Kvartalsrapport Q3 2025

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Contents
Summary    .............................................................................................................................................................................. 3
Group CEO’s comment    ................................................................................................................................................... 4
Outlook    ................................................................................................................................................................................. 5
Outlook for 2025    ..................................................................................................................................................................... 5
The major risks and uncertainties for the Group in the near-term  ........................................................................ 5
Financial overview    ........................................................................................................................................................... 7
Financial highlights    .......................................................................................................................................................... 8
Third quarter 2025 in brief   ........................................................................................................................................... 10
Segments    ............................................................................................................................................................................. 11
Private Nordic    ........................................................................................................................................................................... 11
Private UK    .................................................................................................................................................................................. 12
Nordic Commercial      ................................................................................................................................................................. 13
Nordic Industrial     ..................................................................................................................................................................... 14
Net financial result and other items  .......................................................................................................................... 15
Financial position    ............................................................................................................................................................. 17
Group solvency    ........................................................................................................................................................................ 17
Financial leverage position    .................................................................................................................................................. 17
Ratings    ........................................................................................................................................................................................ 17
Other developments   ....................................................................................................................................................... 18
Sale of shares in NOBA Group   ............................................................................................................................................ 18
Changes in Group’s financial debt    ..................................................................................................................................... 18
Shares and shareholders    ....................................................................................................................................................... 18
Remuneration     ........................................................................................................................................................................... 19
Personnel    .................................................................................................................................................................................... 19
Events after the end of the reporting period ................................................................................................................ 19
Calculation of key figures   ............................................................................................................................................. 22
Tables     .................................................................................................................................................................................... 25
Statement of profit and other comprehensive income    ............................................................................................. 25
Consolidated balance sheet     ................................................................................................................................................ 26
Statement of changes in equity   ......................................................................................................................................... 27
Statement of cash flows     ....................................................................................................................................................... 28
Notes   ..................................................................................................................................................................................... 29
Accounting principles    ............................................................................................................................................................ 29
Segment information    ............................................................................................................................................................. 31
Other notes   ......................................................................................................................................................................... 33
1 Insurance service result    ...................................................................................................................................................... 33
2 Net investment income   ...................................................................................................................................................... 34
3 Net finance income or expense from insurance contracts   ................................................................................... 35
4 Other income   ........................................................................................................................................................................ 35
5 Financial assets       ................................................................................................................................................................... 36
6 Insurance contract liabilities     .......................................................................................................................................... 37
7 Financial liabilities  ............................................................................................................................................................... 38
8 Acquisition of Topdanmark's non-controlling interest      ......................................................................................... 39
9 Subsequent events after the balance sheet date      ................................................................................................... 40
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
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Sampo Group’s results for January-
September 2025
• Like-for-like top-line growth stood at 8 per cent as the Group continued to see strong momentum 
across private and SME lines with an acceleration of growth in Private Nordic.
• The underwriting result increased by 17 per cent on a currency adjusted basis to EUR 1,121 million, 
fuelled by solid top-line growth and strong margins.
• Operating EPS strengthened by 14 per cent on the increase in the underwriting result.
• To reflect the strong results achieved to date and firm confidence in the Group’s prospects, the 
Board has decided to increase the operating EPS growth target for 2024-2026 to more than 9 per 
cent annually on average from more than 7 per cent.
• Reported EPS increased by 40 per cent, supported by EUR 355 million net gain on NOBA in the 
third quarter following its successful IPO in September.
• Sampo will launch a new EUR 150 million share buyback programme funded by the sale of NOBA 
shares in connection with the IPO. 
• Solvency II coverage came in at 172 per cent, net of dividend accrual and the new buyback 
programme, and financial leverage amounted to 24.5 per cent.
“The strong and sustained growth delivered by our retail and SME divisions shows that our 
organic growth strategy has traction. Private Nordic stood out with a fourth consecutive 
quarter of record GWP growth, this time measuring 10 per cent. I am pleased to see that the 
investments we have made into our customer proposition are translating into solid retention 
rates and higher customer numbers. On the back of excellent performance, we have raised 
our operating EPS target as we look to 2026 with confidence and ambition.” 
Morten Thorsrud, Group CEO
Key figures
EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, %
Gross written premiums  2,218  2,088  6  8,461  7,718  10 
Insurance revenue, net  2,303  2,137  8  6,755  6,214  9 
Underwriting result  392  374  5  1,121  955  17 
Net financial result  549  128  328  836  573  46 
Profit before taxes  866  432  101  1,769  1,340  32 
Net profit  757  320  136  1,460  973  50 
Operating result  366  297  23  1,031  846  22 
Earnings per share (EUR)  0.28  0.13  122  0.54  0.39  40 
Operating EPS (EUR)  0.14  0.12  16  0.38  0.34  14 
7–9/2025 7–9/2024 Change 1–9/2025 1–9/2024 Change
Risk ratio, %  58.1  57.5  0.6  57.9  59.5  -1.6 
Cost ratio, %  24.9  25.0    -0.2  25.5  25.1  0.4 
Combined ratio, %  83.0  82.5  0.5  83.4  84.6  -1.2 
Solvency II ratio (incl. dividend 
accrual), %  —  —  —  172  177  -5 
Gross written premiums (GWP) and insurance revenue include broker revenues. Like-for-like GWP growth is calculated by using 
constant currency rates and it is adjusted to exclude potential technical items affecting comparability, such as portfolio transfers, 
changes in inception dates for large contracts, and changes in accounting methods. Net profit for the comparison period refers to 
Net profit for the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025. 
The figures in this report have not been audited.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
5 November 2025
3

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Group CEO’s comment
Operational momentum remained excellent in the third quarter, as we continued to execute on our 
organic growth strategy. To reflect sustained strong performance, we have increased our operating 
EPS target for the 2024-2026 strategic period to more than 9 per cent, as we look to 2026 with 
confidence and ambition.
The Sampo that I became the CEO of on 1 October is a retail and SME focused P&C insurance group with a uniquely 
attractive operational profile. Through leading positions in eight markets across Northern Europe, we enjoy 
substantial scale economies and diversification that bring both efficiency and stability. As a mainly direct insurer 
without physical distribution, we have mastered the art of digital P&C insurance, which we believe will continue to 
become ever more important. Meanwhile, our exclusive Nordic motor insurance partner network gives us 
outstanding customer reach, both in sales and service, and unique insight into rapidly changing vehicle technology. 
Put succinctly, Sampo is in an enviable position to meet the needs of current and future P&C insurance customers.
Strategically, our focus is on leveraging our cutting-edge capabilities to drive organic growth at attractive margins. 
Our ambitions are supported by extensive investments into digitalisation, distribution power, and customer service 
through which we aim to enhance our customer reach and competitive position. At the same time, these investments 
are always made in a disciplined manner, allowing us to pair improvements in our customer proposition with 
efficiency gains. 
We see potential long term growth opportunities across our entire retail and SME footprint, although the vigour by 
which we pursue these will always depend on market conditions. We expect to be able to outgrow the market in 
Nordic personal insurance, private property and SME, as well as in digitally sold UK motor and home insurance. In 
combination, these lines account for more than half our business. In addition, our first-rate Nordic mobility franchise 
puts us in pole position to benefit from a potential normalisation of new car sales, and we see an opportunity to 
leverage our increased scale in Denmark to gain new customers and partnerships. We are the largest P&C insurer in 
the Nordic region, but we are not yet the market leader in any one country, and we see this as a clear opportunity.
The sustained and broad-based premium growth we have delivered in the last few years shows that our organic 
growth strategy is working. The third quarter was no exception, as we delivered GWP growth of 8 per cent at the 
group level anchored in positive momentum across our retail and SME segments. Private Nordic achieved a 
particularly notable 10 per cent increase in GWP in a fourth consecutive quarter of record growth, driven by solid 
retention and increasing customer numbers. At the same time, underwriting discipline remains firmly in our DNA as 
we actively reduced growth in Private UK and in Nordic Industrial to secure margins.
Historically, Denmark has been our soft spot but the acquisition of Topdanmark last year has provided us with an 
opportunity to address this. The integration is moving ahead at pace, with the third quarter seeing a spike in synergy 
realisation that means we have achieved the 2025 target of EUR 24 million one quarter early. As the surge appears 
attributable to timing differences, we stick to our EUR 140 million synergy target for 2028, albeit with increased 
confidence.
Given the strong financial performance over the strategic period to date, we have decided to increase our operating 
EPS growth target for 2024-2026 to more than 9 per cent from the more than 7 per cent set in 2024. The increase 
shows that we have confidence in our strategy and ability to execute on it, and that we lean into 2026 with ambition.
Turning to capital returns, the end of September saw the IPO of leading European consumer bank NOBA, which 
generated around EUR 150 million in proceeds for Sampo as we reduced our holding from 20 per cent to 15 per cent. 
We will use the proceeds to launch a new share buyback programme, in line with our disciplined approach to capital 
management. To conclude, I am pleased to be able to report strong results in my first quarter as CEO, and I believe 
that Sampo is in an excellent position to deliver also in the future.
Morten Thorsrud
Group CEO
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Group CEO’s comment
4

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Outlook
Outlook for 2025
The third quarter saw strong underlying growth and margins development, while the benefit of 
benign weather and large claims was offset by low prior year development. Further, the Nordic 
region was hit by Storm Amy at the beginning of October, driving significant claims cost, and the 
Group remains exposed to potential further weather losses as the fourth quarter is very much a 
winter quarter. Hence, the outlook for 2025 remains unchanged from that given with the half-year 
2025 results.
• Group insurance revenue: EUR 8.9–9.1 billion, representing growth of 6–9 per cent year-on-year.
• Group underwriting result: EUR 1,425–1,525 million, representing growth of 8–16 per cent year-on-year.
Any forecast of Sampo’s underwriting result is subject to estimates for weather claims, large claims, prior year 
development, and certain other items that may vary periodically and are out of Sampo’s control, meaning regular 
updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget 
levels are typical on a quarterly basis, and Sampo intends to broadly reflect these in the outlook statement in its 
quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from returns 
on its investment portfolio and insurance finance income and expense, meaning changes in the outlook cannot be 
assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial result.
The outlook for 2025 is consistent with Sampo’s 2024–2026 financial targets of delivering a combined ratio below 
85 per cent annually and operating EPS growth of more than 9 per cent annually on average. The outlook is subject 
to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and 
competitive dynamics. Revenue forecasts, in particular, are subject to competitive conditions, which may change 
rapidly in some areas, such as the UK motor insurance market. The revenue and underwriting profit figures in the 
outlook are based on currency exchange rates as of the latest reporting date. 
A full explanation of the alternative performance metrics used in the Outlook can be found in the section 
Calculation of key figures.
The major risks and uncertainties for the Group in the 
near-term
In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties, mainly 
through its major business units. Major risks affecting the Group companies’ profitability and its variation are 
market, credit, insurance, and operational risks. At the Group level, sources of risks are the same, although they are 
not directly additive due to the effects of diversification. 
Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. 
The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential 
outcomes. Macroeconomic and financial market developments affect Sampo Group primarily through the market 
risk exposures it carries via its insurance company investment portfolios and insurance liabilities. Over time, 
adverse macroeconomic effects could also have an impact on Sampo’s operational business, for example, by 
reducing economic growth or increasing claims costs. 
Euro area inflation is currently expected to stay close to the central bank target. However, the future development 
of consumer prices is uncertain. The impact of trade restrictions on inflationary pressures has remained muted but 
takes place with a delay and energy prices continue to be vulnerable to geopolitical events. Furthermore, domestic 
price pressures could continue to keep inflation elevated unless labour markets continue to loosen as currently 
expected. This in turn creates uncertainty on the future path for interest rates. At the same time, trade disputes are 
expected to depress economic growth in Europe as investments and consumption are held back. These 
developments may lead to both a significant slowdown in economic growth and a deterioration in the debt service 
capacity of businesses, households, and governments, raising the risk of abrupt asset repricing in financial markets. 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Outlook
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Furthermore, geopolitical risks may have major economic effects. These developments are currently causing 
significant uncertainties in economic and capital market development. At the same time, rapidly evolving hybrid 
threats create new challenges for states and businesses. There are also a number of widely identified 
macroeconomic, political, and other sources of uncertainty which can, in various ways, affect the financial services 
industry in a negative manner. 
Sampo Group’s insurance exposures in Russia or Ukraine are limited to certain Nordic industrial line clients with 
coverage subject to war exclusions. On the asset side, Sampo has no material direct investments in Russia or 
Ukraine. Given the limited direct exposure, the biggest risk from the war in Ukraine to Sampo relates to the second 
order capital markets and the macroeconomic effects outlined above. 
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified 
trends and potential wide-impact events, sometimes driven also by regulatory uncertainty. These external drivers 
may have a long-term impact on how Sampo Group’s business will be conducted. Examples of identified trends are 
demographic changes, climate change, and technological developments in areas such as artificial intelligence and 
digitalisation including threats posed by cybercrime.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Outlook
6

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Financial overview
7–9/2025 7–9/2024 1–9/2025 1–9/2024 2024
Gross written premiums (incl. brokerage) EURm  2,218  2,088  8,461  7,718  9,931 
Insurance revenue (incl. brokerage), net EURm  2,303  2,137  6,755  6,214  8,386 
Claims incurred, net EURm  -1,338  -1,228  -3,913  -3,700  -4,948 
Operating expenses and claims handling costs EURm  -573  -535  -1,721  -1,559  -2,122 
Underwriting result EURm  392  374  1,121  955  1,316 
Net investment income EURm  554  340  927  818  888 
Net insurance finance income or expense EURm  -5  -212  -91  -245  -252 
Net financial result EURm  549  128  836  573  636 
Other items EURm  -75  -70  -188  -188  -392 
Profit before taxes EURm  866  432  1,769  1,340  1,559 
Net profit EURm  757  320  1,460  973  1,154 
Key figures 
Earnings per share EUR  0.28  0.13  0.54  0.39  0.45 
Operating EPS EUR  0.14  0.12  0.38  0.34  0.47 
Risk ratio %  58.1  57.5  57.9  59.5  59.0 
Cost ratio %  24.9  25.0  25.5  25.1  25.3 
Combined ratio %  83.0  82.5  83.4  84.6  84.3 
Nordic operating cost ratio %  22.0  21.9  22.5  22.3  22.7 
Like-for-like GWP growth %  7  8  8  10  12 
Solvency II ratio (incl. dividend accrual) %  —  —  172  177  177 
Financial leverage %  —  —  24.5  26.8  26.9 
Return on equity own funds %  —  —  34.0  25.8  29.5 
Number of shares (end of reporting period) Millions — — 2,678 2,712 2,691
Average number of shares Millions — — 2,687 2,514 2,561
Nordic underlying development
Risk ratio %  59.9  59.9  59.9  61.7  61.0 
-Large claims %  -0.3  3.7  -1.0  1.4  1.2 
-Severe weather %  0.0  0.2  -0.3  2.4  2.2 
-Prior year development, risk adjustment 
and other technical effects %  0.5  -4.7  0.4  -3.3  -3.5 
-Discounting effect, current year %  -3.0  -2.4  -2.9  -2.7  -2.8 
Underlying risk ratio %  62.8  63.1  63.6  63.9  63.8 
Segments
Private Nordic
Insurance revenue, net EURm  1,014  925  2,968  2,730  3,667 
Underwriting result EURm  196  181  533  453  628 
Combined ratio %  80.7  80.4  82.0  83.4  82.9 
Private UK
Insurance revenue (incl. brokerage), net EURm  518  440  1,487  1,208  1,659 
Underwriting result EURm  63  59  175  139  190 
Combined ratio %  87.9  86.5  88.3  88.5  88.5 
Live customer policies Millions — — 4.4 3.8 3.9
Nordic Commercial
Insurance revenue, net EURm  554  537  1,640  1,583  2,128 
Underwriting result EURm  95  93  279  253  352 
Combined ratio %  82.9  82.7  83.0  84.0  83.5 
Nordic Industrial
Insurance revenue, net EURm  141  165  439  490  657 
Underwriting result EURm  20  19  80  62  74 
Combined ratio %  86.1  88.5  81.8  87.4  88.7 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Financial overview
7

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

Financial highlights for January–September 
2025
Sampo Group’s performance in the first nine months of 2025 was underpinned by continued top-line 
growth, particularly in the Group’s private and SME businesses, as well as strong underwriting 
margin development in a favourable claims environment. The underwriting result strengthened by 17 
per cent on a currency adjusted basis, leading to a 14 per cent increase in the operating EPS.
Gross written premiums (GWP), including brokerage income, increased by 8 per cent on like-for-like basis in 
January-September 2025. On a reported basis, GWP increased by 10 per cent to EUR 8,461 million (7,718). 
Insurance revenue, including brokerage income, was EUR 6,755 million (6,214), representing 9 per cent growth.
The Group maintained robust momentum in the private businesses both in the Nordics and the UK, offsetting 
softening development within large corporates. Private Nordic reported increasing like-for-like GWP growth of 8.9 
per cent year-to-date, up from 8.6 per cent at the half year, driven by high retention, rate actions to mitigate claims 
inflation, and continued positive development in growth areas. Personal insurance premiums were up 12 per cent 
year-on-year and digital sales increased by 11 per cent, while an 8 per cent increase in Nordic new car sales also 
added to growth. Geographically, Norway continued to stand out with 16.5 per cent growth, fuelled by supportive 
market conditions. 
In Private UK, top-line growth came in at 16 per cent on a like-for-like basis on the back of continued selective 
growth, particularly within higher premium segments, offsetting the decline in market prices and lower activity on 
price comparison websites. UK live customer policy count increased to 4.4 million, representing 15 per cent growth 
year-on-year and 3 per cent growth from the end of the second quarter. The policy count growth was driven by 
solid development in telematics, bike, and van insurance as well as continued growth in home.
Nordic Commercial saw GWP growth of 5.8 per cent on a like-for-like basis, driven by 7 per cent growth in SME 
and 15 per cent in personal insurance. High retention and price increases remain the primary driver for GWP 
growth, but the development in online sales remained notably positive with an increase of 14 per cent year-on-
year. Meanwhile, Nordic Industrial saw a -4.1 per cent like-for-like GWP decline due to intentional de-risking of large 
property exposures and a more competitive market environment. 
The Group combined ratio improved by 1.2 percentage points year-on-year to 83.4 per cent, largely as a result of 
lower large and weather claims. In the Nordics, the claims environment was favourable throughout the first nine 
months of 2025, driven by benign weather conditions and a large claims outcome being better than budget. As a 
result, severe weather and large claims had a positive effect of 1.2 percentage points on the Nordic risk ratio, 
representing a material benefit compared to the negative effect of 3.9 percentage points in the comparison period. 
Further, the underlying trend remained positive with a 0.3 percentage points improvement in the Nordic 
underlying risk ratio year-on-year. In the UK, underwriting margins remained in line with target levels, even though 
the excess margins in the prior year unwound. 
The Group cost ratio increased by 0.4 percentage points to 25.5 per cent, as the benefit of cost synergies in 
Denmark was offset by the cost of strong volume growth across the Nordics and UK, and continued investments 
into operational capabilities. The Nordic operating cost ratio increased by 0.2 percentage points year-on-year but 
remains on track to improve in line with targets for the full year. The Topdanmark integration has been progressing 
well and synergies have emerged somewhat ahead of schedule. By the end of September 2025, EUR 24 million of 
the targeted run-rate synergies of EUR 140 million were realised.
Sustained top-line growth, together with a favourable claims experience and delivery of the Topdanmark synergies, 
led to an underwriting result growth of 17 per cent on a currency adjusted and reported basis to EUR 1,121 million 
(955). 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Financial highlights
8

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

The third quarter saw strong underlying growth and margin development, while variable underwriting items 
(severe weather, large claims and prior year development) largely offset. Further, the Nordic region already saw a 
major storm (Amy) at the beginning of October. With significant potential severe weather exposure remaining 
before year end, Sampo has decided to keep its outlook for the 2025 underwriting result at EUR 1,425-1,525. 
The net financial result increased to EUR 836 million (573) driven by higher net investment income, primarily due 
to a EUR 355 million gain in the Group’s ownership in NOBA in the third quarter, as well as the insurance finance 
income or expense being materially better than in the comparison period.
Operating EPS increased by 14 per cent to EUR 0.38 (0.34) on the back of a higher underwriting result offsetting 
slightly lower investment results. Following the strong performance since the start of 2024 and confidence in the 
Group’s future development, the Board has decided to update the operating EPS growth target from more than 7 
per cent to more than 9 per cent annually on average for 2024-2026. 
Sampo will launch a new share buyback programme of EUR 150 million, as indicated with the half-year 2025 results 
when the previous EUR 200 million programme was launched. The new programme will be funded by the proceeds 
from the sale of shares in NOBA in connection with its IPO in late September. Sampo remains committed to 
operating with a strong but efficient balance sheet, and will review its excess capital position annually with the 
latest review been conducted in August 2025.
The Group Solvency II coverage, net of nine months dividend accrual and the new buyback programme, stood at 
172 per cent, slightly down from 174 per cent at the end of June 2025 and from 177 per cent at the end of 2024. 
Financial leverage was 24.5 per cent, down from 26.1 per cent at the end of June 2025 and from 26.9 per cent at 
the end of 2024. The restricted Tier 1 instrument issued in September 2025 is treated as debt in the financial 
leverage ratio. Sampo targets a solvency ratio of 150–190 per cent and a financial leverage of below 30 per cent.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Financial highlights
9

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

Third quarter 2025 in brief
Solid underwriting result growth, driven by continued strong top-line development, and higher 
investment returns translated into 16 per cent operating EPS growth year-on-year.   
GWP, including brokerage income, grew by 7 per cent year-on-year on like-for-like basis. On a reported basis, GWP 
increased by 6 per cent to EUR 2,218 million (2,088) in July-September 2025. Insurance revenue, including 
brokerage income, increased by 8 per cent to EUR 2,303 million (2,137).
The Group’s top-line development continued to be propelled by robust performance across the private and SME 
businesses. In Private Nordic, like-for-like GWP growth accelerated to 9.5 per cent from 8.7 per cent in the second 
quarter. This was driven by broad-based development across the main product lines, with 14 per cent growth in 
personal insurance and 13 per cent in motor, benefiting from the rebound in Nordic new car sales, albeit from low 
levels. Geographically, Norway saw the strongest growth of 17 per cent, but Finland also stood out with 11 per cent 
growth. Meanwhile, Private UK saw a solid like-for-like growth of 7 per cent despite the headwind from declined 
market prices and lower activity on price comparison websites. The growth in the UK was driven by selective live 
customer policy growth in higher premium segments. 
Nordic Commercial had a robust quarter with like-for-like GWP growth of 7.8 per cent following strong 
performance in SME, personal insurance and digital sales. Nordic Industrial, on the other hand, saw a -15.2 per cent 
like-for-like GWP decline, driven by de-risking actions and loss of volume in a more competitive market 
environment. 
The Group combined ratio stood solid at 83.0 per cent (82.5), as benign weather and large claims were offset by 
conservatively booked reserves. In total, severe weather and large claims had a positive effect on 0.3 percentage 
points on the Nordic risk ratio, whereas the comparison period saw a negative effect of 3.9 percentage points, 
primarily driven by large claims. The Nordic underlying risk ratio improved by 0.3 percentage points year-on-year. 
In the UK, underlying margins have softened as a result of the continued deterioration in market prices. 
The Group cost ratio improved by 0.1 percentage points to 24.9 per cent. The Nordic operating cost ratio increased 
by 0.1 percentage points but the group remains on track to reach its cost objectives for 2025. 
Driven by robust top-line growth and solid margin development, the underwriting result increased by 4 per cent on 
a currency adjusted basis and by 5 per cent on a reported basis to EUR 392 million (374).
Net financial result amounted to EUR 549 million (128), driven by EUR 355 million net gain on NOBA and 
favourable changes in discount rates compared to the prior year. 
Operating EPS increased by 16 per cent to EUR 0.14 (0.12), supported by both the underwriting result and 
investment returns. 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Third quarter 2025 in brief
10

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

Segments
Private Nordic
Sampo operates in the Nordic private insurance market through a number of brands including If, 
Topdanmark, Volvia, and other white-label partnerships. Its business model is based on high 
customer satisfaction and leveraging the benefits from digital sales and service capabilities. In total, 
the Group serves around 3.7 million households in Sweden, Denmark, Norway, and Finland. 
EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, %
Gross written premiums  1,011  917  10  3,192  2,930  9 
Insurance revenue, net  1,014  925  10  2,968  2,730  9 
Claims incurred, net  -610  -542  13  -1,802  -1,677  7 
Operating expense (incl. claims handling costs)  -209  -202  3  -633  -600  5 
Underwriting result  196  181  8  533  453  18 
Key ratios 7–9/2025 7–9/2024 Change 1–9/2025 1–9/2024 Change
Like-for-like GWP growth, %  9.5  —  —  8.9  —  — 
Risk ratio, %  60.1  58.6  1.5  60.7  61.4  -0.7 
Cost ratio, %  20.6  21.8  -1.2  21.3  22.0  -0.7 
Combined ratio, %  80.7  80.4  0.3  82.0  83.4  -1.4 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
In January – September 2025, Private Nordic delivered like-for-like GWP growth of 8.9 per cent, mainly driven by 
continued rate increases covering claims inflation, strong retention, and positive portfolio development.
Norway continued to stand out geographically with a GWP increase of 16.5 per cent on the back of rate increases 
combined with strong new sales and high retention, thus driving an increase in the number of customers and 
insured objects.
The positive GWP development in Private Nordic, in terms of product lines, was supported by strong development 
in key target areas with 12 per cent growth in personal insurance, and 6 per cent in property. In motor, GWP 
growth reached 11 per cent, partly driven by a rebound in Nordic new car sales volumes, which remain below pre-
pandemic levels but continued to improve year-on-year.
Momentum in Private Nordic digital sales remained strong with an 11 per cent increase in the first nine months of 
2025. The retention rate remained high at >89 per cent (89) with a growing customer base, despite rate increases 
remaining above expected inflation levels.
In the third quarter, like-for-like GWP growth accelerated to 9.5 per cent from 8.7 per cent in the second quarter. 
The positive development was driven by solid performance across the main product lines. The number of 
customers continued to grow in the quarter with particularly strong development in Norway.
Underwriting performance
During the first nine months of 2025, the underwriting result increased by 18 per cent to EUR 533 million (453), and 
the combined ratio improved to 82.0 per cent (83.4). A stronger risk ratio of 60.7 per cent (61.4) supported the 
positive development, reflecting benign weather and frequency development during the period. The cost ratio for 
January – September 2025 improved to 21.3 per cent (22.0) and remains on track to support targeted efficiency 
improvements at Nordic level for the year. 
The underwriting result grew by 8 per cent to EUR 196 million (181) in the third quarter. The combined ratio was 
broadly unchanged year-on-year at 80.7 per cent (80.4), as favourable weather conditions and positive underlying 
risk and cost ratio development were offset by a lower level prior year gains.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Segments
11

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

Private UK
Sampo operates in the UK private insurance market through its brand Hastings, which is one of the 
leading digital P&C insurance providers focused on UK car, van, bike, and home insurance. The 
Group serves over 4 million UK customers and is specialised in price comparison distribution, 
advanced pricing, anti-fraud, and digital capabilities. 
EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, %
Gross written premiums  764  716  7  2,243  1,939  16 
Insurance revenue, net  518  440  18  1,487  1,208  23 
Claims incurred, net  -272  -216  26  -770  -624  23 
Operating expense (incl. claims handling costs)  -183  -165  11  -542  -445  22 
Underwriting result  63  59  6  175  139  25 
Key ratios 7–9/2025 7–9/2024 Change 1–9/2025 1–9/2024 Change
Like-for-like GWP growth, %  7.3  —  —  15.6  —  — 
Risk ratio, %  52.5  49.0  3.5  51.8  51.6  0.1 
Cost ratio, %  35.4  37.5  -2.1  36.5  36.8  -0.4 
Combined ratio, %  87.9  86.5  1.4  88.3  88.5  -0.2 
Gross written premiums and insurance revenue include broker revenues. All key figures in the table above are calculated on a net 
basis.
Premium development 
For the first nine months of 2025, Private UK delivered GWP (including brokerage) growth of 16 per cent year-on-
year on a like-for-like basis, largely driven by increased business volumes. New business sales benefitted from 
continued growth in home insurance and targeted expansion higher premium motor segments, whilst retention 
was supported by less customer switching in a market with declining prices. 
Like-for-like top-line growth in the third quarter was 7 per cent, as the continued live customer policy (LCP) 
growth, particularly within the higher premium segments, offset the year-on-year decline in market prices and 
related lower activity on price comparison websites.
Insurance revenue increased 23 per cent year-on-year due to a mix of higher average premiums continuing to earn 
through and an increase in customer numbers. LCP increased to 4.4 million, with motor LCP up by 11 per cent year-
on-year, and home LCP up 34 per cent year-on-year. During the third quarter, LCP increased by 3 per cent, with 2  
per cent growth in motor and 8 per cent in home. 
Underwriting performance
The underwriting result increased by 25 per cent year-on-year to EUR 175 million (139), reflecting a marginal 
improvement in combined ratio on higher net insurance revenue. The risk ratio increased by 0.1 percentage points 
year-on-year to 51.8 per cent (51.6), with claims frequencies and severities tracking broadly in line with historically 
observed rates. The Group continued to maintain a cautious reserving approach during the quarter.  
Operating expenses increased by 22 per cent year-on-year, reflecting primarily volume related expenses including 
higher acquisition costs from new business growth in the quarter and ongoing strategic investment into customer 
servicing capabilities, AI, and digital. These investments have contributed towards record high levels of customer 
satisfaction and reduced levels of customer complaints. 
The cost ratio reduced 0.4 percentage points to 36.5 per cent (36.8) for the period. As a result of the above 
movements in the risk ratio and the cost ratio, the combined ratio for the period marginally improved to 88.3 per 
cent (88.5).
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Segments
12

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

Nordic Commercial
Sampo operates in the Nordic commercial insurance market through its brands If, Topdanmark, and 
Dansk Sundhedssikring (Oona Health) with a particular focus on SMEs. In total, the Group serves 
around 460,000 commercial customers in Sweden, Denmark, Norway, and Finland.
EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, %
Gross written premiums  282  275  3  1,990  1,791  11 
Insurance revenue, net  554  537  3  1,640  1,583  4 
Claims incurred, net  -326  -317  3  -961  -950  1 
Operating expense (incl. claims handling costs)  -133  -127  5  -399  -381  5 
Underwriting result  95  93  2  279  253  11 
Key ratios 7–9/2025 7–9/2024 Change 1–9/2025 1–9/2024 Change
Like-for-like GWP growth, %  7.8  —  —  5.8  —  — 
Risk ratio, %  58.9  59.1  -0.2  58.6  60.0  -1.4 
Cost ratio, %  23.9  23.6  0.3  24.3  24.1  0.3 
Combined ratio, %  82.9  82.7  0.2  83.0  84.0  -1.1 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
Nordic Commercial delivered like-for-like GWP growth of 5.8 per cent during the first nine months of 2025. This 
positive development was primarily driven by solid renewals and rate actions to mitigate claims inflation. However, 
growth was partly dampened by the impact of de-risking measures and adjustment premiums related to workers’ 
compensation. Norway stood out with particularly strong growth momentum.
The favourable GWP outcome in Commercial in terms of product lines was supported by continued strong 
momentum in personal insurance and 6.7 per cent growth in the SME portfolio.
Like-for-like GWP growth reached 7.8 per cent in the third quarter, up from 6.3 per cent in the second quarter. 
Growth was driven by solid performance across all countries, with Norway delivering double-digit growth. Key 
growth areas continued to develop well, supported by high and stable customer retention rate and a growing 
customer base.
Underwriting performance
The underwriting result increased by 11 per cent to EUR 279 million (253) in the first nine months of 2025, and the 
combined ratio improved to 83.0 per cent (84.0). 
The risk ratio for the period stood at 58.6 percent (60.0), mainly driven by a favourable large claims development 
relative to budget and less frequency claims. The cost ratio stood at 24.3 per cent (24.1). 
The third quarter combined ratio was broadly unchanged at 82.9 per cent (82.7), supported by a favourable large 
claims outcome and positive underlying risk ratio development, partly offset by cautious reserving. 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Segments
13

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

Nordic Industrial
Sampo is the leading insurer of large corporates in the Nordics through the If brand. Corporates with 
turnover of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees, are 
classified as Industrial customers. In total, the segment serves around 1,200 companies.
EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, %
Gross written premiums  104  122  -15  841  867  -3 
Insurance revenue, net  141  165  -14  439  490  -11 
Claims incurred, net  -88  -115  -23  -259  -334  -22 
Operating expense (incl. claims handling costs)  -33  -31  6  -100  -94  6 
Underwriting result  20  19  3  80  62  29 
Key ratios 7–9/2025 7–9/2024 Change 1–9/2025 1–9/2024 Change
Like-for-like GWP growth, %  -15.2  —  —  -4.1  —  — 
Risk ratio, %  62.5  69.5  -6.9  59.1  68.2  -9.1 
Cost ratio, %  23.5  19.0  4.5  22.7  19.2  3.5 
Combined ratio, %  86.1  88.5  -2.4  81.8  87.4  -5.6 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
In Nordic Industrial, GWP declined -4.1 per cent on like-for-like basis in January–September 2025. Targeted de-
risking actions and a softening market impacted GWP growth with lower new sales combined with weaker year-
on-year retention. Additionally, reduced project insurance premiums affected the period.
Like-for-like GWP contracted by -15.2 per cent in the third quarter. This was mainly due to lost volume in the 
property segment in Sweden and Denmark, while top-line development remained positive in both Norway and 
Finland.
Underwriting performance
The underwriting result for Nordic Industrial increased by 29 per cent to EUR 80 million (62) in the first nine 
months of 2025, while the combined ratio improved to 81.8 per cent (87.4). This positive development was 
supported by a risk ratio of 59.1 per cent (68.2), reflecting a favourable large claims outcome. 
The cost ratio deteriorated to 22.7 per cent (19.2), driven by lower premium volumes, while nominal cost 
development remained in line with targets.
In the third quarter, Nordic Industrial reported a combined ratio of 86.1 per cent (88.5). The year-on-year 
improvement was mainly driven by a stronger risk ratio, supported by a favourable large claims outcome and less 
frequency claims.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Segments
14

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

Net financial result and other items
EURm 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, %
Fixed income  139  136  2  405  416  -3 
Equities  2  3  -43  25  29  -14 
Funds  4  4  -12  20  11  80 
Interest and dividend income  144  143  1  450  456  -1 
Fixed income  -15  201  —  57  196  -71 
Equities  428  -18  —  415  106  292 
Funds  19  25  -23  65  72  -10 
Net gains or losses  432  208  108  538  374  44 
Other items  -22  -11  106  -61  -13  384 
Net investment income  554  340  63  927  818  13 
Unwind of discounting, net  -59  -63  -6  -176  -183  -4 
Changes in discount rates, net  65  -156  —  114  -68  — 
Indexation of annuities, net  -11  7  —  -29  7  — 
Insurance finance income or expense  -5  -212  -98  -91  -245  -63 
Net financial result  549  128  328  836  573  46 
Other income or expense  -18  -27  -34  -28  -74  -63 
Non-operational amortisations  -51  -19  174  -103  -37  178 
Finance expenses  -6  -25  -74  -58  -76  -24 
Total  -75  -70  7  -188  -188  — 
Key figures 7–9/2025 7–9/2024 Change 1–9/2025 1–9/2024 Change
Investment return, %  3.5  2.0  1.5  5.9  4.9  1.0 
Fixed income mark-to-market yield, %  —  —  —  3.5  4.1  -0.5 
Fixed income running yield, %  —  —  —  3.8  4.0  -0.1 
Fixed income duration, years  —  —  —  2.3  2.3  0.0 
In the third quarter of 2025, the reporting method regarding investment income in the table above was changed so that interest 
income on bank accounts and assets at amortised cost have been moved from Other items to Fixed income under Interest and 
dividend income. The figures for the comparison periods have been restated as well. 
The Group’s net investment income increased by 13 per cent to EUR  927 million (818) in January-September 2025. 
The increase was primarily driven by EUR 355 million net gain on NOBA in the third quarter. Meanwhile, the 
recurring interest and dividend income stood broadly stable at EUR 450 million (456).
In the third quarter, net investment income amounted to EUR 554 million (340), driven by the NOBA gain and 
stable recurring income from fixed income and equities.
The fixed income running yield stood at 3.8 per cent at the end of September 2025, down slightly from 3.9 per cent 
at the end of the second quarter. The mark-to-market yield decreased to 3.5 per cent from 3.8 per cent at the end 
of the second quarter, primarily driven by the inclusion of Topdanmark’s assets into the calculation following the 
legal merger of If and Topdanmark on 1 July 2025. 
The Group’s investment portfolio amounted to EUR 17.5 billion. Of this, 88 per cent was allocated to fixed income. 
Following the IPO of NOBA, the stake was moved from alternatives to equities. As a result, the equity exposure 
increased to 11 per cent from 8 per cent at the end of the second quarter. Meanwhile, alternative investments 
amounted to EUR 169 million, representing 1 per cent of the portfolio, and mainly related to the stake in Nexi. 
Insurance finance income or expense (IFIE) was EUR -91 million (-245) in January-September 2025, supported by 
positive effect from changes in discount rates. Driven by both investment income and IFIE, the net financial result 
rose to EUR 836 million (573).
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Net financial result and other items
15

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

Other income or expense amounted EUR -28 million (-74), while finance expenses came in at EUR -58 million (-76), 
including a positive one-off effect of EUR 20 million from the Tier 2 tender offer in September 2025. The non-
operational amortisations included a negative one-off effect of EUR -26 million related to the Ballerup office in 
Denmark. 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Net financial result and other items
16

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

Financial position
Group solvency 
Sampo Group’s Solvency II ratio amounted to 172 per cent at the end of September 2025, net of dividend accrual 
for nine months (based on the latest regular dividend) and the new buyback programme of EUR 150 million. The 
ratio decreased slightly from 174 per cent at the end of June 2025, as strong operating performance was offset by 
underwriting seasonality, technical effects and dividend accrual. The IPO of NOBA had a 5 percentage points 
positive effect on the solvency ratio, net of increased FX risk, which was cancelled out by the launch of a new EUR 
150 million share buyback programme. 
The Group’s Solvency II own funds increased to EUR 5,809 million from 5,558 million at the end of June 2025. At 
the same time, the solvency capital requirement increased to 3,376 million from 3,200 million, driven by the NOBA 
value gain as well as slightly higher symmetric adjustment. At the 2024 year-end, the Solvency II ratio was 177 per 
cent. Sampo targets a Solvency II ratio of 150–190 per cent.
Financial leverage position
Sampo Group’s financial leverage is calculated as Group financial debt divided by the sum of IFRS shareholders’ 
equity and financial debt. The Group targets financial leverage of below 30 per cent.
The Group’s shareholders’ equity (excluding Tier 1 instruments) amounted to EUR 7,373 million at the end of 
September 2025, up from EUR 6,840 million at the end of June 2025, driven by retained earnings.
In September 2025, Sampo launched a tender offer for its Tier 2 notes. As a result, Sampo repurchased EUR 316 
million in aggregate nominal value of its Tier 2 notes due 2052 for EUR 295 million. In connection with the tender 
offer, Sampo issued EUR 300 million of new restricted Tier 1 notes. This had a fairly limited effect on the Group’s 
financial debt, which amounted to EUR 2,399 million at the end of September 2025, slightly down from EUR 2,418 
million at the end of June 2025. 
Supported by the increase in shareholders’ equity, the Group’s financial leverage came in at 24.5 per cent at the 
end of September 2025, down from 26.1 per cent at the end of June 2025 and from 26.9 per cent at the end of 
2024. The financial leverage figure includes restricted Tier 1 capital as debt.
More information on Sampo Group’s outstanding debt issues is available at www.sampo.com/debtfinancing.
Ratings
Relevant ratings for Sampo Group companies remained unchanged during the first nine months of 2025. The 
ratings on 30 September 2025 are presented in the table below.
Rated company Moody’s Standard & Poor’s
Rating Outlook Rating Outlook
Sampo plc – Issuer Credit Rating A2 Stable A Stable
If P&C Insurance Ltd – Insurance Financial Strength 
Rating Aa3 Stable AA- Stable
If P&C Insurance Holding Ltd (publ) - Issuer Credit 
Rating - - A Stable
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Financial position
17

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

Other developments
Sale of shares in NOBA Group
The Swedish specialist bank NOBA Group completed its initial public offering in late September 2025, which 
generated EUR 155 million of sales proceeds for Sampo and reduced the group's ownership to 14.9 per cent. 
The share sale, together with the value gain on the remaining stake, had a positive effect of EUR 355 million on net 
investment income in the third quarter. The effect was excluded from the operating result. The share sale and value 
gain had a 5 percentage points positive effect on Solvency II ratio. 
Sampo’s remaining NOBA stake was valued at EUR 636 million at the end of September 2025 and there is a 180 
day lock-up in place on further share sales.
Going forward, NOBA will be treated as a public equity investment and valued on a mark-to-market basis. 
However, any realised gains or losses will be treated as extraordinary items and thus, excluded from the operating 
result.
Changes in Group’s financial debt
In September 2025, Sampo launched a EUR 300 million tender offer for its Tier 2 notes. As a result, Sampo 
repurchased EUR 316 million in aggregate nominal value of its Tier 2 notes due 2052 for EUR 295 million. This had a 
positive one-off effect of around EUR 20 million on finance expenses in the third quarter. The effect was excluded 
from the operating result.
In connection with the tender offer, Sampo issued EUR 300 million of new restricted Tier 1 notes with a coupon 
rate of 5.25 per cent and a first call date in 2035. The restricted Tier 1 instrument is accounted as part of 
shareholders equity, but treated as debt for certain key figures such as financial leverage. 
Shares and shareholders
On 6 August 2025, Sampo announced a buyback programme of EUR 200 million, which started on 7 August 2025 
and was completed after the end of the reporting period on 31 October 2025. During the third quarter, Sampo 
repurchased 13.2 million shares, representing 0.5 per cent of the total share count.
At the end of September 2025, Sampo’s total share count, net of repurchased shares, amounted to 2,677,999,240 
shares. Further details on the company’s share buyback programmes is available at www.sampo.com/
sharebuyback.
Share count development
A shares
of which held by 
the company B shares Total
2020 2,770,759,250 0 6,000,000 2,776,759,250
2021 2,770,759,250 -42,699,780 6,000,000 2,734,059,470
2022 2,581,897,560 -11,050,985 1,000,000 2,571,846,575
2023 2,507,983,760 0 1,000,000 2,508,983,760
2024 2,690,238,860 0 1,000,000 2,691,238,860
3/2025 2,690,238,860 0 1,000,000 2,691,238,860
6/2025 2,690,238,860 0 1,000,000 2,691,238,860
9/2025 2,690,238,860 -13,239,620 1,000,000 2,677,999,240
Repurchased own shares that were not yet cancelled at the end of each reporting period have been deducted from the total share 
count in the table above. All figures are adjusted for the share split in February 2025.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Other developments
18

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

In January-September 2025, Sampo received one (1) flagging notification of change in holding pursuant to Chapter 
9, Section 5 of the Securities Markets Act, according to which the total number of Sampo A shares or related 
voting rights owned by BlackRock, Inc. and its funds directly or through financial instruments is above 5 per cent of 
Sampo’s total shares and voting rights. The reason for the notification by BlackRock, Inc. was the Group restructure 
following the acquisition of HPS Investment Partners (“HPS”).
The latest notifications are available at www.sampo.com/flaggings.
Remuneration
A total of EUR 88 million (61), including social costs, was paid as short-term incentives in January–September 2025 
in Sampo Group. In the same period, a total of 60 million (38) was paid as long-term incentives. The long-term 
incentive schemes in force in Sampo Group produced a result impact of EUR -22 million (-16). The terms of the 
long-term incentive schemes based on financial instruments of Sampo plc are available at www.sampo.com/
incentiveterms.
In April 2025, Sampo Group published its Remuneration Report for Governing Bodies 2024 at www.sampo.com/
remuneration. The report has been prepared in accordance with the Corporate Governance Code 2025, issued by 
the Securities Market Association and effective from 1 January 2025. The remuneration of the Group Executive 
Committee members (excluding the Group CEO) can be viewed at www.sampo.com/
remuneration_executive_committee.
Personnel
Sampo Group’s average number of employees (FTE) was 14,983 (13,864) for January–September 2025. On 30 
September 2025, the total number of employees was 15,065 (14,256). 
Sampo Group personnel by country
Country Average personnel (FTE) 
1–9/2025 %
Average personnel (FTE) 
1–9/2024 %
United Kingdom  4,397   29  3,632  26 
Denmark  2,829   19  2,725  20 
Sweden  2,535   17  2,473  18 
Finland  1,974   13  1,963  14 
Norway  1,726   12  1,627  12 
Other countries  1,523   10  1,443  10 
Total  14,983   100  13,864  100 
Events after the end of the reporting period
Changes to the Group Executive Committee
On 1 October 2025, Morten Thorsrud assumed the position of Group CEO. At the same time, Ricard Wennerklint 
was appointed Deputy CEO, and Poul Steffensen, Head of Nordic Industrial, and Tiina Halmesmäki, Chief Legal 
Officer, joined Sampo’s Group Executive Committee (GEC). Further, Group CFO Knut Arne Alsaker announced his 
decision to resign. He will continue in his current role until 31 March 2026 and thereafter serve as an advisor until 31 
December 2026. Lars Kufall Beck, currently COO of If P&C, has been appointed as his successor and will assume 
the role on 1 April 2026. 
To reflect the simplification of Sampo into a pure P&C insurance group in recent years, Morten Thorsrud will lead a 
more operationally focused GEC, actively engaged in the running of the business. To facilitate this, certain 
responsibilities previously held by the If P&C CEO role will be integrated into the Sampo Group CEO role, aligning 
leadership with the Group’s operational structure across its four customer segments.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Other developments
19

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

Share buyback programmes
Sampo’s EUR 200 million share buyback programme announced on 6 August 2025 continued after the end of the 
reporting period and was completed on 31 October 2025. In total, Sampo repurchased 20,484,833 shares at an 
average price of EUR 9.76, corresponding to 0.8 per cent of the total share count. Following the completion of the 
programme, Sampo’s share count, net of repurchased shares, amounted to 2,670,754,027 shares. All repurchased 
shares will be cancelled.
Sampo will launch a new buyback programme of EUR 150 million, in line with communication in connection with 
the previous programme. The new programme will be funded by the proceeds from the sale of shares in NOBA in 
connection with its IPO in September. 
The progress of the intended buyback programme can be followed at www.sampo.com/sharebuyback.
Update in the Group’s operating EPS target for 2024-2026
Sampo’s Board of Directors decided to raise the Group’s operating EPS growth target to more than 9 per cent 
from more than 7 per cent annually on average for 2024-2026. The increase reflects Sampo’s strong operational 
performance and execution of its P&C focused strategy since the start of 2024, but also the confidence in the 
outlook into 2026. 
SAMPO PLC
Board of Directors
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Other developments
20

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

Conference call
A conference call for investors and analysts will be arranged today 5 November 2025 at 10:30 am Finnish time 
(8:30 am UK time). 
To ask questions, please join the teleconference by registering using the following link:  
https://palvelu.flik.fi/teleconference/?id=50051477
Upon registration, you will receive phone numbers as well as a conference ID and user ID to access the conference. 
If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue.
The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript will 
later be available at the same address.
For more information, please contact
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Antti Järvenpää, Investor Relations Specialist and Media Relations, tel. +358 10 516 0031
The Investor Presentation and a video review with Group CEO Morten Thorsrud are available at
www.sampo.com/result.
Sampo will publish the Financial Statement Release for 2025 on 5 February 2026.
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
FIN-FSA
The principal media
www.sampo.com
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Further information
21

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

Calculation of key figures
Return on equity own funds, %
+ operating result (annualised)
x 100 %
+ Unrestricted Tier 1 Own funds
(average of values 1 Jan. and the end of reporting period)
Financial leverage1
financial debt
x 100 %equity (excluding Tier 1 instruments) + financial debt
1The Group’s financial leverage includes only long-term funding.
Like-for-like GWP growth, %
Like-for-like GWP growth is calculated by using constant currency rates and it is adjusted to 
exclude potential technical items affecting comparability, such as portfolio transfers, changes 
in inception dates for large contracts and changes in accounting methods. 
Insurance revenue, net
+ insurance revenue, gross
- reinsurers' share of insurance revenue
- quota share premium expense (Private UK)
insurance revenue, net
Underwriting result
+ insurance revenue, net
+ other income (Hastings)
- claims incurred
- operating expenses
underwriting result
Operating result
+ P&C operations’ (incl. Sampo plc) profit after tax
- non-controlling interest in P&C operations
- unrealised gains/losses on investments (excl. derivatives) in P&C operations
- result effect from changes in discount rates in P&C operations
- non-operational amortisations in P&C operations
- non-recurring items
- adjustment on taxes
operating result
Combined ratio, %
+ claims incurred
+ operating expenses
x 100 %
+ insurance revenue, net
+ other revenue (Private UK)
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Calculation of key figures
22

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

Risk ratio, %
+ claims incurred
– claims handling costs
x 100 %insurance revenue, net
Nordic underlying risk ratio, % 
(includes Private Nordic, Nordic Commercial, Nordic Industrial and certain minor items from 
Other operations)
Risk ratio, %
–   Large claims, %
–   Severe weather, %
–   Prior year development, risk adjustment and other technical effects, %
–   Discounting effect, current year, %
Underlying risk ratio, %
Cost ratio, %
+ operating expenses
+ claims handling costs
x 100 %insurance revenue, net
Nordic operating cost ratio, %
(includes Private Nordic, Nordic Commercial, Nordic Industrial and Other operations excluding 
internal reinsurance)
+ operating expenses
+ claims handling costs
x 100 %insurance revenue, net
Per share key figures
Earnings per share
profit for the financial period attributable to owners of the parent
adjusted average number of shares
Operating result per share
operating result
adjusted average number of shares
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Calculation of key figures
23

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

Exchange rates used in reporting
1–9/2025 1–6/2025 1–3/2025 1–12/2024 1–9/2024
EURSEK
Income statement (average) 11.1076 11.1000 11.2368 11.4345 11.4143
Balance sheet (at end of period) 11.0565 11.1465 10.8490 11.4590 11.3000
DKKSEK
Income statement (average) 1.4882 1.4873 1.5061 1.5327 1.5300
Balance sheet (at end of period) 1.4811 1.4940 1.4540 1.5365 1.5156
NOKSEK
Income statement (average) 0.9485 0.9516 0.9643 0.9831 0.9850
Balance sheet (at end of period) 0.9429 0.9419 0.9506 0.9715 0.9605
EURDKK
Income statement (average) 7.4617 7.4608 7.4600 7.4589 7.4589
Balance sheet (at end of period) 7.4649 7.4609 7.4613 7.4578 7.4560
EURGBP
Income statement (average) 0.8507 0.8426 0.8357 0.8467 0.8514
Balance sheet (at end of period) 0.8734 0.8555 0.8354 0.8292 0.8354
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
Calculation of key figures
24

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

Statement of profit and other comprehensive 
income
EURm Note 7-9/2025 1-9/2025 7-9/2024 1-9/2024
Insurance revenue  2,597  7,649  2,400  6,994 
Insurance service expenses  -2,011  -5,969  -2,021  -5,832 
Reinsurance result  -165  -477  14  -154 
Insurance service result 1  422  1,202  393  1,007 
Net investment income 2  554  927  340  818 
Net finance income or expense from insurance contracts 3  -5  -91  -212  -245 
Insurance finance income or expense, gross  -18  -150  -250  -294 
Insurance finance income or expense, reinsurance  13  59  38  49 
Net financial result  549  836  128  573 
Other income 4  90  281  83  240 
Other expenses  -188  -492  -147  -405 
Finance expenses  -6  -58  -25  -76 
Profit before taxes  866  1,769  432  1,340 
Income taxes  -108  -308  -96  -292 
Profit from the continuing operations  757  1,460  336  1,048 
Divested operations, net of tax  —  —  —  -26 
Net profit  757  1,460  336  1,022 
Other comprehensive income 
Items reclassifiable to profit or loss
Exchange differences  -29  -41  24  7 
Cash flow hedges  1  -1  -2  0 
Total items reclassifiable to profit or loss, net of tax  -28  -42  23  7 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined benefit pension plans  3  14  -5  -6 
Taxes  -1  -3  1  1 
Total items not reclassifiable to profit or loss, net of tax  3  11  -4  -5 
Other comprehensive income total, net of tax  -26  -31  19  2 
Total comprehensive income  732  1,429  355  1,024 
Profit attributable to
Owners of the parent  757  1,460  320  973 
Non-controlling interests 8  —  —  16  49 
Total comprehensive income attributable to
Owners of the parent  732  1,429  339  976 
Non-controlling interests  —  —  16  49 
Earnings per share (EPS), EUR  0.28  0.54  0.13  0.39 
In February 2025, Sampo carried out a share split by way of a share issue without consideration. The new shares were issued to 
shareholders in proportion to their existing holdings, so that four (4) new shares were issued for each existing share. Earnings per 
share figure for the comparison period has been adjusted for the share split. Previously published EPS for comparison period 
7-9/2024 was EUR 0.64 and for 1-9/2024 EUR 1.94. 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
25

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

Consolidated balance sheet
EURm Note 9/2025 12/2024
Assets
Property, plant and equipment  276  284 
Intangible assets  3,510  3,637 
Investments in associates  4  4 
Financial assets 5  16,640  16,090 
Deferred income tax  1  2 
Reinsurance contract assets 6  2,446  2,618 
Other assets  1,161  880 
Cash and cash equivalents  1,492  962 
Total assets  25,531  24,478 
Liabilities
Insurance contract liabilities 6  12,960  12,286 
Subordinated debts 7  1,314  1,642 
Other financial liabilities 7  1,384  1,395 
Deferred income tax  556  535 
Other liabilities  1,646  1,562 
Total liabilities  17,860  17,419 
Equity
Share capital  98  98 
Reserves  3,828  3,531 
Retained earnings  4,533  4,176 
Other components of equity  -788  -746 
Total equity  7,671  7,059 
Total equity and liabilities  25,531  24,478 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
26

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

Statement of changes in equity
EURm
Share 
capital
Legal 
reserve
Invested 
unres-
tricted 
equity
Restric- 
ted Tier 1 
notes
Retained 
earnings1
Transla-
tion of 
foreign 
opera-
tions
Cash 
flow 
hedges Total
Non- 
control-
ling 
interest Total
Equity at 1 January 
2024  98  4  1,527  —  6,378  -742  -1  7,263  424  7,687 
Changes in equity
Acquired non-
controlling interests  —  —  2,000  —  -1,666  —  —  334  -334  — 
Dividends  —  —  —  —  -903  —  —  -903  -69  -972 
Transferred assets at 
fair value in the 
demerger
 —  —  —  —  -325  —  —  -325  —  -325 
Acquisition of own 
shares  —  —  —  —  -309  —  —  -309  —  -309 
Other changes in equity  —  —  —  —  7  —  0  6  -10  -4 
Profit for the reporting 
period  —  —  —  —  973  —  —  973  49  1,022 
Other comprehensive 
income for the period  —  —  —  —  -5  7  0  2  —  2 
Total comprehensive 
income  —  —  —  —  969  7  0  976  49  1,024 
Equity at 30 
September 2024  98  4  3,527  —  4,150  -735  -2  7,042  59  7,101 
Equity at 1 January 
2025  98  4  3,527  —  4,176  -746  0  7,059  —  7,059 
Changes in equity
Dividends  —  —  —  —  -915  —  —  -915  —  -915 
Acquisition of own 
shares  —  —  —  —  -129  —  —  -129  —  -129 
Liability for the share 
buy-back programme  —  —  —  —  -71  —  —  -71  —  -71 
Issue of Tier 1 notes  —  —  —  298  —  —  —  298  —  298 
Other changes in equity  —  —  —  —  0  —  —  0  —  0 
Profit for the reporting 
period  —  —  —  —  1,460  —  —  1,460  —  1,460 
Other comprehensive 
income for the period  —  —  —  —  11  -41  -1  -31  —  -31 
Total comprehensive 
income  —  —  —  —  1,471  -41  -1  1,429  —  1,429 
Equity at 30 
September 2025  98  4  3,527  298  4,533  -786  -1  7,671  —  7,671 
1 IAS 19 Pension benefits had a net effect of 11 million (-5) on retained earnings.
During the reporting period, Sampo recognised a liability for the share buyback programme against equity, At 
the reporting date, the liability is measured at the amount that represents the outstanding share of the share 
buy-back programme.
Sampo issued EUR 300 million of new restricted Tier 1 notes with a coupon rate of 5.25 per cent and an option 
of a first call date in 2035 for Sampo. The restricted Tier 1 instrument is accounted as equity.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
27

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

Statement of cash flows
EURm 1–9/2025 1–9/2024
Operating activities
Profit before tax  1,769  1,314 
Adjustments
Depreciation and amortisation  183  131 
Unrealised gains and losses arising from valuation  -397  -333 
Realised gains and losses on investments  -115  -33 
Change in liabilities for insurance contracts  694  699 
Other adjustments  -223  -420 
Adjustments total  141  44 
Change (+/-) in assets of operating activities
Investments 1  133  -135 
Other assets  -94  -96 
Total  38  -230 
Change (+/-) in liabilities of operating activities
Financial liabilities  157  110 
Other liabilities  -4  364 
Total  152  474 
Paid taxes and interests
Paid taxes  -273  -235 
Paid interests  -87  -87 
Total  -360  -323 
Net cash from (or used in) operating activities  1,740  1,279 
Investing activities
Investments in tangible and intangible assets 2  -100  -88 
Divestments in equipment and intangible assets  6  9 
Net cash used in (or from) investing activities  -94  -79 
Financing activities
Dividends paid  -915  -903 
Dividends paid to non-controlling interests  —  -69 
Acquisition of own shares  -129  -309 
Increase in debt securities and amounts owed to credit institutions 3  414  152 
Payments of debt securities in issue 3  -480  -7 
Net cash used in (or from) financing activities  -1,111  -1,137 
Total cash flows  536  63 
Cash and cash equivalents at the beginning of reporting period  962  1,415 
Effects of exchange rate changes  -6  15 
Cash and cash equivalents at the end of reporting period  1,492  1,494 
Net change in cash and cash equivalents  536  63 
1 Investments include mainly financial assets. 
2 The share of investments in tangible assets amounts to EUR -52 million and the share of intangibles to EUR -48 million. 
3 Changes in short-term issues and repayments of debt securities are presented as net amounts.
The items of the statement of cash flows cannot be directly concluded from the balance sheets due to e.g. exchange rate 
differences, or acquisitions and disposals of subsidiaries when applicable.
Cash and cash equivalents include cash at bank and in hand EUR 1,212 million (1,190) and short-term deposits (max 3 months) EUR 
280 million (303).
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
28

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

Notes
Accounting principles
Sampo Group’s consolidated financial statements are prepared in accordance with IFRS® Accounting Standards  
adopted by the EU. The interim financial statements are not presented in accordance with IAS 34 Interim Financial 
Reporting as Sampo applies the statutes of security markets act (1278/2015), regarding the regular disclosure 
requirements. The same accounting principles and methods of computation are applied in this financial statement 
release as were applied in Sampo’s consolidated financial statements 2024. 
The financial statements for 2024 are available on Sampo’s website www.sampo.com/year2024.
Information presented in the Interim Statement is unaudited. 
Accounting principles requiring management judgement and key 
sources of estimation uncertainties
New reporting segments 
In February 2025, Sampo introduced new reporting segments to reflect its transformation into a fully-integrated 
P&C insurance group following the acquisition of Topdanmark in 2024. 
Sampo reports its financial performance based on the Group’s operational business areas that are regularly 
reviewed by a chief operating decision maker. Segments’ customer bases, risks, and performance measures differ 
from each other. The control and management of business and management reporting are organised in accordance 
with the business segments. The new segments are Private Nordic, Private UK, Nordic Commercial, and Nordic 
Industrial: 
• Private Nordic includes the Group’s Nordic private customer business, previously reported under the If and 
Topdanmark segments in Sampo’s accounts. Sampo operates in the Nordic private insurance market through its 
main brand, If, and other brands including Topdanmark and various white-label partnerships.
• Private UK includes the Group’s UK business, previously reported as Hastings in Sampo’s accounts. Sampo 
operates in the UK private insurance market through its customer brand Hastings, which is one of the leading 
digital P&C insurance providers focused on serving UK car, van, bike, and home insurance.
• Nordic Commercial includes the Group’s Nordic commercial customer businesses, previously reported under the 
If and Topdanmark segments in Sampo’s accounts, as well as Oona Health. The segment focuses particularly on 
SMEs. 
• Nordic Industrial includes the Group’s Nordic Industrial customer business, previously reported under the If 
segment in Sampo’s accounts. Corporates with revenues of more than SEK 500 million ( approx. EUR 45 million), 
or more than 500 employees, are classified as Industrial customers.
In addition to these four reporting segments, Sampo presents other operations, consisting mainly of the Group’s 
Baltic business but also of group eliminations and other internal items. Other operations are not considered a 
separate reporting segment as they do not fulfil the criteria for reporting segments under IFRS 8.
Liability for the share buyback programme 
During the reporting period, Sampo launched a new share buyback programme of EUR 200 million. At the time of 
the launch, Sampo recognised a financial liability against equity representing Sampo’s commitment under the share 
buyback agreement with a financial institution responsible for share repurchases on Sampo’s behalf. 
At the time of recognition, the liability was measured corresponding to the expected amount of the buyback 
programme. At the reporting date, the liability was measured at the amount that represents the outstanding share 
of the share buyback programme.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
29

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

Issue for restricted Tier 1 notes 
In September 2025, Sampo issued EUR 300 million of new restricted Tier 1 notes with a coupon rate of 5.25 per 
cent and a first call date in 2035. Accounting treatment of restricted Tier 1 (RT1) instrument depends on the 
substance of the contractual arrangement. The restricted Tier 1 instrument is accounted as equity as the notes are 
unsecured and subordinated as well as perpetual with no fixed maturity date.  Payment of interest and principal is   
at the discretion of Sampo. Therefore, the restricted Tier 1 notes qualify as equity instruments pursuant to IAS 32. 
Transaction costs related to the issue of the notes are directly recognised in retained earnings. Interest expense is 
also recognised as a reduction in retained earnings. 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
30

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

Segment information 
Result by segment for nine months ended 30 September 2025
In each reporting segment, Sampo reports the key profit or loss figures from insurance revenue to the underwriting 
result. These key profit or loss figures are reported regularly to the management to assess the reporting segments 
performance. Items below the underwriting result, such as net investment income and insurance finance income or 
expense, are reported at the group level. 
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Insurance revenue, net (incl. brokerage)  2,968  1,487  1,640  439  223  6,755 
Claims incurred, net  -1,802  -770  -961  -259  -121  -3,913 
Operating expenses (incl. claims handling 
costs)  -633  -542  -399  -100  -47  -1,721 
Underwriting result  533  175  279  80  55  1,121 
Net investment income  927 
Net insurance finance income or expense  -91 
Net financial result  836 
Other income or expense  -28 
Non-operational amortisations  -103 
Finance expenses  -58 
Profit before taxes  1,769 
Sampo introduced new reporting segments based on Group’s operational business areas in February 2025. For more information 
regarding the new segments, please see section Accounting principles. 
Result by segment for nine months ended 30 September 2024
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Insurance revenue, net (incl. brokerage)  2,730  1,208  1,583  490  203  6,214 
Claims incurred, net  -1,677  -624  -950  -334  -115  -3,700 
Operating expenses (incl. claims handling 
costs)  -600  -445  -381  -94  -39  -1,559 
Underwriting result  453  139  253  62  48  955 
Net investment income  818 
Net insurance finance income or expense  -245 
Net financial result  573 
Other income or expense  -74 
Non-operational amortisations  -37 
Finance expenses  -76 
Profit before taxes  1,340 
Comparative figures have been restated based on the new segments.  
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
31

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

Segment reconciliation 
Following tables present reconciliations from the segment reporting’s numbers to Sampo Group’s reported 
numbers.
Insurance revenue, gross
EURm 1-9/2025 1-9/2024
Insurance revenue, net (incl. brokerage)
Private Nordic  2,968  2,730 
Private UK  1,487  1,208 
Nordic Commercial  1,640  1,583 
Nordic Industrial  439  490 
Reporting segments' total of insurance revenue, net  6,533  6,011 
Intra-segment eliminations on insurance operations  -37  -13 
Intra-segment eliminations on reinsurance operations  37  13 
Other operations  223  203 
Sampo Group insurance revenue, net  6,755  6,214 
Reinsurance operations and investment component  1,012  885 
Other items  -119  -106 
Sampo Group insurance revenue, gross  7,649  6,994 
Insurance service result
EURm 1-9/2025 1-9/2024
Underwriting result
Private Nordic  533  453 
Private UK  175  139 
Nordic Commercial  279  253 
Nordic Industrial  80  62 
Reporting segments' total of underwriting result  1,066  906 
Other operations  55  47 
Sampo Group's underwriting result  1,121  955 
Other items  81  53 
Sampo Group insurance service result  1,202  1,007 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
32

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

Other notes
1 Insurance service result
EURm 1-9/2025 1-9/2024
Insurance revenue 
Gross written premiums1  8,125  7,417 
Change in liability for remaining coverage  -693  -619 
Brokerage revenue  217  196 
Total insurance revenue  7,649  6,994 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -4,254  -4,252 
Claims handling expenses  -429  -376 
Change in liability for incurred claims  3  -89 
Change in risk adjustment  -164  -112 
Change in loss component  -5  20 
Insurance service expenses related to claims incurred  -4,849  -4,809 
Operating expenses  -1,120  -1,023 
Total insurance service expenses  -5,969  -5,832 
Reinsurance result 
Premiums  -762  -669 
Claims recovered  285  514 
Total reinsurance result  -477  -154 
Total insurance service result  1,202  1,007 
1 Due to the legal merger of If and Topdanmark on 1 July 2025, the accounting method for recognising gross written premiums 
(GWP) in If Group was harmonised. As a result, gross written premiums were restated in the first quarter of 2025. The harmonisation 
had an effect on the comparability of the nominal GWP values between 2025 and 2024. The change in the timing of GWP 
recognition has no impact on insurance revenue or GWP going forward.  
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
33

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

2 Net investment income 
The table includes investment income and expenses from financial assets and liabilities held by the group 
companies.
EURm 1-9/2025 1-9/2024
Derivative financial instruments
Interest income  3   4  
Interest expense  -8   -1  
Net gains or losses  8   21 
Derivative financial instruments, total  3   24 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  373   368 
Net gains or losses  57   196 
Equity securities 
Dividend income  25   29 
Net gains or losses  415   106 
Funds
Distributions  12   5 
Interest income  8   7 
Net gains or losses  65   72 
Financial assets at fair value through profit or loss, total  956   783 
Financial assets at amortised cost  1   22 
Total income or expenses from financial assets  961   828 
Other
Expenses from asset management  -25   -16 
Other income  31   50 
Other expenses  -35   -41 
Fee expenses  -5   0 
Expenses from investment property  0   -3 
Total other  -34   -10 
Total net investment income  927   818 
The amount of expected credit losses on financial assets measured at amortised cost is presented in the note 5.
The Swedish bank NOBA Group completed its initial public offering in late September 2025. Consequently, Sampo 
sold part of its holding in NOBA, resulting in a net sales gain of EUR 58 million. The valuation gain of Sampo’s 
remaining investment in NOBA amounted to EUR 309 million during the reporting period.  
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
34

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

3 Net finance income or expense from insurance contracts
EURm 1-9/2025 1-9/2024
Insurance contracts
Unwinding of discount rates  -238    -247   
Effect of changes in interest rates and other financial assumptions  88    -47   
Total finance income or expenses from insurance contracts  -150    -294   
Reinsurance contracts
Unwinding of discount rates  62    64   
Reinsurers' share of effect of changes in interest rates and other financial 
assumptions  -3    -15   
Total finance income or expenses from reinsurance contracts  59    49   
Net finance result from insurance and reinsurance contracts  -91    -245   
4 Other income 
EURm 1-9/2025 1-9/2024
Other income  276    231   
Income related to brokerage activities  5    9   
Total other income  281    240   
If’s other operating income includes EUR 114 million (115) income from insurance operations without a transfer of 
insurance risk. Such income is primarily attributable i.e. to sales commissions and services for administration and 
claims settlement in insurance contracts on behalf of other parties. This operating income is accounted for under 
IFRS 15 Revenue from Contracts with Customers. In addition, other operating income includes income from 
roadside assistance services provided by If’s subsidiary Viking Assistance Group AS, recognised when roadside 
assistance has been provided. 
Hastings’ operating income includes total of EUR 129 million (103) revenue recognised under IFRS 15 consisting of 
fees and commissions on panel providers, ancillary product income, and other retail income. Income related to 
brokerage activities is also accounted for under IFRS 15, if there is no insurance risk transferred to Hastings. 
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
35

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

5 Financial assets
EURm 9/2025 12/2024
Financial assets
Derivative financial instruments  20  26 
Financial assets at fair value through profit or loss
Debt securities  13,588  13,325 
Equity securities  1,414  1,288 
Funds  980  823 
Total financial assets at fair value through profit or loss  15,982  15,436 
Financial assets measured at amortised cost
Loans  137  272 
Loans and advances to customers  501  356 
Total financial assets measured at amortised cost  639  629 
Total financial assets  16,640  16,090 
Loans and advances to customers consists of Hastings’ loans to customers. 
The gross carrying amounts of the financial assets measured at amortised cost was EUR 671 million (EUR 651	 
million) and loss allowance was EUR -32 million (EUR -23 million). During the reporting period, the expected credit 
losses recognised in the income statement was EUR -10 million and in the comparative period EUR -4 million. 
NOBA Group completed its initial public offering in late September 2025, after which the valuation of the equity 
investment is based on quoted prices in active markets (fair value hierarchy level 1). At the end of the reporting 
period, Sampo’s remaining NOBA stake was valued at EUR 636 million. Sampo has a 180 day lock up on further 
share sales.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
36

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

6 Insurance contract liabilities
Insurance liabilities reflect the liability the Group has for its insurance undertakings, in other words, the insurance 
contracts underwritten. The liability consists of two parts, the liability for remaining coverage and acquisition cash 
flow assets as well as the liability for incurred claims. 
The liability for remaining coverage relates to the obligation to investigate and pay valid claims that have not yet 
occurred. The liability consists of the premium payments received for insurance services to be provided after the 
closing date, i.e. relating to the unexpired portion of the insurance coverage, and adjusted for acquisition cash 
flows. The liability for incurred claims relates to the obligation to investigate and pay valid claims that have 
occurred. The liability is designed to cover anticipated future payments for all claims incurred, including claims not 
yet reported.
EURm 9/2025 12/2024
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  2,237  1,877 
Liability for incurred claims  10,723  10,409 
Total insurance contract liabilities  12,960    12,286   
Reinsurance contract assets
Assets for remaining coverage  326  276 
Assets for incurred claims  2,121  2,342 
Reinsurance contract assets, total  2,446    2,618   
Total insurance contracts, net of reinsurance  10,514    9,668   
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
37

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

7 Financial liabilities
EURm 9/2025 12/2024
Subordinated debt liabilities 
Subordinated loans  1,314  1,642 
Total subordinated debt liabilities  1,314  1,642 
Other financial liabilities
Derivative financial instruments  77  88 
Financial liabilities measured at amortised cost
Debt securities in issue  788  954 
Amounts owed to credit institutions  519  353 
Total financial liabilities measured at amortised cost  1,307  1,307 
Total other financial liabilities  1,384  1,395 
Total financial liabilities  2,698  3,036 
Hastings has a revolving credit facility with a financial institution totalling EUR 97 million (103), of which EUR 38 
million (39) was undrawn at the end of the reporting period. The revolving credit facility is maturing on 20 
December 2026, after which the contract has an extension option of two more years. 
Hastings also has a securitisation facility arrangement with a financial institution to refinance the acquisition of 
loans totalling EUR 401 million (332), of which EUR 10 million (42) was undrawn at the end of the reporting period. 
The arrangement ends in November 2027.  
In addition, Hastings has an undrawn credit facility with Sampo plc totalling EUR 86 million with a maturity date of 
29 October 2026.
Subordinated loans decreased due to the purchase of the outstanding share of EUR 20 million (DKK 150 million) of 
Topdanmark’s hybrid debt in Q2/2025. In addition, Sampo launched a EUR 300 million tender offer for its Tier 2 
notes in Q3/2025. As a result, Sampo repurchased EUR 316 million in aggregate nominal value of its Tier 2 notes 
due 2052 for EUR 295 million. This resulted in a positive one-off effect of around EUR 20 million on finance 
expenses. 
 Debt securities in issue have decreased as the senior bond of EUR 162 million issued by Sampo plc matured in May.  
Amounts owed to credit institutions include the remaining liability for the share buyback programme amounting to 
EUR 71 million.   
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
38

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

8 Acquisition of Topdanmark’s non-controlling interest 
Background
In 2024, Sampo acquired the remaining non-controlling interests in Topdanmark A/S. The transaction was 
completed on 25 October 2024. Following the acquisition of the NCI, Sampo plc sold all shares in Topdanmark A/S 
to If P&C Insurance Holding Ltd. 
Equity transaction  
The transaction with the non-controlling interest was accounted for as an equity transaction in Sampo Group 
during H2/2024. The consideration paid to the NCI for their shares in Topdanmark A/S was recognised as a 
decrease in the retained earnings amounting to EUR 2,325 million. The portion of the NCI’s share in equity, 
amounting to EUR 394 million, was allocated to the owners of the parent company, and recognised as an increase 
in retained earnings. The total decrease of retained earnings amounted to EUR 1,931 million.   
The acquisition costs related to the equity transaction, amounting to EUR 31 million, were accounted for as a 
deduction from the equity. Overall, the transaction decreased Sampo Group’s total equity by EUR 356 million 
consisting of compensation paid in compulsory acquisition of EUR 325 million and transaction costs of EUR 31 
million. 
Sale of Topdanmark A/S shares to If P&C Insurance Holding Ltd
On 1 November 2024, Sampo plc sold all the issued shares in Topdanmark A/S to If P&C Insurance Holding Ltd. The 
transaction was completed at arm’s length basis. The sale price, based on the recent market value of EUR 4,659 
million, equivalent to approximately DKK 34.7 billion, was paid through a loan agreement and a shareholder’s 
contribution between Sampo plc and If P&C Insurance Holding Ltd. On 1 November, the loan agreement, amounting 
to EUR 1,724 million, consisted of EUR nominated facility of EUR 862 million and DKK nominated facility of DKK 
6,432 million (approx. EUR 862 million). The remaining part of the purchase price was paid through a shareholder’s 
contribution amounting to SEK 34 029 million (approx. EUR 2,934 million) granted by Sampo plc to If Holding. The 
shareholder’s contribution was recognised as an increase in the carrying amount of If Holding’s shares in Sampo 
plc’s balance sheet. 
As the sale transaction of Topdanmark’s shares is an intra-group transaction, all impacts, including the sales gain of 
the shares, are eliminated on the Sampo Group level. 
Restructuring reserve 
In 2024, in connection with the acquisition and the integration of Topdanmark into If Group, a restructuring reserve 
amounting to EUR 149 million was recognised. The costs relate mainly to redundancies, decommissioning, and 
sunsetting of systems, as well as rebranding. During  the year 2025, the restructuring reserve was reduced by EUR 
22 million, which was utilised against incurred expenses. At the end of September 2025, the reserve amounted to 
EUR 126 million.
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9 Subsequent events after the balance sheet date
Share buyback programmes
Sampo’s EUR 200 million share buyback programme announced on 6 August 2025 continued after the end of the 
reporting period and was completed on 31 October 2025. In total, Sampo repurchased 20,484,833 shares at an 
average price of EUR 9.76, corresponding to 0.8 per cent of the total share count. Following the completion of the 
programme, Sampo’s share count, net of repurchased shares, amounted to 2,670,754,027 shares. All repurchased 
shares will be cancelled.
Sampo will launch a new buyback programme of EUR 150 million, in line with communication in connection with 
the previous programme. The new programme will be funded by the proceeds from the sale of shares in NOBA in 
connection with its IPO in September. 
The progress of the intended buyback programme can be followed at www.sampo.com/sharebuyback.
INTERIM STATEMENT FOR JANUARY–SEPTEMBER 2025
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