Kvartalsrapport Q1 2026

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Contents
Sampo Group’s results for January-March 2026   ........................................................................................................... 3
Group CEO’s comment     ................................................................................................................................................... 4
Outlook    ........................................................................................................................................................................... 5
Outlook for 2026      ....................................................................................................................................................... 5
The major risks and uncertainties for the Group in the near-term    ............................................................................. 5
Financial overview      ......................................................................................................................................................... 7
Financial highlights for January–March 2026      ............................................................................................................... 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
Approval of the extended Group Partial Internal Model      ............................................................................................. 16
Reduction of ownership in NOBA Group   .................................................................................................................... 16
Shares and shareholders    ........................................................................................................................................... 16
Remuneration    ............................................................................................................................................................ 17
Personnel    .................................................................................................................................................................. 17
Events after the end of the reporting period    ............................................................................................................. 18
Calculation of key figures      .............................................................................................................................................. 21
Tables
Statement of profit and other comprehensive income     ............................................................................................... 24
Consolidated balance sheet     ...................................................................................................................................... 25
Statement of changes in equity    ................................................................................................................................. 26
Statement of cash flows      ............................................................................................................................................ 27
Notes
Accounting principles      ............................................................................................................................................... 28
Segment information      ................................................................................................................................................ 29
Other notes
1 Insurance service result    .......................................................................................................................................... 32
2 Net investment income     .......................................................................................................................................... 33
3 Net finance income or expense from insurance contracts     ...................................................................................... 34
4 Other income       ........................................................................................................................................................ 34
5 Financial assets    ...................................................................................................................................................... 35
6 Insurance contract liabilities   ................................................................................................................................... 36
7 Financial liabilities       .................................................................................................................................................. 37
8 Subsequent events after the balance sheet date  .................................................................................................... 38
Interim Statement for January-March 2026
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Sampo Group’s results for January-
March 2026
• Continued solid top-line growth in private and SME lines in the Nordics, partly offset by muted 
development in larger corporate business lines and in the UK.
• The underwriting result strengthened by 9 per cent on a currency adjusted basis to EUR 368 million, and 
the combined ratio stood strong at 84.4 per cent.
• Robust operating EPS performance, while the reported EPS was burdened by volatile market value 
movements amid geopolitical uncertainty.
• Following the strong first quarter performance, the outlook for the 2026 underwriting result has been 
raised to EUR 1,525-1,625 million from EUR 1,485-1,600 million.
• Sampo will launch a new EUR 350 million share buyback programme based on the 2025 operating result 
and the sale of NOBA shares in February 2026.
• Solvency II coverage remained robust at 174 per cent, net of distribution accrual and the new buyback 
programme, and financial leverage amounted to 23.7 per cent.
• Estimated potential effect from the Danish court ruling on workers’ compensation is expected to be 
covered with Sampo’s existing reserves.
“The first quarter of 2026 provided a solid foundation for attractive value creation over the year and 
demonstrated the resilience of Sampo’s unique profile as a well-diversified, leading P&C insurer in the 
region.” 
Morten Thorsrud, CEO of Sampo Group 
Key figures
Gross written premiums 3,752 3,701 1
Insurance revenue, net 2,363 2,188 8
Underwriting result 368 336 10
Net financial result -276 101 —
Profit before taxes 28 377 -93
Net profit -46 285 —
Operating result 347 297 17
Earnings per share (EUR) -0.02 0.11 —
Operating EPS (EUR) 0.13 0.11 19
1–3/2026 1–3/2025 Change
Risk ratio, % 59.6 58.9 0.6
Cost ratio, % 24.8 25.7 -0.9
Combined ratio, % 84.4 84.6 -0.2
Solvency II ratio (incl. distribution accrual), % 174 180 -6
EURm 1–3/2026 1–3/2025 Change, %
Gross written premiums (GWP) and insurance revenue include broker revenues. The GWP figure for January-March 2025 was 
restated in connection with the January-June 2025 result. Like-for-like GWP growth is calculated by using constant currency rates 
and it is adjusted to exclude potential technical items affecting comparability, such as portfolio transfers, changes in inception 
dates for large contracts, and changes in accounting methods. The figures in this report have not been audited.
Interim Statement for January-March 2026
6 May 2026
3

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Group CEO’s comment
Sampo maintained its solid operational momentum and delivered strong margins across the segments, 
driving a 9 per cent underwriting result growth on a currency adjusted basis. Meanwhile, our balance sheet 
remained robust amid elevated geopolitical uncertainty and market volatility, enabling us to launch 
a EUR 350 million share buyback programme.
Sampo had a strong start to the year on the back of sustained top-line performance in our key growth areas and 
underwriting margins being bolstered by cost-efficiency improvements as well as continued positive underlying 
trends in the Nordics.
Our Nordic retail business continued to drive Sampo’s top-line with 6 per cent like-for-like growth, supported by a 
positive development in all countries and product lines. Personal insurance saw growth of 9 per cent, with strongest 
performance in Norway and Finland . While the sluggish new car sales development in Sweden remained a drag on our 
white-label motor business, the If-branded motor portfolio performed well and saw growth of 10 per cent.
In the UK, we continued to find pockets of growth, leading to 3 per cent live customer policy growth over the quarter. 
While the UK motor pricing environment has recently been broadly stable, the market is still competitive. Hence, our 
focus remains on underwriting discipline and securing the quality of our portfolio, while we continue to invest in our 
capabilities that support our longer-term growth ambitions.
Our SME business in the Nordics delivered healthy growth, underlined by high and stable retention, increased 
customer count and good development in digital sales. Meanwhile, the larger corporate business lines saw headwind 
from a softer competitive landscape during the 1 January renewals. On the other hand, Sampo benefited from lower 
reinsurance prices, driven by favourable market conditions but also our recent actions to reduce our large property 
exposures.
For a P&C insurer operating in the Nordics, the first quarter is typically the period when weather conditions can play 
a significant role. This year, the wintry start was followed by markedly more benign weather conditions towards the 
end of the quarter. This led to weather-related claims being below our initial expectations for the quarter. Combined 
with another positive large claims outcome, we have decided to raise our underwriting profit outlook for 2026 to EUR 
1,525-1,625 million from EUR 1,485-1,600 million, representing growth of 3-9 per cent year-on-year.
The first quarter also saw a new wave of elevated geopolitical uncertainty. Operational effects for Sampo have been 
limited, but we carefully monitor any potential uptick in claims inflation and remain disciplined in our pricing should 
the disruptions in the Strait of Hormuz continue for a prolonged period. The biggest effect naturally stems from 
increased capital market volatility, which was reflected in the net financial result for the first quarter. However, 
excluding the legacy assets, our core investment portfolio stood broadly stable, and solvency remained robust, 
underscoring the resilience of our balance sheet in volatile times. Another proof of our balance sheet strength is that 
we expect to cover the estimated effect from the Danish workers’ compensation ruling with our existing reserves.
Enabled by our strong balance sheet, we will launch a share buyback programme of EUR 350 million. Of this, EUR 250 
million is based on our operating result for 2025, while the rest is funded by the recent sale of NOBA shares. With the 
latter, we have now delivered half of the up to EUR 500 million communicated at the 2024 Capital Markets Day, and 
we remain committed to returning the other half as we sell down our legacy assets.
To conclude, the first quarter of 2026 provided a solid foundation for attractive value creation over the year and 
demonstrated the resilience of Sampo’s unique profile as a well-diversified, leading P&C insurer in the region.
Morten Thorsrud
Group CEO
Interim Statement for January-March 2026
Group CEO’s comment
4

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Outlook
Outlook for 2026
The start of the year saw wintry Nordic weather conditions, which was reflected in the initial outlook for 
2026. However, materially more benign conditions towards the end of the quarter resulted in weather-
related claims outcome being more favourable than anticipated. Furthermore, the first quarter saw fewer 
large claims than budgeted. With regard to top-line growth, the first quarter saw solid development in 
private lines, while corporate lines benefitted from lower reinsurance prices. Taking these factors into 
consideration, Sampo has decided to adjust its outlook for 2026.
• Group insurance revenue: EUR 9.6– 9.8 billion (from EUR 9.5–9.8 billion), representing growth of 6–8 per cent 
year-on-year. 
• Group underwriting result: EUR 1,525–1,625 million (from EUR 1,485–1,600 million), representing growth of 
3–9 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. This means that 
regular updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and 
budgeted levels are typical on a quarterly basis, and Sampo intends to broadly reflect these in the outlook statement 
in its quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from 
returns on its investment portfolio and insurance finance income and expense, meaning changes in the outlook 
cannot be assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial 
result.
The outlook for 2026 is consistent with Sampo’s 2024–2026 financial targets of delivering a combined ratio below 85 
per cent annually and operating EPS growth of more than 9 per cent annually on average. The outlook is subject to 
uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and competitive 
dynamics. Revenue forecasts, in particular, are subject to competitive conditions, which may change rapidly in some 
areas such as the UK motor insurance market. The revenue and underwriting profit figures in the outlook are based 
on currency exchange rates as of the latest reporting date. 
A full explanation of the alternative performance metrics used in the Outlook can be found in the section Calculation 
of key figures.
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. 
Euro area inflation fell in early 2026, already below the central bank target. However, the outbreak of the war in the 
Middle East has subsequently adversely affected the outlook for growth and inflation. The duration and scale of the 
conflict will determine the magnitude of its effects, making the future development of consumer prices uncertain. In 
addition to the direct effects of geopolitical events, domestic price pressures may subsequently intensify through the 
labour markets via second-round effects. This in turn creates uncertainty on the future path for interest rates. At the 
same time, the enthusiasm for artificial intelligence has lifted equity market valuations. Any worsening of geopolitical 
Interim Statement for January-March 2026
Outlook
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tensions or weaker expected gains from new technologies 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. These developments are currently causing significant uncertainties in 
economic and capital market development. Concurrently, 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 has limited direct exposure in the Persian Gulf. The biggest risk from the tensions in the Middle East to 
the Group 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 driven also 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 2026
Outlook
6

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Financial overview
1–3/2026 1–3/2025 2025
Gross written premiums (incl. brokerage) EURm  3,752  3,701  10,738 
Insurance revenue (incl. brokerage), net EURm  2,363  2,188  9,078 
Claims incurred, net EURm  -1,407  -1,289  -5,290 
Operating expenses and claims handling costs EURm  -587  -563  -2,302 
Underwriting result EURm  368  336  1,485 
Net investment income EURm  -276  80  1,285 
Net insurance finance income or expense EURm  1  21  -74 
Net financial result EURm  -276  101  1,210 
Other items EURm  -65  -60  -259 
Profit before taxes EURm  28  377  2,436 
Net profit EURm  -46  285  1,998 
Key figures 
Earnings per share EUR  -0.02  0.11  0.74 
Operating EPS EUR  0.13  0.11  0.50 
Risk ratio %  59.6  58.9  58.3 
Cost ratio %  24.8  25.7  25.4 
Combined ratio %  84.4  84.6  83.6 
Nordic operating cost ratio %  22.6  22.9  22.6 
Like-for-like GWP growth %  2  9  8 
Solvency II ratio (incl. distribution accrual) %  174  180  174 
Financial leverage %  23.7  25.8  23.6 
Return on equity own funds %  32.5  29.7  32.3 
Number of shares (end of reporting period) Millions 2,656 2,691 2,662
Average number of shares Millions 2,657 2,691 2,685
Nordic underlying development
Risk ratio %  60.6  61.1  59.8 
-Large claims %  -1.7  -1.0  -1.1 
-Severe weather %  0.0  -0.5  0.4 
-Prior year development, risk adjustment and 
other technical effects %  -0.1  -0.2  -0.1 
-Discounting effect, current year %  -2.9  -2.8  -2.9 
Underlying risk ratio %  65.4  65.5  63.5 
Segments
Private Nordic
Insurance revenue, net EURm  1,048  958  3,995 
Underwriting result EURm  179  155  715 
Combined ratio %  83.0  83.8  82.1 
Private UK
Insurance revenue (incl. brokerage), net EURm  522  470  2,000 
Underwriting result EURm  50  53  216 
Combined ratio %  90.3  88.7  89.2 
Live customer policies Millions 4.6 4.1 4.5
Nordic Commercial
Insurance revenue, net EURm  570  537  2,201 
Underwriting result EURm  90  78  376 
Combined ratio %  84.1  85.5  82.9 
Nordic Industrial
Insurance revenue, net EURm  154  150  584 
Underwriting result EURm  30  31  109 
Combined ratio %  80.3  79.6  81.3 
Interim Statement for January-March 2026
Financial overview
7

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Financial highlights for January–March 2026
Sampo Group delivered a strong start to 2026, underpinned by continued solid top-line growth in Nordic 
private and SME lines. Supported by top-line growth as well as favourable claims experience despite the 
wintry Nordic weather conditions in the beginning of the year, the underwriting result increased by 9 per 
cent on a currency adjusted basis.
Gross written premiums (GWP), including brokerage income, grew by 2 per cent on a like-for-like basis in the first 
quarter of 2026. On a reported basis, GWP increased by 1 per cent to EUR 3,752 million (3,701). Insurance revenue, 
including brokerage income, came in at EUR 2,363 million (2,188), reflecting solid underlying development with 
growth of 8 per cent year-on-year.
The Group’s top-line development was supported by sustained growth in private business lines in the Nordics. 
Private Nordic delivered like-for-like GWP growth of 5.7 per cent driven by strong sales performance, high customer 
retention, and positive portfolio development. Personal insurance continued to make a strong contribution with 
growth of 9 per cent, while private property grew by 4 per cent. Top-line performance in motor insurance continued 
to be affected by subdued new car sales in Sweden. Geographically, GWP development remained positive across all 
Nordic countries, and customer retention and the customer base were broadly stable. Digital sales increased by 14 
per cent, reflecting continued robust momentum.
Private UK delivered like-for-like top-line growth of 1.0 per cent on the back of continued growth in live customer 
policies (LCP), partly offset by overall lower average premiums. The number of LCPs increased to 4.6 million, up 13 
per cent year-on-year and 3 per cent from the last quarter driven by higher retention and positive development in 
telematics, bike, van, and home insurance.
In Nordic Commercial, top-line performance was supported by 1 January renewals, high and stable retention, and 
continued good development in SME. In addition, digital sales continued to develop well, increasing by 9 per cent. 
However, this was partly offset by the loss of a few larger customers, leading to a like-for-like growth of 1.0 per cent. 
In Nordic Industrial, like-for-like GWP declined by -1.0 per cent driven by softer market conditions and reduced 
exposure to large property risks . Volumes remained broadly flat following competitive 1 January renewals.
The Group combined ratio improved year-on-year and came in at 84.4 per cent (84.6). Despite the wintry start to the 
year in the Nordics, weather-related claims outcome for the first quarter ended up being more favourable than 
initially anticipated. Further, large claims outcome came in lower than budgeted, having a positive effect of 1.7 
percentage points on the Nordic risk ratio. Further, the underlying trend remained positive with a 0.2 percentage 
point year-on-year improvement in the Nordic underlying risk ratio. In the UK, underwriting margins continued to be 
affected by the softer pricing environment but remained in line with target levels. 
As a result of continued cost discipline, operational efficiency and realised Topdanmark synergies, the Group’s cost 
ratio improved by 0.9 percentage points year-on-year to 24.8 (25.7). Meanwhile, the Nordic operating cost ratio 
strengthened by 0.4 percentage points and remains on track for a 0.4 percentage points annual reduction.
Continued solid top-line development, combined with a favourable claims outcome and sustained positive underlying 
development, drove underwriting result growth of 9 per cent on a currency adjusted basis and 10 per cent on a 
reported basis to EUR 368 million (336).
To reflect a more favourable claims outcome than initially expected in the first quarter, both in terms of weather and 
large claims, Sampo has decided to increase its outlook for 2026 underwriting result to EUR 1,525–1,625 million from 
EUR 1,485–1,600 million, representing 3-9 per cent growth year-on-year. Further, following solid first quarter top line 
growth, the outlook for 2026 insurance revenue has been adjusted to EUR 9.6– 9.8 billion from EUR 9.5–9.8 billion, 
implying growth of 6–8 per cent year-on-year.
Interim Statement for January-March 2026
Financial highlights
8

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The net financial result declined to EUR -276 million (101). This was driven by net investment income being burdened 
by EUR -235 million net loss on NOBA as well as adverse market value movements in the fixed income portfolio, 
reflecting volatile market conditions towards the end of the first quarter due to geopolitical tensions in the Middle 
East. 
Operating EPS strengthened by 19 per cent to EUR 0.13 (0.11) on the back of higher underwriting result but it was 
also supported by effects from currency hedging being materially higher than in the comparison period. Meanwhile, 
reported EPS declined to EUR -0.02 (0.11), driven by adverse short-term mark-to-market movements in the 
investment portfolio. 
Sampo will launch a new share buyback programme of EUR 350 million, funded by capital generated in 2025 and the 
proceeds from the sale of shares in NOBA in February 2026. 
The Group Solvency II coverage, net of distribution accrual and the new buyback programme, stood at 174 per cent, 
unchanged from the end of 2025. In March 2026, Sampo received an approval from the Swedish FSA to include the 
Group’s Danish operations formerly under Topdanmark in the Group’s Partial Internal Model (PIM). The financial 
leverage stood at 23.7 per cent, slightly up from 23.6 per cent at the end of 2025. Sampo targets a solvency ratio of 
150–190 per cent and a financial leverage of below 30 per cent.
Following strong delivery  on the synergies emerging from the integration of Topdanmark into the Group in 2025, 
Sampo has reassessed the phasing of synergy realisation for 2026 and 2027, resulting in faster annual run-rate 
synergy targets. The annual run-rate estimate has been increased to EUR 105 million for 2026 and to EUR 125 million 
for 2027 from EUR 55 million and EUR 87 million, respectively. Sampo remains committed to the EUR 140 million 
target by 2028. By the end of March 2026, EUR 58 million of the targeted run-rate synergies were realised.
Interim Statement for January-March 2026
Financial highlights
9

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

Segments
Private Nordic
Sampo operates in the Nordic private insurance market through a number of brands including If, 
Topdanmark, Volvia, and other white-label partnerships. Its business model is based on high customer 
satisfaction and leveraging the benefits from digital sales and service capabilities. In total, the Group serves 
around 3.7 million households in Sweden, Denmark, Norway, and Finland. 
EURm 1–3/2026 1–3/2025 Change, %
Gross written premiums  1,167  1,081  8 
Insurance revenue, net  1,048  958  9 
Claims incurred, net  -645  -594  9 
Operating expense (incl. claims handling costs)  -224  -209  7 
Underwriting result  179  155  15 
Key ratios 1–3/2026 1–3/2025 Change
Like-for-like GWP growth, %  5.7  8.5  -2.8 
Risk ratio, %  61.6  61.9  -0.4 
Cost ratio, %  21.4  21.8  -0.5 
Combined ratio, %  83.0  83.8  -0.8 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
In the first quarter of 2026, Private Nordic reported like-for-like GWP growth of 5.7 per cent, driven by a favourable 
sales outcome, high customer retention, and positive portfolio development. 
By product line, the positive GWP development was supported by solid performance across key target areas, with 
growth of 9 per cent in personal insurance, 5 per cent in motor, and 4 per cent in private property. Nordic new car 
sales were subdued during the quarter and saw only 0.6 per cent increase, while new car sales in Sweden declined by 
2 per cent. All countries reported positive GWP growth during the quarter. Norway continued to stand out with 
particularly strong performance as GWP increased by 13 per cent, mainly driven by rate action.
Digital sales showed a strong start to the year, increasing by 14 per cent year on year. Customer retention remained 
within the targeted level at 89 per cent, and the customer base was broadly stable year-on-year.
Underwriting performance
The underwriting result increased by 15 per cent to EUR 179 million (155) in January–March 2026, and the combined 
ratio improved to 83.0 per cent (83.8). The positive development was supported by a slightly stronger risk ratio of 
61.6 per cent (61.9). Weather conditions during the quarter were broadly in line with seasonal norms across the 
Nordic region and did not have a material impact on the claims outcome. 
While winter conditions were somewhat harsher in Finland, this did not translate into elevated claims activity at a 
Nordic level. In addition, the claims outcome from storm Johannes in late 2025 developed more favourably than 
initially estimated. Overall claims volumes in the first quarter were broadly in line with the corresponding period last 
year, and claims frequencies did not deviate from expected levels. 
The quarterly cost ratio developed favourably and stood at 21.4 per cent (21.8), reflecting continued cost discipline 
and operational efficiency.
Interim Statement for January-March 2026
Segments
10

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

Private UK
Sampo operates in the UK private insurance market through its brand Hastings, which is one of the leading 
digital P&C insurance providers focused on UK car, van, bike, and home insurance. The Group serves over 4 
million UK customers and is specialised in price comparison distribution, advanced pricing, anti-fraud, and 
digital capabilities. 
EURm 1–3/2026 1–3/2025 Change, %
Gross written premiums  702  722  -3 
Insurance revenue, net  522  470  11 
Claims incurred, net  -298  -245  22 
Operating expense (incl. claims handling costs)  -173  -172  1 
Underwriting result  50  53  -5 
Key ratios 1–3/2026 1–3/2025 Change
Like-for-like GWP growth, %  1.0  25.9  -24.8 
Risk ratio, %  57.1  52.2  5.0 
Cost ratio, %  33.2  36.5  -3.3 
Combined ratio, %  90.3  88.7  1.6 
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 2026, Private UK saw like-for-like GWP (including brokerage) growth of 1.0 per cent 
y e a r - o n - y e a r .  T h i s  w a s  d r i v e n  b y  g r o w t h  i n  p o l i c y  v o l u m e s ,  p a r t i a l l y  o f f s e t  b y  o v e r a l l  l o w e r  a v e r a g e  p r e m i u m s .
I n s u r a n c e  r e v e n u e  i n c r e a s e d  b y  1 1  p e r  c e n t  y e a r - o n - y e a r  t o  E U R  5 2 2  m i l l i o n  ( 4 7 0 ) ,  p r i m a r i l y  d u e  t o  t h e  c o n t i n u e d  
earning through of premium rate increases and growth in customer numbers.
Live customer policies increased to 4.6 million,  r e p r e s e n t i n g  a  1 3  p e r  c e n t  y e a r - o n - y e a r  i n c r e a s e  a n d  a  3  p e r  c e n t  
i n c r e a s e  s i n c e  t h e  e n d  o f  2 0 2 5 .  M o t o r  p o l i c i e s  g r e w  b y  1 2  p e r  c e n t  y e a r - o n - y e a r ,  w h i l e  h o m e  p o l i c i e s  w e r e  u p  1 9  p e r  
c e n t  y e a r - o n - y e a r .  G r o w t h  w a s  d r i v e n  b y  h i g h e r  r e t e n t i o n  r a t e s  a n d  b y  c o n t i n u e d  s t r o n g  n e w  b u s i n e s s  v o l u m e s .  T h e  
pricing environment in the UK motor insurance market remained competitive but rational during the quarter.
Underwriting performance
The underwriting result decreased by 5 per cent to EUR 50 million (53). The risk ratio increased by 5.0 percentage 
p o i n t s  y e a r - o n - y e a r  t o  57.1 per cent (52.2), reflecting lower average premiums and a modest increase in claims 
frequency versus prior year. The Group continued to apply a highly conservative reserving approach.
Cost ratio improved by 3.3 percentage points year-on-year to 33.2 per cent (36.5), reflecting ongoing progress in 
expense discipline and earned premium dynamics. The Group’s continued investments in customer service 
infrastructure and digital development are contributing towards high levels of customer satisfaction and lower levels 
of customer complaints, a trend which we are focused on continuing.
Interim Statement for January-March 2026
Segments
11

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

Nordic Commercial
Sampo operates in the Nordic commercial insurance market through its brands If, Topdanmark, and Dansk 
Sundhedssikring (Oona Health) with a particular focus on SMEs. In total, the Group serves around 460,000 
commercial customers in Sweden, Denmark, Norway, and Finland.
EURm 1–3/2026 1–3/2025 Change, %
Gross written premiums  1,335  1,348  -1 
Insurance revenue, net  570  537  6 
Claims incurred, net  -338  -325  4 
Operating expense (incl. claims handling costs)  -142  -134  6 
Underwriting result  90  78  16 
Key ratios 1–3/2026 1–3/2025 Change
Like-for-like GWP growth, %  1.0  5.2  -4.2 
Risk ratio, %  59.3  60.6  -1.3 
Cost ratio, %  24.9  24.9  — 
Combined ratio, %  84.1  85.5  -1.3 
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 Commercial delivered like-for-like GWP growth of 1.0 per cent in the first quarter of 2026. The top-line 
development was supported by renewals and repricing ahead of claims inflation and in line with risk targets but was 
partly offset by the impact of few large customer losses in a more competitive large corporate market environment.
The premium development was supported by continued positive performance in the SME portfolio, which grew by 4 
per cent, while weaker development in personal insurance had a dampening effect. Geographically, GWP growth was 
driven by Norway and Sweden. 
Nordic Commercial digital sales continued to develop positively, increasing by 9 per cent during the period. Retention 
remained high and broadly stable, and the number of customers increased compared with the previous quarter.
Underwriting performance
The underwriting result increased by 16 per cent to EUR 90 million (78), and the combined ratio improved to 84.1 per 
cent (85.5). This was supported by an improved risk ratio of 59.3 per cent (60.6), reflecting less frequency claims and 
a more favourable large claims development relative to budget.
Weather-related claims were in line with seasonal expectations, reflecting normal Nordic winter conditions. The cost 
ratio stood unchanged year-on-year at 24.9 per cent (24.9).
Interim Statement for January-March 2026
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 (approx. EUR 45 million), or more than 500 employees, are classified 
as industrial customers. In total, the segment serves around 1,200 companies.
EURm 1–3/2026 1–3/2025 Change, %
Gross written premiums  480  481  — 
Insurance revenue, net  154  150  2 
Claims incurred, net  -91  -87  5 
Operating expense (incl. claims handling costs)  -33  -33  — 
Underwriting result  30  31  -1 
Key ratios 1–3/2026 1–3/2025 Change
Like-for-like GWP growth, %  -1.0  0.3  -1.2 
Risk ratio, %  59.0  57.8  1.2 
Cost ratio, %  21.3  21.8  -0.5 
Combined ratio, %  80.3  79.6  0.7 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
Nordic Industrial reported a GWP decline of -1.0 per cent on a like-for-like basis for the first quarter of 2026, while 
insurance revenue increased by 2 per cent on a reported basis.
Volumes remained broadly flat following a competitive 1 January renewals with continued pressure on repricing 
levels. Retention was relatively strong given the market conditions, and the new project insurance developed 
positively, reflecting successful commercial initiatives during the period.
Underwriting performance
The underwriting result stood stable at EUR 30 million (31), and the combined ratio came in at 80.3 per cent (79.6). 
The development was supported by a risk ratio of 59.0 per cent (57.8), following a quarter characterised by benign 
weather conditions and a large claims outcome that was better than budgeted. In addition, favourable reinsurance 
renewals had a positive impact on the result.
The cost ratio for the quarter improved to 21.3 per cent (21.8), reflecting continued efficiency measures and 
disciplined cost management.
Interim Statement for January-March 2026
Segments
13

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

Net financial result and other items
EURm 1–3/2026 1–3/2025 Change, %
Fixed income  141  134  5 
Equities  3  4  -20 
Funds  3  5  -46 
Interest and dividend income  146  142  3 
Fixed income  -156  -13  — 
Equities  -247  -24  934 
Funds  -28  12  — 
Net gains or losses  -431  -25  — 
Other items  8  -37  — 
Net investment income  -276  80  — 
Unwind of discounting, net  -67  -57  16 
Changes in discount rates, net  69  91  -24 
Indexation of annuities, net  -1  -12  -88 
Insurance finance income or expense  1  21  -96 
Net financial result  -276  101  — 
Other income or expense  -15  -7  115 
Non-operational amortisations  -26  -26  3 
Finance expenses  -24  -28  -15 
Total  -65  -60  8 
Key figures 1–3/2026 1–3/2025 Change
Investment return, %  -1.5  0.5  -2.0 
Fixed income mark-to-market yield, %  3.9  4.1  -0.2 
Fixed income running yield, %  3.8  3.9  -0.1 
Fixed income duration, years  2.5  2.3  0.3 
In the third quarter of 2025, the reporting method regarding investment income in the table above was changed so that interest 
income on bank accounts and assets at amortised cost have been moved from Other items to Fixed income under Interest and 
dividend income. The figures for the comparison periods have been restated as well. 
The Group’s net investment income declined to EUR -276 million (80) in the first quarter of 2026. This was primarily 
driven by EUR -235 million net loss on NOBA (including FX hedging) as well as adverse market value movements in 
the fixed income portfolio, reflecting volatile market conditions due to geopolitical tensions in the Middle East. In 
total, net losses from equities were EUR -247 million (-24), and from fixed income portfolio EUR -156 million (-13).
Meanwhile, the Group’s fixed income portfolio continued to deliver stable interest income of EUR 141 million (134). 
The fixed income running yield stood at 3.8 per cent at the end of March 2026, slightly down from 3.9 per cent at the 
end of 2025. The mark-to-market yield amounted 3.9 per cent, up from 3.6 per cent at the end of 2025. 
In total, the Group’s mark-to-market investment return was -1.5 per cent in the first quarter. The Group’s investment 
portfolio amounted to EUR 18.7 billion. Of this, 89 per cent was allocated to fixed income, 10 per cent to equities, and 1 
per cent to alternative investments.
Insurance finance income or expense amounted to EUR 1 million (21), driven by a positive effect of EUR 69 million (91) 
from changes in discount rates, while the unwind of discounting had an impact of EUR -67 million (-57). Driven by 
negative net investment income, the net financial result amounted to EUR -276 million (101).
Other income or expense was EUR -15 million (-7) and finance expenses stood at EUR -24 million (-28). The non-
operational amortisations  remained at the same level at EUR -26 million (-26).
Interim Statement for January-March 2026
Net financial result and other items
14

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

Financial position
Group solvency 
Sampo Group’s Solvency II ratio, net of distribution accrual and the new buyback programme, amounted to 174 per 
cent at end of March 2026. The ratio stood unchanged from the end of 2025 on the back of continued strong 
operating performance and positive effect from the Partial Internal Model approval, as well as some positive 
underwriting seasonality. This was offset by the regular distribution accrual, the new buyback programme of EUR 350 
million, and negative market effects, primarily driven by higher short-term interest rates and wider credit spreads.
The Group’s Solvency II own funds declined to EUR 5,639 million from EUR 6,059 million at the end of 2025. At the 
same time, the solvency capital requirement declined to EUR 3,245 million from EUR 3,490 million, driven by the PIM 
approval and the recent sale of NOBA shares.
Starting from the first quarter of 2026, Sampo  will deduct 90 per cent  of its operating result as distribution accrual, in 
line with the updated distribution policy. Previously, the accrual was based on the latest regular dividend.
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 (excluding Tier 1 instruments) amounted to EUR 7,766 million and financial debt 
stood at EUR 2,409 million at the end of March 2026, translating into a financial leverage of 23.7 per cent. The 
financial leverage stood broadly unchanged compared to 23.6 per cent at the end of 2025, as the shareholders’ equity 
was subdued by adverse market value movements during the quarter. 
In February 2026, Sampo issued SEK 1.5 billion of new floating rate Restricted Tier 1 notes. The notes effectively 
replaced the previously outstanding SEK 1.5 billion Tier 2 notes with a call date in March 2026. The financial leverage 
figure includes restricted Tier 1 capital as debt.
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 
2026 are presented in the table below.
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
Rated company Moody’s Standard & Poor’s
Interim Statement for January-March 2026
Financial position
15

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

Other developments
Approval of the extended Group Partial Internal Model
On 23 March 2026, Sampo announced that it had received approval from the Swedish FSA (Finansinspektionen) to 
include its Danish operations formerly under Topdanmark in the Group’s Partial Internal Model (PIM). Sampo 
estimated that as of 31 December 2025 the extended model would have reduced the Group-level solvency capital 
requirement by approximately EUR 90 million. The extended PIM has been applied from the first quarter of 2026 
onwards.
Reduction of ownership in NOBA Group
On 11 February 2026, Sampo announced that it had sold 10.0 million shares in NOBA to institutional investors through 
an accelerated bookbuilding process conducted together with Nordic Capital. The share sale generated 
approximately EUR 95 million in gross proceeds for Sampo. Following the transaction, Sampo’s ownership in NOBA 
decreased from 14.9 per cent to 12.9 per cent.
Shares and shareholders
The EUR 150 million share buyback programme announced on 5 November 2025 continued into the reporting period 
and ended on 30 January 2026. Through the programme, Sampo repurchased 15.1 million of its own A shares, 
representing 0.6 per cent of the total share count. The repurchased shares were cancelled on 5 February 2026. At the 
end of March 2026, Sampo’s total share count amounted to 2,655,674,826 shares. Further details on the company’s 
share buyback programmes is available at www.sampo.com/sharebuyback .
Sampo will launch a new buyback programme of EUR 350 million in line with communication in connection with the 
2025 full-year result. The new programme will be based on the 2025 operating result and the sale of NOBA shares in 
February 2026.
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
2025 2,669,754,027 -8,945,503 1,000,000 2,661,808,524
3/2026 2,654,674,826 0 1,000,000 2,655,674,826
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.
Trading in Sampo A shares on Nasdaq Stockholm began on 16 February 2026.  Prior to the direct listing, Sampo A 
shares had been traded on Nasdaq Stockholm through Swedish Depositary Receipts (SDRs) since November 2022. 
The last day of trading in the SDRs was 13 February 2026. The conversion of the SDRs into A shares was carried out 
automatically for all SDR holders.
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 2026. The latest notifications are available at www.sampo.com/flaggings .
Interim Statement for January-March 2026
Other developments
16

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

Remuneration
A total of EUR 42 million (46), including social costs, was paid as short-term incentives during the first quarter of 
2026. In the same period, a total of 24 million (16) was paid as long-term incentives, of which all was paid out in 
Hastings. The long-term incentive schemes in force in Sampo Group amounted to EUR -2 million (-7), reflecting a 
decrease in provisions year-on-year. Information on the long-term incentive schemes of Sampo plc, including the 
terms and conditions of the 2020 scheme and summaries of other schemes , is available at www.sampo.com/
incentiveterms
In March 2026, Sampo Group published its Remuneration Report for Governing Bodies 2025 at www.sampo.com/
year2025. The report has been prepared in accordance with the Corporate Governance Code 2025, issued by the 
Securities Market Association and effective from 1 January 2025. 
The remuneration of the Group Executive Committee members (excluding the Group CEO) can be viewed at 
www.sampo.com/remuneration_executive_committee .
Personnel
Sampo Group’s average number of employees (FTE) was 15,117 (14,902) for January–March 2026 . On 31 March 2026, 
the total number of employees was 15,129 (15,005).
Sampo Group personnel by country
United Kingdom  4,628   31  4,261  29 
Denmark  2,720   18  2,918  20 
Sweden  2,556   17  2,536  17 
Finland  1,953   13  1,959  13 
Norway  1,664   11  1,731  12 
Other countries  1,595   11  1,497  10 
Total  15,117   100  14,902  100 
Country
Average personnel (FTE) 
1–3/2026 %
Average personnel (FTE) 
1–3/2025 %
Interim Statement for January-March 2026
Other developments
17

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

Events after the end of the reporting period
Danish Supreme Court’s ruling on workers’ compensation case
On 28 April 2026, the Danish Supreme Court announced its ruling on the workers’ compensation case between The 
National Social Appeals Board (Ankestyrelsen) and trade union HK Danmark, and the ruling was in favour of HK 
Danmark.
In summary, the ruling means that the applied compensation threshold for permanent loss of earning capacity in 
workers’ compensation cases will be retrospectively lowered from 15 per cent to 5 per cent. This is an adverse 
outcome for both the Danish insurance industry and the State and municipalities in Denmark, as it will have financial 
consequences, which still remain uncertain. The Danish association for insurance and pension companies F&P 
expects the State of Denmark to take responsibility for the impact for the industry.
Sampo continues to analyse the case ruling. Due to Sampo’s disciplined reserving practices, the potential impact 
based on the current best estimate, is expected to be covered by existing reserves. Any potential accounting impacts 
will be recognised in the second quarter of 2026.
Consequently, even without any potential compensation from the State of Denmark, the effects on the Group net 
profit and solvency are expected to be limited. Sampo’s financial outlook for 2026 remains unaffected. 
Annual General Meeting
The Annual General Meeting of Sampo plc (AGM), held on 22 April 2026, decided to distribute a dividend of EUR 0.36 
per share for 2025. The dividend was paid to shareholders whose shares are registered with Euroclear Finland Oy on 
5 May 2026. For shareholders whose shares are registered outside Finland, the dividend is paid in accordance with 
the practices of Euroclear Sweden AB and VP Securities A/S and may occur at a later date.
The AGM adopted the financial accounts for 2025 and discharged the members of the Board of Directors and CEOs 
f r o m  l i a b i l i t y  f o r  t h e  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 5 .
The number of Board members remained unchanged at eight members. Steve Langan, Sara Mella, Risto Murto, 
Antti Mäkinen, Markus Rauramo, Astrid Stange, and Annica Witschard were re-elected to the Board for a term 
continuing until the close of the next Annual General Meeting. Andreas Brandstetter 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 250,000 for the Chair of the Board (prev. EUR 243,000);
• EUR 144,000 for the Vice Chair of the Board (prev. EUR 140,000);
• EUR 111,000 for each member of the Board (prev. EUR 108,000);
• EUR 30,000 for the Chair of the Audit Committee as an additional annual fee (prev. EUR 30,000);
• EUR 15,000 for each member of the Audit Committee as an additional annual fee (prev. EUR 6,800);
• EUR 20,000 for the Chair of the Nomination and Remuneration Committee as an additional annual fee (new 
committee fee); and
• EUR 10,000 for each member of the Nomination and Remuneration Committee as an additional annual fee (new 
committee fee).
Interim Statement for January-March 2026
Other developments
18

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

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 cover the costs of any possible transfer tax related to the acquisition of the shares up to an amount 
corresponding to the total net annual fee used to acquire 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 a term of office expiring at the end of the 
company’s Annual General Meeting 2027. 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. 
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 9.42 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.
A total of 4,261 shareholders representing 1,708,375,077 shares (64.33 per cent of all shares) and 1,712,375,077 votes 
(64.38 per cent of all votes) in the company were represented at the AGM, including shareholders who had voted in 
advance or were represented by a proxy.
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 21, Helsinki, Finland.
SAMPO PLC
Board of Directors
Interim Statement for January-March 2026
Other developments
19

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

Conference call
A conference call for investors and analysts will be arranged today, 6 May 2026, at 10:30 am Finnish time (8:30 a m UK 
time). 
To ask questions, please join the teleconference by registering using the following link:  
https://events.inderes.com/sampo/q1-2026-jql3h6xatr/dial-in
Upon registration, you will receive phone numbers as well as a conference ID and user ID to access the conference. If 
you wish to ask a question, please dial #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
Lars Kufall Beck, Group CFO, tel. +358 10 516 0010
Mirko Hurmerinta, Interim Head of Investor Relations, tel. +358 10 516 0032
Media contacts, media@sampo.fi
The Investor Presentation is available at www.sampo.com/result.
Sampo will publish the Half-Year Financial Report 2026 on 12 August 2026.
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
FIN-FSA
The principal media
www.sampo.com
Interim Statement for January-March 2026
Further information
20

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

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 1
financial debt
x 100 %equity (excluding Tier 1 instruments) + financial debt
1The Group’s financial leverage includes only long-term funding.
Like-for-like GWP growth, %
Like-for-like GWP growth is calculated by using constant currency rates and it is adjusted to exclude 
potential technical items affecting comparability, such as portfolio transfers, changes in inception 
dates for large contracts and changes in accounting methods. 
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 (Private UK)
- 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)
Interim Statement for January-March 2026
Calculation of key figures
21

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

Risk ratio, %
+ claims incurred
– claims handling costs
x 100 %insurance revenue, net
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 earnings per share
operating result
adjusted average number of shares
Interim Statement for January-March 2026
Calculation of key figures
22

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

Exchange rates used in reporting
EURSEK
Income statement (average) 10.6357 11.0680 11.1076 11.1000 11.2368
Balance sheet (at end of period) 10.9430 10.8215 11.0565 11.1465 10.8490
DKKSEK
Income statement (average) 1.4315 1.4827 1.4882 1.4873 1.5061
Balance sheet (at end of period) 1.4643 1.4489 1.4811 1.4940 1.4540
NOKSEK
Income statement (average) 0.9396 0.9444 0.9485 0.9516 0.9643
Balance sheet (at end of period) 0.9760 0.9137 0.9429 0.9419 0.9506
EURDKK
Income statement (average) 7.4707 7.4635 7.4617 7.4608 7.4600
Balance sheet (at end of period) 7.4730 7.4689 7.4649 7.4609 7.4613
EURGBP
Income statement (average) 0.8705 0.8569 0.8507 0.8426 0.8357
Balance sheet (at end of period) 0.8683 0.8726 0.8734 0.8555 0.8354
1–3/2026 1–12/2025 1–9/2025 1–6/2025 1–3/2025
Sampo applies month-to-date (MTD) method in foreign currency translations from 2026 on. The average rates in the 
table above are approximations of year-to-date (YTD) average rates and do not take into account relative changes in 
currency denominated p/l items between different reporting months.
Interim Statement for January-March 2026
Calculation of key figures
23

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

Statement of profit and other 
comprehensive income
Insurance revenue  2,632  2,489 
Insurance service expenses  -2,135  -1,894 
Reinsurance result  -110  -241 
Insurance service result 1  386  354 
Net investment income 2  -276  80 
Net finance income or expense from insurance contracts 3  1  21 
Insurance finance income or expense, gross  10  3 
Insurance finance income or expense, reinsurance  -10  18 
Net financial result  -276  101 
Other income 4  95  90 
Other expenses  -154  -140 
Finance expenses  -24  -28 
Profit before taxes  28  377 
Income taxes  -74  -92 
Net profit  -46  285 
Other comprehensive income 
Items reclassifiable to profit or loss
Exchange differences  21  125 
Cash flow hedges  4  -1 
Total items reclassifiable to profit or loss, net of tax  25  124 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined benefit pension plans  4  15 
Taxes  -1  -3 
Total items not reclassifiable to profit or loss, net of tax  3  12 
Other comprehensive income total, net of tax  28  136 
Total comprehensive income  -18  421 
Profit attributable to
Owners of the parent  -46  285 
Total comprehensive income attributable to
Owners of the parent  -18  421 
Earnings per share (EPS), EUR  -0.02  0.11 
EURm Note 1-3/2026 1-3/2025
Interim Statement for January-March 2026
24

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

Consolidated balance sheet
Assets
Property, plant and equipment  305  301 
Intangible assets  3,479  3,492 
Investments in associates  5  5 
Financial assets 5  18,123  17,154 
Deferred income tax  2  2 
Reinsurance contract assets 6  2,454  2,488 
Other assets  991  962 
Cash and cash equivalents  1,272  1,319 
Total assets  26,631  25,723 
Liabilities
Insurance contract liabilities 6  13,703  12,760 
Subordinated debts 7  1,179  1,317 
Other financial liabilities 7  1,326  1,413 
Deferred income tax  537  553 
Other liabilities  1,681  1,589 
Total liabilities  18,426  17,631 
Equity
Share capital  98  98 
Reserves  3,531  3,531 
Restricted Tier 1 notes  439  298 
Retained earnings  4,874  4,927 
Other components of equity  -737  -762 
Total equity  8,205  8,092 
Total equity and liabilities  26,631  25,723 
EURm Note 3/2026 12/2025
Interim Statement for January-March 2026
25

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

Statement of changes in equity
Equity at 1 January 2025  98  4  3,527  —  4,176  -746  0  7,059 
Changes in equity
Other changes in equity  —  —  —  —  -1  —  —  -1 
Profit for the reporting period  —  —  —  —  285  —  —  285 
Other comprehensive income for 
the period  —  —  —  —  12  125  -1  136 
Total comprehensive income  —  —  —  —  297  125  -1  421 
Equity at 31 March 2025  98  4  3,527  —  4,473  -620  -1  7,480 
Equity at 1 January 2026  98  4  3,527  298  4,927  -759  -3  8,092 
Changes in equity
Tier 1 notes  —  —  —  141  -5  —  —  136 
Other changes in equity  —  —  —  —  -5  —  —  -5 
Profit for the reporting period  —  —  —  —  -46  —  —  -46 
Other comprehensive income for 
the period  —  —  —  —  3  21  4  28 
Total comprehensive income  —  —  —  —  -43  21  4  -18 
Equity at 31 March 2026  98  4  3,527  439  4,874  -738  1  8,205 
EURm
Share 
capital
Legal 
reserve
Invested 
unres-
tricted 
equity
Restricted 
Tier 1 
notes
Retained 
earnings1
Translation 
of foreign 
operations
Cash 
flow 
hedges Total
1 IAS 19 Pension benefits had a net effect of 3 million (12) on retained earnings.
On 5 February 2026, Sampo plc cancelled 15,079,201 own shares acquired between 6 November 2025 and 30 January 2026. 
Sampo plc issued a new restricted Tier 1 notes of SEK 1.5 billion (EUR 141 million) during the reporting period. The Notes bear a 
floating interest rate equal to 3 month STIBOR plus 1.80 per cent per annum. The first call date is 18 February 2031. The restricted 
Tier 1 instrument is accounted for as equity.
Interim Statement for January-March 2026
26

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

Statement of cash flows
Operating activities
Profit before tax  28  377 
Adjustments
Depreciation, amortisation & impairments  53  46 
Unrealised gains and losses arising from valuation  487  59 
Realised gains and losses on investments  -68  -32 
Change in liabilities for insurance contracts  1,082  510 
Other adjustments  125  -102 
Adjustments total  1,680  482 
Change (+/-) in assets of operating activities
Investments1  -1,448  53 
Other assets  -32  -127 
Total  -1,480  -75 
Change (+/-) in liabilities of operating activities
Financial liabilities  -90  68 
Other liabilities  -3  82 
Total  -92  150 
Paid taxes and interests
Paid taxes  -87  -96 
Paid interests  -11  -11 
Total  -98  -106 
Net cash from operating activities  38  828 
Investing activities
Investments in tangible and intangible assets 2  -39  -38 
Divestments in equipment and intangible assets  25  4 
Net cash used in investing activities  -13  -34 
Financing activities
Acquisition of own shares  -60  — 
Increase in debt securities and amounts owed to credit institutions 3  141  22 
Payments of debt securities in issue 3  -149  — 
Net cash used in financing activities  -68  22 
Total cash flows  -44  816 
Cash and cash equivalents at the beginning of reporting period  1,319  962 
Effects of exchange rate changes  -3  42 
Cash and cash equivalents at the end of reporting period  1,272  1,819 
Net change in cash and cash equivalents  -44  816 
EURm 1–3/2026 1–3/2025
1 Investments include mainly financial assets. 
2 The share of investments in tangible assets amounts to EUR -19 million (-22) and the share of intangibles to EUR -20 million (-16).  
The share of divestments in tangible assets amounts to EUR 4 million (4) and intangibles to EUR 22 million (-).
3 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, or acquisitions and disposals of subsidiaries when applicable .
Cash and cash equivalents include cash at bank and in hand EUR 972 million (1,372) and short-term deposits (max 3 months) EUR 
300 million (447).
Interim Statement for January-March 2026
27

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

Notes
Accounting principles
Sampo Group’s consolidated financial statements are prepared in accordance with IFRS® Accounting Standards  
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 2025.
The financial statements for 2025 are available on Sampo’s website www.sampo.com/year2025 .
Information presented in the Interim Statement is unaudited. 
Interim Statement for January-March 2026
28

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

Segment information 
Result by segment for three months ended 31 March 2026
In each reporting segment, Sampo reports the key profit or loss figures from insurance revenue to the underwriting 
result. These key profit or loss figures are reported regularly to the 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. 
EURm
Private 
Nordic Private UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Insurance revenue, net (incl. brokerage)  1,048  522  570  154  69  2,363 
Claims incurred, net  -645  -298  -338  -91  -35  -1,407 
Operating expenses (incl. claims handling 
costs)  -224  -173  -142  -33  -15  -587 
Underwriting result  179  50  90  30  19  368 
Net investment income  -276 
Net insurance finance income or expense  1 
Net financial result  -276 
Other income or expense  -15 
Non-operational amortisations  -26 
Finance expenses  -24 
Profit before taxes  28 
Result by segment for three months ended 31 March 2025
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 
EURm
Private 
Nordic Private UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Interim Statement for January-March 2026
29

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

Segment reconciliation 
Following tables present reconciliations from the segment reporting’s numbers to Sampo Group’s reported numbers.
Insurance revenue, gross
EURm 1-3/2026 1-3/2025
Insurance revenue, net (incl. brokerage)
Private Nordic  1,048  958 
Private UK  522  470 
Nordic Commercial  570  537 
Nordic Industrial  154  150 
Reporting segments' total of insurance revenue, net  2,293  2,116 
Intra-segment eliminations on insurance operations  -9  -12 
Intra-segment eliminations on reinsurance operations  9  12 
Other operations  70  72 
Sampo Group insurance revenue, net  2,363  2,188 
Reinsurance operations and investment component  308  339 
Other items  -39  -38 
Sampo Group insurance revenue, gross  2,632  2,489 
Insurance service result
EURm 1-3/2026 1-3/2025
Underwriting result
Private Nordic  179  155 
Private UK  50  53 
Nordic Commercial  90  78 
Nordic Industrial  30  31 
Reporting segments' total of underwriting result  350  317 
Intra-segment eliminations  0  3 
Other operations  19  16 
Sampo Group's underwriting result  368  336 
Other items  18  18 
Sampo Group insurance service result  386  354 
Interim Statement for January-March 2026
30

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

Balance sheet by segment at 31 March 2026
In each reporting segment, Sampo reports the key balance sheet figures related to the segment’s insurance 
operations. These key balance sheet figures are reported regularly to the chief operating decision maker for the 
assessment of segment operations. Other balance sheet items are not allocated between the segments when 
reporting to the chief operating decision maker, instead they are followed only on the Group level. 
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Reinsurance contract assets
Reinsurers' share of remaining coverage  5  83  2  26  -10  106 
Reinsurers' share of claims incurred  47  1,812  253  301  -65  2,348 
Reinsurance contract assets, total  52  1,896  256  327  -76  2,454 
Insurance contract liabilities
Liability for remaining coverage  707  690  777  411  50  2,635 
Liability for incurred claims  3,199  3,168  3,072  1,453  184  11,076 
Acquisition cash flow assets  —  —  -6  -3  —  -9 
Insurance contract liabilities, total  3,906  3,858  3,844  1,861  234  13,703 
Balance sheet by segment at 31 December 2025
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Reinsurance contract assets
Reinsurers' share of remaining coverage  -1  334  -8  17  -10  332 
Reinsurers' share of claims incurred  48  1,609  260  297  -59  2,156 
Reinsurance contract assets, total  47  1,943  252  314  -69  2,488 
Insurance contract liabilities
Liability for remaining coverage  676  668  268  226  50  1,888 
Liability for incurred claims  3,126  3,092  3,047  1,436  182  10,884 
Acquisition cash flow assets  —  —  -9  -4  —  -12 
Insurance contract liabilities, total  3,801  3,760  3,306  1,659  233  12,760 
Interim Statement for January-March 2026
31

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

Other notes
1 Insurance service result
Insurance revenue 
Gross written premiums  3,640  3,506 
Change in liability for remaining coverage  -1,082  -1,089 
Brokerage revenue  74  72 
Total insurance revenue  2,632  2,489 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -1,490  -1,511 
Claims handling expenses  -146  -130 
Change in liability for incurred claims  -60  133 
Change in risk adjustment  -44  -9 
Change in loss component  1  -1 
Insurance service expenses related to claims incurred  -1,739  -1,518 
Operating expenses  -396  -376 
Total insurance service expenses  -2,135  -1,894 
Reinsurance result 
Premiums  -221  -258 
Claims recovered  110  17 
Total reinsurance result  -110  -241 
Total insurance service result  386  354 
EURm 1-3/2026 1-3/2025
Interim Statement for January-March 2026
32

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

2 Net investment income 
The table includes investment income and expenses from financial assets and liabilities held by the group companies.
Derivative financial instruments
Interest income  0   2  
Interest expense  -2   0  
Net gains or losses  36   7 
Derivative financial instruments, total  35   9 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  132   124 
Net gains or losses  -156   -13 
Equity securities 
Dividend income  3   4 
Net gains or losses  -251   -24 
Funds
Distributions  1   1 
Interest income  2   4 
Net gains or losses  -28   12 
Financial assets at fair value through profit or loss, total  -298   108 
Financial assets at amortised cost
Interest Income  3   3 
Expected credit losses  0   -2 
Financial assets at amortised cost, total  3   1 
Total income or expenses from financial assets  -260   118 
Other
Expenses from asset management  -7   -7 
Other income  9   9 
Other expenses  -17   -39 
Fee expenses  -1   -1 
Total other  -17   -38 
Total net investment income  -276   80 
EURm 1-3/2026 1-3/2025
More information on the expected credit losses on financial assets measured at amortised cost is presented in the 
note 5.
Net gains and losses of equity securities include a valuation loss of NOBA shares, amounting to EUR -292 million and 
netted by realised sales gains of EUR 57 million.
Interim Statement for January-March 2026
33

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

3 Net finance income or expense from insurance contracts
Insurance contracts
Unwinding of discount rates  -86    -79   
Effect of changes in interest rates and other financial assumptions  97    83   
Total finance income or expenses from insurance contracts  10    3   
Reinsurance contracts
Unwinding of discount rates  20    22   
Reinsurers' share of effect of changes in interest rates and other financial assumptions  -30    -4   
Total finance income or expenses from reinsurance contracts  -10    18   
Net finance result from insurance and reinsurance contracts  1    21   
EURm 1-3/2026 1-3/2025
4 Other income 
Other income  94    87   
Income related to brokerage activities  1    3   
Total other income  95    90   
EURm 1-3/2026 1-3/2025
If’s other operating income includes EUR 42 million (42) income from insurance operations without a transfer of 
insurance risk. Such income is primarily attributable i.e. to sales commissions 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 38 million (26) revenue recognised under IFRS 15 consisting of fees 
and commissions on panel providers, ancillary product income, and other retail income. Income related to brokerage 
activities is also accounted for under IFRS 15, if there is no insurance risk transferred to Hastings. 
Interim Statement for January-March 2026
34

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

5 Financial assets
Financial assets
Derivative financial instruments  54  24 
Financial assets at fair value through profit or loss
Debt securities  15,117  13,867 
Equity securities  1,295  1,650 
Funds  958  982 
Total financial assets at fair value through profit or loss  17,370  16,501 
Financial assets measured at amortised cost
Loans  123  123 
Loans and advances to customers  575  506 
Total financial assets measured at amortised cost  698  629 
Total financial assets  18,123  17,154 
EURm 3/2026 12/2025
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 741 million (668) and loss 
allowance was EUR -43 million (-39). During the reporting period, the expected credit losses recognised in the income 
statement was EUR -6 million and in the comparative period EUR -2 million. 
NOBA Group completed its initial public offering in late 2025, after which the valuation of the equity investment is 
based on quoted prices in active markets (fair value hierarchy level 1). In February 2026, Sampo sold 10.0 million 
shares in NOBA to institutional investors through an accelerated bookbuilding process  At the end of the reporting 
period, Sampo’s remaining NOBA stake was valued at EUR 482 million (814). 
Interim Statement for January-March 2026
35

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

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.
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  2,635  1,888 
Liability for incurred claims  11,076  10,884 
Acquisition cash flow assets  -9  -12 
Total insurance contract liabilities  13,703    12,760   
Reinsurance contract assets
Assets for remaining coverage  106  332 
Assets for incurred claims  2,348  2,156 
Reinsurance contract assets, total  2,454    2,488   
Total insurance contracts, net of reinsurance  11,248    10,272   
EURm 3/2026 12/2025
Interim Statement for January-March 2026
36

===== SIDA 37 =====

7 Financial liabilities
Subordinated debt liabilities 
Subordinated loans  1,179  1,317 
Other financial liabilities
Derivative financial instruments  80  105 
Financial liabilities measured at amortised cost
Debt securities in issue  792  787 
Amounts owed to credit institutions  455  460 
Liability for the share buyback programme  —  60 
Total financial liabilities measured at amortised cost  1,247  1,308 
Total other financial liabilities  1,326  1,413 
Total financial liabilities  2,505  2,730 
EURm 3/2026 12/2025
During the first quarter 2026, If redeemed its subordinated loan of SEK 1,500 million, amounting approximately to 
EUR 140 million.
Hastings has a revolving credit facility with a financial institution totalling EUR 173 million (115), of which  EUR 157 
million (55) was undrawn at the end of the reporting period . The limit on the RCF was raised from GBP 100 million to 
GBP 150 million in February 2026. The revolving credit facility matures in December 2027.  
Hastings has also a securitisation facility arrangement with a financial institution to refinance the acquisition of loans 
totalling EUR 489 million (430), of which EUR 47 million (25) was undrawn at the end of the reporting period. In 
February 2026, the securitisation facility was increased from GBP 375 million to GBP 425 million. The arrangement 
extends to November 2027.  
In addition, Hastings has an undrawn credit facility with Sampo p lc totalling EUR 86 million (86). The maturity date of 
the agreement was extended by 3 years to October 2029 in February 2026.
Interim Statement for January-March 2026
37

===== SIDA 38 =====

8 Subsequent events after the balance sheet date
Danish Supreme Court’s ruling on workers’ compensation case
On 28 April 2026, the Danish Supreme Court announced its ruling on the workers’ compensation case between The 
National Social Appeals Board (Ankestyrelsen) and trade union HK Danmark, and the ruling was in favour of HK 
Danmark.
In summary, the ruling means that the applied compensation threshold for permanent loss of earning capacity in 
workers’ compensation cases will be retrospectively lowered from 15 per cent to 5 per cent. This is an adverse 
outcome for both the Danish insurance industry and the State and municipalities in Denmark, as it will have financial 
consequences, which still remain uncertain. The Danish association for insurance and pension companies F&P 
expects the State of Denmark to take responsibility for the impact for the industry.
Sampo continues to analyse the case ruling. Due to Sampo’s disciplined reserving practices, the potential impact 
based on the current best estimate, is expected to be covered by existing reserves. Any potential accounting impacts 
will be recognised in the second quarter of 2026.
Consequently, even without any potential compensation from the State of Denmark, the effects on the Group net 
profit and solvency are expected to be limited. Sampo’s financial outlook for 2026 remains unaffected. 
Interim Statement for January-March 2026
38

===== SIDA 39 =====