Slides
Page 1
Investor Presentation January–September 2025 5 November 2025
Page 2
2 Disclaimer This presentation may contain forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Sampo believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward- looking statements as a result of various factors. Important factors that may cause such a difference for Sampo include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate and (iii) developments in capital markets. This presentation does not imply that Sampo has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 5 November 2025
Page 3
Financial highlights 5 November 2025 3
Page 4
4 1-9/2025: Continued robust performance 5 November 2025 Top-line growth supported by continued strong momentum across private and SME lines Solid underwriting margins, driven by positive Nordic underlying trends and favourable weather and large claims outcomes Sustained strong development in key growth areas such as personal insurance, SME and in the UK Operating EPS growth target raised to more than 9 per cent annually on average for 2024-2026 € 8.5 billion +8% year-on-year Gross written premiums € 1.1 billion +17% year-on-year Underwriting result 172% -2%-p from Q2/2025 Solvency II coverage € 0.38 +14% year-on-year Operating EPS GWP and UW result growth on a like-for-like basis. New buyback programme of EUR 150 million, funded with the proceeds from the IPO of NOBA
Page 5
Strong development in key underwriting KPIs 5 Insurance revenue Combined ratio Underwriting result 5 November 2025 6,214 6,755 1-9/2024 1-9/2025 • Like-for-like GWP growth of 7% in Q3 and 8% in 1-9/2025 • Top-line driven by strong momentum across private and SME lines 57.5% 58.1% 59.5% 57.9% 25.0% 24.9% 25.1% 25.5% Q3/2024 Q3/2025 1-9/2024 1-9/2025 Risk ratio (%) Cost ratio (%) • YTD risk ratio improvement supported by favourable claims environment in the Nordics • Cost ratio affected by increased sales activity, but underlying development remains in line with the target 955 1,121 1-9/2024 1-9/2025 • Currency adjusted growth of 4% in Q3 and 17% in 1-9/2025 • UW result driven by strong top-line growth, favourable claims experience and positive underlying trends 374 392 Q3/2024 Q3/2025 2,137 2,303 Q3/2024 Q3/2025 84.6% 83.4%82.5% 83.0% (EURm) (EURm)
Page 6
5 November 2025 6 Excellent result underpinned by solid performance across segments Nordic Industrial 453 533 139 175 253 279 1-9/2024 1-9/2025 62 80 Private Nordic 1-9/2024 1-9/2025 +18% UW result and combined ratio 83.4% 82.0% 3,192 (+8.9%) GWP Insurance revenue 2,968 (+8.1%) Figures in EUR million. GWP and Insurance revenue include broker revenues. GWP and Insurance revenue growth on like-for-like basis. Private UK 1-9/2024 1-9/2025 +25% 88.5% 88.3% UW result and combined ratio 2,243 (+16%) GWP Insurance revenue 1,487 (+23%) Nordic Commercial -9% 83.5% 85.5% UW result and combined ratio 1,273 (+5.2%) GWP Insurance revenue 537 (+3.5%) 87.4% 81.8% +29% UW result and combined ratio 841 (-4.1%) GWP Insurance revenue 439 (-9.8%) Nordic Industrial 1-9/2024 1-9/2025 Nordic Commercial +11% 84.0% 83.0% UW result and combined ratio 1,990 (+5.8%) GWP Insurance revenue 1,640 (+3.6%)
Page 7
Q3/24 Insurance revenue growth Underlying risk ratio Cost ratio UK Q3/25Weather, large claims & other items +5%+4%p +2%p 0%p +1%p -1%p Nordic 7 Q3 UW result growth driven by top-line and underlying development 5 November 2025 • Underwriting result increased by 5% to EUR 392 million in Q3, primarily driven by strong top-line growth and positive underlying development • The growth was supported by strong operating trends • Robust growth in private and SME lines • The Nordic underlying risk ratio improved by 30 bps • The Nordic operating cost ratio being on track to meet the target • The Nordics saw another quarter of favourable weather conditions and a better large claims outcome than budget • Competition remained rational across Sampo’s markets, with continued favourable trends in Norway, but softening pricing environment in the UK • Claims inflation stood broadly unchanged from Q2, with some variation between countries and portfolios, and continued to be covered by price actions • Claims frequency continued to develop as expected in the Nordics and in the UK Solid growth in underwriting result 3UK Nordic374 392 392 374 Q3/24 Private Nordic Comm’l Nordic Industrial Baltic & other Q3/25 +5%+5%p +1%p 0%p -1%p Underwriting result (EURm) 15 6 -2 3 -4 14 2 1 -2 +7%p
Page 8
8 Private Nordic: Accelerating premium growth 5 November 2025 9.5% Q1/2021 Q2/2021 Q3/2021 Q4/2021 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Fourth consecutive quarter of record GWP growth in Private Nordic Private Nordic like-for-like GWP growth (%) 11% 6% 10% 12% 6% 11% Personal insurance Private property Online sales 2024 1-9/2025 Strong growth momentum driven by good performance in target areas Private Nordic like-for-like GWP growth (%) >89% • Stable trend vs Q2 • Solid trend across all markets +13% • Nordic new car sales +8% • Double-digit GWP increases in all market except Sweden • Claims inflation moderating +90% Investments in digital service are driving customer satisfaction and efficiency Nordic Private retention Q3 motor GWP growth Self-service transactions since 2022 • Early recognition of emerging claims trends post- COVID have enabled strong customer positioning • Strong margins maintained in all market segments and products throughout • Growth supported by strong delivery in key operational ambition areas >10% GWP growth in PI over 2024-2026* Ambition raised *) Ambition includes personal insurance within all Nordic segments.
Page 9
5 November 2025 9 Private UK: Disciplined growth in softening market Q3/24 Q2/25 Q3/25 Base portfolio Growth portfolio Growth driven by active portfolio management and innovation Private UK: policy count +50% 89% 87% 80% 87% 90% 89% 88% 2019 2020 2021 2022 2023 2024 1-9/25 • Growth portfolio: van, bike, home, telematics and other smaller portfolios • Innovative new telematics product and pricing methods leveraging new data • Base portfolio mix shifted toward higher premium segments, offseting impact of lower pricing Consistent delivery of high and stable margins in all market conditions Private UK: combined ratio (%) • Private UK has a strong track record of high and stable profitability • Attractive margins maintained in previous soft markets C19 2%p Growth rate reduced as softer market yields less attractive opportunities • In a softening market, priority is shifting to protecting portfolio quality and margins • A high quality portfolio positions Sampo for a faster bounce-back to growth once pricing improves 2% 5% 4% 3% Q4/24 Q1/25 Q2/25 Q3/25 Private UK: QoQ policy count growth (%) Rising price adequacy Falling price adequacy 20-25% UW profit growth in 2024-2026 Ambition raised
Page 10
Nordic Commercial: Continued strong growth in SME, PI and online 10 Commercial portfolio weighted toward SMEs and specialty products Growth driven by strong performance in target areas Growth, YoY (%) 7% 7% 15% 16% 14% 17% 1-9/25 Q3/25 1-9/25 Q3/25 1-9/25 Q3/25 Online salesPISME SME Personal Insurance Agriculture Mid- market €2.2bn GWP in 2024 5 November 2025 Commercial growth momentum has improved over 2025 5.1% 5.2% 6.3% 7.8% 2024 Q1/25 Q2/25 Q3/25 Commercial GWP growth, YoY (%, like-for-like)Commercial portfolio premium split, 2024 Note: SME and mid-market exclude PI in the LHS chart
Page 11
Note: All synergy effects reported on a run-rate basis, before taxes. Topdanmark integration: Surge in synergy realisation in Q3 11 Commentary Synergy run-rate realisation target by year 5 November 2025 • Strong progress in delivering integration benefits with realised synergies already at 2025 target, but largely due to timing • Spike in synergy realisation driven by central unit costs following the legal merger of If and Topdanmarkin July 2025 • Only limited revenue synergies delivered as yet but proactive indications of interest from potential partners already received • Sampo remains committed to the EUR 140m target by 2028, with IT transformation being the main source of synergies • The acquisition of Topdanmarkhas fundamentally transformed Sampo’s position in Denmark • Delivery of synergies and investment in capabilities will enable stronger competitive positioning 24 24 55 87 140 Realised 2025 2026 2027 2028 EURm Target per yearDelivered to date Synergies by source (2025) Synergies by type (2028) 21 3 Limited Costs Claims Revenue EURm 140 EURm IT Other costs Claims Revenue
Page 12
Operating EPS growth target raised on strong performance 12 Commentary Operating EPS growth drivers 5 November 2025 The strong third quarter brings average Op EPS growth in the 2024-2026 period to 13% - well ahead of the original >7% Op EPS growth target Strong 9M 2025 operating EPS growth of 14% driven by 17% increase in the underwriting result To reflect sustained outperformance, Sampo has decided to increase its 2024-2026 Op EPS growth target to >9% on average The increase in the target reflects confidence in the Group’s strong positioning and a desire to move into 2026 with ambition +17% -4% +0.2% +14% UW result Investments & other Share count & minorities Op EPS growth >9% Op EPS growth in 2024-2026 Target raised Operating EPS growth, 1-9/2025 (%)
Page 13
88% 11% 1% Fixed income Equities Alternatives Group investment mix Total assets Fixed income allocation 5 November 2025 13 Investment income boosted by succesfull IPO of NOBA • Net investment income rose to EUR 927 million (818), driven by the IPO of NOBA generating net gain of EUR 355 million in Q3 • The interest and dividend income remained stable at EUR 450 million (456) • Total investment return stood at 5.9% in 1-9/2025 and 3.5% in Q3 • The Group running yield stood broadly stable at 3.8%, while the mark-to-market yield decreased to 3.5%, driven by the inclusion of Topdanmark’sassets into the calculation 3.4% 33.3% 5.9%1.3% 27.0% 3.5% Fixed income Equities Total 1-9/2025 Q3/2025 Group running yield and mark-to-market yield 3.9% 3.9% 4.0% 4.0% 4.0% 3.9% 3.9% 3.9% 3.8% 5.3% 4.8% 4.7% 4.7% 4.1% 4.2% 4.1% 3.8% 3.5% Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Running yield MtoM yield EURbn 17.5 Group investment returns 1-9/2025 and Q3/2025 47% 21% 7% 3% 10% Credit Covered Government Index-linked Money market & cash EURbn 15.3 Mark-to-market yield excluding Topdanmark until 30 June 2025.
Page 14
14 Solvency II coverage supported by strong results Group Solvency II ratio 5 November 2025 174% 172% 9% 0% 5% -3% -7% -5% Q2/2025 Operating performance Market effects NOBA Other items Q3 dividend accrual Buybacks Q3/2025 Target: 150%-190% 5,558 5,809 3,200 3,376 Own funds SCR • Operating performance had a solid contribution, albeit affected by some underwriting seasonality • The NOBA IPO, followed by its value gain, had a 5%-p positive effect, net of increased FX risk • After Q3, Sampo began to partly hedge the FX risk related to the remaining NOBA stake, translating to around 3%-p positive effect to emerge in Q4 • Other items included a temporary negative effect from Topdanmark’srisk margin being moved from PIM to standard model before including Topdanmarkinto the Group PIM in late 2025 / early 2026 • Deduction of the EUR 150 million buyback programme from own funds had an effect of -5%-p • Financial leverage stood at 24.5%, down from 26.1% at the end of Q2
Page 15
15 Outlook for 2025 remains unchanged 5 November 2025 Sampo is in a strong position to continue to drive higher underwriting profits through organic growth • The third quarter saw strong underlying growth and margins development, while the benefit of benign weather and large claims was offset by low prior year development. • The Nordic region was hit by Storm Amy at the beginning of October and the Group remains exposed to potential further weather losses as the fourth quarter is very much a winter quarter. Hence, the outlook for 2025 remains unchanged. Outlook for 2025 • Group insurance revenue: EUR 8.9-9.1 billion, representing 6-9% growth • Group underwriting result: EUR 1,425-1,525 million, representing 8-16% growth 2022 2023 2024 2025 outlook Insurance revenue (EURbn) 2022 2023 2024 2025 outlook Underwriting result (EURm) 8.9–9.1 1,425– 1,525 8.4 7.57.3 1,316 1,164 1,031 +6-9% +8-16%
Page 16
Performance by segment 5 November 2025 16
Page 17
5 November 2025 17 Private Nordic: accelerated high quality growth • GWP growth was driven by rate increases, high and stable retention and positive customer development • Geographically, strongest growth was observed in Norway (+17%), but also Finland stood out with growth accelerating to 11% in Q3 • Retention remained high and stable at >89% despite rate increases to mitigate claims inflation • Digital sales grew by 11% in 1-9/2025 and remains on track to reach operational ambition levels • Margins benefited from favourable weather conditions, a positive underlying risk ratio trend and an improved cost ratio • Claims frequencies in first nine months have trended below previous years, partly due to benign weather € 3,192 million +8.9% year-on-year Gross written premiums 82.0% -1.4%-p year-on-year Combined ratio € 533 million +18% year-on-year Underwriting result >89% improved year-on-year Retention rate GWP growth on like-for-like basis.
Page 18
5 November 2025 18 Private Nordic: Key growth drivers 14% 4% 13% 9.5% 12% 6% 11% 8.9% Personal Insurance Private property Motor Total Q3/2025 1-9/2025 1-9/2025 GWP growth, like-for-like Digital sales (EURm) 130 144 119 136 2023 2024 1-9/24 1-9/25 Operational ambition for 2024-2026 90% 90% 89% 89% >89% 2021 2022 2023 2024 1-9/25 Retention rate (%) Customer NPS 61 62 60 57 57 2021 2022 2023 2024 1-9/25 Insured households (millions) 3.2 3.3 3.3 3.7 3.7 2021 2022 2023 2024 9/2025 5.0% 6.5% 8.9% 2023 2024 1-9/2025 GWP growth, like-for-like 3,627 3,872 3,192 3,489 3,667 2,968 GWP: Ins. revenue: Growth rates for 2023 and 2024 excluding Topdanmark. Personal insurance operational ambition refers to the total Nordic portfolio, not only Private Nordic Retention, Digital sales and NPS 2021-2024, and insured households 2021-2023 excluding Topdanmark.
Page 19
5 November 2025 19 Private UK: Selective growth with solid margins • GWP growth driven by higher policy count, increased average premiums and rising retention • Targeted growth in motor and continued growth in home drove an increase in live customer policies of 3% in the quarter • The pricing environment continued to soften during Q3, leaving limited room for further market price reductions in target margins • Risk ratio remained stable, supported by previous rate action and disciplined underwriting • Claims inflation stood broadly stable in Q3, while claims frequencies were in line with expectations • Operating expenses increased due to higher growth volumes and sustained investments in digital and customer service € 2,243 million +16% year-on-year Gross written premiums 88.3% -0.2%-p year-on-year Combined ratio € 175 million +25% year-on-year Underwriting result 4.4 million +3% from Q2/2025 Live customer policies GWP includes broker revenues, growth rate on like-for-like basis.
Page 20
5 November 2025 20 Private UK: Key growth drivers 2.80 2.92 3.12 3.14 3.40 3.47 2022 2023 Q3/2024 2024 Q2/2025 Q3/2025 UK: motor policies in force, millions UK: home policies in force, millions 0.41 0.54 0.66 0.72 0.82 0.89 2022 2023 Q3/2024 2024 Q2/2025 Q3/2025 26% 32% 21% 16% 2022 2023 2024 1-9/2025 UK: GWP growth, like-for-like Including broker revenues
Page 21
5 November 2025 21 Nordic Commercial: Robust growth and solid profitability • GWP driven by good 1/1 renewals with rate increases to mitigate claims inflation, and robust growth in SME • Growth in SME stood at 7%, which is in line with operational ambition levels • SME continued to benefit from customers moving online, with digital sales up 14% in 1-9/2025 and 17% in Q3 • De-risking of large property exposures had some impact on growth in larger accounts • Personal insurance within Commercial saw accelerated growth of 15% year-on-year • Underwriting performance was supported by favourable large claims outcome and benign frequency claims development, while maintaining prudent approach to reserving € 1,990 million +5.8% year-on-year Gross written premiums 83.0% -1.1%-p year-on-year Combined ratio € 279 million +11% year-on-year Underwriting result +7% SME GWP growth GWP growth on like-for-like-basis.
Page 22
5.6% 5.6% 5.8% 2023 2024 1-9/2025 5 November 2025 22 Nordic Commercial: Key growth drivers GWP growth, like-for-like 1,977 2,173 1,990 1,945 2,128 1,640 GWP: Ins. rev.: 23 27 25 29 0 5 10 15 20 25 30 35 2023 2024 1-9/2024 1-9/2025 Commercial digital sales (EURm) 4.2% 5.1% 6.7% 2023 2024 1-9/2025 SME: GWP growth, like-for-like Operational ambition for 2024-2026 Growth rates for 2023 and 2024 excluding Topdanmark. Digital sales for 2023-2024 and 1-9/2024 excluding Topdanmark.Growth rates for 2023 and 2024 excluding Topdanmark.
Page 23
5 November 2025 23 Nordic Industrial: Strong margins in a softening market environment • Successful 1/1 renewals with rate increases have been offset by intentional de-risking and lower new sales and fewer projects in a more competitive market environment • Lost volume in Q3 mainly related to a couple of larger property clients in Sweden and Denmark, while Norway and Finland saw positive top-line development • De-risking actions are now largely implemented, but the impact on volumes is expected to continue throughout 2025 and slightly in 2026 as well • Underwriting performance was supported by disciplined underwriting, de-risking actions and favourable claims environment • Favourable claims outcome in Q3 and 1-9/2025 • The cost ratio increased due to lower premium volumes, but underlying costs developed in line with expectations € 841 million -4.1% year-on-year Gross written premiums € 439 million -11% year-on-year Insurance revenue GWP growth on like-for-like basis. 81.8% -5.6%-p year-on-year Combined ratio € 80 million +29% year-on-year Underwriting result
Page 24
Financial supplement 5 November 2025 24
Page 25
Profit & loss detail 5 November 2025 25
Page 26
26 Key result movements Q3/2025 EURm Q3/2025 Q3/2024 Comments Gross written premiums 2,218 2,088 - Like-for-like growth of 7% driven by robust performance in Private and SME lines, partly offset by development in Nordic Industrial Insurance revenue, net 2,303 2,137 - Growth supported by solid performance, particularly in the Private businesses Underwriting result 392 374 - UW result growth of 4% on a currency adjusted basis driven by top-line growth and favourable claims environment - Private Nordic 196 181 - UW result growth of 8% supported by continued strong top-line growth and solid margins - Private UK 63 59 - UW result growth 6% driven by increase in LCP and solid margins amid softening pricing environment - Nordic Commercial 95 93 - UW result growth of 2% growth driven by solid top-line growth and margins - Nordic Industrial 20 19 - UW result growth of 3% backed by strong margins offsetting declined top-line - Baltic and other operations 19 22 - Stable underwriting development in the Baltics despite competitive market conditions Combined ratio, % 83.0 82.5 - Solid margin development driven by favourable claims environment and underlying Nordic trends, offset by lower PYD Nordic underlying risk ratio, % 62.8 63.1 - Solid 0.3%-p improvement driven by disciplined underwriting and stable claims inflation Net financial result 594 128 - Net financial result boosted by the successful IPO of NOBA generating net gain of EUR 355 million Profit before taxes 866 432 - Improvement driven by higher net financial result and solid underwriting result growth Operating EPS, EUR 0.14 0.12 - Growth of 16% driven by higher investment returns and solid underwriting result growth 5 November 2025
Page 27
Top-line development 27 3,627 3,872 2,930 3,192 2063 2565 1939 2243 1,977 2,173 1,791 1,990 966 1,070 867 841 238 249 192 195 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 2022 2023 2024 1-9/2024 1-9/2025 Private Nordic Private UK Nordic Commercial Nordic Industrial Baltic and other operations 8,870 9,931 7,718 8,461 EURm Gross written premiums 5 November 2025 3,487 3,667 2,730 2,968 1251 1659 1208 1487 1,945 2,128 1,583 1,640 627 657 490 439 223 275 203 223 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2022 2023 2024 1-9/2024 1-9/2025 Private Nordic Private UK Nordic Commercial Nordic Industrial Baltic and other operations Insurance revenue, net EURm GWP and insurance revenue include broker revenues. 8,375 7,277 7,535 8,386 6,214 6,755
Page 28
85.8% 84.6% 84.3% 84.6% 83.4% 70% 72% 74% 76% 78% 80% 82% 84% 86% 88% 2022 2023 2024 1-9/2024 1-9/2025 Underwriting result and combined ratio development 595 628 453 533 128 190 139 175 315 352 253 279 80 74 62 80 46 72 48 55 0 200 400 600 800 1,000 1,200 1,400 2022 2023 2024 1-9/2024 1-9/2025 Private Nordic Private UK Nordic Commercial Nordic Industrial Baltic and other operations 1,164 1,316 955 1,121 EURm Underwriting result Combined ratio 5 November 2025 1,031 28
Page 29
5 November 2025 29 Group: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 8,461 2,218 2,542 3,701 2,212 7,718 2,088 2,333 3,297 9,931 8,870 Insurance revenue, net 6,755 2,303 2,264 2,188 2,172 6,214 2,137 2,057 2,020 8,386 7,535 Claims incurred, net -3,913 -1,338 -1,286 -1,289 -1,248 -3,700 -1,228 -1,211 -1,261 -4,948 -4,482 Operating expense (incl. claims handling costs) -1,721 -573 -585 -563 -563 -1,559 -535 -526 -499 -2,122 -1,890 Underwriting result 1,121 392 393 336 361 955 374 321 260 1,316 1,164 Net investment income 927 554 292 80 70 818 340 183 295 888 1,006 Insurance finance income or expense -91 -5 -107 21 -7 -245 -212 -3 -30 -252 -446 Net financial result 836 549 185 101 62 573 128 180 265 636 560 Other income or expense -28 -18 -3 -7 -155 -74 -27 -13 -16 -210 -81 Non-operational amortisations -103 -51 -26 -26 -23 -37 -19 -19 -18 -79 -68 Finance expenses -58 -6 -24 -28 -26 -76 -25 -25 -26 -103 -93 Profit before taxes 1,769 866 526 377 219 1,340 432 444 465 1,559 1,481 Net profit for the equity holders 1,460 757 417 285 180 973 320 310 343 1,154 1,323 - of which from life operations - - - - - - - -26 - -26 251 Earnings per share, EUR 0.54 0.28 0.16 0.11 0.06 0.39 0.13 0.12 0.14 0.45 0.52 Operating EPS, EUR 0.38 0.14 0.14 0.11 0.13 0.34 0.12 0.12 0.10 0.47 0.41 Risk ratio, % 57.9 58.1 56.8 58.9 57.5 59.5 57.5 58.9 62.4 59.0 59.5 Cost ratio, % 25.5 24.9 25.9 25.7 25.9 25.1 25.0 25.6 24,7 25.3 25.1 Combined ratio, % 83.4 83.0 82,6 84.6 83.4 84.6 82.5 84.4 87.1 84.3 84.6 Gross written premiums and insurance revenue include broker revenues.
Page 30
5 November 2025 30 Group: operating result EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Underwriting result 1,121 392 393 336 361 955 374 321 260 1,316 1,164 Interest and dividend income 450 144 164 142 155 455 143 155 157 609 593 Realised gains or losses 27 30 7 -11 9 37 -17 23 31 46 86 Unwind of discounting -176 -59 -59 -57 -54 -183 -63 -62 -59 -238 -248 Other income or expense (excl. one- offs) -39 -18 -14 -7 -5 -41 -12 -13 -16 -46 -81 Finance expense -78 -26 -24 -28 -26 -76 -25 -25 -26 -103 -93 Operating result before taxes 1,305 463 466 375 439 1,146 399 399 348 1,585 1,420 Taxes on operating result -274 -97 -98 -79 -92 -241 -84 -84 -73 -333 -298 Non-controlling interest - - - - - -59 -18 -19 -22 -59 -76 Operating result 1,031 366 368 297 347 846 297 296 253 1,193 1,046 Average share count (YTD, split adjusted), mn shares 2,687 - - - - 2,514 - - - 2,561 2,530 Operating EPS, EUR 0.38 0.14 0.14 0.11 0.13 0.34 0.12 0.12 0.10 0.47 0.41 Growth, % 14 16 16 9 55 2 2 5 -2 13 - In the third quarter of 2025, the reporting method was changed so that interest income on bank accounts and assets at amortised cost have been moved from realised gains or losses to interest and dividend income, in line with the change in the net financial result table. The figures for 2023-2024 has been restated as well.
Page 31
5 November 2025 31 Private Nordic: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 3,192 1,011 1,100 1,081 942 2,930 917 1,009 1,004 3,872 3,627 Insurance revenue, net 2,968 1,014 995 958 937 2,730 925 908 897 3,667 3,489 Claims incurred, net -1,802 -610 -598 -594 -548 -1,677 -542 -537 -598 -2,226 -2,125 Operating expense (incl. claims handling costs) -633 -209 -215 -209 -214 -600 -202 -204 -195 -814 -769 Underwriting result 533 196 182 155 175 453 181 168 104 628 595 GWP growth, like-for-like, % 8.9 9.5 8.7 8.5 - - - - - - - Insurance revenue growth, like-for-like, % 8.1 8.8 8.2 7.4 - - - - - - - Risk ratio, % 60.7 60.1 60.1 61.9 58.5 61.4 58.6 59.2 66.7 60.7 60.9 Cost ratio, % 21.3 20.6 21.6 21.8 22.8 22.0 21.8 22.4 21.7 22.2 22.0 Combined ratio, % 82.0 80.7 81.7 83.8 81.4 83.4 80.4 81.6 88.4 82.9 83.0
Page 32
5 November 2025 32 Private UK: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 2,243 764 757 722 627 1,939 716 662 560 2,565 2,063 Insurance revenue, net 1,487 518 499 470 452 1,208 440 399 369 1,659 1,251 Claims incurred, net -770 -272 -253 -245 -245 -624 -216 -204 -204 -868 -658 Operating expense (incl. claims handling costs) -542 -183 -187 -172 -156 -445 -165 -147 -133 -601 -465 Underwriting result 175 63 59 53 51 139 59 48 32 190 128 GWP growth, like-for-like, % 16 7 13 26 - - - - - - - Insurance revenue growth, like-for-like, % 23 21 24 24 - - - - - - - Live customer policies, mn 4.4 4.4 4.2 4.1 3.9 3.8 3.8 3.6 3.5 3.9 3.5 Risk ratio, % 51.8 52.5 50.7 52.2 54.2 51.6 49.0 51.1 55.3 52.3 52.6 Cost ratio, % 36.5 35.4 37.6 36.5 34.5 36.8 37.5 36.8 36.1 36.2 37.2 Combined ratio, % 88.3 87.9 88.2 88.7 88.7 88.5 86.5 87.9 91.4 88.5 89.8 Gross written premiums and insurance revenue include broker revenues.
Page 33
5 November 2025 33 Nordic Commercial: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 1,990 282 360 1,348 383 1,791 275 328 1,188 2,173 1,977 Insurance revenue, net 1,640 544 549 537 544 1,583 537 524 522 2,128 1,945 Claims incurred, net -961 -326 -309 -325 -304 -950 -317 -322 -310 -1,254 -1,153 Operating expense (incl. claims handling costs) -399 -133 -133 -134 -141 -381 -127 -128 -126 -522 -477 Underwriting result 279 95 107 78 99 253 93 74 86 352 315 GWP growth, like-for-like, % 5.8 7.8 6.3 5.2 - - - - - - - Insurance revenue growth, like-for-like, % 3.6 3.0 4.4 3.5 - - - - - - - Risk ratio, % 58.6 58.9 56.3 60.6 55.9 60.0 59.1 61.4 59.4 58.9 59.2 Cost ratio, % 24.3 23.9 24.2 24.9 26.0 24.1 23.6 24.5 24.1 24.5 24.5 Combined ratio, % 83.0 82.9 80.5 85.5 81.8 84.0 82.7 85.9 83.5 83.5 83.8
Page 34
5 November 2025 34 Nordic Industrial: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 841 104 256 481 203 867 122 269 477 1,070 966 Insurance revenue, net 439 141 147 150 167 490 165 160 165 657 627 Claims incurred, net -259 -88 -84 -87 -120 -334 -115 -113 -107 -455 -428 Operating expense (incl. claims handling costs) -100 -33 -34 -33 -34 -94 -31 -32 -31 -128 -118 Underwriting result 80 20 29 31 12 62 19 15 27 74 80 GWP growth, like-for-like, % -4.1 -15.2 -6.6 0.3 - - - - - - - Insurance revenue growth, like-for-like, % -9.8 -13.1 -7.1 -9.0 - - - - - - - Risk ratio, % 59.1 62.5 57.1 57.8 72.1 68.2 69.5 70.4 64.8 69.2 68.3 Cost ratio, % 22.7 23.5 22.8 21.8 20.5 19.2 19.0 19.9 18.7 19.5 18.9 Combined ratio, % 81.8 86.1 80.0 79.6 92.6 87.4 88.5 90.3 83.5 88.7 87.3
Page 35
5 November 2025 35 Baltic & other operations: results and key figures EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Gross written premiums 195 57 69 69 58 192 57 65 69 249 238 Insurance revenue, net 223 76 75 72 72 203 70 65 67 275 223 Claims incurred, net -131 -45 -42 -38 -31 -121 -40 -35 -42 -146 -118 Operating expense (incl. claims handling costs) -37 -12 -16 -15 -18 -33 -9 -15 -14 -57 -60 Underwriting result 55 19 16 19 24 48 22 15 11 72 46 Risk ratio, % 54.2 54.3 55.7 52.6 42.5 76.2 54.6 53.4 62.4 53.0 52.6 Cost ratio, % 21.2 20.0 22.3 21.3 24.2 19.4 14.5 23.2 20.8 20.7 26.8 Combined ratio, % 75.4 74.3 78.0 73.9 66.8 56.8 69.1 76.6 83.2 73.7 79.4
Page 36
1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Risk ratio, % 59.9 59.9 58.6 61.1 58.9 61.7 59.9 61.1 64.3 61.0 61.1 Large claims, % -1.0 -0.3 -1.6 -1.0 0.8 1.4 3.7 3.2 -2.7 1.2 1.3 Severe weather, % -0.3 0.0 -0.3 -0.5 1.4 2.4 0.2 0.4 6.9 2.2 3.3 PYD, RA and other technical effects, % 0.4 0.5 1.0 -0.2 -4.0 -3.3 -4.7 -2.4 -2.7 -3.5 -3.7 Discounting effect, current year, % -2.9 -3.0 -2.9 -2.8 -2.8 -2.7 -2.4 -2.9 -2.9 -2.8 -3.3 Underlying risk ratio, % 63.6 62.8 62.5 65.5 63.5 63.9 63.1 62.9 65.7 63.8 63.6 Change, year-on-year, % -0.3 -0.3 -0.4 -0.2 - - - - - -0.2 - 36 Nordic underlying risk ratio development All the key figures in the table above are calculated on a net basis. Ratios are also based on SEK figures, which may cause small quarterly differences compared to ratios based on reported EUR figures. Large claims measured against budget but severe weather claims are reported in full. Negative figures indicate a positive outcome. 5 November 2025
Page 37
5 November 2025 37 Group net financial result EURm 1-9/2025 Q3/2025 Q2/2025 Q1/2025 Q4/2024 1-9/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Fixed income 405 139 132 134 143 416 136 141 139 559 520 Equities 25 2 19 4 8 29 3 10 16 37 59 Funds 20 4 12 5 4 11 4 4 3 16 16 Interest and dividend income 450 144 164 142 155 456 143 155 158 612 595 Fixed income 57 -15 86 -13 -48 196 201 14 -19 147 364 Equities 415 428 11 -24 -25 106 -18 2 122 81 64 Funds 65 19 34 12 -3 72 25 12 35 70 60 Net gains or losses 538 432 131 -25 -76 374 208 28 138 298 488 Other items -61 -22 -2 -37 -10 -13 -11 0 -2 -22 -77 Net investment income 927 554 292 80 70 818 340 183 295 888 1,006 Unwind of discounting -176 -59 -59 -57 -54 -183 -63 -62 -59 -238 -248 Changes in discount rates 114 65 -42 91 43 -68 -156 54 34 -25 -160 Indexation of annuities -29 -11 -5 -12 4 7 7 5 -5 11 -38 Insurance finance income or expense -91 -5 -107 21 -7 -245 -212 -3 -30 -252 -446 Net financial result 836 549 185 101 62 -245 128 180 265 636 560 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 2023-2024 has been restated as well.
Page 38
Investments & balance sheet 5 November 2025 38
Page 39
5 November 2025 39 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Property, plant and equipment 276 288 296 284 285 299 308 284 318 Intangible assets 3,510 3,556 3,629 3,637 3,639 3,637 3,623 3,637 3,637 Investments in associates 4 4 4 4 14 13 13 4 12 Financial assets 16,640 16,143 16,749 16,090 16,165 15,882 16,684 16,090 15,757 Deferred income tax 1 6 8 2 2 1 3 2 3 Reinsurance contract assets 2,446 2,511 2,408 2,618 2,770 2,511 2,303 2,618 2,282 Other assets 1,161 978 1,080 880 891 907 844 880 800 Cash and cash equivalents 1,492 1,321 1,819 962 1,494 1,487 1,481 962 1,415 Total assets 25,531 24,808 25,994 24,478 25,260 24,739 25,259 24,478 24,225 Insurance contract liabilities 12,960 12,963 13,009 12,286 12,836 12,418 12,331 12,286 11,716 Subordinated debts 1,314 1,626 1,650 1,642 1,643 1,642 1,640 1,642 1,645 Other financial liabilities 1,384 1,288 1,467 1,395 1,382 1,303 1,265 1,395 1,269 Deferred income tax 566 528 555 535 581 570 571 535 567 Other liabilities 1,646 1,563 1,833 1,562 1,716 1,457 1,481 1,562 1,342 Total liabilities 17,860 17,968 18,514 17,419 18,158 17,390 17,288 17,419 16,538 Share capital 98 98 98 98 98 98 98 98 98 Reserves 3,828 3,531 3,531 3,531 3,531 1,530 1,530 3,531 1,530 Retained earnings 4,533 3.971 4,473 4,176 4,150 6,099 6,726 4,176 6,378 Other components of equity -788 -760 -622 -746 -737 -760 -830 -746 -743 Non-controlling interests - - - - 60 382 447 - 424 Total equity 7,671 6,840 7,480 7,059 7,101 7,349 7,971 7,059 7,687 Total equity and liabilities 25,531 24,808 25,994 24,478 25,260 24,739 25,259 24,478 24,225 Group balance sheet
Page 40
5 November 2025 40 Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Credit bonds, funds and loans 47% 47% 43% 49% 46% 45% 44% 49% 44% Covered bonds 21% 24% 25% 24% 23% 22% 23% 24% 23% Government bonds 7% 7% 7% 6% 5% 5% 4% 6% 4% Index-linked bonds 3% 3% 3% 3% 3% 3% 3% 3% 3% Money market and cash 10% 8% 11% 6% 11% 12% 12% 6% 12% Total fixed income 88% 89% 89% 88% 88% 87% 86% 88% 86% Equities and equity funds 11% 8% 8% 8% 8% 9% 8% 8% 8% Alternatives 1% 4% 3% 4% 4% 4% 6% 4% 6% Total, EURbn 17.5 16.9 17.9 16.5 17.3 17.1 17.8 16.5 17.1 Fixed income return 1.3% 1.5% 0.8% 0.7% 2.3% 1.0% 0.8% 5.0% 5.3% Equites return 27.0% 6.0% -0.7% -2.0% 1.0% 3.9% 10.9% 14.6% 8.0% Total investment return 3.5% 1.8% 0.5% 0.4% 2.0% 1.1% 1.6% 5.5% 5.7% Fixed income duration, years 2.3 2.5 2.3 2.3 2.3 2.4 2.3 2.3 2.3 Fixed income average maturity, years 3.4 3.7 3.4 3.7 3.5 3.6 3.5 3.7 3.3 Fixed income running yield 3.8% 3.9% 3.9% 3.9% 4.0% 4.0% 4.0% 3.9% 3.9% Fixed income mark-to-market yield* 3.5% 3.8% 4.1% 4.2% 4.1% 4.7% 4.7% 4.2% 4.8% Group investment mix and returns *) Mark-to-market yield excluding Topdanmark until 30 June 2025.
Page 41
41 Group fixed income and equities mix Q3/2025 66% 14% 11% 9%Nordics Western Europe North America Emerging markets 27% 16% 12% 9% 9% 7% 6% 3% 2% 9%Sweden, 27% Denmark, 16% Norway, 12% United States, 9% Finland, 9% France, 7% UK, 6% Germany, 3% Netherlands, 2% Others, 9% Value, EURm NOBA 636 Volvo 132 ABB 83 Autoliv 64 Veidekke 62 Telia 52 Nederman Holding 51 Yara International 37 Husqvarna 36 VBG Group 31 Total Top 10 1,184 Fixed income Listed equities Top 10 direct equity investments Hold Co alternative investments EUR 15.3 billion EUR 2.0 billion Value, EURm Nexi 131 The investment in Nexi is reported with a delay of one quarter in Sampo’s accounts. 32% 13%25% 20% 1% 1% 0% 6%AAA, 32% AA, 13% A, 25% BBB, 20% BB, 1% B, 1% CCC-D, 0% Non-rated, 6% 5 November 2025
Page 42
5 November 2025 42 Net insurance liabilities Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liability for remaining coverage, net 1,924 2,167 2,516 1,620 1,961 2,057 2,270 1,620 1,469 Liability for incurred claims, net 8,603 8,301 8,100 8,067 8,118 7,860 7,766 8,067 7,983 - of which from risk adjustment 351 353 315 305 335 291 260 305 239 Acquisition cash flow asset -12 -16 -16 -20 -12 -10 -8 -20 -18 Net insurance liability 10,514 10,452 10,601 9,668 10,067 9,907 10,028 9,668 9,434 LIC per country and durations 2024 year-end LIC, % Duration, years Sweden 20 6.0 Norway 13 2.8 Finland 24 8.9 Denmark 28 4.6 Baltics 2 3.0 UK 13 2.1 Total 100 5.3 End of Q3/2025 discount rates EUR 9 years: 2.85% DKK 5 years: 2.65% SEK 6 years: 2.80% GBP 2 years: 4.10% NOK 3 years: 4.34%
Page 43
5 November 2025 43 Key sensitivities EURm Effect on quarterly Combined ratio *) Discount rate ±100 bps ± 65 bps Insurance finance income & expense, net Discount rate +100 bps 320 Non-annuities Discount rate +100 bps 105 Annuities Discount rate +100 bps 215 Insurance finance income & expense, net Discount rate -100 bps -370 Non-annuities Discount rate -100 bps -115 Annuities Discount rate -100 bps -255 Net investment income Interest rates +100 bps -340 Net investment income Interest rates -100 bps 355 Net investment income Spreads +100 bps -335 Net investment income Equities -10% -220 *) Effect from current year Liability for incurred claims, net. CR improvement from increase in rate, CR deterioration from decrease in rate • Loss and combined ratio sensitive to changes in discount rates • Net investment income sensitive to mark-to- market returns on assets • IFIE sensitive to changes in discount rates • Sampo Group discount rate sensitivity driven by long-tailed annuity reserves in EUR and SEK (duration ~ 12 years) • Sensitivities change over time and vary somewhat by quarter The unwind of discounting is expected to be around EUR 60 million in Q4/2025. Quarterly P&L effects, Q3/2025
Page 44
44 Solvency II ratio development 176% 185% 210% 182% 177% 180% 174 % 172 % 100% 120% 140% 160% 180% 200% 220% 2020 2021 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 5 November 2025
Page 45
5 November 2025 45 EURm Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Market risk 2,201 2,067 2,033 1,974 2,059 1,994 2,057 1,974 1,920 Insurance risk 1,847 1,827 1,823 1,734 1,655 1,617 2,055 1,734 2,027 Counterparty risk 185 206 211 139 127 131 218 139 200 Operational risk 297 296 297 284 295 288 287 284 272 Diversification -832 -814 -810 -714 -696 -673 -859 -714 -816 LAC of DT -354 -413 -406 -403 -425 -421 -441 -403 -404 Related undertakings / other 33 31 27 25 29 25 22 25 18 Solvency capital requirement 3,376 3,200 3,175 3,040 3,043 2,962 3,338 3,040 3,217 Tier-1 unrestricted (incl. dividend accrual and buybacks) 4,235 4,009 4,162 3,839 3,838 3,792 4,429 3,839 4,324 Tier-1 restricted 300 0 21 21 21 22 22 21 21 Tier-2 1,188 1,466 1,458 1,448 1,441 1,360 1,429 1,448 1,448 Tier-3 86 83 60 61 80 121 121 61 63 Own funds 5,809 5,558 5,701 5,368 5,380 5,295 6,000 5,368 5,856 Solvency II ratio,% 172 174 180 177 177 179 180 177 182 As of 2025, the reported regulatory Solvency II ratio includes dividend accrual based on the latest regular dividend. For full-year, the actual proposed dividend has been deducted. Buybacks are being deducted from own funds in full when announced. Solvency II SCR and own funds
Page 46
5 November 2025 46 Estimated Solvency II ratio sensitivities on market risk factors Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Solvency II ratio 172% 174% 180% 177% 198% 192% 186% 177% 182% Rates -100bps -5%-p -5%-p -5%-p -5%-p -5%-p -4%-p -4%-p -5%-p -5%-p Rates +100bps +4%-p +4%-p +4%-p +3%-p +5%-p +4%-p +3%-p +3%-p +5%-p Spreads +100bps -7%-p -8%-p -8%-p -9%-p -8%-p -7%-p -7%-p -9%-p -6%-p Equity prices -10% +1%-p 0%-p 0%-p -1%-p 0%-p 0%-p +1%-p -1%-p +1%-p Equity prices -20% +2%-p -2%-p -1%-p -4%-p -1%-p -1%-p +1%-p -4%-p 0%-p Equity prices -30% 0%-p -5%-p -4%-p -8%-p -5%-p -5%-p -1%-p -8%-p -3%-p Symmetric adjustment 6.92% 6.23% 5.32% 2.86% 4.34% 4.03% 5.25% 2.86% 1.46% Scenario Symmetric adjustment Equity prices -10% 0.84% Equity prices -20% -5.25% Equity prices -30% -10.00% At the end of Q3/2025, the symmetric adjustment is assumed to have the following values in the equity market scenarios:
Page 47
0% 5% 10% 15% 20% 25% 30% 35% 2021 2022 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 Hybrid Senior Target (<30%) 47 Financial leverage development 23.8% 5 November 2025 IFRS 17IFRS 4 EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 Q1/2025 Q2/2025 Q3/2025 Hybrid debt 2,015 1,983 1,983 1,645 1,642 1,650 1,626 1,611 Senior debt 2,195 1,306 1,306 959 954 957 792 788 Total debt 4,210 3,288 3,288 2,604 2,596 2,606 2,418 2,399 IFRS equity* 13,464 9,543 10,178 7,687 7,059 7,480 6,840 7,373 25.6% 24.4% 25.3% 26.9% 25.8% 26.1% *) Excluding Tier 1 debt 24.5%
Page 48
5 November 2025 48 Outstanding debt instruments Issue date Currency Issued, million Outstanding, million Coupon Maturity date First call date Sampo plc senior bond Feb 2018 EUR 500 313 1.625% 21 Feb 2028 21 Nov 2027 Sampo plc senior bond Aug 2018 NOK 1,000 (EUR 85) 1,000 (EUR 85) 3.100% 7 Sep 2028 - Sampo plc Tier 2 May 2019 EUR 500 500 3.375% 23 May 2049 23 May 2029 Sampo plc senior bond Sep 2018 EUR 500 392 2.250% 27 Sep 2030 27 Jun 2030 Sampo Tier 2 Aug 2020 EUR 1,000 684 2.500% 3 Sep 2052 3 Sep 2032 Sampo RT 1 Sep 2025 EUR 300 300 5.25% Perpetual 24 Sep 2035 If Tier 2 Mar 2018 SEK 1,500 (EUR 136) 1,500 (EUR 136) Stibor 3m + 1.30% 17 Jun 2051 17 Mar 2026 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 Credit Ratings 399 392 136 500 684 300 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Senior Hybrid Debt maturity profile, EURm
Page 49
5 November 2025 49 Hold Co (Sampo plc) balance sheet EURm Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 Liquidity 862 593 608 626 1,169 1,477 1,342 626 1,352 Investment assets 2,584 2,380 2,406 2,408 676 695 979 2,408 979 Tangible assets 4 2 3 3 3 2 2 3 2 Fixed income 1,814 1,814 1,825 1,826 101 100 101 1,826 101 Equity and private equity 767 563 578 580 572 592 876 580 876 Equity holdings (subsidiaries) 7,431 7,431 7,431 7,431 7,618 5,635 5,635 7,431 5,635 Other assets 90 57 113 44 28 28 28 44 24 Total assets 10,967 10,460 10,557 10,508 9,491 7,834 7,985 10,508 7,990 Long-term senior debt 788 792 957 954 954 956 954 954 959 Private placements 0 0 0 0 0 0 0 0 2 Bonds issued 788 792 957 954 954 956 954 954 957 Subordinated debt 1,178 1,492 1,491 1,491 1,491 1,490 1,490 1,491 1,490 Capital 8,816 8,083 7,952 7,989 6,964 5,291 5,446 7,989 5,465 Undistributable capital 98 98 98 98 98 98 98 98 98 Distributable capital 8,718 7,985 7,853 7,891 6,866 5,193 5,348 7,891 5,367 Other Liabilities 185 94 157 75 82 96 95 75 76 Total Liabilities 10,967 10,460 10,557 10,508 9,491 7,834 7,985 10,508 7,990 Fixed income from Q4/2024 onwards includes the loan agreement of EUR 1,724 million between Sampo plc and If in connection with the sale of Topdanmark shares to If in November 2024.
Page 50
Additional information 5 November 2025 50
Page 51
5 November 2025 51 Share count development 2,777 2,734 2,572 2,509 2,691 2,678 2020 2021 2022 2023 2024* 9/2025 Total share count, million Average number of shares Shares held by the company have been deducted from the total share count and the average number of shares. 1-12/2020 2,776,759,250 1-12/2021 2,771,584,090 1-12/2022 2,651,481,010 1-12/2023 2,529,695,320 1-3/2024 2,508,983,760 1-6/2024 2,508,804,685 1-9/2024 2,514,477,515 1-12/2024 2,560,572,410 1-3/2025 2,691,238,860 1-6/2025 2,691,238,860 1-9/2025 2,687,302,193 Quarterly EPS figures are calculated by deducting the previous quarters’ result from the YTD result. *) 241 million new shares issued for Topdanmark shareholders in 2024.
Page 52
5 November 2025 52 Share buybacks development Launch Start End Announced, EURm Executed, EURm 1. programme 1 Oct 2021 4 Oct 2021 25 Mar 2022 750 750 2. programme 30 Mar 2022 31 Mar 2022 17 May 2022 250 228 3. programme 9 Jun 2022 10 Jun 2022 8 Feb 2023 1,000 1,000 4. programme 29 Mar 2023 3 April 2023 1 Aug 2023 400 400 5. programme 17 Jun 2024 18 Jun 2024 29 Nov 2024 475 475 6. programme 6 Aug 2025 7 Aug 2025 30 Oct 2025 200 200 7. Programme 5 Nov 2025 6 Nov 2025 - 150 - Shares repurchased EURm Total 2021 42,699,780 380 Total 2022 162,212,895 1,443 Total 2023 62,862,815 555 Total 2024 58,738,450 475 Q1/2025 - - Q2/2025 - - Q3/2025 13,239,620 129 Q4/2025* 7,245,213 71 Total since 2021 346,998,773 3,053 Buybacks by quarterBuyback programmes *) By 31 October 2025
Page 53
5 November 2025 53 Geographical mix 1-9/2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 1,523 1,614 1,807 1,079 2,243 195 8,461 Insurance revenue, net 1,297 1,364 1,530 855 1,487 223 6,755 Underwriting result 256 231 229 176 175 55 1,121 Risk ratio, % 59.1 64.1 58.4 57.0 51.8 54.2 25.5 Cost ratio, % 21.1 18.9 26.7 22.4 36.5 21.2 57.9 Combined ratio, % 80.3 83.1 85.0 79.4 88.3 75.4 83.4 Gross written premiums and insurance revenue include broker revenues.
Page 54
5 November 2025 54 Geographical mix Q3/2025 EURm Sweden Norway Denmark Finland UK Baltic & other Group total Gross written premiums 393 384 400 220 764 57 2,218 Insurance revenue, net 434 472 513 290 518 76 2,303 Underwriting result 103 93 66 48 63 19 392 Risk ratio, % 54.8 62.3 61.6 60.9 52.5 54.3 58.1 Cost ratio, % 21.5 18.0 25.6 22.5 35.4 20.0 24.9 Combined ratio, % 76.3 80.3 87.2 83.4 87.9 74.3 83.0 Gross written premiums and insurance revenue include broker revenues.
Page 55
5 November 2025 55 Geographical mix by segment 2024 Private Nordic Sweden Norway Denmark Finland UK Total Gross written premiums 1,213 992 1,018 649 - 3,872 Insurance revenue, net 1,180 925 932 631 - 3,667 Private UK Sweden Norway Denmark Finland UK Total Gross written premiums - - - - 2,565 2,565 Insurance revenue, net - - - - 1,659 1,659 Nordic Commercial Sweden Norway Denmark Finland UK Total Gross written premiums 277 618 916 362 - 2,173 Insurance revenue, net 269 593 904 362 - 2,128 Baltic and other operations reported a GWP of EUR 249 million and an insurance revenue of EUR 275 million in 2024. Nordic Industrial Sweden Norway Denmark Finland UK Total Gross written premiums 466 214 208 182 - 1,070 Insurance revenue, net 248 148 129 132 - 657 Gross written premiums and insurance revenue include broker revenues.
Page 56
5 November 2025 56 Nordic new car sales Number of cars sold (1,000) Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 63.1 77.5 63.4 76.1 61.1 72.5 59.8 269.5 289.7 288.0 301.0 292.0 Norway 37.8 43.9 31.6 36.9 30.5 39.0 22.3 128.7 127.0 174.3 176.3 141.4 Denmark 44.5 52.1 37.4 46.8 39.9 49.4 36.9 173.1 172.8 148.3 185.3 198.2 Finland 16.7 20.6 16.7 18.6 16.3 20.7 18.5 74.1 87.5 81.7 98.5 96.4 Nordic total 162.1 194.1 149.2 178.4 147.9 181.6 137.4 645.3 676.9 692.3 761.1 728.0 Growth (year-on-year) Q3/2025 Q2/2025 Q1/2025 Q4/2024 Q3/2024 Q2/2024 Q1/2024 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 3.2% 7.0% 6.1% -4.5% -11.8% -6.3% -5.5% -7.0% 0.6% -4.3% 3.1% -18.0% Norway 23.8% 12.6% 42.0% 17.3% 5.5% 3.0% -22.4% 1.4% -27.2% -1.1% 24.7% -0.7% Denmark 11.5% 5.5% 1.4% -4.0% 0.6% 11.4% -7.6% 0.2% 16.5% -20.0% -6.5% -12.2% Finland 2.1% -0.7% -9.5% -1.9% -24.7% -20.1% -12.0% -15.4% 7.1% -17.1% 2.2% -15.6% Nordic total 9.6% 6.9% 8.5% -0.3% -7.3% -2.1% -10.1% -4.7% -2.2% -9.0% 4.5% -13.2%
Page 57
Sampo plc Fabianinkatu 21 00130 Helsinki Finland www.sampo.com @Sampo_plc sampo-plc sampo_oyj Phone: +358 10 516 0100 Business ID: 0142213-3 57