Kvartalsrapport Q3 2023

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Contents
Group CEO’s comment    ................................................................................................................................................... 4
Outlook    ................................................................................................................................................................................. 5
Outlook for 2023   ..................................................................................................................................................................... 5
The major risks and uncertainties for the Group in the near-term  ........................................................................ 5
Financial highlights    .......................................................................................................................................................... 7
Third quarter in brief    ....................................................................................................................................................... 9
Business areas   .................................................................................................................................................................... 11
If  ..................................................................................................................................................................................................... 11
Topdanmark    .............................................................................................................................................................................. 14
Hastings    ...................................................................................................................................................................................... 15
Holding   ........................................................................................................................................................................................ 17
Financial position    ............................................................................................................................................................. 18
Group solvency    ........................................................................................................................................................................ 18
Financial leverage position    .................................................................................................................................................. 18
Ratings    ........................................................................................................................................................................................ 18
Other developments   ....................................................................................................................................................... 19
Mandatum    .................................................................................................................................................................................. 19
Share buyback programmes   ............................................................................................................................................... 19
Shares and shareholders    ....................................................................................................................................................... 19
Remuneration     ........................................................................................................................................................................... 20
Personnel    .................................................................................................................................................................................... 20
Events after the end of the reporting period ................................................................................................................ 21
Tables     .................................................................................................................................................................................... 24
Group financial review   ........................................................................................................................................................... 24
Calculation of key figures     ..................................................................................................................................................... 26
Group quarterly result    ........................................................................................................................................................... 29
Statement of profit and other comprehensive income    ............................................................................................. 30
Consolidated balance sheet     ................................................................................................................................................ 31
Statement of changes in equity   ......................................................................................................................................... 32
Statement of cash flows     ....................................................................................................................................................... 33
Notes   ..................................................................................................................................................................................... 34
Accounting principles    ............................................................................................................................................................ 34
Result by segment for nine months ended 30 September 2023     ........................................................................... 40
Result by segment for nine months ended 30 September 2022  ........................................................................... 41
Balance sheet by segment at 30 September 2023    ..................................................................................................... 42
Balance sheet by segment at 31 December 2022    ........................................................................................................ 43
Other notes   ......................................................................................................................................................................... 44
1 Insurance service result    ...................................................................................................................................................... 44
2 Net investment income   ...................................................................................................................................................... 45
3 Net finance income or expense from insurance contracts   ................................................................................... 46
4 Other income   ........................................................................................................................................................................ 46
5 Financial assets       ................................................................................................................................................................... 47
6 Insurance contract liabilities     .......................................................................................................................................... 47
7 Financial liabilities  ............................................................................................................................................................... 48
8 Discontinued operations     .................................................................................................................................................. 49
9 Business operations divested      ....................................................................................................................................... 52
10 Subsequent events after the balance sheet date    .................................................................................................. 52
Summary    .............................................................................................................................................................................. 3
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
2

===== SIDA 3 =====

Sampo Group’s results for January-
September 2023
• Sampo Group achieved premium growth of 10 per cent on a currency adjusted basis in January-
September 2023, supported by strong development in Private and the UK 
• The underwriting result grew by 1 per cent on a currency adjusted basis and the combined ratio 
increased to 84.2 per cent (83.0) on elevated weather and large claims
• Underlying Nordic margin trends remained positive, with If achieving a 0.5 percentage points 
improvement in the adjusted risk ratio excluding discounting effects
• Profit before taxes increased to EUR 1,113 million after adjusting for IFRS 9 (627) but declined on a 
reported basis (1,857)
• The solvency ratio stood at 195 per cent, pro forma of the Mandatum spin-off and including 
dividend accrual, and pro forma financial leverage amounted to 26.3 per cent
• The listing of Mandatum on Nasdaq Helsinki was successfully completed on 2 October 2023
Key figures
Profit before taxes (P&C Operations)  1,113  1,857  -40  391  342  14 
  If  989  1,491  -34  332  264  26 
  Topdanmark  143  78  83  38  35  10 
  Hastings  70  100  -30  43  54  -20 
  Holding  -81  194  —  -21  -10  115 
Net profit for the equity holders  941  2,046  -54  366  387  -6 
Underwriting result  882  923  -4  284  312  -9 
Change Change
Earnings per share (EUR)  1.86  3.83  -1.97  0.73  0.75  -0.02 
Operational result per share (EUR)  1.65  —  —  0.58  —  — 
Return on equity, %  14.1  3.5  10.6  —  —  — 
Profit before taxes (adjusted for IFRS 9), 
EURm*  1,113  627  77 % 391  82  377 %
EURm 1–9/2023 1–9/2022 Change, % 7–9/2023 7–9/2022 Change, %
The comparison figures for 2022 have been restated for IFRS 17 but not for IFRS 9, meaning some figures, such as investment 
income, are not fully comparable between the reporting periods. Net profit for the equity holders, EPS and return on equity figures 
include results from life operations. Mandatum is classified as discontinued operations as of 31 March 2023. 
*) To enhance comparability, a Group profit before taxes (P&C operations) figure adjusted for IFRS 9, reflecting market value 
movements, has been provided for the prior year.
The figures in this report have not been audited.
Sampo Group key financial targets for 2021-2023
Group
Mid-single digit UW profit growth annually on average -4%
Group combined ratio: below 86% 84.2%
Solvency ratio: 170-190% 195% (pro forma, including dividend accrual)
Financial leverage: below 30% 26.3% (pro forma)
If Combined ratio: below 85% 83.2%
Hastings Operating ratio: below 88% 90.5%
Target 1-9/2023
The pro forma figures reflect the partial demerger and related transactions  
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
8 November 2023
3

===== SIDA 4 =====

Group CEO’s comment
During the third quarter we saw a continuation of the trends observed earlier in 2023. We delivered excellent 
premium growth of 12 per cent on a currency adjusted basis, the pricing environment in the UK motor insurance 
market continued to improve and higher interest rates supported investment income. Profit before taxes 
increased to EUR 1,113 million (627), after adjusting for IFRS 9. Operationally, our focus was on supporting our 
customers, as rain and flooding led to severe weather claims of approximately EUR 90 million.
Private lines is the part of our business, together with SME, where we see the greatest potential to create value for 
our customers and shareholders through investments in digital capabilities. Over 2023, the benefits have been 
visible; digital sales in Nordic Private are up 9 per cent year-on-year, retention remains excellent at 90 per cent and 
the share of online claims increased to 60 per cent. Being the leading digital P&C insurer in the Nordics also 
supports growth – Private premiums grew by 6.3 per cent in the third quarter, on a currency adjusted basis, or 7.8 
per cent excluding the Swedish mobility business. Private personal insurance was particularly strong, with growth 
of 12 per cent. Profitability remains very robust in Private as it delivered a nine-month combined ratio of 82.7 per 
cent, despite elevated weather claims. 
Turning to Hastings, another of our digitally focused operations, the UK motor insurance market environment 
continued to improve over the third quarter. Monthly price increases were in the mid-single digits while claims 
inflation remained high, but stable. In this environment, Hastings continued to firmly prioritise profitability, but still 
managed to grow motor insurance customer count slightly. Combined with strong growth in home insurance, this 
enabled Hastings to grow nine-month currency adjusted GWP by 32 per cent year-on-year. With an operating ratio 
of 90.5 per cent for the first nine months, it is on track to reach the 88-90 per cent guidance range for 2023, while 
carrying strong operational momentum into 2024.
In the Nordics, the competitive environment continued to be broadly stable in Private and Commercial, while the 
Industrial market remained in the hard part of the underwriting cycle. Nordic claims inflation showed signs of 
moderation in the third quarter as it fell to the lower end of the 4-5 per cent range observed over 2023, while 
claims frequency developed in line with expectations. We continued to implement rate increases ahead of total 
claims cost development. The trend in underlying margins remained strong, as If P&C improved its nine-month 
undiscounted adjusted risk ratio by 0.5 percentage points year-on-year, and its cost ratio by 0.1 percentage points.
The third quarter saw elevated weather claims related to storm Hans, heavy rainfall in Oslo and other, smaller 
events across the Nordic region. As a large and well diversified insurer, with a strong balance sheet, we are able to 
help our customers through such events promptly and reliably. Although the occurrence of large weather events 
appears stochastic, shareholders can expect us to monitor related claims trends vigilantly and to underwrite and 
price the risk conservatively. It is important to remember that our policies provide coverage for periods of 12 
months, allowing us to review price adequacy annually.
Looking to the asset side of the balance sheet, Sampo delivered a net investment income of nearly EUR 500 million 
in the first nine months. The short duration of our fixed income portfolio has allowed us to reinvest rapidly, pushing 
the running yield in If P&C to over 4 per cent from 1.5 per cent at the end of 2021.
On 2 October 2023, we completed the spin-off of Mandatum by listing it on Nasdaq Helsinki. I am pleased to see 
that the listing has been well received by the market and I am excited to take Sampo forward as a pure P&C 
insurance group.
Torbjörn Magnusson
Group CEO
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Group CEO’s comment
4

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Outlook
Outlook for 2023
Sampo Group’s P&C insurance business is expected to achieve underwriting margins that meet the annual targets 
set for 2021–2023. At Group level, Sampo targets a combined ratio of below 86 per cent, while the targets set for 
its fully owned P&C insurance subsidiaries, If P&C and Hastings, are below 85 per cent and below 88 per cent, 
respectively. 
The outlook for 2023 remains unchanged from that communicated with the Sampo Group Half-Year Financial 
Report; If P&C is expected to achieve a combined ratio of 81.5 - 83.5 per cent and Hastings an operating ratio of 88 
- 90 per cent.
The combined and operating ratios of Sampo Group’s P&C insurance operations are subject to volatility driven by, 
among other factors, seasonal weather patterns, large claims and prior year development. These effects are 
particularly relevant for individual segments and business areas, such as the Danish and UK operations. 
The net financial result will be significantly influenced by capital markets’ developments. With regard to 
Topdanmark, reference is made to the profit forecast model that the company publishes on a quarterly basis. 
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 liabilities and through strategic 
investments. Over time, adverse macroeconomic effects could also have an impact on Sampo’s operational 
business, for example by reducing economic growth or increasing claims costs. 
Headline inflation has been declining in 2023 due to lower energy prices. However, uncertainty about the 
persistence of inflation remains high, which may force central banks into further rate hikes and keeping interest 
rates elevated longer than expected. This may lead to both a significant slowdown in economic growth and a 
deterioration in the debt service capacity of businesses, households and governments, raising the risk of abrupt 
asset repricing in financial markets. Furthermore, the re-alignment of energy supplies in Europe will take time, 
raising the prospect of a potential energy crisis, and the war in Ukraine continues to represent a major economic 
risk. These developments are currently causing significant uncertainties in economic and capital market 
development. At the same time rapidly evolving hybrid threats create new challenges for states and businesses. 
There are also a number of widely identified macroeconomic, political and other sources of uncertainty which can, 
in various ways, affect the financial services industry in a negative manner. 
Sampo Group’s insurance exposures in Russia or Ukraine are limited to certain Nordic industrial line clients, with 
coverage subject to war exclusions. On the asset side, Sampo has no material direct investments in Russia or 
Ukraine. Given the limited direct exposure, the biggest risk from the war in Ukraine to Sampo relates to the second 
order capital markets’ and macroeconomic effects outlined above. There were no material COVID-19 effects in the 
Group’s insurance operations in the third quarter of 2023. Given the limited impact of COVID-19 and the increasing 
difficulty in reliably estimating associated effects, Sampo has not disclosed quantitative COVID-19 effects in its 
financial reporting since February 2022. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Outlook
5

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Other sources of uncertainty are unforeseen structural changes in the business environment and already identified 
trends and potential wide-impact events. These external drivers may have a long-term impact on how Sampo 
Group’s business will be conducted. Examples of identified trends are demographic changes, sustainability issues, 
and technological developments in areas such as artificial intelligence and digitalisation including threats posed by 
cybercrime.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Outlook
6

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Financial highlights for January-September 
2023
Strong premium growth and disciplined underwriting translated into solid operational performance in January-
September 2023 despite adverse claims experience and continued currency headwinds. 
Gross written premiums and other income from insurance contracts increased by 10 per cent on a currency 
adjusted basis and 5 per cent on a reported basis to EUR 6,909 million (6,580). In the Nordics, currency adjusted 
growth in Private increased to 4.9 per cent, following an acceleration to 6.3 per cent in the third quarter supported 
by strong development in personal and property insurance, continued high retention and stabilising new car sales. 
In corporate lines, growth benefited from successful 1 January renewals, rate action, continued strong trends in 
SME and new property clients in Industrial. Nonetheless, the highest growth was seen in the UK as premiums 
increased by 32 per cent on a local currency basis on substantial price increases and selective volume growth. UK 
policy count increased by 6 per cent year-on-year to 3.4 million, driven by growth of 3 per cent in motor insurance 
and 32 per cent in home insurance.
Elevated weather, natural catastrophe and large claims experience in the second and third quarter weighed on 
margins, offsetting solid underlying development. The underwriting result increased by 1 per cent on a currency 
adjusted basis, but decreased by 4 per cent to EUR 882 million (923) on a reported basis. The group combined 
ratio weakened by 1.2 percentage points to 84.2 per cent (83.0). In total, severe weather, including natural 
catastrophes, and large claims had a negative effect of 5.1 percentage points on If’s risk ratio in January-September 
2023. The underlying trend, however, remained positive as If’s adjusted risk ratio excluding discounting effects 
improved by 0.5 percentage points year-on-year. This was supported by pricing exceeding Nordic claims inflation, 
which declined to the lower end of the 4-5 per cent range. Hastings reported an operating ratio of 90.5 per cent 
(87.1) on adverse weather claims experience in the first quarter and continued high, albeit stable, claims inflation at 
around 12 per cent.
The net financial result amounted to EUR 385 million, following solid net investment income of EUR 489 million, 
primarily driven by interest income on fixed income instruments. Insurance finance income or expense (IFIE) 
amounted to EUR -103 million as the unwind of discounting of EUR -166 million was partly offset by a positive 
effect of EUR 110 million from changes in discount rates.
Sampo Group’s pro forma Solvency II ratio adjusted for the demerger and dividend accrual amounted to 195 per 
cent as at 30 September 2023. The figure reflects the spin-off of Mandatum and related transactions, and dividend 
accrual is based on a EUR 1.50 regular dividend per share for 2022 (ie. excluding Mandatum’s contribution of EUR 
0.30). Pro forma financial leverage amounted to 26.3 per cent. Sampo targets a solvency ratio of 170–190 per cent 
and a financial leverage ratio of below 30 per cent.
The partial demerger of Sampo plc was completed on 1 October 2023, as planned, and the first trading day for 
Mandatum on Nasdaq Helsinki was 2 October 2023. Mandatum’s profit before taxes consolidated in Sampo Group’s 
P&L amounted to EUR 173 million and net profit to EUR 140 million in January-September 2023. Effects of the 
demerger are disclosed in the section Events after the end of the reporting period.
The application process for the Group Partial Internal Model has proceeded according to plans and it is expected 
to be completed during the first half of 2024, as previously communicated. Sampo estimates that the partial 
internal model would have reduced the group-level solvency capital requirement by up to EUR 0.3 billion at the 
third quarter of 2023.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Financial highlights
7

===== SIDA 8 =====

Sampo’s January-September 2023 figures are reported under the new accounting standards “IFRS 17 Insurance 
Contracts” and “IFRS 9 Financial Instruments”. The comparison figures for 2022 have been restated for IFRS 17 but 
not for IFRS 9, meaning some figures, such as investment income, are not comparable between the reporting 
periods.
Sampo Group results for January-September 2023
GWP & Other income from 
insurance contracts  4,373  1,098  1,438  —  —  6,909 
Insurance revenue, net  3,730  956  814  —  —  5,499 
Claims incurred and claims 
handling costs, net  -2,530  -620  -521  —  —  -3,671 
Operating expenses  -571  -168  -192  —  —  -931 
Insurance service result  628  168  101  —  —  898 
Other P&C insurance related 
income or expense  —  —  -15  —  —  -15 
Underwriting result  628  168  86  —  —  882 
Net investment income  427  40  33  —  -11  489 
Insurance finance income or 
expense, net  -54  -32  -18  —  —  -103 
Net financial result  373  8  15  —  -11  385 
Other items  -12  -33  -31  -82  2  -155 
Profit before taxes  989  143  70  -81  -9  1,113 
Net profit for the equity holders  941 
- of which from life operations*  140 
Combined ratio, % 83.2 82.4 90.5 84.2
EURm If Topdanmark Hastings Holding Elim. Sampo 
Group
*) Net profit from life operations in January-September 2023 includes Mandatum.
Sampo Group results for January-September 2022
GWP & Other income from 
insurance contracts  4,348  1,087  1,145  —  —  6,580 
Insurance revenue, net  3,767  941  634  —  —  5,341 
Claims incurred and claims 
handling costs, net  -2,519  -614  -344  —  —  -3,478 
Operating expenses  -587  -158  -168  —  —  -913 
Insurance service result  661  169  122  —  —  951 
Other P&C insurance related 
income or expense  —  —  -29  —  —  -29 
Underwriting result  661  169  93  —  —  923 
Net investment income  200  -190  10  187  -5  202 
Insurance finance income or 
expense, net  626  134  30  —  —  791 
Net financial result  827  -56  40  187  -5  993 
Other items  3  -35  -33  7  -1  -58 
Profit before taxes  1,491  78  100  194  -6  1,857 
Net profit for the equity holders  2,046 
- of which from life operations*  576 
Combined ratio, % 82.5 82.1 87.1 83.0
EURm If Topdanmark Hastings Holding Elim. Sampo 
Group
*) Net profit from life operations in January-September 2022 includes Mandatum and Topdanmark’s life operations.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Financial highlights
8

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

Third quarter 2023 in brief
The third quarter of 2023 was characterised by adverse weather conditions as the storm Hans hit all Nordic 
countries in early August, followed by a number of local severe weather events. Combined with unfavourable large 
claims development and continued currency headwind, this offset strong premium growth and underlying 
performance during the quarter.
Gross written premiums and other income from insurance contracts increased by 12 per cent on a currency 
adjusted basis and by 7 per cent on a reported basis to EUR 1,878 million (1,759). The growth was driven by 
continued strong development both in the Nordics and in the UK. In the Nordics, Private saw continued positive 
momentum with currency adjusted gross written premium growth accelerating to 6.3 per cent, from 5.1 per cent in 
the second quarter, driven by the strong development in non-motor lines and stabilising new car sales. Industrial 
saw gross written premium growth of 41.3 per cent in a seasonally low volume quarter, driven by a small number of 
larger new contracts. In the UK, premiums grew by 24 per cent on a local currency basis on strong price increases 
and good policy growth.
The group underwriting result decreased by 4 per cent on a currency adjusted basis and 9 per cent on a reported 
basis to EUR 284 million (312). The group combined ratio deteriorated by 1.9 percentage points to 85.1 per cent 
(83.2) due to elevated severe weather and large claims experience in the Nordics. If’s combined ratio weakened by 
1.0 percentage point to 84.1 per cent (83.1). Large claims and severe weather had a negative effect of 9.2 
percentage points (2.4) on If’s risk ratio, partly offset by prior year development of 7.9 percentage points (2.3). 
Underlying margin development remained positive as If’s adjusted risk ratio excluding discounting effects 
improved by 0.4 percentage points year-on-year. In the UK, Hastings reported an operating ratio of 90.0 per cent 
(86.9), affected by continued high claims inflation of around 12 per cent. 
The net financial result amounted to EUR 156 million, driven by solid net investment income of EUR 127 million on 
the back of robust interest income. Insurance finance income or expense (IFIE) amounted to EUR 29 million as the 
rise in discount rates had a positive effect of EUR 102 million, which offset the negative effect of EUR -53 million 
from the unwind of discounting. 
Mandatum’s profit before taxes consolidated in Sampo Group’s P&L amounted to EUR 87 million and net profit to 
EUR 71 million.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Third quarter in brief
9

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

Sampo’s third quarter 2023 figures are reported under the new accounting standards “IFRS 17 Insurance Contracts” 
and “IFRS 9 Financial Instruments”. The comparison figures for 2022 have been restated for IFRS 17 but not for 
IFRS 9, meaning some figures, such as investment income, are not comparable between the reporting periods.
Sampo Group results for July-September 2023
GWP & Other income from 
insurance contracts  1,100  252  526  —  —  1,878 
Insurance revenue, net  1,263  321  296  —  —  1,880 
Claims incurred and claims 
handling costs, net  -871  -217  -190  —  —  -1,278 
Operating expenses  -191  -53  -68  —  —  -312 
Insurance service result  201  51  38  —  —  289 
Other P&C insurance related 
income or expense  —  —  -5  —  —  -5 
Underwriting result  201  51  33  —  —  284 
Net investment income  88  3  35  5  -4  127 
Insurance finance income or 
expense, net  47  -4  -14  —  —  29 
Net financial result  135  -1  21  5  -4  156 
Other items  -4  -11  -10  -26  1  -50 
Profit before taxes  332  38  43  -21  -2  391 
Net profit for the equity holders  366 
- of which from life operations*  71 
Combined ratio, % 84.1 84.1 90.0 85.1
EURm If Topdanmark Hastings Holding Elim. Sampo 
Group
*) Net profit from life operations in July-September 2023 includes Mandatum.
Sampo Group results for July-September 2022
GWP & Other income from 
insurance contracts  1,081  245  433  —  —  1,759 
Insurance revenue, net  1,285  313  228  —  —  1,826 
Claims incurred and claims 
handling costs, net  -861  -202  -127  —  —  -1,190 
Operating expenses  -208  -50  -58  —  —  -315 
Insurance service result  216  61  44  —  —  322 
Other P&C insurance related 
income or expense  —  —  -10  —  —  -10 
Underwriting result  216  61  34  —  —  312 
Net investment income  51  -56  6  13  -2  11 
Insurance finance income or 
expense, net  —  42  15  —  —  57 
Net financial result  51  -15  21  13  -2  68 
Other items  -3  -12  —  -22  1  -37 
Profit before taxes  264  35  54  -10  -1  342 
Net profit for the equity holders  387 
- of which from life operations*  135 
Combined ratio, % 83.1 80.4 86.9 83.2
EURm If Topdanmark Hastings  Holding Elim. Sampo 
Group
*) Net profit from life operations in July-September 2022 includes Mandatum and Topdanmark’s life operations.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Third quarter in brief
10

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

Business areas
If
If P&C is the leading property and casualty insurer in the Nordic region, where it offers solutions in all major lines of 
business through its four business areas; Private, Commercial, Industrial and Baltic. If P&C’s business model is 
based on high customer satisfaction, best in class underwriting and leveraging the scale benefits that its unified 
Nordic model offers. Excellent digital sales and service capabilities are a core part of If’s strategy, particularly in the 
Private and SME Commercial market segments.
EURm 1–9/2023 1–9/2022 Change, % 7–9/2023 7–9/2022 Change, %
Gross written premiums  4,373   4,348   1   1,100   1,081   2  
Insurance revenue, net  3,730  3,767  -1  1,263  1,285  -2 
Claims incurred, net  -2,322  -2,314  —  -802  -790  1 
Operating expenses and claims handling costs  -780  -792  -2  -261  -279  -6 
Insurance service result / underwriting result  628  661  -5  201  216  -7 
Net investment income  427  200  113  88  51  74 
Insurance finance income or expense, net  -54  626  —  47  —  — 
Net financial result  373  827  -55  135  51  164 
Other items  -12  3  —  -4  -3  9 
Profit before taxes  989  1,491  -34  332  264  26 
Key figures 1–9/2023 1–9/2022 Change 7–9/2023 7–9/2022 Change
Combined ratio, % 83.2 82.5 0.7 84.1 83.1 0.9
Cost ratio, % 20.9 21.0 -0.1 20.7 21.7 -1.0
Risk ratio, % 62.2 61.4 0.8 63.4 61.5 1.9
Large claims and severe weather, % 5.1 0.8 4.3 9.2 2.4 6.9
Risk adjustment and other technical effects, 
current year % 1.1 0.7 0.4 1.0 0.2 0.8
Prior year development, % -5.4 -2.4 -3.1 -7.9 -2.3 -5.6
Adjusted risk ratio, current year, % 61.5 62.3 -0.8 61.1 61.2 -0.2
Discounting effect, current year, % -3.1 -2.8 -0.3 -3.0 -3.2 0.2
Undiscounted adjusted risk ratio, current year, % 64.7 65.2 -0.5 64.1 64.5 -0.4
Loss ratio, % 67.8 66.9 1.0 68.9 67.0 1.9
Expense ratio, % 15.3 15.6 -0.3 15.1 16.2 -1.0
Results
All the key figures in the table above are calculated on a net basis. 
Large claims measured against budget but severe weather claims are reported in full; negative figures indicate a positive outcome. 
Severe weather includes natural catastrophes.
Negative figures for prior year development indicate positive reserve run-off. The discounting effect represents the impact of 
discounting of current year claims reserves on the risk ratio.
In the third quarter of 2023, ”Risk adjustment and other technical effects, current year %” was adjusted to include additional 
technical items in order to enhance the comparability of the adjusted risk ratio over time.
Underwriting performance
If reported an underwriting result of EUR 628 million (661) for January-September 2023, representing a decline of 5 
per cent year-on-year.
The first nine months saw currency adjusted premium growth of 6.9 per cent and improved underlying 
underwriting margins. This was partly offset by unusually high large claims and severe weather claims including 
natural catastrophe events. The combined ratio for the period was 83.2 per cent (82.5), which is stronger than If’s 
target of below 85 per cent for 2021-2023.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Business areas
11

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

In the third quarter, If delivered underwriting profit of EUR 201 million (216). Premiums grew by 10.0 per cent on a 
currency adjusted basis while the combined ratio stood at 84.1 per cent (83.1).
Premium development
If reported gross written premiums, GWP, of EUR 4,373 million (4,348) in January-September 2023. Excluding 
currency effects, premiums grew by 6.9 per cent year-on-year. Growth was robust across business areas and 
driven primarily by successful pricing measures and high retention. The strong development benefited from 
successful 1 January renewals in business areas Industrial and Commercial with continued rate increases. Currency 
adjusted premium growth in the third quarter stood at 10.0 per cent.
January-September 2023 currency adjusted GWP growth in Private was 4.9 per cent driven by rate increases 
covering claims inflation and an increase in the customer base compared to the same period last year. The positive 
development was supported by high retention and solid growth, especially in personal insurance but also in 
property and motor insurance. Nordic new car sales stabilised over the period but remained at a relatively low 
level. Geographically, Norway and Finland saw the highest GWP growth. Currency adjusted premium growth in the 
third quarter stood at 6.3 per cent. 
Currency adjusted GWP growth in Commercial in January–September 2023 was 5.4 per cent year-on-year mainly 
driven by rate actions. All countries contributed to growth with Sweden and Finland being particularly strong. The 
positive development was supported by 10 per cent growth in the SME segment during the period and successful 
renewals in the beginning of the year. Third quarter currency adjusted GWP growth of 0.1 per cent was adversely 
affected by the loss of a small number of large contracts, making the nine month growth rate more representative 
of the underlying trend. 
Industrial saw strong GWP growth of 13.1 per cent on a currency adjusted basis in January-September 2023. 
Growth was primarily driven by strong renewals at the beginning of the year with significant rate action and high 
retention. Rate increases continued in all countries, with the largest contribution coming from property insurance. 
Currency adjusted premium growth in the seasonally light third quarter was 41.3 per cent driven by rate increases 
and the addition of a small number of large new clients.
The Baltic business delivered strong currency adjusted GWP growth of 16.1 per cent in January–September 2023. 
The positive development was mainly driven by continued rate increases to mitigate claims inflation. Growth was 
strong in all three Baltic countries. Currency adjusted premium growth in the third quarter stood at 18.0 per cent.
Combined ratio development 
If achieved a combined ratio of 83.2 per cent (82.5) and 84.1 per cent (83.1) for the first nine months and the third 
quarter, respectively.
After a favourable large claims outcome in the first quarter of the year, the following two quarters saw adverse 
large claims and severe weather development. Large claims and severe weather (including natural catastrophe 
events) in the first nine months had a 5.1 percentage points (0.8) negative effect on the risk ratio. In the third 
quarter, the corresponding number was 9.2 percentage points (2.4), mainly driven by storm Hans and a cloud burst 
in Oslo, Norway, as well as a number of other large property claims. If’s large claims outcome is reported as a 
deviation against budget, while severe weather effects are disclosed in full.
Prior year gains in the first nine months increased to 5.4 percentage points from 2.4 percentage points in the prior 
year. In the third quarter, prior year gains amounted to 7.9 percentage points (2.3). 
Risk adjustment and other technical effects were 1.1 percentage points (0.7) in the first nine months and 1.0 (0.2) in 
the third quarter, respectively. In the third quarter, the line was adjusted to include technical items related to 
certain portfolios of multi-year contracts that had previously been part of the adjusted risk ratio, in order to 
increase the comparability of the latter over time. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Business areas
12

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

The first nine months of the year saw discounting effects increase by 0.3 percentage points year-on-year to 3.1 per 
cent (2.8) as a result of increased interest rates. In the third quarter the discounting effect was 3.0 per cent (3.2).
In total, the risk ratio deteriorated by 0.8 percentage points year-on-year to 62.2 per cent (61.4) in January–
September 2023. Third quarter risk ratio was 63.4 per cent (61.5). The adjusted risk ratio excluding discounting 
effect improved by 0.5 percentage points year-on-year in the first nine months and by 0.4 percentage points year-
on-year in the third quarter, respectively.
The January–September 2023 cost ratio improved by 0.1 percentage points to 20.9 per cent (21.0), while third 
quarter cost ratio was 20.7 per cent (21.7). Education and development costs are included in the cost ratio.
1–9/2023 1–9/2022 Change, % 1–9/2023 1–9/2022 Change, %
Private 82.7 80.9 1.8 62.1 60.1 2.0
Commercial 81.3 81.4 -0.2 59.6 59.8 -0.2
Industrial 90.3 93.2 -2.9 71.6 73.6 -2.0
Baltic 86.0 89.1 -3.1 60.0 62.2 -2.1
Sweden 82.5 78.1 4.4 63.5 58.8 4.7
Norway 88.3 85.6 2.7 68.2 64.9 3.3
Finland 76.0 74.7 1.3 54.1 53.1 1.0
Denmark 85.5 103.4 -17.9 60.8 78.4 -17.6
Combined ratio, % Risk ratio, %
7–9/2023 7–9/2022 Change, % 7–9/2023 7–9/2022 Change, %
Private 84.0 81.1 2.9 64.2 59.5 4.7
Commercial 79.5 82.6 -3.1 58.1 60.6 -2.5
Industrial 93.8 95.0 -1.2 75.5 75.6 -0.1
Baltic 82.5 86.8 -4.3 56.7 60.5 -3.8
Sweden 79.4 80.4 -1.0 60.7 60.0 0.7
Norway 90.9 85.9 5.0 71.7 64.3 7.4
Finland 75.4 83.2 -7.9 53.8 61.1 -7.3
Denmark 96.4 83.7 12.7 73.0 60.9 12.0
Combined ratio, % Risk ratio, %
Net financial result
If reported a net financial result of EUR 373 million (827) for January-September 2023, and EUR 135 million (51) in 
the third quarter. Mark-to-market return on investments stood at 4.0 per cent (-6.2), driven mainly by interest 
income. For the third quarter the mark-to-market investment return was 0.8 per cent (-1.5).
During the period the investment portfolio was gradually reinvested at higher rates, improving the running yield. At 
the end of September, fixed income running yield was 4.1 per cent (2.7), equating to an increase of 0.3 percentage 
points from the 3.8 per cent reported at the end of the second quarter. 
Profit before taxes
In total, If reported profit before taxes of EUR 989 million (1,491) for January-September 2023, representing a 
decrease of 34 per cent year-on-year. For the third quarter reported profit before taxes was EUR 332 million (264).  
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Business areas
13

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

Topdanmark
Topdanmark is one of the largest non-life insurance companies in Denmark. It focuses on the private, agricultural, 
and SME markets. The company is listed on Nasdaq Copenhagen.
EURm 1–9/2023 1–9/2022 Change, % 7–9/2023 7–9/2022 Change, %
Gross written premiums  1,098  1,087  1   252  245  3  
Insurance revenue, net  956  941  2  321  313  2 
Claims incurred and claims handling costs, net  -620  -614  1  -217  -202  7 
Operating expenses  -168  -158  6  -53  -50  6 
Insurance service result / underwriting result  168  169  —  51  61  -17 
Net investment income  40  -190  —  3  -56  — 
Insurance finance income or expense, net  -32  134  —  -4  42  — 
Net financial result  8  -56  —  -1  -15  -93 
Other items  -33  -35  -7  -11  -12  -2 
Profit before taxes  143  78  83  38  35  10 
Key figures 1–9/2023 1–9/2022 Change 7–9/2023 7–9/2022 Change
Combined ratio, % 82.4 82.1 0.3 84.1 80.4 3.7
Loss ratio, % 64.9 65.3 -0.4 67.7 64.6 3.2
Expense ratio, % 17.5 16.8 0.8 16.4 15.9 0.5
Results
All the key figures in the table above are calculated on a net basis. Comparison figures do not include Topdanmark’s life operations.
During the third quarter Sampo plc acquired 348,000 Topdanmark shares through a small number of block trades 
that became available. This led to an increase in the Group’s holding to 44.0 million shares as at the end of 
September, which represents 48.9 per cent of all the shares in Topdanmark (previously 48.5 per cent). The market 
value of the holding was EUR 1,811 million on 30 September 2023.
Topdanmark’s profit before taxes for January-September 2023 in Sampo Group’s P&L increased to EUR 143 million 
(78) mainly due to higher net investment income. The combined ratio for January-September 2023 was 82.4 per 
cent (82.1) and expense ratio 17.5 per cent (16.8).
On 27 October 2023, Topdanmark A/S’ communicated that it had received all relevant regulatory related to the 
acquisition of Oona Health A/S. The transaction is expected to be completed as per 1 December 2023. 
Further information on Topdanmark A/S and its January-September 2023 results is available at 
www.topdanmark.com.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Business areas
14

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

Hastings
Hastings is one of the leading digital P&C insurance providers in the UK predominantly focused on serving UK car, 
van, bike and home insurance customers. Hastings has over 3 million customers and operates via its two main 
trading subsidiaries, Hastings Insurance Services Limited in the UK and Advantage Insurance Company in Gibraltar.
EURm 1–9/2023 1–9/2022 Change, % 7–9/2023 7–9/2022 Change, %
Gross written premiums  1,265  985  28  467  380  23 
Other income from insurance contracts  173  159  8  59  53  12 
Insurance revenue, net  814  634  28  296  228  30 
Claims incurred and claims handling costs, net  -521  -344  51  -190  -127  50 
Operating expenses  -192  -168  14  -68  -58  18 
Insurance service result  101  122  -17  38  44  -14 
Other P&C insurance related income or expense  -15  -29  -47  -5  -10  -50 
Underwriting result  86  93  -7  33  34  -4 
Net investment income  33  10  227  35  6  496 
Insurance finance income or expense, net  -18  30  —  -14  15  — 
Net financial result  15  40  -63  21  21  1 
Other items  -31  -33  -6  -10  —  — 
Profit before taxes  70  100  -30  43  54  -20 
Key figures 1–9/2023 1–9/2022 Change 7–9/2023 7–9/2022 Change
Operating ratio, % 90.5 87.1 3.5 90.0 86.9 3.1
Loss ratio, % 63.9 54.3 9.6 64.2 55.5 8.8
Total revenue, EURm*  911  719  27 % 327  258  27 %
Live customer policies (millions) 3.4 3.2 0.2
Results
*) Total revenue is used for the operating ratio calculation and includes insurance revenue and total broker revenues.
All the key figures in the table above are calculated on a net basis.
In the UK, the significant increase in market prices experienced in the first half of the year continued during the 
third quarter of 2023. However, market wide claims inflation remains persistent and is estimated to have remained 
at circa 12 per cent per annum. In this environment, Hastings has continued to increase prices whilst also benefiting 
from increased demand as consumers continue to shop around in response to market price increases.
Hastings’ gross written premium increased 32 per cent year-on-year on a local currency basis to EUR 1,265 million 
(985), reflecting higher average premiums and an increase in live customer policies (LCP). Total LCP increased to 
3.4 million, up 6 per cent year-on-year, with an increase in motor insurance policy count of 3 per cent. Home 
insurance policies also grew significantly, up 32 per cent year-on-year. The rise in policy count was achieved whilst 
prioritising rate increases to cover claims inflation and higher reinsurance rates. 
The loss ratio for January-September 2023 was 63.9 per cent (54.3), up 9.6 percentage points year-on-year due to 
increased claims frequencies in line with changing driving behaviours, claims inflation and the weather events 
experienced in the first quarter. The rate increases implemented by Hastings are expected to support profitability 
as these earn through the P&L over coming quarters.
The operating ratio for January-September 2023 increased to 90.5 per cent (87.1), mainly due to a higher loss ratio 
and the upfront recognition of distribution costs given the high level of new business volumes in the current 
period. 
Hastings generated an underwriting result of EUR 86 million (93) with the year-on-year reduction largely being due 
to the increase in the loss ratio coupled with an increase in operating expenditure due to an increase in levies and 
brokerage fees.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Business areas
15

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

The net financial result declined to EUR 15 million (40) as the prior year included a EUR 37 million benefit from a 
significant rise in the discount yield curve on past claims liabilities, compared to EUR 4 million from a smaller 
increase in the discount yield curve in the current period.
Hastings’ profit before taxes declined to EUR 70 million (100) on the fall in the underwriting result and net financial 
results, as well the non-repeat of a EUR 17 million one-off gain in the prior year related to the redemption of senior 
debt. The profit before tax includes EUR 30 million (44) of non-operational amortisation without which it would 
have been EUR 100 million (145).
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Business areas
16

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

Holding
Sampo plc is the parent company of Sampo Group and responsible for the Group’s strategy and capital 
management activities. In addition to the Group’s insurance subsidiaries, a small number of direct investments are 
held in the holding company.  
EURm 1–9/2023 1–9/2022 Change, % 7–9/2023 7–9/2022 Change, %
Net investment income  0   187   -100   5   13   -61  
Other income  1   103   -99  1   —   — 
Other expenses  -29   -29   -2  -9   -12   -26 
Finance expenses  -54   -81   -34  -18   -18   — 
Share of associates' profit or loss  —   15   —  —   7   — 
Profit before taxes  -81   194   —  -21   -10   115 
Results
Holding segment’s profit before taxes for January-September 2023 decreased to EUR -81 million (194).
Net investment income includes an impact of market value changes of EUR -46 million in the first nine months of 
2023, which offset interest income and dividends. The market value changes in the third quarter amounted to EUR 
-8 million and were mainly related to a decrease in the value of Nexi. Prior year net investment income for the first 
nine months includes Sampo's share of Nordea's dividend of EUR 157 million and prior year other income includes 
the positive accounting effect from Nordea transactions of EUR 103 million.
The share of NOBA’s (previously known as Nordax) profit is no longer consolidated into Sampo Group’s P&L from 
the start of year 2023 due to reclassification from an associated company to a fair value investment.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Business areas
17

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

Financial position
Group solvency
Sampo Group’s pro forma Solvency II ratio, adjusted for the partial demerger and dividend accrual, amounted to 
195 per cent on 30 September 2023, based on own funds of EUR 6,026 million and a solvency capital requirement 
of EUR 3,087 million. The pro forma figure reflects the demerger and related transactions, as well as dividend 
accrual based on the regular dividend of EUR 1.50 per share for 2022 (ie. excluding Mandatum’s contribution of 
EUR 0.30). Sampo Group targets a Solvency II ratio between 170 and 190 per cent. 
The regulatory Solvency II ratio, which includes Mandatum, amounted to 236 per cent, up from 224 per cent at the 
end of second quarter driven mainly by operational capital generation and higher liability discount rates.
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. Sampo targets financial leverage of below 30 per cent.
Adjusting for the partial demerger and all related transactions, Sampo Group’s pro forma shareholders’ equity 
amounted to EUR 7,309 million and financial debt to EUR 2,610 million on 30 September 2023, translating into a 
pro forma financial leverage of 26.3 per cent. Based on reported figures, financial leverage was 26.6 per cent.
More information on Sampo Group’s outstanding debt issues is available at www.sampo.com/debtfinancing.
Ratings
Relevant ratings for Sampo Group companies on 30 September 2023 are presented in the table below.
Rating Outlook Rating Outlook
Sampo plc – Issuer Credit Rating A3 Positive A Stable
If P&C Insurance Ltd – Insurance Financial 
Strength Rating A1 Positive AA- Stable
If P&C Insurance Holding Ltd (publ) - Issuer 
Credit Rating - - A Stable
Rated company Moody’s Standard & Poor’s
The Fitch rating of Hastings was discontinued during the second quarter as it has no outstanding debt issues.
Mandatum was separated from Sampo Group by a partial demerger of Sampo plc on 1 October 2023; hence its 
Standard & Poor’s rating is no longer presented in the ratings table.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Financial position
18

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

Other developments
Mandatum 
Demerger of Sampo plc
On 29 March 2023, the Board of Directors proposed to the Annual General Meeting a partial demerger of Sampo 
plc to separate Mandatum from Sampo Group. The Annual General Meeting held on 17 May 2023 resolved to 
approve the partial demerger as set forth in the demerger plan approved by the Board on 29 March 2023. The 
demerger was successfully completed on 1 October 2023. 
In the demerger, all of the shares in Mandatum Holding Ltd (a wholly-owned direct subsidiary of Sampo plc) and 
related assets and liabilities were transferred without a liquidation procedure to Mandatum plc, a company  
incorporated in the demerger on the effective date. Mandatum shares were listed on Nasdaq Helsinki on 2 October 
2023.
Planned transactions in connection with the demerger
Sampo sold or plans to sell certain assets to Mandatum in connection with the demerger. These assets include 
holdings in Saxo Bank and Enento Group, guarantee shares of Kaleva Mutual Insurance Company and other smaller 
equity, debt and alternative investments. Additional detail is available at www.sampo.com/demerger.
Mandatum’s financial development 
The Mandatum profit before taxes consolidated in the Sampo Group P&L amounted to EUR 173 million and net 
profit to EUR 140 million in January-September 2023. Further information on Mandatum and its January-
September 2023 results is available at www.mandatum.fi.
Share buyback programmes
In January-September 2023, Sampo repurchased 12.6 million of its own A shares under two buyback programmes 
based on the authorisation granted by the Annual General Meeting of 2022. 
The share buyback programme of EUR 1 billion announced on 9 June 2022 was completed on 8 February 2023. 
Through the programme, Sampo repurchased and cancelled 22.1 million of its own A shares at an average price of 
EUR 45.28 per share. Of this, 3.2 million shares were repurchased during the first quarter of 2023.
On 29 March 2023, Sampo’s Board of Directors resolved to launch a new EUR 400 million share buyback 
programme. The programme started on 3 April 2023 and ended on 1 August 2023. Through this programme, 
Sampo repurchased and cancelled 9.4 million own shares at an average price per share of EUR 42.64. Of this, 6.7 
million shares were repurchased during the second quarter and 2.7 million shares during the third quarter. 
Further details on the company’s share buyback programmes is available at www.sampo.com/sharebuyback.
Shares and shareholders
Sampo plc’s total number of shares, including 200,000 B shares, was 501,796,752 at the end of September 2023. 
During January-September 2023, the total share count decreased by 14.8 million shares due to the cancellations of 
the repurchased shares on 30 March 2023 and on 10 August 2023. Sampo did not hold any own shares at the end 
of September 2023.
Sampo did not receive any flagging notifications of change in holding pursuant to Chapter 9, Section 5 of the 
Securities Markets Act during in January-September 2023. The latest notifications are available at 
www.sampo.com/flaggings.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Other developments
19

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

Remuneration
A total of EUR 67 million (74), including social costs, was paid as short-term incentives in January-September 2023 
in Sampo Group. In the same period, a total of EUR 38 million (35) was paid as long-term incentives. The long-term 
incentive schemes in force in Sampo Group produced a negative result impact of EUR 4 million (-28). The terms of 
the long-term incentive schemes based on financial instruments of Sampo plc are available at www.sampo.com/
incentiveterms.
Personnel
In January-September 2023, the average number of employees (FTE) in Sampo Group’s P&C operations was 13,229 
(12,936). On 30 September 2023, the total number of employees in the Group’s P&C operations was 13,492 
(13,038).
By company
If  7,833   59 
Hastings  3,183   24 
Topdanmark  2,160   16 
Sampo plc  54   0.4 
Total  13,229   100 
By country
United Kingdom  3,159   24 
Denmark  2,763   21 
Sweden  2,443   18 
Finland  1,929   15 
Norway  1,603   12 
Other countries  1,331   10 
Total  13,229   100 
Sampo Group personnel (P&C operations) Average personnel (FTE) 
1–9/2023 %
Mandatum’s average number of employees was 663 (594) in January-September 2023 and the total number of 
employees was 660 (604) on 30 September 2023. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Other developments
20

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

Events after the end of the reporting period
Financial effects of the partial demerger
The partial demerger of Sampo plc was completed as planned on 1 October 2023. The first trading day for 
Mandatum on Nasdaq Helsinki was 2 October 2023. Mandatum was consolidated in Sampo Group’s P&L and 
balance sheet until the end of September.
The table below illustrates the financial effects of the demerger on Sampo Group. Since a dividend liability was 
established for Mandatum during the third quarter (see detail below), Mandatum’s contribution has been added 
back into Sampo’s end of September shareholders’ equity and financial debt figures in the table. As such, these 
figures do not correspond to reported numbers.
Key figures 1-9/2023 Pro forma, including 
Mandatum*
Pro forma, 
excluding Mandatum**
Net profit for the equity holders of the parent EURm 941 801
Earnings per share EUR 1.86 1.58
Own funds EURm 8,918 6,589
Own funds, including dividend accrual EURm  — 6,026
Solvency capital requirement EURm  3,776  3,087 
Solvency II ratio %  236  213 
Solvency II ratio, including dividend accrual %  —  195 
IFRS shareholders’ equity EURm  9,033  7,309 
Financial debt EURm  2,860  2,610 
Financial leverage %  24.0  26.3 
*) Pro forma figures related to solvency and financial leverage exclude all demerger effects and related transactions. 
**) Pro forma figures related to solvency and financial leverage include all demerger effects and related transactions. Dividend 
accrual is based on the regular dividend of EUR 1.50 per share for 2022, i.e. excluding Mandatum’s contribution.
As the Board of Directors resolved to complete the demerger of Sampo plc during the third quarter, a dividend 
liability equal to the estimated fair value of Mandatum’s net assets was recognised on the Group’s balance sheet, in 
accordance with IFRIC 17. This had a negative effect of EUR 1,826 million on Sampo’s shareholders’ equity at 30 
September 2023.
After the demerger completed on 1 October, the dividend liability was remeasured against a fair value based on 
Mandatum’s weighted average share price on the first trading day on Nasdaq Helsinki, amounting to EUR 1,835 
million. The EUR 9 million difference between the revised fair value of the dividend liability and the net assets at 
the end of September will be taken through the P&L in the fourth quarter. The effect has no impact on cash flow or 
solvency. For further detail, see Note 10 Subsequent events after the balance sheet date.
Following completion of the demerger, EUR 102 million of long term debt was re-allocated from Sampo plc to 
Mandatum, to satisfy conditions for tax neutrality. Adjusting for this, Sampo’s pro forma shareholders’ equity for 
the end of the third quarter would have been EUR 7,309 million.
Changes in Group Executive Committee and Board of Directors
Following the completion of the partial demerger, the Sampo Group Executive Committee (GEC) terms of Patrick 
Lapveteläinen, former Sampo Group CIO, and Petri Niemisvirta, CEO of Mandatum, ended on 1 October 2023. Mr 
Lapveteläinen was replaced as Group CIO by Ville Talasmäki, who joined the GEC on the same day. Lapveteläinen 
and Niemisvirta moved to Mandatum to take up roles as Full-time Chair of the Board and CEO, respectively. 
Following the changes, the GEC decreased from seven to six members.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Other developments
21

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

In addition and as previously communicated, the number of the members of the Board of Directors of Sampo 
declined from ten to nine as Johanna Lamminen left the Board on 1 October 2023. Lamminen, who had been a 
member of the Sampo Board since 2019, became a member of the Board of Mandatum.
Application for a partial Group Internal Model
Following the completion of the demerger of Sampo plc, the Swedish FSA (Finansinspektionen) became Sampo’s 
group prudential supervisor as of 1 October 2023. As a result, Sampo refiled its application for a Group Partial 
Internal Model to the Swedish FSA on 2 October 2023. The application had previously been filed with Finnish FSA. 
Sampo expects that the application process will be completed during the first half of 2024. 
The Partial Internal Model recognises the risk profile of Sampo’s P&C operations better than the Standard Formula 
and it is estimated that it would have reduced the group-level solvency capital requirement (SCR) by up to EUR 
0.3 billion at the third quarter of 2023.
SAMPO PLC
Board of Directors
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Other developments
22

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

Conference call
A conference call for investors and analysts will be arranged at 2:30 pm Finnish time (12:30 pm UK time). Please 
call tel. +1 786 697 3501, +44 (0) 33 0551 0200, +46 (0) 8 5052 0424, or +358 9 2319 5437.  
Conference passcode: Sampo Q3
The conference call can also be followed live at www.sampo.com/result. A recorded version will later be 
available at the same address.
For more information, please contact
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
The Investor Presentation and a video review with Sampo Group CFO Knut Arne Alsaker are available at 
www.sampo.com/result.
Sampo will publish the Financial Statement Release for 2023 on 8 February 2024.
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
London Stock Exchange
The principal media
FIN-FSA
www.sampo.com
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
Further information
23

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

Group financial review >
Group
Gross written premiums & other income from insurance contracts EURm  6,909  6,580 
Insurance revenue, net EURm  5,499  5,341 
Insurance service result, net EURm  898  951 
Underwriting result EURm  882  923 
Net financial result EURm  385  993 
Profit before taxes (P&C operations) EURm  1,113  1,857 
Net profit for the equity holders EURm  941  2,046 
Combined ratio %  84.2  83.0 
Solvency ratio 1) 3) %  213  256 
Financial leverage 3) %  26.3  24.3 
Return on equity %  14.1  3.5 
Average number of staff incl. Mandatum  13,892  13,530 
If
Gross written premiums EURm  4,373  4,348 
Insurance revenue, net EURm  3,730  3,767 
Insurance service result/underwriting result EURm  628  661 
Net financial result EURm  373  827 
Profit before taxes EURm  989  1,491 
Combined ratio %  83.2  82.5 
Cost ratio %  20.9  21.0 
Risk ratio %  62.2  61.4 
Loss ratio %  67.8  66.9 
Expense ratio %  15.3  15.6 
Return on equity %  25.6  12.2 
Average number of staff  7,833  7,467 
Topdanmark
Gross written premiums EURm  1,098  1,087 
Insurance revenue, net EURm  956  941 
Insurance service result/underwriting result EURm  168  169 
Net financial result EURm  8  -56 
Profit before taxes EURm  143  78 
Combined ratio %  82.4  82.1 
Loss ratio %  64.9  65.3 
Expense ratio %  17.5  16.8 
Average number of staff  2,160  2,395 
Financial highlights 1–9/2023 1–9/2022
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
24

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

> Group financial review
Hastings
Gross written premiums & other income from insurance 
contracts EURm  1,438  1,145 
Insurance revenue, net EURm  814  634 
Insurance service result, net EURm  101  122 
Underwriting result EURm  86  93 
Net financial result EURm  15  40 
Profit before taxes EURm  70  100 
Operating ratio % 90.5 87.1
Loss ratio % 63.9 54.3
Return on equity % 13.5 -17.6
Average number of staff  3,183  3,026 
Holding
Profit before taxes EURm  -81  194 
Average number of staff  54  49 
Per share key figures
Earnings per share EUR  1.86  3.83 
Earnings per share, continuing operations 2) EUR  1.58  2.81 
Earning per share, discontinuing operations EUR  0.28  1.02 
Operational result per share EUR  1.65  — 
Equity per share EUR  13.52  18.81 
Net asset value per share EUR  14.17  19.99 
Adjusted share price, high EUR  49.73  48.74 
Adjusted share price, low EUR  37.98  35.85 
Market capitalisation EURm  20,564  22,861 
1–9/2023 1–9/2022
1) The Group solvency is calculated according to the consolidation method defined in the Solvency II Directive (2009/138/EC).
2) Earnings per share on continuing operations for comparative period 2022 includes the divested operations i.e. Topdanmark Life 
operations.
3) The solvency ratio and financial leverage for 2023 are pro forma figures excluding Mandatum and including an asset of EUR 102 
million related to the split of Sampo plc’s liabilities in the demerger.
The number of shares used at the reporting date was 501,796,752 and as the average number during the financial period  
507,335,008.
In calculating the key figures the tax corresponding to the result for the accounting period has been taken into account. 
In the net asset value per share, the Group valuation difference on the listed subsidiary Topdanmark has been taken into account.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
25

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

Calculation of key figures
Return on equity, %
+ total comprehensive income attributable to owners of the parent
x 100 %
+ total equity attributable to owners of the parent
(average of values 1 Jan. and the end of reporting period)
Equity/assets ratio, %
+ total equity attributable to owners of the parent
x 100 %
+ balance sheet total
Financial leverage
financial debt
x 100 %equity + financial debt
Underwriting result
+ insurance revenue, net
+ other income (Hastings)
- claims incurred
- operating expenses
underwriting result
Operational result
+ P&C operations’ (incl. Sampo plc) profit after tax
- non-controlling interest in P&C operations
- unrealised gains/losses on investments 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
operational result
Combined ratio for P&C insurance, %
+ claims incurred
+ operating expenses
x 100 %
+ insurance revenue, net
+ other revenue (Hastings)
Risk ratio for P&C insurance, %
+ claims incurred
– claims settlement expenses
x 100 %insurance revenue, net
Cost ratio for P&C insurance, %
+ operating expenses
+ claims settlement expenses
x 100 %insurance revenue, net
Loss ratio for P&C insurance, %
claims incurred
x 100 %insurance revenue, net
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
26

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

Expense ratio for P&C insurance, %
operating expenses
x 100 %insurance revenue, net
Operating ratio for Hastings, %
+ claims incurred
+ acquisition costs
+ other operating expenses
+ depreciation and operational amortisation
x 100 %
+ insurance revenue, net
+ other revenue
Per share key figures
Earnings per share
profit for the financial period attributable to owners of the parent
adjusted average number of shares
Operational result per share
operational result
adjusted average number of shares
Equity per share
equity attributable to owners of the parent
adjusted number of shares at the balance sheet date
Net asset value per share
+ equity attributable to owners of the parent
± valuation differences on listed Group companies
adjusted number of shares at balance sheet date
Market capitalisation
number of shares at the balance sheet date x closing share price at the balance sheet date
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
27

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

Exchange rates used in reporting
EURSEK
Income statement (average) 11.4787 11.3310 11.2050 10.6286 10.5230
Balance sheet (at end of period) 11.5325 11.8055 11.2805 11.1218 10.8993
DKKSEK
Income statement (average) 1.5411 1.5219 1.5052 1.4288 1.4150
Balance sheet (at end of period) 1.5465 1.5852 1.5145 1.4956 1.4656
NOKSEK
Income statement (average) 1.0116 1.0013 1.0194 1.0522 1.0520
Balance sheet (at end of period) 1.0248 1.0087 0.9900 1.0578 1.0298
EURDKK
Income statement (average) 7.4486 7.4464 7.4428 7.4396 7.4400
Balance sheet (at end of period) 7.4571 7.4474 7.4485 7.4365 7.4365
EURGBP
Income statement (average) 0.8707 0.8764 0.8831 0.8527 0.8468
Balance sheet (at end of period) 0.8646 0.8583 0.8792 0.8869 0.8830
1–9/2023 1–6/2023 1–3/2023 1–12/2022 1–9/2022
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
28

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

Group quarterly result
GWP & Other income from insurance contracts  1,878   2,045   2,986   1,687   1,759  
Insurance revenue, net  1,880  1,821  1,799  1,827  1,826 
Claims incurred, net  -1,278  -1,198  -1,195  -1,390  -1,190 
Operating expenses  -312  -313  -306  -327  -315 
Insurance service result  289  310  298  110  322 
Other P&C insurance related income or expense  -5  -4  -6  -2  -10 
Underwriting result  284  306  292  109  312 
Net investment income  127  108  253  118  11 
Insurance finance income or expense, net  29  -2  -130  -54  57 
Net financial result  156  106  123  63  68 
Other items  -50  -50  -56  -105  -37 
Profit before taxes  391  363  359  67  342 
Income taxes  -79  -81  -91  -33  -69 
Profit from the continuing operations  312  281  268  34  273 
Discontinued operations, net of tax  71  41  28  33  128 
Divested operations, net of tax  —  —  —  72  6 
Net profit  383  323  297  139  407 
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  51  -76  -63  2  -118 
Available-for-sale financial assets  —  —  —  109  -260 
Cash flow hedges  -1  2  0  0  0 
Share of other comprehensive income of 
associates  —  —  —  5  -3 
Taxes  —  —  —  -28  54 
Total items reclassifiable to profit or loss, net of 
tax  50  -74  -63  87  -327 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension 
plans  1  18  -1  -27  10 
Taxes  0  -4  0  6  -2 
Total items not reclassifiable to profit or loss, 
net of tax  1  14  0  -21  8 
Total other comprehensive income for the 
continuing operations, net of tax  51  -60  -64  66  -320 
Other comprehensive income for discontinued 
operations, net of tax  —  —  —  44  -144 
Other comprehensive income total, net of tax  51  -60  -64  109  -464 
Total comprehensive income  433  263  233  249  -56 
Profit attributable to
Owners of the parent  366  304  271  61  387 
Non-controlling interests  17  18  26  78  20 
Total comprehensive income attributable to
Owners of the parent  417  245  207  170  -76 
Non-controlling interests  17  18  26  78  20 
EURm 7–9/2023 4–6/2023 1–3/2023 10–12/2022 7–9/2022
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
29

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

Statement of profit and other comprehensive income
Insurance revenue  6,234  6,022 
Insurance service expenses  -5,308  -4,862 
Reinsurance result  -29  -210 
Insurance service result 1  898  951 
Net investment income 2  489  202 
Net finance income or expense from insurance contracts 3  -103  791 
Insurance finance income or expense, gross  -120  940 
Insurance finance income or expense, reinsurance  16  -150 
Net financial result  385  993 
Other income 4  211  287 
Other expenses  -310  -323 
Finance expenses  -71  -78 
Share of associates' profit or loss  1  27 
Profit before taxes  1,113  1,857 
Income taxes  -251  -332 
Profit from the continuing operations  862  1,525 
Discontinued operations, net of tax 8  140  546 
Divested operations, net of tax 9  —  30 
Net profit  1,002  2,100 
Other comprehensive income 
Items reclassifiable to profit or loss
Exchange differences  -88  -270 
Available-for-sale financial assets  —  -1,230 
Share of other comprehensive income of associates  —  -5 
Taxes  —  238 
Total items reclassifiable to profit or loss, net of tax  -88  -1,267 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans  18  60 
Taxes  -4  -12 
Total items not reclassifiable to profit or loss, net of tax  15  47 
Total other comprehensive income for the continuing 
operations, net of tax  -73  -1,220 
Other comprehensive income for the discontinued operations, 
net of tax  —  -528 
Other comprehensive income total, net of tax  -73  -1,748 
Total comprehensive income  929  352 
Profit attributable to
Owners of the parent  941  2,046 
Non-controlling interests  61  54 
Total comprehensive income attributable to
Owners of the parent  868  298 
Non-controlling interests  61  54 
EURm Note 1-9/2023 1-9/2022
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
30

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

Consolidated balance sheet
Assets
Property, plant and equipment  306  355 
Investment property  1  166 
Intangible assets  3,307  3,494 
Investments in associates  12  16 
Financial assets 5  15,627  19,565 
Financial assets related to unit-linked contracts  —  9,930 
Deferred income tax  2  11 
Insurance contract assets  —  6 
Reinsurance contract assets  2,230  1,821 
Other assets  777  775 
Cash and cash equivalents  1,361  3,073 
Disposal group held for distribution to owners 8  15,736  — 
Total assets  39,358  39,212 
Liabilities
Insurance contract liabilities 6  11,566  16,210 
Investment contract liabilities  —  7,103 
Subordinated debts 7  1,639  1,983 
Other financial liabilities 7  1,246  1,457 
Deferred income tax  501  666 
Provisions  6  6 
Other liabilities  1,457  1,611 
Dividend liability on partial demerger  1,826  — 
Liabilities directly associated with disposal group held for 
distribution to owners 8  13,910  — 
Total liabilities  32,151  29,035 
Equity
Share capital  98  98 
Reserves  1,530  1,530 
Retained earnings  5,987  8,482 
Other components of equity  -829  -492 
Equity attributable to owners of the parent  6,786  9,618 
Non-controlling interests  421  560 
Total equity  7,207  10,178 
Total equity and liabilities  39,358  39,212 
EURm Note 9/2023 12/2022
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
31

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

Statement of changes in equity
Equity at 31 December 
2021 (IFRS 4)  98  4  1,527  9,952  -415  1,622  12,788  676  13,464 
Impact of IFRS 17 
transition 1 January 2022  —  —  —  -7  —  23  16  -25  -9 
Equity at 1 January 2022 
(IFRS 17)  98  4  1,527  9,945  -415  1,646  12,805  651  13,456 
Changes in equity
Acquired non-controlling 
interests  —  —  —  1  —  —  1  -1  0 
Dividends  —  —  —  -2,186  —  —  -2,186  -207  -2,393 
Acquisition of own shares  —  —  —  -1,066  —  —  -1,066  —  -1,066 
Share-based payments  —  —  —  -2  —  —  -2  —  -2 
Changes in associate share 
holdings  —  —  —  -17  —  —  -17  —  -17 
Other changes in equity  —  —  —  54  -58  -1  -5  -5  -10 
Profit for the reporting 
period  —  —  —  2,046  —  —  2,046  54  2,100 
Other comprehensive 
income for the period  —  —  —  47  -275  -1,520  -1,748  —  -1,748 
Total comprehensive 
income  —  —  —  2,093  -275  -1,520  298  54  352 
Equity at 30 September 
2022  98  4  1,527  8,822  -748  124  9,827  492  10,319 
Equity at 31 December 
2022 (IFRS 17, restated)  98  4  1,527  8,482  -741  248  9,618  560  10,178 
Impact of IFRS 9 transition 
1 January 2023  —  —  —  248  —  -248  —  —  — 
Equity at 1 January 2023  98  4  1,527  8,730  -741  —  9,618  560  10,178 
Changes in equity
Acquired non-controlling 
interests  —  —  —  -11  —  —  -11  -3  -14 
Dividends  —  —  —  -1,321  —  —  -1,321  -187  -1,508 
Dividend liability to 
shareholders  —  —  —  -1,826  —  —  -1,826  —  -1,826 
Acquisition of own shares  —  —  —  -555  —  —  -555  —  -555 
Other changes in equity  —  —  —  13  —  —  13  -10  3 
Profit for the reporting 
period  —  —  —  941  —  —  941  61  1,002 
Other comprehensive 
income for the period  —  —  —  15  -88  —  -74  —  -74 
Total comprehensive 
income  —  —  —  956  -88  —  868  61  928 
Equity at 30 September 
2023  98  4  1,527  5,987  -829  —  6,786  421  7,207 
EURm
Share 
capital
Legal 
reserve
Inves-
ted 
unres-
tricted 
equity
Retained 
earnings 
1)
Transla-
tion of 
foreign 
opera-
tions 2)
Available- 
for-sale 
financial 
assets 3) Total
Non- 
control-
ling 
interest Total
1) IAS 19 Pension benefits had a net effect of 15 million (47) on retained earnings.
2) In the comparison year, the translation differences of the other comprehensive income include associate Nordax’ share of 
exchange differences EUR -5 million.
3) In accordance with IAS 39, the comparison year includes EUR -1,386 million recognised in equity and EUR -134 million was 
transferred to p/l from available-for-sale financial assets. EUR 61 million was transferred to Mandatum’s Segregated Suomi 
portfolio. 
Sampo plc has cancelled 5,401,743 acquired own shares on 30 March 2023 and 9,381,017 shares on 10 August 2023.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
32

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

Statement of cash flows
Operating activities
Profit before tax  1,286  2,567 
Adjustments:
Depreciation and amortisation  96  112 
Unrealised gains and losses arising from valuation  -160  1,123 
Realised gains and losses on investments  -300  232 
Change in liabilities for insurance and investment contracts  1,312  -1,554 
Other adjustments*  265  -2,256 
Adjustments total  1,213  -2,343 
Change (+/-) in assets of operating activities
Investments**  -711  -2,089 
Other assets  -206  3,592 
Total  -917  1,503 
Change (+/-) in liabilities of operating activities
Financial liabilities  144  155 
Other liabilities  -34  -1,704 
Paid taxes  -208  -245 
Paid interest  -115  -146 
Total  -213  -1,940 
Net cash from operating activities  1,369  -214 
Investing activities
Divestments in subsidiary shares  20  — 
Divestments in associate shares  —  2,291 
Dividends received from associates  —  157 
Net investment in equipment and intangible assets  -13  -90 
Net cash from investing activities  7  2,358 
Financing activities
Dividends paid  -1,321  -2,186 
Dividends paid to non-controlling interests  -187  -207 
Acquisition of non-controlling interests  -14  -1 
Acquisition of own shares  -555  -1,066 
Issue of debt securities  117  80 
Repayments of debt securities in issue  -450  -856 
Net cash used in financing activities  -2,409  -4,236 
Total cash flows  -1,034  -2,092 
Cash and cash equivalents at the beginning of reporting period  3,073  4,819 
Effects of exchange rate changes  -5  -39 
Cash and cash equivalents at the end of reporting period  2,034  2,688 
Net change in cash and cash equivalents  -1,034  -2,092 
EURm 1–9/2023 1–9/2022
*) Other adjustments in the comparison year relate mainly to the sale of Nordea shares. 
**) Investments include investment property, financial assets and investments related to unit-linked insurance contracts.
Statement of cash flows includes continuing and discontinued operations. The presentation of line items in the comparison year 
have changed due to the transition to IFRS 17.
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 1,850 million (2,405) and short-term deposits (max 3 months) EUR  
184 million (283).
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
33

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

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 interim 
financial statements as were applied in Sampo’s consolidated financial statements 2022, with the exception of 
changes resulting from the adoption of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments. The new 
accounting principles are summarised below in section New accounting principles applied from 1 January 2023. 
The financial statements 2022 are available on Sampo’s website www.sampo.com/year2022.
Information presented in the Interim Statement is unaudited.
Accounting principles requiring management judgement and key 
sources of estimation uncertainties
Discontinued operations
On 7 December 2022, Sampo Group announced a strategic review of Mandatum Group’s role in the Group. 
Following an assessment of options, on 29 March 2023, the Board resolved to propose a partial demerger of 
Sampo plc to separate Mandatum from Sampo Group. The Annual General Meeting approved the partial demerger 
on 17 May 2023 as set forth in the demerger plan, approved and signed by the Board on 29 March 2023. The 
demerger plan was registered in the Finnish Trade Register on 30 March 2023. 
Sampo has evaluated the reclassification principles set in IFRS 5 Non-current Assets Held for Sale and Discontinued 
Operations and IFRIC 17 Distribution of Non-cash Assets to Owners. As a result of the analysis, Sampo concluded 
that the demerger of Mandatum meets the criteria set for arrangements to be considered as held for distribution to 
owners acting in their capacity as owners on 30 September 2023. At the end of reporting period, Mandatum was 
still classified as discontinued operations for interim reporting as the demerger took place on 1 October 2023.
Mandatum’s assets and liabilities have been reclassified as a disposal group held for distribution to owners and 
related liabilities since 31 March 2023. The comparison numbers are not restated. In the statement of profit and 
other comprehensive income, the result of Mandatum is reported as a single line item as profit from the 
discontinued operations. The comparison numbers are restated. Sampo has assessed that there is no indication of 
impairment.
Dividend liability on partial demerger 
Sampo has analysed the accounting principles set in IFRIC 17 Distribution of Non-cash Assets to Owners 
interpretation regarding the timing of recognition of liability for dividend payable. IFRIC 17.10 states that the 
liability to pay a dividend is recognised against the equity when the dividend is appropriately authorised and is no 
longer at the discretion of the entity. An entity shall measure a liability to distribute non-cash assets as a dividend 
to its owners at the fair value of the assets to be distributed.
Key management judgement
In September 2023, the Board of Directors completed the final evaluation of the conditions for completing the 
demerger. The dividend liability on the partial demerger of Mandatum was recognised in Sampo Group’s balance 
sheet amounting to EUR 1,826 million. Sampo’s management concluded that Mandatum segment’s net assets  
represented the best estimate of Mandatum’s fair value prior listing at the end of the reporting period.    
At the settlement date 2 October 2023, the dividend liability is measured at fair value. The management has 
considered that the best estimate of fair value is Mandatum Group’s weighted average share price on 2 October 
2023, the first day of listing in Nasdaq Helsinki. As a result, the fair value amounts to EUR 1,835 million at the 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
34

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

settlement date. The difference between the dividend liability and the net assets distributed is recognised in the 
statement of profit or loss during the reporting period Q4/2023. 
New accounting principles applied from 1 January 2023
Sampo Group applies IFRS 17 Insurance Contracts from 1 January 2023 and comparative information for the year 
2022 is restated. IFRS 17 has replaced IFRS 4 Insurance Contracts and establishes principles for the recognition, 
measurement, presentation, and disclosures of insurance contracts. 
Sampo Group applied the temporary exemption regarding the adoption of IFRS 9 Financial Instruments and 
implemented IFRS 9 at the same time as IFRS 17 Insurance Contracts i.e. on 1 January 2023. IFRS 9 Financial 
Instruments standard superseded IAS 39 Financial Instruments: Recognition and Measurement. The IFRS 9 
comparative figures 2022 are not restated.
The main accounting principles related to IFRS 17 and IFRS 9 are included in this interim report. Sampo Group will 
publish the full set of accounting principles as part of the consolidated financial statements 2023. The new 
accounting principles and management judgements may change until Sampo Group publishes its year-end financial 
statements 2023 in accordance with IFRS 17 and IFRS 9. 
As Mandatum Group has been classified as discontinued operation as of 31 March 2023, the new accounting 
principles related to Mandatum’s operations are included in the note 8 Discontinued operations. 
IFRS 17 transition impacts
In the transition to IFRS 17, Sampo Group P&C companies have applied a full retrospective approach and restated  
previous year’s comparatives. In the full retrospective approach Sampo Group identifies, recognises and measures 
each group of insurance contracts as if IFRS 17 had always been applied and derecognises any existing balances 
that would not exist if IFRS 17 had always been applied. The resulting net difference was recognised in retained 
earnings on 1 January 2022.
Sampo Group's opening balance sheet as of 1 January 2022 amounted to EUR 58.7 billion and equity to EUR 13.5 
billion. Compared to the IFRS 4 closing balance sheet as of 31 December 2021 of EUR 61.1 billion, the opening IFRS 
17 balance sheet decreased by EUR 2.4 billion. The net transition impact on the IFRS 17 equity was insignificant, 
amounting to EUR 14 million in the opening balance sheet. At the time of transition to IFRS 17, Mandatum Group 
had not been classified as discontinued operation, and thus it is included in the figures presented. 
In the transition to IFRS 17, both the assets and the liabilities decreased mainly due to reclassifications of premium 
receivables and deferred acquisition costs from other assets to insurance liabilities. Discounting of the reserves 
decreased the insurance liabilities whereas an introduction of risk adjustment increased the insurance liabilities. The 
introduction of the loss component related to onerous contracts had only an insignificant impact on the transition.
Sampo Group’s IFRS 17 balance sheet as of 31 December 2022 amounted to EUR 39.2 billion, and compared to 
IFRS 4 balance sheet of EUR 42.0 billion, decreased EUR by 2.8 billion. The total equity under IFRS 17 amounted to 
EUR 10.2 billion, compared to IFRS 4 equity of EUR 9.5 billion, increase by EUR 0.6 billion.  
IFRS 17 Insurance Contracts 
Scope 
In the Group’s P&C insurance contracts insurance risk is considered significant. Insurance contracts issued by third 
party underwriters (‘panel underwriters’), which do not transfer any insurance risk to the Group companies, are not 
in the scope of IFRS 17 but instead accounted for under IFRS 15 Revenue from Contracts with Customers.
Insurance contracts may contain one or more components which would be within the scope of different 
accounting standards and accounted for separately. Sampo evaluates the insurance contracts in order to identify 
components from the contracts. For example, an insurance contract may include an investment component or a 
component for services other than insurance contract services (or both).
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
35

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

Level of aggregation 
Insurance contracts are aggregated into portfolios of insurance contracts, which comprise contracts with similar 
risks that are managed together. Those portfolios are divided into annual cohorts i.e. contracts which are not 
issued more than one year apart.
In Sampo Group's P&C operations, portfolios are determined based on a segmentation of business, or a 
combination of line of business (as defined by management), business area and country. Portfolios are determined 
separately for each legal entity, or based on product lines. 
Sampo Group has identified certain onerous contracts, but the amount of onerous contracts is modest.
The carrying amount of the portfolios of insurance and reinsurance contracts determines if they are presented as 
assets or liabilities in the balance sheet.
Contract boundary 
The initial measurement of the group of insurance contracts includes all future cash flows arising within the 
contract boundary. In determining which cash flows fall within the contract boundary, substantive rights and 
obligations arising from the terms of the contract, and also from applicable laws and regulations, are considered.
In Sampo Group’s P&C operations, the majority of contracts have a one-year contract boundary, typically until the 
next renewal date; i.e. contract has one-year coverage period during which there are substantive rights and 
obligations.
Measurement 
IFRS 17 introduces a general measurement model (GMM) applicable to all insurance contracts to measure insurance 
contract liabilities. Under the general measurement model insurance contracts are measured based on future cash 
flows, adjusted to reflect the time value of money, including a risk adjustment, and a contractual service margin 
(CSM). 
When certain eligibility criteria are met, insurers may apply a simplified approach, the premium allocation approach 
(PAA), for the measurement of insurance contracts. PAA is eligible for insurance contracts with a coverage period 
of one year or less. This approach is also available for contracts where the PAA would not materially differ from the 
results of the GMM. In Sampo Group's P&C operations, PAA is applied to all insurance contracts as the coverage 
period for the main part of insurance contracts is one year or less, and for longer insurance contracts the qualifying 
eligibility criteria are fulfilled. 
The measurement of insurance liabilities consists of liability for remaining coverage (LRC), and liability for incurred 
claims (LIC) including both reported but not settled claims as well as incurred but not reported claims (IBNR).
On initial recognition of P&C operations’ groups of insurance contracts the carrying amount of LRC is measured as 
premiums initially received less insurance acquisition cash flows. In case of onerous contracts, a loss component is 
recognized.
The acquisition cash flows mainly include staff costs related to sales personnel and commissions as well as certain 
costs related to selling policies through price comparison websites. Any overhead costs are expensed immediately. 
Sampo Group's P&C operations in the private business area have elected to recognise acquisition cash flows as an 
expense at the date when they are incurred. For other business areas, the acquisition costs are deferred over the 
coverage period of the contracts, generally one year, or longer in case of expected renewals. Any acquisition cash 
flows paid relating to a group of insurance contracts not yet recognized are presented as a separate acquisition 
cash flow asset.   
At subsequent reporting periods, the carrying amount of LRC is increased by premiums received during the period 
and decreased by the amount recognised as insurance revenue for services provided in the period, which for most 
products is based on the passage of time (straight line basis). Consequently, any premium receipts pertaining to 
insurance services to be provided after the closing date remains in this liability. The carrying amount is also 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
36

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

increased for any premiums received in subsequent periods less additional insurance acquisition cash flows paid. 
The carrying amount of LRC is not discounted or adjusted with the effect of financial risk as the time between 
providing services and the related premium due date generally is no more than a year.
The liability for incurred claims (LIC) is intended to cover the future payments of all claims incurred, including 
claims not yet reported to the company and all claims handling expenses. Sampo Group measures the liability for 
incurred claims (LIC) for the group of insurance contracts at the amount of estimated fulfilment cash flows relating 
to incurred claims. Fulfilment cash flows consist of three components, namely expected cash flows, discounting 
and risk adjustment. The estimated future cash flows (best estimate) are calculated with the aid of statistical 
methods or through individual assessments of individual claims. 
Discounting
Sampo Group's P&C operations have determined the discount rates based on a bottom-up approach.  The interest 
rate curve includes a risk-free rate (excluding credit risk adjustment) and an illiquidity premium for each currency. 
The illiquidity premium is mainly derived based on a portfolio of high-rated bonds for the liquid part of the interest 
rate curve. Beyond this, the curve converges to the ultimate forward rate, consistent with the EIOPA curves. 
The discounting effect of current year liabilities for incurred claims and changes in the cash flows are recognised in 
the insurance service result. Unwinding of interest rates, effect of changes in interest rates and other financial 
assumptions are presented as insurance finance income or expense in profit or loss. Sampo Group has elected not 
to apply the OCI option allowed under IFRS 17. 
Risk adjustment 
IFRS 17 introduces an explicit risk adjustment included in the measurement of insurance liabilities. The risk 
adjustment reflects the cost of uncertainty associated with the amount and timing of cash flows arising from non-
financial risk and the degree of risk aversion. The risks typically considered in P&C operations, when assessing risk 
adjustment, are reserve risk, longevity risk, inflation risk and premium risk.
In Sampo Group, the risk adjustment is derived through a confidence level technique whereby management 
determines the appropriate quantile. The risk adjustment is calculated at the subsidiary level and aggregated into 
the consolidated Sampo Group level risk adjustment, without any diversification effects assumed. Under the 
premium allocation approach, the risk adjustment is only included in LIC, unless a group of insurance contracts is 
onerous.
Reinsurance contracts 
The PAA model is applied to reinsurance contracts held. The corresponding policies as for measuring the insurance 
contracts issued are applied when measuring the reinsurance contracts held. Thus, correspondingly to insurance 
liabilities for issued insurance contracts, the reinsurance assets for reinsurance contracts held consist of asset for 
remaining coverage and asset for incurred claims. The asset for incurred claims also takes into consideration the 
effect of the risk of non-performance by the issuer of the reinsurance contract.
Presentation
The implementation of IFRS 17 leads to significant changes in the presentation and the extent of disclosures in the 
financial statements during 2023. 
Statement of profit or loss and other comprehensive income 
The introduction of IFRS 17 changes the structure of the statement of profit or loss to reflect the key sources of 
profit. The insurance service result, comprising of insurance revenue, insurance service expenses and reinsurance 
result, reflects the result relating to underwriting and servicing insurance policies. The net financial result reflects 
the impacts arising from financial components of insurance contracts.  
Insurance revenue 
Insurance revenue reflects the compensation that Sampo receives from the policyholder in return for the transfer 
of risk (insurance contract services) on an earned basis. The insurance revenue recognized in the reporting period 
is based on premium receipts and expected premium receipts allocated linearly over the underlying terms of the 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
37

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

insurance contracts, i.e. based on the passage of time. The liability for remaining coverage is reduced with a 
corresponding amount as the insurance revenue.  
Insurance service expenses
The insurance service expenses comprise of both claims incurred and operating expenses. 
Claims incurred for the reporting period include claims payments during the period and changes in the liability for 
incurred claims. The change in liability for incurred claims includes the changes in undiscounted best estimate, 
discounted risk adjustment and the changes in discounting effect due to changes in underlying best estimate or 
changes in payment patterns. The claims incurred also include claims handling expenses and changes in the loss 
component.
Operating expenses reported in the insurance service result relate to administrative expenses arising from the 
handling of insurance contracts. Additionally, the operating expenses include the acquisition cash flows recognised 
in profit or loss, where the liability for remaining coverage changes with a corresponding amount. 
Reinsurance result
Reinsurance result comprises both reinsurance premium expenses and reinsurer’s share of claims incurred. 
Reinsurance premium expenses related to reinsurance contracts held are recognized similarly to insurance revenue 
and reflect the premium payments that are attributable to the reporting period for the reinsurance contract 
services received. Any commissions received reduce the reinsurance premium expenses. The reinsurers’ share of 
claims incurred is reported consistently with Insurance service expenses and also includes changes in the risk of 
non-performance.
Insurance finance income or expenses 
The insurance finance income or expenses included in the net financial result reflects the impacts arising from 
financial components. This includes changes in the liability for incurred claims related to changes in discount rates 
and time value of money (unwinding). Therefore, the effect from changes in interest rates as well as interest 
expense is presented in its entirety as insurance finance income or expenses. The effect of  changes in indexation 
of annuities is also presented within insurance finance income or expenses. Amounts related to reinsurance 
contracts are presented separately.The option to present changes in discounting effect in other comprehensive 
income is not applied.
Key management judgement
Sampo Group management applies judgement regarding the determination of discount rates and risk adjustment.
As noted above, the interest rate curve includes a risk-free rate and an illiquidity premium. Management 
determines the principles for the illiquidity premium, which in Sampo Group is mainly derived based on a portfolio 
of high-rated bonds.
Risk adjustment is determined separately for all Sampo Group’s companies and aggregated at the Group level. 
Management considers this to reflect the compensation that different entities would require for bearing non-
financial risk and their degree of risk aversion. As noted above, a confidence level approach is applied in the Group 
companies. The confidence level applied in calculating the risk adjustment is varying between group companies 
from 75 percent to 85 percent.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
38

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

IFRS 9 Financial Instruments
Financial assets - classification 
Financial assets are classified as being subsequently measured either at amortized cost, at fair value through other 
comprehensive income (FVOCI) or at fair value through profit or loss (FVPL). Under IFRS 9, the majority of Sampo 
Group’s financial assets are classified at fair value through profit or loss and only a limited amount of financial 
assets are measured at amortised cost and no financial assets are classified as FVOCI.
The classification of financial assets into these measurement categories is based on Sampo Group’s business model 
for managing the financial assets and the contractual cash flow characteristics of the financial assets (solely 
payments of principal and interest -criteria, SPPI). SPPI criteria is met when the financial instrument’s contractual 
cash flows are solely payments of principal and interest on the principal amount outstanding.
A financial asset is measured at amortized cost only if the objective of the business model is to hold a financial 
asset in order to collect contractual cash flows, and the contractual cash flows of the financial asset meet the SPPI 
criteria. Interest revenue is calculated using the effective interest rate method. Under IFRS 9 financial assets 
subsequently measured at amortized cost are subject to loss allowance, expected credit losses (ECL), 
requirements.
Financial assets - impairment 
IFRS 9 introduces a forward-looking ECL model, which in Sampo Group, is mainly applicable to financial assets 
measured at amortized cost. Impairment requirements do not apply to equity instruments or other financial 
instruments measured at FVPL. Expected credit losses reflect past events, i.e. historical loss experience, current 
conditions and forecasts of future economic conditions.
IFRS 9 introduces a general approach for impairment in which a loss allowance is calculated either for 12-month 
expected credit losses or lifetime expected credit losses.  A three staged model is used to determine the ECL at 
each reporting date. In stage 1 the credit risk has not increased significantly. Loss allowance is measured at an 
amount equal to 12-month expected credit losses. In stage 2 and 3 the credit risk has increased significantly since 
initial recognition and the loss allowance is measured at an amount equal to the lifetime expected credit losses. In 
stage 3 the financial asset is assessed to be credit-impaired (at default) and the interest is calculated on the credit-
impaired amount instead of gross carrying amount.
In Sampo Group the general approach is based on three components, namely probability of default (PD), loss given 
default (LGD) and exposure at default (EAD).
Financial liabilities  
Sampo Group measures derivative financial liabilities at fair value through profit or loss. Financial liabilities, 
including subordinated debt securities, debt securities in issue and other financial liabilities, are subsequently 
measured at amortised cost using the effective interest rate method.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
39

===== SIDA 40 =====

Result by segment for nine months ended 30 September 
2023
GWP & Other income from insurance 
contracts  4,373  1,098  1,438  —  —  6,909 
Insurance revenue, net  3,730  956  814  —  —  5,499 
Claims incurred, net  -2,530  -620  -521  —  —  -3,671 
Operating expenses  -571  -168  -192  —  —  -931 
Insurance service result  628  168  101  —  —  898 
Other P&C insurance related income or 
expense  —  —  -15  —  —  -15 
Underwriting result  628  168  86  —  —  882 
Net investment income  427  40  33  0  -11  489 
Insurance finance income or expense, net  -54  -32  -18  —  —  -103 
Net financial result  373  8  15  0  -11  385 
Other items  -12  -33  -31  -82  2  -155 
Profit before taxes  989  143  70  -81  -9  1,113 
Income taxes  -208  -38  -6  0  —  -251 
Profit from the continuing operations  781  106  64  -81  -9  862 
Discontinued operations, net of tax *  —  —  —  —  9  140 
Net profit  1,002 
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  -120  -4  37  —  —  -88 
Cash flow hedges  —  —  0  —  —  0 
Total items reclassifiable to profit or loss, net 
of tax  -120  -4  37  —  —  -88 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined 
pension plans  18  —  —  —  —  18 
Taxes  -4  —  —  —  —  -4 
Total items not reclassifiable to profit or loss, 
net of tax  15  —  —  —  —  15 
Total other comprehensive income for the 
continuing operations, net of tax  -106  -4  37  —  —  -73 
Total comprehensive income  675  101  101  -81  -9  929 
Profit attributable to
Owners of the parent  941 
Non-controlling interests  61 
Total comprehensive income attributable to
Owners of the parent  868 
Non-controlling interests  61 
EURm If Topdanmark Hastings  Holding Elim.
Sampo 
Group
In the table Mandatum segment has been presented on a single line as a discontinued operation, and therefore, Group total by lines 
do not reconcile to the segment totals.
*) The elimination totalling EUR 9 million is related to intra-segment operations between the reportable segments and discontinued 
operation. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
40

===== SIDA 41 =====

Result by segment for nine months ended 30 September 
2022
GWP & Other income from insurance 
contracts  4,348  1,087  1,145  —  —  6,580 
Insurance revenue, net  3,767  941  634  —  —  5,341 
Claims incurred, net  -2,519  -614  -344  —  —  -3,478 
Operating expenses  -587  -158  -168  —  —  -913 
Insurance service result  661  169  122  —  —  951 
Other P&C insurance related income or 
expense  —  —  -29  —  —  -29 
Underwriting result  661  169  93  —  —  923 
Net investment income  200  -190  10  187  -5  202 
Insurance finance income or expense, net  626  134  30  —  —  791 
Net financial result  827  -56  40  187  -5  993 
Other items  3  -35  -33  7  -1  -58 
Profit before taxes  1,491  78  100  194  -6  1,857 
Income taxes  -307  -16  -9  0  —  -332 
Profit from the continuing operations  1,183  62  92  194  -6  1,525 
Discontinued operations, net of tax  —  —  —  —  6  546 
Divested operations, net of tax  —  30  —  —  —  30 
Net profit  2,100 
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  -148  -1  -98  -23  —  -270 
Available-for-sale financial assets  -961  —  -93  -176  —  -1,230 
Share of other comprehensive income of 
associates  —  —  —  -5  —  -5 
Taxes  198  —  —  40  —  238 
Total items reclassifiable to profit or loss, net 
of tax  -911  -1  -191  -164  —  -1,267 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined 
pension plans  60  —  —  —  —  60 
Taxes  -12  —  —  —  —  -12 
Total items not reclassifiable to profit or loss, 
net of tax  47  —  —  —  —  47 
Total other comprehensive income for the 
continuing operations, net of tax  -864  -1  -191  -164  —  -1,220 
Other comprehensive income for the 
discontinued operations, net of tax  -528 
Other comprehensive income, total net of 
tax  -1,748 
Total comprehensive income  319  61  -99  29  -6  352 
Profit attributable to
Owners of the parent  2,046 
Non-controlling interests  54 
Total comprehensive income attributable to
Owners of the parent  298 
Non-controlling interests  54 
EURm If Topdanmark Hastings  Holding Elim.
Sampo 
Group
Mandatum segment has been presented in the table on a single line as a discontinued operations, and therefore the Group total by 
lines do not reconcile to the segment totals. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
41

===== SIDA 42 =====

Balance sheet by segment at 30 September 2023
Assets
Property, plant and equipment  173   108   19   5   —   306  
Investment property  1  —  —  —  —  1 
Intangible assets  563  1,217  1,526  1  —  3,307 
Investments in associates  4  8  —  —  —  12 
Financial assets  10,819  2,419  1,389  7,558  -6,558  15,627 
Deferred income tax  2  4  —  0  -4  2 
Reinsurance contract assets  524  84  1,622  —  —  2,230 
Other assets  511  87  142  39  -1  777 
Cash and cash equivalents  564  6  283  508  —  1,361 
Disposal group held for distribution to 
owners  —  —  —  —  0  15,736 
Total assets  13,161  3,933  4,981  8,110  -6,563  39,358 
Liabilities
Insurance contract  liabilities  7,000  1,873  2,693  —  —  11,566 
Subordinated debts  130  148  —  1,490  -127  1,639 
Other financial liabilities  32  58  161  994  —  1,246 
Deferred income tax  304  119  78  —  —  501 
Provisions  6  —  —  —  —  6 
Other liabilities  1,126  165  119  48  -1  1,457 
Dividend liability on partial demerger 
of Mandatum  —  —  —  1,826  —  1,826 
Liabilities directly associated with 
disposal group held for distribution to 
owners
 —  —  —  —  0  13,910 
Total liabilities  8,597  2,362  3,052  4,357  -128  32,151 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  5,987 
Other components of equity  -829 
Equity attributable to owners of the 
parent  6,786 
Non-controlling interests  421 
Total equity  7,207 
Total equity and liabilities  39,358 
EURm If Topdanmark Hastings Holding Elim.
Sampo 
Group
Mandatum segment has been presented in the table on a single line as a discontinued operations, and therefore the Group total by 
lines do not reconcile to the segment totals. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
42

===== SIDA 43 =====

Balance sheet by segment at 31 December 2022
Assets
Property, plant and equipment  190   112   23   26   4   —   355  
Investment property  1  —  —  166  —  —  166 
Intangible assets  588  1,232  1,501  172  1  —  3,494 
Investments in associates  4  7  —  4  —  —  16 
Financial assets  10,451  2,584  1,149  3,776  8,250  -6,644  19,565 
Financial assets related to unit-linked 
contracts  —  —  —  9,930  —  —  9,930 
Deferred income tax  9  7  —  —  —  -4  11 
Insurance contract assets  —  —  —  6  —  —  6 
Reinsurance contract assets  264  79  1,477  1  —  —  1,821 
Other assets  394  66  127  162  60  -34  775 
Cash and cash equivalents  296  8  246  761  1,762  —  3,073 
Total assets  12,197  4,094  4,521  15,004  10,077  -6,682  39,212 
Liabilities
Insurance contract liabilities  6,693  1,763  2,434  5,321  —  —  16,210 
Investment contract liabilities  —  —  —  7,103  —  —  7,103 
Subordinated debts  224  148  —  350  1,489  -228  1,983 
Other financial liabilities  7  55  73  3  1,320  —  1,457 
Deferred income tax  306  120  79  160  —  —  666 
Provisions  6  —  —  —  —  —  6 
Other liabilities  1,073  166  118  224  64  -34  1,611 
Total liabilities  8,309  2,252  2,704  13,159  2,873  -262  29,035 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  8,482 
Other components of equity  -492 
Equity attributable to owners of the 
parent  9,618 
Non-controlling interests  560 
Equity  10,178 
Total equity and liabilities  39,212 
EURm If Topdanmark Hastings Mandatum Holding Elim.
Sampo 
Group
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
43

===== SIDA 44 =====

Other notes, EURm
1 Insurance service result
Insurance revenue 
Insurance contracts measured under PAA
Gross written premiums  6,737  6,420 
Change in liability for remaining coverage  -675  -557 
Brokerage revenue  173  159 
Total insurance revenue from contracts measured under PAA  6,234  6,022 
Total insurance revenue  6,234  6,022 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -3,838  -3,542 
Claims handling expenses  -341  -348 
Change in liability for incurred claims  -194  -77 
Change in risk adjustment  -3  9 
Change in loss component  -1  10 
Insurance service expenses related to claims incurred  -4,377  -3,949 
Operating expenses  -931  -913 
Total insurance service expenses  -5,308  -4,862 
Reinsurance result 
Premiums  -735  -681 
Claims recovered  706  471 
Total reinsurance result  -29  -210 
Total insurance service result  898  951 
EURm 1-9/2023 1-9/2022
The table does not include Mandatum Group’s figures. For further information, please see note 8. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
44

===== SIDA 45 =====

2 Net investment income 
Net investment income contains the investment income and expenses from financial assets and liabilities held by 
group companies. Comparative year figures are presented in accordance with IAS 39 Financial Instruments: 
Recognition and Measurement.
Derivative financial instruments
Interest income  1   1  
Interest expense  -3   -10  
Net gains or losses  48   47 
Derivative financial instruments, total  46   38 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  327   32 
Net gains or losses  32   -161 
Equity securities 
Dividend income  45   31 
Net gains or losses  37   -26 
Funds
Distributions  4   — 
Interest income  9   1 
Net gains or losses  31   0 
Financial assets at fair value through profit or loss, total  484   -123 
Financial assets available-for-sale (IAS 39) 
Debt securities n/a  171 
Equity securities n/a  51 
Funds n/a  5 
Financial assets available-for-sale, total n/a  226 
Financial assets at amortised cost  16  n/a
Loans and receivables n/a  5 
Total income or expenses from financial assets  547   146 
Other
Dividend income from associates  —   157 
Expenses from asset management  -14   -17 
Other income  24   11 
Other expenses  -64   -94 
Expenses from investment property  -3   -1 
Total other  -58   56 
Total net investment income  489   202 
EURm 1-9/2023 1-9/2022
The table does not include Mandatum Group’s figures. For further information, please see note 8.   
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
45

===== SIDA 46 =====

3 Net finance income or expense from insurance contracts
Insurance contracts
Unwinding of discount rate  -221    -86   
Effect of changes in interest rates and other financial assumptions  101    1,026   
Total finance income or expenses from insurance contracts  -120    940   
Reinsurance contracts
Unwinding of discount rate  54    22   
Reinsurers' share of effect of changes in interest rates and other financial 
assumptions  -38    -172   
Total finance income or expenses from reinsurance contracts  16    -150   
Net finance result insurance and reinsurance contracts  -103    791   
EURm 1-9/2023 1-9/2022
The table does not include Mandatum Group’s figures. For further information, please see note 8.   
4 Other income 
Other income  202    283   
Income related to broker activities  9    4   
Total other income  211    287   
EURm 1-9/2023 1-9/2022
The table does not include Mandatum Group’s figures. For further information, please see note 8.   
If’s other operating income includes approximately EUR 110 million (101) 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 89 million (82) 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 - SEPTEMBER 2023
46

===== SIDA 47 =====

5 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9 Financial Instruments. Figures 
for comparative year are presented in accordance with IAS 39 Financial Instruments: Recognition and 
Measurement. The comparative period includes Mandatum Group’s figures.
Financial assets
Derivative financial instruments  28  101 
Financial assets at fair value through profit or loss
Debt securities  12,893  1,941 
Equity securities  1,623  560 
Funds  673  — 
Deposits and other  68  544 
Total financial assets at fair value through profit or loss  15,257  3,045 
Financial assets available-for-sale (IAS 39) 
Debt securities n/a  12,815 
Equity securities n/a  1,581 
Funds n/a  1,652 
Total financial assets available-for-sale n/a  16,048 
Financial assets measured at amortised cost
Loans  342 n/a
Other  1 n/a
Total financial assets measured at amortised cost  343 n/a
Loans and receivables (IAS 39) n/a  371 
Total financial assets  15,627  19,565 
EURm 9/2023 12/2022
The comparative period includes Mandatum Group’s figures. For further information, please see note 8. 
The gross carrying amount of financial assets measured at amortised cost was EUR 353 million and loss allowance 
was EUR 10 million on 30 September 2023. During the reporting period, the expected credit losses recognised in 
P&L were EUR 5 million.
6 Insurance contract liabilities
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  1,906  1,514 
Liability for incurred claims  9,660  9,376 
Insurance contract liability - contracts measured under GMM and VFA
Liability for remaining coverage  —  5,299 
Liability for incurred claims  —  22 
Total insurance contract liabilities  11,566    16,210   
EURm 9/2023 12/2022
The comparative period includes Mandatum Group’s figures. For further information, please see note 8. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
47

===== SIDA 48 =====

7 Financial liabilities 
Subordinated debt liabilities 
Subordinated loans  1,639  1,983 
Total subordinated debt liabilities  1,639  1,983 
Other financial liabilities
Derivative financial instruments  94  55 
Financial liabilities measured at amortised cost
Debt securities in issue  971  1,306 
Amounts owed to credit institutions  181  96 
Total financial liabilities measured at amortised cost  1,152  1,402 
Total other financial liabilities  1,246  1,457 
Total financial liabilities  2,885    3,439   
EURm 9/2023 12/2022
The comparative period includes Mandatum Group’s figures. For further information, please see note 8. 
Sampo plc redeemed bonds during the reporting period amounting to EUR 328 million.
Hastings has a revolving credit facility with a financial institution totalling EUR 98 million, of which EUR 55 million 
was undrawn at the end of the reporting period. The revolving credit facility is maturing on 23 November 2024, 
after which the contract has an extension option of one more year. Hastings has an undrawn credit facility also 
with Sampo plc totalling EUR 87 million and with a maturity date of 29 October 2026.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
48

===== SIDA 49 =====

8 Discontinued operations
Mandatum Group’s business
Mandatum is a major financial services provider that combines expertise in money and life and offers customers a 
wide array of services covering asset and wealth management, savings and investment, compensation and 
rewards, pension plans and personal risk insurance. Mandatum offers services to three customer segments: 
corporate customers, retail customers as well as institutional and wealth management customers.
Mandatum was treated as a wholly-owned direct subsidiary of Sampo plc until 30 September 2023. In Sampo 
Group financial reporting, it constitutes reporting segment in accordance with IFRS 8 Operating Segments. In the 
interim reporting Mandatum Group is presented as a discontinued operation, in accordance with IFRS 5 Non-
current assets held for sale and discontinued operations. For more information related to classification of 
Mandatum, please see section Accounting principles. 
Key accounting principles 
Sampo Group applies IFRS 17 Insurance Contracts from 1 January 2023 and the comparative information for the 
year 2022 is restated. Sampo Group applied the temporary exemption regarding the adoption of IFRS 9 Financial 
Instruments and implemented IFRS 9 at the same time as IFRS 17 Insurance Contracts i.e. on 1 January 2023. The 
IFRS 9 comparative figures 2022 are not restated. As the new standards, IFRS 17 Insurance Contracts and IFRS 9 
Financial Instruments, are applied from 1 January 2023 in Sampo Group, Mandatum’s reporting is done in 
accordance with these standards as well. 
In the following sections the key accounting principles related to IFRS 17 Insurance Contracts of Sampo Group’s life 
operations, i.e. Mandatum Group, are presented in short. New accounting principles related to IFRS 9 Financial 
Instruments are included in section Accounting principles. 
IFRS 17 Insurance Contracts 
General measurement model (GMM)
IFRS 17 introduces a general measurement model (GMM) applicable to all insurance contracts to measure insurance 
contract liabilities. In Sampo Group's life operations GMM is applied to with profit policies and risk policies. 
Under the general measurement model insurance contracts are measured based on future cash flows, adjusted to 
reflect the time value of money, including a risk adjustment, and a contractual service margin (CSM). CSM 
represents the unearned profit that will be recognised when insurance contract services are provided in the future. 
On initial recognition, life operations measure a group of insurance contracts as the total of the fulfilment cash 
flows, comprising of estimates of future cash flows, discounting and risk adjustment for non-financial risk. In 
addition, the measurement includes the contractual service margin, which is measured at initial recognition on the 
group of the insurance contracts. 
For insurance contracts related to life operations, estimates of future cash flows are based on cash flow projections 
and are estimated until the maturity of the contract. Only risk policies with no death benefit or permanent disability 
cover are short term (yearly) contracts. Cash flows are estimated for every reporting period and assumptions are 
updated yearly or more often, if needed. 
Insurance acquisition cash flows are determined at inception of the group of insurance contracts. Insurance 
acquisition cash flows are considered directly attributable to a portfolio and are allocated to individual contracts.  
Where actual and expected acquisition cash flows are not equal at the end of the reporting period, an experience 
adjustment is recognized in the statement of profit or loss. 
Sampo Group's life operations have determined the discount rates based on a top-down approach where a 
theoretical reference portfolio of assets is used to define the applicable discount curve, consisting of risk-free rate 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
49

===== SIDA 50 =====

and illiquidity premium. For insurance contracts without a direct participation feature, a so called locked-in rate is 
applied, meaning that the discount rate is determined at the initial recognition and is applied in the accretion of 
CSM.
IFRS 17 introduces an explicit risk adjustment included in the measurement of insurance liabilities. The risk 
adjustment reflects the cost of uncertainty associated with the amount and timing of cash flows arising from non-
financial risk and the degree of risk aversion. In Sampo Group the risk adjustment will be derived through a 
confidence level technique whereby management determines the appropriate quantile. The risk adjustment is 
calculated at the subsidiary level and aggregated into the consolidated Sampo Group level risk adjustment, without 
any diversification effects assumed. Under the general measurement model, the risk adjustment is included in the 
calculation of both LRC and LIC. In regards the risk adjustment, the following risks are considered in life operations: 
mortality, longevity, disability (including permanent disability), lapse and expense risk.
At the subsequent reporting periods, the amount of insurance liabilities is a sum of the LRC consisting of the 
present value of future cash flows for services that will be provided during future periods, risk adjustment, 
remaining CSM at that date and LIC. LIC includes reported but not settled claims and incurred but not reported 
claims.
Variable fee approach (VFA)
Under IFRS 17 the variable fee approach (VFA) is to be applied to direct participating insurance contracts. The 
variable fee approach represents a modification from the general measurement model where the treatment of 
contractual service margin is modified. The CSM is adjusted to reflect the variable nature of the fees, which 
represent the amount of the entity’s share of the fair value of underlying items. In Sampo Group life operations 
VFA is applied to unit-linked insurance contracts measured under IFRS 17. 
In addition,  a significant part of life insurance liabilities is under the scope of IFRS 9. Sampo Group recognises 
these investment contract liabilities (unit-linked policies) at fair value through profit or loss. The fair value is based 
on the financial assets underlying these policies and recognised at FVPL.
Result of discontinued operations
Insurance revenue  255  245 
Insurance service expenses  -213  -230 
Reinsurance result  -1  -2 
Insurance service result  41  13 
Net investment result  658  -904 
Net finance income or expense from insurance contracts  -161  952 
Net result from investment contracts  -369  604 
Net financial result  127  651 
Other income  22  71 
Other expenses  -12  -52 
Finance expenses  -4  -4 
Share of associates' profit or loss  -1  0 
Profit before taxes  173  680 
Income taxes  -33  -134 
Discontinued operations, net of tax  140  546 
Other comprehensive income from discontinued operations, net of tax  —  -528 
Total comprehensive income from discontinued operations  140  17 
EURm 1-9/2023 1-9/2022
The profit from the discontinued operations and total comprehensive income for the discontinued operations is 
attributable entirely to the owners of the parent. 
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
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Effect on the financial position of the Group 
Assets
Property, plant and equipment  24 
Investment property  132 
Intangible assets  172 
Investments in associates  3 
Financial assets  3,555 
Financial assets related to unit-linked contracts   10,979 
Insurance contract assets  9 
Reinsurance contract assets  1 
Other assets  188 
Cash and cash equivalents  673 
Assets  15,736 
Liabilities
Insurance contract liabilities  5,290 
Investment contract liabilities  7,972 
Subordinated debts  250 
Other financial liabilities  22 
Deferred income tax  133 
Other liabilities  244 
Liabilities  13,910 
EURm 09/2023
Cash flows from discontinued operations 
Net cash flows from operating activities  173  -129 
Net cash flows from investing activities  20  -8 
Net cash flows from financing activities  -280  -166 
Total cash flows  -88  -303 
EURm 1-9/2023 1-9/2022
Cash flows from financing activities include an internal dividend of EUR 150 million (150) and a group contribution of EUR 29 million 
(15) to Sampo plc. In addition, Mandatum repaid the subordinated loan to Sampo plc EUR 100 million in September 2023.
INTERIM STATEMENT FOR JANUARY - SEPTEMBER 2023
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9 Business operations divested
Topdanmark Forsikring's life and pension business
During comparative period, on 18 March 2022, Sampo's subsidiary Topdanmark Forsikring A/S signed an 
agreement to divest of Topdanmark Liv Holding A/S and all its subsidiaries to Nordea Life Holding AB. Illness and 
Accident in the Liv Holding Group was included in the divested operations. The transaction was approved by 
regulatory authorities  and the transaction was completed on 1 December 2022.
In Sampo Group, Topdanmark Life’s operations have been reported as part of Topdanmark segment. As 
Topdanmark’s life business did not represent a major line of business or the geographic area of operations for 
Sampo Group, assets and liabilities related to Topdanmark Life’s operations were classified to non-current assets 
held for sale, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
Results of divested operation
Insurance revenue  203 
Insurance service expenses  -177 
Reinsurance result  1 
Insurance service result  27 
Net investment result  -1,813 
Net finance income or expense from insurance contracts  1,832 
Net financial result  20 
Other income  1 
Other expenses  -12 
Profit before taxes  36 
Income taxes  -6 
Divested operations, net of tax  30 
EURm 1-9/2022
Effect on the financial position of the Group 
At 30 September 2022, the assets of Topdanmark’s life business amounted to EUR 12 billion. Liabilities amounted 
to EUR 11 billion and consisted mainly of insurance and investment contract liabilities. 
10 Subsequent events after the balance sheet date
Partial demerger 
The partial demerger of Sampo plc was completed as planned on 1 October 2023. The first trading day for 
Mandatum on Nasdaq Helsinki was 2 October 2023. In the demerger, all of the shares in Mandatum Holding Ltd (a 
wholly-owned direct subsidiary of Sampo plc) and the related assets and liabilities were transferred without a 
liquidation procedure to Mandatum plc, a company incorporated in the demerger on the effective date.
The management has considered that the best estimate of the fair value of Mandatum Group is the weighted 
average share price during the first day of listing on 2 October 2023 in Nasdaq Helsinki. The average price of 
Mandatum’s share was EUR 3.657, resulting in a dividend liability of EUR 1,835 million. Sampo will recognise the 
difference of EUR 9 million euros between the carrying amount of assets distributed in Mandatum segment, 
amounting to EUR 1,826 million, and the carrying amount of the dividend payable of EUR 1,835 million, in the last 
reporting period as part of the result of discontinued operations.   
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Changes in Group Executive Committee and Board of Directors
Following the completion of the partial demerger, the Sampo Group Executive Committee (GEC) terms of Patrick 
Lapveteläinen, former Sampo Group CIO, and Petri Niemisvirta, CEO of Mandatum, ended on 1 October 2023. Mr 
Lapveteläinen was replaced as Group CIO by Ville Talasmäki, who joined the GEC on the same day. Lapveteläinen 
and Niemisvirta moved to Mandatum to take up roles as Full-time Chair of the Board and CEO, respectively. 
Following the changes, the strength of the GEC decreased from seven to six members.
In addition and as previously communicated, the number of the members of the Board of Directors of Sampo 
declined from ten to nine as Johanna Lamminen left the Board on 1 October 2023. Lamminen, who had been a 
member of the Sampo Board since 2019, became a member of the Board of Mandatum.
Application on partial Group Internal Model
Following the completion of the demerger of Sampo plc, the Swedish FSA (Finansinspektionen) became Sampo’s 
group prudential supervisor as of 1 October 2023. As a result, Sampo refiled its application for a Group Partial 
Internal Model to the Swedish FSA on 2 October 2023 (the application had previously been filed with Finnish FSA). 
Sampo expects that the application process will be completed during the first half of 2024. 
The Partial Internal Model recognises the risk profile of Sampo’s P&C operations better than the Standard Formula 
and it is estimated that it would have reduced the group-level solvency capital requirement (SCR) by up to EUR 
0.3 billion at the third quarter of 2023.
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