===== SIDA 1 ===== ===== SIDA 2 ===== Contents Group CEO’s comment ................................................................................................................................................... 4 Outlook ................................................................................................................................................................................. 5 Outlook for 2024 ..................................................................................................................................................................... 5 The major risks and uncertainties for the Group in the near-term ........................................................................ 5 Financial highlights .......................................................................................................................................................... 6 Business areas .................................................................................................................................................................... 8 If ..................................................................................................................................................................................................... 8 Topdanmark .............................................................................................................................................................................. 11 Hastings ...................................................................................................................................................................................... 12 Holding ........................................................................................................................................................................................ 13 Financial position ............................................................................................................................................................. 14 Group solvency ........................................................................................................................................................................ 14 Financial leverage position .................................................................................................................................................. 14 Ratings ........................................................................................................................................................................................ 14 Other developments ....................................................................................................................................................... 15 Shares and shareholders ....................................................................................................................................................... 15 Remuneration ........................................................................................................................................................................... 15 Personnel .................................................................................................................................................................................... 16 Events after the end of the reporting period ................................................................................................................ 16 Tables .................................................................................................................................................................................... 20 Group financial review ........................................................................................................................................................... 20 Calculation of key figures ..................................................................................................................................................... 22 Group quarterly result ........................................................................................................................................................... 25 Statement of profit and other comprehensive income ............................................................................................. 26 Consolidated balance sheet ................................................................................................................................................ 27 Statement of changes in equity ......................................................................................................................................... 28 Statement of cash flows ....................................................................................................................................................... 29 Notes ..................................................................................................................................................................................... 30 Accounting principles ............................................................................................................................................................ 30 Result by segment for three months ended 31 March 2024 .................................................................................... 31 Result by segment for three months ended 31 March 2023 .................................................................................... 32 Balance sheet by segment at 31 March 2024 ................................................................................................................ 33 Balance sheet by segment at 31 December 2023 ........................................................................................................ 34 Other notes ......................................................................................................................................................................... 35 1 Insurance service result ...................................................................................................................................................... 35 2 Net investment income ...................................................................................................................................................... 36 3 Net finance income or expense from insurance contracts ................................................................................... 37 4 Other income ........................................................................................................................................................................ 37 5 Financial assets ................................................................................................................................................................... 38 6 Insurance contract liabilities .......................................................................................................................................... 39 7 Financial liabilities ............................................................................................................................................................... 39 8 Discontinued operations .................................................................................................................................................. 40 9 Contingent liabilities and commitments ..................................................................................................................... 40 10 Subsequent events after the balance sheet date .................................................................................................. 41 Summary .............................................................................................................................................................................. 3 INTERIM STATEMENT FOR JANUARY–MARCH 2024 2 ===== SIDA 3 ===== Sampo Group’s results for January- March 2024 • Sampo Group achieved top line growth of 10 per cent on a currency adjusted basis, driven by strong development in all business areas • The underwriting result decreased to EUR 260 million (292) and the combined ratio increased to 87.1 per cent (84.0), as a result of challenging Nordic winter conditions • The Group underlying combined ratio improved by 1.1 percentage points and the outlook for 2024 was narrowed to 83–85 per cent (below 85) • Profit before taxes increased to EUR 465 million (359), supported by strong investment returns and slightly higher discount rates • Operating EPS was broadly stable at EUR 0.50 (0.51) despite the lower underwriting result • Solvency II coverage stood at 180 per cent (182), pro forma of demerger-related transactions and including dividend accrual, and financial leverage at 24.6 per cent (25.3) Key figures EURm 1–3/2024 1–3/2023 Change, % Profit before taxes 465 359 29 If 356 337 6 Topdanmark 63 63 — Hastings 26 10 178 Holding 20 -45 — Net profit for the equity holders 343 271 27 Operating result 253 262 -3 Underwriting result 260 292 -11 Change Earnings per share (EUR) 0.68 0.53 0.15 Operating EPS (EUR) 0.50 0.51 -0.01 Net profit for the equity holders and earnings per share for January–March 2023 include result from life operations. The figures in this report have not been audited. Sampo Group key financial targets for 2024–2026 Target 1-3/2024 Operating EPS growth: over 7% (period average) -1% Group combined ratio: below 85% 87.1% Solvency ratio: 150-190% 180% (pro forma of demerger-related transactions and including dividend accrual) Financial leverage: below 30% 24.6% Financial targets for 2024–2026 announced at the Capital Markets Day on 6 March 2024. INTERIM STATEMENT FOR JANUARY–MARCH 2023 7 May 2024 3 ===== SIDA 4 ===== Group CEO’s comment The first quarter saw the most severe Nordic winter weather since 2010 and our primary focus has been on helping affected customers. Nonetheless, operational momentum was strong, with 10 per cent currency adjusted premium growth and positive underlying margin momentum. Hence, we have narrowed our combined ratio outlook for 2024 and now expect to land in the 83–85 per cent range. At our Capital Markets Day on 6 March 2024, we outlined an agenda that puts organic growth at the heart of our ambition to grow operating EPS by more than 7 per cent per annum in 2024–2026. We have made an excellent start on this in the first quarter, with Private and the UK growing premiums by 7 per cent and 25 per cent, respectively, on a currency adjusted basis. Private benefited from investments made in digital and non-motor products, as premiums increased by 14 per cent in personal insurance and 7 per cent in property insurance. In the UK, we continued to see the effect of the significant price increases taken during the second half of 2023 and a rise in customer count, both in motor and home. First quarter severe weather claims amounted to approximately EUR 100 million in If P&C — the highest level observed since the severe winter of 2010. An extended period of cold weather, heavy snow and icy roads in January and February adversely affected both the motor and property lines, particularly in Private. By geography, Norway and Sweden were most affected, accounting for almost 90 per cent of recorded winter claims, while Denmark was within the normal range. Partly offsetting this, large claims were around EUR 40 million below budget. Although it is clearly too early to draw any firm conclusions, I am encouraged by this as it follows a tightening in risk appetite in Industrial over 2023. The underlying Group combined ratio improved by 1.1 percentage points year-on-year, driven by positive momentum in all segments except Topdanmark, as claims inflation remained below our prudent pricing assumptions. The adjusted risk ratio in If P&C improved by 0.3 percentage points, ex-discounting, with Private seeing the most positive momentum, and the cost ratio declined on a combination of efficiency gains and solid top line growth. We continue to cover estimated Nordic claims inflation of 4-5 per cent with price increases, even as this appears to be trending toward the lower part of the range. In the UK, we estimate that market-wide motor claims inflation fell modestly from the 12 per cent observed over most of 2023, while the benefits of the substantial price increases taken over 2023 continued to earn into the P&L. As a result of this, our headline UK operating ratio improved by 2 percentage points to 91.4 per cent, in what is typically the seasonally most challenging quarter. Together with strong premium growth, this enabled Hastings to deliver a 71 per cent increase in underwriting profit year-on-year, adding 5 percentage points to group-level growth. UK motor pricing has stabilised during the first few months of 2024 as the market assesses the impact of the price increases taken in 2023 and shifting claims trends but we continue to be prudent in our own underwriting, as always. In addition to a delivering on organic growth, we will continue to be disciplined in managing our capital. We are in the process of executing on capital optimisation actions worth up to EUR 700 million, as outlined at our CMD, and will provide an update on capital allocation with our First-Half 2024 results. Torbjörn Magnusson Group CEO INTERIM STATEMENT FOR JANUARY–MARCH 2024 Group CEO’s comment 4 ===== SIDA 5 ===== Outlook Outlook for 2024 Following the first quarter result, Sampo has narrowed its 2024 outlook and now expects to deliver a Group combined ratio of 83–85 per cent. Previously, the outlook for the 2024 Group combined ratio was below 85 per cent, as per the stock exchange release published on 6 March 2024. Sampo Group’s combined ratio is subject to volatility driven by, among other factors, seasonal weather patterns, large claims and prior year development. The net financial result will be significantly influenced by capital markets’ developments. The major risks and uncertainties for the Group in the near-term In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties, mainly through its major business units. Major risks affecting the Group companies’ profitability and its variation are market, credit, insurance and operational risks. At the Group level, sources of risks are the same, although they are not directly additive due to the effects of diversification. Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential outcomes. Macroeconomic and financial market developments affect Sampo Group primarily through the market risk exposures it carries via its insurance company investment portfolios and insurance liabilities and through strategic investments. Over time, adverse macroeconomic effects could also have an impact on Sampo’s operational business, for example by reducing economic growth or increasing claims costs. Inflation has continued to fall in 2024 with euro-area headline inflation starting to approach the central bank target. The worst of the recent inflation surge seems to be over unless geopolitical events cause new shocks to energy prices. However, the continued strength of Europe’s labour market and rapid wage growth could keep price pressures elevated. This creates uncertainty on whether central banks will be keeping interest rates elevated longer than expected. This may lead to both a significant slowdown in economic growth and a deterioration in the debt service capacity of businesses, households and governments, raising the risk of abrupt asset repricing in financial markets. Furthermore, the potential escalation of wars in Ukraine and the Middle East represent a major economic risk. These developments are currently causing significant uncertainties in economic and capital market development. At the same time rapidly evolving hybrid threats create new challenges for states and businesses. There are also a number of widely identified macroeconomic, political and other sources of uncertainty which can, in various ways, affect the financial services industry in a negative manner. Sampo Group’s insurance exposures in Russia or Ukraine are limited to certain Nordic industrial line clients, with coverage subject to war exclusions. On the asset side, Sampo has no material direct investments in Russia or Ukraine. Given the limited direct exposure, the biggest risk from the war in Ukraine to Sampo relates to the second order capital markets’ and macroeconomic effects outlined above. Other sources of uncertainty are unforeseen structural changes in the business environment and already identified trends and potential wide-impact events. These external drivers may have a long-term impact on how Sampo Group’s business will be conducted. Examples of identified trends are demographic changes, sustainability issues, and technological developments in areas such as artificial intelligence and digitalisation including threats posed by cybercrime. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Outlook 5 ===== SIDA 6 ===== Financial highlights for January–March 2024 The start of the year 2024 brought the most challenging winter conditions seen in the Nordics since 2010, having a material impact on the Group’s underwriting result. However, top line growth was strong, supported by all business areas, and underlying margin development remained positive. Gross written premiums and brokerage income increased by 10 per cent on a currency adjusted basis and by 9 per cent on a reported basis to EUR 3,297 million (3,016). The Nordics saw first quarter currency adjusted growth of 7.6 per cent. Private GWP growth accelerated to 7.2 per cent, driven by high and stable retention of 89 per cent and strong development in personal insurance and property, while motor volumes were subdued due to continued low new car sales. UK top line growth amounted by 21.9 per cent on a local currency basis on the back of policy count growth of 6 per cent and as the large price increases made during the second half of 2023 continued to roll into the portfolio. Commercial benefited from high retention and rate increases at 1 January renewals that drove local currency premium growth to 5.1 per cent. Industrial achieved 13.1 per cent growth in GWP supported by successful 1 January renewals with material price increases but reductions to certain large property exposures led net premiums being broadly stable year-on-year. The underlying margin trend remained positive as the Group delivered a 1.1 percentage point improvement in the underlying combined ratio, following positive momentum in both the Nordics and the UK. If reported an undiscounted adjusted risk ratio improvement of 0.3 percentage points year-on year. This was achieved by continued disciplined underwriting and pricing exceeding Nordic claims inflation, which remained stable at the lower end of the 4–5 per cent range. The UK business also saw continued positive development as Hastings reported an operating ratio of 91.4 per cent (93.3); combined with strong top line growth, this drove a 71 per cent increase in the underwriting result. UK claims inflation remained elevated but has modestly reduced from the 12 per cent observed over most of 2023. The solid underlying development was offset by harsh Nordic winter conditions that led to 8.0 percentage points of severe weather effects on If’s risk ratio. The negative effect was approximately EUR 100 million on the If’s underwriting result, partly offset by large claims being approximately EUR 40 million below budget. As a result, the group underwriting result decreased by 10 per cent on a currency adjusted basis and by 11 per cent to EUR 260 million (292) on a reported basis. The Group combined ratio was 87.1 per cent (84.0). Nonetheless, given the strong momentum in Sampo’s business, the Group has narrowed its combined ratio outlook for 2024 to 83–85 per cent (from below 85). Sampo Group underlying combined ratio development for January–March 2024 1-3/2024 1-3/2023 Change Combined ratio, % 87.1 84.0 3.1 Large claims, % -2.0 -1.9 -0.1 Severe weather, % 6.0 2.0 4.1 Prior year development, risk adjustment and other technical effects, % -1.2 -1.6 0.3 Discounting effect, current year, % -2.9 -2.8 -0.1 Undiscounted underlying combined ratio, current year, % 87.3 88.4 -1.1 Large claims measured against budget but severe weather claims are reported in full; negative figures indicate a positive outcome. Severe weather includes natural catastrophes. Negative figures for prior year development indicate positive reserve run-off. The discounting effect represents the impact of discounting of current year claims reserves on the underlying combined ratio. The net financial result amounted to EUR 265 million (123), driven by strong investment returns and slightly higher discount rates. Net investment income increased to EUR 295 million (253), supported by strong equity market performance and higher running yields. The Group fixed income running yield stood at 4.0 per cent and mark-to- market yield at 4.7 per cent at the end of March 2024. Insurance finance income or expense (IFIE) amounted to INTERIM STATEMENT FOR JANUARY–MARCH 2024 Financial highlights 6 ===== SIDA 7 ===== EUR -30 million (-130), including a negative effect from unwind of discounting of EUR -59 million (-60) and a positive effect of EUR 34 million (-61) from changes in discount rates. Operating EPS stood broadly unchanged at EUR 0.50 (0.51). The negative effect from lower underwriting result was partly offset by higher investment returns and capital management actions executed in 2023. Sampo targets more than 7 per cent operating EPS growth on average over 2024–2026. The Group pro forma Solvency II ratio, adjusted for the demerger-related transactions and including dividend accrual, stood at 180 per cent, down from 182 per cent at the end of 2023. The decrease was mainly driven by an increased SCR due to a higher symmetric adjustment. Financial leverage amounted to 24.6 per cent, down from 25.3 per cent at the end of 2023. Adjusting for the dividend for 2023, financial leverage was 26.8 per cent, down from 27.7 per cent at the 2023 year-end. Sampo targets a solvency ratio of 150–190 per cent and a financial leverage of below 30 per cent. Sampo Group results for January–March 2024 EURm If Topdanmark Hastings Holding Elim. Sampo Group GWP & brokerage income 2,095 653 560 — -11 3,297 Insurance revenue, net (incl. brokerage) 1,290 361 369 — — 2,020 Claims incurred and claims handling costs, net -926 -241 -220 — — -1,387 Operating expenses -193 -63 -117 — — -373 Underwriting result 171 58 32 — — 260 Net investment income 213 22 11 50 -2 295 Insurance finance income or expense, net -25 0 -5 — — -30 Net financial result 189 23 6 50 -2 265 Other items -4 -18 -11 -30 2 -60 Profit before taxes 356 63 26 20 — 465 Net profit for the equity holders 343 Combined ratio, % 86.8 84.0 91.4 87.1 Sampo Group results for January–March 2023 EURm If Topdanmark Hastings Holding Elim. Sampo Group GWP & brokerage income 1,966 604 445 — — 3,016 Insurance revenue, net (incl. brokerage) 1,235 318 275 — — 1,828 Claims incurred and claims handling costs, net -829 -203 -163 — — -1,195 Operating expenses -189 -58 -94 — — -342 Underwriting result 217 57 19 — — 292 Net investment income 239 26 14 -22 -3 253 Insurance finance income or expense, net -113 -10 -7 — — -130 Net financial result 126 17 6 -22 -3 123 Other items -6 -10 -15 -23 -1 -56 Profit before taxes 337 63 10 -45 -5 359 Net profit for the equity holders 271 - of which from life operations* 28 Combined ratio, % 82.4 82.2 93.3 84.0 *) Net profit from life operations in January–March 2023 includes Mandatum’s result. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Financial highlights 7 ===== SIDA 8 ===== Business areas If If P&C is the leading property and casualty insurer in the Nordic region, where it offers solutions in all major lines of business through its four business areas; Private, Commercial, Industrial and Baltic. If P&C’s business model is based on high customer satisfaction, best in class underwriting and leveraging the scale benefits that its unified Nordic model offers. Excellent digital sales and service capabilities are a core part of If’s strategy, particularly in the Private and SME Commercial market segments. Results EURm 1–3/2024 1–3/2023 Change, % Gross written premiums 2,095 1,966 7 Insurance revenue, net 1,290 1,235 4 Claims incurred, net -854 -759 12 Operating expenses and claims handling costs -265 -259 2 Insurance service result / underwriting result 171 217 -21 Net investment income 213 239 -11 Insurance finance income or expense, net -25 -113 -78 Net financial result 189 126 50 Other items -4 -6 -37 Profit before taxes 356 337 6 Key figures 1–3/2024 1–3/2023 Change Combined ratio, % 86.8 82.4 4.3 Cost ratio, % 20.6 21.0 -0.4 Risk ratio, % 66.2 61.5 4.7 Large claims -2.9 -2.8 -0.1 Severe weather 8.0 1.2 6.8 Risk adjustment and other technical effects, current year % 1.8 1.5 0.3 Prior year development, % -4.2 -2.3 -1.9 Adjusted risk ratio, current year, % 63.5 63.8 -0.3 Discounting effect, current year, % -3.0 -3.0 -0.1 Undiscounted adjusted risk ratio, current year, % 66.5 66.8 -0.3 Loss ratio, % 71.8 67.1 4.7 Expense ratio, % 14.9 15.3 -0.4 All key figures in the table above are calculated on a net basis. Key ratios are based on SEK figures. Large claims measured against budget but severe weather claims are reported in full; negative figures indicate a positive outcome. Severe weather includes natural catastrophes. Negative figures for prior year development indicate positive reserve run-off. The discounting effect represents the impact of discounting of current year claims reserves on the risk ratio. Underwriting performance If reported an underwriting result of EUR 171 million (217) and a combined ratio of 86.8 per cent (82.4) for the first quarter of 2024. The result was negatively impacted by a high number of severe weather claims following a significantly harsher winter season than usual and the storm Ingunn, while large claims developed favourably. The underlying margin trend remained positive with an undiscounted adjusted risk ratio improvement of 0.3 percentage points and a cost ratio reduction of 0.4 percentage points year-on-year. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Business areas 8 ===== SIDA 9 ===== Premium development If reported gross written premiums, GWP, of EUR 2,095 million (1,966) in January–March 2024. Excluding currency effects, premiums grew by 7.6 per cent year-on-year. All business areas and countries contributed to growth which was mainly driven by repricing that exceeded Nordic claims inflation, falling within the lower end of the 4–5 per cent range. The strong development also benefited from successful 1 January renewals in Industrial and Commercial. In the first quarter of 2024 Private delivered GWP growth of 7.2 per cent driven by rate increases covering claims inflation. Growth was particularly strong in Norway. The positive development was supported by 14 per cent growth in Personal insurance, and 7 per cent growth in Property insurance. Growth in the Motor segment was dampened by low new car sales volumes and stood at 5 per cent. Nordic new car sales declined by 10 per cent year-on-year in the first quarter of 2024, with new car sales in If’s largest market Sweden down 6 per cent compared to the same period last year. Excluding the Swedish mobility business, currency adjusted GWP growth in the quarter was 8.1 per cent for Private and 8.0 per cent for If. The retention rate in Private in the first quarter stood at 89 per cent (90) despite rate actions and a general slowdown in the Nordic economies. Private digital sales growth remains strong with an increase of 7 per cent year- on-year. Currency adjusted GWP growth in Commercial in January–March 2024 was 5.1 per cent driven by robust growth across all countries, notably in Norway. The positive development was supported by successful 1 January renewals, rate adjustments aligned with claims inflation, and high retention. The growth benefited from strong development in personal insurance, while growth in the SME segment stood at 4 per cent. Digital sales increased by 20 per cent year-on-year, driven by an expansion of the digital offering and increased usage of self-service solutions. The Industrial business saw a strong outcome at the 1 January renewal, driving currency adjusted GWP growth of 13.1 per cent in the first quarter of 2024. Rate increases continued in all countries, with the largest contribution coming from the property segment. The Baltic business achieved a currency adjusted GWP growth of 8.5 per cent in January–March 2024. All three Baltic countries reported growth driven by both an increase in policy numbers and repricing initiatives to mitigate claims inflation. Combined ratio development If reported a combined ratio of 86.8 per cent (82.4) for January–March 2024. In early 2024, the Nordic countries experienced a notably harsher winter than in previous years, leading to severe weather adding 8.0 percentage points (1.2) to the combined ratio. The increase in weather-related claims was driven by very low temperatures and heavy snowfall. Private was hit the hardest, with severe weather effects split roughly equally between motor and property. Geographically, Norway and Sweden were the most affected countries. The harsh winter was partly offset by large claims being 2.9 percentage points (-2.8) better than budget. If’s large claims outcome is reported as a deviation against budget, while severe weather effects are disclosed in full. Prior year gains increased to 4.2 percentage points (2.3) and the risk adjustment and other technical effects had an impact of 1.8 percentage points (1.5). The discounting effect in the first quarter of 2024 was 3.0 per cent, unchanged compared to the same period last year. In total, the risk ratio deteriorated by 4.7 percentage points year-on-year to 66.2 per cent (61.5) in the first quarter of 2024. The undiscounted adjusted risk ratio improved by 0.3 percentage points year-on-year. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Business areas 9 ===== SIDA 10 ===== The cost ratio for January–March 2024 improved by 0.4 percentage points to 20.6 per cent (21.0). The cost ratio development compares favourably to If P&C’s target for 2024–2026 of a ~20 basis point yearly cost ratio reduction. Education and development costs are included in the cost ratio. Combined ratio, % Risk ratio, % 1–3/2024 1–3/2023 Change, % 1–3/2024 1–3/2023 Change, % Private 89.4 82.1 7.3 69.1 61.2 7.9 Commercial 83.8 83.9 -0.1 62.2 62.1 0.1 Industrial 83.5 81.1 2.4 64.8 62.9 1.9 Baltic 90.3 90.2 0.0 65.2 64.1 1.1 Sweden 89.1 80.5 8.6 70.0 61.5 8.5 Norway 88.2 86.1 2.2 68.3 65.5 2.8 Finland 85.2 78.9 6.3 63.9 57.1 6.8 Denmark 80.2 84.7 -4.6 55.5 59.8 -4.2 Net financial result For the first quarter of 2024, If reported a net financial result of EUR 189 million (126). The mark-to-market return on investments stood at 1.9 per cent (2.2), driven by increased interest rates and positive development in equity markets. The investment portfolio has gradually been reinvested at higher rates. At the end of March, fixed income running yield was 4.2 per cent (3.5), unchanged compared to year-end 2023. The unwind of discounting amounted to EUR -43 million (-45) in the first quarter of 2024. Changes in discount rates had a positive effect of EUR 24 million (-64). INTERIM STATEMENT FOR JANUARY–MARCH 2024 Business areas 10 ===== SIDA 11 ===== Topdanmark Topdanmark is one of the largest P&C insurance companies in Denmark. It focuses on the private, agricultural, and SME markets. The company is listed on Nasdaq Copenhagen. Results EURm 1–3/2024 1–3/2023 Change, % Gross written premiums 653 604 8 Insurance revenue, net 361 318 14 Claims incurred and claims handling costs, net -241 -203 18 Operating expenses -63 -58 7 Insurance service result / underwriting result 58 57 2 Net investment income 22 26 -15 Insurance finance income or expense, net 0 -10 — Net financial result 23 17 38 Other items -18 -10 75 Profit before taxes 63 63 — Key figures 1–3/2024 1–3/2023 Change Combined ratio, % 84.0 82.2 1.7 Loss ratio, % 66.7 63.9 2.7 Expense ratio, % 17.3 18.3 -1.0 All key figures in the table above are calculated on a net basis. Sampo plc held 44.0 million shares in Topdanmark at 31 March 2024. The holding remains unchanged from the end of 2023 and corresponds to an ownership of 48.9 per cent of all shares and 49.6 per cent of all votes. The market value of the holding was EUR 1,741 million at 31 March 2024. During the first quarter, there was a high frequency of weather-related events and the combined ratio for Topdanmark for January–March 2024 consequently increased to 84.0 per cent from 82.2 per cent in the comparison period. Underwriting result for January–March 2024 increased to EUR 58 million (57), including Oona Health. Topdanmark reported a profit before taxes of EUR 63 million (63) for January–March 2024 in Sampo Group’s profit and loss account. On 23 April 2024, Topdanmark’s Annual General Meeting approved the proposed dividend of DKK 11.50 per share, and Sampo consequently received approximately EUR 68 million in dividends from Topdanmark after the AGM. Further information on Topdanmark A/S and its January–March 2024 result is available at www.topdanmark.com. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Business areas 11 ===== SIDA 12 ===== Hastings Hastings is one of the leading digital P&C insurance providers in the UK predominantly focused on serving UK car, van, bike and home insurance customers. Hastings has over 3 million customers and operates via its two main trading subsidiaries, Hastings Insurance Services Limited in the UK and Advantage Insurance Company in Gibraltar. Results EURm 1–3/2024 1–3/2023 Change, % Gross written premiums 467 363 29 Brokerage revenue 93 83 13 Insurance revenue, net (incl. brokerage) 369 275 34 Claims incurred and claims handling costs, net -220 -163 35 Operating expenses -117 -94 24 Underwriting result 32 19 71 Net investment income 11 14 -20 Insurance finance income or expense, net -5 -7 -24 Net financial result 6 6 -14 Other items -11 -15 -30 Profit before taxes 26 10 178 Key figures 1–3/2024 1–3/2023 Change Operating ratio, % 91.4 93.3 -1.9 Live customer policies (millions) 3.5 3.3 0.2 All key figures in the table above are calculated on a net basis. Hastings’ gross written premiums increased 25 per cent year-on-year on a constant currency basis to EUR 467 million (363), reflecting rate increases implemented in 2023 and an increase in live customer policies (LCP). Total LCP increased to 3.5 million, up 6 per cent year-on-year, with an increase in motor insurance policy count of 2 per cent. Home insurance policies grew 27 per cent year-on-year. Estimated UK motor insurance market claims inflation remains elevated but has modestly reduced from the around 12 per cent observed for most of 2023. Claims frequencies were favourable during Q1, reflecting a lower risk mix and the severe weather in the prior year. Hastings generated an underwriting result of EUR 32 million (19), with the year-on-year increase largely being due to the increase in earned premiums and retail income partially offset by the increase in claims and other operating costs, including acquisition expenses and investment in personnel. Consequently, the operating ratio for the first quarter improved to 91.4 per cent (93.3). The net financial result stood stable at EUR 6 million (6), as a result of the lower discounting impact in 2024. Hastings’ profit before taxes increased to EUR 26 million (10), driven by higher underwriting result. Included within other items is EUR 11 million (14) of non-operational amortisation related to intangible assets identified on acquisition of the Hastings Group by Sampo plc in 2020, without which profit before taxes would have been EUR 37 million (24). INTERIM STATEMENT FOR JANUARY–MARCH 2024 Business areas 12 ===== SIDA 13 ===== Holding Sampo plc is the parent company of Sampo Group and responsible for the Group’s strategy and capital management activities. In addition to the Group’s insurance subsidiaries, a small number of direct investments are held in the holding company. Results EURm 1–3/2024 1–3/2023 Change, % Net investment income 50 -22 — Other income — 0 — Other expenses -13 -7 76 Finance expenses -17 -16 9 Profit before taxes 20 -45 — Holding segment’s profit before taxes for the first quarter of 2024 increased to EUR 20 million (-45), mainly as a result of a EUR 41 million increase in the value of the Group’s investment in Nexi in the quarter. Conversely, the prior year saw mark-to-market losses on holding company’s financial investments. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Business areas 13 ===== SIDA 14 ===== Financial position Group solvency Sampo Group’s pro forma Solvency II ratio, adjusted for demerger-related transactions and including dividend accrual based on the regular dividend of EUR 1.60 per share for 2023, amounted to 180 per cent at the end of March 2024. The unadjusted, regulatory Solvency II ratio amounted to 180 per cent, or 174 per cent net of dividend accrual. Sampo targets a Solvency II ratio of 150–190 per cent. The 2 percentage points decrease from the pro forma figure of 182 per cent at the end of 2023 was mainly driven by the increase in the SCR due to a rise in the symmetric adjustment from 1.46 per cent at year end 2023 to 5.25 per cent at the end of the first quarter. The Group’s own funds amounted to EUR 6,201 million and pro forma solvency capital requirement (SCR) to EUR 3,338 million on 31 March 2024. Financial leverage position Sampo Group’s financial leverage is calculated as Group financial debt divided by the sum of IFRS shareholders’ equity and financial debt. The Group targets financial leverage of below 30 per cent. Sampo Group’s shareholders’ equity amounted to EUR 7,971 million and financial debt to EUR 2,594 million at the end of March 2024, translating into a financial leverage of 24.6 per cent. The financial leverage improved from 25.3 per cent at the 2023 year-end, driven by first quarter results increasing the shareholders’ equity, while financial debt remained broadly unchanged. Adjusting for the dividend of EUR 1.80 per share for 2023, financial leverage was 26.8 per cent, down from 27.7 per cent at the end of 2023. More information on Sampo Group’s outstanding debt issues is available at www.sampo.com/debtfinancing. Ratings Relevant ratings for Sampo Group companies remained unchanged during the first quarter. The ratings on 31 March 2024 are presented in the table below. Rated company Moody’s Standard & Poor’s Rating Outlook Rating Outlook Sampo plc – Issuer Credit Rating A3 Positive A Stable If P&C Insurance Ltd – Insurance Financial Strength Rating A1 Positive AA- Stable If P&C Insurance Holding Ltd (publ) - Issuer Credit Rating - - A Stable On 25 April 2024, Moody’s upgraded Sampo plc’s Issuer Credit Rating to A2 with stable outlook and If P&C Insurance Ltd’s Insurance Financial Strength Rating to Aa3 with a stable outlook. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Financial position 14 ===== SIDA 15 ===== Other developments Shares and shareholders Sampo’s total share count amounted to 501,796,752 shares at the end of March 2024. Sampo made no repurchases of its own shares in the first quarter of 2024. Further details on the company’s share buyback programmes is available at www.sampo.com/sharebuyback. Share count development A shares of which held by the company B shares Total 2020 554,151,850 1,200,000 555,351,850 2021 554,151,850 -8,539,956 1,200,000 546,811,894 2022 516,379,512 -2,210,197 200,000 514,369,315 2023 501,596,752 200,000 501,796,752 3/2024 501,596,752 200,000 501,796,752 Repurchased own shares that were not yet cancelled at the end of each reporting period have been deducted from the total share count in the table above. Sampo did not receive any flagging notifications of change in holding pursuant to Chapter 9, Section 5 of the Securities Markets Act in January–March 2024. The latest notifications are available at www.sampo.com/ flaggings. Remuneration A total of EUR 20 million (10), including social costs, was paid as short-term incentives during the first quarter of 2024. In the same period, a total of 1 million (1) was paid as long-term incentives, of which all was paid out in Topdanmark. The long-term incentive schemes in force in Sampo Group produced a negative result impact of EUR 3 million (-6). The terms of the long-term incentive schemes based on financial instruments of Sampo plc are available www.sampo.com/incentiveterms. In March 2024, Sampo Group published its Remuneration Report for Governing Bodies 2023 at www.sampo.com/ year2023. The report has been prepared in accordance with the Corporate Governance Code 2020, issued by the Securities Market Association and effective from 1 January 2020. The remuneration of the Group Executive Committee members (excluding the Group CEO) are available at www.sampo.com/remuneration_executive_committee. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Other developments 15 ===== SIDA 16 ===== Personnel Sampo Group’s average number of employees (FTE) was 13,874 (13,063) in January–March 2024. On 31 March 2024, the total number of staff was 13,973 (13,166). Compared to the comparison period, first quarter of 2023, the increase of personnel was largest in Hastings and Topdanmark. Hastings is employing contingent workers while the increase in Topdanmark’s employee figures is explained by Oona Health personnel. Sampo Group personnel Average personnel (FTE) 1–3/2024 % Average personnel (FTE) 1–3/2023 % By company If 7,942 57 7,735 59 Hastings 3,445 25 3,135 24 Topdanmark 2,428 18 2,140 16 Sampo plc 59 0.4 53 0.4 Total 13,874 100 13,063 100 By country United Kingdom 3,420 25 3,112 24 Denmark 2,996 22 2,737 21 Sweden 2,461 18 2,427 19 Finland 1,944 14 1,895 15 Norway 1,635 12 1,588 12 Other countries 1,418 10 1,303 10 Total 13,874 100 13,063 100 Events after the end of the reporting period Annual General Meeting The Annual General Meeting held on 25 April 2024 decided to distribute a dividend of EUR 1.80 per share for 2023. The dividend was paid to Sampo shareholders on 7 May 2024. The estimated dividend payment date for Sampo SDR holders is 10 May 2024. The Annual General Meeting adopted the financial accounts for 2023 and discharged the Board of Directors and the CEO from liability for the financial year. The number of Board members remained unchanged at nine members. Christian Clausen, Georg Ehrnrooth, Jannica Fagerholm, Steve Langan, Risto Murto, Antti Mäkinen, Markus Rauramo and Annica Witschard were re- elected for a term continuing until the close of the next Annual General Meeting. Astrid Stange was elected as a new member to the Board. At its organisational meeting, the Board elected Antti Mäkinen as Chair and Jannica Fagerholm as Vice Chair. Christian Clausen, Georg Ehrnrooth, Risto Murto, and Antti Mäkinen (Chair) were elected to the Nomination and Remuneration Committee. Jannica Fagerholm (Chair), Astrid Stange, Steve Langan, Markus Rauramo and Annica Witschard were elected to the Audit Committee. All the Board members have been determined to be independent of the Company and its major shareholders under the rules of the Finnish Corporate Governance Code 2020. The CVs of the Board members are available at www.sampo.com/board. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Other developments 16 ===== SIDA 17 ===== The AGM decided on the following annual fees to the members of the Board of Directors until the close of the next Annual General Meeting: • EUR 235,000 for the Chair of the Board (previously EUR 228,000) • EUR 135,000 for the Vice Chair of the Board (EUR 131,000) • EUR 104,000 for each member of the Board (EUR 101,000) • EUR 29,000 for the Chair of the Audit Committee as an additional annual fee (EUR 28,000) • EUR 6,600 for each member of the Audit Committee as an additional annual fee (EUR 6,400) A Board member shall, in accordance with the resolution of the Annual General Meeting, acquire Sampo plc A shares at the price paid in public trading for 50 per cent of his/her annual fee after the deduction of taxes, payments and potential statutory social and pension costs. Notwithstanding this, a Board member is not required to purchase any additional Sampo plc A shares if the Board member owns such amount of said shares that their value is equivalent to twice the respective Board member’s gross annual fee. The Company will pay any possible transfer tax related to the acquisition of the shares. The AGM accepted Sampo plc’s Remuneration Report for Governing Bodies. The resolution is advisory. Deloitte Ltd was re-elected as Auditor of Sampo plc. Jukka Vattulainen, APA, continues act as the principally responsible auditor. Deloitte Ltd will also act as the sustainability reporting assurance provider, with Jukka Vattulainen acting as the principal Authorised Sustainability Auditor. The Company’s Auditor and the sustainability reporting assurance provider will be paid compensation against invoices approved by the Company. The AGM authorised the Board to resolve to repurchase, on one or several occasions, a maximum of 50,000,000 Sampo plc A shares on the condition that the number of own shares held by the Company at any given time may not exceed 10 per cent of all the shares in the Company. If the Board decides on share issue without consideration in proportion to shares owned, the maximum number of shares that may be repurchased will be automatically multiplied by the same ratio without any separate decision. The repurchased shares will be cancelled. The authorisation will be valid until the close of the next Annual General Meeting, however no longer than 18 months from the Annual General Meeting’s decision. The AGM authorised the Board of Directors to resolve upon a share issue without payment in proportion to shares owned by shareholders (share split) in order to enhance share liquidity and accessibility. The Board of Directors can resolve upon the timing and execution of the share issue without payment at its discretion and based on the then prevailing market conditions. Based on the proposed authorisation, the Board of Directors can resolve to issue new shares to all shareholders without payment in proportion to their holdings so that a maximum of five (5) new A shares would be issued for each current A share and a maximum of five (5) new B shares would be issued for each current B share. Based on the current number of shares, a maximum of 2,507,983,760 new A shares and a maximum of 1,000,000 new B shares could be issued. The share issue without payment would not require any action from the shareholders nor SDR holders. The authorisation is valid until the next Annual General Meeting of Sampo plc, however at the latest until 30 June 2025. Including proxy representatives, there were altogether 320,218,518 shares (63.8 per cent of shares) and 321,018,518 votes (63.9 per cent of all votes) in the company represented at the Annual General Meeting. The minutes of the Annual General Meeting will be available for viewing at www.sampo.com/agm and at Sampo plc's head office at Fabianinkatu 27, Helsinki, Finland on 9 May 2024 at the latest. INTERIM STATEMENT FOR JANUARY–MARCH 2024 Other developments 17 ===== SIDA 18 ===== Group Partial Internal Model On 2 May 2024, Sampo Group received approval for its Group Partial Internal Model (PIM) from the Swedish FSA (Finansinspektionen). The Group PIM recognises the risk profile of Sampo’s P&C operations better than the Standard Formula and as of 31 March 2024 it would have reduced the group-level solvency capital requirement (SCR) by EUR 0.3 billion. Sampo will apply the Group PIM in the second quarter and report its solvency based on this for the first time in its Half-Year Financial Report 2024. Sale of holding in Saxo Bank The sale of Sampo’s stake in Saxo Bank to Mandatum, as agreed in connection with the demerger, has on 3 May 2024 received final regulatory approvals. The transaction is expected to complete in mid-May. SAMPO PLC Board of Directors INTERIM STATEMENT FOR JANUARY–MARCH 2024 Other developments 18 ===== SIDA 19 ===== Conference call A conference call for investors and analysts will be arranged at 2:30 pm Finnish time (12:30 pm UK time). Please call tel. +1 786 697 3501, +44 (0) 33 0551 0200, +46 (0) 8 5052 0424, or +358 9 2319 5437. Conference passcode: Sampo Q1 The conference call can also be followed live at www.sampo.com/result. A recorded version will later be available at the same address. For more information, please contact Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010 Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030 Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031 The Investor Presentation and a video review with Group CFO Knut Arne Alsaker are available at www.sampo.com/result. Sampo will publish the Half-Year Financial Report on 7 August 2024. Distribution: Nasdaq Helsinki Nasdaq Stockholm London Stock Exchange FIN-FSA The principal media www.sampo.com INTERIM STATEMENT FOR JANUARY–MARCH 2024 Further information 19 ===== SIDA 20 ===== Group financial review > Financial highlights 1–3/2024 1–3/2023 Group Gross written premiums & brokerage income EURm 3,297 3,016 Insurance revenue, net EURm 1,989 1,799 Insurance service result, net EURm 278 298 Underwriting result EURm 260 292 Net financial result EURm 265 123 Profit before taxes (P&C operations) EURm 465 359 Net profit for the equity holders EURm 343 271 Combined ratio % 87.1 84.0 Solvency ratio 1 2 % 186 213 Financial leverage % 24.6 23.7 Return on own funds % 16.8 18.0 Return on equity % 14.0 8.6 Average number of staff 13,874 13,063 If Gross written premiums EURm 2,095 1,966 Insurance revenue, net EURm 1,290 1,235 Insurance service result/underwriting result EURm 171 217 Net financial result EURm 189 126 Profit before taxes EURm 356 337 Combined ratio % 86.8 82.4 Cost ratio % 20.6 21.0 Risk ratio % 66.2 61.5 Adjusted risk ratio, current year, % 4 % 63.5 63.8 Undiscounted adjusted risk ratio, current year, % 5 % 66.5 66.8 Loss ratio % 71.8 67.1 Expense ratio % 14.9 15.3 Return on equity % 18.2 22.5 Average number of staff 7,942 7,735 Topdanmark Gross written premiums EURm 653 604 Insurance revenue, net EURm 361 318 Insurance service result/underwriting result EURm 58 57 Net financial result EURm 23 17 Profit before taxes EURm 63 63 Combined ratio % 84.0 82.2 Loss ratio % 66.7 63.9 Expense ratio % 17.3 18.3 Average number of staff 2,428 2,140 INTERIM STATEMENT FOR JANUARY–MARCH 2024 20 ===== SIDA 21 ===== > Group financial review 1–3/2024 1–3/2023 Hastings GWP & brokerage income EURm 560 445 Insurance revenue, net EURm 339 246 Insurance service result, net EURm 50 25 Underwriting result EURm 32 19 Net financial result EURm 6 6 Profit before taxes EURm 26 10 Operating ratio % 91.4 93.3 Loss ratio % 64.9 66.1 Return on equity % 18.5 10.9 Average number of staff 3,445 3,135 Holding Profit before taxes EURm 20 -45 Average number of staff 59 53 Per share key figures Earnings per share EUR 0.68 0.53 Earnings per share, continuing operations EUR 0.68 0.47 Earnings per share, discontinuing operations EUR — 0.06 Operating result per share EUR 0.50 0.51 Equity per share EUR 14.99 18.91 Net asset value per share EUR 15.50 20.24 Adjusted share price, high 3 EUR 41.80 45.21 Adjusted share price, low 3 EUR 38.04 36.98 Market capitalisation 3 EURm 19,831 20,207 1 The Group solvency is calculated according to the consolidation method defined in the Solvency II Directive (2009/138/EC). 2 The solvency ratio for Q1/2024 is a pro forma figure excluding the effect of Saxo Bank on the Group SCR. 3 Share prices for Q1/2023 have been adjusted to reflect the separation of Mandatum Group in the partial demerger. 4 Adjusted risk ratio illustrates the underlying underwriting performance as it excludes certain volatile effects such as large and severe weather and prior year development on risk ratio. 5Undiscounted adjusted risk ratio excludes the effect from current year discounting on adjusted risk ratio and illustrates the underlying current year underwriting performance. The number of shares used at the reporting date and as the average number during the financial period was 501,796,752. In calculating the key figures the tax corresponding to the result for the accounting period has been taken into account. In the net asset value per share, the Group valuation difference on the listed subsidiary Topdanmark has been taken into account. INTERIM STATEMENT FOR JANUARY–MARCH 2024 21 ===== SIDA 22 ===== Calculation of key figures Return on equity, % + total comprehensive income attributable to owners of the parent (annualised) x 100 % + total equity attributable to owners of the parent (average of values 1 Jan. and the end of reporting period) Return on Own funds, % + operating result (annualised) + SII own funds x 100 %(average of values 1 Jan. and the end of reporting period) Financial leverage financial debt x 100 %equity + financial debt Insurance revenue, net + insurance revenue, gross - reinsurers' share of insurance revenue - quota share premium expense (Hastings) insurance revenue, net Underwriting result + insurance revenue, net + other income (Hastings) - claims incurred - operating expenses underwriting result Operating result + P&C operations’ (incl. Sampo plc) profit after tax - non-controlling interest in P&C operations - unrealised gains/losses on investments (excl. derivatives) in P&C operations - result effect from changes in discount rates in P&C operations - non-operational amortisations in P&C operations - non-recurring items operating result Combined ratio for P&C insurance, % + claims incurred + operating expenses x 100 % + insurance revenue, net + other revenue (Hastings) Risk ratio for P&C insurance, % + claims incurred – claims settlement expenses x 100 %insurance revenue, net INTERIM STATEMENT FOR JANUARY–MARCH 2024 22 ===== SIDA 23 ===== Cost ratio for P&C insurance, % + operating expenses + claims settlement expenses x 100 %insurance revenue, net Loss ratio for P&C insurance, % claims incurred x 100 %insurance revenue, net Expense ratio for P&C insurance, % operating expenses x 100 %insurance revenue, net Operating ratio for Hastings, % + claims incurred + acquisition costs + other operating expenses + depreciation and operational amortisation x 100 % + insurance revenue, net + other revenue Per share key figures Earnings per share profit for the financial period attributable to owners of the parent adjusted average number of shares Operating result per share operating result adjusted average number of shares Equity per share equity attributable to owners of the parent adjusted number of shares at the balance sheet date Net asset value per share + equity attributable to owners of the parent ± valuation differences on listed Group companies adjusted number of shares at balance sheet date Market capitalisation number of shares at the balance sheet date x closing share price at the balance sheet date INTERIM STATEMENT FOR JANUARY–MARCH 2024 23 ===== SIDA 24 ===== Exchange rates used in reporting 1–3/2024 1–12/2023 1–9/2023 1–6/2023 1–3/2023 EURSEK Income statement (average) 11.2814 11.4745 11.4787 11.3310 11.2050 Balance sheet (at end of period) 11.5250 11.0960 11.5325 11.8055 11.2805 DKKSEK Income statement (average) 1.5127 1.5406 1.5411 1.5219 1.5052 Balance sheet (at end of period) 1.5453 1.4888 1.5465 1.5852 1.5145 NOKSEK Income statement (average) 0.9880 1.0048 1.0116 1.0013 1.0194 Balance sheet (at end of period) 0.9851 0.9871 1.0248 1.0087 0.9900 EURDKK Income statement (average) 7.4562 7.4510 7.4486 7.4464 7.4428 Balance sheet (at end of period) 7.4580 7.4529 7.4571 7.4474 7.4485 EURGBP Income statement (average) 0.8563 0.8697 0.8707 0.8764 0.8831 Balance sheet (at end of period) 0.8551 0.8691 0.8646 0.8583 0.8792 INTERIM STATEMENT FOR JANUARY–MARCH 2024 24 ===== SIDA 25 ===== Group quarterly result EURm 1–3/2024 10–12/2023 7–9/2023 4–6/2023 1–3/2023 GWP & brokerage income 3,297 1,864 1,909 2,081 3,016 Insurance revenue, net (incl. brokerage) 2,020 1,939 1,911 1,857 1,828 Claims incurred, net -1,387 -1,282 -1,278 -1,198 -1,195 Operating expenses -373 -376 -348 -353 -342 Underwriting result 260 281 284 306 292 Net investment income 295 517 127 108 253 Insurance finance income or expense, net -30 -342 29 -2 -130 Net financial result 265 175 156 106 123 Other items -60 -88 -50 -50 -56 Profit before taxes 465 368 391 363 359 Income taxes -96 -88 -79 -81 -91 Profit from the continuing operations 369 280 312 281 268 Discontinued operations, net of tax — 111 71 41 28 Net profit 369 391 383 323 297 Other comprehensive income Items reclassifiable to profit or loss Exchange differences -87 87 51 -76 -63 Cash flow hedges 1 -2 -1 2 — Total items reclassifiable to profit or loss, net of tax -87 85 50 -74 -63 Items not reclassifiable to profit or loss Actuarial gains and losses from defined pension plans 3 -25 1 18 -1 Taxes -1 5 0 -4 0 Total items not reclassifiable to profit or loss, net of tax 2 -20 1 14 0 Other comprehensive income total, net of tax -84 65 51 -60 -64 Total comprehensive income 285 457 433 263 233 Profit attributable to Owners of the parent 343 382 366 304 271 Non-controlling interests 26 9 17 18 26 Total comprehensive income attributable to Owners of the parent 259 447 417 245 207 Non-controlling interests 26 9 17 18 26 In the comparative year 2023, Mandatum subgroup is presented as discontinued operations in one line. For further information, please see note 8. INTERIM STATEMENT FOR JANUARY–MARCH 2024 25 ===== SIDA 26 ===== Statement of profit and other comprehensive income EURm Note 1-3/2024 1-3/2023 Insurance revenue 2,278 2,022 Insurance service expenses -1,860 -1,626 Reinsurance result -140 -98 Insurance service result 1 278 298 Net investment income 2 295 253 Net finance income or expense from insurance contracts 3 -30 -130 Insurance finance income or expense, gross -33 -149 Insurance finance income or expense, reinsurance 4 19 Net financial result 265 123 Other income 4 81 66 Other expenses -134 -107 Finance expenses -26 -21 Profit before taxes 465 359 Income taxes -96 -91 Profit from the continuing operations 369 268 Discontinued operations, net of tax 8 — 28 Net profit 369 297 Other comprehensive income Items reclassifiable to profit or loss Exchange differences -87 -63 Cash flow hedges 1 0 Total items reclassifiable to profit or loss, net of tax -87 -63 Items not reclassifiable to profit or loss Actuarial gains and losses from defined pension plans 3 -1 Taxes -1 0 Total items not reclassifiable to profit or loss, net of tax 2 0 Other comprehensive income total, net of tax -84 -64 Total comprehensive income 285 233 Profit attributable to Owners of the parent 343 271 Non-controlling interests 26 26 Total comprehensive income attributable to Owners of the parent 259 207 Non-controlling interests 26 26 Earnings per share (EPS), EUR 0.68 0.53 Earnings per share, continuing operations, EUR 0.68 0.47 In the comparative period 2023, Mandatum subgroup was segregated from the Group in a partial demerger and is presented as discontinued operations in one line. For further information, please see note 8. INTERIM STATEMENT FOR JANUARY–MARCH 2024 26 ===== SIDA 27 ===== Consolidated balance sheet EURm Note 3/2024 12/2023 Assets Property, plant and equipment 308 318 Intangible assets 3,623 3,637 Investments in associates 13 12 Financial assets 5 16,684 15,757 Deferred income tax 3 3 Reinsurance contract assets 2,303 2,282 Other assets 844 800 Cash and cash equivalents 1,481 1,415 Total assets 25,259 24,225 Liabilities Insurance contract liabilities 6 12,331 11,716 Subordinated debts 7 1,640 1,645 Other financial liabilities 7 1,265 1,269 Deferred income tax 571 567 Other liabilities 1,481 1,342 Total liabilities 17,288 16,538 Equity Share capital 98 98 Reserves 1,530 1,530 Retained earnings 6,726 6,378 Other components of equity -830 -743 Equity attributable to owners of the parent 7,524 7,263 Non-controlling interests 447 424 Total equity 7,971 7,687 Total equity and liabilities 25,259 24,225 INTERIM STATEMENT FOR JANUARY–MARCH 2024 27 ===== SIDA 28 ===== Statement of changes in equity EURm Share capital Legal reserve Invested unres- tricted equity Transla- tion of foreign opera- tions Available- for-sale financial assets Cash flow hedges Total Non- control- ling interest Total Equity at 31 December 2022 (IFRS 17) 98 4 1,527 8,482 -741 248 — 9,618 560 10,178 Impact of IFRS 9 transition 1 January 2023 — — — 248 — -248 — — — — Restated equity at 1 January 2023 98 4 1,527 8,730 -741 0 — 9,618 560 10,178 Changes in equity Acquisition of own shares — — — -155 — — — -155 — -155 Other changes in equity — — — -2 — — — -2 -2 -4 Profit for the reporting period — — — 271 — — — 271 26 297 Other comprehensive income for the period — — — 0 -63 0 — -64 — -64 Total comprehensive income — — — 270 -63 0 — 207 26 233 Equity at 31 March 2023 98 4 1,527 8,844 -804 0 — 9,669 583 10,252 Equity at 1 January 2024 98 4 1,527 6,378 -742 — -1 7,263 424 7,687 Changes in equity Other changes in equity — — — 2 — — — 2 -3 -1 Profit for the reporting period — — — 343 — — — 343 26 369 Other comprehensive income for the period — — — 2 -87 — 1 -84 — -84 Total comprehensive income — — — 346 -87 — 1 259 26 285 Equity at 31 March 2024 98 4 1,527 6,726 -829 — -1 7,524 447 7,971 Retained earnings1 1 IAS 19 Pension benefits had a net effect of 2 million (0) on retained earnings. INTERIM STATEMENT FOR JANUARY–MARCH 2024 28 ===== SIDA 29 ===== Statement of cash flows EURm 1–3/2024 1–3/2023 Operating activities Profit before tax 465 396 Adjustments Depreciation and amortisation 43 36 Unrealised gains and losses arising from valuation -136 -196 Realised gains and losses on investments -6 -119 Change in liabilities for insurance and investment contracts 834 1,095 Other adjustments -19 188 Adjustments total 715 1,004 Change (+/-) in assets of operating activities Investments 1 -1,067 -989 Other assets -50 -87 Total -1,117 -1,075 Change (+/-) in liabilities of operating activities Financial liabilities 0 32 Other liabilities 52 -16 Paid taxes -72 -51 Paid interest -19 -1 Total -38 -36 Net cash from (or used in) operating activities 26 288 Investing activities Net investment in equipment and intangible assets 6 11 Net cash from (or used in) investing activities 6 11 Financing activities Acquisition of own shares — -155 Issue of debt securities 43 62 Repayments of debt securities in issue -2 -142 Net cash used in (or from) financing activities 41 -234 Total cash flows 73 64 Cash and cash equivalents at the beginning of reporting period 1,415 3,073 Effects of exchange rate changes -7 -3 Cash and cash equivalents at the end of reporting period 1,481 3,134 Net change in cash and cash equivalents 73 64 1 Investments include investment property and financial assets. In the comparative year 2023, statement of cash flows includes both continuing and discontinued operations. Profit before tax is therefore the total of Group’s profit and the discontinued operations’ profit before taxes. Operating activities includes EUR 240 million from the discontinued operations, investing activities EUR 0 million and financing activities EUR -179 million. The items of the statement of cash flows cannot be directly concluded from the balance sheets due to e.g. exchange rate differences, and acquisitions and disposals of subsidiaries during the period. Cash and cash equivalents include cash at bank and in hand EUR 1,228 (2,991) and short-term deposits (max 3 months) EUR 252 million (143). INTERIM STATEMENT FOR JANUARY–MARCH 2024 29 ===== SIDA 30 ===== Notes Accounting principles Sampo Group’s consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU. The interim financial statements are not presented in accordance with IAS 34 standard as Sampo applies the statutes of security markets act (1278/2015), regarding the regular disclosure requirements. The same accounting principles and methods of computation are applied in this financial statement release as were applied in Sampo’s consolidated financial statements 2023, with the exception of an addition to the accounting principles described below. The financial statements 2023 are available on Sampo’s website www.sampo.com/year2023. Information presented in the Interim Statement is unaudited. Addition to accounting principles Investment component During the reporting period, investment components have been identified in reinsurance contracts held for cash flows repaid to a policyholder in all circumstances, i.e. regardless of whether an insured event occurs or not. Identified amounts of investment components are excluded from recognised amounts for reinsurance result in the statement of profit and other comprehensive income. Accounting principles requiring management judgement and key sources of estimation uncertainties Application of new or revised IFRSs and interpretations The Group will apply new or amended standards and interpretations related to the Group’s business in the financial years when they become effective, or if the effective date is other than the beginning of the financial year, during the financial year following the effective date. The new IFRSs coming into effect in financial year 2024 will not have any significant influence on the Group's financial reporting. Pillar II Sampo Group is within the scope of Pillar II regulations (EU Minimum Tax Directive and OECD Safe Harbour rules). Sampo Group companies have applied a temporary mandatory relief from deferred tax accounting for any potential impacts of the top-up tax and account for it as a current tax should it occur. Sampo Group will, as of fiscal year 2024, be subject to the global minimum top-up tax rules either at the ultimate parent entity level, by Sampo plc in Finland, or domestic top-up tax in the countries where Sampo Group companies operate and where such rules are enacted. At the reporting date, Sampo Group has identified that Hastings’ operations in Gibraltar are subject to the global minimum top-up tax rules. Discontinued operations in 2023 In order to to segregate Mandatum subgroup in the demerger of Sampo plc, Mandatum’s assets and liabilities were reclassified as a disposal group held for distribution to owners and related liabilities on 31 March 2023. In the statement of profit and other comprehensive income, the result of Mandatum is reported as a single line item as profit from the discontinued operations. The partial demerger was completed on 1 October 2023 and the first trading day for Mandatum on Nasdaq Helsinki was 2 October 2023. In the demerger, all the shares in Mandatum Holding Ltd (a wholly owned direct subsidiary of Sampo plc) and the related assets and liabilities were transferred without a liquidation procedure to Mandatum plc, a company incorporated in the demerger on the effective date. In addition, EUR 102 million of Sampo's general liabilities, not allocated to any specific business operations, were allocated to Mandatum plc. These liabilities cannot be legally transferred due to their nature, and therefore Sampo and Mandatum agreed on forming an equivalent debt relationship between them on 2 October 2023. INTERIM STATEMENT FOR JANUARY–MARCH 2024 30 ===== SIDA 31 ===== Result by segment for three months ended 31 March 2024 EURm If Topdanmark Hastings Holding Elim. Sampo Group GWP & brokerage income 2,095 653 560 — -11 3,297 Insurance revenue, net (incl. brokerage) 1,290 361 369 — 0 2,020 Claims incurred, net -926 -241 -220 — 0 -1,387 Operating expenses -193 -63 -117 — 0 -373 Underwriting result 171 58 32 — 0 260 Net investment income 213 22 11 50 -2 295 Insurance finance income or expense, net -25 0 -5 — — -30 Net financial result 189 23 6 50 -2 265 Other items -4 -18 -11 -30 2 -60 Profit before taxes 356 63 26 20 0 465 Income taxes -74 -17 -5 0 — -96 Profit after taxes 282 46 22 20 0 369 Other comprehensive income Items reclassifiable to profit or loss Exchange differences -120 -1 34 — — -87 Cash flow hedges — — 1 — — 1 Total items reclassifiable to profit or loss, net of tax -120 -1 34 — — -87 Items not reclassifiable to profit or loss Actuarial gains and losses from defined pension plans 3 — — — — 3 Taxes -1 — — — — -1 Total items not reclassifiable to profit or loss, net of tax 2 — — — — 2 Other comprehensive income, total net of tax -84 Total comprehensive income 164 45 56 20 0 285 Profit attributable to Owners of the parent 343 Non-controlling interests 26 Total comprehensive income attributable to Owners of the parent 259 Non-controlling interests 26 INTERIM STATEMENT FOR JANUARY–MARCH 2024 31 ===== SIDA 32 ===== Result by segment for three months ended 31 March 2023 EURm If Topdanmark Hastings Holding Elim. Sampo Group GWP & brokerage income 1,966 604 445 — — 3,016 Insurance revenue, net (incl. brokerage) 1,235 318 275 — — 1,828 Claims incurred, net -829 -203 -163 — — -1,195 Operating expenses -189 -58 -94 — — -342 Underwriting result 217 57 19 — — 292 Net investment income 239 26 14 -22 -3 253 Insurance finance income or expense, net -113 -10 -7 — — -130 Net financial result 126 17 6 -22 -3 123 Other items -6 -10 -15 -23 -1 -56 Profit before taxes 337 63 10 -45 -5 359 Income taxes -74 -17 1 0 — -91 Profit from the continuing operations 262 46 10 -45 -5 268 Discontinued operations, net of tax 1 — — — — 5 28 Net profit 297 Other comprehensive income Items reclassifiable to profit or loss Exchange differences -78 -2 16 — — -63 Cash flow hedges — — 0 — — 0 Total items reclassifiable to profit or loss, net of tax -78 -2 16 — — -63 Items not reclassifiable to profit or loss Actuarial gains and losses from defined pension plans -1 — — — — -1 Taxes 0 — — — — 0 Total items not reclassifiable to profit or loss, net of tax 0 — — — — 0 Other comprehensive income, total net of tax -64 Total comprehensive income 184 44 26 -45 -5 233 Profit attributable to Owners of the parent 271 Non-controlling interests 26 Total comprehensive income attributable to Owners of the parent 207 Non-controlling interests 26 In the comparison year, Mandatum segment has been presented on a single line as discontinued operation, and therefore, Group total by lines do not reconcile to the segment totals. 1 The elimination totalling EUR 5 million is related to intra-segment operations between the reportable segments and discontinued operation. INTERIM STATEMENT FOR JANUARY–MARCH 2024 32 ===== SIDA 33 ===== Balance sheet by segment at 31 March 2024 EURm If Topdanmark Hastings Holding Elim. Sampo Group Assets Property, plant and equipment 167 119 18 4 — 308 Intangible assets 557 1,537 1,527 1 — 3,623 Investments in associates 4 9 — — — 13 Financial assets 10,973 2,403 1,622 7,799 -6,112 16,684 Deferred income tax 3 3 — 0 -4 3 Reinsurance contract assets 563 79 1,670 — -9 2,303 Other assets 578 98 141 27 0 844 Cash and cash equivalents 528 29 382 541 — 1,481 Total assets 13,374 4,277 5,361 8,372 -6,126 25,259 Liabilities Insurance contract liabilities 7,366 2,123 2,851 — -9 12,331 Subordinated debts 130 147 — 1,490 -127 1,640 Other financial liabilities 11 88 188 978 — 1,265 Deferred income tax 359 137 74 — — 571 Other liabilities 1,119 161 130 72 0 1,481 Total liabilities 8,984 2,657 3,243 2,541 -137 17,288 Equity Share capital 98 Reserves 1,530 Retained earnings 6,726 Other components of equity -830 Equity attributable to owners of the parent 7,524 Non-controlling interests 447 Total equity 7,971 Total equity and liabilities 25,259 . INTERIM STATEMENT FOR JANUARY–MARCH 2024 33 ===== SIDA 34 ===== Balance sheet by segment at 31 December 2023 EURm If Topdanmark Hastings Holding Elim. Sampo Group Assets Property, plant and equipment 177 117 19 4 — 318 Intangible assets 579 1,545 1,512 1 — 3,637 Investments in associates 4 8 — — — 12 Financial assets 10,838 2,060 1,407 7,564 -6,112 15,757 Deferred income tax 4 4 — 0 -4 3 Reinsurance contract assets 563 79 1,640 — — 2,282 Other assets 553 89 136 23 0 800 Cash and cash equivalents 197 24 448 747 — 1,415 Total assets 12,915 3,926 5,162 8,339 -6,117 24,225 Liabilities Insurance contract liabilities 7,134 1,855 2,726 — — 11,716 Subordinated debts 135 148 — 1,490 -127 1,645 Other financial liabilities 58 46 186 979 — 1,269 Deferred income tax 352 139 76 — — 567 Other liabilities 1,011 162 112 58 0 1,342 Total liabilities 8,689 2,350 3,100 2,527 -128 16,538 Equity Share capital 98 Reserves 1,530 Retained earnings 6,378 Other components of equity -743 Equity attributable to owners of the parent 7,263 Non-controlling interests 424 Equity 7,687 Total equity and liabilities 24,225 INTERIM STATEMENT FOR JANUARY–MARCH 2024 34 ===== SIDA 35 ===== Other notes 1 Insurance service result EURm 1-3/2024 1-3/2023 Insurance revenue Insurance contracts measured under PAA Gross written premiums 3,204 2,933 Change in liability for remaining coverage -989 -964 Brokerage revenue 63 53 Total insurance revenue from contracts measured under PAA 2,278 2,022 Total insurance revenue 2,278 2,022 Insurance service expenses Expenses related to claims incurred Claims paid and benefits -1,401 -1,359 Claims handling expenses -127 -114 Change in liability for incurred claims 17 144 Change in risk adjustment -27 5 Change in loss component 2 3 Insurance service expenses related to claims incurred -1,535 -1,320 Operating expenses -324 -306 Total insurance service expenses -1,860 -1,626 Reinsurance result Premiums -214 -224 Claims recovered 74 125 Total reinsurance result -140 -98 Total insurance service result 278 298 INTERIM STATEMENT FOR JANUARY–MARCH 2024 35 ===== SIDA 36 ===== 2 Net investment income The net investment income consists of investment income and expenses from financial assets and liabilities held by the group companies. EURm 1-3/2024 1-3/2023 Derivative financial instruments Interest income 1 0 Interest expense -1 -2 Net gains or losses 34 21 Derivative financial instruments, total 34 20 Financial assets at fair value through profit or loss Debt securities Interest income 123 101 Net gains or losses -19 62 Equity securities Dividend income 16 20 Net gains or losses 122 38 Funds Distributions 1 1 Interest income 2 4 Net gains or losses 35 29 Financial assets at fair value through profit or loss, total 281 255 Financial assets at amortised cost 7 2 Total income or expenses from financial assets 322 277 Other Expenses from asset management -5 -4 Other income 10 6 Other expenses -32 -21 Fee expenses 0 -1 Expenses from investment property — -4 Total other -27 -23 Total net investment income 295 253 The amount of expected credit losses on financial assets measured at amortised cost is presented in the note 5. INTERIM STATEMENT FOR JANUARY–MARCH 2024 36 ===== SIDA 37 ===== 3 Net finance income or expense from insurance contracts EURm 1-3/2024 1-3/2023 Insurance contracts Unwinding of discount rate -79 -77 Effect of changes in interest rates and other financial assumptions 45 -72 Total finance income or expenses from insurance contracts -33 -149 Reinsurance contracts Unwinding of discount rate 20 17 Reinsurers' share of effect of changes in interest rates and other financial assumptions -16 2 Total finance income or expenses from reinsurance contracts 4 19 Net finance result insurance and reinsurance contracts -30 -130 4 Other income EURm 1-3/2024 1-3/2023 Other income 79 63 Income related to broker activities (IFRS 15) 3 3 Total other income 81 66 If’s other operating income includes approximately EUR 44 million (38) income from insurance operations without a transfer of insurance risk. Such income is primarily attributable i.e. to sales commission and services for administration and claims settlement in insurance contracts on behalf of other parties. This operating income is accounted for under IFRS 15 Revenue from Contracts with Customers. In addition, other operating income includes income from roadside assistance services provided by If’s subsidiary Viking Assistance Group AS, recognised when roadside assistance has been provided. Hastings’ operating income includes total of EUR 29 million (28) revenue recognised under IFRS 15 and consisting of fees and commission on panel providers, ancillary product income and other retail income. Income related to broker activities is also accounted for under IFRS 15, if there is no insurance risk transferred to Hastings. INTERIM STATEMENT FOR JANUARY–MARCH 2024 37 ===== SIDA 38 ===== 5 Financial assets EURm 3/2024 12/2023 Financial assets Derivative financial instruments 50 38 Financial assets at fair value through profit or loss Debt securities 13,608 12,925 Equity securities 1,647 1,640 Funds 771 662 Deposits and other 105 40 Total financial assets at fair value through profit or loss 16,132 15,267 Financial assets measured at amortised cost Loans 502 451 Other 1 1 Total financial assets measured at amortised cost 503 452 Total financial assets 16,684 15,757 Loans measured at amortised cost include Hastings’ loans to customers amounting to EUR 243 million (EUR 186 million). The gross carrying amounts of the financial assets measured at amortised cost was EUR 518 million (EUR 468 million) and loss allowance was EUR 17 million (EUR 16 million). During the reporting period, the expected credit losses recognised in the income statement was EUR -1 million and in the comparative quarter EUR -2 million. INTERIM STATEMENT FOR JANUARY–MARCH 2024 38 ===== SIDA 39 ===== 6 Insurance contract liabilities Insurance liabilities reflect the liability the Group has for its insurance undertakings, in other words, the insurance contracts underwritten. The liability consists of two parts, the liability for remaining coverage and acquisition cash flow assets as well as the liability for incurred claims. The liability for remaining coverage relates to the obligation to investigate and pay valid claims that have not yet occurred. The liability consists of the premium payments received for insurance services to be provided after the closing date, i.e. relating to the unexpired portion of the insurance coverage, and adjusted for acquisition cash flows. The liability for incurred claims relates to the obligation to investigate and pay valid claims that have occurred. The liability is designed to cover anticipated future payments for all claims incurred, including claims not yet reported. EURm 3/2024 12/2023 Insurance contract liability - contracts measured under PAA Liability for remaining coverage 2,342 1,709 Liability for incurred claims 9,989 10,007 Total insurance contract liabilities 12,331 11,716 7 Financial liabilities EURm 3/2024 12/2023 Subordinated debt liabilities Subordinated loans 1,640 1,645 Total subordinated debt liabilities 1,640 1,645 Other financial liabilities Derivative financial instruments 72 116 Financial liabilities measured at amortised cost Debt securities in issue 954 959 Amounts owed to credit institutions 239 194 Total financial liabilities measured at amortised cost 1,193 1,153 Total other financial liabilities 1,265 1,269 Total financial liabilities 2,905 2,914 Hastings has a revolving credit facility with a financial institution totalling EUR 99 million, of which EUR 57 million was undrawn at the end of the reporting period. The revolving credit facility is maturing on 23 November 2024, after which the contract has an extension option of one more year. Hastings has an undrawn credit facility also with Sampo plc totalling EUR 88 million with a maturity date of 29 October 2026. INTERIM STATEMENT FOR JANUARY–MARCH 2024 39 ===== SIDA 40 ===== 8 Discontinued operations Mandatum Group’s business Mandatum was a wholly-owned direct subsidiary of Sampo plc until 1 October 2023 when it was separated from the Group in the partial demerger of Sampo plc. In the comparative year, Mandatum Group was presented as a discontinued operation, in accordance with IFRS 5 Non-current assets held for sale and discontinued operations, until the demerger. Result of discontinued operations EURm 1-3/2023 Insurance revenue 90 Insurance service expenses -75 Reinsurance result -1 Insurance service result 13 Net investment result 288 Net finance income or expense from insurance contracts -143 Net result from investment contracts -126 Net financial result 19 Other income 7 Other expenses -1 Finance expenses -1 Profit before taxes 37 Income taxes -8 Discontinued operations, net of tax 28 The profit from the discontinued operations for the discontinued operations is attributable entirely to the owners of the parent company. Other comprehensive income did not include any items from the discontinued operations. 9 Contingent liabilities and commitments Topdanmark Group In December 2022, Sampo plc´s subsidiary Topdanmark Forsikring A/S sold Topdanmark Liv Holding A/S and all its subsidiaries to Nordea Life Holding AB. As announced by Topdanmark in the first quarter of 2024, Nordea Group has reserved the right to raise claims against Topdanmark Forsikring A/S for certain potential losses. At present, it is not possible for Topdanmark A/S to determine the size or existence of potential losses, and thus it is not possible to assess whether they would constitute losses which Topdanmark may be held liable for under the signed Share Purchase Agreement (SPA). Based on the currently available facts and arguments brought forward, Topdanmark Forsikring A/S has not acknowledged liability for the claims. Matters relating to the SPA may result in Topdanmark Forsikring A/S incurring costs that could affect Topdanmark A/S’ result for 2024 and/or coming accounting years. INTERIM STATEMENT FOR JANUARY–MARCH 2024 40 ===== SIDA 41 ===== 10 Subsequent events after the balance sheet date Topdanmark Group On 1 May 2024 Topdanmark announced that Topdanmark Forsikring A/S has entered into an agreement with Nordea regarding the process for completion of the IT separation of Topdanmark Liv Holding A/S (today Nordea Pension Holding Danmark A/S). The IT process has proven to be more comprehensive, complex and time consuming than first anticipated. It is now expected that the IT separation will be completed in the first half of 2025 instead of the second half of 2024 as first anticipated. The agreement is expected to entail additional costs amounting to a total of approx. DKK 175-195m after tax compared to the already announced expectations. These extraordinary costs are expected to be provisioned for in the accounts for Q2 2024. At the same time, Topdanmark Forsikring A/S has renewed the agreement with Nordea on the distribution of non- life insurance products. The existing agreement was about to expire by the end of 2024 and has now been renewed for three years until the end of 2027 at unchanged terms. Furthermore, the agreement includes an option to further extend it by an additional two years. Sale of holding in Saxo Bank The sale of Sampo’s holding in Saxo Bank to Mandatum, as agreed in connection with the demerger, has on 3 May 2024 received final regulatory approvals. The transaction is expected to complete in mid-May. INTERIM STATEMENT FOR JANUARY–MARCH 2024 41 ===== SIDA 42 =====