Kvartalsrapport Q4 2025

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====



===== SIDA 2 =====

Contents
Summary    .............................................................................................................................................................................. 3
Group CEO’s comment    ................................................................................................................................................... 4
Outlook    ................................................................................................................................................................................. 5
Operating environment and assumptions   ...................................................................................................................... 5
Outlook for 2026    ..................................................................................................................................................................... 5
The major risks and uncertainties for the Group in the near-term  ........................................................................ 6
Financial overview    ........................................................................................................................................................... 7
Financial highlights    .......................................................................................................................................................... 8
Fourth quarter 2025 in brief   ........................................................................................................................................ 10
Dividend proposal   ............................................................................................................................................................ 11
Dividend payment  ................................................................................................................................................................... 11
Financial position  ..................................................................................................................................................................... 11
Segments    ............................................................................................................................................................................. 12
Private Nordic    ........................................................................................................................................................................... 12
Private UK    .................................................................................................................................................................................. 14
Nordic Commercial      ................................................................................................................................................................. 16
Nordic Industrial     ..................................................................................................................................................................... 17
Net financial result and other items  .......................................................................................................................... 18
Financial position    ............................................................................................................................................................. 19
Group solvency    ........................................................................................................................................................................ 19
Financial leverage position    .................................................................................................................................................. 19
Ratings    ........................................................................................................................................................................................ 19
Other developments   ....................................................................................................................................................... 20
Conversion of Sampo's Swedish Depositary Receipts  ............................................................................................... 20
Shares and shareholders    ....................................................................................................................................................... 20
Remuneration     ........................................................................................................................................................................... 21
Personnel    .................................................................................................................................................................................... 21
Events after the end of the reporting period ................................................................................................................ 21
Calculation of key figures   ............................................................................................................................................. 25
Tables     .................................................................................................................................................................................... 28
Statement of profit and other comprehensive income    ............................................................................................. 28
Consolidated balance sheet     ................................................................................................................................................ 29
Statement of changes in equity   ......................................................................................................................................... 30
Statement of cash flows     ....................................................................................................................................................... 31
Notes   ..................................................................................................................................................................................... 32
Accounting principles    ............................................................................................................................................................ 32
Segment information    ............................................................................................................................................................. 34
Other notes   ......................................................................................................................................................................... 37
1 Insurance service result    ...................................................................................................................................................... 37
2 Net investment income   ...................................................................................................................................................... 38
3 Net finance income or expense from insurance contracts   ................................................................................... 39
4 Other income   ........................................................................................................................................................................ 39
5 Intangible assets    ................................................................................................................................................................. 39
6 Financial assets      ................................................................................................................................................................... 40
7 Determination and hierarchy of fair values    ............................................................................................................... 41
8 Movements in level 3 financial instruments measured at fair value    ................................................................. 47
9 Insurance contract liabilities     .......................................................................................................................................... 49
10 Financial liabilities    ............................................................................................................................................................. 50
11 Acquisition of Topdanmark's non-controlling interest     ......................................................................................... 51
12 Contingent liabilities and commitments     ................................................................................................................... 52
13 Subsequent events after the balance sheet date       .................................................................................................. 52
SAMPO GROUP RESULTS FOR 2025
2

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

Sampo Group’s results for 2025
• Like-for-like top-line growth came in at 8 per cent on the back of strong performance across 
private and SME lines both in the Nordics and in the UK.
• The underwriting result increased by 12 per cent on a currency adjusted basis to EUR 1,485 million, 
and the combined ratio improved by 0.7 percentage points to 83.6 per cent.
• Operating EPS strengthened by 7 per cent on the increase in the underwriting result.
• Reported EPS increased by 65 per cent, driven by EUR 540 million net gain on the Group’s 
investment in NOBA.
• Solvency II coverage stood at 174 per cent, net of the proposed dividend, and financial leverage 
amounted to 23.6 per cent.
• The Board proposes a regular dividend of EUR 0.36 per share, representing 6 per cent increase.
• Sampo expects to achieve an insurance revenue of EUR 9.5-9.8 billion and to deliver an 
underwriting result of EUR 1,485-1,600 million in 2026.
“In 2025, Sampo delivered another year of consistent execution of our organic growth 
strategy. Our strong result shows that we continue to benefit from our scale and unique 
market positions, and that the investments we have made in digital sales and service 
capabilities are paying off. Looking to 2026, Sampo is in a good position to deliver on its 
financial targets and to continue to provide resilient value creation to shareholders.” 
Morten Thorsrud, CEO of Sampo Group 
Key figures
EURm 10–12/2025 10–12/2024 Change, % 2025 2024 Change, %
Gross written premiums  2,277  2,212  3  10,738  9,931  8 
Insurance revenue, net  2,322  2,172  7  9,078  8,386  8 
Underwriting result  364  361  1  1,485  1,316  13 
Net financial result  375  62  501  1,210  636  90 
Profit before taxes  668  219  205  2,436  1,559  56 
Net profit  538  180  198  1,998  1,154  73 
Operating result  312  347  -10  1,343  1,193  13 
Earnings per share (EUR)  0.20  0.06  216  0.74  0.45  65 
Operating EPS (EUR)  0.12  0.13  -10  0.50  0.47  7 
10–12/2025 10–12/2024 Change 2025 2024 Change
Risk ratio, %  59.3  57.5  1.9  58.3  59.0  -0.7 
Cost ratio, %  25.0  25.9    -0.9  25.4  25.3  0.1 
Combined ratio, %  84.3  83.4  1.0  83.6  84.3  -0.7 
Solvency II ratio (incl. dividend 
accrual), %  —  —  —  174  177  -3 
Gross written premiums (GWP) and insurance revenue include broker revenues. Like-for-like GWP growth is calculated by using 
constant currency rates and it is adjusted to exclude potential technical items affecting comparability, such as portfolio transfers, 
changes in inception dates for large contracts, and changes in accounting methods. Net profit for the comparison period refers to 
Net profit for the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025. 
The figures in this report have not been audited.
SAMPO GROUP RESULTS FOR 2025
5 February 2026
3

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

Group CEO’s comment
Sampo delivered excellent operational performance throughout the year. Backed by strong top-line 
growth and disciplined delivery on margins, the underwriting result increased by 12 per cent on a 
currency adjusted basis. This, combined with a robust investment return of 7.6 per cent, including a 
EUR 540 million gain on our NOBA holding, drove an increase in net income to EUR 2.0 billion. 
In 2025, Sampo delivered another year of consistent execution of our organic growth strategy. Our strong result 
shows that we continue to benefit from our scale and unique market positions, and that the investments we have 
made in digital sales and service capabilities are paying off.
In Private Nordic, digital sales increased by 15 per cent over the year, and we achieved our operational ambition one 
year ahead of schedule. A good example of the compelling cross-selling opportunities that our advanced digital 
capabilities enable is personal insurance, where penetration in the Nordics is still relatively low but growing fast. Our 
personal insurance business delivered 11 per cent GWP growth, propelled by the addition of 30,000 insured persons 
over the year.
Furthermore, as we have anticipated, SMEs are following the same path as retail customers when it comes to 
adapting digital services. In Nordic Commercial, digital sales grew by 15 per cent and MyBusiness logins by 27 per 
cent over the year. In total, we gained over 3,200 new customers, of which over 1,100 in the fourth quarter alone. 
Geographically, we saw robust top-line development in all Nordic countries, but Norway stood out with growth of 16 
per cent in Nordic Private and 13 per cent in Nordic Commercial, as we continued to benefit from supportive market 
conditions. This came on the back of increase in the number of customers and objects both in retail and the SME side 
of the business.
Our scale, technical expertise, and digital capabilities give us an advantage in the partnership channel too. During 
2025, we have renewed all our material partnerships in all markets, including the Swedish mobility market, further 
manifesting our market-leading position as preferred partner within the industry. Furthermore, I’m encouraged by 
the fact that our substantially strengthened position in Denmark has enabled us to sign multiple new agreements 
with car brands in the country.
Although I see organic growth as the main driver of our underwriting profit growth, Sampo remains as focused on 
underwriting discipline and cost efficiency as ever. In 2025, we have shown that we are delivering on the synergies 
emerging from the integration of Topdanmark into the group, putting us firmly on track to achieve the planned 
synergies and cost ratio improvements. Further, we are showing discipline in areas where competition is tightening, 
such as the UK motor and Nordic Industrial lines market, and you can expect us to continue to do so in 2026.
Looking to 2026, Sampo is in a good position to deliver on its financial targets and to continue to provide resilient 
value creation to shareholders. We have set an outlook for the underwriting result of EUR 1,485 – 1,600 million, with 
the lower-end reflecting certain conservatism given the wintry Nordic weather conditions at the start of the year.
Finally, turning to capital returns, the Board has proposed a regular dividend of EUR 0.36 per share. This represents 
an increase of 6 per cent, in line with the medium-term trajectory outlined in our distribution policy update, which I 
believe ensures that we will be able to provide investors an attractive combination of progressive dividend income 
and share buybacks in the longer-term. In 2026, we see potential to top up operational capital generation with 
proceeds from further sell down of the Group’s legacy financial assets, assuming an attractive valuation can be 
attained, and the extension of our Partial Internal Model to fully cover our Danish business. With this in mind, we will 
revert to the Group’s excess capital position with our first quarter results.
Morten Thorsrud
Group CEO
SAMPO GROUP RESULTS FOR 2025
Group CEO’s comment
4

===== SIDA 5 =====

Outlook
Operating environment and assumptions
Operating conditions across Sampo’s business footprint remain broadly stable with increasing customer adoption 
of digital solutions across sales, service, and claims both in direct channels and partnerships. This enables the 
Group to continue to execute on its organic growth strategy. In general, competitive dynamics in the private 
businesses remain supportive albeit with some variation by markets, with Norway still the most favourable, while 
the UK has continued to see falling market pricing that makes growth at target margins increasingly challenging in 
the short-term. Competitive conditions in the Nordic SME market remain stable, while the large commercial 
segment saw an increase in price competition over 2025, which is expected to carry into 2026. 
Following several years of relatively high levels of claims inflation, underlying claims cost trends have returned to 
long-term average levels across Sampo’s major markets, with only Norway still somewhat elevated. However, the 
Nordics have seen wintry weather conditions at the beginning of 2026, creating some uncertainty around severe 
weather claims costs for the first quarter. Sampo’s outlook is based on a range of assumed outcomes on weather, 
large claims, prior year development, and discount rates around expected budget levels with the lower end 
representing a materially adverse outcome on one or several variables.
Sampo remains a disciplined underwriter, firmly committed to reflecting expected claims cost development in its 
pricing. Underwriting margins in 2026 are expected to benefit from synergies related to the integration of 
Topdanmark into the group, driving profit and Nordic cost ratio improvements in line with communicated 
operational ambitions. 
Outlook for 2026
The outlook for Sampo Group’s 2026 financial performance is:
• Group insurance revenue: EUR 9.5–9.8 billion, representing growth of 5–8 per cent year-on-year. 
• Group underwriting result: EUR 1,485–1,600 million, representing growth of 0-8 per cent year-on-year.
Any forecast of Sampo’s underwriting result is subject to estimates for weather claims, large claims, prior year 
development, and certain other items that may vary periodically and are out of Sampo’s control, meaning regular 
updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget 
levels are typical on a quarterly basis, and Sampo intends to broadly reflect these in the outlook statement in its 
quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from returns 
on its investment portfolio and insurance finance income and expense, meaning changes in the outlook cannot be 
assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial result. 
The outlook for 2026 is consistent with Sampo’s 2024–2026 financial targets of delivering a combined ratio below 
85 per cent annually and operating EPS growth of more than 9 per cent annually on average. The outlook is subject 
to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and 
competitive dynamics. Revenue forecasts, in particular, are subject to competitive conditions, which may change 
rapidly in some areas, such as the UK motor insurance market. The revenue and underwriting profit figures in the 
outlook are based on currency exchange rates as of the latest reporting date. 
A full explanation of the alternative performance metrics used in the Outlook can be found in the section 
Calculation of key figures.
SAMPO GROUP RESULTS FOR 2025
Outlook
5

===== SIDA 6 =====

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, the sources of risks are the same, although they 
are not directly additive due to the effects of diversification. 
Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. 
The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential 
outcomes. Macroeconomic and financial market developments affect Sampo Group primarily through the market 
risk exposures it carries via its insurance company investment portfolios, and insurance liabilities. Over time, 
adverse macroeconomic effects could also have an impact on Sampo’s operational business, for example, by 
reducing economic growth or increasing claims costs. 
Euro area inflation is currently expected to stay close to the central bank target. However, the future development 
of consumer prices is uncertain. The impact of trade restrictions on inflationary pressures has remained muted but 
may intensify again, and energy prices continue to be vulnerable to geopolitical events. Furthermore, domestic 
price pressures could continue to keep inflation elevated unless labour markets continue to loosen as currently 
expected. This in turn creates uncertainty on the future path for interest rates. At the same time, trade disputes are 
expected to depress economic growth in Europe as investments and consumption are held back. These 
developments may lead to both a significant slowdown in economic growth and a deterioration in the debt service 
capacity of businesses, households, and governments, raising the risk of abrupt asset repricing in financial markets. 
Furthermore, geopolitical risks may have major economic effects. These developments are currently causing 
significant uncertainties in economic and capital market development. At the same time, rapidly evolving hybrid 
threats create new challenges for states and businesses. There are also a number of widely identified 
macroeconomic, political, and other sources of uncertainty which can, in various ways, affect the financial services 
industry in a negative manner. 
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified 
trends and potential wide-impact events, sometimes also driven by regulatory uncertainty. These external drivers 
may have a long-term impact on how Sampo Group’s business will be conducted. Examples of identified trends are 
demographic changes, climate change, and technological developments in areas such as artificial intelligence and 
digitalisation including threats posed by cybercrime.
SAMPO GROUP RESULTS FOR 2025
Outlook
6

===== SIDA 7 =====

Financial overview
10–12/2025 10–12/2024 2025 2024
Gross written premiums (incl. brokerage) EURm  2,277  2,212  10,738  9,931 
Insurance revenue (incl. brokerage), net EURm  2,322  2,172  9,078  8,386 
Claims incurred, net EURm  -1,377  -1,248  -5,290  -4,948 
Operating expenses and claims handling costs EURm  -581  -563  -2,302  -2,122 
Underwriting result EURm  364  361  1,485  1,316 
Net investment income EURm  358  70  1,285  888 
Net insurance finance income or expense EURm  17  -7  -74  -252 
Net financial result EURm  375  62  1,210  636 
Other items EURm  -71  -204  -259  -392 
Profit before taxes EURm  668  219  2,436  1,559 
Net profit EURm  538  180  1,998  1,154 
Key figures 
Earnings per share EUR  0.20  0.06  0.74  0.45 
Operating EPS EUR  0.12  0.13  0.50  0.47 
Risk ratio %  59.3  57.5  58.3  59.0 
Cost ratio %  25.0  25.9  25.4  25.3 
Combined ratio %  84.3  83.4  83.6  84.3 
Nordic operating cost ratio %  22.9  23.8  22.6  22.7 
Like-for-like GWP growth %  6  18  8  12 
Solvency II ratio (incl. dividend accrual) %  —  —  174  177 
Financial leverage %  —  —  23.6  26.9 
Return on equity own funds %  —  —  32.3  29.5 
Number of shares (end of reporting period) Millions — — 2,662 2,691
Average number of shares Millions — — 2,685 2,561
Nordic underlying development
Risk ratio %  59.7  58.9  59.8  61.0 
-Large claims %  -1.4  0.8  -1.1  1.2 
-Severe weather %  2.5  1.4  0.4  2.2 
-Prior year development, risk adjustment 
and other technical effects %  -1.6  -4.0  -0.1  -3.5 
-Discounting effect, current year %  -3.0  -2.8  -2.9  -2.8 
Underlying risk ratio %  63.2  63.5  63.5  63.8 
Segments
Private Nordic
Insurance revenue, net EURm  1,027  937  3,995  3,667 
Underwriting result EURm  183  175  715  628 
Combined ratio %  82.2  81.4  82.1  82.9 
Private UK
Insurance revenue (incl. brokerage), net EURm  513  452  2,000  1,659 
Underwriting result EURm  41  51  216  190 
Combined ratio %  91.9  88.7  89.2  88.5 
Live customer policies Millions — — 4.5 3.9
Nordic Commercial
Insurance revenue, net EURm  561  544  2,201  2,128 
Underwriting result EURm  96  99  376  352 
Combined ratio %  82.8  81.8  82.9  83.5 
Nordic Industrial
Insurance revenue, net EURm  145  167  584  657 
Underwriting result EURm  29  12  109  74 
Combined ratio %  79.7  92.6  81.3  88.7 
SAMPO GROUP RESULTS FOR 2025
Financial overview
7

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

Financial highlights for 2025
Sampo Group delivered strong results in 2025, supported by broad-based growth across private and 
SME lines and disciplined underwriting in a favourable claims environment. The underwriting result 
strengthened by 12 per cent on a currency adjusted basis to EUR 1,485 million, driving an operating 
EPS growth of 7 per cent.
Gross written premiums (GWP), including brokerage income, grew by 8 per cent both on a like-for-like basis and a 
reported basis to EUR 10,738 million (9,931) in 2025. Insurance revenue, including brokerage income, stood at EUR 
9,078 million (8,386), representing 8 per cent growth. 
The Group’s private businesses both in the Nordics and the UK continued to perform well, more than offsetting 
softer development seen within large corporates. Private Nordic delivered like-for-like GWP growth of 8.5 per cent 
on the back of high retention, rate actions, and continued positive development across growth areas. Personal 
insurance grew by 11 per cent year-on-year, while private property increased by 6 per cent. Motor recorded 10 per 
cent growth, benefiting from a recovery in Nordic new car sales, albeit from low levels. Digital sales continued to 
show strong momentum, growing by 15 per cent and hitting the EUR 175 million operational ambition a full year 
ahead of schedule, originally set for 2026. Geographically, Norway stood out, with 16 per cent growth driven by 
strong new sales and high retention.
Private UK reported solid development, delivering 13.0 per cent top-line growth on a like-for-like basis, supported 
by growth in home insurance, selective expansion in higher premium motor segments, and stronger retention in a 
softer pricing environment. UK live customer (LCP) policy count increased to 4.5 million, up 16 per cent year-on-
year, driven by growth in telematics, bike, van, and home insurance. 
Nordic Commercial reported like-for-like GWP growth of 5.9 per cent. The growth was supported by continued 
strong development in personal insurance and SME. Personal insurance grew by 13 per cent and SME increased by 
7 per cent. Meanwhile, retention remained high and broadly stable with solid renewals and a growing customer 
base. Digital sales increased by 15 per cent year-on-year. In Nordic Industrial, the intentional de-risking of large 
property exposures, combined with more competitive market conditions and lower project insurance, led to a -3.0 
per cent like-for-like GWP decline. 
The Group combined ratio improved by 0.7 percentage points year-on-year to 83.6 per cent (84.3), supported by 
lower large and weather claims. In the Nordics, the claims environment was favourable throughout the first nine 
months of 2025, reflecting benign weather conditions and a large claims outcome better than budget. In the fourth 
quarter, severe storm activity led to elevated claims. As a result, severe weather and large claims had a positive 
effect of 0.7 percentage points on the Nordic risk ratio, representing a material benefit compared to the 3.4 
percentage points negative effect in the comparison period. Further, the underlying trend remained positive with a 
0.3 percentage points improvement in the Nordic underlying risk ratio year-on-year. In the UK, underwriting 
margins were affected by the softer pricing environment but in line with target levels.
The Group cost ratio increased by 0.1 percentage points to 25.4 per cent (25.3). Meanwhile the Nordic operating 
cost ratio improved by 0.1 percentage points year-on-year, or by 0.4 percentage points if corporate centre costs in 
Topdanmark had been fully included in the prior year, hence improving in line with targets. The Topdanmark 
integration has been progressing well, and synergies have emerged somewhat ahead of schedule. By the end of 
2025, EUR 37 million of the targeted EUR 140 million run-rate synergies for 2028 were realised. 
The underwriting result increased by 12 per cent on a currency adjusted basis and by 13 per cent on a reported 
basis to EUR 1,485 million (1,316), supported by solid top-line growth, a favourable claims experience, and the 
successful delivery of Topdanmark synergies.
The net financial result increased to EUR 1,210 million (636), driven by net investment income, primarily due to a 
EUR 540 million net gain, including FX effects, on the Group’s ownership in NOBA, as well as the insurance finance 
income or expense being materially better than in the comparison period.
SAMPO GROUP RESULTS FOR 2025
Financial highlights
8

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

Operating EPS increased by 7 per cent to EUR 0.50 (0.47) on the back of a higher underwriting result. 
The Group Solvency II coverage, net of the proposed dividend, stood at 174 per cent, up from 172 per cent at the 
end of September 2025 and down from 177 per cent at the end of 2024. The update in the Group’s Partial Internal 
Model is expected to be approved in the spring, and it is estimated to reduce the group-level solvency capital 
requirement by around EUR 60-90 million as communicated. Financial leverage amounted to 23.6 per cent at the 
year-end, down from 24.5 per cent at the end of September 2025 and from 26.9 per cent at the end of 2024. 
Sampo targets a solvency ratio of 150–190 per cent and a financial leverage of below 30 per cent. 
Sampo plc’s Board of Directors proposes a regular dividend of EUR 0.36 per share for 2025 to the Annual General 
Meeting to be held on 22 April 2026. This represents an increase of 6 per cent compared with the prior year regular 
dividend of EUR 0.34 per share.
In its outlook for 2026, Sampo expects to deliver insurance revenue of EUR 9.5-9.8 billion, representing growth of 
5-8 per cent and an underwriting result of EUR 1,485-1,600 million, implying a growth of 0-8 per cent. The outlook 
is consistent with Sampo’s financial targets of achieving a combined ratio below 85 per cent annually and 
operating EPS growth of more than 9 per cent on average over 2024-2026.
SAMPO GROUP RESULTS FOR 2025
Financial highlights
9

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

Fourth quarter 2025 in brief
The underwriting result improved in the fourth quarter, supported by continued top-line growth and 
solid underlying development, despite elevated storm-related claims.
GWP, including brokerage income, grew by 6 per cent year-on-year on like-for-like basis. On a reported basis, 
GWP increased by 3 per cent to EUR 2,277 million (2,212). Insurance revenue, including brokerage income, 
increased by 7 per cent to EUR 2,322 million (2,172). 
The Group’s top-line development remained underpinned by solid performance across private and commercial 
businesses. Private Nordic delivered like-for-like GWP growth of 7.0 per cent, driven by broad-based development 
across the main product lines, with 11 per cent growth in personal insurance and 5 per cent in private property. 
Digital sales increased by 21 per cent year-on-year. Meanwhile, Private UK recorded like-for-like growth of 4.8 per 
cent despite continued headwinds from lower market prices and lower activity on price comparison websites. 
Growth in the UK was underpinned by selective live customer policy growth in higher-premium segments. 
Nordic Commercial GWP grew by 6.4 per cent on a like-for-like basis, reflecting solid progress in key growth areas, 
including 11 per cent growth in personal insurance and 7 per cent growth in SME. In Nordic Industrial, like-for-like 
GWP grew by 1.9 per cent, supported by positive development in the property segments in Denmark and Finland, 
and recovered project insurance premiums. 
The Group combined ratio increased to 84.3 per cent (83.4), as periods of severe storm activity led to an elevated 
level of claims. In total, severe weather and large claims had a negative effect of 1.1 percentage points on the 
Nordic risk ratio, driven by severe weather, whereas the comparison period saw a negative effect of 2.2 percentage 
points. The Nordic underlying risk ratio improved by 0.3 percentage points year-on-year. In the UK, underwriting 
margins have softened as market prices have continued to deteriorate year-on-year.
The Group cost ratio improved by 0.9 percentage points to 25.0 per cent (25.9). The Nordic operating cost ratio 
improved by 0.9 percentage points to 22.9 per cent (23.8). The underwriting result grew by 1 per cent on a 
currency adjusted basis and on a reported basis to EUR 364 million (361).
Net financial result amounted to EUR 375 million (62), driven by EUR 173 million net gain, including FX effects, on 
NOBA. 
Operating EPS came in at EUR 0.12 (0.13), as a result of solid underwriting performance.
SAMPO GROUP RESULTS FOR 2025
Fourth quarter 2025 in brief
10

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

Dividend proposal
Sampo plc’s dividend policy is to pay a stable and sustainable regular dividend that grows in line with Sampo 
Group’s operating result over time. In addition to this, excess capital is returned through share buybacks and/or 
extra dividends, to the extent that it is not utilised to support business development. 
Pursuant to Sampo plc’s dividend policy applicable to the distribution of 2025 earnings, total annual dividends paid 
shall represent at least 70 per cent of Sampo Group’s operating result for the year. The Group’s operating result for 
the financial year 2025 amounted to EUR 1,343 million. The parent company’s distributable capital and reserves 
totalled EUR 8,150 million of which profit for the financial year 2025 was EUR 1,504 million. 
Based on the policies outlined above, the Board proposes to the Annual General Meeting that a total dividend of 
EUR 0.36 per share be paid, except for any shares held by Sampo plc on the dividend record date of 24 April 2026. 
The Board proposal to the Annual General Meeting corresponds to a total dividend of EUR 956 million in the 
aggregate, equating to a payout ratio of 71 per cent of the Group’s operating result for the financial year 2025. The 
remainder of the distributable funds are left in the company’s equity capital. After adjusting for the proposed 
dividend, the parent company’s 2025 year-end distributable funds amounted to approximately EUR 7,194 million 
and Group Solvency II ratio to 174 per cent. The Group’s 2025 year-end financial leverage was 23.6 per cent.
Dividend payment
The dividend is proposed to be paid to the shareholders registered in the company’s shareholders’ register 
maintained by Euroclear Finland Oy in Finland, Euroclear Sweden AB in Sweden or VP Securities A/S in Denmark 
as at the record date of 24 April 2026. For shareholders whose shares are registered with Euroclear Finland Oy, the 
payment date is on 5 May 2026. 
For shareholders whose shares are registered outside Finland, the dividend is paid in accordance with the practices 
of Euroclear Sweden AB and VP Securities A/S, and may occur at a later date.
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 2025
Dividend proposal
11

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

Segments
Private Nordic
Sampo operates in the Nordic private insurance market through a number of brands including If, 
Topdanmark, Volvia, and other white-label partnerships. Its business model is based on high 
customer satisfaction and leveraging the benefits from digital sales and service capabilities. In total, 
the Group serves around 3.7 million households in Sweden, Denmark, Norway, and Finland. 
EURm 10–12/2025 10–12/2024 Change, % 2025 2024 Change, %
Gross written premiums  991  942  5  4,183  3,872  8 
Insurance revenue, net  1,027  937  10  3,995  3,667  9 
Claims incurred, net  -629  -548  15  -2,431  -2,226  9 
Operating expense (incl. claims 
handling costs)  -216  -214  1  -849  -814  4 
Underwriting result  183  175  5  715  628  14 
Key ratios 10–12/2025 10–12/2024 Change 2025 2024 Change
Like-for-like GWP growth, %  7.0  —  —  8.5  —  — 
Risk ratio, %  61.2  58.5  2.7  60.9  60.7  0.2 
Cost ratio, %  21.0  22.8  -1.8  21.2  22.2  -1.0 
Combined ratio, %  82.2  81.4  0.9  82.1  82.9  -0.8 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
In 2025, Private Nordic delivered GWP growth of 8.5 per cent on a like-for-like basis. The growth was primarily 
driven by high customer retention, rate actions to cover claims inflation, and continued positive development in 
growth areas. Personal insurance saw growth of 11 per cent year-on-year, while private property grew by 6 per 
cent, meaning both product lines performed ahead of the operational ambition. 
In motor insurance, GWP grew by 10 per cent, benefiting from the rebound in Nordic new car sales, albeit from low 
levels. Nordic new car sales rose 10 per cent in 2025, driven by strong year-end demand in Norway due to the 
announced VAT changes. Meanwhile, Sweden, Private Nordic’s largest market for mobility, remained stagnated and 
saw only 1 per cent growth. 
Geographically, all countries recorded positive GWP growth during the year. Norway led the development with a 16 
per cent increase, driven by rate adjustments combined with strong new sales and high retention, resulting in 
growth in both customer numbers and insured objects.
The momentum in digital sales continued to be strong over the year with growth of 15 per cent year-on-year. This 
led to achieving the operational ambition of EUR 175 million for 2026 a full year ahead of schedule. Meanwhile, the 
share of online claims increased to 66 per cent in December, compared with 64 per cent for 2024.
Despite rate actions to mitigate the effects of claims inflation, the retention rate remained at the target level of >89 
per cent (89), with a growing customer base. Throughout the year, customer satisfaction for Private Nordic 
remained consistently high, reflecting a solid and consolidated trend.
In the fourth quarter, like-for-like GWP growth amounted to 7.0 per cent. The positive development was driven by 
strong performance across the main product lines and supportive market conditions.
SAMPO GROUP RESULTS FOR 2025
Segments
12

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

Underwriting performance
The underwriting result increased by 14 per cent to EUR 715 million (628) in 2025, and the combined ratio 
improved to 82.1 per cent (82.9). The positive development was supported by a stable risk ratio of 60.9 per cent 
(60.7). The year was characterised by favourable weather conditions and claims frequency development, except 
for the fourth quarter, which was impacted by two storms. 
The cost ratio for 2025 improved to 21.2 per cent (22.2) supporting the targeted efficiency improvements at Nordic 
level for the year. 
In the fourth quarter, the underwriting result grew by 5 per cent to EUR 183 million (175). This was driven by strong 
top-line growth but also supported by favourable exchange rate changes during the quarter. The combined ratio 
stood solid at 82.2 per cent (81.4). The cost ratio developed favourably, while the risk ratio was adversely impacted 
by storm events. Storm Amy in October primarily affected Norway, while Storm Johannes (known as Hannes in 
Finland) in late December hit Finland the hardest, leading to higher claims costs.
SAMPO GROUP RESULTS FOR 2025
Segments
13

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

Private UK
Sampo operates in the UK private insurance market through its brand Hastings, which is one of the 
leading digital P&C insurance providers focused on UK car, van, bike, and home insurance. The 
Group serves over 4 million UK customers and is specialised in price comparison distribution, 
advanced pricing, anti-fraud, and digital capabilities. 
EURm 10–12/2025 10–12/2024 Change, % 2025 2024 Change, %
Gross written premiums  622  627  -1  2,865  2,565  12 
Insurance revenue, net  513  452  14  2,000  1,659  21 
Claims incurred, net  -302  -245  24  -1,073  -868  24 
Operating expense (incl. claims 
handling costs)  -170  -156  9  -712  -601  19 
Underwriting result  41  51  -20  216  190  13 
Key ratios 10–12/2025 10–12/2024 Change 2025 2024 Change
Like-for-like GWP growth, %  4.8  —  —  13.0  —  — 
Risk ratio, %  58.8  54.2  4.6  53.6  52.3  1.3 
Cost ratio, %  33.2  34.5  -1.3  35.6  36.2  -0.6 
Combined ratio, %  91.9  88.7  3.3  89.2  88.5  0.7 
Gross written premiums and insurance revenue include broker revenues. All key figures in the table above are calculated on a net 
basis.
Premium development 
Private UK recorded a 13.0 per cent year like-for-like growth in GWP (including brokerage), with a higher policy 
count being offset against the earned impact of lower market-wide rates. Growth in home products and selective 
expansion in higher premium motor segments supported new customer acquisition, while reduced consumer 
m o v e m e n t  w i t h i n  a  d e c l i n i n g - p r i c e  e n v i r o n m e n t  c o n t r i b u t e d  t o  s t r o n g e r  p o l i c y  r e n e w a l  l e v e l s .  
Insurance revenue rose by 21 per cent year-on-year, driven by the combined effect of growth in the customer base 
and continued earning through of pricing increases from prior year. In total, live customer policies increased to 4.5 
million, representing 16 per cent growth year-on-year. This was driven by motor growing by 13 per cent, while 
home recorded a policy growth of 27 per cent.
The fourth quarter saw a like-for-like GWP growth of 4.8 per cent, supported by ongoing, albeit slowing, increases 
i n  a c t i v e  p o l i c y h o l d e r s ,  m o s t  n o t a b l y  w i t h i n  h i g h e r - v a l u e  p r o d u c t  c a t e g o r i e s .  T h i s  h e l p e d  t o  c o u n t e r a c t  t h e  b r o a d e r  
decline in market pricing and the associated reduction in customer switching volumes on comparison platforms. 
During the fourth quarter, the LCP growth slowed to 3 per cent, with 3 per cent growth both in motor and in home.
Underwriting performance
The underwriting result increased by 13 per cent to EUR 216 million (190) in 2025, reflecting a modest increase in 
the combined ratio on higher net insurance revenue. The risk ratio increased by 1.3 percentage points year-on-year 
to 53.6 per cent (52.3), with claims frequencies and severities tracking broadly in line with historically observed 
rates, and with common seasonal variances in the fourth quarter. The Group continued to adopt a highly 
conservative reserving approach during the year.  
Operating expenses increased by 19 per cent compared with the previous year. This was primarily driven by higher 
acquisition outflows linked to new policy growth, together with continued investment in service infrastructure and 
digital development. These investments have contributed towards record-high levels of customer satisfaction and 
reduced levels of customer complaints. In addition, the cost ratio reduced by 0.6 percentage points to 35.6 per 
cent (36.2) for the year as operating leverage begins to be visible. As a result of the above movements in the risk 
SAMPO GROUP RESULTS FOR 2025
Segments
14

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

ratio and the cost ratio, there was a slight increase in the combined ratio for the period from 88.5 per cent to 89.2 
per cent.
In the fourth quarter, the underwriting result decreased by 20 per cent to EUR 41 million (51). The decrease was 
driven by lower average risk adjusted premiums in a winter quarter that has seasonally higher claims, while the 
comparison period was boosted by excess margins following the peak in market prices. In addition, the result was 
affected by adverse currency exchange rate movements. The fourth quarter combined ratio amounted to 91.9 per 
cent (88.7).
SAMPO GROUP RESULTS FOR 2025
Segments
15

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

Nordic Commercial
Sampo operates in the Nordic commercial insurance market through its brands If, Topdanmark, and 
Dansk Sundhedssikring (Oona Health) with a particular focus on SMEs. In total, the Group serves 
around 460,000 commercial customers in Sweden, Denmark, Norway, and Finland.
EURm 10–12/2025 10–12/2024 Change, % 2025 2024 Change, %
Gross written premiums  401  383  5  2,391  2,173  10 
Insurance revenue, net  561  544  3  2,201  2,128  3 
Claims incurred, net  -324  -304  7  -1,285  -1,254  3 
Operating expense (incl. claims 
handling costs)  -140  -141  -1  -539  -522  3 
Underwriting result  96  99  -3  376  352  7 
Key ratios 10–12/2025 10–12/2024 Change 2025 2024 Change
Like-for-like GWP growth, %  6.4  —  —  5.9  —  — 
Risk ratio, %  57.8  55.9  1.9  58.4  58.9  -0.5 
Cost ratio, %  25.0  26.0  -1.0  24.5  24.5  — 
Combined ratio, %  82.8  81.8  1.0  82.9  83.5  -0.5 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
In 2025, Nordic Commercial delivered like-for-like GWP growth of 5.9 per cent. The positive development was 
supported by solid renewals and rate actions to mitigate claims inflation but was partly offset by effects from de-
risking and adjustment premiums related to workers’ compensation. The top-line development was supported by 
continued strong development in personal insurance, and growth of 7 per cent in the SME portfolio. Growth was 
particularly strong in Norway driven by repricing and volume. The retention rate remained high and largely stable 
throughout the year, accompanied by a growing customer base. 
In the fourth quarter, GWP growth on a like-for-like basis stood at 6.4 per cent, supported by strong development 
in key growth areas including 7 per cent growth in SME. 
In 2025, digital sales increased by 15 per cent year-on-year, in line with the ambition. There was also strong 
momentum in online claims and self-service solutions as customers continued to increasingly engage through 
digital channels.
Underwriting performance
During 2025, the underwriting result increased by 7 per cent to EUR 376 million (352), and the combined ratio 
improved to 82.9 per cent (83.5). This positive development for the year was supported by an improved risk ratio 
of 58.4 per cent (58.9), reflecting less frequency claims and favourable large claims development relative to 
budget. The cost ratio was unchanged compared to last year and stood at 24.5 per cent (24.5). 
In the fourth quarter, the underwriting result decreased by 3 per cent to EUR 96 million (99) and the combined 
ratio was 82.8 per cent (81.8), mainly driven by increased risk ratio year-on-year. The two major storms in the 
Nordic region had a negative impact on results, while a favourable large claims outcome and underlying 
improvement contributed to solid overall performance.
SAMPO GROUP RESULTS FOR 2025
Segments
16

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

Nordic Industrial
Sampo is the leading insurer of large corporates in the Nordics through the If brand. Corporates with 
turnover of more than SEK 500 million (approx. EUR 45 million), or more than 500 employees, are 
classified as Industrial customers. In total, the segment serves around 1,200 companies.
EURm 10–12/2025 10–12/2024 Change, % 2025 2024 Change, %
Gross written premiums  205  203  1  1,046  1,070  -2 
Insurance revenue, net  145  167  -13  584  657  -11 
Claims incurred, net  -82  -120  -32  -341  -455  -25 
Operating expense (incl. claims 
handling costs)  -34  -34  —  -134  -128  4 
Underwriting result  29  12  138  109  74  48 
Key ratios 10–12/2025 10–12/2024 Change 2025 2024 Change
Like-for-like GWP growth, %  1.9  —  —  -3.0  —  — 
Risk ratio, %  56.2  72.1  -15.9  58.4  69.2  -10.8 
Cost ratio, %  23.5  20.5  3.0  22.9  19.5  3.4 
Combined ratio, %  79.7  92.6  -12.9  81.3  88.7  -7.4 
All key figures in the table above are calculated on a net basis. Education and development costs are included in the cost ratio.
Premium development 
Nordic Industrial reported a GWP decline of -3.0 per cent on a like-for-like basis for 2025, while insurance revenue 
decreased by -11.0 per cent. The top-line development was impacted by softening market conditions, with lower 
new sales, combined with weaker year-on-year retention. The targeted de-risking measures introduced earlier in 
the year to ensure lower large claims volatility have now been largely implemented. While project insurance 
premiums were subdued for most of the year, they recovered in the fourth quarter. 
In the fourth quarter, like-for-like GWP growth came in at 1.9 per cent, mainly driven by positive development in 
the property segments in Denmark and Finland.
Underwriting performance
The underwriting result increased by 48 per cent to EUR 109 million (74) in 2025 and the combined ratio improved 
to 81.3 per cent (88.7). The positive development was driven by a strong risk ratio of 58.4 per cent (69.2), 
reflecting a favourable large claims outcome and benign frequency development throughout the year.
In 2025, the cost ratio deteriorated to 22.9 per cent (19.5), primarily due to lower premium volumes, while nominal 
cost development remained in line with targets.
In the fourth quarter, the underwriting result more than doubled to EUR 29 million (12) and the combined ratio 
improved to 79.7 per cent (92.6). Weather conditions were generally typical for the Nordic winter season, although 
the storms Amy and Johannes impacted the results. Aside from these storms, both large claims outcome and 
frequency development were favourable during the quarter.
SAMPO GROUP RESULTS FOR 2025
Segments
17

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

Net financial result and other items
EURm 10–12/2025 10–12/2024 Change, % 2025 2024 Change, %
Fixed income  137  143  -5  541  559  -3 
Equities  3  8  -61  28  37  -24 
Funds  3  4  -34  23  16  49 
Interest and dividend income  142  155  -8  592  612  -3 
Fixed income  -16  -48  -66  41  147  -72 
Equities  232  -25  —  648  81  700 
Funds  18  -3  —  83  70  20 
Net gains or losses  234  -76  —  772  298  159 
Other items  -18  -10  93  -80  -22  259 
Net investment income  358  70  413  1,285  888  45 
Unwind of discounting, net  -64  -54  17  -240  -238  1 
Changes in discount rates, net  69  43  59  183  -25  — 
Indexation of annuities, net  12  4  216  -17  11  — 
Insurance finance income or expense  17  -7  —  -74  -252  -71 
Net financial result  375  62  501  1,210  636  90 
Other income or expense  -21  -155  -87  -48  -210  -77 
Non-operational amortisations  -25  -23  8  -128  -79  62 
Finance expenses  -25  -26  -6  -83  -103  -20 
Total  -71  -204  -65  -259  -392  -34 
Key figures 10–12/2025 10–12/2024 Change 2025 2024 Change
Investment return, %  2.1  0.4  1.7  7.6  5.5  2.1 
Fixed income mark-to-market yield, %  —  —  —  3.6  4.2  -0.6 
Fixed income running yield, %  —  —  —  3.9  3.9  — 
Fixed income duration, years  —  —  —  2.3  2.3  — 
In the third quarter of 2025, the reporting method regarding investment income in the table above was changed so that interest 
income on bank accounts and assets at amortised cost have been moved from Other items to Fixed income under Interest and 
dividend income. The figures for the comparison periods have been restated as well. 
The Group’s net investment income increased by 45 per cent to EUR 1,285 million (888) in 2025. The increase was 
primarily driven by EUR 540 million net gain, including FX effects, on NOBA. Meanwhile, interest and dividend 
income came in at EUR 592 million (612). In the fourth quarter, net investment income amounted to EUR 358 
million (70), including EUR 173 million net gain on NOBA.
The fixed income running yield stood at 3.9 per cent and the mark-to-market yield at 3.6 per cent at the end of 
2025, both slightly up from 3.8 per cent and 3.5 per cent, respectively, at the end of the third quarter. 
The Group’s investment portfolio amounted to EUR 17.8 billion at the end of 2025. Of this, 87 per cent was 
allocated to fixed income, 13 per cent to equities, and less than 1 per cent to alternative investments. The increase 
in equity exposure over the year was driven by the market value gain of NOBA following its IPO in September 
2025.
Insurance finance income or expense (IFIE) was EUR -74 million (-252), supported by positive effect from changes 
in discount rates over the year. As a result of both materially higher investment income and IFIE, the net financial 
result increased to EUR 1,210 million (636) for 2025. 
The non-operational amortisations included a negative one-off effect of EUR -26 million related to the Ballerup 
office in Denmark, and finance expenses included a positive one-off effect of EUR 20 million from the Tier 2 tender 
offer in September 2025, both booked in the third quarter. 
SAMPO GROUP RESULTS FOR 2025
Net financial result and other items
18

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

Financial position
Group solvency 
Sampo Group’s Solvency II ratio, net of the proposed dividend of EUR 0.36 per share, amounted to 174 per cent at 
the end of 2025. The ratio increased from 172 at the end of third quarter, supported by solid operating 
performance. The Group’s Solvency II own funds increased to EUR 6,059 million from 5,809 million at the end of 
September 2025. At the same time, the solvency capital requirement increased to 3,490 million from 3,376 million, 
driven by the NOBA value gain and increased symmetric adjustment. At the 2024 year-end, the Solvency II ratio 
was 177 per cent. Sampo targets a Solvency II ratio of 150 – 190 per cent.
Financial leverage position
Sampo Group’s financial leverage is calculated as Group financial debt divided by the sum of IFRS shareholders’ 
equity and financial debt. The Group targets financial leverage of below 30 per cent.
The Group’s shareholders’ equity (excluding Tier 1 instruments) amounted to EUR 7,794 million and financial debt 
to 2,402 million at the end of 2025, translating into a financial leverage of 23.6 per cent. The financial leverage 
improved from 24.5 per cent at the end of September 2025 and from 26.9 per cent at the end of 2024, driven 
mainly by retained earnings. The financial leverage figure includes restricted Tier 1 capital as debt.
More information on Sampo Group’s outstanding debt issues is available at www.sampo.com/debtfinancing.
Ratings
Relevant ratings for Sampo Group companies remained unchanged during the fourth quarter. The ratings on 31 
December 2025 are presented in the table below.
Rated company Moody’s Standard & Poor’s
Rating Outlook Rating Outlook
Sampo plc – Issuer Credit Rating A2 Stable A Stable
If P&C Insurance Ltd – Insurance Financial Strength 
Rating Aa3 Stable AA- Stable
If P&C Insurance Holding Ltd (publ) - Issuer Credit 
Rating - - A Stable
SAMPO GROUP RESULTS FOR 2025
Financial position
19

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

Other developments
Conversion of Sampo’s Swedish Depositary Receipts
On 5 November 2025, Sampo announced that it will request the termination of its Swedish Depositary Receipt 
(SDR) arrangement for the Sampo A share on Nasdaq Stockholm and will submit an application for its A Shares to 
be admitted to trading on Nasdaq Stockholm. All issued and outstanding SDRs will be delisted and converted into 
A Shares in connection with the listing, in accordance with the terms and conditions of the SDRs.
The advantages for Sampo and its shareholders, similarly to the listings on Nasdaq Helsinki and Nasdaq 
Copenhagen, include increasing the maximum available liquidity pool in the Swedish market to cover all issued A 
Shares, a smaller tick size on Nasdaq Stockholm in comparison to the one applicable for the SDRs, and the 
possibility for current SDR holders to exercise shareholder rights without the involvement of SEB as an 
intermediary. 
The applications to Nasdaq Stockholm for the delisting of the SDRs and the admission to trading of the A Shares 
were submitted after the end of the reporting period on 26 January 2026 and approved on 28 January 2026. The 
last trading day for SDRs will be 13 February 2026 and the first trading day for Sampo A shares will be 16 February 
2026.
Shares and shareholders
On 6 August 2025, Sampo announced a buyback programme of EUR 200 million, which started on 7 August 2025 
and was completed on 31 October 2025. Through the programme, Sampo repurchased 20.5 million A shares, 
representing 0.8 per cent of the total share count. The repurchased shares were cancelled on 5 November 2025.
On 5 November 2025, Sampo announced a new buyback programme of 150 million, which started on 6 November 
2025 and was completed after the reporting period on 30 January 2026. Through the programme, Sampo 
repurchased 8.9 million shares during the fourth quarter.
At the end of December 2025, Sampo’s total share count, net of repurchased shares, amounted to 2,661,808,524 
shares. Further details on the company’s share buyback programmes is available at www.sampo.com/
sharebuyback.
Share count development
A shares
of which held by 
the company B shares Total
2020 2,770,759,250 0 6,000,000 2,776,759,250
2021 2,770,759,250 -42,699,780 6,000,000 2,734,059,470
2022 2,581,897,560 -11,050,985 1,000,000 2,571,846,575
2023 2,507,983,760 0 1,000,000 2,508,983,760
2024 2,690,238,860 0 1,000,000 2,691,238,860
3/2025 2,690,238,860 0 1,000,000 2,691,238,860
6/2025 2,690,238,860 0 1,000,000 2,691,238,860
9/2025 2,690,238,860 -13,239,620 1,000,000 2,677,999,240
12/2025 2,669,754,027 -8,945,503 1,000,000 2,661,808,524
Repurchased own shares that were not yet cancelled at the end of each reporting period have been deducted from the total share 
count in the table above. All figures are adjusted for the share split in February 2025.
In January-December 2025, Sampo received one (1) flagging notification of change in holding pursuant to Chapter 
9, Section 5 of the Securities Markets Act, according to which the total number of Sampo A shares or related 
voting rights owned by BlackRock, Inc. and its funds directly or through financial instruments is above 5 per cent of 
SAMPO GROUP RESULTS FOR 2025
Other developments
20

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

Sampo’s total shares and voting rights. The reason for the notification by BlackRock, Inc. was the Group restructure 
following the acquisition of HPS Investment Partners (“HPS”). 
The latest notifications are available at www.sampo.com/flaggings.
Remuneration
A total of EUR -89 million (-62), including social costs, was paid as short-term incentives in January - December 
2025 in Sampo Group. In the same period, a total of -60 million (-43) was paid as long-term incentives. The costs 
of the long-term incentive schemes in force in Sampo Group amounted to EUR -25 million (-14). The terms of the 
long-term incentive schemes based on financial instruments of Sampo plc are available at www.sampo.com/
incentiveterms.
In March 2026, Sampo Group will publish its Remuneration Report for Governing Bodies 2025 at 
www.sampo.com/year2025 . The report is prepared in accordance with the Corporate Governance Code 2025, 
issued by the Securities Market Association and effective from 1 January 2025. The remuneration of the Group 
Executive Committee members (excluding the Group CEO) can be viewed at www.sampo.com/
remuneration_executive_committee.
Personnel
Sampo Group’s average number of employees (FTE) was 15,003 (14,280) in 2025. On 31 December 2025, the total 
number of employees was 15,224 (14,779). 
Sampo Group personnel by country
Country Average personnel (FTE) 
2025 %
Average personnel (FTE) 
2024 %
United Kingdom  4,439   30  3,710  26 
Denmark  2,824   19  2,971  21 
Sweden  2,537   17  2,486  17 
Finland  1,975   13  1,973  14 
Norway  1,695   11  1,680  12 
Other countries  1,534   10  1,460  10 
Total  15,003   100  14,280  100 
Events after the end of the reporting period
Update in Sampo’s distribution policy
On 5 February 2026, Sampo updated its distribution policy to enable the Group to continue to deliver an attractive 
mix of dividends and share buybacks as it moves forward as a focused P&C insurer. From 2026 onward, Sampo will 
gradually move to complementing its progressive dividend with share buybacks that represent up to one-third of 
distributions from operating earnings in a typical year. The update affects only the mix of capital returned and has 
no impact on the total volume of distributed to shareholders.
Given Sampo’s high financial strength and its resilient and cash generative business profile, the Board of Directors 
continues to believe that it is appropriate to return around 90 per cent of the Group’s operating result to 
shareholders annually. While implementing the increase in annual allocation toward share buybacks, Sampo 
remains committed to delivering progressive dividend per share development, broadly in line with recent years. In 
adverse years, the Group intends to keep the regular dividend per share stable.
SAMPO GROUP RESULTS FOR 2025
Other developments
21

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

Sampo Group’s updated distribution policy (applied from 2026 onwards)
Sampo aims to return capital through a reliable and progressive regular dividend complemented by share 
buybacks. To ensure that the Group’s balance sheet remains both strong and efficient, as defined by its capital 
management framework, Sampo may take additional action to return excess capital or to protect the balance 
sheet.
In a typical year, Sampo expects to return around 90 per cent of its operating result to shareholders through 
dividends and share buybacks, of which its annual dividend is expected to represent more than two-thirds.
Proposals to the AGM of 2026
On 4 February 2026, the Nomination and Remuneration Committee of Sampo plc’s Board of Directors made its 
proposals for number, members and remuneration of the Board of Directors.
The Nomination and Remuneration Committee of the Board of Directors proposes to the Annual General Meeting 
to be held on 22 April 2026 that the number of Board members remain unchanged and that eight members be 
elected to the Board. The Committee proposes that the current members of the Board Steve Langan, Sara Mella, 
Risto Murto, Antti Mäkinen, Markus Rauramo, Astrid Stange and Annica Witschard be re-elected for a term 
continuing until the close of the next Annual General Meeting. Of the current members, Christian Clausen is not 
available for re-election. 
The Committee proposes that Andreas Brandstetter, CEO of UNIQA Insurance Group, be elected as a new member 
to the Board. Andreas Brandstetter has close to three decades of experience in the P&C insurance industry, 
marked by a distinguished and steadily advancing career at UNIQA Insurance Group. 
The Nomination and Remuneration Committee will propose to the Board that it elects Antti Mäkinen as the Chair of 
the Board and Risto Murto as the Vice Chair.
The Nomination and Remuneration Committee of the Board of Directors proposes to the Annual General Meeting 
that the following annual fees be paid to the members of the Board of Directors until the close of the next Annual 
General Meeting:
• EUR 250,000 for the Chair of the Board (prev. EUR 243,000);
• EUR 144,000 for the Vice Chair of the Board (prev. EUR 140,000);
• EUR 111,000 for each member of the Board (prev. EUR 108,000);
• EUR 30,000 for the Chair of the Audit Committee as an additional annual fee (prev. EUR 30,000); 
• EUR 15,000 for each member of the Audit Committee as an additional annual fee (prev. EUR 6,800);
• EUR 20,000 for the Chair of the Nomination and Remuneration Committee as an additional annual fee (new 
committee fee); and
• EUR 10,000 for each member of the Nomination and Remuneration Committee as an additional annual fee (new 
committee fee) 
A Board member must acquire Sampo plc A shares at the price paid in public trading with 50 per cent of his/her 
annual fee after the deduction of taxes, payments and potential statutory social and pension costs. 
Notwithstanding this, a Board member is not required to purchase any additional Sampo plc A shares if the Board 
member owns such amount of said shares that their value is equivalent to twice the respective Board member’s 
gross annual fee. 
A Board member shall be obliged to retain the Sampo plc A shares purchased pursuant to this proposal under his/
her ownership for two years from the purchasing date. The disposal restriction on the Sampo shares shall, however, 
be removed earlier in case the director’s Board membership ends prior to the release of the restricted shares i.e. 
the shares will be released simultaneously when the term of the Board membership ends. 
SAMPO GROUP RESULTS FOR 2025
Other developments
22

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

The proposals and the CV of Andreas Brandstetter are available at www.sampo.com/boardproposals. 
Share buyback programme
Sampo’s EUR 150 million share buyback programme announced on 5 November 2025 continued after the end of 
the reporting period and was completed on 30 January 2026. Sampo repurchased 15,079,201 shares through the 
programme at an average price of EUR 9.95 per share. This corresponds to 0.56 per cent of the total share count 
prior to the start of this programme.
The buyback programme was based on the authorisation granted by the Annual General Meeting held on 23 April 
2025. Further information on share buybacks is available at www.sampo.com/sharebuyback.
SAMPO PLC
Board of Directors
SAMPO GROUP RESULTS FOR 2025
Other developments
23

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

Conference call
A conference call for investors and analysts will be arranged today 5 February 2026 at 10:30 am Finnish time (8:30 
am UK time). 
To ask questions, please join the teleconference by registering using the following link:  
https://events.inderes.com/sampo/q4-2025-y6emjr90zj/dial-in
Upon registration, you will receive phone numbers as well as a conference ID and user ID to access the conference. 
If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue.
The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript will 
later be available at the same address.
For more information, please contact
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Mirko Hurmerinta, Investor Relations Manager, tel. +358 10 516 0032
Antti Järvenpää, Investor Relations Specialist and Media Relations, tel. +358 10 516 0035
The Investor Presentation and a video review with Group CEO Morten Thorsrud are available at
www.sampo.com/result.
Sampo will publish the Board of Directors’ Report and Financial Statements 2025 during week 12. The Interim 
Statement for January-March 2026 will be published on 6 May 2026.
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
FIN-FSA
The principal media
www.sampo.com
SAMPO GROUP RESULTS FOR 2025
Further information
24

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

Calculation of key figures
Return on equity own funds, %
+ operating result (annualised)
x 100 %
+ Unrestricted Tier 1 Own funds
(average of values 1 Jan. and the end of reporting period)
Financial leverage1
financial debt
x 100 %equity (excluding Tier 1 instruments) + financial debt
1The Group’s financial leverage includes only long-term funding.
Like-for-like GWP growth, %
Like-for-like GWP growth is calculated by using constant currency rates and it is adjusted to 
exclude potential technical items affecting comparability, such as portfolio transfers, changes 
in inception dates for large contracts and changes in accounting methods. 
Insurance revenue, net
+ insurance revenue, gross
- reinsurers' share of insurance revenue
- quota share premium expense (Private UK)
insurance revenue, net
Underwriting result
+ insurance revenue, net
+ other income (Private UK)
- claims incurred
- operating expenses
underwriting result
Operating result
+ P&C operations’ (incl. Sampo plc) profit after tax
- non-controlling interest in P&C operations
- unrealised gains/losses on investments (excl. derivatives) in P&C operations
- result effect from changes in discount rates in P&C operations
- non-operational amortisations in P&C operations
- non-recurring items
- adjustment on taxes
operating result
Combined ratio, %
+ claims incurred
+ operating expenses
x 100 %
+ insurance revenue, net
+ other revenue (Private UK)
SAMPO GROUP RESULTS FOR 2025
Calculation of key figures
25

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

Risk ratio, %
+ claims incurred
– claims handling costs
x 100 %insurance revenue, net
Nordic underlying risk ratio, % 
(includes Private Nordic, Nordic Commercial, Nordic Industrial and certain minor items from 
Other operations)
Risk ratio, %
–   Large claims, %
–   Severe weather, %
–   Prior year development, risk adjustment and other technical effects, %
–   Discounting effect, current year, %
Underlying risk ratio, %
Cost ratio, %
+ operating expenses
+ claims handling costs
x 100 %insurance revenue, net
Nordic operating cost ratio, %
(includes Private Nordic, Nordic Commercial, Nordic Industrial and Other operations excluding 
internal reinsurance)
+ operating expenses
+ claims handling costs
x 100 %insurance revenue, net
Per share key figures
Earnings per share
profit for the financial period attributable to owners of the parent
adjusted average number of shares
Operating earnings per share
operating result
adjusted average number of shares
SAMPO GROUP RESULTS FOR 2025
Calculation of key figures
26

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

Exchange rates used in reporting
1–12/2025 1–9/2025 1–6/2025 1–3/2025 1–12/2024
EURSEK
Income statement (average) 11.0680 11.1076 11.1000 11.2368 11.4345
Balance sheet (at end of period) 10.8215 11.0565 11.1465 10.8490 11.4590
DKKSEK
Income statement (average) 1.4827 1.4882 1.4873 1.5061 1.5327
Balance sheet (at end of period) 1.4489 1.4811 1.4940 1.4540 1.5365
NOKSEK
Income statement (average) 0.9444 0.9485 0.9516 0.9643 0.9831
Balance sheet (at end of period) 0.9137 0.9429 0.9419 0.9506 0.9715
EURDKK
Income statement (average) 7.4635 7.4617 7.4608 7.4600 7.4589
Balance sheet (at end of period) 7.4689 7.4649 7.4609 7.4613 7.4578
EURGBP
Income statement (average) 0.8569 0.8507 0.8426 0.8357 0.8467
Balance sheet (at end of period) 0.8726 0.8734 0.8555 0.8354 0.8292
SAMPO GROUP RESULTS FOR 2025
Calculation of key figures
27

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

Statement of profit and other comprehensive 
income
EURm Note 10-12/2025 1-12/2025 10-12/2024 1-12/2024
Insurance revenue  2,623  10,272  2,456  9,450 
Insurance service expenses  -2,157  -8,126  -1,852  -7,684 
Reinsurance result  -78  -556  -218  -372 
Insurance service result 1  388  1,590  387  1,394 
Net investment income 2  358  1,285  70  888 
Net finance income or expense from insurance contracts 3  17  -74  -7  -252 
Insurance finance income or expense, gross  -30  -180  -15  -309 
Insurance finance income or expense, reinsurance  47  106  8  57 
Net financial result  375  1,210  62  636 
Other income 4  88  369  72  312 
Other expenses  -159  -651  -280  -685 
Finance expenses  -25  -83  -26  -103 
Share of associates' profit or loss  0  0  5  6 
Profit before taxes  668  2,436  219  1,559 
Income taxes  -130  -439  -38  -330 
Profit from the continuing operations  538  1,998  181  1,229 
Divested operations, net of tax  —  —  —  -26 
Net profit  538  1,998  181  1,203 
Other comprehensive income 
Items reclassifiable to profit or loss
Exchange differences  27  -13  -11  -4 
Cash flow hedges  -1  -2  1  1 
Total items reclassifiable to profit or loss, net of tax  26  -16  -10  -3 
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined benefit pension plans  10  24  5  0 
Taxes  -2  -5  -1  0 
Total items not reclassifiable to profit or loss, net of tax  8  19  4  0 
Other comprehensive income total, net of tax  35  3  -5  -3 
Total comprehensive income  572  2,001  176  1,200 
Profit attributable to
Owners of the parent  538  1,998  180  1,154 
Non-controlling interests 11  —  —  1  50 
Total comprehensive income attributable to
Owners of the parent  572  2,001  175  1,151 
Non-controlling interests  —  —  1  50 
Earnings per share (EPS), EUR  0.20  0.74  0.06  0.45 
In February 2025, Sampo carried out a share split by way of a share issue without consideration. The new shares were issued to 
shareholders in proportion to their existing holdings, so that four (4) new shares were issued for each existing share. Earnings per 
share figure for the comparison period has been adjusted for the share split. Previously published EPS for comparison period 
10-12/2024 was EUR 0.31 and for 1-12/2024 EUR 2.25. 
SAMPO GROUP RESULTS FOR 2025
28

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

Consolidated balance sheet
EURm Note 12/2025 12/2024
Assets
Property, plant and equipment  301  284 
Intangible assets 5  3,492  3,637 
Investments in associates  5  4 
Financial assets 6  17,154  16,090 
Deferred income tax  2  2 
Reinsurance contract assets 9  2,488  2,618 
Other assets  962  880 
Cash and cash equivalents  1,319  962 
Total assets  25,723  24,478 
Liabilities
Insurance contract liabilities 9  12,760  12,286 
Subordinated debts 10  1,317  1,642 
Other financial liabilities 10  1,413  1,395 
Deferred income tax  553  535 
Other liabilities  1,589  1,562 
Total liabilities  17,631  17,419 
Equity
Share capital  98  98 
Reserves  3,531  3,531 
Restricted Tier 1 notes  298  — 
Retained earnings  4,927  4,176 
Other components of equity  -762  -746 
Total equity  8,092  7,059 
Total equity and liabilities  25,723  24,478 
SAMPO GROUP RESULTS FOR 2025
29

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

Statement of changes in equity
EURm
Share 
capital
Legal 
reserve
Invested 
unres-
tricted 
equity
Retained 
earnings1
Transla-
tion of 
foreign 
opera-
tions
Cash 
flow 
hedges Total
Non- 
control-
ling 
interest Total
Equity at 1 January 
2024  98  4  1,527  —  6,378  -742  -1  7,263  424  7,687 
Changes in equity
Directed share issue 2  —  —  2,000  —  —  —  —  2,000  —  2,000 
Acquired non-
controlling interests2  —  —  —  —  -1,666  —  —  -1,666  -334  -2,000 
Compulsory acquisition 
of non-controlling 
interests 2  —  —  —  —  -265  —  —  -265  -59  -325 
Transaction costs 
related to the 
acquisition of non-
controlling interests  —  —  —  —  -31  —  —  -31  —  -31 
Dividends3  —  —  —  —  -903  —  —  -903  -69  -972 
Acquisition of own 
shares  —  —  —  —  -475  —  —  -475  —  -475 
Other changes in equity  —  —  —  —  -14  —  —  -14  -11  -25 
Profit for the reporting 
period  —  —  —  —  1,154  —  —  1,154  50  1,203 
Other comprehensive 
income for the period  —  —  —  —  0  -4  1  -3  —  -3 
Total comprehensive 
income  —  —  —  —  1,153  -4  1  1,151  50  1,200 
Equity at 31 December 
2024  98  4  3,527  —  4,176  -746  —  7,059  —  7,059 
Equity at 1 January 
2025  98  4  3,527  —  4,176  -746  0  7,059  —  7,059 
Changes in equity
Dividends3  —  —  —  —  -915  —  —  -915  —  -915 
Acquisition of own 
shares4  —  —  —  —  -350  —  —  -350  —  -350 
Issue of Tier 1 notes  —  —  —  298  -5  —  —  293  —  293 
Other changes in equity  —  —  —  —  4  —  —  4  —  4 
Profit for the reporting 
period  —  —  —  —  1,998  —  —  1,998  —  1,998 
Other comprehensive 
income for the period  —  —  —  —  19  -13  -2  3  —  3 
Total comprehensive 
income  —  —  —  —  2,017  -13  -2  2,001  —  2,001 
Equity at 31 December 
2025  98  4  3,527  298  4,927  -759  -3  8,092  —  8,092 
Restric-
ted Tier 1 
notes5
1 IAS 19 Pension benefits had a net effect of 19 million (-0) on retained earnings.
2The share issue was directed at Topdanmark’s non-controlling interests. For further information, see note 11.
3Dividend per share EUR 0.36 (0.34)
4Acquisition of own shares includes the already purchased shares of EUR 290 million and the liability for the remaining shares of 
the buyback programme of EUR 60 million, recognised as a liability against equity. 
On 5 November 2025, Sampo plc cancelled 20,484,833 own shares acquired during the financial year 2025. 
5During the financial year, Sampo issued EUR 300 million of new restricted Tier 1 notes with a coupon rate of 5.25 per cent and 
an option of a first call date in 2035 for Sampo. The restricted Tier 1 instrument is accounted for as equity.
SAMPO GROUP RESULTS FOR 2025
30

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

Statement of cash flows
EURm 1–12/2025 1–12/2024
Operating activities
Profit before tax  2,436  1,533 
Adjustments
Depreciation, amortisation & impairments  211  180 
Unrealised gains and losses arising from valuation  -667  -227 
Realised gains and losses on investments  -68  -58 
Change in liabilities for insurance contracts  279  383 
Other adjustments  -383  132 
Adjustments total  -627  410 
Change (+/-) in assets of operating activities
Investments 1  220  -223 
Other assets  -45  -98 
Total  176  -321 
Change (+/-) in liabilities of operating activities
Financial liabilities  201  122 
Other liabilities  75  5 
Total  276  127 
Paid taxes and interests
Paid taxes  -413  -331 
Paid interests  -89  -91 
Total  -501  -422 
Net cash from operating activities  1,759  1,327 
Investing activities
Investments in tangible and intangible assets 2  -165  -142 
Divestments in equipment and intangible assets  15  17 
Net cash used in investing activities  -150  -125 
Financing activities
Dividends paid  -915  -903 
Dividends paid to non-controlling interests  —  -69 
Acquisition of non-controlling interests  —  -325 
Transaction costs related to acquisition of non-controlling interests  —  -31 
Acquisition of own shares  -290  -475 
Increase in debt securities and amounts owed to credit institutions 3  428  194 
Payments of debt securities in issue 3  -480  -50 
Net cash used in financing activities  -1,257  -1,660 
Total cash flows  351  -458 
Cash and cash equivalents at the beginning of reporting period  962  1,415 
Effects of exchange rate changes  5  5 
Cash and cash equivalents at the end of reporting period  1,319  962 
Net change in cash and cash equivalents  351  -458 
1 Investments include mainly financial assets. 
2 The share of investments in tangible assets amounts to EUR -92 million (-37) and the share of intangibles to EUR -74 million (-105). 
3 Changes in short-term issues and repayments of debt securities are presented as net amounts.
In 2024, the profit before tax is the total of Group’s profit and the discontinued/divested operations’ profit before taxes. 
Subsequently,  operating activities include EUR -26 million from divested activities. 
The items of the statement of cash flows cannot be directly concluded from the balance sheets due to e.g. exchange rate 
differences, or acquisitions and disposals of subsidiaries when applicable.
Cash and cash equivalents include cash at bank and in hand EUR 1,091 million (682) and short-term deposits (max 3 months) EUR 
228 million (280).
SAMPO GROUP RESULTS FOR 2025
31

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

Notes
Accounting principles
Sampo Group’s consolidated financial statements are prepared in accordance with IFRS® Accounting Standards  
adopted by the EU. The interim financial statements are 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 2024, with the exception of an addition to 
the accounting principles described below. 
The financial statements for 2024 are available on Sampo’s website www.sampo.com/year2024.
Information presented in the Interim Statement is unaudited. 
Additions to the accounting principles 
Liability for the share buyback programme 
In Q4/2025, Sampo launched a new share buyback programme of EUR 150 million. At the time of the launch, 
Sampo recognised a financial liability against equity, representing Sampo’s commitment under the share buyback 
agreement with a financial institution responsible for share repurchases on Sampo’s behalf. 
At the time of the recognition, the liability was measured corresponding to the expected amount of the buyback 
programme. At the reporting date, the liability was measured at the amount that represents the outstanding share 
of the share buyback programme.
Issue for restricted Tier 1 notes 
In September 2025, Sampo issued EUR 300 million of new restricted Tier 1 notes with a coupon rate of 5.25 per 
cent and a first call date in 2035. Accounting treatment of restricted Tier 1 (RT1) instrument depends on the 
substance of the contractual arrangement. The restricted Tier 1 instrument is accounted as equity as the notes are 
unsecured and subordinated as well as perpetual with no fixed maturity date.  Payment of interest and principal is   
at the discretion of Sampo. Therefore, the restricted Tier 1 notes qualify as equity instruments pursuant to IAS 32. 
Transaction costs related to the issue of the notes are directly recognised in retained earnings. Interest expense is 
also recognised as a reduction in retained earnings. 
Accounting principles requiring management judgement and key 
sources of estimation uncertainties
New reporting segments 
In February 2025, Sampo introduced new reporting segments to reflect its transformation into a fully-integrated 
P&C insurance group following the acquisition of Topdanmark in 2024. 
Sampo reports its financial performance based on the Group’s operational business areas that are regularly 
reviewed by a chief operating decision maker. Segments’ customer bases, risks, and performance measures differ 
from each other. The control and management of business and management reporting are organised in accordance 
with the business segments. The new segments are Private Nordic, Private UK, Nordic Commercial, and Nordic 
Industrial: 
• Private Nordic includes the Group’s Nordic private customer business, previously reported under the If and 
Topdanmark segments in Sampo’s accounts. Sampo operates in the Nordic private insurance market through its 
main brand, If, and other brands including Topdanmark and various white-label partnerships.
SAMPO GROUP RESULTS FOR 2025
32

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

• Private UK includes the Group’s UK business, previously reported as Hastings in Sampo’s accounts. Sampo 
operates in the UK private insurance market through its customer brand Hastings, which is one of the leading 
digital P&C insurance providers focused on serving UK car, van, bike, and home insurance.
• Nordic Commercial includes the Group’s Nordic commercial customer businesses, previously reported under the 
If and Topdanmark segments in Sampo’s accounts, as well as Oona Health. The segment focuses particularly on 
SMEs. 
• Nordic Industrial includes the Group’s Nordic Industrial customer business, previously reported under the If 
segment in Sampo’s accounts. Corporates with revenues of more than SEK 500 million ( approx. EUR 45 million), 
or more than 500 employees, are classified as Industrial customers.
In addition to these four reporting segments, Sampo presents other operations, consisting mainly of the Group’s 
Baltic business but also of group eliminations and other internal items. Other operations are not considered a 
separate reporting segment as they do not fulfil the criteria for reporting segments under IFRS 8. 
The chief operating decision maker (CODM) is considered to be Sampo Group’s Executive Committee (GEC). 
SAMPO GROUP RESULTS FOR 2025
33

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

Segment information 
Result by segment for twelve months ended 31 December 2025
In each reporting segment, Sampo reports the key profit or loss figures from insurance revenue to the underwriting 
result. These key profit or loss figures are reported regularly to the management to assess the reporting segments 
performance. Items below the underwriting result, such as net investment income and insurance finance income or 
expense, are reported at the group level. 
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Insurance revenue, net (incl. brokerage)  3,995  2,000  2,201  584  298  9,078 
Claims incurred, net  -2,431  -1,073  -1,285  -341  -161  -5,290 
Operating expenses (incl. claims handling 
costs)  -849  -712  -539  -134  -68  -2,302 
Underwriting result  715  216  376  109  69  1,485 
Net investment income  1,285 
Net insurance finance income or expense  -74 
Net financial result  1,210 
Other income or expense  -48 
Non-operational amortisations  -128 
Finance expenses  -83 
Profit before taxes  2,436 
Sampo introduced new reporting segments based on Group’s operational business areas in February 2025. For more information 
regarding the new segments, please see section Accounting principles. 
Result by segment for twelve months ended 31 December 2024
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Insurance revenue, net (incl. brokerage)  3,667  1,659  2,128  657  275  8,386 
Claims incurred, net  -2,226  -868  -1,254  -455  -146  -4,948 
Operating expenses (incl. claims handling 
costs)  -814  -601  -522  -128  -57  -2,122 
Underwriting result  628  190  352  74  72  1,316 
Net investment income  888 
Net insurance finance income or expense  -252 
Net financial result  636 
Other income or expense  -210 
Non-operational amortisations  -79 
Finance expenses  -103 
Profit before taxes  1,559 
Comparative figures have been restated based on the new segments.  
SAMPO GROUP RESULTS FOR 2025
34

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

Segment reconciliation 
Following tables present reconciliations from the segment reporting’s numbers to Sampo Group’s reported 
numbers.
Insurance revenue, gross
EURm 1-12/2025 1-12/2024
Insurance revenue, net (incl. brokerage)
Private Nordic  3,995  3,667 
Private UK  2,000  1,659 
Nordic Commercial  2,201  2,128 
Nordic Industrial  584  657 
Reporting segments' total of insurance revenue, net  8,780  8,111 
Intra-segment eliminations on insurance operations  -50  -24 
Intra-segment eliminations on reinsurance operations  50  23 
Other operations  298  275 
Sampo Group insurance revenue, net  9,078  8,386 
Reinsurance operations and investment component  1,347  1,201 
Other items  -153  -138 
Sampo Group insurance revenue, gross  10,272  9,450 
Insurance service result
EURm 1-12/2025 1-12/2024
Underwriting result
Private Nordic  715  628 
Private UK  216  190 
Nordic Commercial  376  352 
Nordic Industrial  109  74 
Reporting segments' total of underwriting result  1,416  1,244 
Intra-segment eliminations  0  3 
Other operations  69  69 
Sampo Group's underwriting result  1,485  1,316 
Other items  106  78 
Sampo Group insurance service result  1,590  1,394 
SAMPO GROUP RESULTS FOR 2025
35

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

Balance sheet by segment at 31 December 2025
In each reporting segment, Sampo reports the key balance sheet figures related to the segment’s insurance 
operations. These key balance sheet figures are reported regularly to the chief operating decision maker for the 
assessment of segment operations. Other balance sheet items are not allocated between the segments when 
reporting to the chief operating decision maker, instead they are followed only on the Group level. 
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Reinsurance contract assets
Reinsurers' share of remaining coverage  -1  334  -8  17  -10  332 
Reinsurers' share of claims incurred  48  1,609  260  297  -59  2,156 
Reinsurance contract assets, total  47  1,943  252  314  -69  2,488 
Insurance contract liabilities
Liability for remaining coverage  676  668  268  226  50  1,888 
Liability for incurred claims  3,126  3,092  3,047  1,436  182  10,884 
Acquisition cash flow assets  —  —  -9  -4  —  -12 
Insurance contract liabilities, total  3,801  3,760  3,306  1,659  233  12,760 
Balance sheet by segment at 31 December 2024
EURm
Private 
Nordic
Private 
UK
Nordic 
Commercial
Nordic 
Industrial
Other 
operations
Sampo 
Group
Reinsurance contract assets
Reinsurers' share of remaining coverage  —  270  -1  20  -14  276 
Reinsurers' share of claims incurred  28  1,625  232  469  -12  2,342 
Reinsurance contract assets, total  27  1,896  231  490  -26  2,618 
Insurance contract liabilities
Liability for remaining coverage  639  713  266  231  48  1,896 
Liability for incurred claims  2,888  2,683  3,028  1,634  176  10,409 
Acquisition cash flow assets  —  —  -16  -4  —  -20 
Insurance contract liabilities, total  3,527  3,396  3,278  1,861  224  12,286 
SAMPO GROUP RESULTS FOR 2025
36

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

Other notes
1 Insurance service result
EURm 1-12/2025 1-12/2024
Insurance revenue 
Gross written premiums  10,294  9,527 
Change in liability for remaining coverage  -313  -343 
Brokerage revenue  291  266 
Total insurance revenue  10,272  9,450 
Insurance service expenses 
Expenses related to claims incurred 
Claims paid and benefits  -5,820  -5,827 
Claims handling expenses  -581  -518 
Change in liability for incurred claims  -57  118 
Change in risk adjustment  -150  -80 
Change in loss component  -10  21 
Insurance service expenses related to claims incurred  -6,618  -6,287 
Operating expenses  -1,507  -1,396 
Total insurance service expenses  -8,126  -7,684 
Reinsurance result 
Premiums  -1,003  -909 
Claims recovered  448  537 
Total reinsurance result  -556  -372 
Total insurance service result  1,590  1,394 
SAMPO GROUP RESULTS FOR 2025
37

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

2 Net investment income 
The table includes investment income and expenses from financial assets and liabilities held by the group 
companies.
EURm 1-12/2025 1-12/2024
Derivative financial instruments
Interest income  3   4  
Interest expense  -12   0  
Net gains or losses  -30   13 
Derivative financial instruments, total  -38   17 
Financial assets at fair value through profit or loss
Debt securities 
Interest income  496   493 
Net gains or losses  41   147 
Equity securities 
Dividend income  28   37 
Net gains or losses  652   81 
Funds
Distributions  14   6 
Interest income  10   10 
Net gains or losses  83   70 
Financial assets at fair value through profit or loss, total  1,325   844 
Financial assets at amortised cost
Interest Income  17   39 
Expected credit losses  -17   -7 
Financial assets at amortised cost, total  0   32 
Total income or expenses from financial assets  1,287   892 
Other
Expenses from asset management  -33   -21 
Other income  44   57 
Other expenses  -8   -38 
Fee expenses  -5   0 
Expenses from investment property  0   -3 
Total other  -2   -4 
Total net investment income  1,285   888 
More information on the expected credit losses on financial assets measured at amortised cost is presented in the 
note 6.
The Swedish bank NOBA Group completed its initial public offering in late September 2025. Consequently, Sampo 
sold part of its holding in NOBA, resulting in a net sales gain of EUR 58 million. The valuation gain of Sampo’s 
remaining investment in NOBA amounted to EUR 487 million during the reporting period.  
SAMPO GROUP RESULTS FOR 2025
38

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

3 Net finance income or expense from insurance contracts
EURm 1-12/2025 1-12/2024
Insurance contracts
Unwinding of discount rates  -321    -324   
Effect of changes in interest rates and other financial assumptions  141    15   
Total finance income or expenses from insurance contracts  -180    -309   
Reinsurance contracts
Unwinding of discount rates  81    86   
Reinsurers' share of effect of changes in interest rates and other financial 
assumptions  25    -29   
Total finance income or expenses from reinsurance contracts  106    57   
Net finance result from insurance and reinsurance contracts  -74    -252   
4 Other income 
EURm 1-12/2025 1-12/2024
Other income  364    300   
Income related to brokerage activities  5    12   
Total other income  369    312   
If’s other operating income includes EUR 155 million (144) income from insurance operations without a transfer of 
insurance risk. Such income is primarily attributable i.e. to sales commissions and services for administration and 
claims settlement in insurance contracts on behalf of other parties. This operating income is accounted for under 
IFRS 15 Revenue from Contracts with Customers. In addition, other operating income includes income from 
roadside assistance services provided by If’s subsidiary Viking Assistance Group AS, recognised when roadside 
assistance has been provided. 
Hastings’ operating income includes total of EUR 159 million (134) revenue recognised under IFRS 15 consisting of 
fees and commissions on panel providers, ancillary product income, and other retail income. Income related to 
brokerage activities is also accounted for under IFRS 15, if there is no insurance risk transferred to Hastings. 
5 Intangible assets 
EURm 12/2025 12/2024
Goodwill  2,468    2,490   
Customer relations  254    365   
Intangible rights (incl. trademark)  230    233   
Other intangible assets  539    548   
Group intangible assets, total  3,492    3,637   
SAMPO GROUP RESULTS FOR 2025
39

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

6 Financial assets
EURm 12/2025 12/2024
Financial assets
Derivative financial instruments  24  26 
Financial assets at fair value through profit or loss
Debt securities  13,867  13,325 
Equity securities  1,650  1,288 
Funds  982  823 
Total financial assets at fair value through profit or loss  16,501  15,436 
Financial assets measured at amortised cost
Loans  123  272 
Loans and advances to customers  506  356 
Total financial assets measured at amortised cost  629  629 
Total financial assets  17,154  16,090 
Loans and advances to customers consists of Hastings’ loans to customers. 
The gross carrying amounts of the financial assets measured at amortised cost was EUR 668 million (651) and loss 
allowance was EUR -39 million (-23). During the reporting period, the expected credit losses recognised in the 
income statement was EUR -17 million and in the comparative period EUR -7 million. 
NOBA Group completed its initial public offering in late September 2025, after which the valuation of the equity 
investment is based on quoted prices in active markets (fair value hierarchy level 1). At the end of the reporting 
period, Sampo’s remaining NOBA stake was valued at EUR 814 million. Starting from the commencement of trading 
in NOBA’s shares on Nasdaq Stockholm, Sampo has a 180 day lock up on further share sales.
SAMPO GROUP RESULTS FOR 2025
40

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

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. 
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 basis. 
On level 2, inputs for the measurement of the instrument include also 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 an investment to an alternative fund.
For 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. 
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.
SAMPO GROUP RESULTS FOR 2025
41

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

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. 
EURm
31 December 2025
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 2 — 2 — 2
Foreign exchange derivatives 10 — 10 — 10
Inflation cover derivatives 12 — 12 — 12
Total 24 — 24 — 24
Financial assets at fair value 
through profit or loss
Debt securities 13,867 7,767 6,094 6 13,867
Equity securities 1,650 1,643 1 6 1,650
Funds 982 612 243 127 982
Total 16,501 10,024 6,338 139 16,501
Total financial assets measured at 
fair value 16,525 10,024 6,362 139 16,525
Financial assets measured at 
amortised cost
Loans 123 — 90 33 123
Loans and advances to customers 506 — — 506 506
Other 1 — — 1 1
Total 629 — 90 540 629
Total financial assets 17,154 10,024 6,451 679 17,154
NOBA Group completed its initial public offering in late September 2025, after which the valuation of the equity 
investment is based on quoted prices in active markets (fair value hierarchy level 1). The investment was previously 
presented on fair value hierarchy level 3 as the investment was measured using other input than observable market 
data. 
SAMPO GROUP RESULTS FOR 2025
42

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

EURm
31 December 2025
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  57  —  57  —  57 
Foreign exchange derivatives  31  —  31  —  31 
Inflation cover derivatives  18  —  18  —  18 
Total financial liabilities at fair 
value  105  —  105  —  105 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,317  1,317  —  —  1,317 
Debt securities in issue
Bonds  787  703  84  —  787 
Amounts owed to credit 
institutions  460  —  —  460  460 
Liability for the share buyback 
programme1  60  —  —  60  60 
Financial liabilities measured at 
amortised cost total  2,624  2,019  84  520  2,624 
Group financial liabilities, total  2,730  2,019  190  521  2,730 
1The valuation of the liability for the share buyback programme reflects Sampo’s commitment under the agreement with a third-
party financial institution conducting the share buybacks on behalf of Sampo.
SAMPO GROUP RESULTS FOR 2025
43

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

EURm
31 December 2024
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps 2 — 2 — 2
Foreign exchange derivatives 11 — 11 — 11
Inflation cover derivatives 13 — 13 — 13
Total 26 — 26 — 26
Financial assets at fair value 
through profit or loss
Debt securities 13,325 8,469 4,839 17 13,325
Equity securities 1,288 837 19 432 1,288
Funds 823 491 176 157 823
Total 15,436 9,796 5,033 606 15,436
Total financial assets measured at 
fair value 15,462 9,796 5,059 606 15,462
Financial assets measured at 
amortised cost
Loans 272 — 101 171 272
Loans and advances to customers 356 — — 356 356
Other 1 — — 1 1
Total 629 — 101 528 629
Total financial assets 16,090 9,796 5,160 1,134 16,090
SAMPO GROUP RESULTS FOR 2025
44

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

EURm
31 December 2024
Carrying 
amount Level 1 Level 2 Level 3 Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives  50  —  50  —  50 
Foreign exchange derivatives  20  —  20  —  20 
Inflation cover derivatives  18  —  18  —  18 
Total financial liabilities at fair 
value  88  —  88  —  88 
Financial liabilities measured at 
amortised cost
Subordinated debt securities
Subordinated loans  1,642  1,535  20  —  1,555 
Debt securities in issue
Bonds  954  847  80  —  927 
Amounts owed to credit 
institutions  353  —  —  353  353 
Financial liabilities measured at 
amortised cost total  2,948  2,382  100  353  2,835 
Group financial liabilities, total  3,036  2,382  188  353  2,923 
SAMPO GROUP RESULTS FOR 2025
45

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

Transfers between levels 1 and 2
EURm 1-12/2025 1-12/2024
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  438  302  192  181 
Transfers are based mainly on the changes of trading volume information provided by an external service provider.
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is assessed on business area level due 
to different base currencies. 
EURm 12/2025 12/2024
Recognised in 
profit or loss
Recognised in 
profit or loss
If
10 percentage point depreciation of all other currencies against SEK  26  17 
Hastings
10 percentage point depreciation of all other currencies against GBP  -1  8 
Holding
10 percentage point depreciation of all other currencies against EUR  -71  -68 
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 2025. 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  370  -356  -459  -61 
SAMPO GROUP RESULTS FOR 2025
46

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

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 Settle-
ments
Transfers 
to levels 1 
and 2
At 31 Dec 
2025
Financial assets at fair value through 
profit or loss
Debt securities  17  1  0  -4  -9  —  6 
Equity securities  432  -57  1  -25  —  -345  6 
Funds  157  -33  3  —  —  —  127 
Total  606  -89  4  -29  -9  -345  139 
NOBA Bank was listed in Nasdaq Stockholm during the reporting year and consequently transferred to level 1 at 
the value of EUR 345 million.
EURm
Financial assets
At 1 Jan
Total 
gains/ 
losses in 
income 
statement
Purchases 
and re-
classifi-
cations
Sales Settle-
ments
At 31 Dec 
2024
Financial assets at fair value through profit or 
loss
Debt securities  19  0  —  —  -2  17 
Equity securities  730  -1  5  -302  —  432 
Funds  151  6  —  —  —  157 
Total  900  6  5  -302  -2  606 
On 13 May 2024, Sampo completed the sale of its 19.8 per cent stake in Saxo Bank to Mandatum, as agreed in 
connection with the partial demerger completed in 2023. The transaction price was EUR 302 million, representing 
the price agreed in the demerger adjusted for dividends received. 
SAMPO GROUP RESULTS FOR 2025
47

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

Sensitivity analysis of level 3 financial instruments measured at fair value
12/2025 12/2024
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 
Debt securities  6  0  17  -1 
Equity securities  6  -1  432  -86 
Funds  127  -25  157  -31 
Total  139  -26  606  -118 
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 (-1) for the debt instruments, and EUR -26 million (-118) 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 3.2 per cent (1.7).
SAMPO GROUP RESULTS FOR 2025
48

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

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.
EURm 12/2025 12/2024
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage  1,888  1,896 
Liability for incurred claims  10,884  10,409 
Acquisition cash flow assets  -12  -20 
Total insurance contract liabilities  12,760    12,286   
Reinsurance contract assets
Assets for remaining coverage  332  276 
Assets for incurred claims  2,156  2,342 
Reinsurance contract assets, total  2,488    2,618   
Total insurance contracts, net of reinsurance  10,272    9,668   
SAMPO GROUP RESULTS FOR 2025
49

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

10 Financial liabilities
EURm 12/2025 12/2024
Subordinated debt liabilities 
Subordinated loans  1,317  1,642 
Total subordinated debt liabilities  1,317  1,642 
Other financial liabilities
Derivative financial instruments  105  88 
Financial liabilities measured at amortised cost
Debt securities in issue  787  954 
Amounts owed to credit institutions  460  353 
Liability for the share buyback programme  60  — 
Total financial liabilities measured at amortised cost  1,308  1,307 
Total other financial liabilities  1,413  1,395 
Total financial liabilities  2,730  3,036 
Hastings has a revolving credit facility with a financial institution totalling EUR 115 million (103), of which EUR 55 
million (39) was undrawn at the end of the reporting period. In December 2025, the RCF was renegotiated with the 
financial institution and the amount was increased from GBP 85 to GBP 100 million. The extended revolving credit 
facility now matures in December 2027.  
Hastings has also a securitisation facility arrangement with a financial institution to refinance the acquisition of 
loans totalling EUR 430 million (332), of which EUR 25 million (42) was undrawn at the end of the reporting period. 
In November 2025, the securitisation facility was increased from GBP 350 to GBP 375 million. The arrangement 
was extended from November 2026 to November 2027.  
In addition, Hastings has an undrawn credit facility with Sampo plc totalling EUR 86 million (90) with a maturity 
date of 29 October 2026.
Subordinated loans decreased due to the purchase of the outstanding share of EUR 20 million (DKK 150 million) of 
Topdanmark’s hybrid debt in Q2/2025. In addition, Sampo launched a EUR 300 million tender offer for its Tier 2 
notes in Q3/2025. As a result, Sampo repurchased EUR 316 million in aggregate nominal value of its Tier 2 notes 
due 2052 for EUR 295 million. This resulted in a positive one-off effect of around EUR 20 million on finance 
expenses. 
 Debt securities in issue have decreased as the senior bond of EUR 162 million issued by Sampo plc matured in May.  
SAMPO GROUP RESULTS FOR 2025
50

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

11 Acquisition of Topdanmark’s non-controlling interest 
Background
In 2024, Sampo acquired the remaining non-controlling interests in Topdanmark A/S. The transaction was 
completed on 25 October 2024. Following the acquisition of the NCI, Sampo plc sold all shares in Topdanmark A/S 
to If P&C Insurance Holding Ltd. 
Equity transaction  
The transaction with the non-controlling interest was accounted for as an equity transaction in Sampo Group 
during H2/2024. The consideration paid to the NCI for their shares in Topdanmark A/S was recognised as a 
decrease in the retained earnings amounting to EUR 2,325 million. The portion of the NCI’s share in equity, 
amounting to EUR 394 million, was allocated to the owners of the parent company, and recognised as an increase 
in retained earnings. The total decrease of retained earnings amounted to EUR 1,931 million.   
The acquisition costs related to the equity transaction, amounting to EUR 31 million, were accounted for as a 
deduction from the equity. Overall, the transaction decreased Sampo Group’s total equity by EUR 356 million 
consisting of compensation paid in compulsory acquisition of EUR 325 million and transaction costs of EUR 31 
million. 
Sale of Topdanmark A/S shares to If P&C Insurance Holding Ltd
On 1 November 2024, Sampo plc sold all the issued shares in Topdanmark A/S to If P&C Insurance Holding Ltd. The 
transaction was completed at arm’s length basis. The sale price, based on the recent market value of EUR 4,659 
million, equivalent to approximately DKK 34.7 billion, was paid through a loan agreement and a shareholder’s 
contribution between Sampo plc and If P&C Insurance Holding Ltd. On 1 November, the loan agreement, amounting 
to EUR 1,724 million, consisted of EUR nominated facility of EUR 862 million and DKK nominated facility of DKK 
6,432 million (approx. EUR 862 million). The remaining part of the purchase price was paid through a shareholder’s 
contribution amounting to SEK 34 029 million (approx. EUR 2,934 million) granted by Sampo plc to If Holding. The 
shareholder’s contribution was recognised as an increase in the carrying amount of If Holding’s shares in Sampo 
plc’s balance sheet. 
As the sale transaction of Topdanmark’s shares is an intra-group transaction, all impacts, including the sales gain of 
the shares, are eliminated on the Sampo Group level. 
Restructuring reserve 
In 2024, in connection with the acquisition and the integration of Topdanmark into If Group, a restructuring reserve 
amounting to EUR 149 million was recognised. The costs relate mainly to redundancies, decommissioning, and 
sunsetting of systems, as well as rebranding. During the year 2025, the restructuring reserve was reduced by EUR 
49 million, which was utilised against incurred expenses. At the end of reporting period 2025, the reserve 
amounted to EUR 99 (148) million.
SAMPO GROUP RESULTS FOR 2025
51

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

12 Contingent liabilities and commitments
EURm 12/2025 12/2024
Off-balance sheet items
Guarantees  1  9 
Investment commitments  27  40 
Other  2  2 
Total  31  51 
Assets pledged as collateral for liabilities or contingent liabilities
12/2025 12/2024
EURm Assets pledged Liabilities/ 
commitments Assets pledged Liabilities/ 
commitments
Assets pledged as collateral
Investment securities  390  268  403  294 
Subsidiary shares  91  25  91  25 
Cash and cash equivalents  66  —  66  43 
Total  547  293  559  362 
Assets pledged as security for derivative 
contracts
Cash and cash equivalents  65  66 
Assets pledged as security for insurance 
undertakings
Investment securities  390  403 
Assets pledged as security for loans
Shares in subsidiaries  91  91 
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
13 Subsequent events after the balance sheet date
Share buyback programme
Sampo’s EUR 150 million share buyback programme, announced on 5 November 2025, continued after the end of 
the reporting period and was completed on 30 January 2026. Sampo repurchased 15,079,201 shares through the 
programme at an average price of EUR 9.95 per share. This corresponds to 0.56 per cent of the total share count 
prior to the start of this programme.
The buyback programme was based on the authorisation granted by the Annual General Meeting held on 23 April 
2025. Further information on share buybacks is available at www.sampo.com/sharebuyback.
SAMPO GROUP RESULTS FOR 2025
52

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