Kvartalsrapport Q4 2023

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Contents
Group CEO’s comment    ................................................................................................................................................... 4
Financial highlights    .......................................................................................................................................................... 5
Fourth quarter 2023 in brief    ........................................................................................................................................ 8
Dividend proposal   ............................................................................................................................................................ 10
The major risks and uncertainties for the Group in the near-term     ............................................................... 11
Business areas   .................................................................................................................................................................... 12
If  ..................................................................................................................................................................................................... 12
Topdanmark    .............................................................................................................................................................................. 16
Hastings    ...................................................................................................................................................................................... 17
Holding   ........................................................................................................................................................................................ 19
Financial position    ............................................................................................................................................................. 20
Group solvency    ........................................................................................................................................................................ 20
Financial leverage position    .................................................................................................................................................. 20
Ratings    ........................................................................................................................................................................................ 20
Other developments   ....................................................................................................................................................... 21
Demerger of Sampo plc    ........................................................................................................................................................ 21
Changes in the Group management and the Board of Directors   ........................................................................... 21
Group Partial Internal Model application    ........................................................................................................................ 22
Shares and shareholders    ....................................................................................................................................................... 22
Remuneration     ........................................................................................................................................................................... 23
Personnel    .................................................................................................................................................................................... 23
Events after the end of the reporting period ................................................................................................................ 23
Tables     .................................................................................................................................................................................... 25
Group financial review   ........................................................................................................................................................... 25
Calculation of key figures     ..................................................................................................................................................... 27
Group quarterly result    ........................................................................................................................................................... 30
Statement of profit and other comprehensive income    ............................................................................................. 31
Consolidated balance sheet     ................................................................................................................................................ 32
Statement of changes in equity   ......................................................................................................................................... 33
Statement of cash flows     ....................................................................................................................................................... 34
Notes   ..................................................................................................................................................................................... 35
Accounting principles    ............................................................................................................................................................ 35
Result by segment for twelve months ended 31 December 2023      ......................................................................... 42
Result by segment for twelve months ended 31 December 2022   ......................................................................... 43
Balance sheet by segment at 31 December 2023    ........................................................................................................ 44
Balance sheet by segment at 31 December 2022    ........................................................................................................ 45
Other notes   ......................................................................................................................................................................... 46
1 Insurance service result written   ....................................................................................................................................... 46
2 Net investment income   ...................................................................................................................................................... 47
3 Net finance income or expense from insurance contracts   ................................................................................... 48
4 Other income   ........................................................................................................................................................................ 48
5 Intangible assets     .................................................................................................................................................................. 48
6 Financial assets      ................................................................................................................................................................... 49
7 Determination and hierarchy of fair values       .............................................................................................................. 50
8 Movements in level 3 financial instruments measured at fair value       ................................................................ 56
9 Insurance contract liabilities     .......................................................................................................................................... 59
10 Financial liabilities    ............................................................................................................................................................. 59
11 Discontinued operations   .................................................................................................................................................. 60
12 Business operations divested      ...................................................................................................................................... 63
13 Business combinations   .................................................................................................................................................... 63
14 Contingent liabilities and commitments     ................................................................................................................... 65
15 Subsequent events after the balance sheet date      .................................................................................................. 65
Summary    .............................................................................................................................................................................. 3
SAMPO GROUP RESULTS FOR 2023
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Sampo Group’s results for 2023
• Sampo Group achieved top line growth of 11 per cent on a currency adjusted basis, supported by 
strong development both in the Nordics and in the UK
• The underwriting result was EUR 1,164 million (1,031) and the combined ratio 84.6 per cent (85.8)
• Underlying Nordic margin trends remained positive throughout the year, with If achieving a 0.5 
percentage point improvement in the undiscounted adjusted risk ratio
• Profit before taxes increased to EUR 1,481 million after adjusting for IFRS 9 (803), but declined on 
a reported basis (1,924)
• Solvency II coverage stood at 182 per cent (210), pro forma of demerger-related transactions, and 
financial leverage at 25.3 per cent (25.6)
• The Board proposes a EUR 1.80 dividend per share, including a regular dividend of EUR 1.60 per 
share and an extra dividend of EUR 0.20 per share
• Sampo will issue an outlook statement for 2024 in connection with the publication of its 
2024-2026 financial targets at its Capital Markets Day on 6 March 2024
Key figures
Profit before taxes (P&C Operations)  1,481  1,924  -23  368  67  449 
  If  1,358  1,550  -12  369  60  520 
  Topdanmark  162  158  3  19  79  -77 
  Hastings  129  107  21  59  6  866 
  Holding  -160  146  —  -78  -48  64 
Net profit for the equity holders  1,323  2,107  -37  382  61  526 
Underwriting result  1,164  1,031  13  281  109  159 
Change Change
Earnings per share (EUR)  2.62  3.97  -1.36  0.76  0.14  0.62 
Operational result per share (EUR)  2.07  —    —  0.42  —  — 
Return on equity, %  15.6  4.2  11.4  —  —  — 
Profit before taxes (adjusted for IFRS 9), 
EURm*  1,481  803  84 % 368  176  110 %
EURm 1–12/2023 1–12/2022 Change, % 10–12/2023 10–12/2022 Change, %
The comparison figures for 2022 have been restated for IFRS 17 but not for IFRS 9, meaning some figures, such as investment 
income, are not presented on a comparable basis between the reporting periods. Net profit for the equity holders, EPS and return 
on equity figures include results from life operations. Mandatum was classified as discontinued operations as of 31 March 2023. 
*) To enhance comparability, a Group profit before taxes (P&C operations) figure adjusted for IFRS 9, reflecting market value 
movements, has been provided for the prior year.
The figures in this report have not been audited.
Sampo Group key financial targets for 2021-2023
Group
Mid-single digit UW profit growth annually on average 13%
Group combined ratio: below 86% 84.6%
Solvency ratio: 170-190% 182% (pro forma of demerger-related transactions)
Financial leverage: below 30% 25.3%
If Combined ratio: below 85% 83.1%
Hastings Operating ratio: below 88% 89.8%
Target 2023
SAMPO GROUP RESULTS FOR 2023
8 February 2024
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Group CEO’s comment
Sampo maintained strong operational momentum through the fourth quarter, with solid premium 
growth, resilient underwriting margins and an excellent investment result. Profit before taxes for 
2023 increased to EUR 1,481 million (803), under comparable accounting assumptions. I believe the 
strong result achieved by the Group in 2023, despite a tough claims environment, illustrates our 
scale, diversification and disciplined underwriting.
Sampo delivered currency adjusted top line growth of 11 per cent in 2023, broadly based across the Group. In the 
Nordics, growth was driven mainly by continued high retention, despite rate increases, enabled by the investments 
into service and digitalisation we can afford as the largest P&C insurer in the region. We continue to see 
particularly positive development in our target growth areas, such as personal, home and SME insurance. 
Nonetheless, the UK was the stand-out performer in terms of top line growth, delivering an increase in GWP of 32 
per cent in 2023, on a currency adjusted basis, on the back of substantial rate increases in motor, and volume and 
price growth in home. Monthly price increases in the UK motor market moderated over the fourth quarter, 
following a large step up in prices in the previous two quarters, but at premium levels that appear much more 
sustainable than at the start of the year.
The claims environment has proven challenging in 2023, substantially denting the financial performance of many 
P&C insurers in both the Nordics and the UK. We have seen adverse weather conditions, some of the largest single 
claims in Nordic history, fluctuations in claims frequency and elevated UK claims inflation. The fourth quarter was 
no exception, with storms and an unusually early start to the Nordic winter. Despite this, Sampo delivered a robust 
underwriting result, thanks to our diversification and disciplined underwriting. We are present in all the Nordic 
countries, the UK and the Baltics, and in all lines of business and customer groups in the Nordics. We have made 
cautious assumptions around claims inflation, even though this appears to be moderating, and avoided the 
temptation to call a “new normal” on claims frequency after COVID-19. Our discipline was once again in evidence at 
1 January 2024 renewals, where we implemented significant further rate increases and took action to reduce our 
exposures to single large property risks.
Leveraging our scale to improve productivity is another hallmark of Sampo P&C insurance strategy, as is our ability 
to generate pan-Nordic synergies. The cost ratio in If P&C fell by 0.3 percentage points in 2023, making it the 14th 
consecutive year in which this metric has improved. Importantly, these efficiency gains have not been achieved at 
the expense of volume growth or by cutting business investment – indeed, we expect to continue to invest heavily 
in further efficiency improvements in the future.
Looking to the asset side of our balance sheet, Sampo enjoyed an excellent investment result in the fourth quarter, 
on the back of broad-based gains across our portfolio. As a Group, we are comfortable taking measured 
investment risk in order to enhance earnings over the medium term. Since 2009, we have earned an average 
spread of roughly 290 basis points above the 5-year swap rate in If P&C, equivalent to around EUR 300 million per 
annum based on our current investment portfolio.
In summary, I am pleased to conclude on another good year. Our operational performance remains excellent and 
our competitive advantages are as strong as ever. I look forward to updating the investors and analysts on our 
plans at our upcoming Capital Markets Day on 6 March 2024.
Torbjörn Magnusson
Group CEO
SAMPO GROUP RESULTS FOR 2023
Group CEO’s comment
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Financial highlights for 2023
Sampo Group delivered strong premium growth and resilient underwriting margins in 2023, despite 
the year being characterised by elevated severe weather and large claims experience, as well as 
unfavourable currency movements. 
Gross written premiums (GWP) and brokerage income increased by 11 per cent on a currency adjusted basis and 6 
per cent on a reported basis to EUR 8,870 million (8,375). The growth was broad-based and supported by all 
business lines, both in the Nordics and in the UK. In the Nordics, the Group’s largest business area, Private, saw 
currency adjusted growth of 5.0 per cent, up from 3.5 per cent in the prior year. This was driven by strong 
development in non-motor lines, particularly in personal insurance, and continued high and stable retention. 
Meanwhile, corporate lines benefited from successful 1 January renewals, rate action and continued strong trends 
in SME. In the UK, the pricing environment continued to improve throughout the year, enabling substantial price 
increases and selective volume growth. The UK premiums increased by 32 per cent on a local currency basis and 
policy count grew by 8 per cent year-on-year to 3.5 million, driven by 4 per cent growth in motor insurance and 31 
per cent growth in home insurance. 
Despite elevated severe weather and large claims experience over the year, Sampo achieved its combined ratio 
target of below 86 per cent. The group underwriting result amounted to EUR 1,164 million (1,031) and the combined 
ratio was 84.6 per cent (85.8). The fourth quarter 2022 combined ratio under IFRS 4 included significant items 
related to prior year development, some of which have been recognised in the net financial results under IFRS 17. 
Hence, the figures are not fully comparable between years. Large claims and severe weather had a negative effect 
of 4.7 percentage points on If’s risk ratio, clearly up from 1.3 percentage points in 2022. The underlying trend 
remained positive throughout the year and as a result, If’s undiscounted adjusted risk ratio improved 0.5 
percentage points year-on-year. This was achieved by disciplined underwriting and pricing exceeding Nordic 
claims inflation, which fell to the lower end of 4-5 per cent range towards the end of the year. Hastings reported an 
operating ratio of 89.8 per cent (87.2) on the back of improving pricing trends and high but stabilised claims 
inflation of around 12 per cent for most of the year 2023.
The net financial result amounted to EUR 560 million. This was driven by strong net investment income of EUR 
1,006 million, of which more than half was booked for the fourth quarter, as a steep decline in interest rates pushed 
asset values higher. Insurance finance income or expense (IFIE) amounted to EUR -446 million. Changes in 
discount rates had an effect of EUR -160 million and the unwind of discounting had an effect of EUR -248 million 
on IFIE.
Sampo plc’s Board of Directors proposes a dividend of EUR 1.80 per share for 2023 to the Annual General Meeting 
to be held on 25 April 2024, representing a payout ratio of 86 per cent based on the operational result of EUR 2.07 
per share. The proposed total dividend consists of a regular dividend of EUR 1.60 per share and an extra dividend 
of EUR 0.20 per share. The proposed regular dividend represents growth of 7 per cent from the prior year regular 
dividend of EUR 1.50 per share adjusted for the partial demerger. 
Sampo Group’s pro forma Solvency II ratio, adjusted for demerger-related transactions, amounted to 182 per cent 
at the end of 2023, down from 210 per cent at the year-end 2022. The decrease was primarily driven by the 
demerger successfully completed in October. The decrease from the pro forma figure (adjusted for the demerger) 
of 195 per cent at the end of the third quarter was driven by the decrease in interest rates, increased symmetric 
adjustment, Topdanmark’s Oona Health acquisition and the accrual of the proposed dividend, offsetting the solid 
operational performance during the quarter. The financial leverage was 25.3 per cent at the end of 2023, down 
from 25.6 per cent at the end of 2022 and from the third quarter’s pro forma figure of 26.3 per cent. Adjusting for 
the proposed dividend of EUR 1.80 per share, financial leverage was 27.7 per cent. Sampo Group’s targets for 
2021-2023 were a solvency ratio of 170-190 per cent and a financial leverage ratio of below 30 per cent.
The partial demerger of Sampo plc was completed on 1 October 2023, as planned, and the first trading day for 
Mandatum on Nasdaq Helsinki was 2 October 2023. Mandatum’s profit before taxes consolidated in Sampo Group’s 
P&L amounted to EUR 173 million and net profit to EUR 140 million in January-September 2023. 
SAMPO GROUP RESULTS FOR 2023
Financial highlights
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In addition, positive accounting effects of EUR 111 million on Group’s profit before taxes and net profit were booked 
for the fourth quarter of 2023, of which EUR 102 million related to the re-allocation of long-term debt from Sampo 
plc to Mandatum and EUR 9 million to a valuation effect related to the demerger.
In 2023, Sampo returned over EUR 0.5 billion of excess capital to shareholders by repurchasing and cancelling 12.6 
million own shares, representing 2 per cent of the total share count. Since the start of the buyback programmes in 
2021, Sampo’s share count has decreased by 10 per cent.
The application process for the Group Partial Internal Model has proceeded according to plans and it is expected 
to be completed during the first half of 2024, as previously communicated. Sampo estimates that the partial 
internal model would have reduced the group-level solvency capital requirement by up to EUR 0.3 billion in 2023.
SAMPO GROUP RESULTS FOR 2023
Financial highlights
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Sampo’s 2023 figures are reported under the new accounting standards “IFRS 17 Insurance Contracts” and “IFRS 9 
Financial Instruments”. The comparative figures for 2022 have been restated for IFRS 17 but not for IFRS 9, 
meaning some figures, such as investment income, are not comparable between the reporting periods.
Sampo Group results for January-December 2023
EURm If Topdanmark Hastings Holding Elim. Sampo 
Group
GWP & brokerage income  5,468  1,339  2,063  —  —  8,870 
Insurance revenue, net (incl. brokerage)  4,996  1,288  1,251  —  —  7,535 
Claims incurred and claims handling costs, 
net  -3,377  -862  -714  —  —  -4,953 
Operating expenses  -777  -233  -409  —  —  -1,419 
Underwriting result  842  194  128  —  —  1,164 
Net investment income  871  107  79  -37  -13  1,006 
Insurance finance income or expense, net  -331  -79  -35  —  —  -446 
Net financial result  539  27  44  -37  -13  560 
Other items  -24  -59  -42  -122  4  -243 
Profit before taxes  1,358  162  129  -160  -9  1,481 
Net profit for the equity holders  1,323 
- of which from life operations*  252 
Combined ratio, % 83.1 85.0 89.8 84.6
Sampo Group results for January-December 2022
EURm If Topdanmark Hastings Holding Elim. Sampo 
Group
GWP & brokerage income  5,432  1,308  1,636  —  —  8,375 
Insurance revenue, net (incl. brokerage)  5,024  1,255  998  —  —  7,277 
Claims incurred and claims handling costs,  -3,550  -809  -509  —  —  -4,867 
Operating expenses  -801  -216  -361  —  —  -1,379 
Underwriting result  673  230  128  —  —  1,031 
Net investment income  278  -142  16  177  -8  320 
Insurance finance income or expense, net  610  115  11  —  —  736 
Net financial result  888  -28  27  177  -8  1,056 
Other items  -11  -45  -49  -31  -28  -163 
Profit before taxes  1,550  158  107  146  -36  1,924 
Net profit for the equity holders  2,107 
- of which from life operations*  681 
Combined ratio, % 86.6 81.7 87.2 85.8
*) Net profit from life operations in January-December 2022 includes Mandatum and Topdanmark’s life operations. 
The Group result table was simplified in the fourth quarter of 2023 by including all Hastings’ brokerage revenues in the gross top 
line figure and insurance revenue. Hastings’ brokerage expenses are included in operating expenses. As a result, the insurance 
service result is no longer presented in the table. These changes have no effect on the underwriting result and do not concern If’s or 
Topdanmark’s figures.
SAMPO GROUP RESULTS FOR 2023
Financial highlights
7

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Fourth quarter 2023 in brief
The year 2023 ended with elevated severe weather conditions as the stormy beginning of the 
quarter was followed by an early winter with heavy snowfall and freezing temperatures in the 
Nordics. Nonetheless, the Group’s top line development and underlying performance remained solid. 
Gross written premiums and brokerage income increased by 12 per cent on a currency adjusted basis and by 9 per 
cent on a reported basis to EUR 1,864 million (1,711). The growth was supported by continued solid development in 
the Nordics and strong pricing trends in the UK. In the Nordics, Private saw currency adjusted GWP growth of 5.0 
per cent, driven by non-motor lines. Commercial had a strong quarter with growth accelerating to 6.7 per cent, 
while Industrial saw 3.5 per cent growth. In the UK, premiums increased by 34 per cent on a local currency basis as 
the pricing environment remained firm over the quarter.
The group underwriting result amounted to EUR 281 million (109) and combined ratio to 85.5 per cent (94.1). The 
fourth quarter 2022 combined ratio under IFRS 4 included significant items related to prior year development, 
some of which have been recognised in the net financial results under IFRS 17. Hence, the figures are not fully 
comparable between years. In the Nordics, the positive underlying margin development continued to be strong, as 
If’s undiscounted adjusted risk ratio improved by 0.5 percentage points year-on-year. In addition, underwriting 
profit was supported by 19 per cent growth in the UK as price increases started to earn through the P&L. Hastings 
reported an operating ratio of 87.8 per cent (87.4).
The fourth quarter saw significant severe weather effects; although the impact of this was diluted by diversification 
at group-level, it had a notable adverse impact on Sampo’s Danish operations through Topdanmark. On If’s risk 
ratio, large claims and severe weather had a negative effect of 3.8 percentage points (2.7), mainly driven by harsh 
winter conditions. This was offset by prior year development of 5.0 percentage points. The positive effect from 
discounting increased to 4.1 percentage points (3.1) following a change in calculation methodology that flattered 
the fourth quarter due to a true-up of year-to-date effects.
The net financial result amounted to EUR 175 million, as strong investment returns offset negative discounting 
effects on the liability side. Net investment income amounted to EUR 517 million, as the steep decline in interest 
rates at the end of the quarter pushed asset prices higher. Insurance finance income or expense (IFIE) amounted to 
EUR -342 million, driven by EUR -271 million effect from changes in discount rates. The unwind of discounting had 
a EUR -81 million effect on IFIE.
Following completion of the demerger in October, EUR 102 million of long-term debt was re-allocated from Sampo 
plc to Mandatum, in line with the demerger plan. This had a positive accounting effect of EUR 102 million on 
Group's profit before taxes. Net profit also includes a 9 million valuation effect related to the demerger.
SAMPO GROUP RESULTS FOR 2023
Fourth quarter 2023 in brief
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Sampo’s fourth quarter 2023 figures are reported under the new accounting standards “IFRS 17 Insurance 
Contracts” and “IFRS 9 Financial Instruments”. The comparative figures for 2022 have been restated for IFRS 17 but 
not for IFRS 9, meaning some figures, such as investment income, are not comparable between the reporting 
periods.
Sampo Group results for October-December 2023
EURm If Topdanmark Hastings Holding Elim. Sampo 
Group
GWP & brokerage income  1,095  241  528  —  —  1,864 
Insurance revenue, net (incl. 
brokerage)  1,266  333  340  —  —  1,939 
Claims incurred and claims 
handling costs, net  -846  -242  -193  —  —  -1,282 
Operating expenses  -206  -65  -105  —  —  -376 
Underwriting result  214  26  42  —  —  281 
Net investment income  444  67  46  -38  -2  517 
Insurance finance income or 
expense, net  -278  -47  -17  —  —  -342 
Net financial result  166  20  29  -38  -2  175 
Other items  -12  -26  -11  -41  2  -88 
Profit before taxes  369  19  59  -78  —  368 
Net profit for the equity holders  382 
- of which from life operations*  111 
Combined ratio, % 83.1 92.3 87.8 85.5
Sampo Group results for October-December 2022
EURm If Topdanmark Hastings Holding Elim. Sampo 
Group
GWP & brokerage income  1,084  221  407  —  —  1,711 
Insurance revenue, net (incl. 
brokerage)  1,257  315  279  —  —  1,852 
Claims incurred and claims 
handling costs, net  -1,031  -195  -164  —  —  -1,390 
Operating expenses  -214  -59  -80  —  —  -353 
Underwriting result  12  61  35  —  —  109 
Net investment income  77  47  6  -10  -3  118 
Insurance finance income or 
expense, net  -16  -19  -19  —  —  -54 
Net financial result  61  28  -13  -10  -3  63 
Other items  -14  -10  -16  -38  -27  -105 
Profit before taxes  60  79  6  -48  -30  67 
Net profit for the equity holders  61 
- of which from life operations*  105 
Combined ratio, % 98.5 80.5 87.4 94.1
*) Net profit from life operations in October-December 2022 includes Mandatum and Topdanmark’s life operations.
The Group result table was simplified in the fourth quarter of 2023 by including all Hastings’ brokerage revenues in the gross top 
line figure and insurance revenue. Hastings’ brokerage expenses are included in operating expenses. As a result, the insurance 
service result is no longer presented in the table. These changes have no effect on the underwriting result and do not concern If’s or 
Topdanmark’s figures.
SAMPO GROUP RESULTS FOR 2023
Fourth quarter 2023 in brief
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===== SIDA 10 =====

Dividend proposal
Dividend
Under Sampo Group’s capital management framework, the Group aims to return a significant share of ongoing 
surplus capital generation through a reliable regular dividend. In addition to this, excess capital is returned through 
additional dividends and/or buybacks, to the extent that it is not utilised to support business development. 
According to Sampo plc’s Dividend Policy applicable to the distribution of 2023 earnings, total annual dividends 
paid shall represent at least 70 per cent of Sampo Group’s operational result for the year.
The parent company’s distributable capital and reserves totalled EUR 5,367 million of which profit for the financial 
year 2023 was EUR 963 million. Based on the policies outlined above, the Board proposes to the Annual General 
Meeting that a total dividend of EUR 1.80 per share be paid to all shares except for the shares held by Sampo plc 
on the dividend record date of 29 April 2024. The total dividend includes a regular dividend of EUR 1.60 per share 
as well as an extra dividend of EUR 0.20 per share.
As the Group’s operational result amounted to EUR 1,046 million, the payout ratio for the total dividend equates to 
86 per cent. The remainder of the distributable funds are left in the company’s equity capital. After adjusting for 
the proposed dividend, Sampo Group’s 2023 year-end distributable funds amounted to approximately EUR 4,463 
million, Group Solvency II ratio to 177 per cent and financial leverage to 27.7 per cent.
Dividend payment 
The dividend is proposed to be paid to the shareholders registered in the company’s shareholders register held by 
Euroclear Finland Oy as at the record date of 29 April 2024. The Board proposes that the dividends be paid on 7 
May 2024.
The issuer of the Swedish depository receipts shall ensure that the dividend is paid to the depository receipt 
holders registered in the securities depository and settlement register maintained by Euroclear Sweden AB as at 
the record date of 29 April 2024, which payment shall be made in Swedish kronor.
Financial position
No significant changes have taken place in the company's financial position since the end of the financial year. The 
company's liquidity position is good and in the view of the Board, the proposed distributions do not jeopardise the 
company's ability to fulfil its obligations.
SAMPO GROUP RESULTS FOR 2023
Dividend proposal
10

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

The major risks and uncertainties for the 
Group in the near-term
In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties, mainly 
through its major business units. Major risks affecting the Group companies’ profitability and its variation are 
market, credit, insurance and operational risks. At the Group level, sources of risks are the same, although they are 
not directly additive due to the effects of diversification. 
Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. 
The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential 
outcomes. Macroeconomic and financial market developments affect Sampo Group primarily through the market 
risk exposures it carries via its insurance company investment portfolios and insurance liabilities and through 
strategic investments. Over time, adverse macroeconomic effects could also have an impact on Sampo’s 
operational business, for example by reducing economic growth or increasing claims costs. 
Inflation declined significantly in Europe during 2023 due to lower energy prices. The worst of the recent inflation 
surge seems to be over unless geopolitical tensions cause new shocks to energy prices. However, the continued 
strength of Europe’s labour market and rapid wage growth could keep price pressures elevated.  This creates 
uncertainty as to whether central banks will be keeping interest rates elevated longer than expected. This may lead 
to both a significant slowdown in economic growth and a deterioration in the debt service capacity of businesses, 
households and governments, raising the risk of abrupt asset repricing in financial markets. Furthermore, the war in 
Ukraine continues to represent a major economic risk. These developments are currently causing significant 
uncertainties in economic and capital market development. At the same time rapidly evolving hybrid threats create 
new challenges for states and businesses. There are also a number of widely identified macroeconomic, political 
and other sources of uncertainty which can, in various ways, affect the financial services industry in a negative 
manner. 
Sampo Group’s insurance exposures in Russia or Ukraine are limited to certain Nordic industrial line clients, with 
coverage subject to war exclusions. On the asset side, Sampo has no direct investments in Russia or Ukraine. Given 
the limited direct exposure, the biggest risk from the war in Ukraine to Sampo relates to the second order capital 
markets’ and macroeconomic effects outlined above. There were no material COVID-19 effects in the Group’s 
insurance operations in the fourth quarter of 2023. Given the limited impact of COVID-19 and the increasing 
difficulty in reliably estimating associated effects, Sampo has not disclosed quantitative COVID-19 effects in its 
financial reporting since February 2022. 
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified 
trends and potential wide-impact events. These external drivers may have a long-term impact on how Sampo 
Group’s business will be conducted. Examples of identified trends are demographic changes, sustainability issues, 
and technological developments in areas such as artificial intelligence and digitalisation including threats posed by 
cybercrime.
SAMPO GROUP RESULTS FOR 2023
The major risks and uncertainties
11

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

Business areas
If
If P&C is the leading property and casualty insurer in the Nordic region, where it offers solutions in 
all major lines of business through its four business areas; Private, Commercial, Industrial and Baltic. 
If P&C’s business model is based on high customer satisfaction, best in class underwriting and 
leveraging the scale benefits that its unified Nordic model offers. Excellent digital sales and service 
capabilities are a core part of If’s strategy, particularly in the Private and SME Commercial market 
segments.
EURm 2023 2022 Change, % 10–
12/2023
10–
12/2022 Change, %
Gross written premiums  5,468   5,432   1   1,095   1,084   1  
Insurance revenue, net  4,996  5,024  -1   1,266  1,257  1  
Claims incurred, net  -3,093  -3,267  -5   -772  -954  -19  
Operating expenses and claims handling costs  -1,061  -1,084  -2   -281  -291  -4  
Insurance service result / underwriting result  842  673  25   214  12  —  
Net investment income  871  278  214   444  77  475  
Insurance finance income or expense, net  -331  610  —   -278  -16  0  
Net financial result  539  888  -39   166  61  171  
Other items  -24  -11  122   -12  -14  -17  
Profit before taxes  1,358  1,550  -12   369  60  520  
Key figures 2023 2022 Change 10–
12/2023
10–
12/2022 Change
Combined ratio, % 83.1 86.6 -3.5 83.1 98.5 -15.5
Cost ratio, % 21.2 21.6 -0.3 22.2 23.1 -1.0
Risk ratio, % 61.9 65.0 -3.1 60.9 75.4 -14.5
Large claims and severe weather, % 4.7 1.3 3.4 3.8 2.7 1.1
Risk adjustment and other technical effects, 
current year % 1.2 0.8 0.4 1.5 1.3 0.2
Prior year development, % -5.3 0.6 -6.0 -5.0 9.3 -14.3
Adjusted risk ratio, current year, % 61.3 62.3 -1.0 60.6 62.1 -1.5
Discounting effect, current year, % -3.4 -2.9 -0.5 -4.1 -3.1 -1.0
Undiscounted adjusted risk ratio, current year, % 64.7 65.2 -0.5 64.7 65.2 -0.5
Loss ratio, % 67.6 70.7 -3.1 66.8 81.5 -14.7
Expense ratio, % 15.6 15.9 -0.4 16.3 17.0 -0.8
Results
All the key figures in the table above are calculated on a net basis. Key ratios are based on SEK figures.
Large claims measured against budget but severe weather claims are reported in full; negative figures indicate a positive outcome. 
Severe weather includes natural catastrophes. 
Negative figures for prior year development indicate positive reserve run-off. The discounting effect represents the impact of 
discounting of current year claims reserves on the risk ratio. 
Underwriting performance
If reported an underwriting result of EUR 842 million (673) for 2023 and a combined ratio of 83.1 per cent (86.6), 
after achieving improvements in the undiscounted adjusted risk ratio of 0.5 percentage points and a reduction in 
the cost ratio of 0.3 percentage points. In the fourth quarter, If delivered underwriting profit of EUR 214 million (12) 
and the combined ratio stood at 83.1 per cent (98.5). The fourth quarter 2022 combined ratio under IFRS 4 
included significant items related to prior year development, some of which have been recognised in the net 
financial results under IFRS 17. Hence, the figures are not fully comparable between years.
SAMPO GROUP RESULTS FOR 2023
Business areas
12

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

Premium development
If reported gross written premiums, GWP, of EUR 5,468 million (5,432) in 2023. Excluding currency effects, 
premiums grew by 6.7 per cent year-on-year. Growth was robust across business areas and driven primarily by 
successful pricing measures to mitigate claims inflation, and high retention. Currency adjusted premium growth in 
the fourth quarter stood at 5.6 per cent.
Currency adjusted GWP growth in 2023 in Private was 5.0 per cent driven mainly by price increases covering 
claims inflation. Geographically, Norway and Finland saw the highest GWP growth. The year saw particularly solid 
growth in the personal and property insurance segments. Motor also contributed to GWP growth but was 
adversely affected by new car sales, which remained at a historically low level during the year. The Nordic new car 
sales market declined by 2 per cent, while Sweden, If P&C ‘s most important market for motor insurance, saw an 
increase of 1 per cent. Excluding the Swedish mobility business, currency adjusted GWP growth in 2023 was 6.3 
per cent in Private and 7.6 per cent for If P&C. Despite rate actions and a general slowdown in the Nordic 
economies over the year, the demand for insurance was relatively stable, and in the fourth quarter Private retention 
stood at above 89 per cent (90). Currency adjusted premium growth in the fourth quarter was 5.0 per cent.
Development in online services and digital engagement in business area Private remained good in 2023, following 
consistent investments into this area over many years. In 2023 online sales increased by 8 per cent compared to 
last year, and the digital share of incoming sales was 54 per cent. 
Currency adjusted GWP growth in Commercial in 2023 was 5.6 per cent year-on-year mainly driven by rate 
actions. Over the year all countries contributed to growth with the Swedish business being particularly strong. The 
positive development was supported by good growth in the SME segment during the period, successful renewals 
in the beginning of the year and high retention. Fourth quarter currency adjusted GWP growth was 6.7 per cent. 
Strong momentum in online sales and accelerated expansion of the digital offering with increased usage of self-
service solutions also contributed to the positive development. In 2023 online sales in Commercial increased by 
more than 8 per cent year-on-year, and 30 per cent of new SME clients now start their customer journey online. 
Industrial saw strong GWP growth of 11.8 per cent on a currency adjusted basis in 2023. Growth was primarily 
driven by strong renewals at the beginning of the year with significant rate action and high retention. During the 
year, inflation driven price increases continued, with the largest contribution coming from the property segment. 
Geographically, Industrial saw GWP growth in all countries except Denmark which was affected by a small number 
of large policies not being renewed. Currency adjusted premium growth in the seasonally light fourth quarter was 
3.5 per cent.
The Baltic business delivered GWP growth of 15.7 per cent in 2023. The positive development was mainly driven by 
continued rate increases to mitigate claims inflation. All three Baltic countries showed strong growth in 2023 year-
on-year. Currency adjusted premium growth in the fourth quarter stood at 14.4 per cent.
Combined ratio development 
If reported a combined ratio of 83.1 per cent (86.6) and 83.1 per cent (98.5) for 2023 and the fourth quarter, 
respectively.
After a favourable large claims outcome in the first quarter of the year, the following three quarters saw adverse 
large claims and severe weather development. Large claims and severe weather (including natural catastrophe 
event Hans) in 2023 had a 4.7 percentage points (1.3) negative effect on the risk ratio. In the fourth quarter, the 
corresponding number was 3.8 percentage points (2.7). The fourth quarter was mainly affected by weather claims 
following an earlier and more severe winter season than usual. Also, large claims were slightly above budget in the 
last quarter of the year, mainly driven by large losses in Denmark. If’s large claims outcome is reported as a 
deviation against budget, while severe weather effects are disclosed in full. 
SAMPO GROUP RESULTS FOR 2023
Business areas
13

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

Prior year gains in 2023 increased to 5.3 percentage points from -0.6 percentage points in the prior year. In the 
fourth quarter, prior year gains amounted to 5.0 percentage points (-9.3). Prior year gains were mainly driven by 
inflation reserve releases as the uncertainty regarding claims inflation outlook reduced over the year. 
Risk adjustment and other technical effects had an impact of 1.2 percentage points (0.8) in 2023 and 1.5 (1.3) in the 
fourth quarter, respectively.
Discounting effects in 2023 increased by 0.5 percentage points year-on-year to 3.4 per cent (2.9), while the 
discounting effect in the fourth quarter was 4.1 per cent (3.1). Following an analysis of the application of IFRS 17 
over 2023, the reference point used in If P&C for disaggregation of IFRS 17 discounting effects has been changed 
from the beginning of year to the beginning of the quarter. The change in reference point impacts on the split of 
discounting effects between the ISR and IFIE, but not profit before taxes.
In total, the risk ratio improved by 3.1 percentage points year-on-year to 61.9 per cent (65.0) in 2023. The fourth 
quarter risk ratio was 60.9 per cent (75.4). The undiscounted adjusted risk ratio improved by 0.5 percentage points 
year-on-year in 2023 and by 0.5 percentage points year-on-year in the fourth quarter, respectively.
The cost ratio for 2023 improved by 0.3 percentage points to 21.2 per cent (21.6), while fourth quarter cost ratio 
was 22.2 per cent (23.1). The 2023 cost ratio development compares favourably to If P&C’s target for 2021-2023 of 
a ~20 basis point yearly cost ratio reduction. Education and development costs are included in the cost ratio. 
2023 2022 Change, % 2023 2022 Change, %
Private 83.1 84.7 -1.6 62.1 63.4 -1.3
Commercial 81.9 86.8 -4.8 60.0 64.6 -4.6
Industrial 87.3 97.3 -10.0 68.3 77.4 -9.0
Baltic 85.9 89.5 -3.6 59.8 62.4 -2.6
Sweden 83.2 82.5 0.7 63.8 62.6 1.1
Norway 87.2 88.4 -1.2 66.8 67.3 -0.5
Finland 75.7 80.3 -4.7 53.5 57.9 -4.5
Denmark 88.4 110.0 -21.6 62.9 84.3 -21.4
Combined ratio, % Risk ratio, %
10–12/2023 10–12/2022 Change, % 10–12/2023 10–12/2022 Change, %
Private 84.4 96.0 -11.6 62.1 72.9 -10.8
Commercial 83.9 102.1 -18.2 61.2 78.3 -17.1
Industrial 78.5 108.6 -30.1 59.0 87.9 -28.9
Baltic 85.8 90.6 -4.8 59.0 63.0 -4.0
Sweden 85.1 95.5 -10.4 64.7 74.0 -9.3
Norway 83.8 96.2 -12.3 62.4 74.1 -11.7
Finland 74.6 96.3 -21.8 51.6 71.5 -19.9
Denmark 97.3 128.9 -31.5 69.2 101.0 -31.8
Combined ratio, % Risk ratio, %
Net financial result
For the full year 2023, If reported a net financial result of EUR 539 million (888), and EUR 166 million (61) for the 
fourth quarter. Mark-to-market return on investments stood at 8.3 per cent (-4.4), driven by increased interest 
rates and positive development in equity markets. For the fourth quarter the mark-to-market investment return 
was 4.1 per cent (1.9).
During the period the investment portfolio was gradually reinvested at higher rates, improving the running yield. At 
the end of December, fixed income running yield was 4.2 per cent (3.2), equating to an increase of 0.1 percentage 
points from the 4.1 per cent reported at the end of the third quarter.
SAMPO GROUP RESULTS FOR 2023
Business areas
14

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

The unwind of discount rate amounted to EUR -180 million in 2023 and EUR -62 million in the fourth quarter. 
Changes in discount rates had an impact of EUR -136 million and EUR -214 million in the year and fourth quarter, 
respectively.
Profit before taxes
In total, If reported profit before taxes of EUR 1,358 million (1,550) for 2023, representing a decrease of 12 per cent 
year-on-year. For the fourth quarter reported profit before taxes was EUR 369 million (60). 
SAMPO GROUP RESULTS FOR 2023
Business areas
15

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

Topdanmark
Topdanmark is one of the largest P&C insurance companies in Denmark. It focuses on the private, 
agricultural, and SME markets. The company is listed on Nasdaq Copenhagen.
EURm 2023 2022 Change, % 10–
12/2023
10–
12/2022 Change, %
Gross written premiums  1,339  1,308  2   241  221  9  
Insurance revenue, net  1,288  1,255  3  333  315  6 
Claims incurred and claims handling costs, net  -862  -809  7  -242  -195  24 
Operating expenses  -233  -216  7  -65  -59  11 
Insurance service result / underwriting result  194  230  -16  26  61  -58 
Net investment income  107  -142  —  67  47  41 
Insurance finance income or expense, net  -79  115  —  -47  -19  143 
Net financial result  27  -28  —  20  28  -30 
Other items  -59  -45  32  -26  -10  169 
Profit before taxes  162  158  3  19  79  -77 
Key figures 2023 2022 Change 10–
12/2023
10–
12/2022 Change
Combined ratio, % 85.0 81.7 3.3 92.3 80.5 11.8
Loss ratio, % 66.9 64.4 2.5 72.8 61.8 10.9
Expense ratio, % 18.1 17.2 0.8 19.5 18.7 0.9
Results
All the key figures in the table above are calculated on a net basis. Comparison figures do not include Topdanmark’s life operations.
Sampo plc held 44.0 million shares in Topdanmark at 31 December 2023. The holding remains unchanged from the 
end of the third quarter and corresponds to an ownership of 48.9 per cent of all shares and 49.6 per cent of all 
votes. The market value of the holding was EUR 1,904 million at 31 December 2023.
The insurance service result for January - December 2023 decreased to EUR 194 million (230) due to a high 
frequency of weather-related events. At the same time, the combined ratio for 2023 increased to 85.0 per cent 
from 81.7 per cent in the comparison year. With the support of increased net investment income, Topdanmark 
reported a profit before taxes of EUR 162 million (158) for January - December 2023 in Sampo Group’s profit and 
loss account.
The Board of Directors of Topdanmark will recommend to the AGM a distribution of a dividend of DKK 1,035 
million, representing a dividend of DKK 11.5 per share. Subject to the approval from the AGM, Sampo will receive 
approximately EUR 68 million in dividends from Topdanmark after the Topdanmark AGM in April 2024.
On 27 October 2023, Topdanmark received the final regulatory approval for the acquisition of Oona Health A/S 
from the Danish Competition and Consumer Authority, and the acquisition was completed on 1 December 2023. As 
a result, Oona Health is included in Topdanmark Group’s results from 1 December 2023. The fourth quarter 2023 
result includes one-off costs of DKK 35 million related to the transaction. 
Further information is available in Note 13.
Further information on Topdanmark A/S and its results for 2023 is available at www.topdanmark.com.
SAMPO GROUP RESULTS FOR 2023
Business areas
16

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

Hastings
Hastings is one of the leading digital P&C insurance providers in the UK predominantly focused on 
serving UK car, van, bike and home insurance customers. Hastings has over 3 million customers and 
operates via its two main trading subsidiaries, Hastings Insurance Services Limited in the UK and 
Advantage Insurance Company in Gibraltar.
Results
EURm 2023 2022 Change, % 10–12/2023 10–12/2022 Change, %
Gross written premiums  1,706  1,314  30  440  328  34 
Brokerage revenue  357  322  11  88  78  12 
Insurance revenue, net (incl. brokerage)  1,251  998  25  340  279  22 
Claims incurred and claims handling costs, net  -714  -509  40  -193  -164  18 
Operating expenses  -409  -361  13  -105  -80  31 
Underwriting result  128  128  —  42  35  19 
Net investment income  79  16  397  46  6  692 
Insurance finance income or expense, net  -35  11  —  -17  -19  -8 
Net financial result  44  27  61  29  -13  — 
Other items  -42  -49  -14  -11  -16  -30 
Profit before taxes  129  107  21  59  6  866 
Key figures 2023 2022 Change 10–12/2023 10–12/2022 Change
Operating ratio, % 89.8 87.2 2.6 87.8 87.4 0
Loss ratio, % 63.3 57.2 6.1 61.7 64.3 -3
Live customer policies (millions)  3.5  3.2 0.2
Hastings’ result table was simplified in the fourth quarter of 2023 by combining all brokerage revenues into one line (brokerage 
revenue), which is also included in the insurance revenue. Brokerage expenses are included in operating expenses. As a result, the 
insurance service result is no longer presented in the table. These changes have no effect on the underwriting result. All the key 
figures in the table above are calculated on a net basis.
During the year, the UK motor insurance market saw significant market price increases in response to elevated 
claims inflation. Market wide claims inflation has remained persistent in the UK and is estimated to have been 
around 12 per cent per for most of the year, with a modest reduction observed in the fourth quarter. In this 
environment, Hastings has continued to increase prices whilst also benefiting from increased demand as 
consumers continue to use digital channels in order to find a more competitive price.
Hastings’ gross written premium increased 32 per cent year-on-year on a constant currency basis to EUR  1,706 
million (1,314), reflecting higher average premiums and an increase in live customer policies (LCP). In the fourth 
quarter, premiums grew by 34 per cent year-on-year to EUR 440 million (328). Total LCP increased to 3.5 million, 
up 8 per cent year-on-year, with an increase in motor insurance policy count of 4 per cent. Home insurance policies 
grew significantly, up 31 per cent year-on-year. The rise in policy count was achieved whilst prioritising rate 
increases to cover claims inflation. 
The loss ratio for the year increased to 63.3 per cent (57.2), reflecting claims inflation, the weather events 
experienced in the first quarter and increased claims frequencies in line with changing driving behaviours. The rate 
increases implemented by Hastings during 2023 are expected to support profitability as these continue to earn 
through into 2024.
The operating ratio for the year increased to 89.8 per cent (87.2), mainly due to a higher loss ratio and the upfront 
recognition of distribution costs given the high level of new business volumes in the current period. In the fourth 
quarter, Hastings reported an operating ratio of 87.8 per cent (87.4). 
Hastings generated an underwriting result of EUR 128 million (128 million), as growth in premiums was largely 
offset by higher claims costs. In the fourth quarter, the underwriting result increased to EUR 42 million (35).
SAMPO GROUP RESULTS FOR 2023
Business areas
17

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

The net financial result increased to EUR 44 million (27 million) as net investment income of EUR 79 million, 
including EUR 46 million of unrealised gains, was partially offset by EUR -30 million of discount rate unwind and 
EUR -5 million of discount rate changes. In the fourth quarter, the net financial result benefited from higher 
investment returns and amounted to EUR 29 million (-13).
Hastings’ profit before taxes increased to EUR 129 million (107) primarily due to the increase in net financial result 
for the reasons mentioned above. The profit before taxes includes EUR -41 million (-58) of non-operational 
amortisation related to intangible assets identified on acquisition of the Hastings Group by Sampo plc in 2020, 
without which it would have been EUR 171 million (165). The profit before taxes for the fourth quarter amounted to 
EUR 59 million (6), or EUR 70 million (21) excluding non-operational amortisation of EUR -11 million (-15).
SAMPO GROUP RESULTS FOR 2023
Business areas
18

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

Holding
Sampo plc is the parent company of Sampo Group and responsible for the Group’s strategy and 
capital management activities. In addition to the Group’s insurance subsidiaries, a small number of 
direct investments are held in the holding company.  
EURm 2023 2022 Change, % 10–12/2023 10–12/2022 Change, %
Net investment income  -37   177   —   -38   -10   275  
Other income  1   132   -99  —   29   -100 
Other expenses  -57   -48   20  -28   -19   53 
Finance expenses  -66   -96   -31  -12   -15   -18 
Share of associates' profit or loss  —   -19   —  —   -33   — 
Profit before taxes  -160   146   —  -78   -48   64 
Results
The holding segment’s profit before taxes for 2023 decreased to EUR -160 million (146).
Net investment income includes an impact of market value changes of EUR -73 million in 2023, which offset 
interest income and dividends. Market value changes and FX had a EUR -48 million negative impact on fourth 
quarter net investment income. The increase in other expenses in the fourth quarter was driven mainly by costs 
related to the Mandatum demerger process.
Prior year net investment income includes Sampo's share of Nordea's dividend of EUR 157 million and prior year 
other income includes the positive accounting effect from Nordea transactions of EUR 103 million. Prior year other 
income in the fourth quarter includes also a group contribution of EUR 29 million from Mandatum. 
The accounting effect of EUR 111 million from the re-allocation of long-term debt and valuation effect in connection 
with the demerger is treated as profit from discontinued operations and not included in Holding segment's P&L.
The share of NOBA’s (previously known as Nordax) profit is no longer consolidated into Holding segment’s P&L 
from the start of year 2023 due to reclassification from an associated company to a fair value investment.
SAMPO GROUP RESULTS FOR 2023
Business areas
19

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

Financial position
Group solvency 
Sampo Group’s pro forma Solvency II ratio, adjusted for the demerger-related transactions, amounted to 182 per 
cent at the end of 2023, based on own funds of EUR 5,856 million and solvency capital requirement of EUR 3,217 
million. The regulatory Solvency II ratio amounted to 177 per cent. 
The decrease from 210 per cent at the year-end 2022 was primarily driven by the demerger successfully completed 
in October. The decrease from the pro forma figure (adjusted for the demerger) of 195 per cent at the end of the 
third quarter was driven by the decrease in interest rates, increased symmetric adjustment, Topdanmark’s Oona 
Health acquisition and the accrual of the proposed dividend, offsetting the solid operational performance during 
the quarter. Sampo’s Solvency II ratio target for 2021-2023 was 170-190 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. Sampo’s financial leverage target for 2021-2023 was below 30 per cent.
Sampo Group’s shareholders’ equity amounted to EUR 7,687 million and financial debt to EUR 2,604 million on 31 
December 2023, translating into a financial leverage of 25.3 per cent. The financial leverage improved from 26.3 
per cent (adjusted for the demerger) at end of third quarter as the shareholders equity increased due to the 
addition of fourth quarter earnings, while gross debt stood stable. Adjusting for the proposed dividend of EUR 1.80 
per share, financial leverage was 27.7 per cent.
More information on Sampo Group’s outstanding debt issues is available at www.sampo.com/debtfinancing.
Ratings
Relevant ratings for Sampo Group companies on 31 December 2023 are presented in the table below.
Rating Outlook Rating Outlook
Sampo plc – Issuer Credit Rating A3 Positive A Stable
If P&C Insurance Ltd – Insurance Financial Strength 
Rating A1 Positive AA- Stable
If P&C Insurance Holding Ltd (publ) - Issuer Credit 
Rating - - A Stable
Rated company Moody’s Standard & Poor’s
Fitch rating on Hastings was discontinued during the second quarter due to no outstanding debt issues.
SAMPO GROUP RESULTS FOR 2023
Financial position
20

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

Other developments
Demerger of Sampo plc 
On 29 March 2023, the Board of Directors proposed to the Annual General Meeting a partial demerger of Sampo 
plc to separate Mandatum from Sampo Group. The Annual General Meeting held on 17 May 2023 resolved to 
approve the partial demerger as set forth in the demerger plan approved by the Board on 29 March 2023. The 
demerger was successfully completed on 1 October 2023.
In the demerger, all of the shares in Mandatum Holding Ltd (a wholly-owned direct subsidiary of Sampo plc) and 
related assets and liabilities were transferred without a liquidation procedure to Mandatum plc, a company 
incorporated in the demerger on the effective date. Mandatum shares were listed on Nasdaq Helsinki on 2 October 
2023.
Effects of the partial demerger 
The demerger and listing of Mandatum had material financial effects, illustrated with pro forma figures in the 
January-September 2023 Interim Statement published on 8 November 2023. 
In addition to the financial effects disclosed in November 2023, the re-allocation of EUR 102 million of long-term 
debt from Sampo plc to Mandatum had a positive accounting effect of the same size on Group’s profit before taxes 
and net profit for the fourth quarter of 2023. With the valuation difference of EUR 9 million related to the 
demerger, which was disclosed in November, the total effect on profit before taxes and net profit from amounted 
to EUR 111 million for the fourth quarter.
Planned transactions in connection with the demerger 
Sampo sold or plans to sell certain assets to Mandatum in connection with the demerger. These assets include 
holdings in Saxo Bank and Enento Group, guarantee shares of Kaleva Mutual Insurance Company and other smaller 
equity, debt and alternative investments. Additional detail is available at www.sampo.com/demerger.
Mandatum’s financial development 
Mandatum’s profit before taxes consolidated in Sampo Group’s P&L amounted to EUR 173 million and net profit to 
EUR 140 million in January-September 2023. The total net profit booked under life operations for 2023 amounted 
to EUR 252 million, as this includes the EUR 111 million of demerger related accounting effects in the fourth quarter.
Changes in the Group management and the Board of 
Directors
Following the completion of the partial demerger of Sampo plc on 1 October 2023, the Sampo Group Executive 
Committee (GEC) terms of Patrick Lapveteläinen, former Sampo Group CIO, and Petri Niemisvirta, CEO of 
Mandatum, ended. 
Sampo Group CIO Ville Talasmäki joined Sampo’s Group Executive Committee on 1 October 2023 and Head of BA 
Commercial Klas Svensson was appointed to the Group Executive Committee on 13 December 2023. Svensson 
started in the GEC on 1 January 2024. After the changes, there are seven members in the Sampo GEC, equivalent 
to the number of GEC members in the beginning of 2023.
Antti Mäkinen was elected as Chair of the Board of Directors of Sampo plc at the Annual General Meeting on 17 
May 2023. Björn Wahlroos, the former Chair of the Board of Directors, was not available for re-election.
On 1 October 2023 as Johanna Lamminen left the Board of Directors upon the completion of the partial demerger 
of Sampo plc as set in the demerger plan. After the partial demerger, the Board of Directors consists of nine 
members until the close of the Annual General Meeting to be held in 2024.
SAMPO GROUP RESULTS FOR 2023
Other developments
21

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

Group Partial Internal Model application
Following the completion of the demerger of Sampo plc, the Swedish FSA (Finansinspektionen) became Sampo’s 
group prudential supervisor as of 1 October 2023. As a result, Sampo refiled its application for a Group Partial 
Internal Model to the Swedish FSA on 2 October 2023. The application had previously been filed with the Finnish 
FSA. Sampo expects that the application process will be completed during the first half of 2024. 
The Partial Internal Model recognises the risk profile of Sampo’s P&C operations better than the Standard Formula 
and it is estimated that it would have reduced the group-level solvency capital requirement (SCR) by up to EUR 
0.3 billion in 2023.
Shares and shareholders
Sampo plc’s total number of shares, including 200,000 B shares, was 501,796,752 at the end of December 2023. 
During 2023, the total share count decreased by 14.8 million shares due to the cancellations of the repurchased 
shares on 30 March 2023 and on 10 August 2023. Sampo did not hold any own shares at the end of December 
2023.
In 2023, Sampo repurchased 12.6 million of its own A shares under two buyback programmes based on the 
authorisation granted by the Annual General Meeting of 2022. 
The share buyback programme of EUR 1 billion announced on 9 June 2022 was completed on 8 February 2023. 
Through the programme, Sampo repurchased and cancelled 22.1 million of its own A shares at an average price of 
EUR 45.28 per share. Of this, 3.2 million shares were repurchased during the first quarter of 2023.
On 29 March 2023, Sampo’s Board of Directors resolved to launch a new EUR 400 million share buyback 
programme. The programme started on 3 April 2023 and ended on 1 August 2023. Through this programme, 
Sampo repurchased and cancelled 9.4 million own shares at an average price per share of EUR 42.64. Of this, 6.7 
million shares were repurchased during the second quarter and 2.7 million shares during the third quarter.
Further details on the company’s share buyback programmes is available at www.sampo.com/sharebuyback.
Share count development
A shares
Of which held by 
the company B shares Total
2020 554,151,850 1,200,000 555,351,850
2021 554,151,850 -8,539,956 1,200,000 546,811,894
2022 516,379,512 -2,210,197 200,000 514,369,315
3/2023 510,977,769 200,000 511,177,769
6/2023 510,977,769 -6,497,623 200,000 504,680,146
9/2023 501,596,752 200,000 501,796,752
12/2023 501,596,752 200,000 501,796,752
Repurchased own shares that were not yet cancelled at the end of each reporting period have been deducted from the total share 
count in the table above. 
Sampo did not receive any flagging notifications of change in holding pursuant to Chapter 9, Section 5 of the 
Securities Markets Act during 2023. The latest notifications are available at www.sampo.com/flaggings.
SAMPO GROUP RESULTS FOR 2023
Other developments
22

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

Remuneration
A total of EUR 71 million (77), including social costs, was paid as short-term incentives in January-December 2023 
in Sampo Group. In the same period, a total of 38 million (35) was paid as long-term incentives. The long-term 
incentive schemes in force in Sampo Group produced a negative result impact of EUR 10 million (-43). 
The terms of the long-term incentive schemes based on financial instruments of Sampo plc are available 
www.sampo.com/incentiveterms.
Personnel
The average number of employees (FTE) in Sampo Group’s P&C operations in 2023 was 13,272 (12,947). On 31 
December 2023, the total number of staff in the Group’s P&C operations was 13,450 (12,861).
By company
If  7,858   59 
Hastings  3,200   24 
Topdanmark  2,160   16 
Sampo plc  54   0.4 
Total  13,272   100 
By country
United Kingdom  3,176   24 
Denmark  2,756   21 
Sweden  2,446   18 
Finland  1,934   15 
Norway  1,613   12 
Other countries  1,346   10 
Total  13,272   100 
Sampo Group personnel (P&C operations) Average personnel (FTE) 
2023 %
Events after the end of the reporting period
Change in reference point for disaggregation of IFRS 17 discounting 
effects in If
On 18 January 2024, Sampo published a press release regarding technical changes in the calculation methodology 
for discounting effects in If. Following an analysis of the application of IFRS 17 over 2023 the reference point used 
in If P&C for disaggregation of IFRS 17 discounting effects has been changed from the beginning of year to the 
beginning of quarter. The change in reference point impacts on the split of discounting effects between the ISR 
and IFIE, but not profit before taxes. This reflects the Group’s practice of providing financial results for individual 
quarters, and a desire to align more closely with common market practice and the approach taken by other Group 
companies.
SAMPO PLC
Board of Directors
SAMPO GROUP RESULTS FOR 2023
Other developments
23

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

Conference call
A conference call for investors and analysts will be arranged at 2:30 pm Finnish time (12:30 pm UK time). Please 
call tel. +1 786 697 3501, +44 (0) 33 0551 0200, +46 (0) 8 5052 0424, or +358 9 2319 5437.  
Conference passcode: Sampo Q4
The conference call can also be followed live at www.sampo.com/result. A recorded version will later be 
available at the same address.
For more information, please contact
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
The Investor Presentation and a video review with Group CEO Torbjörn Magnusson are available at 
www.sampo.com/result.
Sampo will publish the Interim Statement for January-March 2024 on 7 May 2024.
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
London Stock Exchange
FIN-FSA
The principal media
www.sampo.com
SAMPO GROUP RESULTS FOR 2023
Further information
24

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

Group financial review >
Group
Gross written premiums & brokerage income EURm  8,870  8,375 
Insurance revenue, net EURm  7,412  7,168 
Insurance service result, net EURm  1,193  1,062 
Underwriting result EURm  1,164  1,031 
Net financial result EURm  560  1,056 
Profit before taxes (P&C operations) EURm  1,481  1,924 
Net profit for the equity holders EURm  1,323  2,107 
Combined ratio %  84.6  85.8 
Solvency ratio 1) 3) %  182  210 
Financial leverage %  25.3  24.4 
Return on equity %  15.6  4.2 
Average number of staff incl. Mandatum  13,935  13,550 
If
Gross written premiums EURm  5,468  5,432 
Insurance revenue, net EURm  4,996  5,024 
Insurance service result/underwriting result EURm  842  673 
Net financial result EURm  539  888 
Profit before taxes EURm  1,358  1,550 
Combined ratio %  83.1  86.6 
Cost ratio %  21.2  21.6 
Risk ratio %  61.9  65.0 
Adjusted risk ratio, current year, % 5) %  61.3  62.3 
Undiscounted adjusted risk ratio, current year, % 6) %  64.7  65.2 
Loss ratio %  67.6  70.7 
Expense ratio %  15.6  15.9 
Return on equity %  31.3  13.2 
Average number of staff  7,858  7,496 
Topdanmark
Gross written premiums EURm  1,339  1,308 
Insurance revenue, net EURm  1,288  1,255 
Insurance service result/underwriting result EURm  194  230 
Net financial result EURm  27  -28 
Profit before taxes EURm  162  158 
Combined ratio %  85.0  81.7 
Loss ratio %  66.9  64.4 
Expense ratio %  18.1  17.2 
Average number of staff  2,160  2,381 
Financial highlights 2023 2022
SAMPO GROUP RESULTS FOR 2023
25

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

> Group financial review
Hastings
GWP & brokerage income EURm  2,063  1,636 
Insurance revenue, net EURm  1,128  889 
Insurance service result, net EURm  157  159 
Underwriting result EURm  128  128 
Net financial result EURm  44  27 
Profit before taxes EURm  129  107 
Operating ratio % 89.8 87.2
Loss ratio % 63.3 57.2
Return on equity % 13.2 -8.5
Average number of staff  3,200  3,021 
Holding
Profit before taxes EURm  -160  146 
Average number of staff  54  50 
Per share key figures
Earnings per share EUR  2.62  3.97 
Earnings per share, continuing operations 2) EUR  2.12  2.88 
Earning per share, discontinuing operations EUR  0.50  1.09 
Operational result per share EUR  2.07  — 
Equity per share EUR  14.47  18.70 
Net asset value per share EUR  15.30  20.01 
Adjusted share price, high 4) EUR  45.21  49.97 
Adjusted share price, low 4) EUR  34.53  35.85 
Market capitalisation 4) EURm  19,876  25,112 
2023 2022
1) The Group solvency is calculated according to the consolidation method defined in the Solvency II Directive (2009/138/EC).
2) Earnings per share on continuing operations for comparative period 2022 includes the divested operations i.e. Topdanmark Life 
operations.
3) The solvency ratio for 2023 is pro forma figure excluding the effect of Saxo Bank on the Group SCR. 
4) Share prices have been adjusted to reflect the separation of Mandatum Group in the partial demerger.
5) Adjusted risk ratio illustrates the underlying underwriting performance as it excludes certain volatile effects such as large and 
severe weather and prior year development on risk ratio.
6)Undiscounted adjusted risk ratio excludes the effect from current year discounting on adjusted risk ratio and illustrates the 
underlying current year underwriting performance. 
The number of shares used at the reporting date was 501,796,752 and as the average number during the financial period 
505,939,064.
In calculating the key figures the tax corresponding to the result for the accounting period has been taken into account. 
In the net asset value per share, the Group valuation difference on the listed subsidiary Topdanmark has been taken into account.
SAMPO GROUP RESULTS FOR 2023
26

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

Calculation of key figures
Return on equity, %
+ total comprehensive income attributable to owners of the parent
x 100 %
+ total equity attributable to owners of the parent
(average of values 1 Jan. and the end of reporting period)
Equity/assets ratio, %
+ total equity attributable to owners of the parent
x 100 %
+ balance sheet total
Financial leverage
financial debt
x 100 %equity + financial debt
Underwriting result
+ insurance revenue, net
+ other income (Hastings)
- claims incurred
- operating expenses
underwriting result
Operational result
+ P&C operations’ (incl. Sampo plc) profit after tax
- non-controlling interest in P&C operations
- unrealised gains/losses on investments in P&C operations
- result effect from changes in discount rates in P&C operations
- non-operational amortisations in P&C operations
- non-recurring items
operational result
Combined ratio for P&C insurance, %
+ claims incurred
+ operating expenses
x 100 %
+ insurance revenue, net
+ other revenue (Hastings)
Risk ratio for P&C insurance, %
+ claims incurred
– claims settlement expenses
x 100 %insurance revenue, net
Cost ratio for P&C insurance, %
+ operating expenses
+ claims settlement expenses
x 100 %insurance revenue, net
Loss ratio for P&C insurance, %
claims incurred
x 100 %insurance revenue, net
SAMPO GROUP RESULTS FOR 2023
27

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

Expense ratio for P&C insurance, %
operating expenses
x 100 %insurance revenue, net
Operating ratio for Hastings, %
+ claims incurred
+ acquisition costs
+ other operating expenses
+ depreciation and operational amortisation
x 100 %
+ insurance revenue, net
+ other revenue
Per share key figures
Earnings per share
profit for the financial period attributable to owners of the parent
adjusted average number of shares
Operational result per share
operational result
adjusted average number of shares
Equity per share
equity attributable to owners of the parent
adjusted number of shares at the balance sheet date
Net asset value per share
+ equity attributable to owners of the parent
± valuation differences on listed Group companies
adjusted number of shares at balance sheet date
Market capitalisation
number of shares at the balance sheet date x closing share price at the balance sheet date
SAMPO GROUP RESULTS FOR 2023
28

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

Exchange rates used in reporting
EURSEK
Income statement (average) 11.4745 11.4787 11.3310 11.2050 10.6286
Balance sheet (at end of period) 11.0960 11.5325 11.8055 11.2805 11.1218
DKKSEK
Income statement (average) 1.5406 1.5411 1.5219 1.5052 1.4288
Balance sheet (at end of period) 1.4888 1.5465 1.5852 1.5145 1.4956
NOKSEK
Income statement (average) 1.0048 1.0116 1.0013 1.0194 1.0522
Balance sheet (at end of period) 0.9871 1.0248 1.0087 0.9900 1.0578
EURDKK
Income statement (average) 7.4510 7.4486 7.4464 7.4428 7.4396
Balance sheet (at end of period) 7.4529 7.4571 7.4474 7.4485 7.4365
EURGBP
Income statement (average) 0.8697 0.8707 0.8764 0.8831 0.8527
Balance sheet (at end of period) 0.8691 0.8646 0.8583 0.8792 0.8869
1–12/2023 1–9/2023 1–6/2023 1–3/2023 1–12/2022
SAMPO GROUP RESULTS FOR 2023
29

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

Group quarterly result
GWP & brokerage income  1,864   1,909   2,081   3,016   1,711  
Insurance revenue, net (incl. brokerage)  1,939  1,911  1,857  1,828  1,852 
Claims incurred, net  -1,282  -1,278  -1,198  -1,195  -1,390 
Operating expenses  -376  -348  -353  -342  -353 
Underwriting result  281  284  306  292  109 
Net investment income  517  127  108  253  118 
Insurance finance income or expense, net  -342  29  -2  -130  -54 
Net financial result  175  156  106  123  63 
Other items  -88  -50  -50  -56  -105 
Profit before taxes  368  391  363  359  67 
Income taxes  -88  -79  -81  -91  -33 
Profit from the continuing operations  280  312  281  268  34 
Discontinued operations, net of tax  111  71  41  28  33 
Divested operations, net of tax  —  —  —  —  72 
Net profit  391  383  323  297  139 
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  87  51  -76  -63  2 
Available-for-sale financial assets  —  —  —  —  109 
Cash flow hedges  -2  -1  2  0  0 
Share of other comprehensive income of 
associates  —  —  —  —  5 
Taxes  —  —  —  —  -28 
Total items reclassifiable to profit or loss, net of 
tax  85  50  -74  -63  87 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension 
plans  -25  1  18  -1  -27 
Taxes  5  0  -4  0  6 
Total items not reclassifiable to profit or loss, 
net of tax  -20  1  14  0  -21 
Total other comprehensive income for the 
continuing operations, net of tax  65  51  -60  -64  66 
Other comprehensive income for discontinued 
operations, net of tax  —  —  —  —  44 
Other comprehensive income total, net of tax  65  51  -60  -64  109 
Total comprehensive income  457  433  263  233  249 
Profit attributable to
Owners of the parent  382  366  304  271  61 
Non-controlling interests  9  17  18  26  78 
Total comprehensive income attributable to
Owners of the parent  447  417  245  207  170 
Non-controlling interests  9  17  18  26  78 
EURm 10–12/2023 7–9/2023 4–6/2023 1–3/2023 10–12/2022
Mandatum segment has been presented in the table on a single line as a discontinued operations. For further information, please see 
note 11. 
SAMPO GROUP RESULTS FOR 2023
30

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

Statement of profit and other comprehensive income
Insurance revenue  8,417  8,062 
Insurance service expenses  -7,076  -6,759 
Reinsurance result  -148  -242 
Insurance service result 1  1,193  1,062 
Net investment income 2  1,006  320 
Net finance income or expense from insurance contracts 3  -446  736 
Insurance finance income or expense, gross  -529  827 
Insurance finance income or expense, reinsurance  83  -90 
Net financial result  560  1,056 
Other income 4  277  350 
Other expenses  -457  -436 
Finance expenses  -93  -98 
Share of associates' profit or loss  1  -10 
Profit before taxes  1,481  1,924 
Income taxes  -339  -366 
Profit from the continuing operations  1,142  1,559 
Discontinued operations, net of tax 11  251  579 
Divested operations, net of tax 12  —  102 
Net profit  1,393  2,240 
Other comprehensive income 
Items reclassifiable to profit or loss
Exchange differences  -1  -268 
Available-for-sale financial assets  —  -1,121 
Cash flow hedges  -1  0 
Taxes  —  209 
Total items reclassifiable to profit or loss, net of tax  -3  -1,180 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans  -6  32 
Taxes  1  -7 
Total items not reclassifiable to profit or loss, net of tax  -5  26 
Total other comprehensive income for the continuing 
operations, net of tax  -8  -1,154 
Other comprehensive income for the discontinued operations, 
net of tax  —  -484 
Other comprehensive income total, net of tax  -8  -1,639 
Total comprehensive income  1,386  601 
Profit attributable to
Owners of the parent  1,323  2,107 
Non-controlling interests  70  133 
Total comprehensive income attributable to
Owners of the parent  1,316  468 
Non-controlling interests  70  133 
Earnings per share (EPS), EUR  2.62  3.97 
Earnings per share, continuing operations, EUR  2.12  2.88 
EURm Note 1-12/2023 1-12/2022
Sampo Group applies IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023. Comparative information 
on IFRS 17 for the year 2022 is restated. For more information on the implementation, please see accounting principles section IFRS 
17 and IFRS 9 transition impacts. 
Mandatum segment has been presented in the table on a single line as a discontinued operations. For further information, please see 
note 11.  
Earnings per share on continuing operations for comparative period 2022 includes the divested operations i.e. Topdanmark Life 
operations. 
SAMPO GROUP RESULTS FOR 2023
31

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

Consolidated balance sheet
Assets
Property, plant and equipment  318  355  373 
Investment property  0  166  236 
Intangible assets 5  3,637  3,494  3,660 
Investments in associates  12  16  475 
Financial assets 6,7,8  15,757  19,565  19,862 
Financial assets related to unit-linked contracts  —  9,930  10,546 
Deferred income tax  3  11  53 
Insurance contract assets  —  6  41 
Reinsurance contract assets  2,282  1,821  2,008 
Other assets  800  775  712 
Cash and cash equivalents  1,415  3,073  4,690 
Non-current assets held for sale*  —  —  16,029 
Total assets  24,225  39,212  58,684 
Liabilities
Insurance contract liabilities 9,  11,716  16,210  18,266 
Investment contract liabilities  —  7,103  7,239 
Subordinated debts 10  1,645  1,983  2,016 
Other financial liabilities 10  1,269  1,457  2,315 
Deferred income tax  567  666  851 
Other liabilities  1,342  1,617  1,532 
Liabilities related to non-current assets held for sale* 12  —  —  13,010 
Total liabilities  16,538  29,035  45,228 
Equity
Share capital  98  98  98 
Reserves  1,530  1,530  1,530 
Retained earnings  6,378  8,482  9,945 
Other components of equity  -743  -492  1,231 
Equity attributable to owners of the parent  7,263  9,618  12,805 
Non-controlling interests  424  560  651 
Total equity  7,687  10,178  13,456 
Total equity and liabilities  24,225  39,212  58,684 
EURm Note 12/2023 12/2022 1 Jan 2022
Sampo Group applies IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023. Comparative information 
(IFRS 17) for the year 2022 has been restated. For more information on the implementation, please see accounting principles section 
IFRS 17 and IFRS 9 transition impacts. 
Mandatum is included in the IFRS 17 opening balance sheet on 1 January 2022, and in the comparative period 2022. For further 
information, please see note 11. 
*Topdanmark Life was classified as non-current assets held for sale on 1 January 2022 and the sale was completed on 1 December 
2022. Topdanmark Life is accounted for under IFRS 17 in the opening balance 1 January 2022. Please see note 12 for further 
information.
SAMPO GROUP RESULTS FOR 2023
32

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

Statement of changes in equity
Equity at 31 December 
2021 (IFRS 4)  98  4  1,527  9,952  -415  1,622  0  12,788  676  13,464 
Impact of IFRS 17 
transition 1 January 
2022  —  —  —  -7  —  23  —  16  -25  -9 
Equity at 1 January 
2022 (IFRS 17)  98  4  1,527  9,945  -415  1,646  0  12,805  651  13,456 
Changes in equity
Acquired non-
controlling interests  —  —  —  -6  —  —  —  -6  -2  -8 
Dividends4)
 —  —  —  -2,186  —  —  —  -2,186  -207  -2,393 
Acquisition of own 
shares  —  —  —  -1,444  —  —  —  -1,444  —  -1,444 
Changes in associate 
share holdings  —  —  —  -10  —  —  —  -10  —  -10 
Other changes in equity  —  —  —  51  -58  -1  —  -9  -15  -24 
Profit for the reporting 
period  —  —  —  2,107  —  —  —  2,107  133  2,240 
Other comprehensive 
income for the period  —  —  —  26  -268  -1,396  0  -1,639  —  -1,639 
Total comprehensive 
income  —  —  —  2,133  -268  -1,396  0  468  133  601 
Equity at 31 December 
2022  98  4  1,527  8,482  -741  248  0  9,618  560  10,178 
Equity at 31 December 
2022 (IFRS 17, 
restated)  98  4  1,527  8,482  -741  248  0  9,618  560  10,178 
Impact of IFRS 9 
transition 1 January 
2023  —  —  —  248  —  -248  —  —  —  — 
Equity at 1 January 
2023  98  4  1,527  8,730  -741  —  0  9,618  560  10,178 
Changes in equity
Acquired non-
controlling interests  —  —  —  -11  —  —  —  -11  -3  -14 
Dividends4)
 —  —  —  -1,321  —  —  —  -1,321  -187  -1,508 
Transferred assets at 
fair value in the 
demerger  —  —  —  -1,835  —  —  —  -1,835  —  -1,835 
Acquisition of own 
shares  —  —  —  -555  —  —  —  -555  —  -555 
Other changes in equity  —  —  —  51  —  —  —  51  -15  36 
Profit for the reporting 
period  —  —  —  1,323  —  —  —  1,323  70  1,393 
Other comprehensive 
income for the period  —  —  —  -5  -1  —  -1  -8  —  -8 
Total comprehensive 
income  —  —  —  1,318  -1  —  -1  1,316  70  1,386 
Equity at 31 December 
2023  98  4  1,527  6,378  -742  —  -1  7,263  424  7,687 
EURm
Share 
capital
Legal 
reserve
Inves-
ted 
unres-
tricted 
equity
Retained 
earnings 
1)
Transla-
tion of 
foreign 
opera-
tions 2)
Available- 
for-sale 
financial 
assets 3)
Cash 
flow 
hedges Total
Non- 
control-
ling 
interest Total
1) IAS 19 Pension benefits had a net effect of -5 million (26) on retained earnings.
2) In the comparison year, the translation differences of the other comprehensive income include associate Nordax’ share of 
exchange differences EUR 8 million.
3) In accordance with IAS 39, the comparison year includes EUR -1,300 million recognised in equity and EUR -96 million was 
transferred to p/l from available-for-sale financial assets. 
4) Dividend per share EUR 2.60 (4.10)
Sampo plc has cancelled 5,401,743 acquired own shares on 30 March 2023 and 9,381,017 shares on 10 August 2023.
SAMPO GROUP RESULTS FOR 2023
33

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

Statement of cash flows
Operating activities
Profit before tax  1,765  2,744 
Adjustments:
Depreciation and amortisation  158  170 
Unrealised gains and losses arising from valuation  -559  1,119 
Realised gains and losses on investments  -280  217 
Change in liabilities for insurance and investment contracts  1,146  -14,380 
Other adjustments*  -537  -2,193 
Adjustments total  -72  -15,068 
Change (+/-) in assets of operating activities
Investments**  -86  10,384 
Other assets  -208  2,127 
Total  -294  12,511 
Change (+/-) in liabilities of operating activities
Financial liabilities  176  35 
Other liabilities  -196  291 
Paid taxes  -277  -290 
Paid interest  -132  -190 
Total  -429  -155 
Net cash from (or used in) operating activities  970  33 
Investing activities
Investments in subsidiary shares  -247  -7 
Divestments in subsidiary shares  20  519 
Divestments in associate shares  —  2,291 
Dividends received from associates  —  160 
Net investment in equipment and intangible assets  5  8 
Net cash from (or used in) investing activities  -223  2,970 
Financing activities
Dividends paid  -1,321  -2,186 
Dividends paid to non-controlling interests  -187  -207 
Acquisition of non-controlling interests  -14  -9 
Acquisition of own shares  -555  -1,444 
Issue of debt securities  142  62 
Repayments of debt securities in issue  -473  -920 
Net cash used in (or from)  financing activities  -2,407  -4,704 
Total cash flows  -1,660  -1,701 
Cash and cash equivalents at the beginning of reporting period  3,073  4,819 
Effects of exchange rate changes  3  -44 
Cash and cash equivalents at the end of reporting period  1,415  3,073 
Net change in cash and cash equivalents  -1,660  -1,701 
EURm 1–12/2023 1–12/2022
*) Other adjustments in the comparison year relate mainly to the sale of Nordea shares. 
**) Investments include investment property and financial assets..
Statement of cash flows includes continuing and discontinued operations. Profit before tax for 2023  is the Group’s profit before 
taxes together with the discontinued operations’ profit before taxes. In the comparison year, the profit before tax includes the 
divested operations.
The presentation of line items in the comparison year have changed due to the transition to IFRS 17.
The items of the statement of cash flows cannot be directly concluded from the balance sheets due to e.g. exchange rate 
differences, and acquisitions and disposals of subsidiaries during the period.
Cash and cash equivalents include cash at bank and in hand EUR 1,081 million (2,907) and short-term deposits (max 3 months) EUR  
334 million (166).
SAMPO GROUP RESULTS FOR 2023
34

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

Notes
Accounting principles
Sampo Group’s consolidated financial statements are prepared in accordance with the International Financial 
Reporting Standards (IFRS) adopted by the EU. These interim financial statements are presented in accordance 
with IAS 34 Interim Financial Reporting. The same accounting principles and methods of computation are applied 
in this financial statement release as were applied in Sampo’s consolidated financial statements 2022, with the 
exception of changes resulting from the adoption of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments. 
The new accounting principles are summarised below in section New accounting principles applied from 1 January 
2023. 
The financial statements 2022 are available on Sampo’s website www.sampo.com/year2022.
Information presented in the Financial Statement Release is unaudited.
Accounting principles requiring management judgement and key 
sources of estimation uncertainties
Discontinued operations
On 7 December 2022, Sampo Group announced a strategic review of Mandatum Group’s role in the Group. 
Following an assessment of options, on 29 March 2023, the Board resolved to propose a partial demerger of 
Sampo plc to separate Mandatum from Sampo Group. The Annual General Meeting approved the partial demerger 
on 17 May 2023 as set forth in the demerger plan, approved and signed by the Board on 29 March 2023. The 
demerger plan was registered in the Finnish Trade Register on 30 March 2023. 
Mandatum’s assets and liabilities were reclassified as a disposal group held for distribution to owners and related 
liabilities .The comparison numbers were not restated. In the statement of profit and other comprehensive income, 
the result of Mandatum is reported as a single line item as profit from the discontinued operations. The comparison 
numbers have been restated.
The partial demerger was completed as planned on 1 October 2023. The first trading day for Mandatum on Nasdaq 
Helsinki was 2 October 2023. In the demerger, all the shares in Mandatum Holding Ltd (a wholly owned direct 
subsidiary of Sampo plc) and the related assets and liabilities were transferred without a liquidation procedure to 
Mandatum plc, a company incorporated in the demerger on the effective date. In addition, a part of Sampo's 
general liabilities, not allocated to any specific business operations, were allocated to Mandatum plc. These 
liabilities cannot be legally transferred as such, due to their nature, and therefore Sampo and Mandatum agreed on 
forming an equivalent debt relationship between them, amounting to EUR 102 million on 2 October 2023. Despite 
the allocation of general liabilities, Sampo’s original liabilities in the balance sheet remain unchanged in the 
arrangement and Sampo plc will remain as the primary debtor towards the creditors.
Dividend liability on partial demerger 
Sampo analysed the accounting principles set in IFRIC 17 Distribution of Non-cash Assets to Owners interpretation 
regarding the timing of recognition of liability for dividend payable. IFRIC 17.10 states that the liability to pay a 
dividend is recognised against the equity when the dividend is appropriately authorised and is no longer at the 
discretion of the entity. An entity shall measure a liability to distribute non-cash assets as a dividend to its owners 
at the fair value of the assets to be distributed. 
In September 2023, the Board of Directors completed the final evaluation of the conditions for completing the 
demerger. In accordance with IFRIC 17.10, the dividend liability on the partial demerger of Mandatum was 
recognised in Sampo Group’s balance sheet, amounting to EUR 1,826 million. Sampo’s management concluded that 
Mandatum segment’s net assets represented the best estimate of Mandatum’s fair value prior listing at the end of 
the reporting period Q3/2023.
SAMPO GROUP RESULTS FOR 2023
35

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

The best estimate for the fair value of Mandatum after the demerger was considered to be the weighted average 
share price during the first day of listing on 2 October 2023 in Nasdaq Helsinki. The average price of Mandatum’s 
share was EUR 3.657, resulting therefore in a dividend liability of EUR 1,835 million on the payment date. 
Sampo recognised the difference between net assets, EUR 1,826 million, and carrying amount of dividend liability, 
EUR 1,835 million, totalling  EUR 9 million euros in the last quarter of 2023. The income was recognised in the 
statement of comprehensive income as a part of the discontinued operations. In addition, Sampo recognised the 
loan receivable from Mandatum plc, both in financial assets in the balance sheet and in discontinued operations in 
the statement of comprehensive income. 
Change in reference point for disaggregation of IFRS 17 discounting effects in If
IFRS 17 Insurance contracts, implemented on 1 January 2023, requires insurance liability cash flows to be 
discounted at rates consistent with observable market prices, and for the effect of this to be disaggregated 
between the insurance service result and insurance finance income and expense. Following an analysis of the 
application of IFRS 17 over 2023, Sampo Group has decided to change the reference point used in If for 
disaggregation from the beginning of year to the beginning of quarter. This reflects the Group’s practice of 
providing financial results for individual quarters, and a desire to align more closely with common market practice 
and the approach taken by other Group companies.
The implementation of the new methodology for disaggregation is considered to be a change in accounting 
estimate per IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8.32) and not a change in 
accounting policy. Accounting estimates are amounts “that are subject to measurement uncertainty” and 
measurement techniques and inputs are used to develop an accounting estimate. Consequently, no restatement of 
comparative year (2022) is required (IAS 8.36). For more information, please see notes 1 and 3.
SAMPO GROUP RESULTS FOR 2023
36

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

Application of new or revised IFRSs and interpretations
The Group will apply new or amended standards and interpretations related to the Group’s business in the financial 
years when they become effective, or if the effective date is other than the beginning of the financial year, during 
the financial year following the effective date. The new IFRSs coming into effect in financial year 2024 will not have 
any significant influence on the Group's financial reporting.
Pillar II
Sampo Group is within the scope of Pillar II regulations (EU Minimum Tax Directive and OECD Safe Harbour rules). 
Sampo Group companies have applied a temporary mandatory relief from deferred tax accounting for any 
potential impacts of the top-up tax and account for it as a current tax should it occur. Sampo Group will, as of 
fiscal year 2024, be subject to the global minimum top-up tax rules either at the ultimate parent entity level, by 
Sampo plc in Finland, or domestic top-up tax in the countries where Sampo Group companies operate and where 
such rules are enacted.
New accounting principles applied from 1 January 2023
Sampo Group is applying IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023. 
Sampo Group’s operations are focused on the P&C business and Sampo primarily uses the premium allocation 
approach (PAA) under IFRS 17. Measurement based on the new PAA-model includes setting up an explicit risk 
adjustment for non-financial risk and discounting claims reserves with market rates.
The application of IFRS 9 did not have significant impacts on the measurement of Sampo Group’s balance sheet 
items, as the main part of financial assets was already reported at fair value in the balance sheet. However, under 
IFRS 9, the fair value changes of financial instruments are recognised in the statement of profit or loss, which may 
increase earnings volatility.   
The main accounting principles related to IFRS 17 and IFRS 9 are included in this financial statement release. 
Sampo Group will publish the full set of accounting principles as part of the consolidated financial statements 
2023. 
As Mandatum Group has been classified as discontinued operation as of 31 March 2023, the new accounting 
principles related to Mandatum’s operations are included in the note 11 Discontinued operations. 
IFRS 17 transition impacts
In the transition to IFRS 17, Sampo Group P&C companies have applied a full retrospective approach and restated  
previous year’s comparatives. In the full retrospective approach Sampo Group identifies, recognises and measures 
each group of insurance contracts as if IFRS 17 had always been applied and derecognises any existing balances 
that would not exist if IFRS 17 had always been applied. The resulting net difference was recognised in retained 
earnings on 1 January 2022.
Sampo Group's opening balance sheet as of 1 January 2022 amounted to EUR 58.7 billion and equity to EUR 13.5 
billion. Compared to the IFRS 4 closing balance sheet as of 31 December 2021 of EUR 61.1 billion, the opening IFRS 
17 balance sheet decreased by EUR 2.4 billion. The net transition impact on the IFRS 17 equity was insignificant, 
amounting to EUR 14 million in the opening balance sheet. At the time of transition to IFRS 17, Mandatum Group 
had not been classified as discontinued operation, and thus it is included in the figures presented. 
In the transition to IFRS 17, both the assets and the liabilities decreased mainly due to reclassifications of premium 
receivables and deferred acquisition costs from other assets to insurance liabilities. Discounting of the reserves 
decreased the insurance liabilities whereas an introduction of risk adjustment increased the insurance liabilities. The 
introduction of the loss component related to onerous contracts had only an insignificant impact on the transition.
Sampo Group’s IFRS 17 balance sheet as of 31 December 2022 amounted to EUR 39.2 billion, and compared to 
IFRS 4 balance sheet of EUR 42.0 billion, decreased by EUR 2.8 billion. The total equity under IFRS 17 amounted to 
EUR 10.2 billion, compared to IFRS 4 equity of EUR 9.5 billion, increase by EUR 0.6 billion.  
SAMPO GROUP RESULTS FOR 2023
37

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

IFRS 17 Insurance Contracts 
Scope 
In the Group’s P&C insurance contracts insurance risk is considered significant. Insurance contracts issued by third 
party underwriters (‘panel underwriters’), which do not transfer any insurance risk to the Group companies, are not 
in the scope of IFRS 17 but instead accounted for under IFRS 15 Revenue from Contracts with Customers.
Insurance contracts may contain one or more components which would be within the scope of different 
accounting standards and accounted for separately. Sampo evaluates the insurance contracts in order to identify 
components from the contracts. For example, an insurance contract may include an investment component or a 
component for services other than insurance contract services (or both).
Level of aggregation 
Insurance contracts are aggregated into portfolios of insurance contracts, which comprise contracts with similar 
risks that are managed together. Those portfolios are divided into annual cohorts i.e. contracts which are not 
issued more than one year apart.
In Sampo Group's P&C operations, portfolios are determined based on a segmentation of business, or a 
combination of line of business (as defined by management), business area and country. Portfolios are determined 
separately for each legal entity, or based on product lines. 
Sampo Group has identified certain onerous contracts, but the amount of onerous contracts is modest.
The carrying amount of the portfolios of insurance and reinsurance contracts determines if they are presented as 
assets or liabilities in the balance sheet.
Contract boundary 
The initial measurement of the group of insurance contracts includes all future cash flows arising within the 
contract boundary. In determining which cash flows fall within the contract boundary, substantive rights and 
obligations arising from the terms of the contract, and also from applicable laws and regulations, are considered.
In Sampo Group’s P&C operations, the majority of contracts have a one-year contract boundary, typically until the 
next renewal date; i.e. contract has one-year coverage period during which there are substantive rights and 
obligations.
Measurement 
IFRS 17 introduces a general measurement model (GMM) applicable to all insurance contracts to measure insurance 
contract liabilities. Under the general measurement model insurance contracts are measured based on future cash 
flows, adjusted to reflect the time value of money, including a risk adjustment, and a contractual service margin 
(CSM). 
When certain eligibility criteria are met, insurers may apply a simplified approach, the premium allocation approach 
(PAA), for the measurement of insurance contracts. PAA is eligible for insurance contracts with a coverage period 
of one year or less. This approach is also available for contracts where the PAA would not materially differ from the 
results of the GMM. In Sampo Group's P&C operations, PAA is applied to all insurance contracts as the coverage 
period for the main part of insurance contracts is one year or less, and for longer insurance contracts the qualifying 
eligibility criteria are fulfilled. 
The measurement of insurance liabilities consists of liability for remaining coverage (LRC), and liability for incurred 
claims (LIC) including both reported but not settled claims as well as incurred but not reported claims (IBNR).
On initial recognition of P&C operations’ groups of insurance contracts the carrying amount of LRC is measured as 
premiums initially received less insurance acquisition cash flows. In case of onerous contracts, a loss component is 
recognized.
SAMPO GROUP RESULTS FOR 2023
38

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

The acquisition cash flows mainly include staff costs related to sales personnel and commissions as well as certain 
costs related to selling policies through price comparison websites. Any overhead costs are expensed immediately. 
Sampo Group's P&C operations in the private business area have elected to recognise acquisition cash flows as an 
expense at the date when they are incurred. For other business areas, the acquisition costs are deferred over the 
coverage period of the contracts, generally one year, or longer in case of expected renewals. Any acquisition cash 
flows paid relating to a group of insurance contracts not yet recognized are presented as a separate acquisition 
cash flow asset.   
At subsequent reporting periods, the carrying amount of LRC is increased by premiums received during the period 
and decreased by the amount recognised as insurance revenue for services provided in the period, which for most 
products is based on the passage of time (straight line basis). Consequently, any premium receipts pertaining to 
insurance services to be provided after the closing date remains in this liability. The carrying amount is also 
increased for any premiums received in subsequent periods less additional insurance acquisition cash flows paid. 
The carrying amount of LRC is not discounted or adjusted with the effect of financial risk as the time between 
providing services and the related premium due date generally is no more than a year.
The liability for incurred claims (LIC) is intended to cover the future payments of all claims incurred, including 
claims not yet reported to the company and all claims handling expenses. Sampo Group measures the liability for 
incurred claims (LIC) for the group of insurance contracts at the amount of estimated fulfilment cash flows relating 
to incurred claims. Fulfilment cash flows consist of three components, namely expected cash flows, discounting 
and risk adjustment. The estimated future cash flows (best estimate) are calculated with the aid of statistical 
methods or through individual assessments of individual claims. 
Discounting
Sampo Group's P&C operations have determined the discount rates based on a bottom-up approach.  The interest 
rate curve includes a risk-free rate (excluding credit risk adjustment) and an illiquidity premium for each currency. 
The illiquidity premium is mainly derived based on a portfolio of high-rated bonds for the liquid part of the interest 
rate curve. Beyond this, the curve converges to the ultimate forward rate, consistent with the EIOPA curves. 
The discounting effect of current year liabilities for incurred claims and changes in the cash flows are recognised in 
the insurance service result. Unwinding of interest rates, effect of changes in interest rates and other financial 
assumptions are presented as insurance finance income or expense in profit or loss. Sampo Group has elected not 
to apply the OCI option allowed under IFRS 17. 
Risk adjustment 
IFRS 17 introduces an explicit risk adjustment included in the measurement of insurance liabilities. The risk 
adjustment reflects the cost of uncertainty associated with the amount and timing of cash flows arising from non-
financial risk and the degree of risk aversion. The risks typically considered in P&C operations, when assessing risk 
adjustment, are reserve risk, longevity risk, inflation risk and premium risk.
In Sampo Group, the risk adjustment is derived through a confidence level technique whereby management 
determines the appropriate quantile. The risk adjustment is calculated at the subsidiary level and aggregated into 
the consolidated Sampo Group level risk adjustment, without any diversification effects assumed. Under the 
premium allocation approach, the risk adjustment is only included in LIC, unless a group of insurance contracts is 
onerous.
Reinsurance contracts 
The PAA model is applied to reinsurance contracts held. The corresponding policies as for measuring the insurance 
contracts issued are applied when measuring the reinsurance contracts held. Thus, correspondingly to insurance 
liabilities for issued insurance contracts, the reinsurance assets for reinsurance contracts held consist of asset for 
remaining coverage and asset for incurred claims. The asset for incurred claims also takes into consideration the 
effect of the risk of non-performance by the issuer of the reinsurance contract.
SAMPO GROUP RESULTS FOR 2023
39

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

Presentation
The implementation of IFRS 17 leads to significant changes in the presentation and the extent of disclosures in the 
financial statements during 2023. 
Statement of profit or loss and other comprehensive income 
The introduction of IFRS 17 changes the structure of the statement of profit or loss to reflect the key sources of 
profit. The insurance service result, comprising of insurance revenue, insurance service expenses and reinsurance 
result, reflects the result relating to underwriting and servicing insurance policies. The net financial result reflects 
the impacts arising from financial components of insurance contracts.  
Insurance revenue 
Insurance revenue reflects the compensation that Sampo receives from the policyholder in return for the transfer 
of risk (insurance contract services) on an earned basis. The insurance revenue recognized in the reporting period 
is based on premium receipts and expected premium receipts allocated linearly over the underlying terms of the 
insurance contracts, i.e. based on the passage of time. The liability for remaining coverage is reduced with a 
corresponding amount as the insurance revenue.  
Insurance service expenses
The insurance service expenses comprise of both claims incurred and operating expenses. 
Claims incurred for the reporting period include claims payments during the period and changes in the liability for 
incurred claims. The change in liability for incurred claims includes the changes in undiscounted best estimate, 
discounted risk adjustment and the changes in discounting effect due to changes in underlying best estimate or 
changes in payment patterns. The claims incurred also include claims handling expenses and changes in the loss 
component.
Operating expenses reported in the insurance service result relate to administrative expenses arising from the 
handling of insurance contracts. Additionally, the operating expenses include the acquisition cash flows recognised 
in profit or loss, where the liability for remaining coverage changes with a corresponding amount. 
Reinsurance result
Reinsurance result comprises both reinsurance premium expenses and reinsurer’s share of claims incurred. 
Reinsurance premium expenses related to reinsurance contracts held are recognized similarly to insurance revenue 
and reflect the premium payments that are attributable to the reporting period for the reinsurance contract 
services received. Any commissions received reduce the reinsurance premium expenses. The reinsurers’ share of 
claims incurred is reported consistently with Insurance service expenses and also includes changes in the risk of 
non-performance.
Insurance finance income or expenses 
The insurance finance income or expenses included in the net financial result reflects the impacts arising from 
financial components. This includes changes in the liability for incurred claims related to changes in discount rates 
and time value of money (unwinding). Therefore, the effect from changes in interest rates as well as interest 
expense is presented in its entirety as insurance finance income or expenses. The effect of  changes in indexation 
of annuities is also presented within insurance finance income or expenses. Amounts related to reinsurance 
contracts are presented separately.The option to present changes in discounting effect in other comprehensive 
income is not applied.
Key management judgement
Sampo Group management applies judgement regarding the determination of discount rates and risk adjustment.
As noted above, the interest rate curve includes a risk-free rate and an illiquidity premium. Management 
determines the principles for the illiquidity premium, which in Sampo Group is mainly derived based on a portfolio 
of high-rated bonds.
SAMPO GROUP RESULTS FOR 2023
40

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

Risk adjustment is determined separately for all Sampo Group’s companies and aggregated at the Group level. 
Management considers this to reflect the compensation that different entities would require for bearing non-
financial risk and their degree of risk aversion. As noted above, a confidence level approach is applied in the Group 
companies. The confidence level applied in calculating the risk adjustment is varying between group companies 
from 75 percent to 85 percent.
IFRS 9 Financial Instruments
Financial assets - classification 
Financial assets are classified as being subsequently measured either at amortized cost, at fair value through other 
comprehensive income (FVOCI) or at fair value through profit or loss (FVPL). Under IFRS 9, the majority of Sampo 
Group’s financial assets are classified at fair value through profit or loss and only a limited amount of financial 
assets are measured at amortised cost and no financial assets are classified as FVOCI.
The classification of financial assets into these measurement categories is based on Sampo Group’s business model 
for managing the financial assets and the contractual cash flow characteristics of the financial assets (solely 
payments of principal and interest -criteria, SPPI). SPPI criteria is met when the financial instrument’s contractual 
cash flows are solely payments of principal and interest on the principal amount outstanding.
A financial asset is measured at amortized cost only if the objective of the business model is to hold a financial 
asset in order to collect contractual cash flows, and the contractual cash flows of the financial asset meet the SPPI 
criteria. Interest revenue is calculated using the effective interest rate method. Under IFRS 9 financial assets 
subsequently measured at amortized cost are subject to loss allowance, expected credit losses (ECL), 
requirements.
Financial assets - impairment 
IFRS 9 introduces a forward-looking ECL model, which in Sampo Group, is mainly applicable to financial assets 
measured at amortized cost. Impairment requirements do not apply to equity instruments or other financial 
instruments measured at FVPL. Expected credit losses reflect past events, i.e. historical loss experience, current 
conditions and forecasts of future economic conditions.
IFRS 9 introduces a general approach for impairment in which a loss allowance is calculated either for 12-month 
expected credit losses or lifetime expected credit losses.  A three staged model is used to determine the ECL at 
each reporting date. In stage 1 the credit risk has not increased significantly. Loss allowance is measured at an 
amount equal to 12-month expected credit losses. In stage 2 and 3 the credit risk has increased significantly since 
initial recognition and the loss allowance is measured at an amount equal to the lifetime expected credit losses. In 
stage 3 the financial asset is assessed to be credit-impaired (at default) and the interest is calculated on the credit-
impaired amount instead of gross carrying amount.
In Sampo Group the general approach is based on three components, namely probability of default (PD), loss given 
default (LGD) and exposure at default (EAD).
Financial liabilities  
Sampo Group measures derivative financial liabilities at fair value through profit or loss. Financial liabilities, 
including subordinated debt securities, debt securities in issue and other financial liabilities, are subsequently 
measured at amortised cost using the effective interest rate method.
SAMPO GROUP RESULTS FOR 2023
41

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

Result by segment for twelve months ended 31 December 
2023
GWP & brokerage income  5,468  1,339  2,063  —  —  8,870 
Insurance revenue, net (incl. brokerage)  4,996  1,288  1,251  —  —  7,535 
Claims incurred, net  -3,377  -862  -714  —  —  -4,953 
Operating expenses  -777  -233  -409  —  —  -1,419 
Underwriting result  842  194  128  —  —  1,164 
Net investment income  871  107  79  -37  -13  1,006 
Insurance finance income or expense, net  -331  -79  -35  —  —  -446 
Net financial result  539  27  44  -37  -13  560 
Other items  -24  -59  -42  -122  4  -243 
Profit before taxes  1,358  162  129  -160  -9  1,481 
Income taxes  -285  -43  -11  0  —  -339 
Profit from the continuing operations  1,073  119  118  -160  -9  1,142 
Discontinued operations, net of tax *  —  —  —  —  9  251 
Net profit  1,393 
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  -23  -3  24  —  0  -1 
Cash flow hedges  —  —  -1  —  —  -1 
Total items reclassifiable to profit or loss, net 
of tax  -23  -3  23  —  0  -3 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined 
pension plans  -6  —  —  —  —  -6 
Taxes  1  —  —  —  —  1 
Total items not reclassifiable to profit or loss, 
net of tax  -5  —  —  —  —  -5 
Total other comprehensive income for the 
continuing operations, net of tax  -28  -3  23  —  —  -8 
Total comprehensive income  1,045  117  141  -160  -9  1,386 
Profit attributable to
Owners of the parent  1,323 
Non-controlling interests  70 
Total comprehensive income attributable to
Owners of the parent  1,316 
Non-controlling interests  70 
EURm If Topdanmark Hastings  Holding Elim.
Sampo 
Group
Mandatum segment has been presented in the table on a single line as a discontinued operation, and therefore, the Group’s net 
profit by lines do not reconcile to the segment totals. 
*) The elimination totalling EUR 9 million is related to intra-segment operations between the reportable segments and discontinued 
operation. 
The segment result formula has been adjusted in Q4/2023 to align the presentation with the management’s follow-up and ratio 
calculation. Hastings’ income and expenses previously included in line-item “Other P&C other insurance related income/expense” 
are now split into ‘Insurance revenue, net (incl. brokerage)’ and ‘Operating expenses’. 
SAMPO GROUP RESULTS FOR 2023
42

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

Result by segment for twelve months ended 31 December 
2022
GWP & brokerage income  5,432  1,308  1,636  —  —  8,375 
Insurance revenue, net (incl. brokerage)  5,024  1,255  998  —  —  7,277 
Claims incurred, net  -3,550  -809  -509  —  —  -4,867 
Operating expenses  -801  -216  -361  —  —  -1,379 
Underwriting result  673  230  128  —  —  1,031 
Net investment income  278  -142  16  177  -8  320 
Insurance finance income or expense, net  610  115  11  —  —  736 
Net financial result  888  -28  27  177  -8  1,056 
Other items  -11  -45  -49  -31  -28  -163 
Profit before taxes  1,550  158  107  146  -36  1,924 
Income taxes  -325  -40  -8  8  —  -366 
Profit from the continuing operations  1,225  117  98  153  -36  1,559 
Discontinued operations, net of tax  —  —  —  —  36  579 
Divested operations, net of tax  —  102  —  —  —  102 
Net profit  2,240 
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences  -169  -1  -106  8  —  -268 
Available-for-sale financial assets  -823  —  -58  -240  —  -1,121 
Taxes  169  —  —  40  —  209 
Total items reclassifiable to profit or loss, net 
of tax  -823  -1  -164  -192  —  -1,180 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined 
pension plans  32  —  —  —  —  32 
Taxes  -7  —  —  —  —  -7 
Total items not reclassifiable to profit or loss, 
net of tax  26  —  —  —  —  26 
Total other comprehensive income for the 
continuing operations, net of tax  -797  -1  -164  -192  —  -1,154 
Other comprehensive income for the 
discontinued operations, net of tax  -484 
Other comprehensive income, total net of 
tax  -1,639 
Total comprehensive income  428  117  -66  -39  -36  601 
Profit attributable to
Owners of the parent  2,107 
Non-controlling interests  133 
Total comprehensive income attributable to
Owners of the parent  468 
Non-controlling interests  133 
EURm If Topdanmark Hastings  Holding Elim.
Sampo 
Group
Mandatum segment has been presented in the table on a single line as a discontinued operation, and therefore, Group total by lines 
do not reconcile to the segment totals. 
SAMPO GROUP RESULTS FOR 2023
43

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

Balance sheet by segment at 31 December 2023
Assets
Property, plant and equipment  177   117   19   4   —   318  
Intangible assets  579  1,545  1,512  1  —  3,637 
Investments in associates  4  8  —  —  —  12 
Financial assets  10,838  2,060  1,407  7,564  -6,112  15,757 
Deferred income tax  4  4  —  0  -4  3 
Reinsurance contract assets  563  79  1,640  —  —  2,282 
Other assets  553  89  136  23  0  800 
Cash and cash equivalents  197  24  448  747  —  1,415 
Total assets  12,915  3,926  5,162  8,339  -6,117  24,225 
Liabilities
Insurance contract  liabilities  7,134  1,855  2,726  —  —  11,716 
Subordinated debts  135  148  —  1,490  -127  1,645 
Other financial liabilities  58  46  186  979  —  1,269 
Deferred income tax  352  139  76  —  —  567 
Other liabilities  1,011  162  112  58  0  1,342 
Total liabilities  8,689  2,350  3,100  2,527  -128  16,538 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  6,378 
Other components of equity  -743 
Equity attributable to owners of the 
parent  7,263 
Non-controlling interests  424 
Total equity  7,687 
Total equity and liabilities  24,225 
EURm If Topdanmark Hastings Holding Elim.
Sampo 
Group
.
SAMPO GROUP RESULTS FOR 2023
44

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

Balance sheet by segment at 31 December 2022
Assets
Property, plant and equipment  190   112   23   26   4   —   355  
Investment property  1  —  —  166  —  —  166 
Intangible assets  588  1,232  1,501  172  1  —  3,494 
Investments in associates  4  7  —  4  —  —  16 
Financial assets  10,451  2,584  1,149  3,776  8,250  -6,644  19,565 
Financial assets related to unit-linked 
contracts  —  —  —  9,930  —  —  9,930 
Deferred income tax  9  7  —  —  —  -4  11 
Insurance contract assets  —  —  —  6  —  —  6 
Reinsurance contract assets  264  79  1,477  1  —  —  1,821 
Other assets  394  66  127  162  60  -34  775 
Cash and cash equivalents  296  8  246  761  1,762  —  3,073 
Total assets  12,197  4,094  4,521  15,004  10,077  -6,682  39,212 
Liabilities
Insurance contract liabilities  6,693  1,763  2,434  5,321  —  —  16,210 
Investment contract liabilities  —  —  —  7,103  —  —  7,103 
Subordinated debts  224  148  —  350  1,489  -228  1,983 
Other financial liabilities  7  55  73  3  1,320  —  1,457 
Deferred income tax  306  120  79  160  0  —  666 
Other liabilities  1,079  166  118  224  64  -34  1,617 
Total liabilities  8,309  2,252  2,704  13,159  2,873  -262  29,035 
Equity
Share capital  98 
Reserves  1,530 
Retained earnings  8,482 
Other components of equity  -492 
Equity attributable to owners of the 
parent  9,618 
Non-controlling interests  560 
Equity  10,178 
Total equity and liabilities  39,212 
EURm If Topdanmark Hastings Mandatum Holding Elim.
Sampo 
Group
SAMPO GROUP RESULTS FOR 2023
45

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

Other notes, EURm
1 Insurance service result
Insurance revenue 
Insurance contracts measured under PAA
Gross written premiums  8,513  8,053 
Change in liability for remaining coverage  -329  -204 
Brokerage revenue  233  213 
Total insurance revenue from contracts measured under PAA  8,417  8,062 
Total insurance revenue  8,417  8,062 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -5,292  -4,844 
Claims handling expenses  -468  -481 
Change in liability for incurred claims  -29  -220 
Change in risk adjustment  -9  13 
Change in loss component  -12  12 
Insurance service expenses related to claims incurred  -5,810  -5,519 
Operating expenses  -1,266  -1,239 
Total insurance service expenses  -7,076  -6,759 
Reinsurance result 
Premiums  -1,005  -894 
Claims recovered  857  652 
Total reinsurance result  -148  -242 
Total insurance service result  1,193  1,062 
EURm 1-12/2023 1-12/2022
The table does not include Mandatum Group’s figures. For further information, please see note 11.
During Q4/2023 Sampo decided to change the reference point in discounting used in If for disaggregation from 
the beginning of year to the beginning of quarter. The change in the reference point had an impact on the split of 
discounting effects between the insurance service result and insurance finance income and expenses. Under the 
new methodology, current year discounting effects identified in If’s insurance service result are estimated at EUR 
168 million for the full-year 2023. 
SAMPO GROUP RESULTS FOR 2023
46

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

2 Net investment income 
The net investment income consists of investment income and expenses from financial assets and liabilities held by 
the group companies. Figures for the comparative year are presented in accordance with IAS 39 Financial 
Instruments: Recognition and Measurement.
Derivative financial instruments
Interest income  6   1  
Interest expense  -23   -12  
Net gains or losses  5   136 
Derivative financial instruments, total  -12   126 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  447   43 
Net gains or losses  364   -147 
Equity securities 
Dividend income  59   32 
Net gains or losses  64   -26 
Funds
Distributions  5   — 
Interest income  11   2 
Net gains or losses  60   -1 
Financial assets at fair value through profit or loss, total  1,010   -97 
Financial assets available-for-sale (IAS 39) 
Debt securities n/a  255 
Equity securities n/a  45 
Funds n/a  6 
Financial assets available-for-sale, total n/a  305 
Financial assets at amortised cost  23  n/a
Loans and receivables n/a  -4 
Total income or expenses from financial assets  1,021   330 
Other
Dividend income from associates  —   157 
Expenses from asset management  -19   -23 
Other income  34   16 
Other expenses  -26   -153 
Fee expenses  -1   0 
Expenses from investment property  -4   -7 
Total other  -15   -10 
Total net investment income  1,006   320 
EURm 1-12/2023 1-12/2022
The table does not include Mandatum Group’s figures. For further information, please see note 11.
The amount of expected credit losses on financial assets measured at amortised cost is presented in the note 6. 
SAMPO GROUP RESULTS FOR 2023
47

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

3 Net finance income or expense from insurance contracts
Insurance contracts
Unwinding of discount rate  -322    -132   
Effect of changes in interest rates and other financial assumptions  -207    959   
Total finance income or expenses from insurance contracts  -529    827   
Reinsurance contracts
Unwinding of discount rate  74    39   
Reinsurers' share of effect of changes in interest rates and other financial 
assumptions  9    -130   
Total finance income or expenses from reinsurance contracts  83    -90   
Net finance result insurance and reinsurance contracts  -446    736   
EURm 1-12/2023 1-12/2022
The table does not include Mandatum Group’s figures. For further information, please see note 11.
Due to the change in reference point in discounting in If, the unwind of discount rate included in finance income or 
expense was EUR -180 million for the full year. 
4 Other income 
Other income  265    345   
Income related to broker activities  12    6   
Total other income  277    350   
EURm 1-12/2023 1-12/2022
The table does not include Mandatum Group’s figures. For further information, please see note 11.
If’s other operating income includes approximately EUR 144 million (138) income from insurance operations 
without a transfer of insurance risk. Such income is primarily attributable i.e. to sales commission and services for 
administration and claims settlement in insurance contracts on behalf of other parties. This operating income is 
accounted for under IFRS 15 Revenue from Contracts with Customers. In addition, other operating income includes 
income from roadside assistance services provided by If’s subsidiary Viking Assistance Group AS, recognised when 
roadside assistance has been provided. 
Hastings’ operating income includes total of EUR 115 million (106) revenue recognised under IFRS 15 and consisting 
of fees and commission on panel providers, ancillary product income and other retail income. Income related to 
broker activities is also accounted for under IFRS 15, if there is no insurance risk transferred to Hastings. 
5 Intangible assets 
Goodwill  2,469    2,385   
Customer relations  452    463   
Trademark  396    224   
Other intangible assets  320    422   
Group intangible assets, total  3,637    3,494   
EURm 12/2023 12/2022
The comparative period includes Mandatum Group’s figures. For further information, please see note 11. 
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S. For more information 
regarding the acquisition and goodwill, please see note 13. 
SAMPO GROUP RESULTS FOR 2023
48

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

6 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9 Financial Instruments. Figures 
for comparative year are presented in accordance with IAS 39 Financial Instruments: Recognition and 
Measurement. The comparative period includes Mandatum Group’s figures.
Financial assets
Derivative financial instruments  38  101 
Financial assets at fair value through profit or loss
Debt securities  12,925  1,941 
Equity securities  1,640  560 
Funds  662  — 
Deposits and other  40  544 
Total financial assets at fair value through profit or loss  15,267  3,045 
Financial assets available-for-sale (IAS 39) 
Debt securities n/a  12,815 
Equity securities n/a  1,581 
Funds n/a  1,652 
Total financial assets available-for-sale n/a  16,048 
Financial assets measured at amortised cost
Loans  451 n/a
Other  1 n/a
Total financial assets measured at amortised cost  452 n/a
Loans and receivables (IAS 39) n/a  371 
Total financial assets  15,757  19,565 
EURm 12/2023 12/2022
The comparative period includes Mandatum Group’s figures. For further information, please see note 11.
Due to the demerger on 1 October 2023, Sampo recognised the loan receivable from Mandatum plc amounting to 
EUR 102 million in order to allocate general liabilities. Loan receivable is measured at amortised cost. In connection 
with the demerger, Sampo sold certain financial assets to Mandatum at fair market value. These assets included 
holdings in Enento Group, guarantee shares of Kaleva Mutual Insurance Company and other smaller equity, debt 
and alternative investments. In addition, Sampo and Mandatum have agreed on the sale of shares in Saxo Bank, but 
the sale is subject to approvals from authorities. For more information regarding the sale of Saxo, please see note 
14. 
Loans measured at amortised cost include Hastings’ loans to customers amounting to EUR 186 million (EUR 75 
million). 
The gross carrying amounts of the financial assets measured at amortised cost was EUR 468 million and loss 
allowance was EUR 16 million on 31 December 2023. During the reporting period, the expected credit losses 
recognised in the income statement was EUR 10 million. 
SAMPO GROUP RESULTS FOR 2023
49

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

7 Determination and hierarchy of fair values 
A majority of Sampo Group's financial assets are valued at fair value. The valuation is based on either published 
price quotations or valuation techniques based on market observable inputs, where available. For a limited amount 
of assets the value needs to be determined using other techniques. The financial instruments measured at fair value 
have been classified into three hierarchy levels in the notes, depending on, for example, whether the market for the 
instrument is active, or if the inputs used in the valuation technique are observable.  The classification of financial 
assets in hierarchy levels is assessed quarterly. 
The fair value of the derivative instruments is assessed using quoted market prices in active markets, discounting 
method or option pricing models. 
The fair value of loans and other financial instruments which have no quoted price in active markets is based on 
discounted cash flows, using quoted market rates. The market’s yield curve is adjusted by other components of the 
instrument, e.g. by credit risk.
Fair values are "clean" fair values, i.e. less interest accruals.
On level 1, the measurement of the instrument is based on quoted prices in active markets for identical assets or 
liabilities. Quoted prices in active markets are considered to represent the best estimate of fair value for related 
financial assets. On an active market quoted prices  are easily and regularly available and represent actual and 
regularly occurring transactions at arm’s length distance. 
On level 2, inputs for the measurement of the instrument also include other than quoted prices observable for the 
asset or liability, either directly or indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs rather than observable market data. Sampo Group’s level 3 
assets consist mainly of few larger equity investments and investments in private equity and alternative funds.
In level 3 two most prominent equity investments are valued by using excess return model, in which value of a 
company is sum of capital invested currently in the company and the present value of excess returns that the 
company expects to make in the future. 
For private equity funds the valuation of the underlying investments is conducted by the fund manager who has all 
the relevant information required in the valuation process. The valuation is usually updated quarterly based on the 
value of the underlying assets and the amount of debt in the fund. There are several valuation methods, which can 
be based on, for example, the acquisition value of the investments, the value of publicly traded peer companies, 
the multiple based valuation or the cash flows of the underlying investments. 
SAMPO GROUP RESULTS FOR 2023
50

===== SIDA 51 =====

The carrying amounts and fair values of financial assets and financial liabilities, including their fair value hierarchy 
levels, are presented in the following table. Fair value information of financial assets and financial liabilities not 
measured at fair value is not presented in the table, if the carrying amount is a reasonable estimate of the fair 
value. Reporting period figures are presented in accordance with IFRS 9 Financial Instruments. 
EURm
31 December 2023
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 3 — 3 — 3
Foreign exchange derivatives 20 — 20 — 20
Other derivatives 16 — 16 — 16
Total 38 — 38 — 38
Financial assets at fair value 
through profit or loss
Debt securities 12,925 8,476 4,430 19 12,925
Equity securities 1,640 886 24 730 1,640
Funds 662 480 31 151 662
Deposits and other 40 — 40 — 40
Total 15,267 9,842 4,525 900 15,267
Total financial assets measured at 
fair value 15,305 9,842 4,563 900 15,305
Financial assets measured at 
amortised cost
Loans 451 — — 451 451
Other 1 — — 1 1
Total 452 — — 452 452
Total financial assets 15,757 9,842 4,563 1,352 15,756
SAMPO GROUP RESULTS FOR 2023
51

===== SIDA 52 =====

EURm
31 December 2023
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  46  2  44  —  46 
Foreign exchange derivatives  58  —  58  —  58 
Other derivatives  12  —  12  —  12 
Total financial liabilities at fair 
value  116  2  114  —  116 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,645  1,448  148  —  1,596 
Debt securities in issue
Bonds  959  936  —  —  936 
Amounts owed to credit 
institutions  194  —  9  184  194 
Financial liabilities measured at 
amortised cost total  2,798  2,385  157  184  2,726 
Group financial liabilities, total  2,914  2,387  271  184  2,842 
SAMPO GROUP RESULTS FOR 2023
52

===== SIDA 53 =====

Comparative year figures are presented in accordance with IAS 39 Financial Instruments: Recognition and 
Measurement. The comparative period includes Mandatum Group’s figures. For further information, please see note 
11.
EURm
31 December 2022
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps  5  —  5  —  5 
Foreign exchange derivatives  74  —  74  —  74 
Other derivatives  22  —  22  —  22 
Total  101  —  101  —  101 
Financial assets at fair value 
through profit or loss
Equity securities  560  111  24  425  560 
Debt securities  1,881  1,718  159  5  1,881 
Total  2,441  1,829  183  430  2,441 
Financial assets designated as at 
fair value through profit or loss
Deposits  544  —  544  —  544 
Debt securities  1  —  1  —  1 
Debt securities (unit-trusts)  60  43  16  —  60 
Total  604  43  561  —  604 
Financial assets related to unit-
linked insurance
Equity securities  676  643  2  31  676 
Debt securities  941  90  757  94  941 
Funds  7,883  4,880  676  2,327  7,883 
Derivative financial instruments  18  —  18  —  18 
Other assets  412  —  412  —  412 
Total  9,930  5,612  1,865  2,453  9,930 
Financial assets available-for-sale
Equity securities  1,581  1,224  2  354  1,581 
Debt securities  12,815  7,941  4,832  43  12,815 
Other assets  1,652  775  72  806  1,652 
Total  16,048  9,940  4,906  1,203  16,048 
Total financial assets at fair value  29,125  17,425  7,614  4,086  29,125 
Other financial assets
Financial assets at amortised cost
Loans and receivables  371  —  —  370  370 
Total  371  —  —  370  370 
Group's financial assets, total  29,495  17,425  7,614  4,456  29,495 
SAMPO GROUP RESULTS FOR 2023
53

===== SIDA 54 =====

EURm
31 December 2022
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest rate derivatives  45  —  45  —  45 
Foreign exchange derivatives  7  —  7  —  7 
Other derivatives  3  —  3  —  3 
Total  55  —  55  —  55 
Total financial liabilities at fair 
value  55  —  55  —  55 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,983  1,409  478  —  1,887 
Debt securities in issue
Bonds  1,306  1,126  110  —  1,236 
Borrowings on Revolving Credit 
Facility  73  —  —  73  73 
Amounts owed to credit 
institutions  23  23  —  —  23 
Financial liabilities measured at 
amortised cost total  3,384  2,558  588  73  3,219 
Group financial liabilities, total  3,439  2,558  643  73  3,274 
SAMPO GROUP RESULTS FOR 2023
54

===== SIDA 55 =====

Transfers between levels 1 and 2
EURm 1-12/2023 1-12/2022
Transfers between levels 1 and 2
Transfers from 
level 2
to level 1
Transfers from 
level 1
to level 2
Transfers from 
level 2
to level 1
Transfers from 
level 1
to level 2
Financial assets at fair value through profit or loss
Debt securities  378  334  —  — 
Total  378  334  —  — 
Financial assets related to unit-linked insurance
Debt securities  13    6   
Total  13    6   
Financial assets available-for-sale
Debt securities  632    500   
Total  632    500   
Transfers are based mainly on the changes of trading volume information provided by an external service provider. 
Comparative year figures are presented in accordance with IAS 39 Financial Instruments: Recognition and 
Measurement. 
The comparative period includes Mandatum Group’s figures. For further information, please see note 11.
Sensitivity analysis of fair values
Sensitivities presented for the reporting period do not include Mandatum’s figures. The sensitivity of financial 
assets and liabilities to changes in exchange rates is assessed on business area level due to different base 
currencies. 
EURm 12/2023 12/2022
Recognised in 
profit or loss
Recognised in 
profit or loss
Recognised in 
equity
If
10 percentage point depreciation of all other currencies against SEK  4  13  2 
Topdanmark
10 percentage point depreciation of all other currencies against DKK  -1  -11 No impact
Hastings
10 percentage point depreciation of all other currencies against GBP  — n/a n/a
Holding
10 percentage point depreciation of all other currencies against EUR  -73 No impact  -109 
SAMPO GROUP RESULTS FOR 2023
55

===== SIDA 56 =====

The sensitivity analysis of the Group’s fair values of financial assets and liabilities in different market risk scenarios 
is presented in the following table. The effects represent the instantaneous effects of a one-off change in the 
underlying market variable on the fair values on 31 December 2023. The sensitivity analysis includes the effects of 
derivative positions. All sensitivities are calculated before taxes. 
EURm
Interest rate Interest rate Equity Other financial 
assets
1% parallel shift 
down
1% parallel shift 
up
20% fall in 
prices
20% fall in 
prices
Effect in profit/loss  358  -340  -266  -166 
Total effect  358  -340  -266  -166 
8 Movements in level 3 financial instruments measured at 
fair value 
EURm
Financial assets
At 1 Jan
Total gains/ 
losses in 
income 
statement
Purchases 
and re-
classifi-
cations
Sales
At 31 
December 
2023
Gains/ losses 
included in p/l 
for financial 
assets 
1-12/2023
Financial assets at fair value 
through profit or loss
Debt securities  134  1  11  -126  19  3 
Equity securities  763  -14  9  -28  730  -14 
Funds  212  0  —  -61  151  — 
Total  1,109  -13  20  -216  900  -11 
Mandatum Group’s financial instruments on level 3 are not included in the opening balance as the reclassification 
as discontinued operation took place during Q1/2023. For further information on classification of Mandatum Group 
as discontinued operation, please see note 11.
SAMPO GROUP RESULTS FOR 2023
56

===== SIDA 57 =====

EURm
Financial assets
At 1 
Jan
Total 
gains/ 
losses in 
income 
statement
Total 
gains/ 
losses 
recorded 
in other 
compre- 
hensive 
income
Purchases 
and re-
classifi-
cations
Sales Settle-
ments
Transfers 
from 
level 1 
and 2
Transfers 
to levels 
1 and 2
At 31 
Dec 
2022
Gains/ 
losses 
included 
in p/l for 
financial 
assets 
1-12/2022
Financial assets at 
fair value through p/l
Equity securities  —  —  —  425  —  —  —  —  425  — 
Debt securities  11  0  —  —  -6  —  —  —  5  1 
Total  11  0  —  425  -6  —  —  —  430  1 
Financial assets 
related to unit-linked 
insurance contracts
Equity securities  20  1  —  15  -5  —  —  —  31  1 
Debt securities  61  -8  —  108  -81  -23  40  -3  94  -8 
Funds  2,065  -16  —  598  -315  —  —  -5  2,327  -23 
Total  2,145  -22  —  721  -401  -23  40  -7  2,453  -30 
Financial assets 
available-for-sale
Equity securities  394  6  -41  2  -7  —  —  —  354  -41 
Debt securities  73  0  0  17  -18  —  —  -30  43  2 
Funds  1,078  11  -226  44  -101  —  —  —  806  -216 
Total  1,545  16  -267  64  -125  —  —  -30  1,203  -255 
Total financial assets 
measured at fair 
value  3,702  -6  -267  1,210  -533  -23  40  -37  4,086  -284 
Purchases and reclassifications include the reclassification of Nordax associate shares EUR 425 million to equity 
securities at fair value through p/l. The comparative period includes Mandatum Group’s figures. For further 
information, please see note 11.
1–12/2022
EURm
Realised gains 
and losses
Fair value gains 
and losses Total
Total gains or losses included in profit or loss for the financial year  -6  -267  -273 
Total gains or losses included in profit or loss for assets held at the end 
of the financial year  -17  -267  -284 
SAMPO GROUP RESULTS FOR 2023
57

===== SIDA 58 =====

Sensitivity analysis of level 3 financial instruments measured at fair value
12/2023 12/2022
EURm
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Carrying 
amount
Effect of 
reasonably 
possible 
alternative 
assumptions 
(+/-)
Financial assets at fair value through profit or loss 
(IFRS 9)
Debt securities  19  0  —  — 
Equity securities  730  -146  —  — 
Funds 151 -30  —  — 
Total  900  -176  —  — 
Financial assets available-for-sale (IAS 39)
Debt securities  —  —  43  -1 
Equity securities  —  —  354  -71 
Funds  —  —  806  -161 
Total  —  —  1,203  -233 
The comparative period includes Mandatum Group’s figures. For further information, please see note 11.
The value of financial assets regarding the debt security instruments has been tested by assuming a rise of 1 per 
cent in interest rate level in all maturities. For other financial assets, the prices were assumed to go down by 20 per 
cent. 
During the reporting period, on the basis of  these alternative assumptions, a possible change in interest levels 
would cause a reduction of EUR -0 million for the debt instruments, and EUR -176 million valuation loss for other 
instruments in the Group’s statement of  profit or loss. The reasonably possible effect, proportionate to the Group’s 
equity, would thus be 2.4 per cent.
During the comparison period, Sampo Group carried no investment risks related to unit-linked insurance, so a 
change in assumptions regarding these assets did not affect profit or loss. On the basis of these alternative 
assumptions, a possible change in interest levels would have caused a reduction of EUR -1 million for the debt 
instruments, and EUR -232 million valuation loss for other instruments in the Group’s other comprehensive income. 
The reasonably possible effect, proportionate to the Group’s equity, would have been 2.6 per cent.
SAMPO GROUP RESULTS FOR 2023
58

===== SIDA 59 =====

9 Insurance contract liabilities
Insurance liabilities reflect the liability the Group has for its insurance undertakings, in other words, the insurance 
contracts underwritten. The liability consists of two parts, the liability for remaining coverage and acquisition cash 
flow assets as well as the liability for incurred claims. 
The liability for remaining coverage relates to the obligation to investigate and pay valid claims that have not yet 
occurred. The liability consists of the premium payments received for insurance services to be provided after the 
closing date, i.e. relating to the unexpired portion of the insurance coverage, and adjusted for acquisition cash 
flows. The liability for incurred claims relates to the obligation to investigate and pay valid claims that have 
occurred. The liability is designed to cover anticipated future payments for all claims incurred, including claims not 
yet reported.
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  1,709  1,514 
Liability for incurred claims  10,007  9,376 
Insurance contract liability - contracts measured under GMM and VFA
Liability for remaining coverage  —  5,299 
Liability for incurred claims  —  22 
Total insurance contract liabilities  11,716    16,210   
EURm 12/2023 12/2022
The comparative period includes Mandatum Group’s figures. For further information, please see note 11.
10 Financial liabilities
Subordinated debt liabilities 
Subordinated loans  1,645  1,983 
Total subordinated debt liabilities  1,645  1,983 
Other financial liabilities
Derivative financial instruments  116  55 
Financial liabilities measured at amortised cost
Debt securities in issue  959  1,306 
Amounts owed to credit institutions  194  96 
Total financial liabilities measured at amortised cost  1,153  1,402 
Total other financial liabilities  1,269  1,457 
Total financial liabilities  2,914  3,439 
EURm 12/2023 12/2022
The comparative period includes Mandatum Group’s figures. For further information, please see note 11.
Hastings has a revolving credit facility with a financial institution totalling EUR 98 million, of which EUR 56 million 
was undrawn at the end of the reporting period. The revolving credit facility is maturing on 23 November 2024, 
after which the contract has an extension option of one more year. Hastings has an undrawn credit facility also 
with Sampo plc totalling EUR 86 million with a maturity date of 29 October 2026. 
SAMPO GROUP RESULTS FOR 2023
59

===== SIDA 60 =====

11 Discontinued operations
Mandatum Group’s business
Mandatum is a major financial services provider that combines expertise in money and life and offers customers a 
wide array of services covering asset and wealth management, savings and investment, compensation and 
rewards, pension plans and personal risk insurance. Mandatum offers services to three customer segments: 
corporate customers, retail customers as well as institutional and wealth management customers.
Mandatum was a wholly-owned direct subsidiary of Sampo plc. In Sampo Group financial reporting, it formed a 
reporting segment in accordance with IFRS 8 Operating Segments. Mandatum Group was presented as a 
discontinued operation, in accordance with IFRS 5 Non-current assets held for sale and discontinued operations, 
until the demerger on 1 October 2023. For more information related to classification of Mandatum, please see 
section Accounting principles. 
Key accounting principles 
Sampo Group applies IFRS 17 Insurance Contracts from 1 January 2023. The comparative information for the year 
2022 has been restated. Sampo Group applied the temporary exemption regarding the adoption of IFRS 9 
Financial Instruments and implemented IFRS 9 at the same time as IFRS 17 Insurance Contracts i.e. on 1 January 
2023. The IFRS 9 comparative figures 2022 are not restated. As the new standards, IFRS 17 Insurance Contracts 
and IFRS 9 Financial Instruments, are applied from 1 January 2023 in Sampo Group, Mandatum’s reporting is done 
in accordance with these standards as well. 
In the following chapters, the key accounting principles related to IFRS 17 Insurance Contracts in Mandatum Group 
are presented in short. New accounting principles related to IFRS 9 Financial Instruments are included in section 
Accounting principles. 
IFRS 17 Insurance Contracts 
General measurement model (GMM)
IFRS 17 introduces a general measurement model (GMM) applicable to all insurance contracts to measure insurance 
contract liabilities. In Mandatum, GMM is applied to with profit policies and risk policies. 
Under the general measurement, model insurance contracts are measured based on future cash flows, adjusted to 
reflect the time value of money, including a risk adjustment, and a contractual service margin (CSM). CSM 
represents the unearned profit that will be recognised when insurance contract services are provided in the future. 
On initial recognition, life operations measure a group of insurance contracts as the total of the fulfilment cash 
flows, comprising of estimates of future cash flows, discounting and risk adjustment for non-financial risk. In 
addition, the measurement includes the contractual service margin, which is measured at initial recognition on the 
group of the insurance contracts. 
For insurance contracts related to life operations, estimates of future cash flows are based on cash flow projections 
and are estimated until the maturity of the contract. Only risk policies with no death benefit or permanent disability 
cover are short term (yearly) contracts. Cash flows are estimated for every reporting period and assumptions are 
updated yearly or more often, if needed. 
Insurance acquisition cash flows are determined at inception of the group of insurance contracts. Insurance 
acquisition cash flows are considered directly attributable to a portfolio and are allocated to individual contracts.  
Where actual and expected acquisition cash flows are not equal at the end of the reporting period, an experience 
adjustment is recognized in the statement of profit or loss. 
Mandatum has determined the discount rates based on a top-down approach where a theoretical reference 
portfolio of assets is used to define the applicable discount curve, consisting of risk-free rate and illiquidity 
SAMPO GROUP RESULTS FOR 2023
60

===== SIDA 61 =====

premium. For insurance contracts without a direct participation feature, a so called locked-in rate is applied, 
meaning that the discount rate is determined at the initial recognition and is applied in the accretion of CSM.
IFRS 17 introduces an explicit risk adjustment included in the measurement of insurance liabilities. The risk 
adjustment reflects the cost of uncertainty associated with the amount and timing of cash flows arising from non-
financial risk and the degree of risk aversion. In Sampo Group the risk adjustment will be derived through a 
confidence level technique whereby management determines the appropriate quantile. The risk adjustment is 
calculated at the subsidiary level and aggregated into the consolidated Sampo Group level risk adjustment, without 
any diversification effects assumed. Under the general measurement model, the risk adjustment is included in the 
calculation of both LRC and LIC. In regards the risk adjustment, the following risks are considered in life operations: 
mortality, longevity, disability (including permanent disability), lapse and expense risk.
At the subsequent reporting periods, the amount of insurance liabilities is a sum of the LRC consisting of the 
present value of future cash flows for services that will be provided during future periods, risk adjustment, 
remaining CSM at that date and LIC. LIC includes reported but not settled claims and incurred but not reported 
claims.
Variable fee approach (VFA)
Under IFRS 17 the variable fee approach (VFA) is to be applied to direct participating insurance contracts. The 
variable fee approach represents a modification from the general measurement model where the treatment of 
contractual service margin is modified. The CSM is adjusted to reflect the variable nature of the fees, which 
represent the amount of the entity’s share of the fair value of underlying items. In Mandatum VFA is applied to 
unit-linked insurance contracts measured under IFRS 17. 
In addition,  a significant part of life insurance liabilities is under the scope of IFRS 9. Mandatum recognises these 
investment contract liabilities (unit-linked policies) at fair value through profit or loss. The fair value is based on the 
financial assets underlying these policies and recognised at FVPL.
Result of discontinued operations
Insurance revenue  255  328 
Insurance service expenses  -213  -292 
Reinsurance result  -1  -2 
Insurance service result  41  34 
Net investment result  658  -829 
Net finance income or expense from insurance contracts  -161  920 
Net result from investment contracts  -369  577 
Net financial result  127  668 
Other income  22  80 
Other expenses  -12  -59 
Finance expenses  -4  -6 
Share of associates' profit or loss  -1  0 
Profit before taxes  173  718 
Income taxes  -33  -139 
Discontinued operations, net of tax  140  579 
Other comprehensive income from discontinued operations, net of tax  —  -484 
Total comprehensive income from discontinued operations  140  94 
EURm 1-9/2023 1-12/2022
The profit from the discontinued operations and total comprehensive income for the discontinued operations is 
attributable entirely to the owners of the parent. 
SAMPO GROUP RESULTS FOR 2023
61

===== SIDA 62 =====

Profit from discontinued operations, amounting to 251 million, includes Mandatum’s result until 30 September 2023 
amounting to 140 million, the difference from the derecognition of the dividend liability amounting to 9 million and 
the recognition of loan receivable from Mandatum amounting to 102 million. Earnings per share from discontinued 
operations was EUR 0.5. 
Effect on the financial position of the Group 
Assets
Property, plant and equipment  24 
Investment property  132 
Intangible assets  172 
Investments in associates  3 
Financial assets  3,555 
Financial assets related to unit-linked contracts   10,979 
Insurance contract assets  9 
Reinsurance contract assets  1 
Other assets  188 
Cash and cash equivalents  673 
Assets  15,736 
Liabilities
Insurance contract liabilities  5,290 
Investment contract liabilities  7,972 
Subordinated debts  250 
Other financial liabilities  22 
Deferred income tax  133 
Other liabilities  244 
Liabilities  13,910 
EURm 9/2023
Cash flows from discontinued operations 
Net cash flows from operating activities  173  -129 
Net cash flows from investing activities  20  -8 
Net cash flows from financing activities  -280  -166 
Total cash flows  -88  -303 
EURm 1-9/2023 1-9/2022
Cash flows from financing activities include an internal dividend of EUR 150 million (150) and a group contribution of EUR 29 million 
(15) to Sampo plc. In addition, Mandatum repaid the subordinated loan to Sampo plc EUR 100 million in September 2023.
SAMPO GROUP RESULTS FOR 2023
62

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12 Business operations divested
Topdanmark Forsikring's life and pension business
On 18 March 2022, Sampo's subsidiary Topdanmark Forsikring A/S signed an agreement to divest of Topdanmark 
Liv Holding A/S and all of its subsidiaries to Nordea Life Holding AB. Illness and Accident in the Liv Holding Group 
were included in the divested operations. The transaction was approved by regulatory authorities and the 
transaction was completed on 1 December 2022.
In Sampo Group, Topdanmark Life’s operations had been reported as part of Topdanmark’s segment. As 
Topdanmark’s life business did not represent a major line of business or geographic area of operations for Sampo 
Group, assets and liabilities related to Topdanmark Life’s operations were classified to non-current assets held for 
sale, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
Results of divested operation
Insurance revenue  244 
Insurance service expenses  -194 
Reinsurance result  2 
Insurance service result  52 
Net investment result  -1,114 
Net finance income or expense from insurance contracts  1,106 
Net financial result  -9 
Other income  3 
Other expenses  -13 
Profit before taxes  32 
Income taxes  -2 
Divested operations, net of tax  31 
Sales gain  117 
Net profit from the divested operations  148 
EURm 1-11/2022
Due to the disposal, trademark related to Topdanmark Life was derecognised in the statement of profit in the 
Group, totalling EUR -46 million.
SAMPO GROUP RESULTS FOR 2023
63

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13 Business combinations
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S, owner of Dansk 
Sundhedssikring A/S (DSS), PrimaCare A/S and DSS Hälsa AB. DSS is an insurance company that offers health 
insurance to companies and private individuals. PrimaCare A/S is a network healthcare company providing 
physiotherapy, chiropractic and psychology services to insurance companies. DSS Hälsa AB is an insurance agency 
in Sweden providing health insurance products and administration in connection with the insurance policies. 
The purchase price includes goodwill of EUR 237 million (DKK 1,770 million) which relates to the unique business 
model and operational setup of DSS. Goodwill will not be deductible for income tax purposes. The following table 
summarises the consideration paid for Oona Health and the assets acquired and liabilities assumed at the 
acquisition date. 
EURm 1 Dec 2023
Cash  257 
Contingent consideration  12 
Total purchase price  269 
Acquisition related costs  5 
 Identified assets acquired and liabilities assumed
Financial assets  39 
Cash and cash equivalents  8 
Intangible asset  87 
Other assets  11 
Total assets  146 
Insurance contract liabilities  18 
Other liabilities  96 
Total liabilities  114 
Total identifiable net assets  31 
Goodwill  237 
Purchase price  269 
In accordance with the purchase agreement Topdanmark A/S took over 97% of the shares of Oona Health A/S at 
closing and will acquire the remaining 3% at a purchase price which is variable and dependent on profit after tax in 
2026. 
The intangible assets include customer relationships of EUR 72 million (DKK 535 million) and trademarks of EUR 7 
million (DKK 50 million). The revenue included in the statement of comprehensive income since 1 December 2023 
contributed by Oona Health A/S was EUR 12 million (DKK 93 million) and profit EUR 2 million (DKK 14 million). 
The following table summarises the acquired assets and assumed liabilities: 
 
EURm 12/2023
Assets and liabilities 
Tangible and intangible assets  326 
Financial assets  39 
Other assets  9 
Cash and cash equivalents  8 
Total assets  383 
Insurance contract liabilities  18 
Other liabilities  108 
Total liabilities  126 
Total consideration paid in cash  257 
SAMPO GROUP RESULTS FOR 2023
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14 Contingent liabilities and commitments
EURm 12/2023 12/2022
Off-balance sheet items
Guarantees  9  9 
Investment commitments  15  2,069 
IT acquisitions  1  11 
Other  2  2 
Total  27  2,091 
The comparative period includes Mandatum Group’s figures. The investment commitments in the upper table in 2022 were for the 
most part Mandatum’s commitments to private equity and credit funds.  For further information, please see note 11.
Assets pledged as collateral for liabilities or contingent liabilities
12/2023 12/2022
EURm Assets pledged Liabilities/ 
commitments Assets pledged Liabilities/ 
commitments
Assets pledged as collateral
Investment securities  408  293  362  169 
Subsidiary shares  91  27  94  28 
Cash and cash equivalents  63  36  19  32 
Total  561  356  476  230 
Assets pledged as security for derivative 
contracts
Investment securities  9  8 
Cash and cash equivalents  42  60 
Assets pledged as security for insurance 
undertakings
Investment securities  399  354 
Assets pledged as security for loans
Shares in subsidiaries  91  94 
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Sampo and Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is subject to approvals from 
authorities. Sampo has granted a loan amounting to EUR 280 million to Mandatum, which still remains undrawn at 
the end of reporting period. The loan is expected to be repaid within a period of 4 years from its issuance.   
15 Subsequent events after the balance sheet date
Change in reference point for disaggregation of IFRS 17 discounting 
effects in If
On 18 January 2024, Sampo published a press release regarding technical changes in the calculation methodology 
for discounting effects in If. Following an analysis of the application of IFRS 17 over 2023 the reference point used 
in If P&C for disaggregation of IFRS 17 discounting effects has been changed from the beginning of year to the 
beginning of quarter. The change in reference point impacts on the split of discounting effects between the 
insurance service result ( ISR) and insurance finance income or expenses (IFIE), but not profit before taxes. This 
reflects the Group’s practice of providing financial results for individual quarters, and a desire to align more closely 
with common market practice and the approach taken by other Group companies. For more information, please 
see accounting principles. 
SAMPO GROUP RESULTS FOR 2023
65

===== SIDA 66 =====