration in proportion to shares owned by shareholders. In the share split, Sampo issued four (4) new A shares for each existing A share and four (4) new B shares for each existing B share to shareholders in proportion to their existing holdings on the record day of the share issuance on 12 February 2025. In total, 2,152,191,088 new Sampo A shares and 800,000 new Sampo B shares were issued. Following the registration of the new shares, Sampo’s total share count amounted to 2,691,238,860 shares. In November 2025, Sampo cancelled 20,484,833 of its own A shares that were repurchased under the buyback programme launched in August 2025. At the end of 2025, Sampo plc’s share capital amounted to EUR 98 million (98) and the Group’s equity capital in total to EUR 8,902 million (7,059). Sampo A shares have been listed on Nasdaq Helsinki since 1988 and on Nasdaq Copenhagen since September 2024. All of the Sampo B shares are held by Kaleva Mutual Insurance Company. B shares can be converted into A shares at the request of the holder. Sampo’s Swedish Depositary Receipts (SDRs) were traded on Nasdaq Stockholm from November 2022 to February 2026. Approximately 2.7 million SDRs were issued at the end of 2025, with each SDR representing one underlying Sampo A share. In February 2026, all SDRs were converted to Sampo A shares. The last trading day for the SDRs was 13 February 2026, and the first trading day for the Sampo A shares was 16 February 2026. Shareholders by the number of shares held Sampo plc, 31 December 2025 Number of shares Shareholders, number Share- holders, % Shares, number Shares, % Voting rights, number Voting rights, % 1–100 35,905 18.41 1,836,519 0.07 1,836,519 0.07 101–500 69,622 35.69 19,600,287 0.73 19,600,287 0.73 501–1,000 30,759 15.77 23,378,895 0.88 23,378,895 0.87 1,001–5,000 44,285 22.70 101,416,561 3.80 101,416,561 3.79 5,001–10,000 7,554 3.87 54,457,573 2.04 54,457,573 2.04 10,001–50,000 5,981 3.07 119,101,654 4.46 119,101,654 4.45 50,001–100,000 506 0.26 34,752,287 1.30 34,752,287 1.30 100,001–500,000 354 0.18 71,128,557 2.66 71,128,557 2.66 500,001– 95 0.05 2,245,081,694 84.06 2,249,081,694 84.09 Total 195,061 100 2,670,754,027 100 2,674,754,027 100 of which nominee registered 11 1,725,438,250 64.60 1,725,438,250 64.51 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 21 ===== SIDA 22 ===== Share price performance Sampo plc, 2021–2025 EUR 2021 2022 2023 2024 2025 2026 0 2 4 6 8 10 12 Share price performance adjusted for the partial demerger in 2023 and share split in 2025. Monthly trading volume Sampo plc, 2021–2025 Shares Volume, Nasdaq HelsinkiVolume, other market places 2021 2022 2023 2024 2025 2026 0 100,000,000 200,000,000 300,000,000 Volumes adjusted for the share split in 2025. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 22 ===== SIDA 23 ===== Shareholders The number of Sampo’s Finnish-registered shareholders decreased during 2025 by 421 shareholders to 195,061, as at 31 December 2025. The holdings of nominee and foreign shareholders increased to 64.8 per cent (64.5) of the shares. At the end of 2025, Sampo owned in total 8,945,503 Sampo A shares. The deviation from the figure in the following table is explained by the repurchases during the last two trading days of the year, which were not included in the year-end shareholder register due to the T+2 days settlement time for stock trades. In 2025, Sampo received one (1) flagging notification of change in holding pursuant to Chapter 9, Section 5 of the Securities Markets Act, according to which the total number of Sampo A shares or related voting rights owned by BlackRock, Inc. and its funds directly or through financial instruments is above 5 per cent of Sampo’s total shares and voting rights. The reason for the notification by BlackRock, Inc. was the Group restructure following the acquisition of HPS Investment Partners (“HPS”). The latest notifications are available at www.sampo.com/flaggings. Shareholders by sector Sampo plc (A and B shares), 31 December 2025 Sector Number of shares % Corporations 85,287,485 3.19 Financial institutions and insurance corporations 81,818,856 3.06 Public institutions 364,675,140 13.65 Non-profit institutions 56,409,319 2.11 Households 351,807,492 13.17 Foreign ownership and nominee registered 1,730,755,735 64.80 Total 2,670,754,027 100 Shareholders Sampo plc, the largest shareholders registered in Finland, 31 December 2025 A and B shares Number of shares % of share capital % of votes Solidium Oy 164,392,900 6.16 6.15 Varma Mutual Pension Insurance Company 111,242,100 4.17 4.16 Ilmarinen Mutual Pension Insurance Company 43,405,100 1.63 1.62 Oy Lival AB 21,160,000 0.79 0.79 Elo Mutual Pension Insurance Company 19,488,000 0.73 0.73 The State Pension Fund 14,000,000 0.52 0.52 Sampo plc 8,680,586 0.33 0.32 OP Life Assurance Company Ltd 7,817,835 0.29 0.29 Nordea Nordic Fund 6,995,477 0.26 0.26 OMX Helsinki 25 Exchange Traded Fund 6,264,000 0.23 0.23 OP-Finland Fund 6,213,801 0.23 0.23 Nordea Pro Finland Fund 5,637,561 0.21 0.21 Svenska litteratursällskapet i Finland r.f. 5,627,300 0.21 0.21 OP-Finland Index Fund 5,372,101 0.20 0.20 Keva 5,046,500 0.19 0.19 Samfundet folkhälsan i Svenska Finland rf 4,320,325 0.16 0.16 Nordea Life Assurance Finland Ltd. 3,916,190 0.15 0.15 Sigrid Jusélius Foundation 3,107,750 0.12 0.12 Nordea Finnish Index Fund 2,891,602 0.11 0.11 Föreningen Konstsamfundet rf 2,750,000 0.10 0.10 Foreign and nominee registered total 1,730,755,735 64.80 64.71 Other total 491,669,164 18.41 18.38 Total 2,670,754,027 100 100 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 23 ===== SIDA 24 ===== Holdings of the Board and Executive Management The Board’s holdings of Sampo A shares and Group Executive Committee’s holdings of Sampo A shares are presented in the Corporate Governance Statement section. At the end of 2025, members of Sampo plc’s Board of Directors and their close family members owned either directly or indirectly 247,200 (1,000,195) Sampo A shares. Their combined holdings constituted 0.01 per cent (0.04) of shares and related votes. Members of the Group Executive Committee and their close family members owned either directly or indirectly 1,238,052 (1,175,265) Sampo A shares representing 0.05 per cent (0.04) of shares and related votes. Share buyback programmes In 2025, Sampo repurchased its own A shares under two different buyback programmes based on the authorisation granted by the Annual General Meeting of 2025. On 6 August 2025, Sampo’s Board of Directors announced to launch a EUR 200 million share buyback programme. The repurchases of shares started on 7 August 2025 and ended on 31 October 2025. Sampo repurchased 20,484,833 of its own shares at an average price per share of EUR 9.76. The amount corresponded to 0.76 per cent of all Sampo plc’s shares based on the share count prior to the start of the programme. The repurchased shares were cancelled on 5 November 2025. On 5 November 2025, the Board announced to launch a new EUR 150 million buyback programme. The repurchases of shares started on 6 November 2025 and continued after the end of the reporting period. The buyback programme was completed on 30 January 2026, when at market close, the company held in total 15,079,201 Sampo A shares representing 0.56 per cent of the total number of shares in Sampo plc. The repurchased shares were cancelled on 5 February 2026. In total, Sampo repurchased 29,4 million shares in 2025, corresponding to approximately 1.1 per cent of all shares based on the share count prior to the start of these programmes. Further details on the company’s share buyback programmes are available at www.sampo.com/sharebuyback. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 24 ===== SIDA 25 ===== Events after the end of the reporting period Update to Sampo’s distribution policy On 5 February 2026, Sampo updated its distribution policy to enable the Group to continue to deliver an attractive mix of dividends and share buybacks as it moves forward as a focused P&C insurer. From 2026 onward, Sampo will gradually move to complementing its progressive dividend with share buybacks that represent up to one-third of distributions from operating earnings in a typical year. The update affects only the mix of capital returned and has no impact on the total volume of capital distributed to shareholders. Given Sampo’s high financial strength and its resilient and cash generative business profile, the Board of Directors continues to believe that it is appropriate to return around 90 per cent of the Group’s operating result to shareholders annually. While implementing the increase in annual allocation toward share buybacks, Sampo remains committed to delivering progressive dividend per share development, broadly in line with recent years. In adverse years, the Group intends to keep the regular dividend per share stable. Sampo Group’s updated distribution policy (applied from 2026 onwards) Sampo aims to return capital through a reliable and progressive regular dividend complemented by share buybacks. To ensure that the Group’s balance sheet remains both strong and efficient, as defined by its capital management framework, Sampo may take additional action to return excess capital or to protect the balance sheet. In a typical year, Sampo expects to return around 90 per cent of its operating result to shareholders through dividends and share buybacks, of which its annual dividend is expected to represent more than two-thirds. Share buyback programme Sampo’s EUR 150 million share buyback programme announced on 5 November 2025 continued after the end of the reporting period and was completed on 30 January 2026. Sampo repurchased 15,079,201 shares through the programme at an average price of EUR 9.95 per share. This corresponds to 0.56 per cent of the total share count prior to the start of this programme. The repurchased shares were cancelled on 5 February 2026. The buyback programme was based on the authorisation granted by the Annual General Meeting held on 23 April 2025. Further details on the company’s share buyback programmes are available at www.sampo.com/sharebuyback. Issuance of new Restricted Tier 1 notes On 10 February 2026, Sampo issued SEK 1.5 billion of new floating rate Restricted Tier 1 notes with an interest rate of three-month STIBOR plus 1.80 per cent. The notes are perpetual and may be redeemed or repurchased by Sampo in accordance with the applicable terms and conditions. The first call date is in 2031. The restricted Tier 1 instrument is accounted as part of shareholders equity, but treated as debt in the financial leverage ratio. Reduction of ownership in NOBA Group On 11 February 2026, Sampo announced that it had sold 10.0 million shares in NOBA to institutional investors in an accelerated bookbuilding process that was conducted together with Nordic Capital. The share sale generated approximately EUR 95 million in gross proceeds for Sampo. Following the transaction, the Group’s ownership in NOBA decreased from 14.9 per cent to 12.9 per cent. SAMPO PLC Board of Directors Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 25 ===== SIDA 26 ===== Corporate Governance Statement Governance in Sampo plc ........................................................................................... 27 Changes in Group structure ....................................................................................... 28 General meeting ............................................................................................................. 30 Annual General Meeting ................................................................................................... 30 Attending a shareholders’ meeting .............................................................................. 31 Shares and shareholders .................................................................................................. 31 Board of Directors ......................................................................................................... 32 Board of Directors’ duties ............................................................................................... 32 Election and term of office of Board members ....................................................... 33 Diversity of the Board ................................................................................................. 33 Board members ............................................................................................................. 33 Shares and share-based rights held by the Board members ............................. 37 Board-appointed committees ................................................................................... 38 Audit Committee ................................................................................................................ 39 Nomination and Remuneration Committee .............................................................. 40 Sampo Group CEO ......................................................................................................... 41 Sampo Group Executive Committee ...................................................................... 42 Shares and share-based rights held by the Group CEO and the members of the Executive Committee ........................................................................................... 46 Remuneration .................................................................................................................. 47 Personnel ........................................................................................................................... 48 Internal control in Sampo Group ............................................................................. 49 Reporting .............................................................................................................................. 49 Financial reporting ........................................................................................................ 49 Non-financial reporting (Sustainability) ................................................................ 50 Risk management ............................................................................................................... 50 Risk management system .......................................................................................... 50 Sampo Group’s steering framework ...................................................................... 50 Risk management process ......................................................................................... 51 Risk management reporting and governance framework ............................. 52 Compliance ..................................................................................................................... 53 Insider administration .................................................................................................. 54 Whistleblowing .............................................................................................................. 54 Principles for related party transactions .................................................................... 54 Internal audit ........................................................................................................................ 55 External auditor .................................................................................................................. 55 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 26 ===== SIDA 27 ===== Corporate Governance Statement This Corporate Governance Statement, as provided by Chapter 7 Section 7 of the Finnish Securities Markets Act (746/2012), has been prepared in accordance with the Finnish Corporate Governance Code 2025 issued by the Securities Market Association on 19 December 2024, which became effective from 1 January 2025 (the “CG Code”). This statement is presented as part of the Board of Directors’ Report. Governance in Sampo plc Sampo plc complies with applicable legislation as well as the Helsinki, Stockholm, and Copenhagen stock exchange rules to issuers of shares. In addition, Sampo plc complies, in full, with the CG Code.1 The CG Code can be viewed in full on the website of the Finnish Securities Market Association at www.cgfinland.fi. Sampo’s governance is based on a clear division of duties between general meetings, the Board of Directors, and the executive management. The articles of association define the general principles of division of powers between the key corporate organs. Sampo plc’s governance structure 1 Sampo plc complies with the CG Code of its domicile and therefore deviates in certain aspects from the Swedish Corporate Governance Code (Svensk kod för bolagsstyrning, the “Swedish Code”) and the Danish Recommendations on Corporate Governance (Anbefalinger for god Selskabsledelse, the “Danish Code”). Applying the Swedish Code or Danish Code could lead to contradictions due to differences between Finnish and Swedish or Danish legislation, corporate governance codes, and corporate governance practices. The main deviations from the Swedish Code relate to not having a nomination committee comprised of members appointed by the company’s owners and to the handling of certain tasks which under the Swedish Code would belong to the nomination committee. The Swedish Code issued by the Swedish Corporate Governance Board (Kollegiet för svensk bolagsstyrning) is available at www.corporategovernanceboard.se. The main deviations from the Danish Code relate to the possibility for shareholders to follow general meetings through digital transmission, as well as guidelines related to take-over bids and tax practices. Sampo plc’s Board of Directors does not include employee representatives and the members of the Board are elected in a bundle. However, the Board of If Group does include employee representatives. The Danish Code issued by the Danish Committee on Corporate Governance (Komitéen for god Selskabsledelse) is available at corporategovernance.dk/recommendations-corporate-governance. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 27 ===== SIDA 28 ===== Changes in Group structure On 17 June 2024, Sampo announced that Sampo and Topdanmark A/S have entered into a combination agreement, pursuant to which Sampo made a recommended best and final public exchange offer to acquire all of the outstanding shares in Topdanmark not already owned by Sampo. The Board of Directors of Topdanmark unanimously recommended Topdanmark shareholders to accept the offer. As a result of the offer, Sampo held approximately 92.6 per cent of the shares in Topdanmark (excluding treasury shares) and initiated a compulsory acquisition of the Topdanmark shares held by the remaining minority shareholders. Following completion of the offer in late 2024, Sampo began the planned integration of Topdanmark’s P&C operations into If’s pan-Nordic business organisation. The merger of If and Topdanmark was completed on 1 July 2025. Sampo Group structure 31 December 2025 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 28 ===== SIDA 29 ===== Sampo Group organisation 31 December 2025 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 29 ===== SIDA 30 ===== General meeting The highest decision-making body of Sampo plc is the general meeting, where the shareholders participate in the supervision and control of the company by using their right to speak and vote. The Finnish Companies Act and Sampo plc’s articles of association determine the issues that have to be dealt with at a general meeting (competence of a general meeting). Customarily, a general meeting deals with, in addition to issues determined by law and the articles of association, the issues presented by the Board of Directors. Furthermore, according to the Finnish Companies Act, a shareholder has the right to require a certain issue to be dealt with at a general meeting, providing the issue falls within the scope of competence of a general meeting. The Board of Directors convenes a general meeting by publishing a notice of the meeting on Sampo plc’s website at least three weeks before the general meeting and no later than nine days before the record date of the general meeting. The notice of a general meeting shall also be published by a stock exchange release. Annual General Meeting The Annual General Meeting (“AGM”) must be held within six months of the end of the financial year on a date specified by the Board of Directors. The AGM shall discuss matters assigned to it in accordance with the articles of association and any other business referred to in the notice of the meeting. The notice and other documents of the AGM, including the proposals of the Board of Directors and its Committees, as well as the Financial Statements, the Board of Directors’ Report and the Remuneration Report for Governing Bodies, will be made available on Sampo plc’s website at least three weeks before the AGM. In 2025, Sampo plc’s AGM was held on 23 April at the Helsinki Expo and Convention Centre and a total of 3,464 shareholders representing 1,746,933,448 shares and 1,750,933,448 votes were represented at the meeting. The AGM decided to distribute a dividend of EUR 0.34 per share for 2024. The record date for the dividend payment was 25 April 2025 and the dividend was paid to Sampo shareholders on 6 May 2025 and to Sampo SDR holders on 8 May 2025. The AGM adopted the financial accounts for 2024 and discharged the Board of Directors and the CEO from liability for the financial year. The AGM adopted Sampo plc’s Remuneration Report for Governing Bodies. The resolution was advisory. The minutes of the AGM are available for viewing at www.sampo.com/agm and at Sampo plc's head office at Fabianinkatu 21, Helsinki, Finland. Main duties of the AGM ►Receives and accepts the Financial Statements. ►Receives the Auditor’s Report. ►Resolves on the measures occasioned by the profit shown in the accepted Financial Statements. ►Releases the members of the Board of Directors and the Managing Director from liability. ►Resolves on the number and fees of the members of the Board of Directors. ►Resolves on the fees of the Auditor and the Sustainability Reporting Assurance Provider. ►Elects the members of the Board of Directors as well as the Auditor and the Sustainability Reporting Assurance Provider. ►Deals with any other business on the agenda, proposed by either a shareholder or the Board of Directors. ►Provides advisory resolutions on the Remuneration Policy for Governing Bodies and on the acceptance of the Remuneration Report. The AGM of 2025 also authorised the Board of Directors to resolve to repurchase a maximum of 250,000,000 Sampo plc’s A shares. All resolutions of the AGM of 2025 were made without separate voting. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 30 ===== SIDA 31 ===== Attending a shareholders’ meeting By attending shareholders’ meetings shareholders may, either personally or through representatives, exercise their voting rights, request information, and participate in the decision-making process of Sampo plc. At a shareholders’ meeting, each Sampo plc A share carries one vote, while each Sampo plc B share carries five votes. Shares and shareholders As at 31 December 2025, the total number of Sampo plc’s shares, including both 2,669,754,027 A shares and 1,000,000 B shares, equalled to 2,670,754,027 shares. Each A share entitles its holder to one vote and each B share to five votes at a shareholders’ meeting. The total number of votes attached to the shares was 2,674,754,027. Sampo plc’s articles of association define two different classes of shares in the company and determine that each A share entitles its holder to one vote and each B share entitles its holder to five votes at a general meeting. All of Sampo plc’s B shares are owned by a shareholder independent from the company. Based on Sampo plc’s articles of association, each B share can be converted into an A share at the request of the holder of the B share. Moreover, subject to the Finnish Companies Act, the general meeting may resolve upon a directed acquisition of own shares, decide on the amendment of the articles of association to the effect that share classes are combined, or otherwise reduce share class rights only provided such a proposal is supported by at least two thirds of the votes and shares, per share class, represented at the meeting. Thus, the authority to decide on the combination of Sampo plc’s share classes does not rest with the company. As at 31 December 2025, a total number of 195,050 Finnish registered shareholders held 945,315,777 shares representing approximately 35.4 per cent of all shares. In addition, 11 nominee registers held 1,725,438,250 shares representing approximately 64.6 per cent of all shares. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 31 ===== SIDA 32 ===== Board of Directors Sampo plc’s Board of Directors, elected annually by the AGM, uses the highest decision-making power in Sampo Group between the AGMs. Sampo plc’s Board of Directors is responsible for the management of the company in compliance with applicable laws, authority regulations, Sampo plc’s articles of association, and the decisions of the shareholders’ meetings. Board of Directors’ duties The working principles and main duties of the Board of Directors have been defined in the charter of the Board of Directors. To ensure the proper running of operations, Sampo plc’s Board of Directors has approved internal rules concerning general corporate governance, risk management, remuneration, compliance, internal control, and reporting in Sampo Group. Main duties of the Board of Directors ►Receives group-wide reporting. ►Supervises • the due organisation of functions and operations • the financial reporting systems, including the Sustainability Statement, and the efficiency of internal audit and risk management • related party transactions • the independence of and non-audit services provided by the Auditor • the adequacy and effectiveness of the governance, risk management, and internal control processes related to the Group Internal Model. ►Resolves on • the strategy and other major strategic or far- reaching decisions of Sampo Group • convening of the AGM • group-level and Sampo plc level principles and policies including the Code of Conduct and the Group Internal Audit policies • the minimum requirements of capitalisation and the proposal on profit distribution • group-level remuneration matters • significant changes to the Group Internal Model and applying for supervisory approval ►Prepares • consolidated financial statements • proposals for the AGM. ►Appoints, discharges/removes, and decides on the Group CEO’s, Group Executive Committee members’, and the Group Chief Audit Executive’s terms of service and financial benefits within the framework of the valid Remuneration Policy. ►Discusses the annual performance evaluation of the Board of Directors • in 2025, the evaluation was conducted as a self-evaluation, as it was conducted by an external facilitator in 2024, the results of which were thoroughly discussed and analysed • the Board members evaluated the performance of the Board and its Committees in relation to their respective duties and responsibilities, the Board and Committee compositions and structure, the Board culture, the effectiveness of the Board and Committee meetings, the individual performance of Board members, as well as the performance of the Chair of the Board. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 32 ===== SIDA 33 ===== Election and term of office of Board members According to Sampo plc’s articles of association, the company’s Board of Directors comprises no fewer than three and no more than ten members elected by shareholders at the AGM. The term of office of the Board members ends at the close of the next AGM following their election. The members of the Board elect a chair and vice chair from among its members at their first Board meeting following the AGM. Diversity of the Board Sampo plc’s Board Diversity Policy, which was adopted in November 2024, aims to ensure that Sampo’s Board of Directors embodies a well-balanced mix of knowledge, skills, diversity, and experience, fully in line with Sampo Group’s values and Code of Conduct. Board members are to have professional experience and education relevant and appropriate to Sampo’s scale and scope, including financial expertise, industry knowledge, international experience, risk management, strategic planning, and governance and leadership skills. Diversity is key, with consideration given to at least age, gender, geographical provenance, and educational and professional background. Further, each Board member is expected to be able to devote a sufficient time to the Board’s work and the Board as a whole shall fulfil independence recommendations of the CG Code. More information on the skills and experience of the Board is available on Sampo’s website. To promote gender balance, both genders shall always be represented on the Board, with a target that women and men both shall be represented by at least 40 per cent of the members of the Board. However, some deviations may be applied if deemed reasonable due to the number of Board members: Number of Board Members Minimum number of both genders on the Board 3-4 1 5-6 2 7-8 3 The number of the Directors and the composition of the Board shall be such that they enable the Board of Directors to see to its duties efficiently. During the past ten years, Sampo plc’s Board of Directors has, on average, reached its target for gender diversity and the Board continues its endeavours to reach the new minimum share of at least 40 per cent of the total number of members for both genders. As at 31 December 2025, the share of women in Sampo plc’s Board of Directors was 37.5 per cent and the share of men was 62.5 per cent. Thus, the composition of the Board fulfilled the requirements set for gender diversity. Board members As proposed by the Nomination and Remuneration Committee, the number of Board members was decreased to eight members at the AGM of 2025. Christian Clausen, Steve Langan, Risto Murto, Antti Mäkinen, Markus Rauramo, Astrid Stange and Annica Witschard were re-elected to the Board. In addition, Sara Mella was elected as a new member to the Board. The members of the Board were elected for a term continuing until the close of the next AGM. All Board members have been determined to be independent of the company and its major shareholders under the rules of the Finnish Corporate Governance Code 2025. The following persons served on Sampo plc’s Board of Directors in 2025: Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 33 ===== SIDA 34 ===== Antti Mäkinen Chair of the Board Male, born 1961, LL.M. Finnish citizen Positions of trust Nokian Tyres plc, Board Member Chair of the Board since 17 May 2023. Also served as a member of the Board of Directors of Sampo plc in 2018–2021. Risto Murto Vice Chair of the Board CEO and President, Varma Mutual Pension Insurance Company Male, born 1963, Ph.D. (Econ.) Finnish citizen Positions of trust Finance Finland, Board Member Nordea Bank Abp, Board Member Securities Market Association, Chair of the Board The Finnish Cultural Foundation, Member of the Supervisory Board The Finnish Pension Alliance TELA, Board Member Member of the Board of Directors of Sampo plc since 16 April 2015 and Vice Chair of the Board since 23 April 2025. Christian Clausen Member of the Board Chair for the Nordics, BlackRock Male, born 1955, M.Sc. (Econ.), MBA Danish citizen Positions of trust BW Group, Board Member Member of the Board of Directors of Sampo plc since 21 April 2016. Information as at 31 December 2025. The CVs of members of the Board of Directors can be viewed at www.sampo.com/board. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 34 ===== SIDA 35 ===== Steve Langan Member of the Board Male, born 1960, Master of Arts, Medieval and Economic History British citizen Positions of trust The Kenneth Armitage Foundation, Chair of the Board Hepworth Wakefield, Chair of the Board Member of the Board of Directors of Sampo plc since 18 May 2022. Sara Mella Member of the Board Head of Personal Banking, Executive Vice President, Nordea Bank Abp Female, born 1967, M.Sc. Finnish citizen Positions of trust Finance Finland, Vice Chair of the Board Nordea Asset Management Holding, Board Member Nordea Art Foundation, Board Member Member of the Board of Directors of Sampo plc since 23 April 2025. Markus Rauramo Member of the Board, Chair of the Audit Committee CEO, Fortum Corporation Male, born 1968, M.Soc.Sc. Finnish citizen Positions of trust Eurelectric, President Member of the Board of Directors of Sampo plc since 19 May 2021, and Chair of the Audit Committee since 23 April 2025. Information as at 31 December 2025. The CVs of members of the Board of Directors can be viewed at www.sampo.com/board. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 35 ===== SIDA 36 ===== Astrid Stange Member of the Board Female, born 1965, Doctorate in Economics German citizen Positions of trust Moody's Investors Service, Independent Director of the EU/UK Supervisory Boards Lufthansa Group, Member of the Supervisory Board Member of the Board of Directors of Sampo plc since 25 April 2024. Annica Witschard Member of the Board Female, born 1973, M.Sc. (Business & Economics) Swedish citizen Positions of trust Viaplay Group, Board Member Member of the Board of Directors of Sampo plc since 17 May 2023. Georg Ehrnrooth Member of the Board Male, born 1966, Studies in forestry and agriculture Finnish citizen Member of the Board of Directors of Sampo plc 2 June 2020 - 23 April 2025 Jannica Fagerholm Vice Chair of the Board Female, born 1961, M.Sc. Finnish citizen Member of the Board of Directors of Sampo plc 18 April 2013 - 9 April 2019 and Vice Chair of the Board 9 April 2019 - 23 April 2025. Information as at 31 December 2025. The CVs of members of the Board of Directors can be viewed at www.sampo.com/board. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 36 ===== SIDA 37 ===== When elected, all current Board members were independent of the company. Furthermore, all Board members were independent of the company’s major shareholders. The Board convened eleven times in 2025. The meeting attendance of Sampo plc’s current Board members in Board meetings from 1 January–31 December 2025 is presented in the below table: Attendance (%) Meetings attended Antti Mäkinen (Chair of the Board) 100 11/11 Jannica Fagerholm (Vice Chair until 23 April 2025) 100 3/3 Christian Clausen 100 11/11 Georg Ehrnrooth (member until 23 April 2025) 100 3/3 Steve Langan 100 11/11 Sara Mella (member since 23 April 2025) 87.50 7/8 Risto Murto 100 11/11 Markus Rauramo 100 11/11 Astrid Stange 100 11/11 Annica Witschard 100 11/11 Shares and share-based rights held by the Board members On 31 December 2025, the members of the Board of Directors owned, directly or through legal entities controlled by them, Sampo plc’s A shares as follows: Shares owned by the Board of Directors Sampo plc, 31 December 2025 and 31 December 2024 Board of Directors 31 Dec 2025 31 Dec 2024 Antti Mäkinen 48,664 42,750 Jannica Fagerholm1 43,755 Christian Clausen 92,395 192,395 Georg Ehrnrooth1 651,725 Steve Langan 15,201 11,650 Sara Mella2 14,137 Risto Murto 33,178 29,345 Markus Rauramo 19,494 15,505 Astrid Stange 12,013 4,445 Annica Witschard 12,118 8,625 Total 247,200 1,000,195 Board of Directors ownership of shares, % 0.01 0.04 Board of Directors share of votes, % 0.01 0.04 Holdings at the end of 2024 adjusted for the share split. 1 Member of the Board of Directors member until 23 April 2025 2 Member of the Board of Directors since 23 April 2025 The Board members did not have holdings in any Sampo plc share-based rights. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 37 ===== SIDA 38 ===== The AGM decided to pay the following annual fees to the members of the Board of Directors until the close of the 2026 AGM: • EUR 243,000 for the Chair of the Board • EUR 140,000 for the Vice Chair of the Board • EUR 108,000 for each member of the Board • EUR 30,000 for the Chair of the Audit Committee as an additional annual fee • EUR 6,800 for each Audit Committee member as an additional annual fee A Board member shall, in accordance with the resolution of the AGM, acquire Sampo plc A shares at the price paid in public trading for 50 per cent of his/ her annual fee after the deduction of taxes, payments, and potential statutory social and pension costs. Notwithstanding this, a Board member is not required to purchase any additional Sampo plc A shares if the Board member owns such amount of said shares that their value is equivalent to twice the respective Board member’s gross annual fee. The company will pay any possible transfer tax related to the acquisition of the company shares. Board-appointed committees The Board may establish committees, executive committees, and other permanent or temporary bodies to deal with tasks prescribed by it. The Board confirms the charters of the committees of Sampo plc’s Board and the Group Executive Committee, and also the guidelines and authorisations given to other bodies established by the Board. The Board has an Audit Committee, and a Nomination and Remuneration Committee, whose members it appoints from among its members in accordance with the charters of the respective committees. In accordance with the charter of Sampo plc’s Audit Committee, matters related to risk management belong under the scope of matters handled by Sampo plc’s Audit Committee. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 38 ===== SIDA 39 ===== Audit Committee According to its charter, the Audit Committee comprises at least three members elected from among those Board members who do not hold executive positions in Sampo plc and are independent of the company and of which at least one is independent of Sampo plc’s significant shareholders. The responsible Auditor, Group CEO, Group CFO, Group Chief Audit Executive, and Group Chief Risk Officer also participate in the meetings of the Committee. In 2025, the chair of the Audit Committee was Jannica Fagerholm until 23 April 2025 and Markus Rauramo as of 23 April 2025, and the other members were Steve Langan, Markus Rauramo, Astrid Stange and Annica Witschard until 23 April 2025 and Steve Langan, Sara Mella, Astrid Stange, and Annica Witschard thereafter. As at 31 December 2025, the share of women in Sampo plc’s Audit Committee was 60 per cent and the share of men was 40 per cent. The Audit Committee convened four times in 2025. The meeting attendance of Sampo plc’s current Audit Committee members in Committee meetings from 1 January–31 December 2025 is presented in the following table: Attendance (%) Meetings attended Jannica Fagerholm (Chair until 23 April 2025) 100 1/1 Markus Rauramo (Chair since 23 April 2025) 100 4/4 Steve Langan 100 4/4 Sara Mella (member since 23 April 2025) 100 3/3 Astrid Stange 75 3/4 Annica Witschard 100 4/4 Main duties of the Audit Committee ►Supervises and assesses • Group financial and supervisory reporting processes • the accuracy of Group financial statements • statutory and external audit, the independence of the auditor, auditor’s reporting, and purchases of non-audit services • the capitalisation, profitability, and liquidity of Group companies and the Group itself • the effective operation of the risk management system • the preparation of and compliance with risk management policies and other related guidelines • the actions and processes of Sampo Group’s compliance functions, significant litigations, and compliance with laws and regulations • communications with authorities • the company’s tax position and tax risks • the adequacy and effectiveness of the governance, risk management, and internal control processes related to the Group Internal Model ►Monitors and evaluates • the preparation of non-financial reporting (Sustainability Statement) • the effectiveness and efficiency of Sampo Group’s internal audit function and reporting • the Sampo Group Internal Audit plan, and the Internal Audit policy • the effectiveness of internal control and other elements of the system of governance • related party transactions and reporting processes related thereto • the Group’s risks, risk management processes, and the quality and scope of risk management • processes and risks regarding IT privacy and security • compliance with risk management principles and other guidelines. ►Prepares proposals to the AGM concerning the auditor’s and the sustainability reporting assurance provider’s election and their fees. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 39 ===== SIDA 40 ===== Nomination and Remuneration Committee According to the Board Diversity Policy, Sampo plc’s Nomination and Remuneration Committee shall identify, review and recommend candidates for the Board. The Nomination and Remuneration Committee shall take the following factors into consideration, including such other factors as the Board may determine: (I) Regulatory requirements for the members of the Board (II) Overall Board composition, taking into consideration the appropriate combination of professional experience, skills, knowledge, and variety of viewpoints and backgrounds (III) Allocation and sufficiency of time (IV) Other criteria (e.g. with respect to new directors, the integrity, judgment, and available time and with respect to current directors, their past performance). At the AGM, the Nomination and Remuneration Committee gives an account of how it has conducted its work and explains its proposals. According to its charter, the Nomination and Remuneration Committee comprises the Chair of the Board (who acts as the committee’s chair) and two to three members elected from among the members of the Board. In 2025 the Chair of the Nomination and Remuneration Committee was Antti Mäkinen, and the other members were Christian Clausen, Georg Ehrnrooth and Risto Murto until 23 April 2025 and Christian Clausen and Risto Murto since 23 April 2025. As at 31 December 2025, the share of men in the Nomination and Remuneration Committee was 100 per cent. The Committee convened five times in 2025. The meeting attendance of Sampo plc’s Nomination and Remuneration Committee members in Committee meetings from 1 January–31 December 2025 is presented in the below table: Attendance (%) Meetings attended Antti Mäkinen (Chair) 100 5/5 Christian Clausen 100 5/5 Georg Ehrnrooth (member until 23 April 2025) 100 2/2 Risto Murto 100 5/5 Main duties of the Nomination and Remuneration Committee ►Monitors the implementation of the Group remuneration in general. ►Evaluates the appropriateness of the remuneration of the executive directors and their remuneration structure. ►Prepares and presents proposals to the AGM on the composition of the Board of Directors and the remuneration of the Board members as well as on the Remuneration Policy for Governing Bodies. ►Prepares and presents proposals to the Board of Directors pertaining to: • the evaluation of independence of Board members, composition and chair of Board committees, and the Board Diversity Policy • succession planning of the Board of Directors and top management positions in Sampo Group • the appointment of the Group CEO, the Group Chief Audit Executive, and members of the Group Executive Committee, including their fitness and propriety assessments • the remuneration and terms of employment of the members of the GEC as well as the actual payments to be made to the GEC members • the launch of Sampo Group’s long-term incentive schemes based on financial instruments of Sampo plc and the maximum pay-outs based on short-term programmes and long-term incentive schemes • Sampo Group Remuneration Principles and Sampo Remuneration Policy for Personnel. ►Prepares the annual performance evaluation of the Board of Directors and takes the results into consideration when preparing its proposals for the composition of the Board for the Annual General Meeting. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 40 ===== SIDA 41 ===== Sampo Group CEO Sampo plc has a Managing Director who is simultaneously the Group CEO of Sampo Group. The Board of Directors elects and releases the Group CEO and decides on the terms of service and other remuneration. The Group CEO is in charge of the daily management of Sampo plc, subject to the instructions and control of the Board of Directors. The Group CEO is empowered to take extraordinary and broad ranging actions, taking into account the scope and nature of Sampo plc’s operations, only upon authorisation by the Board of Directors. The Group CEO ensures the legal compliance of Sampo plc’s accounting and the trustworthy organisation of asset management. Mr. Morten Thorsrud, Master of Business and Economics, is the Managing Director of the company and the Group CEO. His Group CEO contract is in force until further notice, and the notice period for terminating the contract is 6 months mutually, and Thorsrud is entitled to salary during the notice period. In addition, Thorsrud is entitled to a severance compensation corresponding to 12 months’ fixed salary, if the company terminates the contract. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 41 ===== SIDA 42 ===== Sampo Group Executive Committee The Board of Directors has appointed the Sampo Group Executive Committee to support the Group CEO in the preparation of strategic issues relating to the Group, in the handling of operating matters that are significant or involve questions of principle, and in ensuring a good internal flow of information. The Group Executive Committee addresses especially the following matters: Sampo Group’s strategy, profit development, large purchases and projects, the Group’s structure and organisation, as well as key strategic issues pertaining to administration and personnel. In 2025, the Group Executive Committee convened 11 times at the invitation of the Group CEO. As at 31 December 2025, the share of women in the Group Executive Committee was 25 per cent and the share of men was 75 per cent. The following persons served on the Group Executive Committee in 2025: Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 42 ===== SIDA 43 ===== Morten Thorsrud Group CEO, Sampo Group Male, born 1971, M.Sc. (Econ.) Norwegian citizen Positions of trust If P&C Insurance Holding Ltd, Chair of the Board Topdanmark A/S, Chair of the Board Hastings Group, Board Member Euronext, Member of the Supervisory Board Member of Sampo Group Executive Committee since 2006. Ricard Wennerklint Deputy CEO, Sampo Group Male, born 1969, Executive Education, Advanced Management Programme Swedish citizen Positions of trust Hastings Group, Board Member NOBA Bank Group AB (publ) (former Nordax Bank AB (publ)), Board Member If P&C Insurance Holding Ltd, Board Member Member of Sampo Group Executive Committee since 2005. Knut Arne Alsaker Group CFO, Sampo Group Male, born 1973, M.Sc. (Econ.) Norwegian citizen Positions of trust Hastings Group, Board Member If P&C Insurance Holding Ltd, Board Member Member of Sampo Group Executive Committee since 2014 until 31 March 2026. Information as at 31 December 2025. The CVs of members of the Group Executive Committee can be viewed at www.sampo.com/management. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 43 ===== SIDA 44 ===== Tiina Halmesmäki Chief Legal Officer, Sampo plc Female, born 1978, Master of Laws, MBA (Finance) Finnish citizen Positions of trust If P&C Insurance Ltd, Board Member Member of Sampo Group Executive Committee since 2025. Ingrid Janbu Holthe Head of BA Private, If P&C Insurance Holding Ltd (publ) Female, born 1982, M.Sc. (Econ.), CEMS MIM Norwegian citizen Positions of trust Finance Norway (Finans Norge), Member of the Executive Committee of P&C Insurance Member of Sampo Group Executive Committee since 2019. Poul Steffensen Head of BA Industrial, If P&C Insurance Holding Ltd (publ) Male, born 1964, Certificate of Business Administration Danish citizen Positions of trust Forsikring & Pension (Danish Insurance Association), Board Member Kapitalselskabet BLS Invest, Board Member Oona Health A/S, Board Member Member of Sampo Group Executive Committee since 2025. Information as at 31 December 2025. The CVs of members of the Group Executive Committee can be viewed at www.sampo.com/management. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 44 ===== SIDA 45 ===== Klas Svensson Head of Business Area Commercial, If P&C Insurance Holding Ltd (publ) Male, born 1985, MBA Swedish citizen Positions of trust Oona Health A/S, Board Member Member of Sampo Group Executive Committee since 2024. Ville Talasmäki Group CIO, Sampo Group Male, born 1975, M.Sc. (Econ.) Finnish citizen Positions of trust Topdanmark A/S, Board Member Finance Finland, Board Member Varma Mutual Pension Insurance Company, Deputy Board Member If P&C Insurance Holding Ltd, Board Member If P&C Insurance Ltd, Board Member Member of Sampo Group Executive Committee since 2023. Information as at 31 December 2025. The CVs of members of the Group Executive Committee can be viewed at www.sampo.com/management. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 45 ===== SIDA 46 ===== Shares and share-based rights held by the Group CEO and the members of the Executive Committee On 31 December 2025, the Group CEO and other members of the Executive Committee owned, directly or through legal entities controlled by them, Sampo plc’s A shares as follows: Shares owned by the Group Executive Committee Sampo plc, 31 December 2025 and 31 December 2024 Group Executive Committee 31 Dec 2025 31 Dec 2024 Morten Thorsrud 450,204 367,850 Ricard Wennerklint 172,947 138,010 Knut Arne Alsaker 287,556 247,245 Tiina Halmesmäki1 0 Ingrid Janbu Holthe 90,791 54,335 Poul Steffensen1 74,855 Klas Svensson 42,764 23,805 Ville Talasmäki 118,935 102,245 Torbjörn Magnusson2 241,775 Total 1,238,052 1,175,265 Group Executive Committee's ownership of shares, % 0.05 0.04 Group Executive Committee's share of votes, % 0.05 0.04 Holdings at the end of 2024 adjusted for the share split. 1 Member of the Executive Committee since 1 October 2025 2 Member of the Executive Committee until 30 September 2025 The Group CEO and the other members of the Executive Committee did not have holdings in any Sampo plc share-based rights. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 46 ===== SIDA 47 ===== Remuneration The Board of Directors has established the Sampo Group Remuneration Principles, which apply to all Sampo Group companies. The Remuneration Principles are part of Sampo Group's internal governance framework and describe the remuneration structure and the principles for setting up remuneration systems in Sampo Group. The Remuneration Principles may apply to the Group CEO, insofar as they do not conflict with Sampo plc’s Remuneration Policy for Governing Bodies. The core of the Remuneration Principles is that all remuneration systems in Sampo Group shall safeguard the long-term financial stability and value creation of Sampo Group and shall comply with regulatory and ethical standards. They shall also be aligned with the risk management framework and thus be designed in parallel with the risk management principles and practices. Remuneration mechanisms shall encourage and stimulate employees to do their best and surpass their targets. Remuneration packages shall be designed to reward fairly for prudent and successful performance. At the same time, however, in order to safeguard the interest of other stakeholders, remuneration mechanisms shall not generate conflicts of interest and shall not entice or encourage employees to excessive or unwanted risk-taking. The different forms of remuneration used in Sampo Group are the following: (a) Fixed compensation (b) Variable compensation (c) Pension (d) Other benefits Fixed compensation is the basis of an employee’s remuneration package. Fixed salary shall support financial stability by representing a sufficiently high share of the total remuneration. Variable compensation is used to ensure the competitiveness of total remuneration packages. Variable compensation can either be based on the contribution to the company’s profitability and on individual performance (short-term incentive programs) or be linked to committing employees to Sampo Group for a longer period and aligning the employees' interests with those of the shareholders by linking the payout of the schemes to key performance criteria and, if applicable, to the positive development of Sampo’s share price (long- term incentive schemes). The members of the Board of Directors do not participate in any short-term incentive programs or long-term incentive schemes. The payment of variable compensation shall be based on the assessment of the incurred risk exposure and the fulfilment of solvency capital requirements. The payment of a certain portion of the variable compensation payable to the Senior Executive Management and to certain key persons shall be deferred for a defined period of time, as required in the regulatory framework applicable to each Sampo Group company. After the deferral period, a retrospective risk adjustment review shall be carried out and the Board of Directors of each Sampo Group company shall decide whether the deferred variable compensation shall be paid/released in full, partly, or cancelled in whole. In 2025, a total of EUR 16.5 million (11) of short-term and long-term incentives have been deferred. The Board of Directors decides on the launch of long- term incentive schemes based on financial instruments of Sampo plc. In March 2025, the Board of Directors decided to adopt a new performance-based long-term incentive scheme for the Group Executive Committee (including the Group CEO) and other senior leaders and key employees of Sampo Group. Please refer to Sampo plc’s 2025 Remuneration Report for Governing Bodies for further information on the new Sampo Group long- term incentive scheme 2025. Moreover, the third and final instalment of the long-term incentive scheme 2020:1, the second instalment of the long-term incentive scheme 2020:1/2 and the first instalment of the long-term incentive scheme 2020:1/3 vested in 2025. The vesting of the schemes is determined on the basis of Sampo's share price development and dividends paid over each instalment’s performance period, starting from the issue of the schemes, and performance criteria related to return on capital at risk (RoCaR) applicable for each instalment. All incentive schemes contain a cap for maximum payout. The terms and conditions of the incentive schemes are available at www.sampo.com/ incentiveterms. A deferral rule applies to incentive rewards paid to the Senior Executive Management and to certain key persons. Persons subject to the deferral rule shall at payout from the schemes acquire Sampo A shares with a certain part of the instalment after deducting income tax and other comparable charges. The shares are subject to disposal restrictions for three years, after which the Board of Directors shall decide on the possible release. A total of EUR 89 million (62), including social costs, was paid as short-term incentives in January–December 2025 in Sampo Group. In the same period, a total of EUR 60 million (43) was paid as long-term incentives. The costs of the long-term incentive schemes in force in Sampo Group amounted to EUR 25 million (14). Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 47 ===== SIDA 48 ===== The Remuneration Report for Governing Bodies 2024 was presented to and adopted by the Annual General Meeting in 2025. Taking into account the advance votes as well as the advance voting instructions of the owners of nominee-registered shares and holders of SDRs, which were delivered to Sampo before the AGM, the proposal was supported in total by approximately 94 per cent of votes represented at the meeting. Sampo plc publishes the 2025 Remuneration Report for Governing Bodies in connection with the Board of Directors’ Report at www.sampo.com/year2025. The Remuneration Report for Governing Bodies provides information on the remuneration of the Board of Directors and the Group CEO, and has been prepared in accordance with the Corporate Governance Code 2025. The Corporate Governance Code 2025 can be viewed in full on the website of the Securities Market Association at www.cgfinland.fi. Sampo plc’s Remuneration Policy defines how the remuneration of the Group CEO and the members of the company’s Board of Directors has been arranged. The Remuneration Policy has been developed in accordance with the requirements set forth by the amended EU Shareholders’ Rights Directive, as implemented into Finnish legislation. Sampo plc’s Remuneration Policy was presented to the AGM in 2024. The updated Remuneration Policy is available at www.sampo.com/remuneration. Personnel Number of personnel Sampo Group, 2025 The average number of employees (FTE) in Sampo Group’s P&C operations in 2025 was 15,003 (14,280). As at 31 December 2025, the total number of employees in the Group’s P&C operations was 15,224 (14,779). Country Average personnel (FTE) 2025 % Average personnel (FTE) 2024 % United Kingdom 4,439 30 3,710 26 Denmark 2,824 19 2,971 21 Finland 1,975 13 1,973 14 Sweden 2,537 17 2,486 17 Norway 1,695 11 1,680 12 Other countries 1,534 10 1,460 10 Total 15,003 100 14,280 100 At the end of 2025 the total personnel (FTE) at Sampo plc amounted to 68 (66), of which 56 (57) worked at the headquarters in Finland, 8 (9) at the branch office in Sweden, 3 (0) at the branch office in Denmark and 1 (0) at the branch office in Norway. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 48 ===== SIDA 49 ===== Internal control in Sampo Group The different sectors of Sampo Group’s internal control system play a crucial role in ensuring the proper functioning of the Group’s corporate governance system. Internal control means all activities which ensure that Sampo Group’s businesses are carried out towards desired targets in accordance with desired policies and practices and in compliance with applicable legal and regulatory requirements. Accordingly, the tasks of internal control are performed by different actors within the organisation starting from top management. The organisation of internal control and safeguarding its functioning and viability play a key role in the activities of the Board of Directors of Sampo plc. In order to ensure the proper running of operations, Sampo plc’s Board of Directors has approved group level policies and guidelines concerning corporate governance, financial target setting, risk management, remuneration, compliance, reporting, and internal audit in conformity with and supplementing the existing legal and regulatory framework. With the policies and guidelines, Sampo plc’s Board directs the Group’s activities towards desired practices and, with appropriate control mechanisms provided by the policies, ensures that potential deviations are discovered without undue delay. Thus, a successful internal control system presumes not only controlled steering processes for business management, but also appropriate control mechanisms. In Sampo Group, the internal control system includes managing risks as an integrated part of business activities, functions supporting the businesses, as well as control and steering functions, which are organised as independent from the businesses. In addition to internal control activities within the financial reporting process and risk management, Sampo Group’s compliance function, with insider administration supplementing it, together with a fully independent internal audit function form core parts of Sampo plc’s internal control system. Reporting Financial reporting The financial reporting process aims to ensure that Sampo plc’s Board of Directors and executive management have timely and reliable information supporting their decision-making, and that external interest groups can also rely on the financial information provided to them. To ensure the accuracy of all reporting, the used databases are reconciled on a monthly basis. Several systems and analytical tools are also applied to support efficiency and accuracy in the reporting process. Group level financial reporting is based on information provided by the parent company as well as the Group companies according to formats and schedules defined by the Group’s financial functions. Each Group company is responsible for its respective financial reporting and related internal controls. Consequently, the process ensures the accuracy of the information regarding different business segments prior to reporting to the parent company. Sampo Group’s financial reporting is organised under Group Control and Group Financial Reporting functions and it operates under the Group Chief Financial Officer. The Group Control function prepares and follows group level and parent company’s financial targets and forecasts, follows profit development and forecasts of the Group companies, and takes care of monthly reporting, group level investment reporting, forecasting of profit development of the Group, as well as quantitative Solvency II reporting. It also produces different types of valuations, market analyses and reviews. The Group Control function is responsible for the Group’s annual and quarterly quantitative Solvency II reporting to the supervisory authorities. The Group Financial Reporting function prepares Sampo Group’s quarterly and annual financial reports in accordance with International Financial Reporting Standards (IFRS). The financial reports of the parent company, Sampo plc, are prepared in accordance with the Finnish accounting standards (the Finnish GAAP). Quarterly and annual reports are dealt with in the Group’s administrative bodies in accordance with applicable procedural rules. In addition, the Group Financial Reporting function prepares the Group’s monthly accounts, which form the basis of the monthly analysis prepared by the Group Control function. A Management Report is distributed on a monthly basis to the members of the Group Executive Committee, and a summary of it is delivered to the members of Sampo plc’s Board of Directors on a regular basis. Profit forecasts are reported quarterly to the Group Executive Committee, the Board of Directors, and its Audit Committee. Group solvency calculations are also delivered on a quarterly basis to the Group Executive Committee, the Board of Directors, and its Audit Committee. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 49 ===== SIDA 50 ===== Non-financial reporting (Sustainability) Sampo Group is committed to developing the sustainability activities and related reporting of the Group. This is in the interests of, and expected by, the Group’s various stakeholders. Sampo plc’s Board of Directors is responsible for and has the ultimate oversight of group level sustainability, containing the entire range of environmental, social, and governance (ESG) matters. The Board has assigned its Audit Committee to monitor Sampo Group’s sustainability reporting and activities. The Group CFO, who is a member of the Sampo Group Executive Committee, directs Sampo plc’s Sustainability unit. The Group CFO also ensures that adequate reporting on sustainability matters is provided to the Group CEO. The Sustainability unit of Sampo plc is responsible for the development and coordination of sustainability at group level. The unit prepares the group level Sustainability Statement and the sustainability programme, which sets the direction for the Group’s sustainability work. In addition, the unit sets schedules, requests, and group level guidance to the Group companies. At each Group company, various business areas, operational departments, and functions are actively involved in the Group’s sustainability endeavours and reporting. Group level sustainability reporting is largely based on information provided by the Group companies according to formats and schedules defined by Sampo plc’s Sustainability unit. Each Group company is responsible for its respective reporting to the parent company to ensure correctness of information. Sampo Group’s Sustainability Statement is published annually as a part of the Board of Directors’ Report. Risk management The Board of Directors of Sampo plc is responsible for ensuring that the Group’s risks are properly managed and controlled. The Board establishes both the risk management principles and closely connected remuneration principles and provides guidance on the risk management governance structure and internal control in the business areas. Working within the framework of these principles and guidelines, the Group companies tailor their risk management practices to take account of the special features of their respective business activities. The Board makes decisions on strategy, return targets, and overall guidelines regarding capital management. The Board’s Audit Committee is responsible, on behalf of the Board of Directors, for preparing Sampo Group’s Risk Management Principles and related guidelines and, in turn, the Nomination and Remuneration Committee is responsible for preparing the Group’s Remuneration Principles, which are closely connected with the Risk Management Principles. The duty of Sampo Group’s Risk Management function is to control the effective operation of the risk management system within the Group companies and to monitor, review, and report on group level risks and risk management, including the parent company. Risk management system High-quality, comprehensive risk management facilitates that Sampo plc’s executive management and Board of Directors are constantly aware of the Group companies’ business-related risks and their ability to carry the financial and other risks related to business activities. Sampo Group’s business activities and therefore also their corresponding risk management activities are mainly performed in the Group’s insurance and investment operations. Sampo Group’s risk management system is based on the Risk Management Principles established by the parent company. Sampo’s business areas and insurance entities organise their risk management activities based on these group level principles taking into account the business-specific characteristics as well as local laws and regulations. To meet the key objectives of Sampo’s risk management, the risk management system includes governance structure and authorisations and a clear division of responsibilities between business lines and independent functions. The insurance entities in the Group shall have prudent valuation, risk measurement and reporting procedures, in line with the companies’ more detailed risk policies and instructions related to risk management. Sampo Group’s steering framework Parent company’s guidance The Group’s parent company steers its insurance businesses by setting targets for their underwriting performance and operating efficiency and by defining the main preconditions for their operations in the form of the group-wide principles. The parent company assesses the adequate level of capitalisation and the suitability of the capital structure on both group level and insurance entity level. Parent company’s oversight and activities Sampo’s risk appetite defines the boundaries for what risk the Group is willing to accept in the pursuit of its objectives. Sampo reviews the performance of its business areas continuously and based on both the Group and business area level information, the Board of Directors of Sampo plc decides on the Group’s balance sheet targets and the parent company’s liquidity reserve. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 50 ===== SIDA 51 ===== Activities and risk management in the business areas Sampo’s business areas and insurance entities organise their business activities to implement strategic decisions made by Sampo. They make decisions on specific risk-taking policies, capitalisation, risk limits and the delegation of authorisations considering the specific characteristics of their operations, within the framework provided by approved Sampo Guidelines or otherwise binding decisions by Sampo’s Board of Directors. The business operations are monitored by the different governing bodies and ultimately by the Boards of Directors whose members are mainly in senior management positions in Sampo plc or in Sampo Group companies. The subsidiaries’ line organisations are in charge of pricing their products and services and organising their sales and implementation processes, for ensuring the profitability, efficiency, quality, security, and continuity of their operations as well as the liability towards the customers. They are also responsible for the management of assets and liabilities and capitalisation on the insurance entity level. Risk management consists of these continuous activities that are the responsibility of the personnel involved in business activities and being supported and controlled by independent risk management specialists. Parties independent of business activities provide complementary expertise, support, monitoring, and challenge related to the management of risk. This includes the development, implementation, and continuous improvement of risk management practices at a process, system, and entity level. Although the responsibilities of business lines and independent risk management are clearly segregated in Sampo Group, these functions are in continuous dialogue with each other. Sampo Group has defined the roles and responsibilities of different internal stakeholders in the Internal Control Policy, which applies on a group-wide basis. Risk management process The tasks included in the risk management process include the following: Measuring and reporting of risks, capital, and earnings: Financial and risk management functions are explicitly responsible for preparing the above prerequisites for risk management and operationally they are responsible for independent measurement and control, including monitoring of operations in general as well as profitability, risk, and capitalisation calculations. Continuous analysis of opportunities and risks: Business units and financial and risk management functions are both active in supporting the business with continuous analysis and assessment of opportunities. The insurance and investment business units assess business opportunities, especially their risk return ratios, on a daily basis. In the financial and risk management functions, on the other hand, a considerable amount of time is spent on risk analysis and reporting as well as capital planning. Actions: Transactions representing the actual insurance and investment operations are performed in accordance with the given authorisations, risk policies, and other instructions. These actions are the responsibility of business and investment functions. Activities related to capitalisation and liquidity positions are included in this part of the process. In Sampo Group, proactive profitability, risk, and capital management actions are seen as the most important phase in the risk and capital management processes. Hence, risk policies, limits, and decision-making authorisations are set up in a way that they, together with profitability targets, facilitate business and investment units to take carefully considered risks. High-quality execution of the above-mentioned tasks contributes to the achievement of the key objectives of risk management: 1. Balance between risks, capital, and earnings: • Risks affecting the profitability as well as other material risks are identified, assessed, and analysed. • Underwriting risks are priced reflecting their inherent risk levels, expected returns of investment activities are in balance with their risks, and consequential risks are mitigated sufficiently. • Capitalisation is managed in order to be adequate in terms of current risks inherent in business activities and business risks, taking into account the expected profitability of the businesses. • Risk-bearing capacity is allocated into different business areas in accordance with the strategy. 2.Cost-efficient and high-quality processes: • Customer service processes and internal operational processes are cost efficient, sufficiently secured and of high quality. • Continuity of operations is ensured and in case of discontinuity events, recovery is fast and comprehensive. • Decision-making is based on accurate, adequate, and timely information. 3.Strategic and operational flexibility: • External risk drivers and potential risks are identified and assessed, and the company is in good position, in terms of capital structure and management skills, to react to changes in business environment. • Corporate structure, knowledge, skills, and processes in companies facilitate effective implementation of changes in the business environment. When the above targets are met, risk management is contributing positively to return on equity and mitigating the yearly fluctuations in profitability. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 51 ===== SIDA 52 ===== Risk management reporting and governance framework Sampo’s profits, risks, and capital are reported to Sampo plc’s Board of Directors at least quarterly. In addition to regular risk reports, The Group CRO may ask Group companies to prepare an analysis/review on subjects that need special attention and in case of a severe incident, companies shall inform Sampo plc according to the defined process. Sampo plc’s Board of Directors and its Audit Committee, together with the Boards of Directors of the Group companies, share the overall responsibility for the Group’s risk management system. The business units are responsible for day-to-day risk management decisions within the framework of the provided principles, guidelines, and authorisations (limits). The Sampo Group Risk Committee ensures effective communication and cooperation regarding risk management and risk reporting within Sampo Group. The Group Internal Model Committee is an advisory and preparatory body to the Board of Directors and the CEO of Sampo plc as well as for all Group companies’ Boards of Directors and CEOs using the Group Internal Model to calculate the Solvency Capital Requirement. In addition to these, Sampo has established a Sampo Group Reinsurance Committee, whose purpose is to coordinate reinsurance-related topics across various group companies and align interest on the group level on reinsurance strategy and purchasing. The risks in If and Hastings are monitored also by their Risk Committees. Risk management governance framework in Sampo Group More detailed information on Sampo’s risk management is available in Sampo Group’s Solvency and Financial Condition Report 2025 which will be disclosed in May 2026 at www.sampo.com/year2025. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 52 ===== SIDA 53 ===== Compliance In Sampo Group, compliance is an activity supporting business activities while being independently administered, ensuring the compatibility with applicable norms of all Group activities. The starting point of the Sampo Group Compliance Principles is that compliance with norms is an established part of Sampo plc’s corporate culture. The principles ensure that compliance activities are properly organised in Group companies, and that the business organisation is capable of responding to the changing requirements of the business environment. The guidance contains the perceived common denominators of successful compliance activity – a set of general principles that describe essential features of effective compliance activities within the context of the business environment in which Sampo Group companies are operating. The principles do not, however, limit the flexibility of each Group company when addressing its own specific needs in relation to compliance. Sampo Group Compliance Principles apply to all Sampo Group companies. It should, however, be noted that Sampo Group companies operate in several different jurisdictions, thus being under an obligation to abide with local legislation as well as authority rules and regulations. Consequently, the principles have been defined to facilitate the deployment of a set of tools and procedures serving best the individual needs for each company and local operating environment, and to ensure full compliance without jeopardising operational efficiency. The aforesaid obviously implies that the compliance function in each Group company must always meet the local standards and other requirements. According to the approved principles all compliance activity is designed to ensure that all business activities, as well as the reporting of financial results and risks, are at all times compliant with laws, authority regulations, and internal guidelines and principles. The compliance function also ensures that any applicable new legislation and regulation is fully enforced in Group companies’ guidelines and day-to- day business activities. According to the principles, the Group companies are permitted to organise their compliance activities operationally and organisationally as they deem pertinent and effective within the framework of applicable legislation. Reporting of compliance activities is organised in each Group company as deemed appropriate and sufficient locally. Compliance matters are also regularly reported to the parent company’s Board of Directors’ Audit Committee, as determined in the Sampo Group Compliance Principles. Sampo plc’s Compliance function is responsible for overseeing the compiling of these reports on the basis of the subgroup specific reports provided by the Group companies. The CEO of Sampo Group is responsible for the proper organisation of the compliance function in the Group. The Board of Directors of each Group company ensures that the Group company has sufficient resources to organise effective internal control and compliance, while each Group company’s Managing Director is responsible for arranging the respective Group company’s compliance function. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 53 ===== SIDA 54 ===== Insider administration Given the nature of Sampo Group’s business areas, especially bearing in mind the extensive investment activities of Sampo Group companies, Sampo plc’s Board of Directors has approved separate Guidelines for Insiders that is binding on all persons employed by Sampo Group as well as on members of Sampo plc’s Board of Directors. In addition to current supranational law, such as the Market Abuse Regulation (Regulation (EU) No 596/2014 of the European Parliament and of the Council (“MAR”)), applicable national law, including Nasdaq Helsinki’s Guidelines for Insiders and the Financial Supervisory Authority’s regulations, as well as statements and interpretations, have been taken into account in compiling the Guidelines for Insiders. The Group Executive Committee, all Sampo plc’s employees and other Group’s employees working with interim statements and other financial announcements, and other persons who have access to such documents before publication thereof are under the following restrictions on trading: • persons must not conduct any transactions relating to the financial instruments of Sampo Group during a closed window of 30 calendar days before the announcement of financial reports (so called extended closed window) • persons are prohibited from having so-called short- term positions in Sampo A shares (including depositary receipts and share entitlements), which refers to a situation where the period between the acquisition and disposal or the disposal and the acquisition of the shares is less than one month • Group Executive Committee members and their closely associated persons must request for prior permission before trading in Sampo Group’s financial instruments or in other separately defined financial instruments. In addition to regulatory supervision, compliance with the obligations under the Guidelines for Insiders and the underlying legislation is supervised by the Insider Administration, which is a group function centralised in Sampo plc and led by the person in charge of insider matters. Sampo Group’s Guidelines for Insiders is available at www.sampo.com/insiders. Whistleblowing Sampo plc has a Whistleblowing channel, which is based on the MAR. In connection with the entering into force of the MAR, Sampo plc adopted an internal procedure for all employees to report infringements of both internal and external rules and regulations. All whistleblowing notifications are investigated promptly in a confidential manner while protecting the identity of the whistleblower as far as possible. During 2025, no whistleblowing notifications were reported. Sampo Group companies have established their own whistleblowing channels designed to serve their personnel and relevant interest groups. Principles for related party transactions Sampo Group companies may not, as a general rule, enter into an agreement with related parties subject to terms and conditions that differ from those Sampo plc or its Group companies normally apply, or other agreements that are not commercially justified, with or for the benefit of certain individuals. All related party transactions shall be based on written agreements in accordance with the relevant local regulation and in the ordinary course of business and on arm’s length terms. Related party transactions in Sampo Group are traditionally purchases of internal services, or other services or products that are part of the ordinary business of a Group company. Sampo Group’s guidelines on related party transactions apply to all Group companies and they set the group- wide principles for monitoring and assessing as well as decision-making and reporting of related party transactions. The rules for the company level identification, decision-making, and reporting processes are set in the company level policies of each Group company, as approved by the Board of Directors of each Group company. Related party transactions that are not part of the company’s ordinary course of business or are made in deviation from customary commercial terms, require a decision of Sampo plc’s Board of Directors to carry out the related party transaction. Such related party transactions shall be reported to the Group Compliance prior to entering into the transaction. Each Sampo subgroup shall maintain a register of the related parties linked to the company within Sampo Group by close links and the reported related party transactions. An accumulated list concerning the agreements of the related parties of Sampo plc is sent to Sampo plc’s Board of Directors or its committee annually. The Board of Directors or its committee must monitor and assess how agreements and other legal acts between the company and its related parties meet the requirements of ordinary activities and arm’s length terms. Sampo had no significant related party transactions during the reporting year. More information in the Group’s note 29 and Sampo plc’s note 4. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 54 ===== SIDA 55 ===== Internal audit Internal Audit is a function independent of business operations, which evaluates the efficiency and effectiveness, as well as the maturity of the system of governance, and the system of internal control within Sampo Group. The function helps the organisation to accomplish its objectives by a systematic, disciplined approach to evaluate and improve the effectiveness of the risk management, control, and governance processes. The Group Internal Audit function is organised under the Board of Directors of Sampo plc and it reports to Sampo plc’s Board of Directors and its Audit Committee. It is managed by the Group Chief Audit Executive, who is appointed by the Board of Directors of Sampo plc. Internal audit functions are established in each subgroup and legal entity as regulations demand and approved by the respective Board of Directors or equivalent. The work is carried out in accordance with the Sampo Group Internal Audit Policy. According to the Policy, the Sampo Group Internal Audit function is committed to adhering to the mandatory elements of the Global Internal Audit Standards. Internal audit plans are established annually by the Internal Audit function and consider both short- and long-term aspects. The plans are approved by the Board of Directors of each relevant Sampo Group company and presented to Sampo plc’s Audit Committee for information. A risk-based approach is applied, and the internal audits cover all significant activities of the operations to ensure coverage of the system of internal control, as well as other parts of the system of governance. The External Audit is informed about the internal audit plans. The Internal Audit function reports on the audits and follow-up activities performed to the Board of Directors of the legal entities, and to Sampo plc’s Audit Committee. Company-specific audit observations are reported to the respective companies’ management. Furthermore, the function submits audit reports to Sampo plc’s Audit Committee and the Board of Directors in all regulated entities at least twice a year. These reports include identified severe internal control deficiencies and potential follow-up issues yet to be remedied according to the agreed action plans. In addition, an annual internal audit report is issued for each sub-group and legal entity, and for Sampo Group. The Group Chief Audit Executive is responsible for having an external and internal quality assurance and improvement program in place covering all aspects of the internal audit function’s conformance with the Global Internal Audit Standards. The results are reported to the Sampo plc’s Audit Committee. External auditor • Deloitte Ltd Authorised Public Accountant Firm • Jukka Vattulainen, APA ASA Principally responsible auditor and sustainability reporting assurer Audit firm Deloitte acted as Sampo plc’s as well as If Group’s, Topdanmark’s and Hastings Group’s Auditor in 2025. The fees paid by Sampo Group companies to audit firm Deloitte for statutory audit services in 2025 totalled approximately EUR 4,055,000. In addition, Sampo Group companies paid audit firm Deloitte a total of approximately EUR 827,000 in fees for non-audit services, which is at most approximately 20.4 per cent of the fees paid by Sampo Group companies to audit firm Deloitte for statutory audit services. The fees paid by Sampo plc to Deloitte Ltd for statutory audit services invoiced in 2025 totalled approximately EUR 460,000 and approximately EUR 105,000 for sustainability reporting assurance. In addition, Sampo plc paid Deloitte Ltd a total of approximately EUR 208,000 in fees for non-audit services. Sampo plc’s AGM held on 23 April 2025 elected Deloitte Ltd to act as Sampo plc’s Auditor with APA ASA Jukka Vattulainen as the auditor and sustainability reporting assurer with principal responsibility. APA ASA Jukka Vattulainen has acted as Sampo plc’s principally responsible auditor since May 2021 and authorised sustainability auditor since April 2024. Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 55 ===== SIDA 56 ===== Sustainability Statement General information ...................................................................................................... 57 ESRS 2 General disclosures ............................................................................................ 57 Basis for preparation ................................................................................................... 57 Governance ..................................................................................................................... 57 Strategy ............................................................................................................................ 62 Impact, risk and opportunity management ......................................................... 69 Environmental information ........................................................................................ 72 EU Taxonomy ...................................................................................................................... 72 Underwriting activities ............................................................................................... 73 Investment activities .................................................................................................... 75 E1 Climate change .............................................................................................................. 77 Strategy ............................................................................................................................ 78 Impact, risk and opportunity management ......................................................... 81 Metrics and targets ....................................................................................................... 84 E5 Resource use and circular economy ..................................................................... 91 Impact, risk and opportunity management ......................................................... 92 Metrics and targets ....................................................................................................... 93 Social information .......................................................................................................... 94 S1 Own workforce .............................................................................................................. 94 Strategy ............................................................................................................................ 95 Impact, risk and opportunity management ......................................................... 95 Metrics and targets ....................................................................................................... 98 S2 Workers in the value chain ....................................................................................... 107 Strategy ............................................................................................................................ 108 Impact, risk and opportunity management ......................................................... 108 Metrics and targets ....................................................................................................... 112 S4 Consumers and end-users ........................................................................................ 113 Strategy ............................................................................................................................ 114 Impact, risk and opportunity management ......................................................... 114 Metrics and targets ....................................................................................................... 118 Governance information .............................................................................................. 121 G1 Business conduct .......................................................................................................... 121 Impact, risk and opportunity management ......................................................... 122 Metrics and targets ....................................................................................................... 124 Annexes .............................................................................................................................. 125 Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 56 ===== SIDA 57 ===== Sustainability Statement General information ESRS 2 General disclosures Basis for preparation BP-1 – General basis for preparation of the sustainability statement This Sampo Group Sustainability Statement 2025 has been prepared in accordance with the European Union’s (EU) Corporate Sustainability Reporting Directive (CSRD) and the related European Sustainability Reporting Standards (ESRS). The statement covers Sampo plc (Sampo) and its subsidiaries If P&C Insurance Holding Ltd (publ) (If) and Hastings Group (Consolidated) Ltd (Hastings). The consolidation principles used in the Sustainability Statement follow those used in Sampo Group’s financial reporting. The statement includes Sampo Group’s own operations as well as upstream and downstream value chains as described under the heading SBM-1 – Strategy, business model and value chain (p. 62). Sampo Group has not used the option to omit a specific piece of information corresponding to intellectual property, know-how, or the results of innovation. Neither has the Group used the exemption as provided for in articles 19a(3) and 29a(3) of Directive 2013/34/ EU. In accordance with appendix C in the Delegated Regulation (EU) 2025/4812, Sampo Group has used the phase-in option to omit the information prescribed by ESRS 2 SBM-3 paragraph 48(e), ESRS E1-9, and ESRS E5-6 (anticipated financial effects). Sampo Group has not marked this Sustainability Statement with digital XBRL sustainability tags in accordance with Chapter 7, Section 22 (1) (2) of the Accounting Act, as it has not been possible to comply with the provision due to the absence of the ESEF Regulation or other EU legislation. BP-2 – Disclosures in relation to specific circumstances Sampo Group reports the disclosures in relation to specific circumstances (e.g. sources of estimation, outcome uncertainty, changes compared to previous reporting periods, errors in prior reporting periods) alongside the disclosures to which they refer (e.g. in the calculation principles of the respective metric), when applicable. The metrics presented in this Sustainability Statement have not been validated by an external body other than the assurance provider of this Sustainability Statement. Governance GOV-1 – The role of the administrative, management, and supervisory bodies Composition and diversity Sampo Group’s administrative, management and supervisory bodies consists of eight non-executive Board members and the Group Chief Executive Officer (CEO). Sampo’s Board of Directors does not have employee representatives. All Board members have been determined to be independent of the company and its major shareholders under the rules of the Finnish Corporate Governance Code 2025. Sampo’s Board Diversity Policy aims to ensure that the Board of Directors embodies a well-balanced mix of knowledge, skills, diversity, and experience, in line with Sampo Group’s values and Code of Conduct. Board members are to have professional experience and education relevant and appropriate to Sampo’s scale and scope, including financial expertise, industry knowledge, international experience, risk management and strategic planning expertise, and governance and leadership skills. Diversity is key, with consideration given to at least age, gender, geographical provenance, and educational and professional background. Further, each Board member is expected to devote sufficient time to the Board’s work, and the Board as a whole shall fulfil the independence recommendations of the Corporate Governance Code. To promote gender balance, both genders shall always be represented on the Board, with a target that each represents at least 40 per cent of the Board’s members. However, some deviations may be applied if deemed Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report ≡ Corporate Governance Statement Sustainability Statement Group’s notes to the financial statements Sampo plc’s notes to the financial statements BOARD OF DIRECTORS’ REPORT 2025 57 ===== SIDA 58 =====