FULLTEXT DEL 5 AV 5
Årsredovisning 2025
When the above-mentioned core activities are
successfully implemented, a balance between profits,
risks and capitalisation can be achieved and shareholder
value can be created.
Underwriting risks at Sampo Group
With respect to the underwriting businesses carried out
in the Group companies, it has been established that If
operates within the Nordic countries, in different
geographical areas, and in different lines of business.
There are no material underwriting risk concentrations
in the normal course of business. Hastings operates
solely in the
United Kingdom and hence its underwriting risks are
geographically distinct from the Nordics. Consequently,
business lines as such are contributing diversification
benefits rather than a concentration of risks.
Sampo Group’s insurance service result increased in
2025 by 14 per cent to EUR 1,590 million (1,394). The
table Underwriting performance, 31 December 2025 and
31 December 2024 presents the development of
insurance revenue, claims expenses, operating
expenses, and insurance service result for the last two
years.
Underwriting performance
Sampo Group, 31 December 2025 and 31 December 2024
EURm
Insurance revenue
Reinsurance premiums
expenses
Insurance service
expenses, claims incurred
Insurance service
expenses, operating
expenses
Reinsurers' share of
claims incurred Insurance service result
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Motor 5,010 4,520 -365 -392 -3,384 -2,989 -743 -680 203 173 720 632
Workers'
compensation 327 314 -7 -6 -233 -164 -52 -43 5 5 40 106
Liability 463 460 -69 -71 -245 -213 -75 -68 21 36 96 143
Accident 1,262 1,162 -10 -8 -867 -746 -195 -180 7 6 197 234
Property 3,086 2,796 -528 -406 -1,817 -2,054 -421 -388 199 297 519 244
Marine, aviation,
transport 124 136 -24 -24 -72 -75 -22 -21 13 16 18 31
Other — 62 — -2 — -46 — -16 — 4 — 3
Total 10,272 9,450 -1,003 -909 -6,618 -6,287 -1,507 -1,396 448 537 1,590 1,394
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FINANCIAL STATEMENTS 2025 217
===== SIDA 218 =====
Key sensitivities
Effects from instant change on profit or loss in year 2025
EURm Shock 2025
Combined ratio (quarterly effect) Discount rate +100 bps -0.65 %
Combined ratio (quarterly effect) Discount rate -100 bps 0.65 %
Insurance finance income and expense, net Discount rate +100 bps 325
Insurance finance income and expense, net Discount rate -100 bps -370
Net investment income Interest rates +100 bps -355
Net investment income Interest rates -100 bps 370
Net investment income Spreads +100 bps -355
Net investment income Equities -10 % -245
Reserve risk and its management and control
The main non-life underwriting risks that may influence
future claims are the risk of single large claims and the
risk of catastrophe events. However, Sampo Group has
comprehensive reinsurance programmes in place,
contributing to the low level of underwriting risk. The
negative economic impacts of natural catastrophes and
single large claims are also mitigated by the Group’s
well-diversified portfolio.
Underwriting policy sets general principles, restrictions,
and directions for the underwriting activities, and is
supplemented by guidelines outlining in greater detail
how to conduct underwriting within each segment.
The optimal choice of reinsurance program is evaluated
by comparing the expected cost with the benefit of the
reinsurance, as well as the impact on result volatility and
capital requirements. The main tool for this evaluation is
the Sampo Group internal model in which small claims,
large claims, and natural catastrophes are modelled.
Claims costs may also be affected by uncertainty in
claims outstanding caused by higher-than-expected
claims inflation, lower discount rates, or an increased
retirement age with the consequence that both
annuities and lump sum payments would increase.
However, higher long-term inflation would be expected
to coincide with higher nominal discount rates, whereby
the effects would in part cancel each other out.
Net liabilities for incurred claims have been presented in
the following table.
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FINANCIAL STATEMENTS 2025 218
===== SIDA 219 =====
Net liabilities for incurred claims
Sampo Group, 31 December 2025
Sweden Norway Finland Denmark Baltics UK Total
EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm Duration
Motor other and MTPL 835 8.9 196 1.2 595 9.7 308 1.9 116 3.6 1,433 1.7 3,482 4.8
- whereof MTPL 715 10.3 116 1.7 568 10.1 273 2.1 104 4.0 — — 1,776 8.1
Workers' compensation — — 101 2.8 700 9.4 1,116 6.4 — — — — 1,917 7.3
Liability 255 3.5 109 1.6 111 2.7 190 2.1 24 1.9 — — 689 2.6
Accident 296 6.0 397 6.6 208 6.0 323 1.9 4 0.3 — — 1,228 5.1
Property 325 1.0 372 0.9 174 0.7 347 0.8 36 0.4 111 0.8 1,364 0.8
Marine, aviation, transport 12 0.5 19 0.7 7 0.9 8 0.7 1 0.7 — — 48 0.7
Other — — — — — — — — — — — — — —
Total 1,724 6.0 1,193 3.1 1,795 7.8 2,291 3.9 181 2.6 1,544 1.6 8,728 4.6
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FINANCIAL STATEMENTS 2025 219
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A sensitivity analysis of the reserve risk is presented in
the table below, as well as the interest rate risk relating
to insurance contracts. The effects represent the
immediate impact on the liability values as a result of
changes in the different risk factors as per 31 December
each year. The sensitivity analysis is calculated before
tax. Changes in the liability for incurred claims, net will
result in a corresponding change in result before
income taxes. The effect in the income statement is
presented in either the insurance service result or the
net financial result.
Sensitivity analysis, reserve risk
Sampo Group, 31 December 2025 and 31 December 2024
Insurance liabilities item Risk factor Change in risk parameter Country
Effect EURm
2025 Gross
Effect EURm
2025 Net
Effect EURm
2024 Gross
Effect EURm
2024 Net
Discounted estimated future cash
flows Inflation increase Increase by 1 percentage point
Sweden 116 113 110 106
Denmark 95 92 86 84
Finland 26 26 29 28
Norway 20 18 17 16
UK 73 18 63 11
Annuities and reated INBR Decrease in mortality Life expectancy increase
by 1 year
Sweden 16 16 15 15
Denmark 4 4 2 2
Finland 41 41 49 49
Norway 0 0 0 0
UK 4 0 3 0
Discounted liability for incurred
claims Decrease in discount rate Decrease by 1 percentage point to
liquid part of yield curve
Sweden 82 79 79 75
Denmark 97 94 94 92
Finland 144 144 169 168
Norway 35 34 29 28
UK 60 22 56 16
The output from the sensitivity analysis is illustrated
both before and after reinsurance in the claims cost
trend tables. These are disclosed in note 21.
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FINANCIAL STATEMENTS 2025 220
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As shown in the graph Breakdown of gross written
premiums by business area, country, and line of
business, Sampo Group, 31 December 2025, the Group
insurance portfolio is well diversified across segments,
countries, and lines of business. The six lines of business
are segmented in accordance with the insurance class
segmentation used in IFRS.
Breakdown of gross written premiums by segment, country, and line of business
Sampo Group, 31 December 2025, total EUR 10,294 million (9,527)
By segment
Private Nordic 4,183 (3,872)
Private UK 2,421 (2,161)
Nordic Commercial 2,391 (2,173)
Nordic Industrial 1,046 (1,070)
Other operations 253 (249) By country
Norway 2,051 (1,824)
Sweden 2,021 (1,956)
Finland 1,272 (1,193)
Denmark 2,276 (2,143)
UK 2,421 (2,161)
Baltic 253 (249) By line of business
Motor 4,892 (4,455)
Workers’ compensation 340 (309)
Liability 450 (459)
Accident 1,325 (1,256)
Property 3,164 (2,914)
Marine, aviation, transport 125 (133)
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FINANCIAL STATEMENTS 2025 221
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Premium and catastrophe risk and their
management and control
The main factors affecting Group’s premium risk are
claims volatility, claim inflation, climate change and
pricing methodology.
Given the inherent uncertainty of P&C insurance
operations, there is a risk of losses due to unexpectedly
high claim expenses. Examples of what could lead to
high claim expenses include large fires, and natural
catastrophes, or an unforeseen increase in the
frequency or the average size of small and medium-
sized claims. Another example is claim inflation, which is
a factor taken into account in the pricing process, which
in turn can affect competitiveness when claim costs
increases.
The principal methods for mitigating premium risks are
by reinsurance and risk sharing, diversification in the
portfolio, prudent underwriting, and detailed and
frequent follow-ups linked to the strategy and financial
planning process.
An analysis of how changes in the combined ratio,
insurance revenue (net of reinsurance premium
expense), and claims incurred affect the result before
tax is presented in the table Sensitivity analysis,
premium risk, Sampo Group, 31 December 2025 and 31
December 2024.
Sensitivity analysis, premium risk
Sampo Group, 31 December 2025 and 31 December 2024
Level 2025
Change in current
level Effect on result before tax (Gross) Effect on result before tax (Net)
Key Figures (Gross) (Net) 2025 2024 2025 2024
Combined ratio, Private Nordic 82.2 % 82.1 % +/- 1 percentage point -/+ 40.4 -/+ 37.1 -/+ 39.9 -/+ 36.7
Combined ratio, Private UK 90.5 % 89.2 % +/- 1 percentage point -/+ 26.2 -/+ 22.3 -/+ 20 -/+ 16.6
Combined ratio, Nordic Commercial 82.7 % 82.9 % +/- 1 percentage point -/+ 23.2 -/+ 22.3 -/+ 22 -/+ 21.3
Combined ratio, Nordic Industrial 56.4 % 81.3 % +/- 1 percentage point -/+ 10.4 -/+ 10.3 -/+ 5.8 -/+ 6.6
Combined ratio, Other operations 75.1 % 76.9 % +/- 1 percentage point -/+ 2.5 -/+ 2.5 -/+ 3 -/+ 2.7
Insurance revenue (net of reinsurance premium
expenses EURm) 10,272 9,269 +/- 1 per cent +/- 102.7 +/- 94.5 +/- 92.7 +/- 85.4
Claims incurred (EURm) 6,618 6,171 +/- 1 per cent -/+ 66.2 -/+ 62.9 -/+ 61.7 -/+ 57.5
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FINANCIAL STATEMENTS 2025 222
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Market risks at Sampo Group
For all insurance entities, their insurance liabilities and
the company-specific risk appetite are the starting
points for their investment activities. The insurance
liabilities, including loss-absorbing buffers, as well as the
risk appetite of the Group companies differ, and as a
result, the structures and risks of the investment
portfolios and the balance sheets of the companies
differ respectively. Sampo Group’s investment assets
presented in the tables and graphs in this section do not
include investments in the shares of subsidiaries.
The total amount of Sampo Group’s investment assets
as at 31 December 2025, was EUR 18,122 million (16,727)
as presented in the following table, Investment
Allocation, Sampo Group, 31 December 2025 and 31
December 2024.
Investment allocation
Sampo Group, 31 December 2025 and 31 December 2024
2025 2024
Asset class
Market value,
EURm Weight, %
Average maturity,
years
Market value,
EURm Weight, %
Average maturity,
years
Fixed income total 15,660 86 % 3.4 14,743 88 % 3.7
Money market securities and cash 1,775 10 % 0.1 1,224 7 % 0.1
Government bonds 1,557 9 % 3.9 1,597 10 % 4.1
Credit bonds, funds and loans 12,328 68 % 3.5 11,922 71 % 3.9
Covered bonds 3,791 21 % 3.7 4,175 25 % 4.9
Investment grade bonds and loans 7,339 40 % 3.5 6,518 39 % 3.4
High-yield bonds and loans 1,198 7 % 3.2 1,228 7 % 3.3
Listed equity total 2,404 13 % - 1,520 9 % -
Nordic Countries 1,558 9 % - 693 4 % -
Western Europe 446 2 % - 447 3 % -
North America 207 1 % - 204 1 % -
Asia 192 1 % - 176 1 % -
Others 1 0 % - – – % -
Alternative investments total 58 0 % - 465 3 % -
Real estate 0 0 % - 0 0 % -
Private equity 47 0 % - 464 3 % -
Other alternative 10 0 % - 0 0 % -
Asset classes total 18,122 100% - 16,727 100% -
The financial assets, as presented in note 12, differ from the investment allocation because the latter does not include the Hastings lending business and the associated expected credit loss (ECL) provision.
Additionally, investment allocation includes cash and cash equivalents, accrued interest and derivatives with negative market value. It also includes settlement receivables and liabilities.
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FINANCIAL STATEMENTS 2025 223
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Investment activities and market risk taking are
arranged pro-actively in order to diversify single name
risks, except with regards to Nordic banks, where most
Sampo Group companies have placed their extra funds
in short-term money market assets and cash.
Investment assets of Sampo Group are diversified
across currencies and geographical regions. Sampo
Group's investment assets are mostly in Scandinavian
currencies, euro and pound sterling, which are the
currencies in which the Group has most of its insurance
liabilities. Most of the investment assets are investment
grade fixed income investments. In addition, the Group
has also significant exposures to equities and non-
investment grade fixed income issuers.
In the next paragraphs, concentrations by homogenous
risk groups and by single names are presented first, and
after that balance sheet level risks are discussed.
Holdings by sector, geographical area and
asset class
Regarding fixed income and equity exposures, financial
institutions and covered bonds have a material weight
in the group-wide portfolios, whereas the role of public
sector investments is quite limited. Most of these assets
are issued by Nordic corporates and institutions,
although investments in pound sterling denominated
fixed income bring some diversification in this respect.
Most corporate issuers, although being based in the
Nordic countries, are operating at global markets and
hence their performance is not as dependent on the
Nordic markets. Exposures by sector, asset class, and
rating are presented in the following table. Sampo
considers that the balance sheet values to be
descriptive of the maximum exposure amount exposed
to credit risk.
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FINANCIAL STATEMENTS 2025 224
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Exposures by sector, asset class and rating
Sampo Group, 31 December 2025
EURm AAA
AA+
-
AA-
A+
-
A-
BBB+
-
BBB-
BB+
-
C D
Non-
rated
Fixed
income
total
Listed
equities Other
Counter-
party risk Total
Change
from 31
Dec 2024
Basic industry – – 48 150 28 – 32 258 43 – – 301 4
Capital goods 41 – 74 288 6 – 60 469 533 – – 1,002 85
Consumer products 54 53 182 415 21 – 99 824 182 2 – 1,009 39
Energy – – 52 5 – – 42 99 9 – – 109 -13
Financial institutions 175 1,121 2,310 1,073 72 – 71 4,823 814 – 3 5,639 1,207
Governments 617 153 12 102 – – – 884 – – – 884 173
Government guaranteed 12 26 6 16 – – – 60 – – – 60 -20
Healthcare 6 – 16 145 28 – 77 272 3 – – 275 45
Insurance – 1 84 243 9 – – 337 – 2 – 340 15
Media – – – 5 – – 29 34 – – – 34 -24
Packaging – – – 39 – – 16 54 – – – 54 27
Public sector, other 79 436 – – – – – 515 – – – 515 19
Real estate 4 37 136 127 24 5 70 404 – – – 404 -103
Services – – 57 188 130 – 121 496 – – – 496 68
Supranationals 77 – 103 47 – – – 227 – – – 227 -83
Technology and electronics – 39 58 70 15 – 111 293 – 1 – 294 100
Telecommunications – – 31 336 10 – – 378 59 – – 437 96
Transportation – 88 16 90 25 – 15 233 – – – 233 -16
Utilities – 13 145 423 63 – 88 732 – – – 732 210
Others – – 36 22 – – 14 72 – 5 – 77 -45
Covered bonds 3,563 69 86 47 – – 26 3,791 – – – 3,791 -384
Funds 228 – 110 – – – 65 404 760 47 – 1,211 -17
Clearing house – – – – – – – – – – 8 8 -1
Total 4,857 2,035 3,562 3,831 431 5 939 15,658 2,404 58 11 18,131 1,383
Change from 31 Dec 2024 -445 533 198 943 29 2 -373 887 884 -388 – 1,383
Total assets differ from the table Investment allocation due to derivatives.
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FINANCIAL STATEMENTS 2025 225
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Most of the financial institutions and covered bonds are
in the Nordic countries, which can be seen in the table
Fixed income investments in the financial sector, Sampo
Group, 31 December 2025 and 31 December 2024.
Fixed income investments in the financial sector
Sampo Group, 31 December 2025
EURm Covered bonds
Cash and money
market securities Long-term senior debt
Long-term
subordinated debt Total %
Sweden 1,655 93 555 168 2,471 28.5 %
Denmark 1,647 12 293 173 2,124 24.5 %
Finland 51 468 339 121 979 11.3 %
Norway 232 – 314 296 842 9.7 %
France – 340 276 30 647 7.5 %
United Kingdom – 90 204 – 294 3.4 %
United States – 5 287 – 291 3.4 %
Netherlands 39 – 185 51 274 3.2 %
Canada 97 – 152 – 249 2.9 %
Switzerland 17 2 84 – 103 1.2 %
Australia 55 – 33 – 88 1.0 %
Germany – – 72 – 72 0.8 %
Iceland – – 51 – 51 0.6 %
Belgium – – 49 – 49 0.6 %
Spain – – 39 – 39 0.5 %
Italy – – 37 – 37 0.4 %
Japan – – 25 – 25 0.3 %
Austria – – 21 – 21 0.2 %
Luxembourg – – 13 – 13 0.1 %
Bermuda – – 3 9 12 0.1 %
Total 3,791 1,010 3,032 848 8,681 100.0 %
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FINANCIAL STATEMENTS 2025 226
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Fixed income investments in the financial sector
Sampo Group, 31 December 2024
EURm Covered bonds
Cash and money
market securities Long-term senior debt
Long-term
subordinated debt Total %
Denmark 2,214 7 332 168 2,721 32.3 %
Sweden 1,506 40 474 175 2,195 26.0 %
Norway 303 – 361 311 974 11.6 %
Finland 39 310 269 161 778 9.2 %
France – 153 233 15 401 4.8 %
United States – – 331 – 331 3.9 %
United Kingdom – 134 144 – 278 3.3 %
Canada 64 – 131 – 195 2.3 %
Netherlands – – 159 32 192 2.3 %
Australia 45 – 37 – 82 1.0 %
Switzerland 5 – 70 – 75 0.9 %
Iceland – – 61 – 61 0.7 %
Germany – – 50 – 50 0.6 %
Spain – – 37 – 37 0.4 %
Belgium – – 33 – 33 0.4 %
Austria – – 21 – 21 0.2 %
Bermuda – – 3 8 11 0.1 %
Total 4,175 644 2,745 871 8,435 100.0 %
The public-sector exposure includes government bonds,
government guaranteed bonds, and other public-sector
investments including supranationals, as shown in the
tables Fixed income investments in the public sector,
Sampo Group 31 December 2025 and 31 December
2024. The public sector has had a relatively minor role
in Sampo Group’s portfolios and these exposures have
been mainly in the Nordic countries.
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FINANCIAL STATEMENTS 2025 227
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Fixed income investments in the public sector
Sampo Group, 31 December 2025
EURm Governments
Government
guaranteed
Public sector,
other Total
Sweden 521 – 79 601
Norway 96 – 436 531
Supranationals – – 227 227
United States 129 – – 129
United Kingdom 114 – – 114
Germany – 34 – 34
Finland – 26 – 26
Faroe Islands 24 – – 24
Total 884 60 742 1,686
Sampo Group, 31 December 2024
EURm Governments
Government
guaranteed
Public sector,
other Total
Sweden 415 – 96 511
Norway 72 – 397 470
Supranationals – – 313 313
United States 122 – – 122
United Kingdom 87 – – 87
Germany – 56 – 56
Finland 14 25 – 39
Total 711 80 806 1,597
The listed equity investments of Sampo Group totalled
EUR 2,404 million at the end of year 2025 (1,520).
The geographical core of Sampo Group’s equity
investments is in Nordic companies. The proportion of
Nordic equities corresponds to 65 per cent of the total
equity portfolio. A breakdown of the listed equity
exposures of Sampo Group is shown in the graph
Breakdown of listed equity investments by
geographical regions, Sampo Group, 31 December 2025
and 31 December 2024.
Breakdown of listed equity investments
by geographical regions
Sampo Group,
31 December 2025 and 31 December 2024
31 December 2025
Total EUR 2,404 million
4%
60%
20%
7%
8%
Denmark 0 Norway 107
Sweden 1450 Finland 0
Europe 480 North America 173
Latin America 0 Asia 192
Other 1 31 December 2024
Total EUR 1,520 million
1% 6%
39%
29%
13%
12%
Denmark 10 Norway 96
Sweden 587 Finland 0
Europe 447 North America 204
Latin America 0 Asia 176
Other 0
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FINANCIAL STATEMENTS 2025 228
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Largest holdings by single name
The largest exposures by individual issuers and
counterparties are presented in the tables Largest
exposures by issuer and asset class, Sampo Group, 31
December 2025 and 31 December 2024.
Largest exposures by issuer and asset class
Sampo Group, 31 December 2025
Issuer Total, EURm
% of total
investment assets
Cash & short-term
fixed income
Long-term fixed
income: Covered
bonds
Long-term fixed
income: Other
bonds Equities
Uncolla-teralised
part of derivatives
Nordea Bank 1,130 6 % 162 769 199 — 1
NOBA 823 5 % — — 10 814 —
Nykredit Association 752 4 % — 619 133 — —
Swedbank 724 4 % — 590 134 — —
Danske Bank 667 4 % 76 435 155 — —
Svenska Handelsbanken 628 3 % — 492 136 — —
Sweden 578 3 % 111 — 468 — —
Norway 531 3 % — — 531 — —
Skandinaviska Enskilda Banken 425 2 % 236 28 161 — —
BNP Paribas 420 2 % 340 — 79 — —
Total top 10 exposures 6,679 37 % 925 2,934 2,005 814 1
Other 11,443 63 %
Total investment assets 18,122 100 %
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FINANCIAL STATEMENTS 2025 229
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Largest exposures by issuer and asset class
Sampo Group, 31 December 2024
Issuer Total, EURm
% of total
investment assets
Cash & short-term
fixed income
Long-term fixed
income: Covered
bonds
Long-term fixed
income: Other
bonds Equities
Uncolla-teralised
part of derivatives
Nordea Bank 1,174 7 % 204 788 181 — 1
Nykredit Association 897 5 % — 815 82 — —
Swedbank 658 4 % — 546 112 — —
Svenska Handelsbanken 582 3 % 40 451 91 — —
Realkredit Danmark 558 3 % — 558 — — —
Sweden 511 3 % — — 511 — —
Norway 472 3 % — — 472 — —
NOBA 433 3 % — — 9 424 —
Jyske Bank 299 2 % — 226 73 — —
Danske Bank 223 1 % 34 15 174 — 1
Total top 10 exposures 5,808 35 % 278 3,399 1,704 424 2
Other 10,919 65 %
Total investment assets 16,727 100 %
The largest high-yield and non-rated fixed income
investment single-name exposures are presented in the
tables Ten largest direct high yield and non-rated fixed
income investments, Sampo Group, 31 December 2025
and 31 December 2024.
Furthermore, the largest direct listed equity exposures
are presented in the tables Ten largest direct listed
equity investments, Sampo Group, 31 December 2025
and 31 December 2024.
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FINANCIAL STATEMENTS 2025 230
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Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31 December 2025
Ten largest high yield and non-rated
fixed income investments Rating Total, EURm
% of total fixed
income investments Ten largest listed equity investments Total, EURm
% of total equity
investments
Vattenfall AB BB+ 63 0.4 % NOBA 814 33.9 %
Pohjolan Voima Oy NR 38 0.2 % Volvo 148 6.2 %
Visma AS NR 28 0.2 % Nexi S.p.A. * 124 5.1 %
Hexagon AB NR 28 0.2 % ABB 83 3.5 %
Campus Byen A/S NR 26 0.2 % Veidekke 66 2.7 %
Trustly AB NR 23 0.1 % Autoliv Inc 63 2.6 %
Intrum Invest AB CCC 22 0.1 % Telia Company 59 2.4 %
Ica Gruppen AB NR 22 0.1 % Nederman Holding 55 2.3 %
Anticimex AB B- 21 0.1 % Yara International 41 1.7 %
Swedavia AB BB+ 20 0.1 % VBG Group AB 40 1.7 %
Total top 10 exposures 292 1.9 % Total top 10 exposures 1,492 62.1 %
Other fixed income investments 15,369 98.1 % Other equity investments 912 37.9 %
Total fixed income investments 15,660 100.0 % Total equity investments 2,404 100.0 %
* Investment in Nexi S.p.A is managed by HF Evergood partners.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31 December 2024
Ten largest high yield and non-rated
fixed income investments Rating Total, EURm
% of total fixed
income investments Ten largest listed equity investments Total, EURm
% of total equity
investments
Vattenfall AB BB+ 60 0.4 % NOBA * 424 21.8 %
Pohjolan Voima Oy NR 32 0.2 % Nexi S.p.A. ** 156 8.0 %
Campus Byen A/S NR 29 0.2 % Volvo 148 7.6 %
Swedavia AB NR 29 0.2 % ABB 88 4.5 %
Visma AS NR 28 0.2 % Nederman Holding 66 3.4 %
Hexagon AB NR 24 0.2 % Veidekke 61 3.1 %
Sanoma Oyj NR 22 0.2 % Autoliv Inc 57 2.9 %
Altera Shuttle NR 21 0.1 % Telia Company 43 2.2 %
Granite Debtco 9 Ltd NR 20 0.1 % Husqvarna 40 2.1 %
Ica Gruppen AB NR 20 0.1 % Beijer AB 32 1.7 %
Total top 10 exposures 286 1.9 % Total top 10 exposures 1,116 57.4 %
Other fixed income investments 14,494 98.1 % Other equity investments 828 42.6 %
Total fixed income investments 14,780 100.0 % Total equity investments 1,944 100.0 %
* Although NOBA was not a listed company in 2024, it was a major equity investment in Sampo plc's portfolio and is therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood partners.
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FINANCIAL STATEMENTS 2025 231
===== SIDA 232 =====
The exposures in fixed income instruments issued by
non-investment grade issuers are significant, because a
relatively small number of Nordic companies are rated.
Furthermore, many of the Nordic rated companies have
a high yield rating.
Balance sheet concentrations
In general, Sampo Group is structurally dependent on
the performance of the Nordic economies, as described
earlier. Sampo Group is also economically exposed to a
fall in interest rates. This follows from the duration of
insurance liabilities being longer than the fixed income
asset duration and from the effect of outstanding debt
in Sampo Plc. Sampo Group benefits when interest
rates rise, as the economic value of insurance liabilities
and outstanding debt in Sampo Plc decreases more
than the value of investment assets.
Interest rate risk
The exposure to interest rate risk from issued insurance
contracts and held reinsurance contracts arises from
the net liability for incurred claims, where future claim
payments are discounted to present value and
therefore impacted by changes in discount rates. The
duration and sensitivity to changes in interest rates in
the net liability for incurred claims is analysed earlier in
the table Sensitivity analysis, reserve risk, Sampo Group,
2025 and 2024.
Currency risk
Transaction currency risk is reduced by matching
insurance liabilities with investment assets in
corresponding currencies or by using currency
derivatives. The currency exposure in insurance
operations is hedged to the functional currency at
entity/branch level on a regular basis. As UK segment
has GBP as its functional currency and its insurance
operations are solely in the UK there are no transaction
risk exposures in its insurance operations and all figures
on that row represent transaction risk exposures in
Nordic segment. The currency exposure in investment
assets is monitored weekly and is hedged when the
exposure reaches a specified level, which is set with
respect to cost efficiency and minimum transaction size.
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FINANCIAL STATEMENTS 2025 232
===== SIDA 233 =====
Transaction risk position
Sampo Group, 31 December 2025
Base currency EUR (in EURm) EUR USD JPY GBP SEK NOK DKK Other Total, net
Insurance operations -2,999 -116 0 -107 -3 -2,413 -3,772 -37 -9,447
Investments 3,745 483 0 127 818 1,944 2,697 0 9,814
Derivatives -829 -358 3 24 -365 431 1,948 18 870
Transaction risk, net position -83 9 3 44 449 -38 872 -19 1,238
Sensitivity: EUR -10% -8 1 0 4 45 -4 87 -2 124
Sampo's transaction risk position in EUR represents exposure in foreign subsidiaries / their branches within Sampo Group with base currency other than EUR.
Transaction risk position
Sampo Group, 31 December 2024
Base currency EUR (in EURm) EUR USD JPY GBP SEK NOK DKK Other Total, net
Insurance operations -3,225 -156 0 -93 13 -2,332 -1,163 -32 -6,988
Investments 3,261 481 0 71 529 1,855 1,043 1 7,240
Derivatives -117 -323 12 20 -109 437 976 7 903
Transaction risk, net position -81 2 12 -3 433 -40 856 -24 1,154
Sensitivity: EUR -10% -8 0 1 0 43 -4 86 -2 115
Excluding Topdanmark
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FINANCIAL STATEMENTS 2025 233
===== SIDA 234 =====
The maturities of cash flows from financial instruments,
insurance liabilities, and reinsurance contracts are
presented in the tables Cash flows, according to
contractual maturity, Sampo Group, 31 December 2025
and 31 December 2024, where financial assets and
liabilities are divided into contracts with a contractual
maturity profile, and other contracts. The tables also
show expected future cash flows for insurance liabilities
and reinsurance assets, which by nature are inherently
associated with a degree of uncertainty. The average
maturity of fixed income investments was 3.4 years
(3.7).
Cash flows according to contractual maturity
Sampo Group, 31 December 2025
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2026 2027 2028 2029 2030
2031-
2040 2041-
Financial assets 18,486 3,952 14,535 3,207 3,164 2,686 1,970 1,638 2,994 288
Financial assets (non-derivatives) 18,462 3,952 14,511 3,190 3,164 2,686 1,970 1,638 2,987 282
Interest rate swaps 14 – 14 7 – – – – 7 6
FX derivatives 10 – 10 10 – – – – – –
Asset for incurred claims 2,156 2,156 – 707 390 274 179 42 201 363
Financial liabilities -2,432 – -2,432 -650 -545 -471 -547 -422 -759 -9
Financial liabilities (non-derivatives) -2,327 – -2,327 -614 -541 -448 -543 -418 -718 –
Interest rate swaps -75 – -75 -5 -4 -23 -4 -4 -41 -9
FX forwards -31 – -31 -31 – – – – – –
Lease liabilities -151 – -151 -30 -26 -24 -21 -20 -45 –
Liability for incurred claims and
other insurance related payables -11,169 -11,169 – -4,246 -1,658 -1,093 -770 -454 -1,708 -1,240
Investment commitments -125 – -125 -125 – – – – – –
Hastings lending business is included in financial assets (non-derivatives).
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FINANCIAL STATEMENTS 2025 234
===== SIDA 235 =====
Cash flows according to contractual maturity
Sampo Group, 31 December 2024
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2025 2026 2027 2028 2029
2030-
2039 2040-
Financial assets 17,060 3,074 13,987 2,950 2,835 3,247 2,312 1,479 2,361 156
Financial assets (non-derivatives) 17,035 3,074 13,961 2,923 2,834 3,246 2,312 1,479 2,360 156
Interest rate swaps 2 – 2 – – – – – 1 –
FX derivatives 24 – 24 28 – – – – – –
Asset for incurred claims 2,342 2,342 – 892 419 294 93 118 200 326
Financial liabilities -3,126 – -3,126 -585 -380 -451 -477 -553 -1,498 -2
Financial liabilities (non-derivatives) -3,038 – -3,038 -562 -378 -448 -456 -551 -1,481 –
Interest rate swaps -68 – -68 -5 -1 -3 -21 -2 -18 -2
FX forwards -20 – -20 -18 – – – – – –
Lease liabilities -134 – -134 -31 -25 -20 -18 -16 -44 –
Liability for incurred claims and
other insurance related payables -10,704 -10,704 – -4,054 -1,524 -1,027 -607 -499 -1,719 -1,275
Investment commitments -40 – -40 -40 – – – – – –
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FINANCIAL STATEMENTS 2025 235
===== SIDA 236 =====
Counterparty risks at Sampo Group
The major sources of counterparty risk stem from
reinsurance recoverables and investments. Counterparty
default risk arising from receivables from policyholders
and other receivables related to commercial transactions
is limited, as non-payment of premiums generally results
in cancellation of insurance policies.
Reinsurance counterparty risk
The distribution of reinsurance recoverables and pooled
solutions is presented in the table below. In the table,
EUR 263 million is excluded, which mainly relates to
captives and statutory pool solutions.
Reinsurance recoverables and pooled
solutions
Sampo Group, 31 December 2025
31 Dec 2025
Rating Total EURm % of total
AAA
AA+ - A- 2,354 100 %
BBB+ - BBB- 0 0
BB+ - C 0 0 %
D
Non-rated 1 — %
Total 2,355 100 %
The amount of the recoverables reported above is
exposed to counterparty default risk, as recoverables
are typically not covered by collaterals.
To limit and control credit risk associated with ceded
reinsurance, reinsurance policy sets requirements for
the reinsurers’ minimum financial strength ratings and
the maximum exposure limits to individual reinsurers.
Credit ratings from rating agencies are used to
determine the creditworthiness of reinsurance
companies.
Counterparty risk related to investments
Before investing, potential investments are analysed
thoroughly. The creditworthiness and outlook of the
issuer are assessed together with any collateral and
structural details of the potential investment. Internal
risk indicators are important factors in the assessment,
although the macroeconomic environment, market
trends, and external opinions of analysts and credit
ratings by rating agencies are also taken into account.
In addition, the portfolio performance and the
counterparties’ credit standings are monitored
continuously.
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FINANCIAL STATEMENTS 2025 236
===== SIDA 237 =====
Capitalisation
Sampo’s core business competences are skilful pricing
of risks inherent in business operations and high-quality
management of arising risk-exposures, and capital
needed to cover these risks. A balance between
earnings, risks, and capital contributes positively to
return on equity and to stakeholder confidence,
facilitating the creation of shareholder value.
Sampo plc is responsible for the Group’s capital
management activities. These actions are guided by
targets set for group-level solvency and financial
leverage, and they include decisions on group-level
investment exposures, business growth and
performance targets, reinsurance strategies, capital
distributions, and capital instrument issuances.
Group level capitalisation is managed within Sampo’s
capital management framework, which sets targets for
solvency and informs potential risk management
actions.
Group-level capitalisation and the factors affecting it
are illustrated in the graph Sampo Group’s capitalisation
framework.
Sampo Group’s capitalisation framework
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FINANCIAL STATEMENTS 2025 237
===== SIDA 238 =====
The Group’s capital requirement is dependent mainly on
the capital requirements of the insurance entities. The
parent company’s contribution to the Group capital
need is relatively small, because Sampo plc does not
have any business activities of its own, other than the
management of its capital structure and liquidity
portfolio. Sampo still holds two private equity
investments on the parent company’s balance sheet,
also contributing to the Group’s capital requirement.
Diversification benefits exists at two levels, within the
companies and between the companies. The former is
included in the companies’ solvency capital requirement
(SCR).
Conceptually, the Group’s own funds equals the
difference between the market value of assets and
liabilities plus the subordinated liabilities. This difference
has accrued during the lifetime of the Group and it
includes the following main components:
• accrued profits that have not been paid as dividends
over the years
• valuation differences between IFRS and Solvency II
• issued capital and subordinated liabilities meeting
Solvency II requirements.
At the Group level, the capital requirement and own
funds are both exposed to foreign currency translation
risk. The actual capital and the capital needs of Group
companies are converted from their reporting
currencies to the euro. When the reporting currencies of
the group companies depreciate, the actual amount of
the Group’s capital in euros decreases, and the capital
requirements of the Group companies will be lower in
euro terms. Translation currency risk is monitored
internally, and its effect on Sampo Group’s solvency on
a going concern basis is analysed regularly. However,
internally, no capital need is set for translation risk,
because it is realised only when a subsidiary company is
divested.
The Group level buffers equal, in total, to the difference
between the amount of the Group’s own funds and the
Group capital requirement. In addition to insurance
entity level factors – expected profits and their volatility,
business growth prospects, volatility of the balance
sheet due to fluctuations in the market value of
investments and insurance liabilities, and the ability to
issue Solvency II compliant capital instruments – there
are factors that are additionally relevant when
considering the size of the Group level buffers. The
most material of them are correlation of Group
companies’ profits, the parent company’s capacity to
generate liquidity, probability of business arrangements,
and shareholders’ dividend expectations.
The role of Sampo plc
As the Group’s parent company, Sampo plc is
responsible for the Group’s capital management
activities. These actions are guided by targets set for
group level solvency and financial leverage, and they
include decisions on group level investment exposures,
business growth and performance targets, reinsurance
strategies, capital distributions, and capital instrument
issuances. In addition, group level risk accumulations
and concentrations are monitored regularly, and
managed by adjusting aggregated risks, where
necessary.
Sampo plc is also a source of liquidity within the Group.
Hence, the healthy funding structure and the capacity
to generate funds, if needed, are a continuous focus.
Sampo plc needs liquidity to manage the Group’s
financing needs, enable dividend security, and to
finance potential transactions. Sampo plc funding is
mainly limited to internal dividends and investment
returns but can be periodically complemented with new
debt, and capital or asset sales. Hence, the parent
company liquidity needs to be managed holistically,
together with the dividend policy, strategic ambitions,
and balance sheet targets.
As at 31 December 2025, Sampo plc had long-term
strategic holdings of EUR 7,431 million in the subsidiary
companies, and they were funded mainly by capital of
EUR 9,007 million. Sampo plc had outstanding senior
debt of EUR 787 million and subordinated debt of EUR
1,178 million. Average remaining maturity of senior debt
was 3.5 years. Funding structure of strategic holdings
and other holdings can be considered strong.
The capacity to generate funds is dependent on
leverage and liquidity buffers, which can be inferred
from the table Balance sheet structure, Sampo plc, 31
December 2025 and 31 December 2024.
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FINANCIAL STATEMENTS 2025 238
===== SIDA 239 =====
Balance sheet structure
Sampo plc, 31 December 2025 and 31 December
2024
EURm 31 Dec 2025 31 Dec 2024
Assets total 11,121 10,508
Liquidity 881 626
Investment assets 2,754 2,408
Other investments 3 3
Fixed income 1,813 1,826
Equity & private equity 938 580
Subordinated loans — —
Equity holdings 7,431 7,431
Subsidiaries 7,431 7,431
Associated — —
Other assets 56 44
EURm 31 Dec 2025 31 Dec 2024
Liabilities total 11,121 10,508
CPs issued — —
Long-term senior debt 787 954
Private placements — 0
Bonds issued 787 954
Subordinated debt 1,178 1,491
Capital 9,007 7,989
Undistributable capital 98 98
Issued Tier 1 notes 298 0
Distributable capital 8,612 7,891
Other liabilities 149 75
The amounts in the table are IFRS numbers, including the
internal loan with If.
Regarding liquidity, Sampo plc held EUR 881 million
(626) in bank account balances and short-term money
market investments. Liquidity is mainly affected by
received and paid dividends, as well as changes in
issued debt instruments and changes in investments.
Sampo’s dividend payment takes place in May and it will
significantly lower the liquidity position of the holding
company. A part of the investment assets can be sold in
case liquidity is needed. Short-term liquidity can be
considered adequate.
All in all, Sampo plc is in a good position to refinance its
current debt and even issue more debt. This capacity,
together with the tradable financial assets, means that
Sampo plc can generate liquid funds.
Sampo plc is able to balance risks within Sampo Group.
When Sampo plc is managing its funding, capital
structure, and liquidity, it takes into account that most
insurance entities in the Group have other base
currencies than the euro (the Swedish krona, the Danish
krone, pound sterling), and the Group is exposed to
lower interest rates. These risks may affect Sampo’s
decisions on the issuance of debt instruments and the
composition of the liquidity portfolio.
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FINANCIAL STATEMENTS 2025 239
===== SIDA 240 =====
Sampo plc’s Financial
Statements
Sampo plc’s income statement ................................................................................ 241
Sampo plc’s balance sheet ......................................................................................... 242
Sampo plc’s statement of cash flows ..................................................................... 243
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FINANCIAL STATEMENTS 2025 240
===== SIDA 241 =====
Sampo plc’s income statement
EUR Note 1–12/2025 1–12/2024
Sales 2,145,854 1,613,222
Staff expenses
Salaries and remunerations -22,346,136 -16,906,640
Social security costs
Pension costs -2,541,992 -2,309,350
Other -3,765,951 -3,167,059
Other operating expenses 1 -18,341,415 -21,444,644
Operating profit -44,849,641 -42,214,471
Financial income and expenses 3
Income from shares in Group companies 1,496,045,592 767,526,733
Income from other shares 6,181,162 —
Other interest and financial income
Group companies 59,422,005 11,947,106
Other 10,429,019 25,818,262
Other investment income and expenses 30,724,265 1,130,378,459
Other interest income 18,086,912 29,609,093
Interest and other financial expenses -68,462,961 -73,880,226
Exchange result -3,609,210 13,568,866
Profit before appropriations and taxes 1,503,967,143 1,862,753,823
Income taxes -144,688 -279,141
Profit for the financial year 1,503,822,455 1,862,474,682
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FINANCIAL STATEMENTS 2025 241
===== SIDA 242 =====
Sampo plc’s balance sheet
EUR Note 2025 2024
Assets
Intangible assets 882,373 790,768
Tangible assets 3,512,803 2,578,443
Investments
Shares in Group company 20 7,447,617,854 7,447,617,854
Receivables from Group companies 4 1,723,370,133 1,724,651,817
Other shares and participations 5 400,262,354 523,679,758
Other investments 6 527,591,813 478,899,344
Short-term receivables
Other receivables 7 28,071,266 25,013,998
Prepayments and accrued income 8 17,371,527 17,789,978
Cash and cash equivalents 440,283,787 247,810,114
Total assets 10,588,963,911 10,468,832,075
EUR Note 2025 2024
Liabilities
Equity 9,10
Share capital 98,113,838 98,113,838
Invested unrestricted equity 3,526,933,999 3,526,933,999
Other reserves 272,662,302 272,662,302
Retained earnings 2,846,436,870 2,188,887,859
Profit for the financial year 1,503,822,459 1,862,474,682
Liabilities
Long-term liabilities 12
Issued Tier 1 notes 299,974,660 —
Subordinated debt securities 1,178,239,915 1,491,077,179
Bonds 787,050,554 791,951,837
Short-term liabilities
Bonds — 161,807,404
Other liabilities 4,752,135 2,491,086
Accruals and deferred income 11 70,977,179 72,431,889
Total liabilities 10,588,963,911 10,468,832,075
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FINANCIAL STATEMENTS 2025 242
===== SIDA 243 =====
Sampo plc’s statement of cash flows
EUR 1–12/2025 1–12/2024
Operating activities
Profit before tax 1,503,967,143 1,862,753,823
Adjustments
Realised gains and losses on investments -57,776,129 -18,106,276
Interest income received and interest expense
paid
-19,632,588 11,794,908
Other adjustments1 16,538,141 -1,129,832,013
Adjustments total -60,870,577 -1,136,143,381
Change (+/-) in assets of operating activities
Investments 105,351,572 528,843,603
Other assets 86,213,741 47,105,651
Total 191,565,313 575,949,253
Change (+/-) in liabilities of operating activities
Financial liabilities -1,147,096 -2,079,077
Other liabilities -2,669,778 3,537,795
Paid interests -71,204,172 -66,231,611
Paid taxes 393,293 134,472
Total -74,627,752 -64,638,422
Net cash from operating activities 1,560,034,127 1,237,921,273
Investing activities
Investments in subsidiaries — -356,287,346
Other investments -1,457,544 -11,720
Net cash used in investing activities -1,457,544 -356,299,066
EUR 1–12/2025 1–12/2024
Financing activities
Dividends paid -915,021,060 -903,234,154
Purchase of own shares -289,904,610 -475,189,927
Issue of debt securities 297,750,000 —
Repayments of debt securities in issue -458,927,238 -2,054,997
Net cash used in financing activities -1,366,102,909 -1,380,479,077
Total cash flows 192,473,673 -498,856,870
Cash and cash equivalents at 1 January 247,810,114 746,666,984
Cash and cash equivalents at 31 December 440,283,787 247,810,114
Net change in cash and cash equivalents 192,473,673 -498,856,870
Additional information to the statement of cash flows
EUR 1–12/2025 1–12/2024
Interest income received 90,836,760 54,436,703
Interest expense paid -71,204,172 -66,231,611
Dividend income received 1,502,226,754 767,526,733
1Other adjustments include a permanent impairment of EUR -26 (-68) million on H&F Evergood SA
private equity fund. The comparative period included the acquisition of the Topdanmark A/S
minority shares and the sale of the Topdanmark A/S shares to If P&C Insurance Holding Ltd.
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FINANCIAL STATEMENTS 2025 243
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Sampo plc’s notes to the financial statements
Summary of significant accounting policies ....................................................... 245
1 Other operating expenses ............................................................................................ 247
2 Auditors' fees ................................................................................................................... 247
3 Financial income and expense ................................................................................... 247
4 Receivables from Group companies ........................................................................ 247
5 Other shares and participations ................................................................................ 247
6 Other investments .......................................................................................................... 248
7 Other receivables ............................................................................................................ 248
8 Prepayments and accrued income ........................................................................... 248
9 Movements in the parent company's equity ........................................................ 249
10 Share capital ................................................................................................................... 250
11 Accruals and deferred income .................................................................................. 250
12 Long-term liabilities ...................................................................................................... 250
13 Deferred tax assets and liabilities ............................................................................ 250
14 Pension liabilities ........................................................................................................... 250
15 Rental commitments .................................................................................................... 250
16 Other liabilities and commitments .......................................................................... 250
17 Number of personnel ................................................................................................... 250
18 Salaries and remuneration of the Board and the Group CEO ....................... 251
19 Pension contributions to the CEO, deputy CEO and the members of
the Board ...............................................................................................................................
251
20 Shares held .................................................................................................................. 252
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FINANCIAL STATEMENTS 2025 244
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Sampo plc’s notes to the financial statements
Summary of significant
accounting policies
Sampo plc (business ID 0142213-3) is Sampo Group’s
parent company and a Finnish public company listed in
Nasdaq Helsinki. Sampo has a dual listing in Nasdaq
Stockholm and in Nasdaq Copenhagen. It is domiciled in
Helsinki, and the headquarters are at Fabianinkatu 21,
00130 Helsinki, Finland.
The presentation of Sampo plc’s financial statements
have been prepared in accordance with the Finnish
Accounting Act and Ordinance, and in compliance with
other regulations on the preparation of financial
statements.
The acquisition of Topdanmark A/S minority
shares and related sale of shares to If P&C
Insurance Holding
In 2024, Sampo acquired the remaining interests in
Topdanmark A/S. The transaction was completed on 25
October 2024. Following the acquisition, Sampo plc
sold all shares in Topdanmark A/S to If P&C Insurance
Holding Ltd. The transaction was completed at an arm’s
length basis. For more detailed description of the
acquisition, please see Sampo Group financial
statements’ note 28.
In the public offer, minority shareholders were issued, as
a compensation, new Sampo A shares. The share issue
amounting to EUR 2,000 million was recognised in the
invested unrestricted equity.
In the compulsory acquisition, the total acquisition cost
of the remaining minority shares amounted to EUR 325
million. Compensation was paid in cash.
The measurement of the acquired Topdanmark A/S
shares was based on the compensation given as an
exchange of those shares. The acquisition costs directly
related to the acquisition were activated to the balance
sheet value of the acquired shares.
For the transaction between Sampo plc and If P&C
Insurance Holding Ltd. the sale price was based on the
recent market value and amounted to EUR 4,659
million. The sale price was paid in full by way of a loan
agreement and a shareholder’s contribution between
Sampo plc and If P&C Insurance Holding Ltd. The
shareholder’s contribution was recognised as an
increase in the carrying amount of If Holding’s shares in
Sampo plc’s balance sheet.
Foreign currency translation
Foreign currency transactions are translated using the
prevailing exchange rate at the date of transactions or
the average rate for the month. The Balance sheet items
denominated in foreign currencies are translated at the
prevailing rate at the balance sheet date. The exchange
differences are recognised in the income statement.
Non-current assets
Intangible and tangible assets
Intangible and tangible assets are stated at acquisition
cost less depreciation or amortisation.
Investments
In Sampo plc financial instruments are measured in
accordance with Chapter 5 section 2 § of the Finnish
Accounting Act and are part of non-current assets.
Investments are measured at acquisition cost and, in
case there is objective evidence of an impairment, and
the fair value is expected to be permanently lower than
the book value, the impairment is recognised through
profit or loss. Impairment recognition cannot be
reversed.
Derivatives
Financial derivatives held for trading are initially
recognised at fair value. If the difference between the
acquisition value and the fair value at reporting date is
negative, the difference is recognised as a loss for the
period in the income statement and as a liability in the
balance sheet. Positive difference is not recognised.
In addition, interest income and expense as well as
income and expense related to the closing or expiry of a
contract is recognised in the financial income and
expense.
If an interest rate swap or a cross currency interest rate
swap is used to hedge a separate loan or a similar
balance sheet item, and the floating rate cash flows net
each other, the net interest expense of the transaction is
recognised in the income statement, amounting to the
fixed interest rate amount. Also, any potential exchange
rate differences are netted. Financial derivatives are
used only for operational hedging. Hedge accounting is
not applied.
Liabilities
Financial liabilities, such as subordinated debt securities
and bonds, are initially recognised at nominal value.
Interest expense is accrued.
In 2025, Sampo plc issued Tier 1 notes, which are
accounted for as financial liability under Finnish
Accounting rules. Tier 1 notes are presented as a long-
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FINANCIAL STATEMENTS 2025 245
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term financial liability in the balance sheet. Interest
expense is accrued and recognised in the income
statement.
Revenue recognition
Revenue is recognised when it occurs.
Financial income and expense
Financial income and expense includes income from
shares in the Group companies, interest income and
expense on investments and financial derivatives
allocated for the reporting period, sale profits and
losses on investments, income and expense related to
the closing or expiry of derivative contracts, interest
expense on financial liabilities, as well as impairment
losses recognised on investments.
Leases
Lease payments are treated as rentals.
Income taxes
The income statement includes the company's income
taxes based on taxable profit for the period. Income tax
includes tax expense based on taxable profit for the
period as well as deferred tax. Tax expense is
recognised in profit or loss except for the items
recognised directly in equity, in which case tax is
recognised accordingly. Tax is adjusted for possible
items related to previous reporting periods.
Risk management
The risk management note 32 includes detailed
information on the risk management.
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FINANCIAL STATEMENTS 2025 246
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1 Other operating expenses
EUR thousand 1–12/2025 1–12/2024
Rental expenses -804 -1,418
IT expenses -3,152 -3,341
External services -7,514 -10,023
Other staff costs -1,800 -1,435
Other -5,071 -5,227
Total -18,341 -21,445
Item Other includes e.g. administration fees.
2 Auditors' fees
EUR thousand 1–12/2025 1–12/2024
Auditing fees -460 -450
CSRD assurance -105 -137
Other fees -208 -204
Total -773 -791
3 Financial income and expense
EUR thousand 1–12/2025 1–12/2024
Dividend income 1,502,227 767,527
Interest income 87,938 67,374
Interest expense -70,493 -68,143
Gains on disposal 57,776 1,198,547
Exchange result -3,609 13,569
Other -25,022 -73,905
Total 1,548,817 1,904,968
In 2025, gains on disposal include income on the partial sale of shares in NOBA Group,
amounting to EUR 58 million.
In 2025, Sampo repurchased EUR 316 million in aggregate nominal value of its Tier 2
notes due 2052 for EUR 295 million. The positive one-off effect of around EUR 20
million is presented under Other.
In 2024, the gains on disposal consist of the sale gain of Topdanmark A/S shares to If
P&C Insurance Holding Ltd, amounting to EUR 1,180 million, and the sale gain from the
shares of Saxo Bank AS, amounting to EUR 18 million.
4 Receivables from Group companies
EUR thousand 2025 2024
Carrying amount at the beginning of the year 1,724,652 —
Additions — 1,724,652
Disposals -1,282 —
Carrying amount at the end of the year 1,723,370 1,724,652
In 2024, as part of the sale of shares in Topdanmark A/S, Sampo granted a loan of EUR
1,724 million to If Holding. The loan consisted of EUR nominated facility of 862 million
and DKK nominated facility of 6,432 million (approx. EUR 862 million). The loans are
unsecured and have no fixed maturity date. The EUR-denominated loan carries interest
at a rate of 3-month EURIBOR plus margin of 1.06%. The DKK-denominated loan
carries interest at a rate of 3-month DKK CIBOR plus margin of 1.20%.
5 Other shares and participations
EUR thousand 2025 2024
Acquisition cost 1 January 523,680 875,672
Increase 561 —
Decrease -123,978 -351,993
Acquisition cost 31 December 400,262 523,680
In 2025, decrease in acquisition cost include the partial sale of NOBA Group shares
amounting to EUR 98 million. In addition, a permanent impairment of EUR 26 million
was recognised in the investment of H&F Evergood partners SA private equity fund.
In 2024, the decrease in Other shares included the sale of Saxo Bank AS shares
amounting to EUR 284 million and the permanent impairment of EUR 68 million in H&F
Evergood partners SA private equity fund.
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6 Other investments
EUR thousand 2025 2024
Acquisition cost 1 January 478,899 706,062
Increase 1,505,927 1,659,172
Decrease -1,457,234 -1,886,335
Acquisition cost 31 December 527,592 478,899
EUR thousand 2025 2024
Bonds 235,525 75,285
Money market 202,258 302,648
Loan receivable 89,810 100,966
Total 527,592 478,899
7 Other receivables
EUR thousand 2025 2024
Derivative guarantees 28,060 24,620
Other 11 394
Total 28,071 25,014
8 Prepayments and accrued income
EUR thousand 2025 2024
Accrued interest 12,779 14,793
Derivatives 30 —
Other 4,563 2,997
Total 17,372 17,790
EUR thousand 2025 Fair value 2024 Fair value
Derivatives
Contract
/notional
value Assets Liabilities
Contract
/notional
value Assets Liabilities
Derivatives held for
trading
Interest rate
derivatives 84,438 — 23,430 84,782 — 24,791
Foreign exchange
derivatives 364,997 — 4,776 — — —
Total 449,435 — 28,205 84,782 — 24,791
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9 Movements in the parent company's equity
Restricted equity Unrestricted equity
EUR thousand Share capital
Invested
unrestricted capital Other reserves Retained earnings Total
Carrying amount at 1 January 2024 98,114 1,526,688 272,662 3,567,312 5,464,776
Dividends — — — -903,234 -903,234
Acquisition of own shares — — — -475,190 -475,190
Directed share issue — 2,000,246 — — 2,000,246
Profit for the year — — — 1,862,475 1,862,475
Carrying amount at 31 December 2024 98,114 3,526,934 272,662 4,051,363 7,949,073
In 2024, as part of the public exchange offer, the owners of Topdanmark’s minority shares were given Sampo A shares in return. The share issue of EUR 2,000 million was
recognised in the invested unrestricted equity fund.
Restricted equity Unrestricted equity
EUR thousand Share capital
Invested
unrestricted capital Other reserves Retained earnings Total
Carrying amount at 1 January 2025 98,114 3,526,934 272,662 4,051,363 7,949,073
Dividends — — — -915,021 -915,021
Acquisition of own shares — — — -289,905 -289,905
Profit for the year — — — 1,503,822 1,503,822
Carrying amount at 31 December 2025 98,114 3,526,934 272,662 4,350,259 8,247,969
Distributable funds
EUR thousand 2025 2024
Parent company
Profit for the year 1,503,822 1,862,475
Retained earnings 2,846,437 2,188,888
Invested unrestricted capital 3,526,934 3,526,934
Other reserves 272,662 272,662
Total 8,149,856 7,850,959
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10 Share capital
Information on share capital is disclosed in Sampo Group’s note 25 in the consolidated
financial statements.
11 Accruals and deferred income
EUR thousand 2025 2024
Deferred interest 28,523 28,461
Derivatives 28,205 24,791
Other 14,249 19,180
Total 70,977 72,432
Additional information on derivatives is included in the note 8.
12 Long-term liabilities
EUR thousand 2025 2024
Issued Tier 1 notes 299,975 —
Subordinated debt securities 1,178,240 1,491,077
Bonds 787,051 791,952
Total 2,265,265 2,283,029
In September 2025, Sampo issued new restricted Tier 1 notes amounting to EUR 300
million 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 a financial liability.
Transaction costs related to the issue of the notes were recognised as expense in the
income statement.
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.
More information can be found in Sampo Group’s consolidated note 22 Financial
liabilities.
13 Deferred tax assets and liabilities
The parent company did not have any deferred tax liability or asset in the balance
sheet at the end of 2025 or 2024.
14 Pension liabilities
The basic and supplementary pension insurance of Sampo plc’s employees is handled
through insurance policies in pension insurance companies in Finland, Sweden and
Norway.
15 Rental commitments
EUR thousand 2025 2024
Not more than one year 1,273 654
Over one year but not more than ten years 15,017 15,045
Total 16,290 15,699
During the comparative period 2024, Sampo plc signed a ten-year rental agreement
for new office premises. The lease period started in June 2025.
16 Other liabilities and commitments
Sampo plc has granted a credit facility to Hastings Group Holdings Ltd of GBP 75
million (EUR 86 million), which will terminate in October 2026. The credit facility was
undrawn at the end of the reporting period. More information is in Sampo Group’s
note 22 Financial liabilities.
The fund commitments given amounted to EUR 6 (7) million.
17 Number of personnel
2025
Average during
the year
2024
Average during
the year
Full-time personnel 67 61
Temporary personnel 3 4
Total 70 65
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18 Salaries and remuneration of the Board
and the Group CEO
EUR thousand 2025 2024
Group CEO Morten Thorsrud, as of 1 October 2025 271 —
Torbjörn Magnusson, until 30 September 20251 6033 4257
Members of the Board of Directors
Antti Mäkinen 243 235
Christian Clausen 108 104
Georg Ehrnrooth — 104
Jannica Fagerholm — 164
Steve Langan 115 111
Risto Murto 140 104
Markus Rauramo 138 111
Annica Witschard 115 111
Astrid Stange 115 111
Sara Mella 115 —
1Torbjörn Magnusson continued in Sampo as Senior Advisor until 31 December 2025.
In accordance with the decision of the Annual General Meeting in 2025, the company
has compensated the transfer tax related to the acquisition of the company shares, in
total EUR 5.424,23 (EUR 1.818,56 pertaining to the Chairman and EUR 3.605,67 to the
other members of the Board).
19 Pension contributions to the CEO, deputy
CEO and the members of the Board
EUR thousand
Supplementary
pension costs
Statutory
pension
costs Total
Pension contributions accrued during the year
President/CEO1
Morten Thorsrud, as of 1 October 2025 6 39 45
Torbjörn Magnusson, until 30 September 2025 1,050 877 1,927
Former Chairmen of the Board
Kalevi Keinänen2 14 — 14
Former Presidents/CEO:s
Harri Hollmen3 37 — 37
Total 1,107 916 2,023
1The Group CEO is entitled to a supplementary pension in accordance with the present pension
contract. Torbjörn Magnusson continued in Sampo as Senior Advisor until 31 December 2025.
2Group pension agreement with a retirement age of 60 years and pension benefit of 66 per cent of
the pensionable TyEL-salary (TyEL: Employees’s Pension Act). The payment for 2025 is based on a
TyEL index adjustment.
3Group pension agreement with a retirement age of 60 years and a pension benefit of 60 per cent
of the pensionable TyEL-salary. The payment for 2025 is based on a TyEL index adjustment.
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FINANCIAL STATEMENTS 2025 251
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20 Shares held
2025 2024
Company name
Percentage
of share
capital held
Carrying
amount
EUR
thousand
Percentage
of share
capital held
Carrying
amount
EUR
thousand
Group undertakings
P&C insurance
If P&C Insurance Holding Ltd,
Stockholm, Sweden 100 4,820,130 100 4,820,130
Hastings Group (Consolidated) Plc,
London, United Kingdom 100 2,627,488 100 2,627,488
Sampo Plc has branches located in Sweden, Denmark and Norway.
In 2024, Sampo plc sold the shares of Topdanmark A/S to If P&C Insurance Holding
Ltd. For a more detailed description of the transaction, please see Sampo Group
financial statements’ note 28.
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Approval of the Board of Directors’ Report, the Sustainability
Statement and the Financial Statements
The Financial Statements prepared in accordance with the applicable accounting regulations provide a true and fair view of the assets, liabilities, financial position, and profit or loss
of both the company and the entities included in its consolidated financial statements.
The Board of Directors’ Report includes a description of a true and fair view of the development and results of the business activities of both the company and the entities included
in its consolidated financial statements, as well as a description of the most significant risks and uncertainties and other aspects concerning the company.
The Sustainability Statement included in the Board of Directors’ Report has been prepared in accordance with the sustainability reporting standards referred to in Chapter 7 of the
Accounting Act and Article 8 of the Taxonomy Regulation.
Helsinki, 12 March 2026
Sampo plc
Board of Directors
Christian Clausen Steve Langan Sara Mella
Risto Murto Markus Rauramo
Astrid Stange Annica Witschard
Antti Mäkinen
Chairman
Morten Thorsrud
Group CEO
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Auditor’s note
An auditor's report on the audit performed has been issued today.
Helsinki, 13 March 2026
Deloitte Oy
Audit firm
Jukka Vattulainen
APA
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Auditor’s Report (Translation of the Finnish Original)
To the Annual General Meeting of Sampo plc
Report on the Audit of
the Financial Statements
Opinion
We have audited the financial statements of Sampo plc
(business identity code 0142213-3) for the year ended 31
December 2025. The financial statements comprise the
consolidated balance sheet, income statement,
statement of comprehensive income, statement of
changes in equity, statement of cash flows and notes,
including material accounting policy information, as well
as the parent company’s balance sheet, income
statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and
fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS
Accounting Standards as adopted by the EU
• the financial statements give a true and fair view of
the parent company’s financial performance and
financial position in accordance with the laws and
regulations governing the preparation of financial
statements in Finland and comply with statutory
requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good
auditing practice in Finland. Our responsibilities under
good auditing practice are further described in the
Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We are independent of the parent company and of the
group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our audit, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements.
In our best knowledge and understanding, the non-
audit services that we have provided to the parent
company and group companies are in compliance with
laws and regulations applicable in Finland regarding
these services, and we have not provided any
prohibited non-audit services referred to in Article 5(1)
of regulation (EU) 537/2014. The non-audit services that
we have provided have been disclosed in note 6 to the
consolidated financial statements and in note 2 to the
parent company notes.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the financial statements of the current period.
These matters were addressed in the context of our
audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have also addressed the risk of management
override of internal controls. This includes consideration
of whether there was evidence of management bias
that represented a risk of material misstatement due to
fraud.
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Valuation of insurance contract liabilities
We refer to Summary of Material Accounting policies in the financial statements as well
as notes 18 and 19.
As at 31.12.2025 Sampo Group has insurance contract liabilities totalling EUR 12,760
million (2024: EUR 12,286 million), consisting primarily of property and casualty
insurance contract liabilities. The measurement of insurance liabilities consists of the
liability for remaining coverage and the liability for incurred claims including both
reported but not settled claims as well as incurred but not reported claims.
The result of management's assessments regarding the calculation of the liability for
incurred claims depends on inputs, the choice of actuarial methods and the precision of
management judgment in determining actuarial assumptions. Key assumptions with the
greatest impact on the carrying amount include inflation, discount rates as well as
estimated future payments for claims.
Valuation of insurance contract liabilities requires significant management judgment and
accounting assumptions about uncertain future events, which may materially affect the
carrying amount, and thus this is a key audit matter.
Key Audit Matter How our audit addressed the Key Audit Matter
We have assessed the measurement of the provisions for insurance contracts as
calculated by Management. Our audit procedures included testing of the key controls
relating to valuation of insurance liabilities and key assumptions.
We have involved Deloitte´s actuarial experts together with IFRS 17 subject matter
experts in our audit procedures and evaluated methods and models used by the
management. We have compared the information used in the calculations with the
historical data and we have analysed the developments in risk, interest and cost trends.
We have evaluated management’s significant estimations and judgments and performed
independent calculations based on actuarial methods for a substantial part of the
insurance contract liabilities.
We have evaluated and examined a selection of general IT controls linked to relevant
systems and applications assessed as critical to the data that forms the basis for the
calculation of the liability for incurred claims. On a sample basis we have examined input
data used in the calculations of the liability for incurred claims.
We have assessed the disclosures of the insurance contract liabilities in the financial
statements.
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Valuation of financial assets
We refer to Summary of Material Accounting policies in the financial statements as well
as notes 12-14.
The Group's investments amount to EUR 17,154 million (2024: EUR 16,090 million).
Financial assets represent a significant part of the group's balance sheet.
Major part of the Group's financial assets are measured at fair value. At level 1, the
valuation of the financial asset is based on the quoted price in an active market. Level 2
valuation also uses other verifiable prices as inputs, either directly or derived from them,
using valuation techniques. At level 3, valuation is based on non-observable market data.
Audit focus areas relate to valuations on level 2 and 3 in line with IFRS in which the
valuation techniques include inputs which are not directly observable from the markets.
The use of different valuation techniques and assumptions may result in different
estimates of fair value and hence this is a key audit matter.
Key Audit Matter How our audit addressed the Key Audit Matter
Our audit procedures have included the evaluation of the internal controls,
appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management.
We have evaluated the appropriateness of the valuation models and accounting policies
used by the company to assess whether the fair value measurement is in accordance
with generally accepted standards and industry practices.
We have assessed the assumptions used by management in the valuation calculation.
We have utilized Deloitte´s valuation analytics and performed the recalculation of fair
values based on the information available on the market.
For financial assets that are valued on the basis of non-market information, we have also
evaluated the practices and assumptions used by management in determining fair
values.
We have assessed the disclosures of the investments in the financial statements.
There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the parent company’s financial statements.
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Responsibilities of the Board of
Directors and the Group CEO for
the Financial Statements
The Board of Directors and the Group CEO are
responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the EU,
and of financial statements that give a true and fair view
in accordance with the laws and regulations governing
the preparation of financial statements in Finland and
comply with statutory requirements. The Board of
Directors and the Group CEO are also responsible for
such internal control as they determine is necessary to
enable the preparation of financial statements that are
free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the Board of
Directors and the Group CEO are responsible for
assessing the parent company’s and the group’s ability
to continue as a going concern, disclosing, as
applicable, matters relating to going concern and using
the going concern basis of accounting. The financial
statements are prepared using the going concern basis
of accounting unless there is an intention to liquidate
the parent company or the group or cease operations,
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the
Audit the of Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole are
free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit
conducted in accordance with good auditing practice
will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of the financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and
maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud or
error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness
of the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of the Board of
Directors’ and the Group CEO’s use of the going
concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to
the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
cause the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events so
that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient
appropriate audit evidence regarding the financial
information of the entities or business units within the
group as a basis for forming an opinion on the group
financial statements. We are responsible for the
direction, supervision and review of the audit work
performed for purposes of the group audit. We
remain solely responsible for our audit opinion.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
≡
Corporate Governance
Statement
Sustainability
Statement
Group’s notes to
the financial statements
Sampo plc’s notes to
the financial statements
FINANCIAL STATEMENTS 2025 258
===== SIDA 259 =====
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of the financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in
extremely rare circumstances, we determine that a
matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.
Other Reporting Requirements
Information on our audit
engagement
We were first appointed as auditors by the Annual
General Meeting on 19 May 2021, and our appointment
represents a total period of uninterrupted engagement
of 5 years.
Other information
The Board of Directors and the Group CEO are
responsible for the other information. The other
information comprises the report of the Board of
Directors.
Our opinion on the financial statements does not cover
the other information.
In connection with our audit of the financial statements,
our responsibility is to read the other information and, in
doing so, consider whether the other information is
materially inconsistent with the financial statements or
our knowledge obtained in the audit, or otherwise
appears to be materially misstated. Our responsibility
also includes considering whether the report of the
Board of Directors has been prepared in compliance
with the applicable provisions, excluding the
sustainability report information on which there are
provisions in Chapter 7 of the Accounting Act and in
the sustainability reporting standards.
In our opinion, the information in the report of the
Board of Directors is consistent with the information in
the financial statements and the report of the Board of
Directors has been prepared in compliance with the
applicable provisions. Our opinion does not cover the
sustainability report information on which there are
provisions in Chapter 7 of the Accounting Act and in
the sustainability reporting standards.
If, based on the work we have performed, we conclude
that there is a material misstatement of the report of
the Board of Directors, we are required to report that
fact. We have nothing to report in this regard.
Other statements based on law
Our responsibility is to, based on our audit, express an
opinion on the registration and publication of the income
tax report required in Chapter 7 b of the Accounting Act.
The Board of Directors and the Group CEO are
responsible for the registration and the publication of
the income tax report.
In our opinion, the company has not been obliged to
register and publish an income tax report referred to in
Chapter 7 b of the Accounting Act for the financial year
immediately preceding the financial year.
Other opinions
We support that the financial statements should be
adopted. The proposal by the Board of Directors
regarding the use of the profit shown in the balance
sheet is in compliance with the Limited Liability
Companies Act. We support that the Members of the
Board of Directors of the parent company and the
Group CEO should be discharged from liability for the
financial period audited by us.
Helsinki, 13 March 2026
Deloitte Oy
Audit Firm
Jukka Vattulainen
Authorised Public Accountant (KHT)
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
≡
Corporate Governance
Statement
Sustainability
Statement
Group’s notes to
the financial statements
Sampo plc’s notes to
the financial statements
FINANCIAL STATEMENTS 2025 259
===== SIDA 260 =====
Assurance report on the Sustainability Statement
(Translation of the Finnish Original)
To the Annual General Meeting of Sampo plc
We have performed a limited assurance engagement on
the group sustainability report (“Sustainability
Statement”) of Sampo plc (0142213-3) that is referred
to in Chapter 7 of the Accounting Act and that is
included in the report of the Board of Directors for the
reporting period 1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the
Sustainability Statement does not comply, in all material
respects, with
• the requirements laid down in Chapter 7 of the
Accounting Act and the sustainability reporting
standards (ESRS), and
• the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of
a framework to facilitate sustainable investment, and
amending Regulation (EU) 2019/2088 (EU
Taxonomy).
Point 1 above also contains the process in which Sampo
plc has identified the information for reporting in
accordance with the sustainability reporting standards
(double materiality assessment).
Our opinion does not cover the tagging of the
Sustainability Statement with digital XBRL sustainability
tags in accordance with Chapter 7, Section 22,
Subsection 1(2), of the Accounting Act, because
sustainability reporting companies have not had the
possibility to comply with that requirement in the
absence of requirements for the tagging of
sustainability information in the ESEF regulation or
other European Union legislation.
Basis for Opinion
We performed the assurance of the Sustainability
Statement as a limited assurance engagement in
compliance with good assurance practice in Finland and
with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) Assurance
Engagements Other than Audits or Reviews of Historical
Financial Information.
Our responsibilities under this standard are further
described in the Responsibilities of the Authorised
Group Sustainability Auditor section of our report.
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
Authorised Group Sustainability
Auditor's Independence and
Quality Management
We are independent of the parent company and of the
group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our engagement, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements.
The authorised group sustainability auditor applies
International Standard on Quality Management ISQM 1,
which requires the authorised sustainability audit firm to
design, implement and operate a system of quality
management including policies or procedures regarding
compliance with ethical requirements, professional
standards and applicable legal and regulatory
requirements.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
≡
Corporate Governance
Statement
Sustainability
Statement
Group’s notes to
the financial statements
Sampo plc’s notes to
the financial statements
FINANCIAL STATEMENTS 2025 260
===== SIDA 261 =====
Responsibilities of the Board of
Directors and the Group CEO
The Board of Directors and the Group CEO of Sampo
plc are responsible for:
• the Sustainability Statement and for its preparation
and presentation in accordance with the provisions of
Chapter 7 of the Accounting Act, including the
process that has been defined in the sustainability
reporting standards and in which the information for
reporting in accordance with the sustainability
reporting standards has been identified,
• the compliance of the Sustainability Statement with
the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of
a framework to facilitate sustainable investment, and
amending Regulation (EU) 2019/2088, and
• such internal control as the Board of Directors and
the Group CEO determine is necessary to enable the
preparation of a Sustainability Statement that is free
from material misstatement, whether due to fraud or
error.
Inherent Limitations in the
Preparation of a Sustainability
Statement
In preparing the Sustainability Statement, the company
is required to conduct a materiality assessment to
identify relevant matters to be reported. This process
involves significant management judgement and
choices. Due to the nature and characteristics of
sustainability reporting, this type of information involves
estimates and assumptions, as well as measurement and
evaluation uncertainties.
In reporting forward-looking information according to
ESRS standards, management is required to prepare the
forward-looking information on the basis of disclosed
assumptions about events that may occur in the future,
possible future actions by the Group, and prepare the
forward-looking information based on these
assumptions. The actual outcome is likely to be different
since anticipated events frequently do not occur as
expected.
The determination of greenhouse gas emissions
involves inherent uncertainty due to incomplete
scientific knowledge used to define the numerical
values for emission factors and the combination of
emissions from different gases.
Responsibilities of the Authorised
Group Sustainability Auditor
Our responsibility is to perform an assurance
engagement to obtain limited assurance about whether
the Sustainability Statement is free from material
misstatement, whether due to fraud or error, and to
issue a limited assurance report that includes our
opinion. Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the decisions of users taken on the basis of
the Sustainability Statement.
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
≡
Corporate Governance
Statement
Sustainability
Statement
Group’s notes to
the financial statements
Sampo plc’s notes to
the financial statements
FINANCIAL STATEMENTS 2025 261
===== SIDA 262 =====
Compliance with the International Standard on
Assurance Engagements (ISAE) 3000 (Revised)
requires that we exercise professional judgment and
maintain professional skepticism throughout the
engagement. We also:
• Identify and assess the risks of material misstatement
of the Sustainability Statement, whether due to fraud
or error, and obtain an understanding of internal
control relevant to the engagement in order to design
assurance procedures that are appropriate in the
circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Design and perform assurance procedures responsive
to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
Description of the Procedures
That Have Been Performed
The procedures performed in a limited assurance
engagement vary in nature and timing from, and are
less in extent than for, a reasonable assurance
engagement. The nature, timing and extent of
assurance procedures selected depend on professional
judgment, including the assessment of risks of material
misstatement, whether due to fraud or error.
Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower
than the assurance that would have been obtained had
a reasonable assurance engagement been performed.
Our procedures included for example the following:
• Performed inquiries of the company’s management and personnel responsible for
collecting and reporting the information contained in the Sustainability Statement at
the group level and for subsidiaries, as well as at the different levels and business
areas of the organization.
• Obtained an understanding of the company’s sustainability reporting process, internal
controls, and information systems related to the sustainability reporting process
through inquiries.
• Reviewed the company’s internal guidelines and policies relevant to the information
presented in the Sustainability Statement.
• Reviewed the supporting documentation and records prepared by the company,
where applicable, and assessed whether they support the information included in the
Sustainability Statement.
• With respect to the double materiality assessment process, we evaluated the
implementation of the process conducted by the company in relation to the
requirements of the ESRS standards and assessed whether the disclosed information
on the double materiality assessment is in accordance with the ESRS standards.
• Evaluated whether the Sustainability Statement meets the requirements of the ESRS
standards, in all material aspects, regarding material sustainability matters to a
significant extent.
• With respect to the EU taxonomy information, we obtained an understanding of the
process by which the company has identified taxonomy-eligible and taxonomy-
aligned economic activities and assessed the compliance of the related disclosed
information with the regulations.
Helsinki, 13 March 2026
Deloitte Oy
Authorised Sustainability Audit Firm
Jukka Vattulainen
Authorised Sustainability Auditor
Board of Directors’ Report Group’s IFRS Financial Statements Sampo plc’s Financial Statements Auditor’s Report
≡
Corporate Governance
Statement
Sustainability
Statement
Group’s notes to
the financial statements
Sampo plc’s notes to
the financial statements
FINANCIAL STATEMENTS 2025 262
===== SIDA 263 =====