Kvartalsrapport Q1 2025

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Contents
Group CEO’s comment    ................................................................................................................................................... 4
Outlook    ................................................................................................................................................................................. 5
Operating environment and assumptions   ...................................................................................................................... 5
Outlook for 2025    ..................................................................................................................................................................... 5
The major risks and uncertainties for the Group in the near-term  ........................................................................ 5
Financial overview    ........................................................................................................................................................... 7
Financial highlights    .......................................................................................................................................................... 8
Segments    ............................................................................................................................................................................. 10
Private Nordic    ........................................................................................................................................................................... 10
Private UK    .................................................................................................................................................................................. 11
Nordic Commercial      ................................................................................................................................................................. 12
Nordic Industrial     ..................................................................................................................................................................... 13
Net financial result and other items  .......................................................................................................................... 14
Financial position    ............................................................................................................................................................. 15
Group solvency    ........................................................................................................................................................................ 15
Financial leverage position    .................................................................................................................................................. 15
Ratings    ........................................................................................................................................................................................ 15
Other developments   ....................................................................................................................................................... 16
Shares and shareholders    ....................................................................................................................................................... 16
Remuneration     ........................................................................................................................................................................... 16
Personnel    .................................................................................................................................................................................... 16
Events after the end of the reporting period ................................................................................................................ 17
Calculation of key figures   ............................................................................................................................................. 20
Tables     .................................................................................................................................................................................... 23
Statement of profit and other comprehensive income    ............................................................................................. 23
Consolidated balance sheet     ................................................................................................................................................ 24
Statement of changes in equity   ......................................................................................................................................... 25
Statement of cash flows     ....................................................................................................................................................... 26
Notes   ..................................................................................................................................................................................... 27
Accounting principles    ............................................................................................................................................................ 27
Segment information    ............................................................................................................................................................. 29
Other notes   ......................................................................................................................................................................... 30
1 Insurance service result    ...................................................................................................................................................... 30
2 Net investment income   ...................................................................................................................................................... 31
3 Net finance income or expense from insurance contracts   ................................................................................... 32
4 Other income   ........................................................................................................................................................................ 32
5 Financial assets       ................................................................................................................................................................... 33
6 Insurance contract liabilities     .......................................................................................................................................... 33
7 Financial liabilities  ............................................................................................................................................................... 34
8 Acquisition of Topdanmark's non-controlling interest      ......................................................................................... 35
9 Subsequent events after the balance sheet date      ................................................................................................... 35
Summary    .............................................................................................................................................................................. 3
INTERIM STATEMENT FOR JANUARY–MARCH 2025
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Sampo Group’s results for January-
March 2025
• Top-line growth stood at 9 per cent on a currency adjusted basis on the back of continued strong 
development in target growth areas within the private operations in the Nordics and the UK.
• Underwriting margins benefited from a benign winter and large claims, and a continued positive 
underlying trend in the Nordics, leading the combined ratio to improve to 84.6 per cent.
• The underwriting result increased by 30 per cent on a currency adjusted basis to EUR 336 million 
as a result of the strong growth and improvement in margins.
• Operating EPS strengthened by 9 per cent to EUR 0.11, as the strong underwriting result more than 
offset softer investment returns and an increase in the share count.
• Following a detailed assessment, estimated synergies from the Topdanmark integration have been 
raised to EUR 140 million in 2028 from EUR 95 million (pre-tax) on higher expected cost benefits.
• After the strong first quarter performance, the outlook for 2025 underwriting result has been 
increased to EUR 1,400–1,500 million from EUR 1,350–1,450 million.
• Solvency II coverage increased to 180 per cent from 177 per cent at year end, and financial 
leverage amounted to 25.8 per cent.
“The first quarter of 2025 has provided a strong start to the year, underpinned by robust 
growth, disciplined pricing and continued high retention from satisfied customers. We are 
confident in our ability to build on this positive momentum throughout the year and remain 
an attractive asset for shareholders that value stability and operational excellence.” 
Torbjörn Magnusson, Sampo Group CEO
Key figures
EURm 1–3/2025 1–3/2024 Change, %
Gross written premiums  3,616  3,297  10 
Insurance revenue, net  2,188  2,020  8 
Underwriting result  336  260  29 
Net financial result  101  265  -62 
Profit before taxes  377  465  -19 
Net profit  285  343  -17 
Operating result  297  253  17 
Earnings per share (EUR)  0.11  0.14  -22 
Operating EPS (EUR)  0.11  0.10  9 
1–3/2025 1–3/2024 Change
Risk ratio, %  58.9  62.4  -3.5 
Cost ratio, %  25.7  24.7  1.0 
Combined ratio, %  84.6  87.1  -2.5 
Solvency II ratio (incl. dividend accrual), %  180  180  — 
Gross written premiums and insurance revenue include broker revenues. Net profit for the comparison period refers to Net profit for 
the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025.
The figures in this report have not been audited.
INTERIM STATEMENT FOR JANUARY–MARCH 2025
7 May 2025
3

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Group CEO’s comment
Sampo delivered an excellent first quarter with growth of 9 per cent in the top-line and 30 per cent 
in underwriting profits on a currency adjusted basis, as we continued to capitalise on our strong 
positioning and rational markets conditions. We remain confident in the outlook for the year and 
have increased the estimated synergies from the integration of Topdanmark significantly.
As a northern European P&C insurer, the first quarter is typically the reporting period most influenced by weather. 
This year, Norway saw a fairly cold and snowy winter with some flooding and storms, while conditions in the other 
Nordic countries and the UK were more benign. However, underlying margin development also remained good and 
in line with recent trend with a 20 basis point improvement in the Nordic underlying risk ratio.
In the Private Nordic business, we kept our normal focus on customer value and on setting the right prices. 
Retention levels continued to increase slightly, and the combined ratio came down to 83.8 per cent, a very strong 
start of the year. We continued to observe a gradual but persistent movement of customers toward our digital 
tools with digital sales increasing by 20 per cent year on year. In Private UK, we negotiated with a competitive but 
rational market by finding pockets of attractively priced business in home, van, and bike insurance as well as in 
telematics. The latter has been transformed by new technology recently, enabling more accurate driving data to be 
collected and interpreted at a lower cost. With normal weather, we produced a combined ratio of 88.7 per cent.
This solid development in the private business drove a 9 per cent top-line increase at group level, continuing the 
strong growth momentum from recent years with growth of 12 and 11 per cent in 2024 and 2023, respectively. Now 
and then, there are regulatory reviews of various aspects of our business. We always strive to achieve good long-
term relationships with our customers, where high retentions, stability, customer satisfaction, and fair claims 
settlements are key. This has even meant that we have gained advantages from some previous regulatory reforms, 
like GIPP in the UK, and a focus on these aspects of stability for our customers is as important as sales.
For modern P&C insurers, efficiency gains are primarily achieved through investments in digitalisation and 
technology, and the corresponding processes. With this in mind, the acquisition of Topdanmark enables us to 
supercharge our performance in Denmark. Since completing the deal in October last year, we have re-assessed the 
synergy potential available, now with full insight into the business, and increased our synergy estimate to EUR 140 
million pre-tax in 2028, from the original EUR 95 million. All of the increase comes from cost synergies. The 
majority will derive from IT transformation, as we plan to overhaul our Danish operations with new, state-of-the-art 
core systems and applications, to the benefit of both customers and shareholders.
Conditions in the Nordic and UK P&C insurance markets in which we operate have remained very healthy with 
rational competition. Demand for P&C insurance products has been stable as it tends to be through the economic 
cycle, particularly in our resilient Northern European economies and our balance sheet continues to be in excellent 
shape. Although no company is an island, I feel that we are as well positioned as one can be to weather the 
potential effects from the recent increase in political and economic uncertainty. Indeed, given our strong cash flow 
profile and solid balance sheet, capital returns remain a central discussion point with our investors. Sampo has a 
strong track-record of attractive shareholder returns that we intend to stay true to. As mentioned with our full-year 
2024 results, we expect to launch a share buyback programme in 2025 and we will give an update on this no later 
than with our second quarter 2025 results, which will be roughly 12 months after the launch of our last programme. 
In the interim, I hope to gain additional clarity on potential holding company asset disposals.
To conclude, the first quarter of 2025 has provided a strong start to the year, underpinned by robust growth, 
disciplined pricing, and continued high retention from satisfied customers. We are confident in our ability to build 
on this positive momentum throughout the year and remain an attractive asset for shareholders that value stability 
and operational excellence.
Torbjörn Magnusson
Group CEO
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Group CEO’s comment
4

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Outlook
Operating environment and assumptions
The operating environment in the markets in which Sampo operates remains broadly unchanged from the start of 
2025, both in terms of competitive and claims cost development dynamics. The first quarter saw better than 
expected weather and large claims below budget but these do not change Sampo’s forward view of claims cost 
development.
Outlook for 2025
Following a favourable outcome on weather claims relative to normal levels, and, to a lesser degree, benign large 
claims and increased Topdanmark synergies, Sampo has decided to adjust its 2025 financial outlook to:
• Group insurance revenue: EUR 8.8–9.1 billion (from EUR 8.7–9.0 billion), representing growth of 5–9 per cent 
year-on-year.
• Group underwriting result: EUR 1,400–1,500 million (from EUR 1,350–1,450 million), representing growth of 6–14 
per cent year-on-year.
Any forecast of Sampo’s underwriting result is subject to estimates for weather claims, large claims, prior year 
development, and certain other items that may vary periodically and are out of Sampo’s control, meaning regular 
updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget 
levels are typical on a quarterly basis and Sampo intends to broadly reflect these in the outlook statement in its 
quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from returns 
on its investment portfolio and insurance finance income and expense, meaning changes in the outlook cannot be 
assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial result.
The outlook for 2025 is consistent with Sampo’s 2024–2026 financial targets of delivering a combined ratio below 
85 per cent annually and operating EPS growth of more than 7 per cent annually on average. 
The outlook is subject to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign 
exchange rates, and competitive dynamics. Revenue forecasts, in particular, are subject to competitive conditions, 
which may change rapidly in some areas, such as the UK motor insurance market. The revenue and underwriting 
profit figures in the outlook are based on currency exchange rates as of the latest reporting date. 
A full explanation of the alternative performance metrics used in the Outlook can be found in the section 
Calculation of key figures.
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. 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. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Outlook
5

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Inflation has continued to moderate, with euro-area headline inflation already being close to the central bank 
target. Also, services inflation seems to have started to retreat from the 4 per cent level where it persistently 
hovered in 2024. However, whereas low goods inflation has been supported by supply-chain normalisation, it may 
rise if trade restrictions increase import prices, and energy prices continue to be vulnerable to geopolitical events. 
Furthermore, rapid wage growth has kept services inflation high and could continue to keep price pressures 
elevated unless labour markets continue to loosen as currently expected. This creates uncertainty on whether 
central banks will be willing to cut interest rates as swiftly as expected. At the same time, the recent escalation of 
trade disputes is expected to depress economic growth in Europe as investments and consumption are held back. 
These developments may lead to both a significant slowdown in economic growth and a deterioration in the debt 
service capacity of businesses, households, and governments, raising the risk of abrupt asset repricing in financial 
markets. Furthermore, the potential escalation of the 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 the 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, sometimes also driven by regulatory uncertainty. These external drivers 
may have a long-term impact on how Sampo Group’s business will be conducted. Examples of identified trends are 
demographic changes, climate change, and technological developments in areas such as artificial intelligence and 
digitalisation including threats posed by cybercrime.
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Outlook
6

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Financial overview
1–3/2025 1–3/2024 2024
Gross written premiums (incl. brokerage) EURm  3,616  3,297  9,931 
Insurance revenue (incl. brokerage), net EURm  2,188  2,020  8,386 
Claims incurred, net EURm  -1,289  -1,261  -4,948 
Operating expenses and claims handling costs EURm  -563  -499  -2,122 
Underwriting result EURm  336  260  1,316 
Net investment income EURm  80  295  888 
Net insurance finance income or expense EURm  21  -30  -252 
Net financial result EURm  101  265  636 
Other items EURm  -60  -60  -392 
Profit before taxes EURm  377  465  1,559 
Net profit EURm  285  343  1,154 
Key figures 
Earnings per share EUR  0.11  0.14  0.45 
Operating EPS EUR  0.11  0.10  0.47 
Risk ratio %  58.9  62.4  59.0 
Cost ratio %  25.7  24.7  25.3 
Combined ratio %  84.6  87.1  84.3 
Nordic operating cost ratio %  22.9  22.1  22.7 
Currency adjusted GWP growth %  9  10  12 
Solvency II ratio (incl. dividend accrual) %  180  180  177 
Financial leverage %  25.8  24.6  26.9 
Return on equity own funds %  29.7  22.8  29.5 
Number of shares (end of reporting period) Millions 2,691 2,509 2,691
Average number of shares Millions 2,691 2,509 2,561
Nordic underlying development
Risk ratio %  61.1  64.3  61.0 
-Large claims %  -1.0  -2.7  1.2 
-Severe weather %  -0.5  6.9  2.2 
-Prior year development, risk adjustment 
and other technical effects %  -0.2  -2.7  -3.5 
-Discounting effect, current year %  -2.8  -2.9  -2.8 
Underlying risk ratio %  65.5  65.7  63.8 
Segments
Private Nordic
Insurance revenue, net EURm  958  897  3,667 
Underwriting result EURm  155  104  628 
Combined ratio %  83.8  88.4  82.9 
Private UK
Insurance revenue (incl. brokerage), net EURm  470  369  1,659 
Underwriting result EURm  53  32  190 
Combined ratio %  88.7  91.4  88.5 
Live customer policies Millions 4.1 3.5 3.9
Nordic Commercial
Insurance revenue, net EURm  537  522  2,128 
Underwriting result EURm  78  86  352 
Combined ratio %  85.5  83.5  83.5 
Nordic Industrial
Insurance revenue, net EURm  150  165  657 
Underwriting result EURm  31  27  74 
Combined ratio %  79.6  83.5  88.7 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Financial overview
7

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Financial highlights for January–March 2025
Sampo Group started 2025 on a high note as the robust growth momentum seen in 2024 continued 
into the first quarter. This was particularly driven by strong performance within Private segments 
both in the Nordics and in the UK. The Group underwriting result increased by 29 per cent, 
supported by strong growth, positive underlying margin development, and favourable winter 
conditions in the Nordics. 
Gross written premiums (GWP), including brokerage income, increased by 9 per cent on a currency adjusted basis 
and by 10 per cent on a reported basis to EUR 3,616 million (3,297) in January-March 2025. Insurance revenue, 
including brokerage income, came in at EUR 2,188 million (2,020), representing 8 per cent growth year-on-year.
The Group’s strong top-line growth was particularly driven by the private business, both in the Nordics and in the 
UK. Private Nordic saw GWP growth of 8.5 per cent adjusted for currency and portfolio transfers, supported by 
high and slightly increasing retention, rate actions, and increased volumes especially in personal insurance and 
property. While Nordic new car sales showed some early signs of recovery, sales volumes were still at low levels. 
Geographically, the strongest growth within the Nordics was achieved in Norway where GWP increased by 17 per 
cent on a currency adjusted basis as the group was able to take advantage of supportive market conditions. 
Private UK delivered top-line growth of 26 per cent on a currency adjusted basis, driven by selective growth in 
attractive areas against a backdrop of declining but still rational UK motor market pricing. UK live customer policy 
count rose to 4.1 million, representing 17 per cent growth year-on-year and 5 per cent from the end of 2024, 
supported by good development in telematics, bike, and van insurance as well as continued growth in home. 
Nordic Commercial enjoyed solid GWP growth of 5.2 per cent adjusted for currency and portfolio transfers, driven 
by high retention and rate increases at 1 January renewals. Currency adjusted growth in SME stood at 5 per cent. In 
Nordic Industrial, the strong outcome at 1/1 renewals with high-single digit rate increases was offset by intentional 
de-risking of large property exposures. As a result of de-risking actions and lower new sales, the top-line remained 
broadly unchanged year-on-year.
The first quarter saw fairly benign Nordic winter conditions, in stark contrast to the very harsh winter in the prior 
year comparison period. In addition, the large claims outcome came in better than budget. As a result, severe 
weather and large claims had a positive effect of 1.5 percentage points on the Group’s Nordic risk ratio, whereas 
the comparison period saw a negative effect of 4.2 percentage points. Underlying margin trends remained robust, 
supported by disciplined underwriting and stable claims inflation, translating to a 0.2 percentage points 
improvement in the Nordic underlying risk ratio year-on-year. The Nordic operating cost ratio increased by 0.8 
percentage points year-on-year due to quarterly volatility and increased sales activity, but remains on track to 
improve in line with targets for the full year. 
Sustained top-line growth, combined with favourable claims environment and positive underlying development, 
drove underwriting result growth of 30 per cent on a currency adjusted basis and 29 per cent on a reported basis 
to EUR 336 million (260). The Group combined ratio improved to 84.6 per cent (87.1). 
To reflect the favourable outcome on weather relative to normal levels, and, to a lesser degree, better-than-budget 
large claims and higher Topdanmark synergies, Sampo has increased its outlook for 2025 underwriting result to 
EUR 1,400–1,500 million from EUR 1,350–1,450 million. This represents 6–14 per cent growth year-on-year. Further, 
following strong first quarter top line growth, the outlook for 2025 insurance revenue has been raised to EUR 8.8–
9.1 billion from EUR 8.7–9.0 billion, implying growth of 5–9 per cent year-on-year. The underwriting result is the 
main driver of Sampo’s long term profit development but its quarterly and annual result are affected by additional 
factors, particularly investment returns, for which no outlook is provided.
The net financial result amounted to EUR 101 million (265). Net investment income decreased to EUR 80 million 
(295) as the solid start of Nordic equity markets faded towards the end of the quarter, while the fixed income 
portfolio continued to provide stable returns. Insurance finance income or expense was EUR 21 million (-30), 
supported by positive effect from changes in discount rates. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Financial highlights
8

===== SIDA 9 =====

Operating EPS increased by 9 per cent to EUR 0.11 (0.10) on the back of a higher underwriting result, which offset 
the softer investment returns and the negative effect from an increase in share count due to the Topdanmark 
exchange offer in 2024. Sampo targets more than 7 per cent operating EPS growth on average over 2024–2026.
The Group Solvency II coverage, net of dividend for 2024 and first quarter dividend accrual, stood at 180 per cent, 
up from 177 per cent at the end of 2024. Financial leverage stood at 25.8 per cent, down from 26.9 per cent at the 
end of 2024. Sampo targets a solvency ratio of 150–190 per cent and a financial leverage of below 30 per cent.
Following the completion of the exchange offer for Topdanmark in October 2024, the Group has re-assessed the 
synergy potential available, now with full insight into the business, leading to an increase in the run-rate synergy 
estimate to EUR 140 million pre-tax in 2028, up from the original EUR 95 million. The increase comes from higher 
than originally expected cost synergies, while the estimate for revenue synergies remains unchanged. In light of the 
potential for additional productivity gains, the operational ambition for the Nordic operating cost ratio reduction 
has been raised to 40 basis points annually from the around 20 basis points set at the Capital Markets Day in March 
2024. The cost of implementing the planned benefits remains unchanged at EUR 150 million and was fully charged 
through the P&L in the fourth quarter of 2024.
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Financial highlights
9

===== SIDA 10 =====

Segments
In March 2025, Sampo introduced new reporting segments to reflect its transformation into a fully-integrated P&C 
insurance group following the acquisition of Topdanmark in 2024. Sampo reports its financial performance  based 
on the Group’s operational business areas: Private Nordic, Private UK, Nordic Commercial and Nordic Industrial. 
Sampo has clarified the naming of segments compared to previously announced. 
Private Nordic
Sampo operates in the Nordic private insurance market through its main brand, If, and other brands 
including Topdanmark and various white-label partnerships. If’s business model is based on high 
customer satisfaction and leveraging the benefits from digital sales and service capabilities. In total, 
the Group serves around 3.7 million households in Sweden, Denmark, Norway, and Finland. 
EURm 1–3/2025 1–3/2024 Change, %
Gross written premiums  1,071  1,004  7 
Insurance revenue, net  958  897  7 
Claims incurred, net  -594  -598  -1 
Operating expense (incl. claims handling costs)  -209  -195  7 
Underwriting result  155  104  50 
Key ratios 1–3/2025 1–3/2024 Change
Currency adjusted GWP growth, %  8.5  —  — 
Risk ratio, %  61.9  66.7  -4.8 
Cost ratio, %  21.8  21.7  0.1 
Combined ratio, %  83.8  88.4  -4.6 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
In the first quarter of 2025, Private Nordic delivered GWP growth of 8.5 per cent adjusted for currency effects and 
portfolio transfers, driven by a mix of rate increases covering claims inflation, strong retention and positive 
portfolio development.
Geographically, growth was particularly strong in Norway, where GWP increased by 17 per cent on the back of rate 
increases combined with strong new sales and high retention, driving an increase in the number of customers and 
insured objects.
In terms of product lines, the positive GWP development in Private Nordic was supported by strong development 
in key target areas, with 10 per cent growth in personal insurance and 7 per cent in property. In motor, GWP 
growth ticked up to 9 per cent from 5 per cent in 2024, partly helped by a rebound in Nordic new car sales, albeit 
from low levels. Nonetheless, Swedish mobility continued to weigh on GWP growth and customer metrics as 
growth was not as strong as in other countries.
Private Nordic digital sales continued to show strong momentum with an increase of 20 per cent year-on-year, and 
online claims intake continued to grow. Despite rate increases remaining above expected inflation levels, retention 
improved slightly and stood at >89 per cent (89) at the end of the quarter.
Underwriting performance
The underwriting result increased by 50 per cent to EUR 155 million (104) in January–March 2025 and the 
combined ratio improved to 83.8 per cent (88.4). The positive development was supported by a stronger risk ratio 
of 61.9 per cent (66.7), on benign winter conditions that stood in stark contrast to the severe winter observed in 
the prior year, as well as positive frequency development. The quarterly cost ratio increased slightly to 21.8 per 
cent (21.7) on normal quarterly volatility, but remains on track to support targeted efficiency improvements at 
Nordic level for the year. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Segments
10

===== SIDA 11 =====

Private UK
Sampo operates in the UK private insurance market through its customer brand Hastings, which is 
one of the leading digital P&C insurance providers focused on serving UK car, van, bike, and home 
insurance. The Group serves over 4 million UK customers and is specialised in price comparison 
distribution, advanced pricing, anti-fraud, and digital capabilities. 
EURm 1–3/2025 1–3/2024 Change, %
Gross written premiums  722  560  29 
Insurance revenue, net  470  369  27 
Claims incurred, net  -245  -204  20 
Operating expense (incl. claims handling costs)  -172  -133  29 
Underwriting result  53  32  68 
Key ratios 1–3/2025 1–3/2024 Change
Currency adjusted GWP growth, %  25.9  —  — 
Risk ratio, %  52.2  55.3  -3.1 
Cost ratio, %  36.5  36.1  0.4 
Combined ratio, %  88.7  91.4  -2.7 
Gross written premiums and insurance revenue include broker revenues. All key figures in the table above are calculated on a net 
basis.
Premium development 
In the first quarter of 2025, Private UK delivered GWP growth of 26 per cent year-on-year on a constant currency 
basis, as a result of increased growth in new business and renewal volumes. Net insurance revenue grew by 27 per 
cent year-on-year to EUR 470 million (369), due to a mix of average premium increases from 2024 continuing to 
earn through and an increase in customer numbers.
Live customer policies (LCP) increased to 4.1 million, up 17 per cent year-on-year and 5 per cent from the end of 
2024, predominantly on higher new business volumes driven by selective growth in attractive parts of the market, 
along with improved renewal rates over prior year. LCP growth was recorded across all product lines, with motor 
LCP up 14 per cent year-on-year and home LCP up 36 per cent year-on-year.
Underwriting performance
The underwriting result increased by 68 per cent to EUR 53 million (32) in January-March 2025, reflecting a 
stronger risk ratio on higher insurance revenue. 
Claims cost inflation has trended down during the quarter towards the long-term average of mid-single digits, 
reflecting specific action taken to reduce the cost of claims, alongside wider market trends. Claims frequencies in 
Q1 benefited from benign weather experience in what is typically a high frequency quarter.
Operating expenses increased by 29 per cent, driven primarily by higher acquisition costs related to new business 
volume growth in the quarter and by the Group’s sustained investments in digital and customer servicing 
capabilities. As a result of the lower risk ratio, partly offset by a modest increase in the cost ratio, the combined 
ratio for the period improved to 88.7 per cent (91.4). 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Segments
11

===== SIDA 12 =====

Nordic Commercial
Sampo operates in the Nordic commercial insurance market through its customer brands If, 
Topdanmark, and Dansk Sundhedssikring (Oona Health) with a particular focus on SMEs. In total, the 
Group serves around 450,000 Commercial customers in Sweden, Denmark, Norway, and Finland.
EURm 1–3/2025 1–3/2024 Change, %
Gross written premiums  1,273  1,188  7 
Insurance revenue, net  537  522  3 
Claims incurred, net  -325  -310  5 
Operating expense (incl. claims handling costs)  -134  -126  6 
Underwriting result  78  86  -9 
Key ratios 1–3/2025 1–3/2024 Change
Currency adjusted GWP growth, %  5.2  —  — 
Risk ratio, %  60.6  59.4  1.1 
Cost ratio, %  24.9  24.1  0.8 
Combined ratio, %  85.5  83.5  1.9 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
GWP growth in Nordic Commercial for January–March 2025 was 5.2 per cent adjusted for currency effects and 
portfolio transfers. The positive development was supported by solid renewals and rate actions to mitigate claims 
inflation but was partly offset by effects from de-risking and workers’ comp adjustment premiums. 
Growth was particularly strong in Norway. The favourable GWP outcome in Commercial benefited from strong 
development in personal insurance, while growth in the SME portfolio stood at 5 per cent. The retention rate 
remained high and stable in line with the level observed at the end of 2024.
Underwriting performance
During the first quarter of 2025, the underwriting result for Nordic Commercial decreased by 9 per cent to EUR 78 
million (86) and the combined ratio softened to 85.5 per cent (83.5).
The risk ratio for the quarter stood at 60.6 percent (59.4), primarily due to less favourable prior year claims 
development compared to the same period last year. This effect was partly offset by large claims outcome better 
than budget, and less frequency claims compared to the same period last year. The quarterly cost ratio, which is 
affected by quarterly volatility, stood at 24.9 per cent (24.1). 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Segments
12

===== SIDA 13 =====

Nordic Industrial
Sampo is the leading insurer of large corporates in the Nordics through the If-brand. Corporates with 
turnover of more than SEK 500 million (cEUR 45 million), or more than 500 employees, are 
classified as Industrial customers. In total, the Group serves around 1,200 companies.  
EURm 1–3/2025 1–3/2024 Change, %
Gross written premiums  481  477  1 
Insurance revenue, net  150  165  -9 
Claims incurred, net  -87  -107  -19 
Operating expense (incl. claims handling costs)  -33  -31  6 
Underwriting result  31  27  13 
Key ratios 1–3/2025 1–3/2024 Change
Currency adjusted GWP growth, %  0.3  —  — 
Risk ratio, %  57.8  64.8  -7.0 
Cost ratio, %  21.8  18.7  3.1 
Combined ratio, %  79.6  83.5  -3.9 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
Nordic Industrial reported GWP growth of 0.3 per cent on a currency adjusted basis for the first quarter of 2025. 
Growth was driven by 1 January renewals and rate increases but partly offset by lower new sales in combination 
with lower retention year-on-year. The development can be attributed to reduced exposures to large property 
risks to ensure earnings stability, to a degree. In addition, lower project insurance premiums from previous 
underwriting years affected the quarter.  
Underwriting performance
The underwriting result for Nordic Industrial increased by 13 per cent to EUR 31 million (27) in January–March 2025 
and the combined ratio improved to 79.6 per cent (83.5). The positive development was supported by a strong risk 
ratio of 57.8 per cent (64.8) following a favourable large claims outcome below budget for the quarter. The cost 
ratio, which is affected by quarterly volatility, deteriorated to 21.8 per cent (18.7) mainly due to lower premium 
volumes. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Segments
13

===== SIDA 14 =====

Net financial result and other items
EURm 1–3/2025 1–3/2024 Change, %
Fixed income  124  123  1 
Equities  4  16  -77 
Funds  5  3  61 
Interest and dividend income  132  143  -7 
Fixed income  -13  -19  -31 
Equities  -24  122  — 
Funds  12  35  -66 
Net gains or losses  -25  138  — 
Other items  -27  14  — 
Net investment income  80  295  -73 
Unwind of discounting, net  -57  -59  -2 
Changes in discount rates, net  91  34  164 
Indexation of annuities, net  -12  -5  128 
Insurance finance income or expense  21  -30  — 
Net financial result  101  265  -62 
Other income or expense  -7  -16  -54 
Non-operational amortisations  -26  -18  40 
Finance expenses  -28  -26  6 
Total  -60  -60  — 
Key figures 1–3/2025 1–3/2024 Change
Investment return, %  0.5  1.6  -1.1 
Fixed income mark-to-market yield, %  4.1  4.7  -0.6 
Fixed income running yield, %  3.9  4.0  -0.1 
Fixed income duration, years  2.3  2.3  — 
The Group’s net investment income decreased to EUR 80 million (295). The decrease was primarily driven by lower 
mark value gains on Nordic equities as the buoyant market sentiment at the start to the year gave way to concerns 
over the impact of the US tariffs toward the end of the quarter. Net losses from equities were EUR -24 million, of 
which EUR -19 million related to Nexi, whereas the prior year comparison period enjoyed strong momentum with 
EUR 122 million net gains from equities. Meanwhile, the Group’s fixed income portfolio provided stable interest 
income of EUR 124 million (123). The fixed income running yield stood at 3.9 per cent at the end of March 2025, 
unchanged from the end of 2024. The mark-to-market yield amounted to 4.1 per cent, slightly down from 4.2 per 
cent at the end of 2024.
In total, the Group’s mark-to-market investment return stood at 0.5 per cent in the first quarter. The Group’s 
investment portfolio amounted to EUR 17.9 billion. Of this, 89 per cent was allocated to fixed income, 8 per cent to 
equities and 3 per cent to alternative investments.
Insurance finance income or expense stood at EUR 21 million (-30). This was supported by a positive effect of EUR 
91 million (34) from changes in discount rates, while the unwind of discounting stood broadly unchanged at EUR 
-57 million (-59). 
Driven by softer net investment income, the net financial result came in at EUR 101 million (265). 
Other income or expense was EUR -7 million (-16) and finance expenses stood at EUR -28 million (-26). The non-
operational amortisations increased to EUR -26 million (-18) as a result of the exchange offer for Topdanmark in 
2024.
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Net financial result and other items
14

===== SIDA 15 =====

Financial position
Group solvency 
Sampo Group’s Solvency II ratio, net of dividend for 2024 and the first quarter dividend accrual based on latest 
regular dividend, amounted to 180 per cent at the end of March 2025, based on own funds of EUR 5,701 million and 
solvency capital requirement of EUR 3,175 million. The Solvency II coverage improved from 177 per cent at the end 
of 2024, primarily driven by strong first quarter performance, while market effects were broadly neutral. Sampo 
targets a Solvency II ratio of 150–190 per cent.
Financial leverage position
Sampo Group’s financial leverage is calculated as Group financial debt divided by the sum of IFRS shareholders’ 
equity and financial debt. The Group targets financial leverage of below 30 per cent.
The Group’s shareholders’ equity amounted to EUR 7,480 million and financial debt to EUR 2,606 million at the end 
of March 2025, translating into a financial leverage of EUR 25.8 per cent. The financial leverage improved from 26.9 
per cent at the end of 2024, driven by solid first quarter result, while the financial debt remained stable. 
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 
2025 are presented in the table below.
Rated company Moody’s Standard & Poor’s
Rating Outlook Rating Outlook
Sampo plc – Issuer Credit Rating A2 Stable A Stable
If P&C Insurance Ltd – Insurance Financial Strength 
Rating Aa3 Stable AA- Stable
If P&C Insurance Holding Ltd (publ) - Issuer Credit 
Rating - - A Stable
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Financial position
15

===== SIDA 16 =====

Other developments
Shares and shareholders
On 5 February 2025, the Board of Directors of Sampo plc resolved on a share split by way of a share issue without 
consideration in proportion to shares owned by shareholders. In the share split, Sampo issued four (4) new A 
shares for each existing A share and four (4) new B shares for each existing B share to shareholders in proportion 
to their existing holdings on the record day of the share issuance on 12 February 2025. In total, 2,152,191,088 new 
Sampo A shares and 800,000 new Sampo B shares were issued. Following the registration of the new shares, 
Sampo’s total share count amounted to 2,691,238,860 shares. 
At the end of March 2025, Sampo’s total share count stood unchanged at 2,691,238,860 shares, adjusted for the 
share split in February 2025. 
Share count development
A shares
of which held by 
the company B shares Total
2020 2,770,759,250 0 6,000,000 2,776,759,250
2021 2,770,759,250 -42,699,780 6,000,000 2,734,059,470
2022 2,581,897,560 -11,050,985 1,000,000 2,571,846,575
2023 2,507,983,760 0 1,000,000 2,508,983,760
2024 2,690,238,860 0 1,000,000 2,691,238,860
3/2025 2,690,238,860 0 1,000,000 2,691,238,860
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. All figures are adjusted for the share split in February 2025.
Further details on the company’s share buyback programmes is available at www.sampo.com/sharebuyback.
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 2025. The latest notifications are available at www.sampo.com/
flaggings.
Remuneration
A total of EUR 46 million (20), including social costs, was paid as short-term incentives during the first quarter of 
2025. In the same period, a total of 16 million (1) was paid as long-term incentives, of which all was paid out in 
Hastings. The long-term incentive schemes in force in Sampo Group produced a result impact of EUR -7 million 
(-3). The terms of the long-term incentive schemes based on financial instruments of Sampo plc are available at 
www.sampo.com/incentiveterms.
Personnel
Sampo Group’s average number of employees (FTE) was 14,902 (13,874) for January–March 2025. On 31 March 
2025, the total number of employees was 15,013 (13,973). 
The increase in the number of the personnel is related to significant level of business growth and to re-balancing 
frontline operations in the UK.
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Other developments
16

===== SIDA 17 =====

Sampo Group personnel by country
Country Average personnel (FTE) 
1–3/2025 %
Average personnel (FTE) 
1–3/2024 %
United Kingdom  4,261   29  3,420  25 
Denmark  2,918   20  2,996  22 
Sweden  2,536   17  2,461  18 
Finland  1,959   13  1,944  14 
Norway  1,731   12  1,635  12 
Other countries  1,497   10  1,418  10 
Total  14,902   100  13,874  100 
Events after the end of the reporting period
Annual General Meeting
The Annual General Meeting of Sampo plc (AGM), held on 23 April 2025, decided to distribute a dividend of EUR 
0.34 per share for 2024. The dividend was paid to Sampo shareholders and holders of the share entitlements on 6 
May 2025 and the estimated dividend payment date for Sampo SDR holders is 8 May 2025. The AGM adopted the 
financial accounts for 2024 and discharged the members of the Board of Directors and CEO from liability for the 
f i n a n c i a l  y e a r  e n d i n g  3 1    D e c e m b e r  2 0 2 4 .
The number of Board members was decreased by one to eight members. Christian Clausen, Steve Langan, Risto 
Murto, Antti Mäkinen, Markus Rauramo, Astrid Stange, and Annica Witschard were re-elected for a term 
continuing until the close of the next Annual General Meeting. Sara Mella was elected as a new member to the 
Board. At its organisational meeting, the Board elected Antti Mäkinen as Chair and Risto Murto as Vice Chair.
All Board members have been determined to be independent of the Company and its major shareholders under the 
rules of the Finnish Corporate Governance Code 2025. The CVs of the Board members are available at 
www.sampo.com/board.
The AGM decided on the following annual fees to the members of the Board of Directors until the close of the next 
AGM:  
– EUR 243,000 for the Chair of the Board (prev. EUR 235,000);
– EUR 140,000 for the Vice Chair of the Board (prev. EUR 135,000);
– EUR 108,000 for each member of the Board (prev. EUR 104,000);
– EUR 30,000 for the Chair of the Audit Committee as an additional annual fee (prev. EUR 29,000); and
– EUR 6,800 for each member of the Audit Committee as an additional annual fee (prev. EUR 6,600).
A Board member must acquire Sampo plc A shares at the price paid in public trading with 50 per cent of his/her 
annual fee after the deduction of taxes, payments, and potential statutory social and pension costs. 
Notwithstanding this, a Board member is not required to purchase any additional Sampo plc A shares if the Board 
member owns such amount of said shares that their value is equivalent to twice the respective Board member’s 
gross annual fee. The Company will pay any possible transfer tax related to the acquisition of the shares.
The Authorised Public Accountant Firm and Authorised Sustainability Audit Firm Deloitte Ltd was re-elected as the 
Company’s auditor and Sustainability Reporting Assurance Provider for the financial year 2025. APA ASA Jukka 
Vattulainen will continue as the auditor with principal responsibility and the principal authorised sustainability 
auditor. Company’s Auditor and the Sustainability Reporting Assurance Provider will be paid compensation against 
invoices approved by the Company.
Sampo’s Remuneration Report for Governing Bodies was adopted through an advisory resolution.  
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Other developments
17

===== SIDA 18 =====

The AGM authorised the Board to resolve to repurchase, on one or several occasions, a maximum of 250,000,000 
Sampo plc A shares. The maximum number of shares represents approximately 9.29 per cent of all outstanding A 
shares of the company. The repurchased shares will be cancelled. The authorisation will be valid until the close of 
the next AGM, however no longer than 18 months from the AGM's decision.
Including proxy representatives, there were altogether 1,746,933,448 shares (64.91 per cent of all shares) and 
1,750,933,448 votes (64.96 per cent of all votes) in the company represented at the AGM.
The minutes of the Annual General Meeting are available for viewing at www.sampo.com/agm and at Sampo plc's 
head office at Fabianinkatu 27, Helsinki, Finland.
Hastings Group 
As disclosed at the year-end 2024, Hastings Group was subject to review by tax authorities in the UK and Gibraltar. 
On 3 March 2025, a first-tier tribunal ruled in favour of Hastings recovering input VAT on services provided to a 
non-EU customer for the period 1 January 2019 to 31 December 2023. On 28 April 2025, HMRC confirmed that it is 
not appealing the decision. Hastings did not recognize an asset for the recovery of the VAT at the end of the 
reporting period given the uncertainty in respect of the ultimate outcome and will therefore book GBP 25.7 million 
(app. EUR 31 million) in respect of such recoverable costs in its profit or loss during Q2/2025. 
SAMPO PLC
Board of Directors
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Other developments
18

===== SIDA 19 =====

Conference call
A conference call for investors and analysts will be arranged today 7 May at 11:30 am Finnish time (9:30 am UK 
time). 
To ask questions, please join the teleconference by registering using the following link:  
https://palvelu.flik.fi/teleconference/?id=50051475
Upon registration, you will receive phone numbers as well as a conference ID and user ID to access the conference. 
To ask a question, please press #5 on your telephone keypad to enter the queue.
The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript 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 CEO Torbjörn Magnusson are available at
www.sampo.com/result.
Sampo will publish the Half-Year Financial Report on 6 August 2025.
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
FIN-FSA
The principal media
www.sampo.com
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Further information
19

===== SIDA 20 =====

Calculation of key figures
Return on equity own funds, %
+ operating result (annualised)
x 100 %
+ Unrestricted Tier 1 Own funds
(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 (Private UK)
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
- adjustment on taxes
operating result
Combined ratio, %
+ claims incurred
+ operating expenses
x 100 %
+ insurance revenue, net
+ other revenue (Private UK)
Risk ratio, %
+ claims incurred
– claims handling costs
x 100 %insurance revenue, net
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Calculation of key figures
20

===== SIDA 21 =====

Nordic underlying risk ratio, % 
(includes Private Nordic, Nordic Commercial, Nordic Industrial and certain minor items from 
Other operations)
Risk ratio, %
–   Large claims, %
–   Severe weather, %
–   Prior year development, risk adjustment and other technical effects, %
–   Discounting effect, current year, %
Underlying risk ratio, %
Cost ratio, %
+ operating expenses
+ claims handling costs
x 100 %insurance revenue, net
Nordic operating cost ratio, %
(includes Private Nordic, Nordic Commercial, Nordic Industrial and Other operations excluding 
internal reinsurance)
+ operating expenses
+ claims handling costs
x 100 %insurance revenue, net
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
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Calculation of key figures
21

===== SIDA 22 =====

Exchange rates used in reporting
1–3/2025 1–12/2024 1–9/2024 1–6/2024 1–3/2024
EURSEK
Income statement (average) 11.2368 11.4345 11.4143 11.3945 11.2814
Balance sheet (at end of period) 10.8490 11.4590 11.3000 11.3595 11.5250
DKKSEK
Income statement (average) 1.5061 1.5327 1.5300 1.5274 1.5127
Balance sheet (at end of period) 1.4540 1.5365 1.5156 1.5232 1.5453
NOKSEK
Income statement (average) 0.9643 0.9831 0.9850 0.9912 0.9880
Balance sheet (at end of period) 0.9506 0.9715 0.9605 0.9968 0.9851
EURDKK
Income statement (average) 7.4600 7.4589 7.4589 7.4579 7.4562
Balance sheet (at end of period) 7.4613 7.4578 7.4560 7.4575 7.4580
EURGBP
Income statement (average) 0.8357 0.8467 0.8514 0.8547 0.8563
Balance sheet (at end of period) 0.8354 0.8292 0.8354 0.8464 0.8551
INTERIM STATEMENT FOR JANUARY–MARCH 2025
Calculation of key figures
22

===== SIDA 23 =====

Statement of profit and other comprehensive 
income
EURm Note 1-3/2025 1-3/2024
Insurance revenue  2,489  2,278 
Insurance service expenses  -1,894  -1,860 
Reinsurance result  -241  -140 
Insurance service result 1  354  278 
Net investment income 2  80  295 
Net finance income or expense from insurance contracts 3  21  -30 
Insurance finance income or expense, gross  3  -33 
Insurance finance income or expense, reinsurance  18  4 
Net financial result  101  265 
Other income 4  90  81 
Other expenses  -140  -134 
Finance expenses  -28  -26 
Profit before taxes  377  465 
Income taxes  -92  -96 
Net profit  285  369 
Other comprehensive income 
Items reclassifiable to profit or loss
Exchange differences  125  -87 
Cash flow hedges  -1  1 
Total items reclassifiable to profit or loss, net of tax  124  -87 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans  15  3 
Taxes  -3  -1 
Total items not reclassifiable to profit or loss, net of tax  12  2 
Other comprehensive income total, net of tax  136  -84 
Total comprehensive income  421  285 
Profit attributable to
Owners of the parent  285  343 
Non-controlling interests 8  —  26 
Total comprehensive income attributable to
Owners of the parent  421  259 
Non-controlling interests  —  26 
Earnings per share (EPS), EUR  0.11  0.14 
In February 2025, Sampo carried out a share split by way of a share issue without consideration. The new shares were issued to 
shareholders in proportion to their existing holdings, so that four (4) new shares were issued for each existing share. Earnings per 
share figure for the comparison period has been adjusted for the share split. Previously published EPS for comparison period was 
EUR 0.68. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
23

===== SIDA 24 =====

Consolidated balance sheet
EURm Note 3/2025 12/2024
Assets
Property, plant and equipment  296  284 
Intangible assets  3,629  3,637 
Investments in associates  4  4 
Financial assets 5  16,749  16,090 
Deferred income tax  8  2 
Reinsurance contract assets 6  2,408  2,618 
Other assets  1,080  880 
Cash and cash equivalents  1,819  962 
Total assets  25,994  24,478 
Liabilities
Insurance contract liabilities 6  13,009  12,286 
Subordinated debts 7  1,650  1,642 
Other financial liabilities 7  1,467  1,395 
Deferred income tax  555  535 
Other liabilities  1,833  1,562 
Total liabilities  18,514  17,419 
Equity
Share capital  98  98 
Reserves  3,531  3,531 
Retained earnings  4,473  4,176 
Other components of equity  -622  -746 
Total equity  7,480  7,059 
Total equity and liabilities  25,994  24,478 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
24

===== SIDA 25 =====

Statement of changes in equity
EURm
Share 
capital
Legal 
reserve
Invested 
unres-
tricted 
equity
Transla-
tion of 
foreign 
opera-
tions
Cash 
flow 
hedges Total
Non- 
control-
ling 
interest Total
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 
Equity at 1 January 
2025  98  4  3,527  4,176  -746  0  7,059  —  7,059 
Changes in equity
Other changes in equity  —  —  —  -1  —  —  -1  —  -1 
Profit for the reporting 
period  —  —  —  285  —  —  285  —  285 
Other comprehensive 
income for the period  —  —  —  12  125  -1  136  —  136 
Total comprehensive 
income  —  —  —  297  125  -1  421  —  421 
Equity at 31 March 
2025  98  4  3,527  4,473  -620  -1  7,480  —  7,480 
Retained 
earnings1
1 IAS 19 Pension benefits had a net effect of 12 million (2) on retained earnings.
INTERIM STATEMENT FOR JANUARY–MARCH 2025
25

===== SIDA 26 =====

Statement of cash flows
EURm 1–3/2025 1–3/2024
Operating activities
Profit before tax  377  465 
Adjustments
Depreciation and amortisation  46  43 
Unrealised gains and losses arising from valuation  59  -136 
Realised gains and losses on investments  -32  -6 
Change in liabilities for insurance and investment contracts  510  834 
Other adjustments  -169  -19 
Adjustments total  414  715 
Change (+/-) in assets of operating activities
Investments 1  53  -1,067 
Other assets  -127  -50 
Total  -75  -1,117 
Change (+/-) in liabilities of operating activities
Financial liabilities  68  0 
Other liabilities  82  52 
Paid taxes  -96  -72 
Paid interest  -11  -19 
Total  44  -38 
Net cash from (or used in) operating activities  760  26 
Investing activities
Investments in tangible and intangible assets  38  — 
Divestments in equipment and intangible assets  -4  6 
Net cash from (or used in) investing activities  34  6 
Financing activities
Increase in debt securities and amounts owed to credit institutions 2  22  43 
Payments of debt securities in issue 2  —  -2 
Net cash used in (or from) financing activities  22  41 
Total cash flows  816  73 
Cash and cash equivalents at the beginning of reporting period  962  1,415 
Effects of exchange rate changes  42  -7 
Cash and cash equivalents at the end of reporting period  1,819  1,481 
Net change in cash and cash equivalents  816  73 
1 Investments include investment property and financial assets. 
2 Changes in short-term issues and repayments of debt securities are presented as net amounts.
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 1,372 million (1,228) and short-term deposits (max 3 months)     
EUR 447 million (252).
INTERIM STATEMENT FOR JANUARY–MARCH 2025
26

===== SIDA 27 =====

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 2024. 
The financial statements 2024 are available on Sampo’s website www.sampo.com/year2024.
Information presented in the Interim Statement is unaudited. 
Accounting principles requiring management judgement and key 
sources of estimation uncertainties
New reporting segments 
In February 2025, Sampo introduced new reporting segments to reflect its transformation into a fully-integrated 
P&C insurance group following the acquisition of Topdanmark in 2024. 
Sampo reports its financial performance based on the Group’s operational business areas that are regularly 
reviewed by a chief operating decision maker. Segments’ customer bases, risks, and performance measures differ 
from each other. The control and management of business and management reporting are organised in accordance 
with the business segments. The new segments are Private Nordic, Private UK, Nordic Commercial, and Nordic 
Industrial: 
• Private Nordic includes the Group’s Nordic private customer business, previously reported under the If and 
Topdanmark segments in Sampo’s accounts. Sampo operates in the Nordic private insurance market through its 
main brand, If, and other brands including Topdanmark and various white-label partnerships.
• Private UK includes the Group’s UK business, previously reported as Hastings in Sampo’s accounts. Sampo 
operates in the UK private insurance market through its customer brand Hastings, which is one of the leading 
digital P&C insurance providers focused on serving UK car, van, bike, and home insurance.
• Nordic Commercial includes the Group’s Nordic commercial customer businesses, previously reported under the 
If and Topdanmark segments in Sampo’s accounts, as well as Oona Health. The segment focuses particularly on 
SMEs. 
• Nordic Industrial includes the Group’s Nordic Industrial customer business, previously reported under the If 
segment in Sampo’s accounts. Corporates with revenues of more than SEK 500 million (cEUR 45 million), or 
more than 500 employees, are classified as Industrial customers.
In addition to these four reporting segments, Sampo presents other operations, consisting mainly of the Group’s 
Baltic business but also of group eliminations and other internal items. Other operations are not considered a 
separate reporting segment as they do not fulfil the criteria for reporting segments under IFRS 8.
In each reporting segment, Sampo reports the key profit or loss figures from gross written premiums to the 
underwriting result. These key profit or loss figures are reported regularly to the management to assess the 
reporting segments performance. Items below the underwriting result, such as net investment income and 
insurance finance income or expense, are reported at the group level. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
27

===== SIDA 28 =====

New Sampo shares issued in the share split
Sampo plc announced on 5 February 2025 the resolution by the Board of Directors of Sampo on a share split by 
way of a share issue without consideration in proportion to shares owned by shareholders. The new Sampo A and 
B shares were issued to shareholders in proportion to their existing holdings on the record day of the share 
issuance on 12 February 2025, so that four (4) new A shares were issued for each existing A share and four (4) new 
B shares were issued for each existing B share. After the share split, shareholders had five Sampo shares for each 
old existing Sampo share. 
In total, 2,152,191,088 new Sampo A shares and 800,000 new B shares were issued in the share split. Following the 
registration of the new shares, Sampo’s total share count amounts to 2,691,238,860 shares. The total number of A 
shares is 2,690,238,860 and the total number of votes attached to these shares is 2,690,238,860. The total number 
of B shares is 1,000,000 and the total number of votes attached to the shares is 5,000,000. Earnings per share 
figure for the comparison period has been adjusted by the share split.
INTERIM STATEMENT FOR JANUARY–MARCH 2025
28

===== SIDA 29 =====

Segment information 
Result by segment for three months ended 31 March 2025
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Gross written premiums (incl. brokerage)  1,071  722  1,273  481  69  3,616 
Insurance revenue, net (incl. brokerage)  958  470  537  150  72  2,188 
Claims incurred, net  -594  -245  -325  -87  -38  -1,289 
Operating expenses (incl. claims handling 
costs)  -209  -172  -134  -33  -15  -563 
Underwriting result  155  53  78  31  19  336 
Net investment income  80 
Net insurance finance income or expense  21 
Net financial result  101 
Other income or expense  -7 
Non-operational amortisations  -26 
Finance expenses  -28 
Profit before taxes  377 
Sampo introduced new reporting segments based on Group’s operational business areas in February 2025. For more information 
regarding the new segments, please see section Accounting principles. 
Result by segment for three months ended 31 March 2024
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Gross written premiums (incl. brokerage)  1,004  560  1,188  477  69  3,297 
Insurance revenue, net (incl. brokerage)  897  369  522  165  67  2,020 
Claims incurred, net  -598  -204  -310  -107  -42  -1,261 
Operating expenses (incl. claims handling 
costs)  -195  -133  -126  -31  -14  -499 
Underwriting result  104  32  86  27  11  260 
Net investment income  295 
Net insurance finance income or expense  -30 
Net financial result  265 
Other income or expense  -16 
Non-operational amortisations  -18 
Finance expenses  -26 
Profit before taxes  465 
Comparative figures have been restated based on the new segments.  
INTERIM STATEMENT FOR JANUARY–MARCH 2025
29

===== SIDA 30 =====

Other notes
1 Insurance service result
EURm 1-3/2025 1-3/2024
Insurance revenue 
Gross written premiums  3,506  3,204 
Change in liability for remaining coverage  -1,089  -989 
Brokerage revenue  72  63 
Total insurance revenue  2,489  2,278 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -1,511  -1,401 
Claims handling expenses  -130  -127 
Change in liability for incurred claims  133  17 
Change in risk adjustment  -9  -27 
Change in loss component  -1  2 
Insurance service expenses related to claims incurred  -1,518  -1,535 
Operating expenses  -376  -324 
Total insurance service expenses  -1,894  -1,860 
Reinsurance result 
Premiums  -258  -214 
Claims recovered  17  74 
Total reinsurance result  -241  -140 
Total insurance service result  354  278 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
30

===== SIDA 31 =====

2 Net investment income 
The table includes investment income and expenses from financial assets and liabilities held by the group 
companies.
EURm 1-3/2025 1-3/2024
Derivative financial instruments
Interest income  2   1  
Interest expense  0   -1  
Net gains or losses  7   34 
Derivative financial instruments, total  9   34 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  124   123 
Net gains or losses  -13   -19 
Equity securities 
Dividend income  4   16 
Net gains or losses  -24   122 
Funds
Distributions  1   1 
Interest income  4   2 
Net gains or losses  12   35 
Financial assets at fair value through profit or loss, total  108   281 
Financial assets at amortised cost  1   7 
Total income or expenses from financial assets  118   322 
Other
Expenses from asset management  -7   -5 
Other income  9   10 
Other expenses  -39   -32 
Fee expenses  -1   0 
Total other  -38   -27 
Total net investment income  80   295 
The amount of expected credit losses on financial assets measured at amortised cost is presented in the note 5. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
31

===== SIDA 32 =====

3 Net finance income or expense from insurance contracts
EURm 1-3/2025 1-3/2024
Insurance contracts
Unwinding of discount rate  -79    -79   
Effect of changes in interest rates and other financial assumptions  83    45   
Total finance income or expenses from insurance contracts  3    -33   
Reinsurance contracts
Unwinding of discount rate  22    20   
Reinsurers' share of effect of changes in interest rates and other financial 
assumptions  -4    -16   
Total finance income or expenses from reinsurance contracts  18    4   
Net finance result insurance and reinsurance contracts  21    -30   
4 Other income 
EURm 1-3/2025 1-3/2024
Other income  87    79   
Income related to broker activities  3    3   
Total other income  90    81   
If’s other operating income includes approximately EUR 42 million (44) 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 26 million (29) 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 2025
32

===== SIDA 33 =====

5 Financial assets
EURm 3/2025 12/2024
Financial assets
Derivative financial instruments  48  26 
Financial assets at fair value through profit or loss
Debt securities  14,031  13,325 
Equity securities  1,286  1,288 
Funds  808  823 
Total financial assets at fair value through profit or loss  16,125  15,436 
Financial assets measured at amortised cost
Loans  170  272 
Loans and advances to customers  406  356 
Deposits  1  1 
Total financial assets measured at amortised cost  576  629 
Total financial assets  16,749  16,090 
Loans and advances to customers consists of Hastings’ loans to customers. 
The gross carrying amounts of the financial assets measured at amortised cost was EUR 600 million (EUR 651	 
million) and loss allowance was EUR -24 million (EUR -23 million). During the reporting period, the expected credit 
losses recognised in the income statement was EUR -2 million and in the comparative period EUR -1 million. 
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 3/2025 12/2024
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  2,605  1,877 
Liability for incurred claims  10,404  10,409 
Total insurance contract liabilities  13,009    12,286   
Reinsurance contract assets
Assets for remaining coverage  105  276 
Assets for incurred claims  2,303  2,342 
Reinsurance contract assets, total  2,408    2,618   
Total insurance contracts, net of reinsurance  10,601    9,668   
INTERIM STATEMENT FOR JANUARY–MARCH 2025
33

===== SIDA 34 =====

7 Financial liabilities
EURm 3/2025 12/2024
Subordinated debt liabilities 
Subordinated loans  1,650  1,642 
Total subordinated debt liabilities  1,650  1,642 
Other financial liabilities
Derivative financial instruments  139  88 
Financial liabilities measured at amortised cost
Debt securities in issue  957  954 
Amounts owed to credit institutions  372  353 
Total financial liabilities measured at amortised cost  1,329  1,307 
Total other financial liabilities  1,467  1,395 
Total financial liabilities  3,117  3,036 
Hastings has a revolving credit facility with a financial institution totalling EUR 102 million (103), of which EUR 42 
million (39) was undrawn at the end of the reporting period. The revolving credit facility is maturing on 20 
December 2026, after which the contract has an extension option of two more years. 
Hastings has also a securitisation facility arrangement with a financial institution to refinance the acquisition of 
loans totalling EUR 329 million (332), of which EUR 15 million (42) was undrawn at the end of reporting period. The 
arrangement ends in November 2027.  
Hastings has an undrawn credit facility also with Sampo plc totalling EUR 90 million with a maturity date of 29 
October 2026. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
34

===== SIDA 35 =====

8 Acquisition of Topdanmark’s non-controlling interest 
Background
In 2024, Sampo acquired the remaining non-controlling interests in Topdanmark A/S. The transaction was 
completed on 25 October 2024. Following the acquisition of NCI, Sampo plc sold all shares in Topdanmark A/S to 
If P&C Insurance Holding Ltd. 
Equity transaction  
The transaction with the non-controlling interest was accounted for as an equity transaction in Sampo Group 
during H2/2024. The compensation paid to the NCI for their shares in Topdanmark A/S was recognised as a 
decrease in the retained earnings amounting to EUR 2,325 million. The portion of the NCI’s share in equity, 
amounting to EUR 394 million, was allocated to the owners of the parent company, and recognised as an increase 
in retained earnings. The total decrease of retained earnings amounted to EUR 1,931 million.   
The acquisition costs related to the equity transaction, amounting to EUR 31 million, were accounted for as a 
deduction from the equity. Overall, the transaction decreased Sampo Group’s total equity by EUR 356 million 
consisting of compensation paid in compulsory acquisition of EUR 325 million and transaction costs of EUR 31 
million. 
Sale of Topdanmark A/S shares to If P&C Insurance Holding Ltd
On 1 November 2024, Sampo plc sold all the issued shares in Topdanmark A/S to If P&C Insurance Holding Ltd. The 
transaction was completed at arm’s length basis. The sale price, based on the recent market value of EUR 4,659 
million, equivalent to approximately DKK 34.7 billion, was paid through a loan agreement and a shareholder’s 
contribution between Sampo plc and If P&C Insurance Holding Ltd. On 1 November, the loan agreement, amounting 
to EUR 1,724 million, consisted of EUR nominated facility of EUR 862 million and DKK nominated facility of DKK 
6,432 million (approx. EUR 862 million). The remaining part of the purchase price was paid through a shareholder’s 
contribution amounting to SEK 34 029 million (approx. EUR 2,934 million) granted by Sampo plc to If Holding. The 
shareholder’s contribution was recognised as an increase in the carrying amount of If Holding’s shares in Sampo 
plc’s balance sheet. 
As the sale transaction of Topdanmark’s shares is an intra-group transaction, all impacts, including the sales gain of 
the shares, are eliminated on the Sampo Group level. 
9 Subsequent events after the balance sheet date
Hastings Group 
As disclosed at the year-end 2024, Hastings Group was subject to review by tax authorities in the UK and Gibraltar. 
On 3 March 2025, a first-tier tribunal ruled in favour of Hastings recovering input VAT on services provided to a 
non-EU customer for the period 1 January 2019 to 31 December 2023. On 28 April 2025, HMRC confirmed that it is 
not appealing the decision. Hastings did not recognize an asset for the recovery of the VAT at the end of the 
reporting period given the uncertainty in respect of the ultimate outcome and will therefore book GBP25.7 million 
(app. EUR 31 million) in respect of such recoverable costs in its profit or loss during Q2/2025. 
INTERIM STATEMENT FOR JANUARY–MARCH 2025
35

===== SIDA 36 =====