Årsredovisning 2025

Right-of-use assets related to lease contracts (right to 
use an underlying asset) are recognised in the asset 
side as part of Property, plant and equipment, and the 
corresponding lease liabilities in the liability side, as part 
of Other liabilities. A right-of-use asset is recognised at 
the commencement date of the lease and measured at 
cost that includes the amount of the initial 
measurement of the liability and potential prepaid rents 
to the lessor. Right-of-use assets are amortised on a 
straight-line basis over the lease period. Lease liability is 
also recognised at the commencement date and 
measured at the present value of the lease payments.
Depreciations on right-of-use assets and interests on 
lease liabilities are recognised in the income statement.
Intangible assets
Goodwill
Goodwill represents the excess of the cost of an 
acquisition (made after 1 January 2004) over the fair 
value of the Group’s share of net identifiable assets, 
liabilities, and contingent liabilities of the acquired entity 
at the date of acquisition. Goodwill on acquisitions 
before 1 January 2004 is accounted for in accordance 
with the previous accounting standards, and the 
carrying amount is used as the deemed cost in 
accordance with the IFRS. 
Goodwill is measured at historical cost less accumulated 
impairment losses. Goodwill is not amortised. Instead, it 
is tested at least annually for impairment.
Other intangible assets
IT software and other intangible assets, whether 
procured externally or internally generated, are 
recognised in the balance sheet as intangible assets 
with finite useful lives if it is probable that the expected 
future economic benefits that are attributable to the 
assets will flow to the Group and the cost of the assets 
can be measured reliably. 
The cost of internally generated intangible assets is 
determined as the sum of all costs directly attributable 
to the assets. Research costs are recognised as 
expenses in profit or loss as they are incurred. Costs 
arising from the development of new IT software or 
from significant improvement of existing software are 
recognised only to the extent they meet the above-
mentioned requirements for being recognised as assets 
in the balance sheet.
Intangible assets with finite useful lives are measured at 
historical cost less accumulated amortisation and 
impairment losses. Intangible assets are amortised on a 
straight-line basis over the estimated useful life of the 
asset. The estimated useful lives by asset class are as 
follows:
• IT software 3-10 years
• Other intangible assets 3-10 years
The useful life of acquired trademarks is determined 
individually per asset. The expected useful life for 
trademarks that are amortised is 10 years and 
amortisation starts from the time of acquisition on a 
straight-line basis during the useful life. Intangible assets 
with an indefinite useful life are not amortised. Instead, 
they are tested at least annually for impairment.
Amortisations and impairment losses are recognised in 
the statement of profit or loss in other expenses. 
Property, plant and equipment
Property, plant and equipment comprise properties 
occupied for Sampo’s own activities, office equipment, 
fixtures and fittings, and furniture. 
Property, plant and equipment are measured at 
historical cost less accumulated depreciation and 
impairment losses.
Improvement costs are added to the carrying amount 
of a property when it is probable that the future 
economic benefits that are attributable to the asset will 
flow to the Group. Costs for repairs and maintenance 
are recognised as expenses in the period in which they 
were incurred.
Items of property, plant and equipment are depreciated 
on a straight-line basis over their estimated useful life. In 
most cases, the residual value is estimated at zero. Land 
is not depreciated. Estimates of useful life are reviewed 
at financial year-ends and the useful life is adjusted if 
the estimates change significantly. The estimated useful 
lives by asset class are as follows:
• Buildings 20-50 years
• Components of buildings 15-20 years
• Property and leasehold improvements 4-10 years
• IT equipment and motor vehicles 2-5 years 
• Other equipment 3-15 years 
Depreciations and impairment losses are recognised in 
the statement of profit or loss in other expenses. 
Depreciation of property, plant or equipment will be 
discontinued if the asset in question is classified as held 
for sale in accordance with IFRS 5 Non-current Assets 
Held for Sale and Discontinued Operations.
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Impairment of intangible assets 
and property, plant and equipment
At each reporting date, the Group assesses whether 
there is any indication that an intangible asset or an 
item of property, plant or equipment may be impaired. 
If any such indication exists, the Group will estimate the 
recoverable amount of the asset. In addition, goodwill, 
intangible assets not yet available for use, and 
intangible assets with an indefinite useful life will be 
tested for impairment annually, independent of any 
indication of impairment. For impairment testing the 
goodwill is allocated to the cash-generating units of the 
Group from the date of acquisition. In the test, the 
carrying amount of the cash-generating unit, including 
the goodwill, is compared with its recoverable amount.
The recoverable amount is the higher of an asset’s fair 
value less costs to sell and its value in use. The value in 
use is calculated by estimating future net cash flows 
expected to be derived from an asset or a cash-
generating unit, and by discounting them to their 
present value using a pre-tax discount rate. If the 
carrying amount of an asset is higher than its 
recoverable amount, an impairment loss is recognised in 
profit or loss. In conjunction with this, the impaired 
asset’s useful life will be re-determined.
The impairment loss is reversed if there has been a 
change in circumstances and the recoverable amount 
has changed after the recognition of the impairment 
loss, but no more than to the carrying amount that it 
would have been without recognition of the impairment 
loss. Impairment losses recognised for goodwill are not 
reversed.
Insurance contracts 
Sampo Group has applied IFRS 17 Insurance Contracts 
from 1 January 2023. Sampo Group’s operations are 
focused on the P&C business and Sampo primarily uses 
the premium allocation approach (PAA) under IFRS 17. 
The risks involved in insurance contracts are widely 
elaborated in the Group’s note 32. 
Scope
In the Group’s insurance contracts, insurance risk is 
considered significant. Insurance contracts issued by 
third-party underwriters (panel underwriters), which do 
not transfer any insurance risk to the Group companies, 
are not in the scope of IFRS 17 but instead accounted 
for under IFRS 15 Revenue from Contracts with 
Customers.
Insurance contracts containing one or more 
components within the scope of different accounting 
standards are accounted for separately. Sampo 
evaluates the insurance contracts to identify 
components from the contracts. For example, an 
insurance contract may include an investment 
component or a component for services other than 
insurance contract services (or both).
Level of aggregation 
Insurance contracts are aggregated into portfolios of 
insurance contracts. The portfolios comprise contracts 
with similar risks that are managed together. These 
portfolios are further divided into annual cohorts, i.e. 
contracts not issued more than one year apart.
In Sampo Group, insurance contract portfolios are 
determined based on a segmentation of business, or a 
combination of line of business (as defined by the 
management), business area and country. Portfolios are 
determined separately for each legal entity or based on 
product lines. 
Sampo Group has identified some onerous contracts, 
but, all in all, their amount is insignificant.
The carrying amount of the portfolios of insurance and 
reinsurance contracts determines their presentation as 
assets or liabilities in the balance sheet.
Contract boundary 
The initial measurement of a group of insurance 
contracts includes all future cash flows arising within 
the contract boundary. In determining which cash flows 
fall within the contract boundary, substantive rights and 
obligations arising from the terms of the contract, 
together with applicable laws and regulations, are 
considered.
In Sampo Group, the majority of contracts have a one-
year contract boundary, typically until the next renewal 
date, i.e. the contract has one-year coverage period 
during which there are substantive rights and 
obligations.
Measurement 
In accordance with IFRS 17, a general measurement 
model (GMM) is applicable to all insurance contracts to 
measure insurance contract liabilities. Under the general 
measurement model, insurance contracts are measured 
based on future cash flows, adjusted to reflect the time 
value of money, including a risk adjustment, and a 
contractual service margin (CSM). 
When certain eligibility criteria are met, insurers may 
apply a simplified approach, the premium allocation 
approach (PAA), for the measurement of insurance 
contracts. PAA is eligible for insurance contracts with a 
coverage period of one year or less. This approach is 
also available for contracts where the PAA would not 
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materially differ from the results of the GMM. In Sampo 
Group, PAA is applied to all insurance contracts, 
because the coverage period for most of the insurance 
contracts is one year or less, and for longer insurance 
contracts the qualifying eligibility criteria are fulfilled. 
The measurement of insurance liabilities consists of the 
liability for remaining coverage (LRC) and acquisition 
cash flow asset, and liability for incurred claims (LIC), 
the latter including both reported but not settled claims, 
as well as incurred but not reported claims (IBNR).
On the initial recognition of groups of insurance 
contracts, the carrying amount of LRC is measured as 
the premiums initially received less insurance 
acquisition cash flows. In case of onerous contracts, a 
loss component is recognised.
The acquisition cash flows reducing the carrying 
amount of LRC mainly include staff costs related to 
sales personnel and commissions, as well as certain 
costs related to selling policies through price 
comparison websites. Any overhead costs are expensed 
immediately. Sampo Group's private business area has 
elected to recognise acquisition cash flows as an 
expense at the date when they are incurred. For other 
business areas, the acquisition costs are deferred over 
the coverage period of the contracts, generally one 
year, or longer in case of expected renewals.
Any acquisition cash flows paid relating to a group of 
insurance contracts not yet recognised, are presented 
as a separate acquisition cash flow asset and included in 
the related portfolio’s total carrying amount.   
The liability for remaining coverage relates to the 
obligation to investigate and pay valid claims that have 
not yet occurred. At subsequent reporting periods, the 
carrying amount of LRC is increased by premiums 
received during the period and decreased by the 
amount recognised as insurance revenue for services 
provided in the period, which for most products is 
based on the passage of time (straight line basis). 
Consequently, any premium receipts pertaining to 
insurance services to be provided after the closing date 
remain in this liability. The carrying amount is also 
increased for any premiums received in subsequent 
periods, less additional insurance acquisition cash flows 
paid. The carrying amount of LRC is not discounted or 
adjusted with the effect of financial risk, as the time 
between providing services and the related premium 
due date generally is no more than a year.
For groups of onerous contracts, a loss component is 
part of the liability for remaining coverage. The loss 
component is calculated as the difference between the 
liability measured with the general measurement model 
and with the premium allocation approach.
The liability for incurred claims (LIC) is intended to 
cover the future payments of all claims incurred, 
including claims not yet reported to the company and 
all claims handling expenses. Sampo Group measures 
the liability for incurred claims (LIC) for the group of 
insurance contracts at the amount of estimated 
fulfilment cash flows relating to incurred claims. 
Fulfilment cash flows consist of three components, 
namely expected cash flows, discounting and risk 
adjustment. The estimated future cash flows (best 
estimate) are calculated with the aid of statistical 
methods or through individual assessments of individual 
claims. 
Both the best estimate and risk adjustment are 
discounted to present value using standard actuarial 
methods and applying market-based yield curves. The 
curves are constructed based on a risk-free rate and an 
illiquidity premium for each of the main currencies.
Discounting
Sampo Group has determined the discount rates based 
on a bottom-up approach. The interest rate curve 
includes a risk-free rate and an illiquidity premium for 
each currency. The illiquidity premium is mainly derived 
based on spread between benchmark bond yield curve 
and swap curve for the liquid part of the interest rate 
curve. Beyond this, the curve converges to the ultimate 
forward rate, consistent with the EIOPA curves. 
Discount rates are constructed separately for the main 
currencies applied in Sampo Group’s subsidiaries.
The discounting effect of current-year liabilities for 
incurred claims and changes in the cash flows is 
recognised in the insurance service result. Unwinding of 
interest rates, effect of changes in interest rates, and 
other financial assumptions are presented as insurance 
finance income or expense in profit or loss. Sampo 
Group has elected not to apply the OCI option allowed 
under IFRS 17. 
Risk adjustment 
In accordance with IFRS 17, an explicit risk adjustment is 
included in the measurement of insurance liabilities. The 
risk adjustment reflects the cost of uncertainty 
associated with the amount and timing of cash flows 
arising from non-financial risk and the degree of risk 
aversion. The risks typically considered in P&C 
operations, when assessing risk adjustment, are reserve 
risk, longevity risk, inflation risk, and premium risk.
In Sampo Group, the risk adjustment is derived through 
a confidence level technique whereby management 
determines the appropriate quantile. The risk 
adjustment is calculated at the subsidiary level and 
aggregated into the consolidated Sampo Group-level 
risk adjustment, without any diversification effects 
assumed. Under the premium allocation approach, the 
risk adjustment is only included in LIC, unless a group of 
insurance contracts is onerous.
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Reinsurance contracts 
The PAA model is applied to reinsurance contracts held. 
The corresponding accounting policies as for measuring 
the insurance contracts issued are applied when 
measuring the reinsurance contracts held. Thus, 
correspondingly to insurance liabilities for issued 
insurance contracts, the reinsurance assets for 
reinsurance contracts held consist of asset for 
remaining coverage and asset for incurred claims. The 
asset for incurred claims also takes into consideration 
the effect of the risk of non-performance by the issuer 
of the reinsurance contract.
Investment components are included in the reinsurance 
contracts held for cash flows repaid to a policyholder in 
all circumstances, i.e. regardless of whether an insured 
event occurs or not. Identified amounts of investment 
components are excluded from recognised amounts for 
reinsurance result in the statement of profit and other 
comprehensive income. 
Employee benefits 
Post-employment benefits
Post-employment benefits include pensions and life 
insurance.
Sampo has defined benefit plans in Sweden and 
Norway, and defined contribution plans in other 
countries. The most significant defined contribution 
plan is that arranged through the Employees’ Pensions 
Act (TyEL) in Finland.
In the defined contribution plans, the Group pays fixed 
contributions to a pension insurance company and has 
no legal or constructive obligation to pay further 
contributions. The obligations arising from a defined 
contribution plan are recognised as an expense in the 
period to which the obligation relates.
In the defined benefit plans, the company still has 
obligations after paying the contributions for the 
financial period and bears their actuarial and/or 
investment risk. The obligation is calculated separately 
for each plan using the projected unit credit method. In 
calculating the amount of the obligation, actuarial 
assumptions are used. The pension costs are recognised 
as an expense for the service period of employees.
Defined benefit plans are both funded and unfunded. 
The amounts reported as pension costs during a 
financial year consist of the actuarially calculated 
earnings of old-age pensions during the year, calculated 
straight-line, based on pensionable income at the time 
of retirement. The calculated effects in the form of 
interest expense for crediting/appreciating the 
preceding years’ established pension obligations are 
then added. The calculation of pension costs during the 
financial year starts at the beginning of the year and is 
based on assumptions about such factors as salary 
growth and price inflation throughout the duration of 
the obligation and on the current market interest rate 
adjusted to take into account the duration of the 
pension obligations.
The current year pension cost and the net interest of 
the net liability is recognised through profit or loss in 
pension costs. The actuarial gains and losses and the 
return of the plan assets (excluding net interest) are 
recognised as a separate item in other comprehensive 
income.
The fair value of the plan assets covered by the plan is 
deducted from the present value of future pension 
obligations and the remaining net liability or net asset is 
recognised separately in the balance sheet.
The Group has also certain voluntary defined benefit 
plans, which have no material significance.
Termination benefits
An obligation based on the termination of employment 
is recognised as a liability when the Group is verifiably 
committed to terminating the employment of one or 
more persons before the normal retirement date, or to 
granting benefits payable upon termination as a result 
of an offer to promote voluntary redundancy. As no 
economic benefit is expected to flow to the employer 
from these benefits in the future, they are recognised 
immediately as expenses. Obligations maturing more 
than 12 months later than the balance sheet date are 
discounted. The benefits payable upon termination at 
Sampo are the monetary and pension packages related 
to redundancy.
Share-based payments
During the financial year, Sampo had five valid share-
based incentive schemes settled in cash (the long-term 
incentive schemes 2020 I, 2020 II, 2020 III, 2024 and 
2025 for the management and key employees).  
Topdanmark’s former management had a share-based 
incentive scheme that was converted to a phantom 
equity plan in 2024. Hastings had two share-based 
incentive schemes during the financial year. More 
information on the different incentive schemes of the 
Group companies can be found in note 26 Incentive 
schemes. 
The schemes have been measured at fair value at the 
grant date and at every reporting date thereafter. 
In the schemes settled in cash, the valuation is 
recognised as a liability and changes are recognised 
through profit or loss. In the schemes settled in shares, 
the strike amounts received on the exercise of the 
options are recognised in the shareholder’s equity.
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The fair value of the schemes has to a large extent been 
determined using the Black-Scholes-pricing model. The 
fair value of the market-based part of the incentive 
takes into consideration the model’s forecast 
concerning the number of incentive units to be paid as 
a reward. The effects of non-market-based terms are 
not included in the fair value of the incentive; instead, 
they are considered in the number of those incentive 
units that are expected to be exercised during the 
vesting period. In this respect, the Group will update the 
assumption on the estimated final number of incentive 
units at every interim or annual balance sheet date.
Provisions
A provision is recognised when the Group has a present 
legal or constructive obligation as a result of a past 
event, and when it is probable that an outflow of 
resources embodying economic benefits will be 
required to settle the obligation and the Group can 
reliably estimate the amount of the obligation.
If it is expected that some or all of the expenditure 
required to settle the provision will be reimbursed by 
another party, the reimbursement will be treated as a 
separate asset only when it is virtually certain that the 
Group will receive it.    
Liability for the share buyback 
programme
Sampo recognised a financial liability against equity 
representing Sampo’s commitment under the share 
buyback agreement with a financial institution 
responsible for share repurchases on Sampo’s behalf.
At the time of recognition, the liability was measured 
corresponding to the expected amount of the buyback 
programme. At the reporting date, the liability was 
measured at the amount that represents the 
outstanding share of the share buyback programme.
Income taxes
Item Tax expenses in the income statement comprise 
current and deferred tax. Tax expenses are recognised 
through profit or loss, except for items recognised 
directly in equity or other comprehensive income, in 
which case the tax effect will also be recognised for 
those items. Current tax is calculated based on the valid 
tax rate of each country. Tax is adjusted for any tax 
related to previous periods.
Deferred tax is calculated on all temporary differences 
between the carrying amount of an asset or liability in 
the balance sheet and its tax base. Deferred tax is not 
recognised on non-deductible goodwill impairment, nor 
is it recognised on undistributed profits of subsidiaries 
to the extent that it is probable that the temporary 
difference will not reverse in the foreseeable future. 
Deferred tax liabilities and assets are offset in individual 
companies if, and only if, they relate to income taxes 
levied by the same taxation authority and the company 
has a legally enforceable right of offset them.
Deferred tax is calculated using the enacted tax rates 
prior to the balance sheet date. A deferred tax asset is 
recognised to the extent that it is probable that future 
taxable income will be available against which a 
temporary difference can be utilised.
Sampo Group companies have applied a mandatory 
relief from deferred tax accounting for any potential 
impacts of the top-up tax and account for it as a current 
tax should it occur. 
Share capital 
The incremental costs directly attributable to the issue 
of new shares or options or to the acquisition of a 
business are included in equity as a deduction, net of 
tax, from the proceeds. 
Dividends are recognised in equity in the period when 
they are approved by the Annual General Meeting. 
When the parent company or other Group companies 
purchase the parent company’s equity shares, the 
consideration paid is deducted from equity as treasury 
shares until they are cancelled. If such shares are 
subsequently sold or reissued, any consideration 
received is included in equity.
Treasury shares 
When a share buyback is initiated, Sampo recognises 
the total amount of the buyback upfront as a financial 
liability against equity.
No gains or losses are recognised from purchase, sale, 
or cancellation of own shares. If own shares are re-
issued, the difference between purchase price and 
consideration received is recognised in the premium 
reserve.
Restricted Tier 1 instrument
Accounting treatment of restricted Tier 1 (RT1) 
instrument depends on the substance of the contractual 
arrangement. The restricted Tier 1 instrument is 
accounted as equity as the notes are unsecured and 
subordinated, as well as perpetual with no fixed 
maturity date. Payment of interest and principal is at 
the discretion of Sampo. Therefore, the restricted Tier 1 
notes qualify as equity instruments pursuant to IAS 32. 
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Transaction costs related to the issue of the notes are 
directly recognised in retained earnings. Interest 
expense is also recognised as a reduction in retained 
earnings.
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-
term deposits (3 months).
Sampo presents cash flows from operating activities 
using the indirect method, in which the profit (loss) 
before taxation is adjusted for the effects of 
transactions of a non-cash nature, deferrals and 
accruals, and income and expense associated with 
investing or financing cash flows.
In the cash flow statement, interest received and paid is 
presented in cash flows from operating activities. In 
addition, the dividends received from other than 
associated companies are included in cash flows from 
operating activities. Dividends received from associates 
are presented in cash flows from investments. 
Dividends paid are presented in cash flows from 
financing.
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Accounting policies requiring 
management judgement and 
key sources of estimation 
uncertainties
Preparation of the accounts in accordance with the 
IFRS requires management estimates and assumptions 
that have affected the revenue, expenses, assets, 
liabilities and contingent liabilities presented in the 
financial statements. Judgement is also required in the 
application of accounting policies. The estimates made 
are based on the best information available at the 
balance sheet date. The estimation is based on historical 
experience and the most probable assumptions 
concerning the future at the balance sheet date. The 
actual outcome may deviate from results based on 
estimates and assumptions. Any changes in the 
estimates will be recognised in the financial year during 
which the estimate is reviewed in all subsequent 
periods.
Insurance contracts
Sampo Group management applies judgement 
regarding the determination of discount rates and risk 
adjustment.
The interest rate curve includes a risk-free rate and an 
illiquidity premium determined by Management, which 
in Sampo Group is mainly based on a portfolio of high-
rated bonds.
Risk adjustment is determined separately for all Sampo 
Group’s companies and aggregated at the group level. 
Management considers this to reflect the compensation 
that different entities would require for bearing non-
financial risk and their degree to risk aversion. The 
confidence level approach is applied in the Group 
companies. The confidence level applied in calculating 
the risk adjustment is 85 per cent.
Actuarial assumptions 
Evaluation of insurance liabilities always involves 
uncertainty, as technical provisions are based on 
estimates and assumptions concerning future claims 
costs. The estimates are based on statistics on historical 
claims available to the Group on the balance sheet date. 
The uncertainty related to the estimates is generally 
greater when estimating new insurance portfolios, or 
portfolios where the clarification of a loss takes a long 
time because complete claims statistics are not yet 
available. In addition to historical data, estimates of 
insurance liabilities take into consideration other 
matters such as claims development, the amount of 
unpaid claims, legislative changes, court rulings and the 
general economic situation.
A substantial part of the Group’s P&C insurance 
liabilities concerns statutory accident and traffic 
insurance. The most significant uncertainties related to 
the evaluation of these liabilities are assumptions about 
inflation, mortality, discount rates and the effects of 
legislative revisions and legal practices.
Defined benefit plans as intended in IAS 19, are also 
estimated in accordance with actuarial principles. As 
the calculation of a pension plan reserve is based on 
expected future pensions, assumptions must be made 
not only about discount rates, but also about matters 
such as mortality, employee turnover, price inflation and 
future salaries. 
Determination of fair value
The fair value of any non-quoted financial assets is 
determined using valuation methods that are generally 
accepted in the market. 
Impairment tests 
Goodwill, and intangible assets with an indefinite useful 
life are tested for impairment at least annually. The 
recoverable amounts from cash-generating units have 
mainly been determined by using calculations based on 
the value in use. These require management estimates 
on matters such as future cash flows, the discount rate, 
and, general economic growth and inflation.
During 2025, Sampo reorganised its reporting segments 
in accordance with IFRS 8 in a way that changed the 
composition of cash generating units (CGUs). 
Management assessed that the split of goodwill based 
on the actual units or entities, in which the goodwill is 
associated with, and in which it is internally monitored, 
represents appropriate method for allocation.   
Acquisition of Topdanmark’s non-
controlling interest
In 2024, Sampo acquired the remaining non-controlling 
shares in Topdanmark. For more detailed description of 
the acquisition, please see note 28. 
In accordance with IFRS 10 Consolidated Financial 
Statements, after the control of a subsidiary has been 
gained, any subsequent change in the ownership, not 
resulting in a loss of control, is treated as an equity 
transaction between the non-controlling interests and 
the owners of the parent company (IFRS 10.23). The 
acquisition of non-controlling interest of Topdanmark 
was accounted for as an equity transaction between the 
NCI and the owners of the parent.  
Sale of Topdanmark A/S shares to If P&C Insurance 
Holding Ltd
As the sale transaction of Topdanmark’s shares was an 
intra-group transaction, all impacts, including the sales 
gain of the shares, were eliminated on the Sampo Group 
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level. The intra-group sale of shares met the definition 
of a common control transaction as both If P&C 
Insurance Holding Ltd and Topdanmark A/S were under 
the control of Sampo plc before and after the 
acquisition. 
As part of the intra-group sales transaction, Sampo 
granted If P&C Insurance Holding loans denominated 
partly in currencies other than functional currencies 
either in Sampo or in If Group. IAS 21 The Effects of 
Changes in Foreign Exchange Rates enables to 
recognise exchange rate differences arising from a loan 
(monetary item) in other comprehensive income when 
that loan is included as part of the net investment in a 
foreign operation. Sampo has assessed that in its 
consolidated accounts, the long-term loan receivable 
forms a part of Sampo’s net investment in foreign 
operation i.e. investment in subsidiary shares in If P&C 
Insurance Holding Ltd.
Provisions 
Restructuring reserve 
Following the acquisition of non-controlling interests in 
Topdanmark, Sampo plc sold the shares of Topdanmark 
A/S to If P&C Insurance Holding Ltd for further 
integration into If Group’s structure. In connection with 
the acquisition and the integration of Topdanmark into 
If Group, the one-off restructuring costs were 
recognised related to the reserve. 
If and Topdanmark have estimated that requirements 
set in the IAS 37 Provisions, Contingent Liabilities and 
Contingent Assets for a recognition of a provision were 
met at the end of the reporting period. The 
restructuring provision is recognised as it is probable 
that the restructuring costs will incur while carrying out 
the integration. The costs relate mainly to redundancies, 
decommissioning and sunsetting of systems as well as 
rebranding. 
The provision contains judgements mainly around the 
size of the restructuring costs and the existence of any 
additional expenses. The judgements are amongst other 
things based on internal information from the financial 
planning process. 
Tax reserve
Entities within Hastings Group are subject to review by 
tax authorities in the UK and Gibraltar. The Hastings 
Group commenced discussion with HMRC in December 
2016, regarding aspects of its business model and the 
allocation of certain elements of its profit between the 
Group’s operating subsidiaries, Hastings Insurance 
Services Limited (‘HISL’) in the UK and Advantage 
Insurance Company Limited (‘AICL’) in Gibraltar.
Management considers that the most likely outcome 
will be that no further tax liability will be due. However, 
given the subjective nature of the transfer pricing, there 
remains a possibility that a potential liability could 
become payable. Therefore, Hastings has recognised a 
provision for tax liability based on a probability analysis 
of a range of potential outcomes. Any final amount may 
differ from the amount provided depending on the 
ultimate resolution of such matters. 
Application of new or revised IFRS 
Accounting Standards in issue but 
not yet effective 
The Group will apply new or amended standards and 
interpretations related to the Group’s business in the 
financial years when they become effective, or if the 
effective date is other than the beginning of the 
financial year, during the financial year following the 
effective date. (An amendment marked with * have not 
yet been adopted by the EU)
• Amendments to IFRS 9 and IFRS 7 Classification and 
measurement of financial instruments (effective 1 Jan 
2026)
• Amendments to IFRS 9 and IFRS 7 Contracts 
Referencing Nature-dependent Electricity (effective 1 
Jan 2026)
• Annual Improvements to IFRS Accounting Standards 
– Volume 11 (effective 1 Jan 2026)
• IFRS 18 Presentation and Disclosures in Financial 
Statements* (effective 1 Jan 2027) 
• IFRS 19 Subsidiaries without Public Accountability: 
Disclosures* (effective 1 Jan 2027) 
• Amendments to IAS 21 Translation to a 
Hyperinflationary Presentation Currency (effective 1 
Jan 2027) 
The new IFRSs coming into effect in the financial year 
2026, will not have any significant influence on the 
Group's financial reporting.
IFRS 18 Presentation and Disclosures in 
Financial Statements
IFRS 18 Presentation and Disclosure in Financial 
Statements was published in April 2024, and will take 
effect on 1 January 2027. The standard has not yet been 
adopted by the EU. 
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FINANCIAL STATEMENTS 2025 157

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

IFRS 18 replaces IAS 1 Presentation of Financial 
Statements carrying forward many of the requirements 
in IAS 1 unchanged and complementing them with new 
requirements. In addition, some IAS 1 paragraphs have 
been moved to IAS 8 and IFRS 7. Furthermore, the IASB 
has made minor amendments to IAS 7 and IAS 33 
Earnings per Share.
IFRS 18 introduces new requirements to, among others:
• present specified categories and defined subtotals in 
the statement of profit or loss
• provide disclosures on management-defined 
performance measures (MPMs) in the notes to the 
financial statements
• improve aggregation and disaggregation.
The amendments to IAS 7 and IAS 33, as well as the 
revised IAS 8 and IFRS 7, become effective when an 
entity applies IFRS 18. IFRS 18 requires retrospective 
application with specific transition provisions. 
Sampo has started to analyse the effect of the new 
standard and follows the development of how the 
standard will be incorporated into Finnish and European 
law. Management estimates that	the application of IFRS 
18 will have an impact on the Group's consolidated 
financial statements in future periods. 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
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FINANCIAL STATEMENTS 2025 158

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

Segment information
In February 2025, Sampo introduced new reporting 
segments to reflect its transformation into a fully-
integrated P&C insurance group following the 
acquisition of the non-controlling interests in 
Topdanmark in 2024. 
Sampo reports its financial performance based on the 
Group’s operational business areas that are regularly 
reviewed by a chief operating decision-maker. 
Segments’ customer bases, risks, and performance 
measures differ from each other. The control and 
management of business and management reporting 
are organised in accordance with the business 
segments. The new segments are Private Nordic, 
Private UK, Nordic Commercial, and Nordic Industrial: 
• Private Nordic includes the Group’s Nordic private 
customer business, previously reported under the If 
and Topdanmark segments in Sampo’s accounts. 
Sampo operates in the Nordic private insurance 
market through its main brand, If, and other brands 
including Topdanmark and various white-label 
partnerships.
• Private UK includes the Group’s UK business, 
previously reported as Hastings in Sampo’s accounts. 
Sampo operates in the UK private insurance market 
through its customer brand Hastings, which is one of 
the leading digital P&C insurance providers focused 
on serving UK car, van, bike, and home insurance.
• Nordic Commercial includes the Group’s Nordic 
commercial customer businesses, previously reported 
under the If and Topdanmark segments in Sampo’s 
accounts, as well as Oona Health. The segment 
focuses particularly on SMEs. 
• Nordic Industrial includes the Group’s Nordic 
Industrial customer business, previously reported 
under the If segment in Sampo’s accounts. 
Corporates with revenues of more than SEK 500 
million (approx. EUR 45 million), or more than 500 
employees, are classified as Industrial customers.
In addition to these four reporting segments, Sampo 
presents other operations, consisting mainly of the 
Group’s Baltic business but also of group eliminations 
and other internal items. Other operations are not 
considered a separate reporting segment as they do 
not fulfil the criteria for reporting segments under 
IFRS 8.
The chief operating decision-maker (CODM) is 
considered to be Sampo Group’s Executive Committee 
(GEC).
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
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the financial statements
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FINANCIAL STATEMENTS 2025 159

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

Result by segment for twelve months ended 31 December 2025
In each reporting segment, Sampo reports the key profit or loss figures from 
insurance revenue to the underwriting result. These key profit or loss figures are 
reported regularly to the chief operating decision-maker to assess the reporting 
segments performance. Items below the underwriting result, such as net 
investment income and insurance finance income or expense, are reported at the 
group level. 
EURm Private Nordic Private UK
Nordic 
Commercial Nordic Industrial Other operations Sampo Group
Insurance revenue, net (incl. brokerage)  3,995  2,000  2,201  584  298  9,078 
Claims incurred, net  -2,431  -1,073  -1,285  -341  -161  -5,290 
Operating expenses (incl. claims handling costs)  -849  -712  -539  -134  -68  -2,302 
Underwriting result  715  216  376  109  69  1,485 
Net investment income  1,285 
Net insurance finance income or expense  -74 
Net financial result  1,210 
Other income or expense  -48 
Non-operational amortisations  -128 
Finance expenses  -83 
Profit before taxes  2,436 
Underwriting result has been defined in the section Calculation of key figures. 
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FINANCIAL STATEMENTS 2025 160

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

Result by segment for twelve months ended 31 December 2024
EURm Private Nordic Private UK
Nordic 
Commercial Nordic Industrial Other operations Sampo Group
Insurance revenue, net (incl. brokerage)  3,667  1,659  2,128  657  275  8,386 
Claims incurred, net  -2,226  -868  -1,254  -455  -146  -4,948 
Operating expenses (incl. claims handling costs)  -814  -601  -522  -128  -57  -2,122 
Underwriting result  628  190  352  74  72  1,316 
Net investment income  888 
Net insurance finance income or expense  -252 
Net financial result  636 
Other income or expense  -210 
Non-operational amortisations  -79 
Finance expenses  -103 
Profit before taxes  1,559 
Comparative figures have been restated based on the new segments.
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FINANCIAL STATEMENTS 2025 161

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

Segment reconciliation
The following tables present reconciliations from the segment reporting’s numbers to 
Sampo Group’s reported numbers.
Insurance revenue, gross
EURm 1-12/2025 1-12/2024
Insurance revenue, net (incl. brokerage)
Private Nordic  3,995  3,667 
Private UK  2,000  1,659 
Nordic Commercial  2,201  2,128 
Nordic Industrial  584  657 
Reporting segments' total of insurance revenue, net  8,780  8,111 
Intra-segment eliminations on insurance operations  -50  -24 
Intra-segment eliminations on reinsurance operations  50  23 
Other operations  298  275 
Sampo Group insurance revenue, net  9,078  8,386 
Reinsurance operations and investment component  1,347  1,201 
Other items  -153  -138 
Sampo Group insurance revenue, gross  10,272  9,450 
Insurance service result
EURm 1-12/2025 1-12/2024
Underwriting result
Private Nordic  715  628 
Private UK  216  190 
Nordic Commercial  376  352 
Nordic Industrial  109  74 
Reporting segments' total of underwriting result  1,416  1,244 
Intra-segment eliminations  0  3 
Other operations  69  69 
Sampo Group's underwriting result  1,485  1,316 
Other items  106  78 
Sampo Group insurance service result  1,590  1,394 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
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Group’s notes to 
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Sampo plc’s notes to 
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FINANCIAL STATEMENTS 2025 162

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

Balance sheet by segment at 31 December 2025
In each reporting segment, Sampo reports the key balance sheet figures related to 
the segment’s insurance operations. These key balance sheet figures are reported 
regularly to the chief operating decision-maker for the assessment of segment 
operations. Other balance sheet items are not allocated between the segments 
when reporting to the chief operating decision maker, instead they are followed 
only on the group level. 
EURm Private Nordic Private UK
Nordic 
Commercial Nordic Industrial Other operations Sampo Group
Reinsurance contract assets
Reinsurers' share of remaining coverage  -1  334  -8  17  -10  332 
Reinsurers' share of claims incurred  48  1,609  260  297  -59  2,156 
Reinsurance contract assets, total  47  1,943  252  314  -69  2,488 
Insurance contract liabilities
Liability for remaining coverage  676  668  268  226  50  1,888 
Liability for incurred claims  3,126  3,092  3,047  1,436  182  10,884 
Acquisition cash flow assets  —  —  -9  -4  —  -12 
Insurance contract liabilities, total  3,801  3,760  3,306  1,659  233  12,760 
Balance sheet by segment at 31 December 2024
EURm Private Nordic Private UK
Nordic 
Commercial Nordic Industrial Other operations Sampo Group
Reinsurance contract assets
Reinsurers' share of remaining coverage  —  270  -1  20  -14  276 
Reinsurers' share of claims incurred  28  1,625  232  469  -12  2,342 
Reinsurance contract assets, total  27  1,896  231  490  -26  2,618 
Insurance contract liabilities
Liability for remaining coverage  639  713  266  231  48  1,896 
Liability for incurred claims  2,888  2,683  3,028  1,634  176  10,409 
Acquisition cash flow assets  —  —  -16  -4  —  -20 
Insurance contract liabilities, total  3,527  3,396  3,278  1,861  224  12,286 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
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Group’s notes to 
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Sampo plc’s notes to 
the financial statements
FINANCIAL STATEMENTS 2025 163

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

Geographical information
EURm
2025 Finland Sweden Norway Denmark UK Baltic Total
Revenue from external customers  1,761    2,046    1,948    2,217    2,836    250    11,060   
Non-current assets  123    455    181    1,574    1,461    4    3,798   
EURm
2024 Finland Sweden Norway Denmark UK Baltic Total
Revenue from external customers  1,269    1,954    1,749    2,126    2,234    245    9,577   
Non-current assets  99    433    179    1,639    1,570    6    3,925   
Geographical information has been disclosed on income from external customers and 
non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, UK and 
the Baltic countries.
The revenue includes insurance revenue according to the underwriting country, and 
income from broker activities. For Sampo plc, the revenue includes net investment 
income and other operating income. 
Non-current assets comprise of intangible assets, investments in associates, property, 
plant and equipment, and investment property.
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FINANCIAL STATEMENTS 2025 164

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

Other notes
1 Insurance service result
EURm 1-12/2025 1-12/2024
Insurance revenue 
Insurance contracts measured under PAA
Gross written premiums  10,294  9,527 
Change in liability for remaining coverage  -313  -343 
Brokerage revenue  291  266 
Total insurance revenue  10,272  9,450 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -5,820  -5,827 
Claims handling expenses  -581  -518 
Change in liability for incurred claims  -57  118 
Change in risk adjustment  -150  -80 
Change in loss component  -10  21 
Insurance service expenses related to claims incurred  -6,618  -6,287 
Operating expenses  -1,507  -1,396 
Total insurance service expenses  -8,126  -7,684 
Reinsurance result 
Premiums  -1,003  -909 
Claims recovered  448  537 
Total reinsurance result  -556  -372 
Total insurance service result  1,590  1,394 
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
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Sampo plc’s notes to 
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FINANCIAL STATEMENTS 2025 165

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

2 Net investment income
The net investment income consists of investment income and expenses from financial 
assets and liabilities held by the Group companies. 
EURm 1-12/2025 1-12/2024
Derivative financial instruments
Interest income  3   4  
Interest expense  -12   0  
Net gains or losses  -30   13 
Derivative financial instruments, total  -38   17 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  496   493 
Net gains or losses  41   147 
Equity securities 
Dividend income  28   37 
Net gains or losses  652   81 
Funds
Distributions  14   6 
Interest income  10   10 
Net gains or losses  83   70 
Financial assets at fair value through profit or loss, total  1,325   844 
Financial assets at amortised cost
Interest Income  17   39  
Expected credit losses  -17   -7 
Financial assets at amortised cost, total  0   32 
Total income or expenses from financial assets  1,287   892 
EURm 1-12/2025 1-12/2024
Other
Expenses from asset management  -33   -21 
Other income  44   57 
Other expenses  -8   -38 
Fee expenses  -5   0 
Expenses from investment property  0   -3 
Total other  -2   -4 
Total net investment income  1,285   888 
Net gains or losses for debt securities include exchange differences of EUR -8 million (2).
More information on the expected credit losses on financial assets measured at 
amortised cost is presented in note 12. 
The Swedish bank NOBA Group completed its initial public offering in late September 
2025. Consequently, Sampo sold part of its holding in NOBA, resulting in a net sales 
gain of EUR 58 million. The valuation gain of Sampo’s remaining investment in NOBA 
amounted to EUR 487 million during the reporting period. 
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FINANCIAL STATEMENTS 2025 166

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

3 Net finance income or expense from 
insurance contracts
EURm 1-12/2025 1-12/2024
Insurance contracts
Unwinding of discount rates  -321    -324   
Effect of changes in interest rates and other financial 
assumptions  141    15   
Total finance income or expenses from insurance contracts  -180    -309   
Reinsurance contracts
Unwinding of discount rates  81    86   
Reinsurers' share of effect of changes in interest rates and 
other financial assumptions  25    -29   
Total finance income or expenses from reinsurance contracts  106    57   
Net finance result from insurance and reinsurance contracts  -74    -252   
4 Other income
EURm 1-12/2025 1-12/2024
Other income  364    300   
Income related to brokerage activities  5    12   
Total other income  369    312   
If’s other income includes approximately EUR 155 million (144) income from insurance 
operations without a transfer of insurance risk. Such income is primarily attributable, 
e.g. to sales commission and services for administration and claims settlement in 
insurance contracts on behalf of other parties. This operating income is accounted for 
under IFRS 15 Revenue from Contracts with Customers. In addition, other operating 
income includes income from roadside assistance services provided by If’s subsidiary 
Viking Assistance Group AS, recognised when roadside assistance has been provided. 
Hastings’ operating income includes a total of EUR 159 million (134) revenue 
recognised under IFRS 15 and consisting of fees and commission on panel providers, 
ancillary product income, and other retail income. Income related to broker activities is 
also accounted for under IFRS 15 if there is no insurance risk transferred to Hastings. 
5 Other expenses
EURm 1-12/2025 1-12/2024
Other expenses  -337    -465   
Depreciation and amortisation  -173    -120   
Salaries and other staff costs  -141    -100   
Total other expenses  -651    -685   
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Sustainability 
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Group’s notes to 
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Sampo plc’s notes to 
the financial statements
FINANCIAL STATEMENTS 2025 167

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

Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the 
following table provides additional information on the nature of the expenses, 
including the total of depreciation, amortisation, and employee benefit expense. 
EURm 1-12/2025 1-12/2024
Staff costs
Salaries and wages  -1,072  -967 
Cash-settled share-based payments  -25  -22 
Share-settled share-based payments  —  -7 
Pension costs
Pension expenses - defined contribution plans  -104  -101 
Pension expenses - defined benefit plans  -15  -9 
Other social security costs  -211  -188 
Depreciation and impairments on PP&E
Depreciation on plant and equipment  -18  -17 
Depreciation IFRS 16  -31  -34 
Impairment losses  -7  — 
Write-offs  -20  — 
Amortisation
Amortisation on customer relations  -94  -72 
Amortisation on other intangibles  -60  -57 
Write-offs  -8  — 
Rental expenses  -30  -35 
IT costs  -284  -243 
Marketing expenses  -78  -75 
Other  -692  -824 
Total expenses split by nature  -2,750    -2,653   
The main items in line Other include commissions of EUR 209 million (146), other 
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125), 
and levies EUR 59 million (47).
6 Auditor's fees
EUR thousand 1-12/2025 1-12/2024
Auditing fees
Deloitte  -4,055    -4,322   
Sirius  -263    —   
Other fees
Deloitte  -827    -712   
Total  -5,145    -5,034   
7 Finance expenses
EURm 1-12/2025 1-12/2024
Interest expense on financial liabilities  -20    -21   
Interest expense on subordinated loans  -47    -52   
Other items  -16    -30   
Total finance expenses  -83    -103   
During the financial year, 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. This resulted in a positive one-off effect 
of around EUR 20 million on finance expenses.
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FINANCIAL STATEMENTS 2025 168

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

8 Components of other comprehensive 
income
EURm 1-12/2025 1-12/2024
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  -91  -25 
Exchange differences arising from net investment in foreign 
operation  78  21 
Cashflow hedges  -2  1 
Total items reclassifiable to profit or loss, net of tax  -16  -3 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans  24  0 
Taxes  -5  0 
Total items not reclassifiable to profit or loss, net of tax  19  0 
Other comprehensive income total, net of tax  3  -3 
On 1 November 2024, Sampo plc sold all the issued shares in Topdanmark A/S to If 
P&C Insurance Holding Ltd. As part of the arrangement, Sampo plc granted a loan to If 
P&C Insurance Holding Ltd, amounting to EUR 1,724 million divided in principle 
amounts of DKK 6,432 million and EUR 862 million. The loan is considered to form a 
part of Sampo’s net investment in a foreign operation (subsidiary) and therefore any 
exchange rate gains or losses are recognised in other comprehensive income. The net 
exchange rate differences are accumulated in the equity in the translation of foreign 
operations reserve. 
For more information on the transaction, please see note 28 Acquisition of 
Topdanmark’s non-controlling interests. 
9 Earnings per share
EURm 1-12/2025 1-12/2024
Profit or loss attributable to the equity holders of the parent 
company  1,998    1,154   
Weighted average number of shares outstanding during the 
financial year*  2,685    2,561   
Earnings per share (EUR per share)  0.74    0.45   
Earnings per share, continuing operations  0.74    0.45   
* The weighted average number of treasury shares during the financial year has been taken into 
account in the number of shares. There were no other share-related transactions during the 
financial year.
In February 2025, Sampo carried out a share split by way of a share issue without consideration. 
The new shares were issued to shareholders in proportion to their existing holdings, so that four (4) 
new shares were issued for each existing share. Non-adjusted and reported earnings per share for 
the comparison period was EUR 2.25. 
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FINANCIAL STATEMENTS 2025 169

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

10 Property, plant and equipment
2025
EURm
Right-of-
use assets1
Land and 
buildings
Plant and 
equipment2 Total
At 1 January
Cost  294  108  197  599 
Accumulated depreciation  -160  -9  -147  -315 
Net carrying amount at 1 January  134  100  51  284 
Carrying amount at 1 January
Additions  43  19  29  91 
Write-offs  0  -19  -2  -21 
Depreciation  -31  0  -18  -49 
Impairment losses  —  -7  —  -7 
Exchange differences  2  —  1  3 
Carrying amount at 31 December  148  92  61  301 
At 31 December
Cost  339  108  225  672 
Accumulated depreciation  -191  -9  -164  -364 
Accumulated impairment losses  —  -7  —  -7 
Net carrying amount at 31 
December  148  92  61  301 
2024
EURm
Right-of-
use assets1
Land and 
buildings
Plant and 
equipment2 Total
At 1 January
Cost  286  114  182  582 
Accumulated depreciation  -126  -9  -130  -264 
Net carrying amount at 1 January  160  106  52  318 
Carrying amount at 1 January
Additions  14  2  17  33 
Disposals  -4  -7  -1  -12 
Depreciation  -34  0  -17  -51 
Exchange differences  -4  0  0  -4 
Other changes  1  -1  —  — 
Carrying amount at 31 December  134  100  51  284 
At 31 December
Cost  294  108  197  599 
Accumulated depreciation  -160  -9  -147  -315 
Net carrying amount at 31 
December  134  100  51  284 
1The Group acts as a lessee in various leases of office premises, vehicles, and office equipment. 
Right-of-use assets relate to lease contracts for large office premises. The Group leases premises 
mainly for its own use. The expected lease term varies from 2 to 12 years. Most contracts include an 
option to extend the contract at the term end. Some lease contracts have an option to terminate 
the contract before the term end. Variable lease payments are generally linked to consumer price 
indexes.
More information on leases is in note 23 Other liabilities.
2Equipment in different segments comprise IT equipment and furniture.
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FINANCIAL STATEMENTS 2025 170

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

11 Intangible assets
2025
EURm Goodwill
Customer 
relations Trademark
Work in 
progress
Other 
intangible 
assets Total
At 1 January
Cost  2,490  719  234  151  777  4,371 
Accumulated 
amortisation  —  -354  —  -1  -378  -733 
Accumulated 
impairment losses  —  —  —  -2  —  -2 
Net carrying amount at 
1 January  2,490  365  233  149  399  3,637 
Net carrying amount at 
1 January
Additions  —  —  —  64  56  120 
Write-offs  —  —  —  —  -10  -10 
Amortisation  —  -94  -1  —  -60  -155 
Transfers from WIP  —  —  —  -51  5  -46 
Other changes  —  -10  6  1  3  0 
Exchange differences  -22  -6  -9  -1  -16  -54 
Net carrying amount at 
31 December  2,468  254  230  161  377  3,492 
At 31 December
Cost  2,468  703  231  164  815  4,381 
Accumulated 
amortisation  —  -448  -1  -1  -438  -888 
Accumulated 
impairment losses  —  —  —  -2  —  -2 
Net carrying amount at 
31 December  2,468  254  230  161  377  3,492 
2024
EURm Goodwill
Customer 
relations Trademark
Work in 
progress
Other 
intangible 
assets Total
At 1 January
Cost  2,469  726  233  91  722  4,241 
Accumulated 
amortisation  —  -282  0  -1  -321  -604 
Net carrying amount 
at 1 January  2,469  443  233  90  401  3,637 
Net carrying amount 
at 1 January
Additions  —  —  —  96  5  101 
Disposals  -5  -13  -6  —  -1  -25 
Amortisation  —  -72  —  —  -57  -129 
Impairment losses  —  —  —  -2  —  -2 
Transfers from WIP  —  —  —  -36  36  — 
Exchange differences  26  7  6  0  14  54 
Net carrying amount 
at 31 December  2,490  365  233  149  399  3,637 
At 31 December
Cost  2,490  719  234  151  777  4,371 
Accumulated 
amortisation  —  -354  —  -1  -378  -733 
Accumulated 
impairment losses  —  —  —  -2  —  -2 
Net carrying amount 
at 31 December  2,490  365  233  149  399  3,637 
The useful life for customer relations in the Group is 3–10 years. They are amortised using the 
straight-line method. 
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FINANCIAL STATEMENTS 2025 171

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

Testing goodwill for impairment
Goodwill is tested annually for impairment in accordance with IAS 36 Impairment of 
assets. The performed impairments tests at the end of the financial year 2025 do not 
indicate a need to recognise an impairment loss. 
During 2025, Sampo reorganised its reporting segments in accordance with IFRS 8 in a 
way that changed the composition of cash generating units (CGUs) to which goodwill 
has been allocated previously. These cash-generating units are reporting segments 
Private Nordic, Private UK, Nordic Commercial and Nordic Industrial. In addition, Other 
operations, even if not a reporting segment under IFRS 8, carries a small amount of 
goodwill and is therefore also subject to testing. For more information on the change 
in the reporting structure, please see note Segment information. 
As a result of the segment changes, Sampo has reallocated goodwill to the new CGUs. 
The reallocation is based on the actual units or entities in which goodwill is associated 
with, and in which it is monitored for internal purposes. When relevant, insurance 
service revenue is applied as an allocation key.  
The allocation of goodwill is presented in the table below: 
EUR million 2025 EUR million 2024
Private Nordic  700   If  537   
Private UK  872   Topdanmark  1,036   
Nordic Commercial  778   Hastings  918   
Nordic Industrial  42   
Other operations  76   
Total  2,468   Total  2,490   
For the purpose of testing the goodwill for impairment, Sampo determines the 
recoverable amount of its cash-generating units (CGUs), to which goodwill has been 
allocated, on the basis of value in use. The recoverable amounts for cash-generating 
units have been determined by using a discounted cash flow model. 
The model is based on the best estimates of companies’ management of both 
historical evidence and financial conditions such as premiums, claims, reinsurance, 
margins, interest rates, capital structure, and income and cost development. The 
derived cash flows were discounted at the pre-tax rate of the cost of capital which for 
Private Nordic is 9.5 per cent, Private UK 11.6 per cent, Nordic Commercial 9.7 per cent 
and Nordic Industrial 9.5 per cent. The cost of capital is defined based on the CAPM 
model from external sources to reflect the risk of each segment relative to the market.
Financial plans for segments, approved by the management and the Boards, cover the 
years 2026–2028. The cash flows beyond that have been extrapolated using a 2 per 
cent growth rate.   
For Private UK, the recoverable amount exceeds its carrying amount by some EUR 530 
million. With the calculation method used, e.g. an increase of about 1.7 percentage 
points in the cost of capital could lead to a situation where the recoverable amount of 
the entity would equal its carrying amount. 
As for the rest of the segments, the management believes that any reasonably possible 
change in any of the key assumptions would not cause carrying amount to exceed the 
recoverable amount.
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FINANCIAL STATEMENTS 2025 172

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

Sensitivity analysis 
Impact on the present value from the following changes (EURbn) 2025
Private Nordic
Long-term Combined ratio +2.5 p.p. -1.3
Long-term Combined ratio -2.5 p.p. 1.3
Long-term growth rate -1 p.p. -1.4
Long-term growth rate +1 p.p. 2.0
Cost of capital +1 p.p. -1.7
Cost of capital -1 p.p. 2.5
Private UK
Long-term growth rate -1 p.p. -0.2
Long-term growth rate +1 p.p. 0.2
Cost of capital +1 p.p. -0.4
Cost of capital -1 p.p. 0.5
Nordic Commercial
Long-term Combined ratio +2.5 p.p. -0.7
Long-term Combined ratio -2.5 p.p. 0.7
Long-term growth rate -1 p.p. -0.7
Long-term growth rate +1 p.p. 1.0
Cost of capital +1 p.p. -0.9
Cost of capital -1 p.p. 1.3
Nordic Industrial
Long-term Combined ratio +2.5 p.p. -0.2
Long-term Combined ratio -2.5 p.p. 0.2
Long-term growth rate -1 p.p. -0.2
Long-term growth rate +1 p.p. 0.3
Cost of capital +1 p.p. -0.3
Cost of capital -1 p.p. 0.4
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FINANCIAL STATEMENTS 2025 173

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

12 Financial assets
EURm 12/2025 12/2024
Financial assets
Derivative financial instruments  24  26 
Financial assets at fair value through profit or loss
Debt securities  13,867  13,325 
Equity securities  1,650  1,288 
Funds  982  823 
Total financial assets at fair value through profit or loss  16,501  15,436 
Financial assets measured at amortised cost
Loans  123  272 
Loans and advances to customers  506  356 
Total financial assets measured at amortised cost  629  629 
Total financial assets  17,154  16,090 
Loans and advances to customers consist of Hastings’ loans to customers. 
Loans measured at amortised cost also include a loan receivable from Mandatum plc 
amounting to 90 million (101 million).
NOBA Group completed its initial public offering in late September 2025, after which 
the valuation of the equity investment is based on quoted prices in active markets (fair 
value hierarchy level 1). At the end of the reporting period, Sampo’s remaining NOBA 
stake was valued at EUR 814 million. Starting from the commencement of trading in 
NOBA’s shares on Nasdaq Stockholm, Sampo has a 180 day lock up on further share 
sales. 
Financial assets measured at amortised cost by stages
The financial assets measured at amortised cost are in the scope of impairment. The 
impairment model is based on a forward-looking expected credit loss model (ECL). 
The expected credit loss model has a three-stage approach based on changes in credit 
risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant increase 
in credit risk since initial recognition. For items where there is a significant increase in 
credit risk (Stage 2), or in default (Stage 3), lifetime ECL applies. 
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FINANCIAL STATEMENTS 2025 174

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

The determination of expected credit losses is described in detail in the section 
Accounting principles. The next table presents the gross amounts of financial assets 
measured at amortised cost and loss allowance by stages. 
2025
EURm
Stage 1 - 
12-month ECL
Stage 2 - 
Lifetime ECL - not 
credit-impaired
Stage 3 -
Lifetime ECL - credit-
impaired Total
Financial assets at amortised cost
Loans 116 8 — 124
Loans and advances to customers 488 26 29 543
Deposits 1 — — 1
Loss allowance -10 -7 -22 -39
Total 595 27 7 629
2024
EURm
Stage 1 - 
12-month ECL
Stage 2 - 
Lifetime ECL - not 
credit-impaired
Stage 3 -
Lifetime ECL - credit-
impaired Total
Financial assets at amortised cost
Loans 273 — — 273
Loans and advances to customers 347 16 14 377
Deposits 1 — — 1
Loss allowance -8 -3 -11 -23
Total 613 13 3 629
The gross carrying amounts of the financial assets measured at amortised cost was 
EUR 668 million (EUR 651  million) and the loss allowance was EUR -39 million (EUR 
-23 million). During the reporting period, the expected credit losses recognised in the 
income statement was EUR -17 million and in the comparative period EUR -7 million. 
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FINANCIAL STATEMENTS 2025 175

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

Derivative financial instruments
2025
Fair value
2024
Fair value
EURm
Contract/
Notional 
Amount Assets Liabilities
Contract/
Notional 
Amount Assets Liabilities
Derivatives held for 
trading
Interest rate 
derivatives
OTC derivatives
Interest rate swaps 121 2 54 456 2 49
Inflation cover 7 12 18 211 13 18
Total interest rate 
derivatives 128 14 72 667 15 68
Foreign exchange 
derivatives
OTC derivatives
Currency forwards 5,149 10 31 2,760 10 19
Currency options, 
bought and sold 6 0 — 24 1 0
Total foreign exchange 
derivatives 5,155 10 31 2,784 11 20
Total derivatives held 
for trading 5,284 23 102 3,451 26 87
2025
Fair value
2024
Fair value
EURm
Contract/
Notional 
Amount Assets Liabilities
Contract/
Notional 
Amount Assets Liabilities
Derivatives held for 
hedging
Fair value hedges
Currency forwards 39 1 — — — —
Total derivatives held 
for fair value hedging 39 1 — — — —
Cash flow hedges
Currency forwards 15 0 — 5 0 —
Interest rate swaps 961 — 3 576 — 1
Total cash flow hedges 976 0 3 581 0 1
Total derivatives held 
for hedging 1,015 1 3 581 0 1
Group financial 
derivatives, total 6,298 24 105 4,032 26 88
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FINANCIAL STATEMENTS 2025 176

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

13 Determination and 
hierarchy of fair values
A majority of Sampo Group's financial assets are valued 
at fair value. The valuation is based on either published 
price quotations or valuation techniques based on 
market observable inputs, where available. For a limited 
amount of assets, the value needs to be determined 
using other techniques. The financial instruments 
measured at fair value have been classified into three 
hierarchy levels in the notes, depending on, for example, 
whether the market for the instrument is active, or if the 
inputs used in the valuation technique are observable.  
The classification of financial assets into hierarchy levels 
is assessed quarterly. 
The fair value of the derivative instruments is assessed 
using quoted market prices in active markets, 
discounting method, or option pricing models. 
Fair values are "clean" fair values, i.e. less interest 
accruals.
On level 1, the measurement of the instrument is based 
on quoted prices in active markets for identical assets 
or liabilities. Quoted prices in active markets are 
considered to represent the best estimate of fair value 
for related financial assets. On an active market quoted 
prices are easily and regularly available and represent 
actual and regularly occurring transactions at arm’s 
length basis. 
On level 2, inputs for the measurement of the 
instrument also include other than quoted prices 
observable for the asset or liability, either directly or 
indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs 
rather than observable market data. Sampo Group’s 
level 3 assets consist mainly of an investment to an 
alternative fund.
For funds, the valuation of the underlying investments is 
conducted by the fund manager who has all the 
relevant information required in the valuation process. 
The valuation is usually updated quarterly based on the 
value of the underlying assets and the amount of debt 
in the fund. There are several valuation methods, which 
can be based on, for example, the acquisition value of 
the investments, the value of publicly traded peer 
companies, the multiple-based valuation or the cash 
flows of the underlying investments.
The carrying amounts and fair values of financial assets 
and financial liabilities, including their fair value 
hierarchy levels, are presented in the following table. 
Fair value information on financial assets and financial 
liabilities not measured at fair value is not presented in 
the table, if the carrying amount is a reasonable 
estimate of the fair value. 
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FINANCIAL STATEMENTS 2025 177

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

EURm
31 December 2025
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 2 — 2 — 2
Foreign exchange derivatives 10 — 10 — 10
Inflation cover derivatives 12 — 12 — 12
Total 24 — 24 — 24
Financial assets at fair value 
through profit or loss
Debt securities 13,867 7,767 6,094 6 13,867
Equity securities 1,650 1,643 1 6 1,650
Funds 982 612 243 127 982
Total 16,501 10,024 6,338 139 16,501
Total financial assets measured 
at fair value 16,525 10,024 6,362 139 16,525
Financial assets measured at 
amortised cost
Loans 123 — 90 33 123
Loans and advances to 
customers 506 — — 506 506
Other 1 — — 1 1
Total 629 — 90 540 629
Total financial assets 17,154 10,024 6,451 679 17,154
EURm
31 December 2025
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  57  —  57  —  57 
Foreign exchange derivatives  31  —  31  —  31 
Inflation cover derivatives  18  —  18  —  18 
Total financial liabilities at fair 
value  105  —  105  —  105 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,317  1,317  —  —  1,317 
Debt securities in issue
Bonds  787  703  84  —  787 
Amounts owed to credit 
institutions  460  —  —  460  460 
Liability for the share buyback 
programme1  60  —  —  60  60 
Financial liabilities measured at 
amortised cost total  2,624  2,019  84  520  2,624 
Group financial liabilities, total  2,730  2,019  190  521  2,730 
1The valuation of the liability for the share buyback programme reflects Sampo’s commitment 
under the agreement with a third-party financial institution conducting the share buybacks on 
behalf of Sampo.
NOBA Group completed its initial public offering in September 2025, after which the 
valuation of the equity investment is based on quoted prices in active markets (fair value 
hierarchy level 1). The investment was previously presented on fair value hierarchy level 3 
as the investment was measured using other input than observable market data. 
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FINANCIAL STATEMENTS 2025 178

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

EURm
31 December 2024
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 2 — 2 — 2
Foreign exchange derivatives 11 — 11 — 11
Inflation cover derivatives 13 — 13 — 13
Total 26 — 26 — 26
Financial assets at fair value 
through profit or loss
Debt securities 13,325 8,469 4,839 17 13,325
Equity securities 1,288 837 19 432 1,288
Funds 823 491 176 157 823
Deposits and other 0 — 0 — 0
Total 15,436 9,796 5,033 606 15,436
Total financial assets measured 
at fair value 15,462 9,796 5,059 606 15,462
Financial assets measured at 
amortised cost
Loans 272 — 101 171 272
Loans and advances to 
customers 356 — — 356 356
Other 1 — — 1 1
Total 629 — 101 528 629
Total financial assets 16,090 9,796 5,160 1,134 16,090
EURm
31 December 2024
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  50  —  50  —  50 
Foreign exchange derivatives  20  —  20  —  20 
Inflation cover derivatives  18  —  18  —  18 
Total financial liabilities at fair 
value  88  —  88  —  88 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,642  1,535  20  —  1,555 
Debt securities in issue
Bonds  954  847  80  —  927 
Amounts owed to credit 
institutions  353  —  —  353  353 
Financial liabilities measured at 
amortised cost total  2,948  2,382  100  353  2,835 
Group financial liabilities, total  3,036  2,382  188  353  2,923 
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FINANCIAL STATEMENTS 2025 179

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

Transfers between levels 1 and 2
EURm 1-12/2025 1-12/2024
Transfers between levels 1 and 2
Transfers 
from level 2
to level 1
Transfers 
from level 1
to level 2
Transfers 
from level 
2
to level 1
Transfers 
from level 1
to level 2
Financial assets at fair value 
through profit or loss
Debt securities  438  302  192  181 
Transfers are based mainly on the changes of trading volume information provided by 
an external service provider. 
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is 
assessed on business area level due to different base currencies. 
12/2025 12/2024
EURm
Recognised 
in profit or 
loss
Recognised 
in profit or 
loss
If
10 percentage point depreciation of all other currencies against 
SEK  26  17 
Hastings
10 percentage point depreciation of all other currencies against 
GBP  -1  8 
Holding
10 percentage point depreciation of all other currencies against 
EUR  -71  -68 
The sensitivity analysis of the Group’s fair values of financial assets and liabilities in 
different market risk scenarios is presented in the following table. The effects represent 
the instantaneous effects of a one-off change in the underlying market variable on the 
fair values on 31 December 2025. The sensitivity analysis includes the effects of 
derivative positions. All sensitivities are calculated before taxes. 
Interest 
rate
Interest 
rate Equity
Other 
financial 
assets
EURm
1% parallel 
shift down
1% parallel 
shift up
20% fall in 
prices
20% fall in 
prices
Effect in profit/loss  370  -356  -459  -61 
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FINANCIAL STATEMENTS 2025 180

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

14 Movements in level 3 financial instruments measured at fair value
EURm
Financial assets At 1 Jan
Total gains/ 
losses in income 
statement
Purchases and 
re-classifications Sales Settlements
Transfers to 
levels 1 and 2 At 31 Dec 2025
Financial assets at fair value through profit or loss
Debt securities  17  1  —  -4  -9  —  6 
Equity securities  432  -57  1  -25  —  -345  6 
Funds  157  -33  3  —  —  —  127 
Total  606  -89  4  -29  -9  -345  139 
NOBA Bank was listed in Nasdaq Stockholm during the reporting year and consequently transferred to level 1 at the value of EUR 345 million.
EURm
Financial assets At 1 Jan
Total gains/ 
losses in income 
statement
Purchases and re-
classifications Sales Settlements At 31 Dec 2024
Financial assets at fair value through profit or loss
Debt securities  19  0  —  —  -2  17 
Equity securities  730  -1  5  -302  —  432 
Funds  151  6  —  —  —  157 
Total  900  6  5  -302  -2  606 
On 13 May 2024, Sampo completed the sale of its 19.8 per cent stake in Saxo Bank to Mandatum plc. The transaction price was EUR 302 million, representing the price agreed in the 
demerger adjusted for dividends received. 
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FINANCIAL STATEMENTS 2025 181

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

Sensitivity analysis of level 3 financial instruments 
measured at fair value
12/2025 12/2024
EURm
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Financial assets at fair value 
through profit or loss 
Debt securities  6  0  17  -1 
Equity securities  6  -1  432  -86 
Funds 127 -25  157  -31 
Total  139  -26  606  -118 
The value of financial assets regarding the debt security instruments has been tested 
by assuming a rise of 1 per cent in interest rate level in all maturities. For other financial 
assets, the prices were assumed to go down by 20 per cent. 
During the reporting period, on the basis of these alternative assumptions, a possible 
change in interest levels would cause a reduction of EUR -0 million (-1) for the debt 
instruments, and EUR -26 million (-118) valuation loss for other instruments in the 
Group’s statement of profit or loss. The reasonably possible effect, proportionate to 
the Group’s equity, would thus be 3.2 (1.7) per cent.
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FINANCIAL STATEMENTS 2025 182

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

15 Deferred tax assets and liabilities
Changes in deferred tax during the financial year 2025
EURm At 1 January
Recognised in 
statement of profit and 
loss Recognised in equity Exchange differences At 31 December
Deferred tax assets
Tax losses carried forward  1  0  —  0  1 
Other deductible temporary differences  156  -14  24  0  166 
Total  157  -14  24  1  167 
Netting of deferred taxes          -165 
Deferred tax assets in the balance sheet, total  157  -14  24  1  2 
Deferred tax liabilities
Depreciation differences and untaxed reserves  196  -1  —  4  199 
Changes in fair values  228  2  —  3  233 
Pension assets  8  1  5  —  13 
Other taxable temporary differences  259  -13  24  3  273 
Total  690  -11  28  10  718 
Netting of deferred taxes          -165 
Deferred tax liabilities in the balance sheet, total  690  -11  28  10  553 
The presentation of opening balances of deferred tax liability has been aligned as a result of the merger of Topdanmark A/S into If P&C Insurance Holding during the financial year.
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FINANCIAL STATEMENTS 2025 183

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

Changes in deferred tax during the financial year 2024
EURm At 1 January
Recognised in 
statement of profit and 
loss Recognised in equity Exchange differences At 31 December
Deferred tax assets
Tax losses carried forward  1  —  —  0  1 
Other deductible temporary differences  116  38  1  0  156 
Total  117  38  1  0  157 
Netting of deferred taxes          -155 
Deferred tax assets in the balance sheet, total  117  38  1  0  2 
Deferred tax liabilities
Depreciation differences and untaxed reserves  224  1  —  -5  219 
Changes in fair values  194  32  —  2  228 
Pension assets  7  1  0  —  8 
Other taxable temporary differences  255  -18  0  -3  235 
Total  680  15  1  -6  690 
Netting of deferred taxes          -155 
Deferred tax liabilities in the balance sheet, total  680  15  1  -6  535 
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FINANCIAL STATEMENTS 2025 184

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

Tax losses carried forward 
EURm
Tax losses carried forward 2025 Country
Tax losses 
carried forward 
in local currency
Tax losses 
carried forward
Of which no 
deferred tax 
asset has been 
recognised
Of which 
deferred tax 
asset has been 
recognised
Recognised 
deferred tax 
asset
Applicable tax 
rate
Potential 
deferred tax 
asset not 
recognised
Sampo Plc Finland EURm 453  453  453 — —  20.00 %  91 
If P&C Insurance Ltd (publ) France EURm 16 16 16 — —  25.80 % -*
If P&C Insurance Ltd (publ) UK GBPm 10 12 12 — —  25.00 % -*
Insrt AB Sweden  — — — — —  20.60 % —
Viking Sverige AB Sweden SEKm 65 6 2 4 1  20.60 % —
Viking Assistance A/S Denmark DKKm 18 2 2 — —  22.00 % 1
Viking Membership AB Sweden  — — — — —  20.60 % —
Viking Guard AS Norway NOKm 11 1 — 1 0  22.00 % —
Viking Assistance A/S Estonia EURm 0 0 0 — —  20.00 % —
Hastings Group Finance plc UK GBPm 7 8 8 — —  25.0 % 2
Hastings Holdings Limited UK GBPm 1  1 1 — —  25.0 % 0
Total 94
* Loss has occurred in a foreign branch and has been deducted in the head office. Utilisation of the loss locally in the foreign branch would not affect the tax expense for the company as a whole. Therefore, 
no deferred tax asset can be recognised relating to the foreign branch
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FINANCIAL STATEMENTS 2025 185

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

EURm
Tax losses carried forward 2024 Country
Tax losses 
carried forward 
in local currency
Tax losses 
carried forward 
Of which no 
deferred tax 
asset has been 
recognised
Of which 
deferred tax 
asset has been 
recognised
Recognised 
deferred tax 
asset
Applicable tax 
rate 
Potential 
deferred tax 
asset not 
recognised
Sampo Plc Finland EURm 413  413  413 — — 20,0 %  83 
If P&C Insurance Holding Ltd (publ) Norway NOKm 83 7 7 — — 22,0 % -*
If P&C Insurance Ltd (publ) Germany  — — — — — 27,4 % -*
If P&C Insurance Ltd (publ) France EURm 15 15 15 — — 25,8 % -*
If P&C Insurance Ltd (publ) UK GBPm 9 11 11 — — 25,0 % -*
If P&C Insurance AS Latvia  — — — — — 20,0 % —
Insrt AB Sweden SEKm 6 1 — 0 0 20,6 % —
Viking Sverige AB Sweden SEKm 61 5 2 4 1 20,6 % 0
Viking Assistance A/S Denmark DKKm 27 4 4 0 0 22,0 % 1
Viking Membership AB Sweden SEKm 3 0 0 — — 20,6 % 0
Viking Guard AS Norway NOKm 6 1 — 1 0 22,0 % —
Viking Assistance A/S Estonia EURm 0 0 0 — — 20,0 % 0
Hastings Group Finance plc UK GBPm 9 9 9 — —  25.0 % 2
Hastings Holdings Limited UK GBPm 0 0 0 — —  25.0 % 0
Hastings (US) Limited UK GBPm 0 0 0 — —  25.0 % 0
Total 86
* Loss has occurred in a foreign branch and has been deducted in the head office. Utilisation of the loss locally in the foreign branch would not affect the tax expense for the company as a whole. Therefore, 
no deferred tax asset can be recognised relating to the foreign branch. 
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FINANCIAL STATEMENTS 2025 186

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

16 Taxes
EURm 2025 2024
Profit before tax  2,436  1,559 
Tax calculated at parent company's tax rate  -487  -312 
Different tax rates in foreign jurisdictions  1  3 
Global minimum top-up tax  -5  -4 
Income not subject to tax  116  9 
Non-deductible expenses  -15  -17 
Tax losses for which no deferred tax asset has been recognised  -24  -10 
Changes in tax rates  -3  0 
Tax from previous years  -21  1 
Total  -439    -330   
The effective tax rate was 18 per cent (21).
17 Other assets
EURm 12/2025 12/2024
Receivables arising from direct insurance operations  247  233 
Receivables arising from reinsurance operations  131  174 
Settlement receivables  13  8 
Accrued interest  171  155 
Net pension asset  66  36 
Other  333  274 
Total other asset  962  880 
Item Other includes, e.g. assets related to patient insurance pool EUR 51 million (56),  
collateral receivables EUR 62 million (3), as well as damaged goods and prepaid 
expenses.
Other assets include non-current assets EUR 50 million (53).
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FINANCIAL STATEMENTS 2025 187

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

18 Insurance contract liabilities
Insurance liabilities reflect the liability the Group has for its insurance undertakings, 
meaning the insurance contracts underwritten. The liability consists of two parts, the 
liability for remaining coverage and acquisition cash flow assets, as well as the liability 
for incurred claims. 
The liability for remaining coverage relates to the obligation to investigate and pay 
valid claims that have not yet occurred. The liability consists of the premium payments 
received for insurance services to be provided after the closing date, i.e. relating to the 
unexpired portion of the insurance coverage, and adjusted for acquisition cash flows. 
The liability for incurred claims relates to the obligation to investigate and pay valid 
claims that have occurred. The liability is designed to cover anticipated future 
payments for all claims incurred, including claims not yet reported.
For further information on accounting principles related to insurance contract 
liabilities, please see the section Accounting principles.
EURm 12/2025 12/2024
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  1,888  1,896 
Liability for incurred claims  10,884  10,409 
Acquisition cash flow assets  -12  -20 
Total insurance contract liabilities  12,760    12,286   
Reinsurance contract assets
Assets for remaining coverage  332  276 
Assets for incurred claims  2,156  2,342 
Reinsurance contract assets, total  2,488    2,618   
Total insurance contracts, net of reinsurance  10,272    9,668   
The table below presents the yield curves by currency as a percentage that have been 
used to discount the cash flows of the insurance contract liabilities. 
2025 2024
Currency
, % 1 year
5 
years
10 
years
20 
years
30 
years 1 year
5 
years
10 
years
20 
years
30 
years
DKK  2.43  2.83  3.21  3.56  3.59  2.23  2.13  2.26  2.25  2.38 
EUR  2.37  2.77  3.15  3.50  3.54  2.44  2.34  2.47  2.46  2.55 
GBP  3.86  4.23  4.88  5.61  5.86  4.70  4.58  4.92  5.41  5.69 
NOK  4.34  4.28  4.36  4.19  3.99  4.82  4.52  4.45  4.23  4.01 
SEK  2.40  2.90  3.30  3.36  3.34  2.91  3.07  3.29  3.35  3.33 
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FINANCIAL STATEMENTS 2025 188

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

19 Reconciliation of 
insurance contract liabilities
Insurance contracts 
The first table presents the reconciliation of the carrying 
amounts of the liability for remaining coverage, and the 
liability for incurred claims for issued insurance 
contracts during the reporting period, as a result of 
amounts recognised in the statement of total 
comprehensive income and cash flows. Information 
regarding insurance contract liability is presented on 
contracts measured under PAA model. 
If and Hastings entered into an internal reinsurance 
arrangement in 2024. Internal reinsurance arrangement 
has been eliminated from the figures presented. 
Reinsurance contracts 
The following table presents the reconciliation of the 
carrying amounts of the asset for remaining coverage, 
and the asset for incurred claims for reinsurance 
contracts during the reporting period, as a result of 
amounts recognised in the statement of profit and other 
comprehensive income and cash flows. 
Change in presentation 
In 2025, Sampo Group changed the level of 
presentation for the reconciliation of insurance contract 
liabilities and reinsurance contracts. Both reconciliations 
are presented on Sampo Group level only. The 
presentation of comparative information has been 
aligned accordingly.  
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FINANCIAL STATEMENTS 2025 189

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

Sampo Group - Insurance contract liabilities, gross at 31 December 2025 and 31 December 2024
2025 2024
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
Liabilities for remaining 
coverage
Liabilities for incurred 
claims
EURm
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Excluding 
loss 
component
Loss 
component
Estimates 
of present 
value of 
future cash 
flows
Risk 
adjustment 
for non-
financial 
risk Total
Opening balance 1,891 6 9,853 557 12,305 1,701 27 9,547 459 11,734
Acquisition cash flow asset -20 -18
12,286 11,716
Changes in the statement of comprehensive income
Insurance revenue -10,272 — — — -10,272 -9,450 — — — -9,450
Insurance service expenses
Incurred claims and other insurance service expenses — — 7,011 200 7,211 — — 6,847 186 7,032
Amortisation of insurance acquisition cash flows 306 — — — 306 262 — — — 262
Changes that relate to past service (LIC) — — -329 -50 -379 — — -174 -100 -274
Changes that relate to future service (LRC) — 10 — — 10 — -21 — — -21
Total insurance service expenses 306 10 6,683 150 7,148 262 -21 6,673 85 7,000
Insurance service result -9,966 10 6,683 150 -3,123 -9,188 -21 6,673 85 -2,450
Insurance finance income or expense — — 180 3 182 — — 307 — 307
Other items (including FX effects) -305 1 -1 -18 -323 -62 0 24 11 -27
Total changes in the statement of comprehensive income -10,271 10 6,862 135 -3,264 -9,250 -21 7,004 97 -2,170
Cash flows during the period
Premiums received  10,573 — — — 10,573 9,718 — — — 9,718
Claims and other insurance service expenses paid — — -6,530 — -6,530 — — -6,703 — -6,703
Insurance acquisition cash flows paid -312 — — — -312 -283 — — — -283
Total cash flows during the period 10,261 — -6,530 — 3,731 9,435 — -6,703 — 2,732
Transfer to other items in the balance sheet -9 — 8 — 0 — — — — —
Other 0 — — — 0 5 — 4 0 9
Closing balance - liabilities relating to insurance contracts 1,872 16 10,192 692 12,772 1,891 6 9,853 557 12,305
Acquisition cash flow asset -12 -20
Closing balance 12,760 12,286
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FINANCIAL STATEMENTS 2025 190

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

Sampo Group - Reinsurance contracts at 31 December 2025 and 31 December 2024
2025 2024
Assets for 
remaining 
coverage Assets for incurred claims
Assets for 
remaining 
coverage Assets for incurred claims
EURm
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Estimates of 
present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk Total
Opening assets 276 2,090 252 2,618 258 1,803 220 2,282
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid -1,003 — — -1,003 -909 — — -909
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses — 586 89 675 — 521 79 600
Adjustments to assets for incurred claims 0 -187 39 -148 0 21 -52 -31
Effect of changes in non-performance risk of reinsurers — 0 — 0 — 0 — 0
Net expenses from reinsurance contracts -1,003 398 128 -477 -909 542 28 -340
Insurance finance income or expenses from reinsurance contracts — 107 1 108 — 57 — 57
Effect of movements in exchange rates 17 -221 -28 -232 -33 29 4 -1
Reinsurance investment component — — — — — — — —
Total changes in the statement of comprehensive income -986 285 101 -601 -943 628 31 -284
Investment component excluded from the net expenses from 
reinsurance contracts -178 178 — — -216 216 — —
Cash flows
Premiums paid 1,220 — — 1,220 1,176 — — 1,176
Amounts received — -730 — -730 — -556 — -556
Total cash flows 1,220 -730 — 490 1,176 -556 — 620
Other changes — -20 — -20 — — — —
Closing assets 332 1,803 352 2,488 276 2,090 252 2,618
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FINANCIAL STATEMENTS 2025 191

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

20 Assets for insurance acquisition cash 
flows
The table presents the reconciliation from opening to closing balances of the carrying 
amount of the acquisition cash flow asset during the reporting periods.  
EURm 2025 2024
Reconciliation of acquisition cash flow asset
At 1 January 20 18
Cash flows recognised as an asset 1 32
Amounts transferred to liability for remaining coverage -8 -30
At 31 December 12 20
The following table presents the expected timing of when the acquisition cash flow 
asset will be derecognised and instead be included in the liability for remaining 
coverage of the group of insurance contracts to which they are allocated.
Time bands: Assets for insurance acquisition cash flows	
2025 Expected timing of derecognition
EURm 2026 2027-2028 2029-2030 2031- Total
Acquisition cash flow 
asset  3  4  1  4  12 
2024 Expected timing of derecognition Total
EURm 2025 2026-2027 2028-2029 2030-
Acquisition cash flow 
asset  7  6  1  5  20 
21 Non-life claims development
Prior-year estimates of the claims expense for individual claims years also represent a 
measure of Sampo Group’s ability to foresee final claims expenses. The following 
tables present the expense trend for the claims for individual claims, before and after 
reinsurance. For earlier years, the information is aggregated into one row. After the 
introduction of a new reporting segment structure in 2025, the non-life claims 
development is now reported solely on the group level. This approach is aligned with 
information presented in the risk management note 32. 
The upper part of the table shows how an estimate of the total claims expense per 
accident year evolves annually in relation to the undiscounted fulfilment cash flows (i.e. 
consisting of both best estimate and risk adjustment). The lower section shows how 
large a share of this is presented in the balance sheet. More information on insurance 
liabilities can be found in the risk management note 32. 
Since Sampo Group’s group companies have operations in various countries, their 
portfolios are exposed to a number of currencies. To adjust for currency effects, the 
local reporting currency has been translated to EUR at the closing rate on 31 December 
2025. Consequently, the table is not directly comparable with the corresponding tables 
reported in previous years, since all accident years include translated information and 
amounts are always translated with the closing balance sheet rates of the financial 
year. The table is not directly comparable with the income statement either where 
average rates throughout the year are applied, and since the effect is partially 
presented in claims incurred and partially within insurance finance income or expense 
when relating to changes in indexation of annuities.
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FINANCIAL STATEMENTS 2025 192

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

Sampo Group - Claims development before reinsurance
EURm
Claims expense, gross 
Accident year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total
Estimated claims expense
at the close of the claims year 4,021 4,145 4,381 4,625 4,704 4,892 5,362 6,311 6,485 6,806
one year later 4,085 4,147 4,476 4,647 4,659 4,999 5,417 6,428 6,410
two years later 4,050 4,147 4,518 4,702 4,659 4,917 5,363 6,459
three years later 4,025 4,148 4,560 4,691 4,593 4,853 5,310
four years later 3,924 4,131 4,541 4,649 4,528 4,861
five years later 3,970 4,107 4,485 4,610 4,539
six years later 3,946 4,082 4,492 4,600
seven years later 3,931 4,101 4,481
eight years later 3,932 4,079
nine years later 3,924
Current estimate of total claims expense 3,924 4,079 4,481 4,600 4,539 4,861 5,310 6,459 6,410 6,806
Total disbursed -3,706 -3,835 -4,186 -4,262 -4,126 -4,260 -4,498 -5,078 -4,588 -3,122
Liability (gross) reported in the balance 
sheet 218 244 295 338 412 601 812 1,380 1,822 3,684 9,806
Liability (gross) relating to prior years 2,924
Discounting effect, gross -2,537
Liability for claims handling expenses and 
other items 751
Elimination -60
Total liability for incurred claims 10,884
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FINANCIAL STATEMENTS 2025 193

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

Sampo Group - Claims development after reinsurance
EURm
Claims expense, net of reinsurance 
Accident year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total
Estimated claims expense
at the close of the claims year 3,756 3,917 4,172 4,387 4,366 4,452 4,930 5,516 5,871 6,141
one year later 3,778 3,941 4,254 4,379 4,296 4,498 4,984 5,592 5,930
two years later 3,771 3,934 4,298 4,413 4,284 4,452 4,955 5,596
three years later 3,742 3,949 4,348 4,444 4,263 4,416 4,935
four years later 3,714 3,941 4,347 4,425 4,224 4,434
five years later 3,736 3,951 4,312 4,396 4,230
six years later 3,737 3,926 4,319 4,390
seven years later 3,706 3,914 4,308
eight years later 3,693 3,897
nine years later 3,691
Current estimate of total claims expense 3,691 3,897 4,308 4,390 4,230 4,434 4,935 5,596 5,930 6,141
Total disbursed -3,537 -3,721 -4,050 -4,130 -3,922 -4,014 -4,370 -4,739 -4,632 -3,223
Liability (net) reported in the balance 
sheet 155 175 258 260 307 420 565 858 1,298 2,918 7,215
Liability (net) relating to prior years 2,729
Discounting effect, gross -1,945
Liability for claims handling expenses 727
Risk of non-performance by reinsurer 2
Total liability for incurred claims 8,728
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FINANCIAL STATEMENTS 2025 194

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

22 Financial liabilities
Group
EURm 12/2025 12/2024
Subordinated debt liabilities 
Subordinated loans  1,317  1,642 
Total subordinated debt liabilities  1,317  1,642 
Other financial liabilities
Derivative financial instruments  105  88 
Financial liabilities measured at amortised cost
Debt securities in issue  787  954 
Amounts owed to credit institutions  460  353 
Liability for the share buyback programme  60  — 
Total financial liabilities measured at amortised cost  1,308  1,307 
Total other financial liabilities  1,413  1,395 
Total financial liabilities  2,730  3,036 
The  financial liabilities, presented by entity, include subordinated debts, derivatives, 
debt securities in issue, and other financial liabilities.
If
EURm 12/2025 12/2024
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan, 2021 
(nominal value SEKm 1,500) 30 years
3 month Stibor
+ 1.30%  139  131 
Subordinated loan tier 1, 2022 
(nominal value DKKm 400) perpetual
3 month Cibor 
+ 4.75 % -  54 
Subordinated loan, 2021 
(nominal value DKKm 700) 12/2031
3 month Cibor 
+ 1.25 % -  94 
Total subordinated debt securities  139  278 
Other financial liabilities
Derivative financial instruments  74  63 
Total financial liabilities  212  341 
The SEK-denominated subordinated loan of 2021 was issued with floating interest rate 
terms. The loan includes terms stating the right of redemption after five years, at any 
date for a three-month period after the first five years and thereafter at any interest 
payment date. The loan is listed on the Luxembourg Stock Exchange (BdL Market).
In 2024, Topdanmark A/S was sold to If P&C Insurance Holding Ltd. The comparative 
information regarding financial liabilities of Topdanmark is therefore now included in 
If’s table. The subordinated loans denominated in DKK were wholly included in 
Topdanmark’s own funds. Approximately EUR 127 million (DKK 950 million) of these 
loans were subscribed by If. The comparative information on derivative financial 
instruments also includes EUR 43 million derivatives previously reported under 
Topdanmark. 
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FINANCIAL STATEMENTS 2025 195

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

Hastings
EURm 12/2025 12/2024
Other financial liabilities
Derivative financial instruments  3  1 
Amounts owed to credit institutions  460  353 
Total financial liabilities  464  353 
Hastings has a revolving credit facility with a financial institution, totalling EUR 115 
million (103), of which EUR 55 million (39) was undrawn at the end of the reporting 
period. In December 2025, the RCF was renegotiated with the financial institution and 
the amount was increased from GBP 85 to GBP 100 million. The extended revolving 
credit facility now matures in December 2027.  
Related to the RCF above, the applicable covenants for Hastings are leverage ratio and 
interest cover, and the related carrying amount of the liability would be EUR 60 million 
(63) . There are no facts or circumstances that would indicate that Hastings may have 
difficulty with complying with the covenants, or that Hastings would not have 
complied with the covenants if they were assessed for compliance based on Hastings 
circumstances at 31 December 2025.
Hastings also has a securitisation facility arrangement with a financial institution to 
refinance the acquisition of loans totalling EUR 430 million (332), of which EUR 25 
million (42) was undrawn at the end of reporting period. In November 2025, the 
securitisation facility was increased from GBP 350 to GBP 375 million. The 
arrangement was extended from November 2026 to November 2027.  
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 86 million 
(90) with a maturity date of 29 October 2026. 
Holding
EURm 12/2025 12/2024
Subordinated debt securities
Subordinated loans Maturity Interest
Subordinated loan, 2020 (nominal 
value EURm 1,000) 32 years 2.50 %  681  994 
Subordinated loan, 2019 (nominal 
value EURm 500) 30 years 3.38 %  498  497 
Total subordinated debt securities  1,178  1,491 
Other financial liabilities
Derivative financial instruments  28  25 
Debt securities in issue Maturity Interest
Bond 2017, (nominal value EURm 500) 8 years 1.25 %  —  162 
Bond 2018, (nominal value EURm 500) 10 years 1.625 %  312  312 
Bond 2018, (nominal value EURm 500) 12 years 2.25 %  391  395 
Bond 2018, (nominal value NOKm 1,000) 10 years 3.10 %  84  85 
Total bonds  787  954 
Liability for the share buyback 
programme  60  — 
Total financial liabilities  2,054  2,470 
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and the 
2020 loan for the first 12 years. After that, the loans become subject to a variable 
interest rate, but they also include terms stating the right of redemption at this point in 
time or at any interest payment date thereafter. The loans are listed on the London 
Stock Exchange.
During the reporting period, 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.
Debt securities in issue have decreased as the senior bond of EUR 162 million issued by 
Sampo plc matured in May.
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FINANCIAL STATEMENTS 2025 196

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

The determination and hierarchy of fair values of financial assets and liabilities 
measured at acquisition cost is disclosed in note 13. According to this determination, 
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Change in liabilities from financing activities
EURm
1 January 
2025
Incoming 
cash 
flows
Outgoing 
cash 
flows
Exchange 
differences Other 31 December 
2025
Subordinated debt  1,642  —  -315  6  -16  1,317 
Bonds  954  —  -165  -1  787 
Other loans  353  130  —  -20  -3  460 
Tier 1 notes*  —  298  —  —  —  298 
Total  2,948  428  -480  -15  -19  2,862 
*In the balance sheet, Tier 1 notes are accounted for as equity instruments and not as financial 
liabilities. 
EURm
1 January 
2024
Incoming 
cash 
flows
Outgoing 
cash 
flows
Exchange 
differences Other 31 December 
2024
Subordinated debt  1,645  —  —  -3  —  1,642 
Bonds  959  —  -2  -3  —  954 
Other loans  194  194  -48  13  0  353 
Total  2,798  194  -50  7  0  2,948 
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FINANCIAL STATEMENTS 2025 197

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

23 Other liabilities
EURm 12/2025 12/2024
Liabilities arising out of direct insurance operations  250  176 
Liabilities arising out of reinsurance operations  113  126 
Settlement liabilities  6  90 
Provisions  142  174 
Interests  29  29 
Tax liabilities  38  14 
Lease liabilities  151  134 
Employee benefit liability  20  21 
Prepayments and accrued income  339  265 
Other  501  535 
Total other liabilities  1,589  1,562 
Item Other includes, e.g. premium taxes of EUR 139 million (148), liabilities related to 
patient insurance pool of EUR 46 million (54) and various other tax liabilities EUR 108 
million (96).
The non-current share of other liabilities is EUR 107 million (96).
Leases 
The total effect of leases on the statement of cash flows was EUR -32 million (-36). 
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 25 
million (12).
EURm 1-12/2025 1-12/2024
Items recognised in the p/l from lease liabilities
Interest expenses  -3  -2 
Expenses from short-term and low-value lease liabilities  -7  -4 
Provisions 
EURm 2025
At 1 January  174 
Provisions utilised during the financial year  -73 
Unutilised provisions reversed during the financial year  -7 
Provisions added during the fiscal year  47 
Translation difference  0 
At 31 December  141 
In 2024, in connection with the acquisition and the integration of Topdanmark into If 
Group, a restructuring reserve amounting to EUR 149 million was recognised. The costs 
relate mainly to redundancies, decommissioning, and sunsetting of systems, as well as 
rebranding. During the year 2025, the restructuring reserve was reduced by EUR 49 
million, which was utilised against incurred expenses. At the end of December 2025, 
the reserve amounted to EUR 99 (148) million.
Other restructuring provisions consist of funds amounting to EUR 2 (13) million 
reserved for future expenses attributable to previously implemented or planned future 
organisational changes including expenses related to the separation of Topdanmark 
Liv Holding Group (now Nordea Pension Holding Danmark A/S) to Nordea.
Entities within Hastings Group are subject to review by tax authorities in the UK and 
Gibraltar. The Hastings Group commenced discussion with HMRC in December 2016 
regarding aspects of its business model and the allocation of certain elements of its profit 
between the Group’s operating subsidiaries, Hastings Insurance Services Limited (‘HISL’) 
in the UK and Advantage Insurance Company Limited (‘AICL’) in Gibraltar. Management 
has reviewed current and previous tax filings and consider that the appropriate amount 
of tax was paid for each period under review. Therefore, management consider that the 
most likely outcome will be that no further tax liability will be due. However, given the 
subjective nature of the transfer pricing, there remains a possibility that a potential 
liability could become payable. Hastings Group has therefore provided GBP 16 million 
(EUR 19 million) in respect of a potential tax liability at 31 December 2025. 
In addition, provisions for employer contributions reserved for commitments 
attributable to endowment policies and other uncertain liabilities are also included in 
the total amount of the provisions. 
The non-current share of provisions is EUR 96 million. 
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FINANCIAL STATEMENTS 2025 198

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

24 Employee benefits
Sampo Group’s subsidiary If applies IAS 19 Employee Benefits and recognises defined-
benefit pension plans in Sweden and Norway. Other pension plans existing in the 
Group have either been classified as defined-contribution plans or have been classified 
as defined-benefit plans, but recognised as defined-contribution plans. This occurs 
because If lacks the information necessary to recognise them as defined-benefit plans, 
or they have been deemed as insignificant.
For the defined-contribution pension plans, If pays fixed contributions and has no 
further payment obligations once the contributions have been paid. The pension 
expense for the defined-contribution plans is equal to the premiums paid by If for the 
financial year.
Pension obligations 
EURm 2025 2024
Defined benefit pension obligations, including social costs  204  213 
Fair value of plan assets  255  232 
Net asset from defined benefit pension obligations  -51  -19 
Other pension obligation, including social costs  4  4 
Net asset pension from obligations recognised in balance sheet  -46  -15 
of which recognised as Net pension assets in Other assets  66  36 
of which recognised as Net pension liabilities in Other liabilities  20  21 
The Swedish defined-benefit pension plan, FTP2, is a multi-employer plan and is closed 
to new employees born in 1972 or later. In Norway, there are a few smaller defined-
benefit pension plans, mainly unfunded pension plans, for which If Group is responsible 
for ongoing payments. These include primarily individual pension agreements for 
former personnel. If Group also has a pension plan for current employees with salary 
higher than 12 G (G = National Insurance basic amount). This is a contribution-based 
plan but a liability is accounted for in the balance sheet. The carried liability for this 
plan is handled separately from the defined-benefit pension obligations due to its 
defined contribution nature, where the obligation is not based on final salary but rather 
on the value of earned contributions and accumulated return as of 31 December.
A common feature of the defined-benefit plans is that the employees and survivors 
encompassed by the plans are entitled to a guaranteed pension that depends on the 
employees’ service period and pensionable salary at the time of retirement. The 
dominating benefit is the old-age pension, referring to a life-long pension after the 
anticipated retirement age.
The anticipated retirement age for Sweden, in connection with life-long pension, is 65 
years. Life-long old-age pension following a complete service period is payable at a 
rate of 10% of the pensionable salary between 0 and 7.5 income base amounts, 65% of 
salary between 7.5 and 20 income base amounts and 32.5% between 20 and 30 
income base amounts. Paid-up policies and pension payments from the Swedish plans 
are normally indexed annually, with an amount corresponding to the change in the 
consumer price index. However, there is no agreement guaranteeing the value and 
future supplements, in addition to the contractual pension benefit, which could either 
rise or fall.
The pensions in Sweden are primarily funded through insurance, whereby the insurer 
establishes the premiums and disburse the benefits. If’s obligation is primarily fulfilled 
through payment of the premiums. Should the assets that are attributable to the 
pension benefits not be sufficient to enable the insurer to cover the guaranteed 
pension benefits, If could be forced to pay supplementary insurance premiums or 
secure the pension obligations in some other way. However, given the insurer’s high 
consolidation ratio, the risk that If will be forced to take any such action is low.
To cover the insured pension benefits in Sweden, as well as for a small plan in Norway, 
the related capital is managed as part of the insurers’ management portfolios. New and 
existing asset categories are evaluated on an ongoing basis in order to diversify the 
asset portfolios, with a view to optimise the anticipated risk-adjusted return. Any 
surplus that arises from management of the assets normally accrues to If and/or the 
insured, and there is no form of transfer of the asset value to other members of the 
insurance collective.
The insurers and If are jointly responsible for monitoring the pension plans, including 
investment decisions and contributions. The pension plans are essentially exposed to 
similar material risks regarding the final amount of the benefits, longevity, the 
investment risk associated with the plan assets, and the fact that the choice of the 
discount interest rate affects the valuation in the financial statements.
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FINANCIAL STATEMENTS 2025 199

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

When applying IAS 19, the pension obligation and the pension cost attributed to the 
fiscal period are calculated annually, using the Projected Unit Credit method. The 
calculation of the defined benefit obligation is based on future expected pension 
payments and includes yearly updated actuarial assumptions, such as salary growth, 
inflation, mortality and employee turnover. The expected pension payments are then 
discounted to a present value, using a discount rate set with reference to AAA and AA 
corporate bonds issued in local currency, including mortgage-backed bonds, as of 
mid-December. The discount rates chosen in Sweden and Norway take into account 
the duration of the company’s pension obligations in each respective country. After a 
deduction for the plan assets, a net asset or a net liability is recognised in the balance 
sheet.
The following tables contain a number of material assumptions, specifications of 
pension costs, assets and liabilities, and a sensitivity analysis showing the potential 
effect on the obligations of reasonable changes in those assumptions, as of the end of 
the fiscal year. 
The carrying amounts have been stated, including special payroll tax in Sweden 
(24.26%) and a corresponding fee in Norway (14.1%-19.1%).
Specification of pension obligations by country
2025 2024
EURm Sweden Norway Total Sweden Norway Total
Recognised in income statement and other comprehensive income
Current service cost  3  0  3  2  0  3 
Total defined benefit pensions costs in insurance service result  3  0  3  2  0  3 
Interest expense on net pension liability  -1  1  -1  -1  1  -1 
Remeasurement of the net pension liability  -23  -1  -24  -1  1  0 
Total net cost (income) in comprehensive income statement  -22  0  -22  0  2  2 
Recognised in balance sheet
Defined benefit pension obligations, including social costs  187  18  204  194  19  213 
Fair value of plan assets  253  2  255  230  1  232 
Net liability (net assets)  -66  16  -50  -36  17  -19 
Distribution by asset class
Bonds  40 %  —  41 %  — 
Equities  24 %  —  22 %  — 
Properties  10 %  —  9 %  — 
Other  26 %  —  28 %  — 
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FINANCIAL STATEMENTS 2025 200

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

The following actuarial assumptions have been used for the calculation of defined benefit pension plans in Norway and Sweden:
Sweden Sweden Norway Norway
31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024
Discount rate  4.00 %  3.25 %  4.25 %  4.00 %
Future salary increases  3.00 %  3.00 %  3.00 %  3.25 %
Price inflation  2.00 %  2.00 %  2.00 %  2.25 %
Mortality table DUS23 DUS23 K2013 K2013
Average duration of defined benefit pension liabilities 16 years 17 years 11 years 11 years
Expected contributions to the defined benefit plans during 2026 and 2025  6  5 - -
2025 2024
Sensitivity analysis of effect of reasonably possible changes Sweden Norway Total Sweden Norway Total
Discount rate, +0.50% -14 -1 -14 -15 -1 -16
Discount rate, -0.50% 15 1 16 17 1 18
Future salary increases, +0.25% 3 0 3 3 0 4
Future salary increases, -0.25% -3 0 -3 -3 0 -3
Expected longevity, +1 year 6 1 6 7 1 7
2025 2024
EURm Funded plans Unfunded plans Total Funded plans Unfunded plans Total
Distribution of obligations on funded and unfunded plans
Defined benefit pension obligations, including social costs  188  16  204  196  17  213 
Fair value of plan assets  255  —  255  232  —  232 
Net pension liability (net assets) from defined benefit obligations  -66  16  -50  -36  17  -19 
Other pension obligation, including social costs  —  4  4  —  4  4 
Net liability (net asset) recognised in balance sheet  -66  20  -46  -36  20  -15 
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FINANCIAL STATEMENTS 2025 201

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

Specification of change in defined benefit pension 
obligations
EURm 2025 2024
Pension liabilities
At the beginning of the year  210  202 
Current cost  3  2 
Interest cost  7  7 
Actuarial gains (-) / losses (+) on financial assumptions  -23  7 
Actuarial gains (-) / losses (+), experience adjustments  0  4 
Exchange differences on foreign plans  11  -7 
Benefits paid  -6  -6 
Defined benefit pension obligations on Dec 31, excl. social 
security costs  202  210 
Social security costs  2  3 
Defined benefit pension obligations on Dec 31, incl. social 
security costs  204  213 
Reconciliation of plan assets
At the beginning of the year  232  220 
Interest income  8  7 
Difference between actual return and calculated interest income  1  11 
Contributions paid  6  5 
Exchange differences on foreign plans 14  -7 
Benefits paid  -5  -5 
Plan assets at 31 December  255  232 
Other short-term employee benefits
There are other short-term employee incentive programmes in the Group, the terms of 
which vary according to country, business area, or company. Benefits are recognised in 
the profit or loss for the year they arise. An estimated amount of these short-term 
incentives, social security costs included, for 2025 is EUR 108 million.
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FINANCIAL STATEMENTS 2025 202

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

25 Equity and reserves
Equity (1,000 shares)
12/2025 12/2024
Equity (1,000 shares) 2,661,809 2,691,239
The shares are divided into A and B classes, with the number of A shares being 
179,000,000 at minimum and 711,200,000 at maximum, and the number of B shares 
being 0 at minimum and 4,800,000 at maximum. Each A share entitles its holder to 
one vote and each B share entitles its holder to five votes at a General Meeting of 
Shareholders. The shares have no nominal value.
In February 2025, Sampo carried out a share split by way of a share issue without 
consideration. The new shares were issued to shareholders in proportion to their 
existing holdings, so that four (4) new shares were issued for each existing share.
At the end of the financial year 2025, the number of A shares amounted to 2,661,808 
524 shares and B shares to 1,00,000 shares. In 2024, the reported amount of A shares 
was 538,247,772 shares and the amount of B shares 200,000.
Treasury shares (1,000 shares)
12/2025 12/2024
Own shares held by Sampo plc (1,000 shares) 8,946 —
Reserves and retained earnings
Legal reserve
The legal reserve comprises the amounts to be transferred from the distributable 
equity, according to the Articles of Association or on the basis of the decision of the 
AGM.
Reserve for invested unrestricted equity
The reserve includes other investments of equity nature, as well as the issue price of 
shares, to the extent it is not recorded in the share capital by an express decision.
During the financial year 2024, the directed share issue of EUR 2,000 million to acquire 
the non-controlling interests of Topdanmark was recognised in the reserve.
Restricted Tier 1 notes 
In September 2025, Sampo issued EUR 300 million of new restricted Tier 1 notes with a 
coupon rate of 5.25 per cent and an option of a first call date in 2035 for Sampo. The 
restricted Tier 1 instrument is accounted for as equity. Transaction costs related to the 
issue of the notes were directly recognised in retained earnings.
Accounting treatment of restricted Tier 1 (RT1) instrument depends on the substance 
of the contractual arrangement. The restricted Tier 1 instrument is accounted for as 
equity as the notes are unsecured and subordinated as well as perpetual with no fixed 
maturity date. Payment of interest and principal is at the discretion of Sampo. Interest 
expenses are recognised directly in retained earnings. Therefore, the restricted Tier 1 
notes qualify as equity instruments pursuant to IAS 32.
Other components of equity
Other components of equity include changes in exchange differences, derivatives used 
for cash flow hedges, revaluation reserve and hedges of a net investment.
Changes in the reserves and retained earnings are presented in the Group’s statement 
of changes in equity.
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FINANCIAL STATEMENTS 2025 203

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

26 Incentive schemes
Sampo’s long-term incentive scheme 2020 I
The Board of Directors of Sampo plc has decided on the long-term incentive schemes 
2020:1 for the key employees of Sampo Group. The Board of Directors of Sampo plc 
has authorised the Group CEO to decide on the allocation of incentive units that are 
used to determine the incentive reward. The Board decides on the number of incentive 
units allocated to the Group CEO and the Group Executive Committee members. 
The amount of the incentive reward is based on the share price development of the 
Sampo A share and Sampo Group’s return on capital at risk (RoCaR). The value of one 
calculated incentive unit is the trade-weighted average price of the Sampo A share at 
the time period specified in the terms of the incentive scheme, reduced by the 
dividend-adjusted starting price. The starting price of the incentive schemes varies 
between EUR 8.7-8.95. The maximum value of one incentive unit varies between EUR 
12.64-12.89. The calculation of the incentive reward furthermore takes into account the 
RoCaR. If the RoCaR is at least risk-free return + 5 per cent, the reward is paid out in 
full. If the RoCaR is at least risk-free return + 3 per cent but less than risk-free return + 5 
per cent, the payout is 50 per cent. If the RoCaR is below risk-free return + 3 per cent, 
no incentive reward will be paid.
Each plan has three performance periods and incentive rewards are paid in cash in 
three instalments. Identified staff shall buy Sampo A shares with 50 per cent of the 
amount of the instalment after deducting income tax and other comparable charges. 
The shares are subject to disposal restrictions for three years from the date when the 
instalment was paid. A premature payment of the incentive reward may occur in the 
event of changes in the Group structure. The fair value of the incentive schemes is 
estimated by using the Black-Scholes pricing model.
2020:I 2020:I/2 2020:I/3
Terms approved* 5 Aug 2020 5 Aug 2020 5 Aug 2020
Granted  (1,000) 31 Dec 2024**  5,258  595  790 
Granted  (1,000) 31 Dec 2025  —  271  553 
End of performance period I 30% Q2-2023 Q2-2024 Q2-2025
End of performance period II  35% Q2-2024 Q2-2025 Q2-2026
End of performance period III 35% Q2-2025 Q2-2026 Q2-2027
Payment I 30% 09/2023 09/2024 09/2025
Payment II 35% 09/2024 09/2025 09/2026
Payment III 35% 09/2025 09/2026 09/2027
Price of Sampo A at terms approval date 
EUR**  6.06  6.06  6.06 
Starting price EUR**/***  6.59  8.70  8.95 
Starting price adjusted with dividend, EUR 
at 31 December 2025**  3.28  5.73  6.80 
Sampo A closing price EUR at 31 
December 2025 10.33
Total intrinsic value, EURm  —  1  1 
Total debt 3
Total cost for the financial period, EURm 
(excl. social cost) 18
* Grant dates vary
** Sampo’s 1:5 share split on 12 February 2025 taken into account
*** The trade-weighted average price of the Sampo A share during twenty-five trading days 
commencing the day after Sampo plc’s publication of its Half-Year Financial Report in 2020.
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FINANCIAL STATEMENTS 2025 204

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

Sampo’s long-term incentive scheme 2024 
On 6 March 2024, the Board of Directors of Sampo plc decided to adopt a 
performance-based long-term incentive scheme for the Group Executive Committee 
(including the Group CEO) and other senior leaders and key employees of Sampo 
Group.
The participants in LTI 2024 were granted 1,778,495 performance incentive units (out 
of a maximum of 1,850,000). The performance incentive units have a three-year 
performance period covering financial years 2024-2026, with subsequent deferral 
periods according to the rules and regulations applicable to Sampo Group. 
The reward is a cash-based compensation. According to the terms and conditions of 
the scheme, identified staff must buy Sampo A shares with 50 per cent of the net 
reward after taxes and other comparable charges. The shares are subject to a formal 
disposal restriction of three years from the date of payment, and the Board of 
Directors of Sampo plc will perform a risk and compliance assessment before any 
shares are released to participants. 
To achieve a maximum reward from the LTI 2024, excellent financial and operational 
performance is required. The performance assessment will be based on the following 
performance criteria: 
Relative total shareholder return: 25 per cent of the reward is subject to the 
performance of the Sampo A share’s relative TSR over the performance period against 
a peer group of companies. 
Adjusted absolute total shareholder return: 25 per cent of the reward is subject to the 
performance of the Sampo A share’s growth and combined dividends over the 
performance period. 
Underwriting profit growth: 40per cent of the reward is subject to the performance of 
Sampo Group’s underwriting profit growth over the performance period. 
Sustainability charter: 10 per cent of the reward is subject to the performance of 
Sampo Group’s work related to sustainability. 
In addition, the performance incentive units are subject to Sampo A share price 
movements over the performance period. The share price growth is capped at a 
maximum increase to avoid excessive pay-outs and minimise risk. 
The fair value of the scheme has been estimated using the Monte Carlo pricing model.
At the end of the period, 75 persons were included in the scheme. The total cost for 
the financial period amounted to EUR 4 million and the liability of the scheme 
amounted to EUR 5 million.
Sampo’s long-term incentive scheme 2025
On 12 March 2025, the Board of Directors of Sampo plc decided to adopt a 
performance-based long-term incentive scheme for the Group Executive Committee 
(including the Group CEO) and other senior leaders and key employees of Sampo 
Group.
The participants in LTI 2025 were granted 2,058,196 performance incentive units (out 
of a maximum of 2,250,000). The performance incentive units have a three-year 
performance period covering financial years 2025-2027, with subsequent deferral 
periods according to the rules and regulations applicable to Sampo Group. 
The reward is a cash-based compensation. According to the terms and conditions of 
the scheme, identified staff must buy Sampo A shares with 50 per cent of the net 
reward after taxes and other comparable charges. The shares are subject to a formal 
disposal restriction of three years from the date of payment, and the Board of 
Directors of Sampo plc will perform a risk and compliance assessment before any 
shares are released to participants. 
To achieve a maximum reward from the LTI 2025, excellent financial and operational 
performance is required. The performance assessment is based on the same 
performance criteria as in LTI 2024. For the criteria, see previous chapter Sampo’s 
long-term incentive scheme 2024. 
The fair value of the scheme has been estimated using the Monte Carlo pricing model.
At the end of the period, 94 persons were included in the scheme. The total cost for 
the financial period and the liability of the scheme amounted to EUR 3 million.
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FINANCIAL STATEMENTS 2025 205

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

Long-term incentive scheme of Topdanmark’s former 
management
The former deputy CEO and members of Group Management of Topdanmark are 
covered by a long-term incentive scheme.
Upon the completion of Sampo’s compulsory acquisition of the remaining Topdanmark 
shares in October 2024, the outstanding rights to Topdanmark shares under the LTI 
programme were converted so that the LTI participants received phantom share units 
tied to the development in the share price of Sampo’s listed A share. These will be 
settled in cash when the phantom share units are exercised. The market value of the 
LTI option was determined per the completion in accordance with the Black-Scholes 
formula. 
At the end of the financial period, 16 persons were included in the scheme.
Long-term incentive schemes of Hastings
The total charge for the share-based payments recognised in profit or loss during 2025 
was EUR 32 million (29) with a share-based payment liability of EUR 51 million (36) 
held at 31 December 2025.
Long-term incentive plan 
Certain management personnel of Hastings Group participate in the Group’s Long- 
Term Incentive Plan (’LTIP’), which is a cash settled scheme. Vesting is subject to a 
three-year service period and the achievement of certain performance conditions. The 
performance conditions for the LTIP are profit before tax and live customer policies. 
Cash awards totalling EUR 16 million (15) were granted in 2025, and EUR 4 million (9) 
of cash awards were forfeited. The expected life is the contractual life of the award 
adjusted to reflect management’s best estimate of holder behaviour. There were cash 
awards with a value of EUR 40 million (40) outstanding on 31 December 2025.
Restricted stock awards 
Restricted Stock Awards are whereby certain individuals are granted cash awards 
conditional upon their continued employment with the Group. The expected life is the 
contractual life of the award adjusted to reflect management’s best estimate of holder 
behaviour. During 2025, certain key management personnel were granted cash awards 
with a value of EUR 1 million (1) conditional upon continued employment within the 
Group. There were cash awards with a value of EUR 3 million (1) outstanding at 31 
December 2025. 
Capital appreciation plan 2021
In the year ended 31 December 2021, certain key management personnel of the 
Company were invited to participate in the Hastings Group’s Capital Appreciation Plan, 
under which they may be awarded up to five matching awards of B Ordinary Shares in 
Hastings Group Consolidated Limited, for every B Ordinary share that they hold. 
Matching awards have the potential to vest in two tranches, with 50 per cent being 
conditional upon a total shareholder return (TSR) measured over a four-year period, 
and 50 per cent being conditional upon TSR measured over a five-year period, with 
the number of awards dependent upon the level of return between a minimum and 
maximum target. At the end of each performance period, one-half of shares will vest 
immediately, and one half will be deferred for 12 months before becoming exercisable. 
The vesting is dependent on continuing service by the participant over the period of 
any deferment, ranging from four to six years. 
There were no awards in 2025 and 2024. The total number of HGC B Ordinary Shares 
allotted to colleagues to be held under the scheme in 2021 was EUR 0.6 million, with a 
maximum potential matching award of EUR 2.6 million B Ordinary shares. 
The fair value of the matching awards, calculated using the Monte Carlo valuation 
model, was estimated to be EUR 1.7 million (1.7), or approximately EUR 3.7 per 
matching award (3.7). 
Capital appreciation plan 2025
In 2025, the Company introduced a new Capital Appreciation Plan (‘2025 CAP’) for 
certain key management personnel of the Company. The terms of the 2025 scheme 
are substantively similar with those of the HGCL’s 2021 CAP scheme  except for 
differences in the quantity of the award and absence of voting rights for the holders.  
The total number of B Ordinary Shares purchased and allotted under the scheme at 31 
December 2025 was EUR 1.3 million (-), with a maximum potential matching award of 
EUR 6.2 million B Ordinary shares. 
The fair value of the matching awards is calculated using the Monte Carlo valuation 
model. The fair value of the matching shares were EUR 8.8 million, or approximately 
EUR 8.1 per matching share. 
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FINANCIAL STATEMENTS 2025 206

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

27 Investments in subsidiaries
12/2025 12/2024
Name Group holding % Carrying amount Group holding % Carrying amount
If P&C Insurance Holding Ltd 100  4,820   100  4,820   
If P&C Insurance Ltd 100  6,380   100  1,441   
If P&C Insurance AS 100  41   100  39   
Viking Assistance Group AS 100  85   100  80   
If IT Services A/S 100  32   100  0   
Topdanmark A/S 100  42   100  39   
Topdanmark Forsikring A/S —  —   100  4,614   
Topdanmark EDB A/S 100  44   100  41   
Topdanmark BidCo A/S* 100  277   100  261   
Hastings Group (Consolidated) Ltd 100  2,611   100  2,611   
Hastings Group Holdings Limited 100  2,410   100  2,535   
Advantage Global Holdings Limited 100  1,442   100  1,518   
Advantage Insurance Company Limited 100  269   100  283   
Hastings Insurance Services Limited 100  511   100  537   
* Topdanmark BidCo A/S relates to the acquisition and holding of Oona Health A/S. 
The table excludes dormant companies in Great Britain as well as property and housing companies 
accounted for in the consolidated accounts, and other companies that are insignificant to the 
consolidated financial statements.
Changes in subsidiary shares in 2025
Topdanmark Forsikring A/S was merged into If P&C Insurance Ltd on 1 July 2025.
The change in the carrying amount of If IT Services A/S is due to an add-on 
capitalisation.
Changes in subsidiary shares in 2024
Sampo acquired all the outstanding NCI shares in Topdanmark A/S through a public 
exchange offer, followed by a compulsory acquisition during H2 in 2024. The shares 
were then sold to If P&C Holding Ltd in November 2024. Simultaneously a 
shareholders’ contribution of EUR 2,934 million was made to If P&C Insurance Holding 
Ltd by Sampo plc.
The carrying amounts of Hastings’ companies have changed mainly due to internal 
restructuring in Hastings’ subgroup. 
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FINANCIAL STATEMENTS 2025 207

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

28 Acquisition of Topdanmark’s non-
controlling interest
Background
In 2024, Sampo acquired the remaining non-controlling interests in Topdanmark A/S. 
The transaction was completed on 25 October 2024. Following the acquisition of the 
NCI, Sampo plc sold all shares in Topdanmark A/S to If P&C Insurance Holding Ltd. 
Equity transaction 
As the transaction with the non-controlling interest is accounted for as an equity 
transaction in Sampo Group, the compensation paid to the NCI for their shares in 
Topdanmark A/S was recognised as a decrease in the retained earnings, amounting to 
EUR 2,325 million. The portion of the NCI’s share in equity, amounting to EUR 394 
million, was allocated to the owners of the parent company, and recognised as an 
increase in retained earnings. The total decrease of retained earnings amounted to 
EUR 1,931 million. 
The acquisition costs related to the equity transaction, amounting to EUR 31 million, 
were accounted for as a deduction from the equity. Overall, the transaction decreased 
Sampo Group’s total equity by EUR 356 million consisting of compensation paid in 
compulsory acquisition of EUR 325 million and transaction costs of EUR 31 million. 
Sale of Topdanmark A/S shares to If P&C Insurance Holding Ltd
On 1 November 2024, Sampo plc sold all the issued shares in Topdanmark A/S to If 
P&C Insurance Holding Ltd. The transaction was completed at arm’s length basis. The 
sale price, based on the recent market value of EUR 4,659 million, equivalent to 
approximately DKK 34.7 billion, was paid in full by way of a loan agreement and a 
shareholder’s contribution between Sampo plc and If P&C Insurance Holding Ltd. On 1 
November, the loan agreement, amounting to EUR 1,724 million, consisted of EUR 
nominated facility of EUR 862 million and DKK nominated facility of DKK 6,432 million 
(approx. EUR 862 million). The remaining part of the purchase price was paid by 
setting-off against shareholder’s contribution amounting to SEK 34 029 million 
(approx. EUR 2,934 million) granted by Sampo plc to If Holding. The shareholder’s 
contribution was recognised as an increase in the carrying amount of If Holding’s 
shares in Sampo plc’s balance sheet. 
As the sale transaction of Topdanmark’s shares was an intra-group transaction, all 
impacts, including the sales gain of the shares, was eliminated at the Sampo Group 
level. 
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29 Related party disclosures
The related parties of Sampo Group include subsidiaries, associates and joint ventures. 
In addition, related parties include, as mentioned below, key management personnel 
and their related parties. The Group’s subsidiaries are included in note 27. At the end 
of the financial year, there were no significant associates in the Group. 
All intra-group transactions and balances are eliminated upon consolidation. The 
related party transactions disclosed in the note include transactions with related 
parties that are not eliminated in the preparation of consolidated financial statements. 
In the comparative year, Sampo plc sold Topdanmark A/S shares to If Holding A/B. 
Related to the sale, substantial internal transactions and financing arrangements were 
formed between group entities. For further information, please see note 28.   
Transactions with related parties are on an arm’s length basis. 
Key management personnel and their related parties 
The key management personnel in Sampo Group consists of the members of the Board 
of Directors of Sampo plc, the Chief Executive Officer (CEO) and Sampo Group’s 
Executive Committee. Their related parties include close family members and the 
entities over which the members of the key management personnel or their close 
family members have control or significant influence.
Key management compensation
EURm 2025 2024
Short-term employee benefits  -11  -8 
Post employment benefits  -5    -4 
Other long-term benefits  -12    -8 
Total  -27    -20 
Short-term employee benefits comprise salaries and other short-term benefits, 
including profit-sharing bonuses accounted for the year, and social security costs.
Post-employment benefits include pension benefits under the Employees’ Pensions 
Act (TyEL) in Finland and voluntary supplementary pension benefits.
Other long-term benefits consist of the benefits under long-term incentive schemes 
accounted for the year (see note 26).
Related party transactions of the key management
The key management does not have any loans from the Group companies.
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30 Contingent liabilities, commitments and 
legal proceedings
EURm 12/2025 12/2024
Off-balance sheet items
Guarantees  1  9 
Investment commitments  125  40 
Other  2  2 
Total  129  51 
Assets pledged as collateral for liabilities or contingent liabilities
12/2025 12/2024
EURm
Assets 
pledged
Liabilities/ 
commitments
Assets 
pledged
Liabilities/ 
commitments
Assets pledged as collateral
Investment securities  390  268  403  294 
Subsidiary shares  91  25  91  25 
Cash and cash equivalents  66  — 66 43
Total  547  293 559 362
Assets pledged as security 
for derivative contracts
Cash and cash equivalents  65  66 
Assets pledged as security 
for insurance undertakings
Investment securities  390  403 
Assets pledged as security 
for loans
Shares in subsidiaries  91  91 
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Other financial commitments
If 
The subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings 
within several pools, such as  the Nordic Nuclear Insurance Pool, Norwegian Natural 
Perils’ Pool and the Dutch Terror Pool.
In connection with the transfer of property and casualty insurance business from the 
Skandia Group to the If Group as of 1 March 1999, If P&C Holding Ltd and If P&C 
Insurance Ltd issued a guarantee for the benefit of Försäkringsaktiebolaget Skandia 
(publ.), whereby the aforementioned companies in the If Group mutually guarantee 
that companies in the Skandia group will be indemnified against any claims or actions 
due to guarantees or similar commitments made by companies in the Skandia Group, 
within the property and casualty insurance business transferred to the If Group.
If P&C Insurance Holding Ltd and If P&C Insurance Ltd have separately entered into 
agreements with Försäkringsaktiebolaget Skandia (publ.) and Tryg-Baltica Forsikrings 
AS, whereby Skandia and Tryg-Baltica will be indemnified against any claims 
attributable to guarantees issued by Försäkrings-aktiebolaget Skandia (publ.) and 
Vesta Forsikring AS, on behalf of Skandia Marine Insurance Company (U.K.) Ltd. 
(renamed Marlon Insurance Company Ltd., company dissolved in July 2017) in favour 
of the Institute of London Underwriters. Marlon was sold during 2007, and the 
purchaser issued a guarantee in favour of the aforementioned companies in the If 
Group for the full amount that they may be required to pay under these guarantees.
If P&C Insurance Company Ltd has outstanding commitments to private equity funds 
totalling EUR 21 million (40), which is the maximum amount that the company has 
committed to invest in the funds. Capital will be called to these funds over several 
years as the funds make investments.
With respect to certain IT systems that If and Sampo use jointly, If P&C Insurance 
Holding Ltd has undertaken to indemnify Sampo for any costs caused by If that Sampo 
may incur in relation to the owners of the systems.
Under the Danish Corporate Income Tax Act, If Group is subject to mandatory joint 
taxation in Denmark. Topdanmark A/S is the administration company for the Danish 
joint taxation, but the companies have a joint liability for payment.
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In connection with the implementation of a new customer and core system, If P&C 
Insurance Ltd has undertaken to provide support towards specific suppliers to fulfil 
Topdanmark EDB IV ApS’ obligations in accordance with the contracts.
Hastings
Advantage Insurance Company Limited has outstanding commitments to private 
equity fund totalling EUR 98 million, which is the maximum amount that the company 
has committed to invest in the fund. Capital will be called in to this fund over the next 
year.
Rental commitments
During the comparative period 2024, Sampo plc signed a rental agreement for new 
office premises. The lease period started in June 2025.  
Legal proceedings
There are a number of legal proceedings against the Group companies outstanding as 
of 31 December 2025, arising in the ordinary course of business. The companies 
estimate it unlikely that any significant loss will arise from these proceedings.
31 Subsequent events after the balance sheet 
date
Dividend proposal to the AGM
In the meeting on 4 February 2026, the Board of Directors decided to propose for the 
Annual General Meeting on 22 April 2026, a divided distribution of EUR  0.36 per share 
(totalling approx. EUR 958 million based on the number of outstanding shares at the 
balance sheet date). The dividends to be paid will be accounted for in equity in 2026 
as a deduction of retained earnings.
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 for as part of shareholder’s 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.
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32 Risk Management 
disclosure
Sampo Group business and risk 
strategy
Sampo’s strategy is to create long-term value from its 
non-life insurance operations. The Group’s focus within 
non-life insurance is on the private and SME business in 
the Nordic countries, and the digital distribution market 
in the United Kingdom. Sampo Group is first and 
foremost exposed to the general performance of the 
Nordic economies. However, the Nordic economies 
typically are at different stages of their economic cycles 
at any given time, for reasons such as different 
economic structures and separate currencies. Also, 
geographically the Nordics as a large area is more a 
source of underwriting diversification than 
concentration. Hence, the Nordic area is inherently a 
good basis for a diversified business. Geographic 
diversification is also extended outside of the Nordics 
into the United Kingdom and to a smaller extent the 
Baltics.
To further maintain diversification of businesses, Sampo 
Group proactively prevents concentrations, to the 
extent possible, by segregating the duties of separate 
business areas. Despite proactive strategic decisions on 
segregation of duties, concentrations in underwriting 
and investments may appear, and hence liabilities and 
assets are monitored at the Group level to identify 
potential concentrations at a single company or risk 
factor level. 
Underwriting and market risk concentrations, and their 
management are described in the later sections, as well 
as the parent company’s role as a risk manager of 
group-wide risks and as a source of liquidity.
Sampo's risk management strategy is to:
• Ensure that risks affecting the profit and loss account 
and the balance sheet are identified, assessed, 
managed, monitored, and reported in all business 
activities and at the Group level;
• Ensure cost-efficient customer business that is 
soundly priced in terms of risks and adding value to 
our customers;
• Ensure the overall efficiency and resilience of 
operations;
• Ensure that risk buffers – in the form of capital and 
foreseeable profitability – are adequate in relation to 
the current risks inherent in business activities and the 
existing market environment;
• Limit M&A transactions to bolt-ons in non-life 
insurance within current markets;
• Dispose of non-strategic or otherwise unnecessary 
balance sheet items and distribute the released 
capital and reserves to the parent company as 
appropriate; and
• Arrange its activities in ways that safeguard the 
Group’s reputation, since in addition to the ability to 
provide value-adding services for its customers and 
sound capitalisation, the confidence of the customers 
and other stakeholders is among the most significant 
assets of Sampo Group. 
Sampo Group risk management 
system
The purpose of risk management is the creation and 
protection of value. The risk management system is part 
of the larger internal control system, and it integrates 
risk management into the governance of the Group and  
its significant activities and functions, including decision 
making. The risk management system comprises the 
overall organisational structure, documented rules, 
processes, and procedures, as well as resources to 
identify, measure, or assess, contain, monitor, and 
report on risk exposure and overall risk management. It 
is supported by Sampo’s corporate governance system 
and risk culture. It is built on the risk management 
principles and the corresponding policies.
Effective management of risks
Effective risk management is carried out by way of the 
risk management process, which involves the 
systematic application of policies, procedures and 
practices to the identifying, assessing, treating, 
monitoring, measuring, and reporting risk: 
• Identification of risks: The risks involved in business 
operations and business environment, are monitored 
continuously together with earnings potential. In 
particular, when new services are launched or 
business environment is changing, earnings potential 
and risks including reputational risks shall be 
thoroughly analysed. 
• Assessment of capital need: The capital need to cover 
measured risks, risk-based capital, is assessed and 
analysed regularly by risk types and over risks and 
business areas. In addition, management considers 
the size of the buffers over risk-based capital to get 
actual amount of capital. 
• Pricing of risks: Sound pricing of customer 
transactions and careful risk/return consideration of 
investments is the prerequisite for achieving the 
targeted financial performance and profitability over 
time. In general, the starting points of insurance policy 
pricing and investment decisions are (i) adequate 
expected return on allocated capital and (ii) operating 
costs. 
• Managing risk exposures, capital positions, and 
operational processes: The risks of insurance 
liabilities, investment portfolios and operative 
processes and capital positions are adjusted to 
maintain a sound risk-to-return ratio and return on 
capital.  
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• Measuring and reporting of risks: Results, risks, 
profitability, and needed capitalisation are measured, 
analysed, and reported by Finance and Risk 
Management functions, which are independent from 
business activities. 
Classification of risks
Risks in Sampo Group are classified under three broad 
categories, namely business risks, reputational risk, and 
risks inherent in business operations, as shown in the 
picture Classification of risks in Sampo Group.
Classification of risks in Sampo Group
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Risks inherent in business 
operations
In its underwriting and investment operations, Sampo 
Group is consciously taking certain risks to generate 
earnings. These earnings risks are carefully selected and 
actively managed. Underwriting risks are priced to 
reflect their inherent risk levels and the expected return 
of investments is compared to the related risks. 
Furthermore, earnings related risk exposures are 
adjusted continuously and their impact on the capital 
need is assessed regularly.
Successful management of underwriting risks and 
investment portfolio market risks is the main source of 
earnings for Sampo Group. Day-to-day management of 
these risks, i.e. maintaining them within given limits and 
authorisations is the responsibility of the business areas 
and the investment units. 
Some risks, such as counterparty default risks and 
operational risks presented in the graph Classification of 
Risks in Sampo Group, are indirect repercussions of 
Sampo’s normal business activities. They are one-sided 
risks, which in principle have no related earnings 
potential. Accordingly, the risk management objective is 
to mitigate these risks efficiently rather than actively 
manage them. Mitigation of consequential risks is the 
responsibility of the business areas and the investment 
units. The capital need for these risks is measured by 
independent risk management functions. It must be 
noted that the categorisation of risks between earnings 
and consequential risks varies, depending on the 
industry. For Sampo Group’s customers, for instance, 
the events that are subject to insurance policies are 
consequential risks and for Sampo Group these same 
risks are earnings risks. 
Some risks such as interest rate, currency, and liquidity 
risks are by their nature simultaneously linked to various 
activities. To manage these risks efficiently, Sampo 
Group must have a detailed understanding of expected 
cash flows and their variance within its business 
operations. In addition, a thorough understanding of 
how the market values of assets and liabilities may 
fluctuate at the total balance sheet level under different 
scenarios is needed. These balance sheet level risks are 
commonly defined as Asset and Liability Management 
(“ALM”) risks. In addition to interest rate, currency, and 
liquidity risk, inflation risk and risks relating to GDP 
growth rates are central ALM risks in Sampo Group. The 
ALM risks are one of the focus areas of senior 
management because of their relevance to risks and 
earnings in the long run.
In general, concentration risk arises when the 
company’s risk exposures are not diversified enough. 
When this is the case, an extremely unfavourable claim 
or financial market event, for instance, could threaten 
the solvency of the company. 
Concentrations can evolve within separate activities – 
such as large single name or industry-specific insurance 
or investment exposures – or across activities when a 
single name or an industry is contributing widely to the 
profitability and risks of the company through both 
insurance and investment activities. 
Concentration risk may also materialise indirectly when 
profitability and the capital position react similarly to 
general economic developments or to structural 
changes in the institutional environment in different 
areas of business. 
Emerging risks
Emerging risk refers to newly developing or changing 
risks that are difficult to quantify and which may have a 
major impact on Sampo Group. Being aware of the risk, 
gathering information about it, and reviewing 
contractual terms in light of development are means of 
managing and mitigating the risk.
Sustainability approach
Sampo Group has a sustainability programme, which 
guides group level sustainability work. The programme 
is built around three strategic sustainability themes: 
Business management and practices, People and 
communities, and Climate and environment. Under each 
theme, the most material sustainability topics have been 
identified. These topics are closely linked to Sampo 
Group’s strategy, business operations, and risk 
management and are considered important by the 
Group’s diverse stakeholders.
In drafting the programme, input from both internal and 
external stakeholders has been taken into account. This 
includes, for example, regulatory requirements related 
to sustainability reporting; feedback from investors, 
employees, suppliers and other business partners; 
industry best practices; guidance from voluntary 
reporting frameworks and initiatives; and the 
perspectives of various ESG rating agencies.
The business management and practices theme focuses 
on topics fundamental to Sampo Group‘s operations. 
These include good corporate governance, sustainable 
insurance operations and supply chain management, 
and responsible investment.
Good governance at Sampo Group involves effective 
policies, management practices, and training that 
ensure compliance with laws, regulations, and generally 
accepted principles, particularly in areas such as anti-
corruption and bribery, anti-money laundering, and 
counter-terrorist financing. It also encompasses 
comprehensive information security and cybersecurity 
governance systems, data privacy activities, and robust 
whistleblowing and grievance procedures.
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Sustainable insurance operations are essential for 
meeting the evolving needs of all customers and for 
mitigating potential adverse impacts on the Group’s 
reputation. Accordingly, Sampo Group aims to take ESG 
considerations into account in product and service 
development and insurance underwriting. This 
approach helps prevent association with business 
activities that conflict with the company’s sustainability-
related policies and supports the offering of products 
and services aligned with customers’ needs and 
preferences. For example, Sampo Group integrates ESG 
considerations, such as expectations for corporate 
customers to respect international norms and standards 
(e.g. by the UN Global Compact) into underwriting 
practices, and embeds sustainability considerations into 
underwriting principles and/or other relevant policies. 
Sampo group also provides loss prevention services, 
handles claims sustainably, and develops products and 
services in accordance with relevant legal requirements.
Sampo Group places emphasis on sustainability when 
working with suppliers. As a major procurer of goods 
and services, especially in claims handling, the company 
has an impact on the economy, the environment, and 
society. Supply chains are a critical component of the 
sustainability of Sampo Group’s products and services, 
and poor management of sustainability issues can pose 
reputational and operational risks. Therefore, ESG 
considerations are integrated into supply chain 
management through measures such as supplier codes 
of conduct, additional contractual requirements for 
specific suppliers (e.g. based on ESG risks, sector, size, 
geography, business relevance), supply chain-related 
targets, and supplier risk assessments (e.g. audits, 
questionnaires). Sampo Group is also committed to 
encouraging and supporting suppliers and business 
partners adopting more sustainable practices.
Responsible investment management and operations 
are vital for managing investment-related risks, and in 
mitigating potential adverse impacts on the Group's 
reputation. ESG considerations are taken into account 
when assessing the security, quality, liquidity, and 
profitability of investments. Investment opportunities 
are thoroughly analysed before any investments are 
made, with ESG considerations evaluated alongside 
other factors affecting the risk-return ratio. Depending 
on the asset class, Sampo Group applies various ESG 
strategies to manage investment risks effectively. These 
strategies include ESG integration through rating, 
sector-based screening, norms-based screening, and 
engagement with investee companies.
The people and communities theme compasses factors 
related to human rights and labour practices; diversity, 
equity, and inclusion; health, safety, and wellbeing; 
competence development; customer needs and 
preferences; and sustainable sales and marketing 
practices.
Sampo Group is committed to providing customers 
with the best service in all situations. Skilled and 
motivated employees are a key success factor. Losing 
talent or being perceived as an unattractive employer 
would pose large risks for the businesses. Sampo Group 
strives to ensure a healthy and supportive work 
environment, not only because it is required by law but 
also because it forms the foundation for sustainable 
business performance. 
Diversity and inclusion are key focus areas, and Sampo 
Group is committed to fostering a non-discriminatory, 
open, and respectful work environment where everyone 
is treated fairly and equally. Risks related to these 
themes are managed through internal policies and 
governance structures, organisational development 
programmes, and by offering employees training, 
engaging career opportunities, and attractive 
remuneration packages.
A sustainable product and service offering requires 
attention to the risks such as inappropriate customer 
advice and product sales, errors in claims handling and 
complaint processes, and a lack of clarity regarding 
conditions, prices, and fees. Sales and marketing 
practices focus on meeting customer needs and 
providing the customer the information necessary for 
well-informed decisions about insurance coverage. 
Sampo Group manages these risks through internal 
policies and governance structures, as well as 
employees training.
The climate and environment theme includes topics, 
such as, climate change, circular economy and resource 
use, and biodiversity.
Climate change and environmental issues can impact 
Sampo Group’s business on short, medium, and long 
term. Climate-related risks can be categorised into 
physical risks and transition risks.
The financial position and performance of Sampo 
Group’s insurance operations are especially affected by 
physical risks. Effects on the financial position related to 
extreme weather events and natural disasters are 
considered in internal risk models, for instance through 
the consideration of trends in related insurance claims. 
Climate-related risks are also managed effectively with 
reinsurance programmes and price assessments. 
As climate change may increase the frequency and/or 
severity of physical risks, Sampo Group conducts 
sensitivity analyses using scenarios that assume 
increased severity of natural catastrophes. The Group 
also supports its corporate and private customers in 
managing climate-related risks. For example, extreme 
weather events can damage property, cause crop 
failures and disrupt business operations. Loss 
prevention is an essential part of insurance services, 
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helping customers reduce economic losses and 
mitigates the impacts of climate change.
Sampo Group’s investments may be exposed to both 
physical risks and transition risks, depending on the 
nature of the investment. Physical risks primarily arise 
from losses due to extreme weather events. Transition 
risks, on the other hand, may result from the shift to a 
low-carbon economy, including stricter environmental 
regulations, tighter emission requirements, and 
changing market preferences. These developments 
could lead to asset revaluations, particularly in carbon-
intensive sectors. To manage these risks investment 
opportunities are carefully analysed before any 
investment decisions are made. Climate-related risks are 
considered alongside other factors influencing the risk-
return ratio of each investments. Sampo Group employs 
several methods including analysis of financed 
emissions, sector-based screening. ESG integration 
using ratings, monitoring the geographical distribution 
of investments, and engagement with investee 
companies.
In terms of climate change scenario analysis, Sampo 
Group has in collaboration with the external vendor 
ORTEC Finance analysed the Group’s investment 
portfolio exposure to systemic economic and financial 
climate risks across four different climate scenarios over 
the next 40 years. The effect on the insurance results 
have been analysed based on the impact on 
macroeconomic variables as well as the potential 
effects on the insurance operations stemming from 
natural catastrophes. 
For more information on the scenario analysis, see the 
section Climate change in the Sustainability Statement.
Core risk management activities
To create value for all stakeholders in the long run, 
Sampo Group must have the following forms of capital 
in place:
• Financial flexibility in the form of adequate capital and 
liquidity.
• Good technological infrastructure.
• Intellectual capital in the form of comprehensive 
proprietary actuarial data and analytical tools to 
convert this data into information.
• Human capital in the form of skilful and motivated 
employees.
• Social and relationship capital in the form of good 
relationships with society and customers to 
understand the changing needs of different 
stakeholders.
These resources are being continuously developed in 
Sampo Group. They are in use when the following core 
activities related to risk pricing, risk taking, and active 
management of risk portfolios are conducted.  
Appropriate selection and pricing of underwriting risks 
• Underwriting risks are carefully selected and are 
priced to reflect their inherent risk levels.
• Insurance products are developed proactively to 
meet customers’ changing needs and preferences.
Effective management of underwriting exposures 
• Diversification is actively sought. 
• Reinsurance is used effectively to reduce largest 
exposures.
Careful selection and execution of investment 
transactions
• Risk return ratios and sustainability issues of separate 
investments opportunities are carefully analysed.
• Transactions are executed effectively.
Effective mitigation of consequential risks
• Counterparty default risks are mitigated by carefully 
selecting counterparties, applying collateral 
agreements, and assuring adequate diversification.
• High quality and cost-efficient business processes are 
maintained.
• Continuity and recovery plans are continuously 
developed to secure business continuity.
Effective management of investment portfolios and the 
balance sheet 
• Balance between expected returns and risks in 
investment portfolios and the balance sheet is 
optimised, considering the features of insurance 
liabilities, internally assessed capital needs, regulatory 
solvency rules and rating requirements.
• Liquidity risks are managed by having an adequate 
portion of investments in liquid instruments. The 
portion is mainly dependent on the features of the 
liabilities. 
At the Group level, the risk management focus is on 
capitalisation, leverage, and liquidity. It is also essential 
to identify potential risk concentrations, and to have a 
thorough understanding of how solvency and reported 
profits of Group companies would develop under 
different scenarios. These concentrations and 
correlations may influence group level capitalisation, 
leverage, and liquidity, as well as on group level 
management actions. 
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