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"value": "Note to the cash flow statementIn December 2022, Topdanmark sold its life insurance business Topdanmark Life to Nordea. In the table below is shown the cash flow effect of the sale, presented in the cash flows from investing activities in the consolidated statement of cash flows.EURm 1\u201312/2022AssetsFinancial assets 11,901Other assets 343LiabilitiesInsurance liabilities 11,556Other liabilities 578Net assets other without cash and cash equivalents 110Cash and cash equivalents 231Net assets 340Goodwill 194Total consideration received in cash 534Unwinding costs paid -15Net cash from the sale 519Group\u2019s notes to the financial statementsSummary of significant accounting policiesConsolidationSampo plc (business id 0142213-3) is a Finnish public company listed in Helsinki Nasdaq. It is domiciled in Helsinki and the headquarters are at Fabianinkatu 27, 00100 Helsinki, Finland. The consolidated financial statements of Sampo Group include Sampo plc together with its subsidiaries and associates as of 31 December 2022. The group subsidiaries have insurance and financ-ing activities in Finland, Sweden, Norway, Denmark, the Baltic countries, and the United Kingdom. A copy of the Group\u2019s financial statements is available at the internet address www.sampo.com. Basis of preparationSampo Group has prepared the consolidated financial statements for 2022 in compliance with the International Financial Reporting Standards (IFRSs). In preparing the financial statements, Sampo has applied all the standards and interpretations relating to its business, adopted by the commission of the EU and effective at 31 December, 2022.The annual improvements or other amendments to the standards, adopted at the beginning of 2022, had no materialimpact on the Group\u2019s financial statements reporting.In preparing the notes to the consolidated financial statements, attention has also been paid to the Finnish accounting and company legislation and applicable regulatory requirements.The going concern accounting assumption has been assessed by the Board and used in the preparation of the financial statements.The financial statements have for the most part been prepared under the historical cost convention. Exceptions are, i.e. financial assets and liabilities at fair value through p/l, financial assets available-for-sale, hedged items in fair value hedges, investment property and share-based payments settled in equity instruments measured at fair value.The consolidated financial statements are presented in euro (EUR), rounded to the nearest million, unless otherwise stated.The Board of Directors of Sampo plc accepted the financial statements for issue on 10 February 2023. In accordance with Limited Liability Companies Act, the Annual General Meeting has right to approve or reject the consolidated financial statements or change the statements after they have been issued.ConsolidationSubsidiariesThe consolidated financial statements combine the financial statements of Sampo plc and all its subsidiaries. Control exists when the Group has more than half of the voting power or it has power over the entity together with exposure to variable returns from its involvement there and the ability to use its power to affect the amount of these returns. Subsidiaries are consolidated from the date on which control is transferred to the Group, and cease to be consolidated from the date that control ceases.The acquisition method of accounting is used for the purchase of subsidiaries. The cost of an acquisition is allocated to the identifiable assets, liabilities and contingent liabilities, which are measured at the fair value of the date of the acquisition. Acquisition-related costs are recognised through profit or loss. Possible non-con-trolling interest of the acquired entity is measured either at fair value or at proportionate interest in the acquiree\u2019s net assets. The acquisition-specific choice affects both the amount of recognised goodwill and non-controlling interest. The excess of the aggregate of consideration transferred, non-controlling interest and possibly previously held equity interest in the acquiree, over the Group\u2019s share of the fair value of the identifiable net assets acquired, is recognised as goodwill.The accounting policies used throughout the Group for the purposes of consolidation are consistent with respect to similar business activities and other events taking place in similar conditions. All intra-group transactions and balances are eliminated upon consolidation.AssociatesAssociates are entities in which the Group has significant influence. Unless otherwise demonstrated, this is generally presumed when the Group holds in excess of 20 per cent, but no more than 50 per cent, of the voting rights of an entity. Correspondingly, even when the Group holds less than 20 per cent of the voting power, it can be treated as an associate if the significant influence can be otherwise clearly demonstrated as described in IAS 28 Investments in Associates and Joint Ventures.Investments in associates are treated by the equity method of accounting, in which the investment is initially recorded at cost and increased (or decreased) each year by the Group\u2019s share of the post-acquisition net income (or loss), or other movements reflected directly in the equity of the associate. If the Group\u2019s share of the associate\u2019s loss exceeds the carrying amount of the investment, the investment is carried at zero value, and the loss in excess is consolidated only if the Group is committed to fulfilling the obligations of the associate. Goodwill arising on the acquisition is included in the cost of the investment. Unrealised gains (losses) on transactions are eliminated to the extent of the Group\u2019s interest in the entity.The share of associates\u2019 profit or loss, equivalent to the Group\u2019s holding, is presented as a separate line in the income statement. The Group\u2019s share of associates\u2019 changes in other comprehensive income is presented in the Group\u2019s other comprehensive income items.If there is any indication that the value of the investment may be impaired, the consolidated carrying amount is tested by comparing it with its recoverable amount. The recoverable amount is the higher of its value in use or its fair value less costs to sell. If the recoverable amount is less than its consolidated carrying amount, the carrying amount is reduced to its recoverable amount by recognising an impairment loss in the profit/loss. If the recoverable amount later increases and is greater than the carrying amount, the impairment loss is reversed through profit and loss.Non-controlling interestsThe technical division of profit for the financial year and the total comprehensive income to the owners of the parent and non-controlling interests is presented after the statement of comprehensive income. The share of profits is attributed to non-controlling interests even if it should be negative. Non-controlling interests are presented in the balance sheet separately as part of equity. Non-controlling interests in an acquiree are measured either at fair value or as a proportionate share of net assets of the acquiree. The choice is made for each acquisition separately. At the end of the financial reporting period, Sampo\u2019s non-controlling interests were determined as the proportionate share of net assets of the acquirees.Foreign currency translationThe consolidated financial statements are presented in euro, which is the functional and reporting currency of the Group and the parent company. Items included in the financial statements of each of the Group entities are measured using their functional currency, being the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the appropriate functional currency using the exchange rates prevailing at the dates of transactions or the average rate for a month. The balance sheet items denominated in foreign currencies are translated into the functional currency at the rate prevailing at the balance sheet date.Exchange differences arising from the translation of trans- actions and monetary balance sheet items denominated in foreign currencies into functional currency are recognised as translation gains and losses in profit or loss. Exchange differences arising from non-monetary financial assets classified as available-for-sale financial assets are recognised directly in the fair value reserve in equity.The income statements of Group entities whose functional currency is other than euro are translated into euro at the average rate for the period, and the balance sheets at the rates prevailing at the balance sheet date. The resulting exchange differences are included in equity and their change in other comprehensive income. When a subsidiary is divested entirely or partially, the cumulative exchange differences are included in the income statement under sales gains or losses.Goodwill and fair value adjustments arising from an acquisition of a foreign entity are treated as if they were assets and liabilities of the foreign entity. Exchange differences resulting from the translation of these items at the exchange rate of the balance sheet date are included in equity and their change in other comprehensive income.Balance sheet Average 1 euro (EUR) =dateexchange rateSwedish krona (SEK) 11.1218 10.6286Danish krona (DKK) 7.4365 7.4396Pound sterling (GBP) 0.8869 0.8527Segment reportingThe Group\u2019s segmentation is based on business areas whose risks and performance bases as well as regulatory environment differ from each other. The control and management of business and management reporting are organised in accordance with the business segments. The Group\u2019s business segments are If, Topdanmark, Hastings, Mandatum and Holding (including Nordea). Geographical information has been given on income from external customers and non-current assets. The reported segments are Finland, Sweden, Norway, Denmark, Great Britain and the Baltic countries.In the inter-segment and inter-company pricing, for both domestic and cross border transactions, market-based prices are applied. The pricing is based on the Code of Conduct on Transfer Pricing Documentation in the EU and OECD guidelines. Inter-segment transactions, assets and liabilities are eliminated in the consolidated financial statements.Non-current assets held for saleNon-current assets and the assets and liabilities related to discontinued operations are classified as held for sale, if their carrying amount will be recovered principally through sales transactions rather than from continuing use. For this to be the case, the sale must be highly probable, the asset or disposal group must be available Insurance premiumsInsurance premiums in the income statement consist of premiums written for P&C insurance and life insurance.P&C insurance contracts are primarily of short duration, so that premiums written are recognised at the inception of risk coverage in line with the insurance contract. Revenue recognition principlesfor immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. In addition, the management must be committed to a plan to sell, and the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets that meet the criteria to be classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Immediately before the initial classification of the asset as held for sale, the carrying amount of the asset shall be measured in accordance with applicable IFRSs. If the fair value less costs to sell is the lower, an entity recognises an impairment loss at initial reclassification. Gains for subsequent increases in fair value are recognised through profit or loss. Once reclassified, any depreciation or recognition of associates\u2019 share of profit or loss on such assets ceases. When the premium for the insurance period is divided into several instalments, the entire premium amount is still recognised at the beginning of the period. As an exception, Hastings recognises insurance premiums proportionally over the period of cover provided. At the date of financial statements, the premiums written are adjusted by a change in the provision for unearned premiums i.e., by the proportion of the insurance premium income that, based on the period covered by the insurance contract, belongs to the following financial year.In the life insurance business, liabilities arising from insurance and investment contracts are long-term liabilities. Therefore, the insurance premium and related claims are usually not recognised in the same accounting period. Depending on the type of insurance, premiums are primarily recognised in premiums written when the premium has been paid. In group pension insurance, a part of the premiums is recognised already when charged.The change in the provision for unearned premiums is presented as an expense under \u2018Change in insurance and investment contract liabilities\u2019.on the instrument evenly in proportion to the amount outstanding over the period to maturity. Dividends on equity securities are recognised as revenue when the right to receive payment is established.Fees and commissionsThe fees and transaction costs of financial instruments measured at fair value through profit or loss are recog-nised in profit or loss when the instrument is initially recognised.The costs of acquiring new and renewed insurance busi-ness are treated as deferred acquisition costs in the P&C insurance. In the life insurance business, the acquisition costs are treated as fee and commission expense under \u2019Other operating expenses\u2019.Other fees and commissions paid for investment activities are included in \u2019Net income from investments\u2019.Revenue from contracts with customersThe subsidiary Hastings has revenue from broker activities in accordance with IFRS 15 Revenue from Contracts with Customers. The revenue consists principally of fees and commissions relating to the arrangement of third party underwritten insurance contracts and ancillary products.Revenue from insurance brokerage activities is recognised at the point of sale to the customer and revenue from other retail services is recognised when the service has been completed. Revenue arising from insurance broking activities is measured on an agency basis, net of cost, at the fair value of the income receivable after adjusting for any allowance for expected future cancellation refunds. Hastings may also provide contracts for the provision of other ad hoc, point-in-time services to customers. Such income is recognised when the performance obligation has been satisfied at the expected value of consideration.In the consolidated financial statements, the fees and commissions from broker activities are included in \u2019Other income\u2019 or \u2019Other operating expenses\u2019.Financial assets and liabilitiesFinancial assets and liabilities are measured at the initial recognition at fair value. In the acquisition of financial assets and liabilities not measured at fair value, transaction costs directly attributable to acquisition or issue are added or deducted respectively. Based on the measurement practice, financial assets and liabilities are classified in the following categories upon the initial recognition: financial assets at fair value through profit or loss, loans and receivables, available-for-sale financial assets, financial liabilities at fair value through profit or loss, and other liabilities.Interest and dividendsInterest income and expenses are recognised in the income statement using the effective interest rate method. This method recognises income and expenses According to the Group\u2019s risk management policy, invest-ments are managed at fair value in order to have the most realistic and real-time picture of investments, and they are reported to the Group key management at fair value. Investments comprise debt and equity securities. They are mainly classified as financial assets available-for-sale or at fair value through p/l.In the life insurance business, IFRS 4 Insurance Contracts provides that insurance contracts with a discretionary participation feature are measured in accordance with national valuation principles rather than at fair value. These contracts and investments made to cover shareholders\u2019 equity are managed in their entirety and are classified mainly as available-for-sale financial assets. An exception to the rule are investments related to unit-linked insurance, valued at fair value through p/l and shown as a separate line item in the balance sheet. The corresponding liability is also shown as a separate line item.Recognition and derecognitionPurchases and sales of financial assets at fair value through profit or loss and available-for-sale financial assets are recognised and derecognised on the trade date, which is the date on which the Group commits to purchase or sell the asset. Loans and receivables are recognised when cash is advanced.Financial assets and financial liabilities at fair value through profit or lossIn Sampo Group, financial assets and liabilities at fair value through profit of loss comprise financial assets held for trading and financial assets designated as at fair value through profit or loss.Financial assets designated as at fair value through profit or lossFinancial assets designated as at fair value through profit or loss are assets which, at inception, are irrevocably designated as such. They are initially recognised at their fair value. They are recognised in the income statement and balance sheet accordingly with the above-explained assets held for trading.Loans and receivablesLoans and receivables comprise non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and that the Group does not intend to sell immediately or in the short term. The category also comprises cash and balances with banks.Financial assets held for tradingA financial asset that is held for the purpose of selling or buying in the short term, or belongs to a portfolio that is managed together or is repeatedly used for short-term profit taking, is classified as an asset held for trading. Gains and losses arising from changes in fair value, or realised on disposal, together with related interest income and dividend, are recognised in the income statement.Also derivative instruments that are not designated as hedges and do not meet the requirements for hedge accounting are classified as financial assets for trading purposes.Financial derivatives held for trading are initially rec-ognised at fair value. Derivative instruments are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative instruments are recognised at fair value, and gains and losses arising from changes in fair value together with realised gains and losses, are recognised in the income statement.Financial assets and liabilities are offset and the net amount is presented in the balance sheet only when the Group has a legally enforceable right to set off the recog-nised amounts and it intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.Financial assets are derecognised when the contractual rights to receive cash flows have expired or the Group has substantially transferred all the risks and rewards of ownership. Financial liabilities are derecognised when the obligation specified in the contract is discharged or cancelled or expired.Loans and receivables are initially recognised at their fair value, including transaction costs directly attributable to the acquisition of the asset. Loans and receivables are subsequently measured at amortised cost using the effective interest rate method.Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivative financial investments that are designated as availa-ble-for-sale or that are not categorised into any other category. Available-for-sale financial assets comprise debt and equity securities and funds.Available-for-sale financial assets are initially recognised at fair value, including direct and incremental transaction costs. They are subsequently remeasured at fair value, and the changes in fair value are recorded in other comprehensive income and presented in the fair value reserve, taking the tax effect into account. Interest income and dividends are recognised in profit or loss. When the available-for-sale assets are sold, the cumulative change in the fair value is transferred from equity and recognised together with realised gains or losses in profit or loss. The cumulative change in the fair value is also transferred to profit or loss when the assets are impaired and the impairment loss is recognised. Exchange differences due to available-for-sale monetary balance sheet items are always recognised directly in profit or loss.Other financial liabilitiesOther financial liabilities comprise debt securities in issue and other financial liabilities.Other financial liabilities are recognised when the consideration is received and measured to amortised cost, using the effective interest rate method.If debt securities issued are redeemed before maturity, they are derecognised and the difference between the carrying amount and the consideration paid at redemp-tion is recognised in profit or loss.Fair valueThe fair value of financial instruments is determined primarily by using quoted prices in active markets. Instruments are measured either at a bid price or at the last trade price if there is an auction policy in the stock market of the price source. An exception are the syndicated loans which are measured at a mid-price because of the lower liquidity. The financial derivatives are also measured at the last trade price. If the financial instrument has a counter-item that will offset its market risk, the same price source is used in assets and liabilities to that extent. If a published price quotation does not exist for a financial instrument in its entirety, but active markets exist for its component parts, the fair value is determined on the basis of the relevant market prices of the component parts.Fair values of financial assets are based on either published price quotations or valuation techniques based on market observable inputs, where available. If these are not available, the fair value is established by using generally accepted valuation techniques including recent arm\u2019s length market transactions between knowledgeable, willing parties, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. For a limited amount of assets, the value needs to be determined using these other techniques. The carrying amount of cash and cash equivalents as well as settlement receivables included in other assets is used as an approximation of fair value.If the fair value of a financial asset cannot be determined, historical cost is deemed to be a sufficient approximation of fair value. The amount of such assets in the Group balance sheet is immaterial.The financial instruments measured at fair value have been classified into three hierarchy levels in the notes, depending on, e.g. if the market for the instrument is active, or if the inputs used in the valuation technique are observable. On level 1, the measurement of the instrument is based on quoted prices in active markets for identical assets or liabilities.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. The majority of Sampo Group\u2019s level 3 assets are private equity and alternative funds.For private equity funds, the valuation of the underlying investments is conducted by the fund manager who has all the relevant information required in the valuation process. The valuation is usually updated quarterly based on the value of the underlying assets and the amount of debt in the fund. There are several valuation methods, which can be based on, for example, the acquisition value of the investments, the value of publicly traded peer companies, the multiple-based valuation or the cashflows of the underlying investments. Most private equity funds follow the International Private Equity and Venture Capital (IPEV) guidelines which give detailed instructions on the valuation of private equity funds.Financial assets carried at amortised costThere is objective evidence of impairment, if an issuer or debtor, e.g. encounters significant financial difficulties that will lead to insolvency and to estimation that the customer will probably not be able to meet the obligations to the Group. Objective evidence is first assessed for financial assets that are individually significant, and then individually and collectively for financial assets not individually significant.When there is objective evidence of impairment of a financial asset carried at amortised cost, the amount of the loss is measured as the difference between the receivable\u2019s carrying amount and the present value of estimated future cash flows discounted at the receivable\u2019s original effective interest rate. The difference is recognised as an impairment loss in profit or loss. The impairment is assessed individually.If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can objectively be related to an event occurring after the impairment was recognised (e.g. the default status is removed), the previously recognised impairment loss shall be reversed through profit or loss.For alternative funds, the valuation is also conducted by the fund managers. Alternative funds often have complicated structures and the valuation is dependent on the nature of the underlying investments. There are many different valuation methods that can be used, for example, the method based on the cashflows of the underlying investments. The operations and valuation of alternative funds are regulated for example by the Alternative Investment Fund Managers Directive (AIFMD), which determines the principles and documentation requirements of the valuation process. Impairment of financial assetsSampo assesses at the end of each reporting period whether there is any objective evidence that a financial asset, other than those at fair value through p/l, may be impaired. A financial asset is impaired and impairment losses are recognised on the estimated future cash flows of the financial asset if there is objective evidence of impairment as a result of one or more loss events that occurred after the initial recognition of the asset and if that event has an impact that can be reliably estimated.Available-for-sale financial assetsIf there is objective evidence of an impairment of available-for-sale financial assets, this is evaluated in a separate assessment. This is done if, for example, there are changes in the credit rating of the debt instrument issuer, the issuer is placed on a watch list, or there is a default or delinquency in payments of principal or interests. For equity instruments, objective evidence may exist, if there is a significant or prolonged decline in the fair value of an equity instrument below its original acquisition cost.The decision on whether the impairment is significant or prolonged requires an assessment of the management. The assessment is done on a case-by-case basis with consideration paid not only to qualitative criteria but also historical changes in the value of an equity as well as time period during which the fair value of an equity instrument has been lower than the acquisition cost. In Sampo Group, the impairment is normally assessed to be significant, if the fair value of a listed equity or participation decreases below the average acquisition cost by 20 per cent and assessed to be prolonged when the fair value has been lower than the acquisition cost for over 12 months.As there are no quoted prices available in active markets for unquoted equities and participations, the aim is to determine their fair value with the help of generally accepted valuation techniques available in the markets. The most significant share of unquoted equities and participations comprise the private equity and venture capital investments. They are measured in accordance with the generally accepted common practice in the International Private Equity and Venture Capital Guidelines (IPEV).The significance and prolongation of the impairment in the last-mentioned cases is assessed case by case, taking into consideration special factors and circumstances related to the investment. Sampo invests in private equity and venture capital in order to keep them to the end of their life cycle, so the typical lifetime is 10\u201312 years. In general, a justifiable assessment of a potential impairment may only be done towards the end of the life cycle. However, if additionally there is a well-founded reason to believe that an amount equivalent to the acquisition cost will not be recovered when selling the investment, an impairment loss is recognised.An impairment on equity funds is recognised in line with the principles above when the starting year of the fund is at least 10 years old and both the carrying amount and fair value of the fund is maximum EUR 500,000. In these cases both the fair value and the carrying amount are booked to zero. An impairment is only performed to those funds for which the benchmarks are met in all Sampo Group companies\u2019 portfolios.In the case of debt securities, the amount of the impairment loss is assessed as the difference between the acquisition cost, adjusted with capital amortisations and accruals, and the fair value at the review time, reduced by possible impairment losses previously recognised in profit or loss. At the same time, the cumulative loss recognised in other comprehensive income is transferred from equity and recognised in p/l as an impairment loss. Any additional impairment losses are also recognised through p/l.If, in a subsequent period, the fair value of a debt security increases and the increase can objectively be related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through p/l, but only up until the carrying amount is the same as it would have been had no impairment losses been recognised in the first place.Impairment losses for available-for-sale equity instruments are recognised through p/l by transferring the cumulative loss recognised in other comprehensive income from equity to p/l. If the fair value subsequently increases, the increase is recognised in other comprehensive income. If the value keeps decreasing below the book value, an impairment loss is recognised through profit or loss even if the decline is less than 20 per cent.Derivative financial instruments and hedge accountingDerivative financial instruments are classified as those held for trading and those held for hedging, including interest rate derivatives, credit risk derivatives, foreign exchange derivatives, equity derivatives and commodity derivatives. Derivative instruments are measured initially at fair value. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.Derivatives held for tradingDerivative instruments that are not designated as hedges and embedded derivatives separated from a host contract are treated as held for trading. They are measured at fair value and the change in fair value, together with realised gains and losses and interest income and expenses, is recognised in profit or loss.If derivatives are used for hedging, but they do not qualify for hedge accounting as required by IAS 39, they are treated as held for trading.Hedge accountingSampo Group may hedge its operations against interest rate risks, currency risks and price risks through fair value hedging and cash flow hedging. Cash flow hedging is used as a protection against the variability of the future cash flows, while fair value hedging is used to protect against changes in the fair value of recognised assets or liabilities. During the financial year, fair value hedging has been applied in Mandatum and cash flow hedging in Hastings.Hedge accounting applies to hedges that are effective in relation to the hedged risk and meet the hedge accounting requirements of IAS 39. The hedging relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge, are documented at the inception of the hedge. In addition, the effectiveness of a hedge is assessed both at inception and on an ongoing basis to ensure that it is highly effective throughout the period for which it was designated. Hedges are regarded as highly effective in offsetting changes in fair value or the cash flows attributable to a hedged risk within a range of 80\u2013125 per cent.Cash flow hedgingCash flow hedging is used to hedge the interest cash flows of individual floating rate debt securities or other floating rate assets or liabilities. The hedging instruments used include interest rate swaps and cross currency interest rate swaps. Derivative instruments which are designated as hedges and are effective as such, in accordance with IAS 39, are measured at fair value. The effective part of the change in fair value is recognised in other comprehensive income. The remaining ineffective part is recognised in profit or loss.The cumulative change in fair value is transferred from equity and recognised in profit or loss in the same period that the hedged cash flows affect profit or loss.When a hedging instrument expires, is sold, terminated, or the hedge no longer meets the criteria for hedge accounting, the cumulative change in fair value remains in equity until the hedged cash flows affect profit or loss.Fair value hedgingIn accordance with the Group\u2019s risk management principles, fair value hedging is used to hedge changes in fair values resulting from changes in price, interest rate or exchange rate levels. The hedging instruments used include foreign exchange forwards, interest rate swaps, cross-currency interest rate swaps and options, approved by the managements of the Group companies.Changes in the fair value of derivative instruments that are documented as fair value hedges and are effective in relation to the hedged risk are recognised in profit or loss. In addition, the hedged assets and liabilities are measured at fair value during the period for which the hedge was designated, with changes in fair value recognised in profit or loss.LeasesIntangible assetsGroup as lessorLeases are included in \u2019Investment property\u2019 in the balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment, and the impairment losses are recognised on the same basis as these items. Rental income is recognised on a straight-line basis over the lease term in profit or loss.Other intangible assetsIT software and other intangible assets, whether procured externally or internally generated, are recognised in the balance sheet as intangible assets with finite useful lives if it is probable that the expected future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The cost of internally generated intangible assets is determined as the sum of all costs directly attributable to the assets. Research costs are recognised as expenses in profit or loss as they are incurred. Costs arising from the development of new IT software or from significant improvement of existing software are recognised only to the extent they meet the above-mentioned requirements for being recognised as assets in the balance sheet.Intangible assets with finite useful lives are measured at historical cost less accumulated amortisation and impairment losses. Intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. The estimated useful lives by asset class are as follows:IT software 3\u201310 yearsOther intangible assets 3\u201310 yearsGoodwillGoodwill represents the excess of the cost of an acquisition (made after 1 January 2004) over the fair value of the Group\u2019s share of the net identifiable assets, liabilities and contingent liabilities of the acquired entity at the date of acquisition. Goodwill on acquisitions before 1 January 2004 is accounted for in accordance with the previous accounting standards and the carrying amount is used as the deemed cost in accordance with the IFRS.Goodwill is measured at historical cost less accumulated impairment losses. Goodwill is not amortised. Instead, it is tested at least annually for impairment.Group as lesseeAll lease contracts are primarily recognised in the balance sheet in accordance with IFRS 16 Leases. The only optional exemptions include certain short-term contracts with a duration under 12 months or low-value contracts for which the lease payments can be recognised as an expense on a straight-line basis over the lease term.Right-of-use assets related to lease contracts (right to use an underlying asset) are recognised in the asset side as part of Property, Plant and Equipment and the corresponding lease liabilities in the liability side as part of Other liabilities. A right-of-use asset is recognised at the commencement date of the lease and measured at cost that includes the amount of the initial measurement of the liability and potential prepaid rents to the lessor. Right-of-use assets are amortised on a straight-line basis over the lease period. Lease liability is also recognised at the commencement date and measured at the present value of the lease payments.Depreciations on right-of-use assets and interests on the lease liabilities are recognised in the p/l.Intangible assets with an indefinite useful life, such as brands and trademarks acquired in business combinations, are not amortised. Instead they are tested at least annually for impairment.Impairment of intangible assets and property, plant and equipmentAt each reporting date, the Group assesses whether there is any indication that an intangible asset or an item of property, plant or equipment may be impaired. If any such indication exists, the Group will estimate the recoverable amount of the asset. In addition, goodwill, intangible assets not yet available for use and intangible assets with an indefinite useful life will be tested for impairment annually, independent of any indication of impairment. For impairment testing the goodwill is allocated to the cash-generating units of the Group from the date of acquisition. In the test the carrying amount of the cash-generating unit, including the goodwill, is compared with its recoverable amount.The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. The value in use is calculated by estimating future net cash flows expected to be derived from an asset or a cash-generating unit, and by discounting them to their present value using a pre-tax discount rate. If the carrying amount of an asset is higher than its recoverable amount, an impairment loss is recognised in profit or loss. In conjunction with this, the impaired asset\u2019s useful life will be re-determined.The impairment loss is reversed if there has been a change in circumstances and the recoverable amount has changed after the recognition of the impairment loss, but no more than to the carrying amount which it would have been without recognition of the impairment loss. Impairment losses recognised for goodwill are not reversed.Property, plant and equipmentProperty, plant and equipment comprise properties occupied for Sampo\u2019s own activities, office equipment, fixtures and fittings, and furniture. Classification of properties as those occupied for own activities and those for investment activities is based on the square metres in use. If the proportion of a property in Sampo\u2019s use is no more than 10 per cent, the property is classified as an investment property.Property, plant and equipment are measured at historical cost less accumulated depreciation and impairment losses.Improvement costs are added to the carrying amount of a property when it is probable that the future economic benefits that are attributable to the asset will flow to the entity. Costs for repairs and maintenance are recognised as expenses in the period in which they were incurred.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful life. In most cases, the residual value is estimated at zero. Land is not depreciated. Estimates of useful life are reviewed at financial year-ends and the useful life is adjusted if the estimates change significantly. The estimated useful lives by asset class are as follows:Buildings 20\u201350 yearsComponents of buildings 15\u201320 yearsProperty and leasehold improvements 4\u201310 yearsIT equipment and motor vehicles 2\u20135 yearsOther equipment 3\u201315 yearsDepreciation of property, plant or equipment will be discontinued, if the asset in question is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.Investment propertyInvestment property is held to earn rentals and for capital appreciation. The investment property is measured at fair value. The accounting principle was changed from an acquisition model to a fair value model in the financial year 2021 in order to align the Group accounting principles.The Group assessed that the change had an immaterial effect on the consolidated financial statements. The fair value of investment property is estimated using methods based on estimates of future cash flows and market-based return expectations (cash flow models used for present value calculation) and comparison methods based on information from actual sales in the market. The valuation considers the characteristics of the prop-erty with respect to location, condition, lease situation and comparable market information regarding rents, yield requirements and unit prices. During the financial year, the valuations were conducted by using both the Group\u2019s internal resources and external independent surveyors.ProvisionsA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the Group can reliably estimate the amount of the obligation. If it is expected that some or all of the expend-iture required to settle the provision will be reimbursed by another party, the reimbursement will be treated as a separate asset only when it is virtually certain that the Group will receive it.Reinsurance contractsA reinsurance contract is a contract which meets the IFRS 4 requirements for insurance contracts and on the basis of which Sampo Group (the cedant) may receive compensation from another insurer (the reinsurer) if it becomes liable for paying compensation based on other insurance contracts it has issued. Such compensation received on the basis of reinsurance contracts is included in the balance sheet under \u2019Reinsurers\u2019 share of insurance liabilities\u2019 and \u2019Other assets\u2019. The former item includes the reinsurers\u2019 share of the provisions for unearned premiums and claims outstanding in the Group\u2019s reinsured insurance contracts, while the latter includes short-term receivables from reinsurers.When the Group itself has to pay compensation to another insurer on the basis of a reinsurance contract, the liability is recognised in the item \u2019Other liabilities\u2019. Receivables and liabilities related to reinsurance are measured uniformly with the cedant\u2019s receivables and liabilities. Reinsurance receivables are tested annually for impairment. Impairment losses are recognised through profit or loss if there is objective evidence indicating that the Group (as the cedant) will not receive all amounts of money it is entitled to on a contractual basis.In addition, the Group companies have contracts where they share the insurance risk with a co-insurance partner. Where the Group is the secondary co-insurer, the Group only recognises its share of the premium as an insurance receivable and related claims liability. Where the Group acts as the lead co-insurer, the gross premium is recognised as an insurance receivable, with a related co-insurance payable to the co-insurer.Insurance and investment contractsInsurance contracts are treated, in accordance with IFRS 4, either as insurance or investment contracts. Under the standard, insurance contracts are classified as insurance contracts if significant insurance risk is transferred between the policyholder and the insurer. If the risk trans-ferred on the basis of the contract is essentially financial risk rather than significant insurance risk, the contract is classified as an investment contract. The classification of a contract as an insurance contract or investment contract determines the measurement principle applied to it.Sampo treats the liabilities arising from contracts in the first phase of the standard according to the national accounting standards.The risks involved in insurance and investment contracts are widely elaborated in the Group\u2019s note 35.Classification of insurance contractsIn classifying insurance contracts and examining their related risks, embedded contracts are interpreted as one contract.Other than insurance contracts, i.e. contracts where the risk is not transferred, include Captive contracts in which an insurance company underwrites a company\u2019s direct business and reinsures the same risk in an insurance company in the same group as the policyholder. There are also contracts in P&C insurance (Reverse Flow Fronting contracts) in which the insurance company grants insurance and then transfers the insurance risk to the final insurer. For both the above types of contract, only the net effect of the contract relationship is recognised in the income statement and balance sheet (instead of the gross treatment, as previously). The prerequisite for net treatment is that the net retention recognised on the contract is zero.There are also contracts in P&C insurance in which the insurance risk is eliminated by a retrospective insurance premium, i.e. the difference between forecast and actual losses is evened out by an additional premium directly or in connection with the annual renewal of the insurance. The net cash flow from these contracts is recognised directly in the balance sheet, without recognising it first in the income statement as premiums written and claims incurred.Insurance liabilitiesInsurance liabilities are the net contractual obligations which the insurer has on the basis of insurance contracts. Insurance liabilities, consisting of the liability for unearned premiums and unexpired risks and for claims outstanding, correspond to the obligations under insurance contracts.The liability for unearned premiums is intended to cover anticipated claims costs and operating expenses during the remaining term of insurance contracts in force. In P&C insurance and reinsurance, the liability for unearned premiums is normally calculated on a strictly proportional basis over time, i.e. on a pro rata temporis basis. If premiums are judged to be insufficient to cover anticipated claims costs and operating expenses, the liability for unearned premiums must be augmented by a provision for unexpired risks. Calculation of the liability for unexpired risks must also take into account instalment premiums not yet due.The liability for claims outstanding is intended to cover the anticipated future payments of all claims incurred, including claims not yet reported to the company, i.e. the IBNR (incurred but not reported) provision. The liability for claims outstanding includes claims payments plus all estimated costs of claim settlements.The liability for claims outstanding in direct P&C insurance and reinsurance may be calculated by statistical methods or through individual assessments of individual claims. Often a combination of the two methods is used, meaning large claims are assessed individually while small claims and claims incurred but not reported (the IBNR provision) are calculated using statistical methods.In If, the liability for claims outstanding is not discounted to present value, with the exception of provisions for vested annuities. Topdanmark discounts the whole liability. In Hastings, the liability is not discounted, except for claims that have to do with certain large bodily injury. Mandatum does not discount anything.Liability adequacy test A liability adequacy test is performed separately for both the provision for claims outstanding and the provision for unearned premiums. The provision for claims out-standing is based on estimates of future cash flows. The estimates are made by using well-established actuarial methods.The provision for unearned premiums is, for the most part, calculated on a strictly proportional basis over time (so called pro rata temporis principle). The adequacy of the provision for unearned premiums is tested by calcu-lating a provision for unexpired risks for each company per business area and line of business. If the provisions are judged to be insufficient, the provision for unearned premiums is augmented by recognising a provision for unexpired risks.P&C insurance businessDeferred acquisition costsIn the P&C insurance business, acquisition costs clearly relating to the writing of insurance contracts and extend-ing beyond the financial year are recognised as assets in the balance sheet. Acquisition costs include operating expenses directly or indirectly attributable to writing insurance contracts, fees and commissions, marketing expenses and the salaries and overheads of sales staff.Acquisition costs are amortised in the same way as provisions for unearned premiums, usually in 12 months at the maximum.Classification of insurance contractsPolicies issued by the life insurance business are classified as either insurance contracts or investment contracts.Insurance contracts are contracts that carry significant insurance risk or contracts in which the policyholder has the right to change the contract by increasing the risk. As capital redemption contracts do not carry insurance risk, these contracts are classified as investment contracts.The discretionary participation feature (DPF) of a contract is a contractual right held by a policyholder to receive additional benefits, as a supplement to the guaranteed minimum benefits. The supplements are bonuses based on the reserves of policies credited to the policy reserve, additional benefits in the case of death, or the lowering of insurance premiums. In Mandatum, the principle of fairness specifies the application of this feature. In unit-linked contracts the policyholder carries the investment risk by choosing the investment funds linked to the contracts.Measurement of insurance and investment contractsIn Mandatum, national accounting standards in accord-ance with IFRS 4 Insurance contracts are applied to all insurance contracts and investment contracts with DPF.All contracts, except unit-linked contracts and the assumed reinsurance, include DPF. In those unit-linked contracts which are not insurance contracts, the policy-holder has the possibility to transfer the return on savings from unit-linked schemes to guaranteed interest with DPF. Thus, the same standard is applied to these contracts as to contracts with DPF.The surrender right, guaranteed interest and the unbundling of the insurance component from the deposit component and similar features are not separated and measured separately.In Mandatum, regarding the group pension portfolio transferred from Suomi Mutual (=segregated portfolio), a so-called shadow accounting is applied, as permitted in IFRS 4.30, by adjusting the equity with the amount of unrealised gains and losses of the agreement. The equity is adjusted with the amount that unrealised gains or losses would have affected the Segregated Portfolio in accordance with the profit distribution policy of the Segregated Portfolio if the gains or losses had been realised at the balance sheet date.In Topdanmark, unit-linked contracts include both insurance and investment contracts. Insurance contracts are measured in accordance with IFRS 4. Investment contracts, on the other hand, are measured in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Investment contracts do not include a discretionary participation feature.All unit-linked insurance contracts are payable on demand at market value. In case of death, 101 per cent of the amount is payable. This feature is considered an insig-nificant insurance risk, and the contracts are categorised and measured as investment contracts. There are no other surrender rights and values to take into consideration.Insurance and investment contract liabilities and reinsurance assetsLiabilities arising from insurance and investment contracts consist of provisions for unearned premiums and outstanding claims. In the life insurance business, various methods are applied in calculating liabilities which involve assumptions on matters such as mortality, morbidity, the yield level of investments, future operating expenses and the settlement of claims.Changes in the liabilities of reinsurance have been calculated at variable rates of exchange.Life insurance businessIn direct insurance, the insurance liability is calculated by policy, while in reinsurance it is calculated on the basis of the reports of the ceding company or the company\u2019s own bases of calculation.The interest rate used in discounting liabilities is, at most, the maximum rate accepted by the authorities in each country.The provision for claims outstanding is intended to cover the anticipated future payments of all claims incurred, including claims not yet reported to the company (the \u201cIBNR\u201d provision). The provision for claims outstanding includes claim payments plus all costs of claim settle-ments.The amounts of short- and long-term liabilities in technical provisions are determined annually.Liability adequacy testA liability adequacy test is applied to all portfolios and the need for augmentation is checked, company by company, on the basis of the adequacy of the whole technical provisions. The test includes all the expected contractual cash flows for non-unit-linked liabilities. The expected contractual cash flows include expected premiums, claims, bonuses and expenses. The claims have been estimated including surrenders and other insurance transactions based on historical data. The amounts of claims include the guaranteed interest and an estimation of future bonuses. The present values of the cash flows have been discounted to the balance sheet date.For the unit-linked business, the present values of the insurance risk and expense results are calculated correspondingly. If the aggregate amount of the liability for the unit-linked and other business presumes an augmentation, the liability is increased by the amount shown by the test and recognised in profit or loss.Principle of fairnessAccording to Chapter 13, Section 2 of the Finnish Insurance Companies\u2019 Act, the Principle of Fairness must be observed in life insurance and investment contracts with a discretionary participation feature. If the solvency requirements do not prevent it, a reasonable part of the surplus has to be returned to these policies as bonuses.Mandatum aims at giving a total return before charges and taxes on the original insurance portfolio\u2019s policyhold-ers\u2019 savings in contracts with DPF that is at least the yield of those long term bonds, which are considered to have lowest risk. The total return consists of the guaranteed interest rate and bonuses determined annually. Continu-ity is pursued in the level of bonuses.Employee benefitsPost-employment benefitsPost-employment benefits include pensions and life insurance.Sampo has defined benefit plans in Sweden and Norway, and defined contribution plans in other countries. The most significant defined contribution plan is that arranged through the Employees\u2019 Pensions Act (TyEL) in Finland.In the defined contribution plans, the Group pays fixed contributions to a pension insurance company and has no legal or constructive obligation to pay further contribu-tions. The obligations arising from a defined contribution plan are recognised as an expense in the period to which the obligation relates.In the defined benefit plans, the company still has obligations after paying the contributions for the financial period and bears their actuarial and/or investment risk. The obligation is calculated separately for each plan using the projected unit credit method. In calculating the amount of the obligation, actuarial assumptions are used. The pension costs are recognised as an expense for the service period of employees. Defined benefit plans are both funded and unfunded. The amounts reported as pension costs during a financial year consist of the actuarially calculated earnings of old-age pensions during the year, calculated straight-line, based on pensionable income at the time of retirement. The calculated effects in the form of interest expense for crediting/appreciating the preceding years\u2019 established pension obligations are then added. The calculation of pension costs during the financial year starts at the begin-ning of the year and is based on assumptions about such factors as salary growth and price inflation throughout the duration of the obligation and on the current market interest rate adjusted to take into account the duration of the pension obligations.The current year pension cost and the net interest of the net liability is recognised through p/l in pension costs. The actuarial gains and losses and the return of the plan assets (excl. net interest) are recognised as a separate item in other comprehensive income.The fair value of the plan assets covered by the plan is deducted from the present value of future pension obligations and the remaining net liability (net asset) is recognised separately in the balance sheet.The Group has also certain voluntary defined benefit plans. These are intra-Group and have no material significance.Termination benefitsAn obligation based on termination of employment is recognised as a liability when the Group is verifiably committed to terminate the employment of one or more persons before the normal retirement date or to grant benefits payable upon termination as a result of an offer to promote voluntary redundancy. As no economic benefit is expected to flow to the employer from these benefits in the future, they are recognised immediately as an expense. Obligations maturing more than 12 months later than the balance sheet date are discounted. The benefits payable upon termination at Sampo are the monetary and pension packages related to redundancy.Share-based paymentsDuring the financial year, Sampo had five valid share-based incentive schemes settled in cash (the long-term incentive schemes 2017 I, 2017 II, 2020 I, 2020 II and 2020 III for the management and key employees). Topdanmark had one mainly share-settled incentive scheme for the executive board and senior executives during the financial year. Hastings had also a share-based incentive scheme settled in cash during the financial year.More information on the different incentive schemes of the Group companies can be found in note 30 Incentive schemes.The schemes have been measured at fair value at the grant date and at every reporting date thereafter.In the schemes settled in cash, the valuation is recognised as a liability and changes are recognised through profit or loss.In the schemes settled in shares, the strike amounts received on the exercise of the options are recognised in the shareholder\u2019s equity.The fair value of the schemes has to a large extent been determined using the Black-Scholes-pricing model. The fair value of the market-based part of the incentive takes into consideration the model\u2019s forecast concerning the number of incentive units to be paid as a reward. The effects of non-market based terms are not included in the fair value of the incentive; instead, they are taken into account in the number of those incentive units that are expected to be exercised during the vesting period. In this respect, the Group will update the assumption on the estimated final number of incentive units at every interim or annual balance sheet date.Income taxesItem Tax expenses in the income statement comprise current and deferred tax. Tax expenses are recognised through profit or loss, except for items recognised directly in equity or other comprehensive income, in which case the tax effect will also be recognised for those items. Current tax is calculated based on the valid tax rate of each country. Tax is adjusted by any tax related to previous periods.Deferred tax is calculated on all temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Deferred tax is not recognised on non-deductible goodwill impairment, nor is it recognised on the undistributed profits of subsidiaries to the extent that it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax liabilities and assets are offset in the individual companies if, and only if, they relate to income taxes levied by the same taxation authority and the company has a legally enforceable right of offset them. Deferred tax is calculated by using the enacted tax rates prior to the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable income will be available against which a tempo-rary difference can be utilised.Share capitalThe incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are included in equity as a deduction, net of tax, from the proceeds.Dividends are recognised in equity in the period when they are approved by the Annual General Meeting. When the parent company or other Group companies purchase the parent company\u2019s equity shares, the consideration paid is deducted from the equity as treasury shares until they are cancelled. If such shares are subsequently sold or reissued, any consideration received is included in equity.Cash and cash equivalentsCash and cash equivalents comprise cash and short-term deposits (3 months).Sampo presents cash flows from operating activities using the indirect method in which the profit (loss) before taxation is adjusted for the effects of transactions of a non-cash nature, deferrals and accruals, and income and expense associated with investing or financing cash flows.In the cash flow statement, interest received and paid is presented in cash flows from operating activities. In addition, the dividends received, from other than associated companies, are included in cash flows from operating activities. Dividends received from associates are presented in cash flows from investments. Dividends paid are presented in cash flows from financing.Treasury sharesThe purchase price paid for buy-back of treasury shares (own shares) is directly deducted from equity. No gains or losses are recognised from purchase, sale or cancellation of own shares. If own shares are re-issued, the difference between purchase price and consideration received is recognised in the premium reserve. Accounting policies requiring management judgement and key sources of estimation uncertaintiesPreparation of the accounts in accordance with the IFRS requires management estimates and assumptions that affect the revenue, expenses, assets, liabilities and contingent liabilities presented in the financial statements. Judgement is needed also in the application of accounting policies. The estimates made are based on the best information available at the balance sheet date. The estimation is based on historical experiences and the most probable assumptions concerning the future at the balance sheet date. The actual outcome may deviate from results based on estimates and assumptions. Any changes in the estimates will be recognised in the financial year during which the estimate is reviewed and in all subse-quent periods.Sampo\u2019s main assumptions concerning the future and the key uncertainties related to balance sheet estimates are related, for example, to assumptions used in actuarial calculations, the determination of fair values of non-quoted financial assets and liabilities and investment property, and the determination of the impairment of financial assets and intangible assets. From Sampo\u2019s perspective, accounting policies concerning these areas require the most significant use of estimates and assumptions. Actuarial assumptionsEvaluation of insurance liabilities always involves uncer-tainty, as technical provisions are based on estimates and assumptions concerning future claims costs. The esti-mates are based on statistics on historical claims available to the Group on the balance sheet date. The uncertainty related to the estimates is generally greater when esti-mating new insurance portfolios or portfolios where the clarification of a loss takes a long time because complete claims statistics are not yet available. In addition to the historical data, estimates of insurance liabilities take into consideration other matters such as claims development, the amount of unpaid claims, legislative changes, court rulings and the general economic situation.A substantial part of the Group\u2019s P&C insurance liabilities concerns statutory accident and traffic insurance. The most significant uncertainties related to the evaluation of these liabilities are assumptions about inflation, mortal-ity, discount rates and the effects of legislative revisions and legal practices.The actuarial assumptions applied to life insurance liabilities are discussed in more detail under \u2019Insurance and investment contract liabilities and reinsurance assets\u2019.Defined benefit plans as intended in IAS 19 are also estimated in accordance with actuarial principles. As the calculation of a pension plan reserve is based on expected future pensions, assumptions must be made not only about discount rates, but also about matters such as mortality, employee turnover, price inflation and future salaries. Determination of fair valueThe fair value of any non-quoted financial assets is determined using valuation methods that are generally accepted in the market. These methods are discussed in more detail above under \u2019Fair value\u2019.During the financial year, fair values of investment property have partially been determined by using internal resources on the basis of comparative information derived from the market. They include management assumptions concerning market return requirements and the discount rate applied.Impairment testsGoodwill, intangible assets not yet available for use, and intangible assets with an indefinite useful life are tested for impairment at least annually. The recoverable amounts from cash-generating units have mainly been determined using calculations based on the value in use. These require management estimates on matters such as future cash flows, the discount rate, and general economic growth and inflation.Consolidating Topdanmark as a subsidiaryAccording to IFRS 10 Consolidated Financial Statements an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.On 30 September 2017 Sampo\u2019s ownership of Topdanmark AS\u2019s shares was 44.2 per cent and 49.1 per cent of votes. Then Sampo\u2019s management considered thoroughly all facts and circumstances required by the standard in assessing whether Sampo controlled Topdanmark and concluded that it should consolidate Topdanmark as a subsidiary in the consolidated financial statements. Considerations included, among other things, the fact that Sampo was the biggest individual investor and Sampo was not aware of any agreements between the other investors. In addition, it was considered that Sampo had the power to direct Topdanmark\u2019s relevant activities, i.e. the activities that significantly affect the investee\u2019s returns. At the time of assessment, Sampo had three members in Topdanmark\u2019s Board of Directors, one of them being the Chairman. In total, there are 9 members on Topdanmark\u2019s Board and a vote of 50 per cent is required for decision making according to the Articles of Association. However, Sampo has the right, at its discretion, to convene an extraordinary general meeting to change the composition of the board of directors and therefore gain the majority of voting rights on the Board of Directors.The divestment of Topdanmark Forsikring\u2019s life and pension business In March 2022, Sampo\u2019s subsidiary Topdanmark Forsikring announced an intention to sell Topdanmark Forsikring\u2019s life and pension business (Topdanmark Liv Holding A/S, \u2019Topdanmark Life\u2019) to Nordea. In Sampo Group, assets and liabilities related to Topdanmark Life\u2019s operations were reclassified as non-current assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. The divestment of Topdanmark Life was completed on 1 December 2022 after regulatory approvals. The sale of Topdanmark Life ended the classification of operations as non-current assets held for sale. Additional information on the divestment of Topdanmark Life is included in note 33 Divestment of Topdanmark Life.Application of new or revised IFRSs and interpretationsThe Group will apply new or amended standards and interpretations related to the Group\u2019s business in the financial years when they become effective, or if the effective date is other than the beginning of the financial year, during the financial year following the effective date. The following new IFRSs coming into effect in financial year 2023 will have an influence on the Group's financial reporting: IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments.Transition to IFRS 17 Insurance Contracts and IFRS 9 Financial InstrumentsSummary of high level impacts in Sampo Group Sampo Group is applying IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023. The application of these new accounting standards is not expected to have any impact on the economics of Sampo\u2019s business or capital management, nor any substantial quantitative effect on shareholders\u2019 equity. Sampo Group\u2019s operations are focused on the P&C business and Sampo primarily uses the premium allocation approach (PAA) under IFRS 17. PAA requires changes in the calculation of insurance liabilities, including setting up an explicit risk adjustment for non-financial risk and discounting claims reserves with market rates. Additional discounting may increase earnings volatility between the periods in future. The application of IFRS 9 does not have significant impacts on the measurement of Sampo Group\u2019s balance sheet items, as the main part of financial assets is currently reported at fair value in the balance sheet. However, under IFRS 9, the fair value changes of financial instruments are recognised in the statement of profit or loss, which may increase earnings volatility. Implementation of IFRS 17 or IFRS 9 does not have an impact on the Solvency II calculations. IFRS 17 Insurance Contracts (effective for annual periods beginning on 1 Jan 2023 or after)The IASB published the IFRS 17 Insurance Contracts on 18 May 2017. IFRS 17 and the June 2020 amendments were adopted by European Union on 19 November 2021. In addition, an optional exemption from applying the annual cohort requirement for certain types of groups of contracts was adopted. Sampo Group is not applying the exemption. Sampo Group is applying IFRS 17 for the first time from 1 January 2023 and comparative information for the year 2022 will be restated. IFRS 17 replaces IFRS 4 Insurance Contracts and establishes principles for the recognition, measurement, presentation, and disclosures of insurance contracts. IFRS 17 is applied to insurance contracts, reinsurance contracts as well as to certain investment contracts with discretionary participation features. The objective of the standard is to provide relevant information for the users of financial statements that faithfully represents the insurance contracts and to harmonise the measurement of insurance liabilities. The new accounting policies and management judgement may change until Sampo Group publishes its year-end financial statements 2023 in accordance with IFRS 17, which include the opening balance sheet of 1 January 2022. Key accounting principlesScopeIn Sampo Group\u2019s non-life operations, the Group does not expect significant changes in the scope of contracts, on which the new accounting requirements are applied for compared to current requirements. In the Group\u2019s non-life insurance contracts, insurance risk is considered significant. Insurance contracts issued by third-party underwriters (\u2019panel underwriters\u2019), which do not transfer any insurance risk to the Group companies, are not in the scope of IFRS 17 and are instead accounted under IFRS 15 Revenue from Contracts with Customers.Insurance contracts may contain one or more components which would be within the scope of different accounting standards and accounted for separately. Sampo evaluates the insurance contracts in order to identify components from the contracts. For example, an insurance contract may include an investment component or a component for services other than insurance contract services (or both).In Sampo Group\u2019s life operations, the Group has identified capital redemption policies and individual unit-linked policies with distinct investment components with insignificant insurance risk for which IFRS 17 is not applied. These policies are measured in accordance with IFRS 9. Level of aggregationUnder IFRS 17, insurance contracts are aggregated into portfolios of insurance contracts. A portfolio comprises contracts subject to similar risks and managed together. Insurance contracts are aggregated into portfolios of insurance contracts, which comprises contracts with similar risks that are managed together. Those portfolios are divided into annual cohorts, i.e. contracts which are not issued more than one year apart. In Sampo Group\u2019s non-life operations, portfolios are determined based on a segmentation of business, or a combination of line of business (as defined by manage-ment), business area, country and determined separately for each legal entity, or based on product lines. In Sampo Group\u2019s life operations risk policies, with profit and unit-linked contracts are separated into different portfolios. Sampo Group has identified certain onerous contracts, but the amount of onerous contracts is modest. Contract boundaryThe initial measurement of the group of insurance contracts includes all future cash flows arising within the contract boundary. In determining which cash flows fall within the contract boundary, substantive rights and obligations arising from the terms of the contract, and also from applicable laws and regulations, are considered.In Sampo Group\u2019s non-life operations the majority of contracts have a one-year contract boundary, typically until the next renewal date, i.e. the contract has a one-year coverage period where there are substantive rights and obligations during that period.In Sampo Group\u2019s life operations, the contract boundaries depend on the contractual characteristics and are generally longer term.MeasurementIFRS 17 introduces a general measurement model (GMM) applicable to all insurance contracts to measure insurance contract liabilities. Under the general measurement model, insurance contracts are measured based on future cash flows, adjusted to reflect the time value of money, including a risk adjustment, and a contractual service margin (CSM). CSM represents the unearned profit that will be recognised when insurance contract services are provided in the future. The measurement of insurance liabilities consists of liability for the remaining coverage (LRC) and liability for incurred claims (LIC), including both reported but not settled claims as well as incurred but not reported claims. In Sampo Group\u2019s life operations GMM is applied to with profit policies and risk policies.Under IFRS 17, the variable fee approach (VFA) is to be applied to direct participating insurance contracts. The variable fee approach represents a modification from the general measurement model where the treatment of contractual service margin is modified. In Sampo Group, life operations VFA is applied to unit-linked insurance contracts measured under IFRS 17. When certain eligibility criteria are met, insurers may apply a simplified approach, the premium allocation approach (PAA), for the measurement of insurance contracts. PAA is eligible for insurance contracts with a coverage period of one year or less. This approach is also available for contracts where the PAA would not materially differ from the results of the GMM. In Sampo Group\u2019s non-life operations, PAA is applied to all insur-ance contracts, as the coverage period for the main part of insurance contracts is one year or less, and for longer insurance contracts the qualifying eligibility criteria are fulfilled. Both in non-life and life operations the PAA model is applied to reinsurance contracts held.Insurance acquisition cash flows arise from underwriting a group of insurance contacts and are taken into account when estimating the fulfillment cash flows. DiscountingTransition to IFRS 17 broadens the discounting of insurance liabilities. In all applied measurement models, discounting adjusts the expected cash flows to reflect the time value of money.Sampo Group\u2019s non-life operations have determined the discount rates based on a bottom-up approach. The interest rate curve includes a risk-free rate (excluding credit risk adjustment) and an illiquidity premium for each currency. The illiquidity premium is mainly derived based on a portfolio of high-rated bonds for the liquid part of the interest rate curve. Beyond this, the curve converges to the ultimate forward rate, consistent with the EIOPA curves.Sampo Group\u2019s life operations have determined the discount rates based on a top-down approach where a theoretical reference portfolio of assets is used to define the applicable discount curve, consisting of risk-free rate and illiquidity premium. For insurance contracts without a direct participation feature, a so called locked-in rate is applied, meaning that the discount rate is determined at the initial recognition and is applied in the accretion of CSM.The discounting effect of current year liabilities for incurred claims and changes in the cash flows are recognised in the insurance service result. The unwinding of interest rates, the effect of changes in interest rates and other financial assumptions are presented as insurance finance income or expense in profit or loss. Sampo Group has elected not to apply the OCI option allowed under IFRS 17.Risk adjustmentIFRS 17 introduces an explicit risk adjustment included in the measurement of insurance liabilities. The risk adjustment reflects the cost of uncertainty associated with the amount and timing of cash flows arising from non-financial risk and the degree of risk aversion.In Sampo Group, the risk adjustment will be derived through a confidence level technique whereby management determines the appropriate quantile. The risk adjustment is calculated at the subsidiary level and aggregated into the consolidated Sampo Group level risk adjustment, without any diversification effects assumed. Under the general measurement model, the risk adjustment is included in the calculation of both LRC and LIC. Under the premium allocation approach, the risk adjustment is only included in LIC, unless a group of insurance contracts is onerous.Premium allocation approach (PAA)On initial recognition of non-life operations\u2019 groups of insurance contracts, the carrying amount of LRC is measured as premiums initially received less insurance acquisition cash flows. In case of onerous contracts, a loss component is recognised.As to acquisition cash flows, Sampo Group has identified that they mainly include staff costs related to sales personnel and commissions as well as certain costs related to selling policies through price comparison websites. Any overhead costs are expensed immediately. Sampo Group\u2019s non-life operations in the private business area have elected to recognise acquisition cash flows as an expense at the date when they are incurred. For other business areas, the acquisition costs are deferred over a one-year period or longer in case of expected renewals.At subsequent reporting periods, the carrying amount of LRC is increased by premiums received during the period and decreased by the amount recognised as insurance revenue representing the services provided. The carrying amount of LRC is not discounted or adjusted with the effect of financial risk, as the Group expects that the time between providing services and the related premium due date is no more than a year. Revenue is recognised based on the expected premium receipts allocated to the period. For the majority of non-life insurance contracts, revenue recognition is based on the passage of time, i.e. allocated straight line.Sampo Group measures the liability for incurred claims (LIC) for the group of insurance contracts at the amount of estimated fulfilment cash flows relating to incurred claims. Fulfilment cash flows consist of three compo-nents, namely expected cash flows, discounting and risk adjustment. The risks typically considered in non-life operations when assessing risk adjustment are reserve risk, longevity risk, inflation risk and premium risk.General measurement model (GMM)On initial recognition, life operations measure a group of insurance contracts at the total of the fulfilment cash flows, comprising of estimates of future cash flows, discounting and risk adjustment for non-financial risk. In addition, the measurement includes the contractual service margin, which is measured at initial recognition on the group of the insurance contracts. In insurance contracts related to life operations, estimates of future cash flows are based on cash flow projections and are estimated until the maturity of the contract. Only risk policies with no death benefit or permanent disability cover are short-term (yearly) contracts. Cash flows are estimated for every reporting period and assumptions are updated yearly or more often, if needed.Insurance acquisition cash flows are determined at inception of the group of insurance contracts. Insurance acquisition cash flows are considered directly attributable to a portfolio and are allocated to individual contracts. Where actual and expected acquisition cash flows are not equal at the end of the reporting period, an experience variance is recognised in the statement of profit or loss.In regards the risk adjustment, the following risks are considered in life operations: mortality, longevity, disabil-ity (incl. permanent disability), lapse and expense risk.At the subsequent reporting periods, the amount of insurance liabilities is a sum of the LRC consisting of the present value of future cash flows for services that will be provided during future periods, risk adjustment, remaining CSM at that date and LIC. LIC includes reported but not settled claims and incurred but not reported claims.Variable fee approach (VFA)Variable fee approach represents a modification from the GMM. CSM is adjusted to reflect the variable nature of the fees, which represent the amount of the entity\u2019s share of the fair value of underlying items.Key management judgementSampo Group management applies judgement regarding the determination of discount rates and risk adjustment.As noted above, the interest rate curve includes a risk-free rate and an illiquidity premium. Management determines the principles for the illiquidity premium, which in Sampo Group is mainly derived based on a portfolio of high-rated bonds.Risk adjustment is determined separately for all Sampo Group\u2019s non-life and life companies and aggregated at the Group level. Management considers this to reflect the compensation that different entities would require for bearing non-financial risk and their degree of risk aversion. As noted above, a confidence level approach is applied in the Group companies. The confidence level applied in calculating the risk adjustment varies between group companies from 75 per cent to 85 per cent.Transition approaches appliedOn transition to IFRS 17, a full retrospective approach and restatement of the previous year\u2019s comparatives is required. However, if the application of a full retrospective approach is impracticable, then a modified retrospective approach or a fair value approach may be applied. Sampo has considered that a full retrospective approach is applied in the Group\u2019s non-life companies, whereas all transition methods are applied in the Group\u2019s life company.In the full retrospective approach, Sampo Group identi-fies, recognises and measures each group of insurance contracts as if IFRS 17 had always been applied and derecognises any existing balances that would not exist if IFRS 17 had always been applied. The resulting net difference is recognised in retained earnings. Sampo Group\u2019s life operations apply the modified retrospective approach and fair value approach when the application of the full retrospective approach is impracticable. The choice of transition approach will depend on the type of the product/portfolio, when it has been issued, and on data availability.When applying the fair value approach, Sampo Group\u2019s life operations are required to determine the contractual service margin or loss component of the liability for the remaining coverage at the transition date as the difference between the fair value of a group of insurance contracts at that date and the fulfilment cash flows measured at that date.Opening balance sheet 1 January 2022Sampo Group\u2019s opening balance sheet amounted to EUR 58.7 billion and equity to EUR 13.5 billion. Compared to the IFRS 4 closing balance sheet of EUR 61.1 billion, the opening IFRS 17 balance sheet decreased by EUR 2.4 billion. On transition to IFRS 17, both assets and liabilities decreased mainly due to reclassifications of premium receivables and deferred acquisition costs from other assets to insurance liabilities in the balance sheet. The discounting of reserves decreased insurance liabilities whereas the introduction of risk adjustment increased insurance liabilities. The introduction of the loss component related to onerous contracts had only an insignificant impact on transition.The net transition impact on the IFRS 17 equity was insignificant, amounting to EUR 14 million in the opening balance sheet.The following table presents the IFRS 17 opening balance sheet as at 1 January 2022.IFRS 17EURm1 Jan 2022AssetsProperty, plant and equipment 373Investment property 236Intangible assets 3,660Investments in associates 475Financial assets 19,862Financial assets related to unit-linked contracts 10,546Deferred income tax 53Insurance contract assets 41Reinsurance contract assets 2,008Other assets 712Cash and cash equivalents 4,690Non-current assets held for sale* 16,029Total assets 58,684LiabilitiesInsurance contract liabilities 18,266Liability for remaining coverage 8,083Liability for incurred claims 10,183Investment contract liabilities 7,239Subordinated debts 2,016Other financial liabilities 2,315Deferred income tax 851Provisions 9Employee benefits 26Other liabilities 1,497Liabilities related to non-current assets held for sale 13,010Total liabilities 45,228IFRS 17EURm1 Jan 2022EquityShare capital 98Reserves 1,530Retained earnings 9,945Other components of equity 1,231Equity attributable to owners of the parent 12,804Non-controlling interests 651Total equity 13,456Total equity and liabilities 58,684The sale of Topdanmark Life was completed on 1 December 2022. Please see note 33 for further information. IFRS 17 Insurance Contracts is applied for Topdanmark Life figures in the opening balance 1 January 2022. Assets and liabilities are presented as a single line item in the balance sheet 2022 until the sale date.IFRS 17 impacts on Sampo Group\u2019s non-life operationsThe impact on the insurance contract liabilities due to the introduction of the new IFRS 17 components, including risk adjustment, deferred acquisition costs and additional discounting amounted to EUR -2.0 billion. The main impacts decreasing the insurance contract liabilities were due to the additional discounting effect and reclassifica-tions. Under IFRS 17, all liabilities for incurred claims are discounted whereas only a smaller part of reserves was discounted under IFRS 4.IFRS 17 impacts on Sampo Group\u2019s life operationsIn the IFRS 17 opening balance, insurance contract liabilities amounted to EUR 6.6 billion. The introduction of discounting as well as the new IFRS 17 components, risk adjustment and CSM, increased the insurance contract liabilities. At transition, the CSM amounted to EUR 433 million. A significant part of life insurance liabilities (unit-linked policies) is in the scope of IFRS 9, as these contracts do not include significant insurance risk or discretionary bonuses. In the opening balance sheet these investment contract liabilities amounted to EUR 7.2 billion. For contracts in the scope of IFRS 9, expected profits are not presented as CSM. Equity bridge calculation between IFRS 4 and IFRS 17Sampo Group has assessed the impact that the applica-tion of IFRS 17 has on the Group\u2019s equity. Sampo Group\u2019s retained earnings decreased by EUR 7 million (of which revaluation of investment property was EUR 2 million) and other components of equity increased by EUR 23 million at 1 January 2022. Other components of equity increased due to the termination of shadow accounting related to the segregated group pension portfolio.IFRS 17 impact on presentation The implementation of IFRS 17 leads to significant changes in the presentation and the extent of disclosures in the financial statements during 2023. The introduction of IFRS 17 changes the structure of the statement of profit or loss to reflect the key sources of profit. The insurance service result reflects the result relating to underwriting and servicing insurance policies. The net financial result reflects the insurance finance income and expenses arising from financial components\u2019 impacts. Changes in discount rates are recognised in the net financial result under IFRS 17, whereas these were included as prior year development in claims incurred under IFRS 4. IFRS 17 requires changes in the time value of money and changes in financial risk to be presented as insurance finance income or expenses unless the allowed OCI option is applied. Therefore, the effect from changes in interest rates as well as interest expense is presented in its entirety as insurance finance income or expenses. Potential changes in indexation of annuities will be presented within insurance finance income or expenses. Amounts related to reinsurance contracts will be presented separately.Other Non-Share Retained components controlling EURmcapital Reservesearningsof equity interests TotalEquity 31 Dec 2021 98 1,530 9,952 1,208 676 13,464IFRS 17 adjustments non-life companies 9 -32 -23IFRS 17 adjustments life company -18 -18Tax impact 0 7 7Other 2 23 25Equity 1 Jan 2022 98 1,530 9,945 1,231 651 13,456IFRS 9 Financial Instruments (effective for annual periods beginning on 1 January 2018 or after)IFRS 9 Financial Instruments standard supersedes IAS 39 Financial Instruments: Recognition and Measurement. The new standard changes the classification and measurement of financial assets and includes a new impairment model based on expected credit losses.Sampo Group has applied the temporary exemption regarding the adoption of IFRS 9 Financial Instruments and implements IFRS 9 at the same time as IFRS 17 Insurance Contracts i.e. on 1 January 2023. The IFRS 9 comparative figures 2022 will not be restated.Key accounting principlesFinancial assets \u2013 classificationUnder IFRS 9, financial assets are classified as being subsequently measured either at amortised cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVPL). Previous IAS 39 categories held-to-maturity, available-for-sale and loans and receivables cease to exist under IFRS 9. Under IFRS 9, the majority of Sampo Group\u2019s financial assets are classified at fair value through profit or loss. On transition to IFRS 9, Sampo Group has classified only a limited amount of financial assets measured at amortised cost and no financial assets are classified as FVOCI.The classification of financial assets into these new measurement categories is based on Sampo Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets (solely payments of principal and interest -criteria, i.e. SPPI). SPPI criteria is met when the financial instrument\u2019s contractual cash flows are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at amortised cost only if the objective of the business model is to hold a financial asset in order to collect contractual cash flows, and the contractual cash flows of the financial asset meet the SPPI criteria. Interest revenue is calculated using the effective interest rate method. Under IFRS 9 financial assets sub-sequently measured at amortised cost are subject to loss allowance, expected credit losses (ECL), requirements.Financial assets \u2013 impairmentIFRS 9 introduces a forward-looking ECL model, which replaces the model applied under IAS 39 based on incurred losses. In Sampo Group, the ECL model is mainly applicable to financial assets measured at amortised cost. Impairment requirements do not apply to equity instruments or other financial instruments measured at FVPL. Expected credit losses reflect past events, i.e. historical loss experience, current conditions and forecasts of future economic conditions. IFRS 9 introduces a general approach for impairment in which a loss allowance is calculated either for 12-month expected credit losses or lifetime expected credit losses. A three-stage model is used to determine the ECL at each reporting date. In stage 1, the credit risk has not increased significantly. Loss allowance is measured at an amount equal to 12-month expected credit losses. In stage 2 and 3, the credit risk has increased significantly since initial recognition and the loss allowance is measured at an amount equal to the lifetime expected credit losses. In stage 3, the financial asset is assessed to be credit-im-paired (at default) and the interest is calculated on the credit-impaired amount instead of gross carrying amount.In Sampo Group the general approach is based on three components, namely probability of default (PD), loss given default (LGD) and exposure at default (EAD).Financial liabilitiesThe transition to IFRS 9 does not change the measure-ment of financial liabilities. Sampo Group measures derivative financial liabilities at fair value through profit or loss. Financial liabilities, including subordinated debt securities, debt securities in issue and other financial liabilities, are subsequently measured at amortised cost using the effective interest rate method.As described above, a significant part of life insurance liabilities is under the scope of IFRS 9. Sampo Group recognises these investment contract liabilities (unit-linked policies) at fair value through profit or loss. The fair value is based on the financial assets underlying these policies and recognised at FVPL.Classification and measurement under IFRS 9The table presents the changes in classification and measurement of the main financial assets and liabilities at the transition to IFRS 9. The implementation of IFRS 9 does not have a material impact on the measurement of the balance sheet, as the main part of financial assets are reported at fair value under IAS 39 in the balance sheet, which is also the measurement principle under IFRS 9. Therefore, the new classification requirements do not have a material impact on total equity.As financial assets classified as available for sale under IAS 39 are measured at fair value through profit or loss under IFRS 9, the equity reserve related to available-for-sale financial assets is transferred into retained earnings.There were no changes in the measurement of financial liabilities on transition to IFRS 9.Expected credit lossesIn Sampo Group expected credit losses are calculated on financial assets classified at amortised cost. In Sampo Group financial assets classified at amortised cost consist mainly of bilateral loans. Expected credit losses on loan commitments, short-term deposits and bank accounts are considered immaterial.Carrying amountCarrying amountMeasurement category Measurement category 31 Dec 2022 1 Jan 2023 under IAS 39 under IFRS 9 (IAS 39) EURm Transfer(IFRS 9) EURmDerivative financial instruments Derivative financial instruments 79 \u2014 79Financial assets at fair value Financial assets at fair valuethrough profit or loss 3,045 \u2014 3,045Financial assets at fair value Financial assets available for salethrough profit or loss 16,048 \u2014 16,048Loans and receivables Financial assets at amortised cost 296 \u2014 296The carrying amounts presented in the table above exclude the effect of expected credit losses. The effect is expected to be insignificant. Previously recognised incurred credit losses are included in the carrying amounts presented in the table. Investments underlying unit-linked policies amounting to EUR 10.5 billion are excluded in the table. They are classified as at fair value through profit or loss both under IAS 39 and IFRS 9.Segment informationGeographical information has been disclosed about income from external customers and non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, UK and the Baltic countries.Consolidated comprehensive income statement by business segment for the year ended 31 December 2022EURm If Topdanmark Hastings Mandatum Holding Elimination GroupInsurance premiums written 5,103 2,511 727 1,390 \u2014 \u2014 9,732 Net income from investments 242 -1,119 16 -821 177 -6 -1,511Other operating income 138 76 416 36 132 -35 763Claims incurred -2,963 -1,778 -497 -883 \u2014 5 -6,115Change in liabilities for insurance and investment contracts -101 1,004 -133 680 \u2014 -7 1,443Staff costs -672 -296 -154 -74 -29 \u2014 -1,226Other operating expenses -529 -163 -312 -110 -19 35 -1,097Finance costs -10 -19 10 -12 -96 8 -119Share of associates\u2019 profit/loss 9 4 \u2014 \u2014 -19 \u2014 -6Profit for the financial year before taxes 1,217 220 73 207 146 0 1,863Taxes -253 -22 -10 -44 8 \u2014 -322Profit for the financial year 963 199 62 163 153 0 1,541Segment information has been produced in accordance with the accounting policies adopted for preparing and presenting the consolidated financial statements. The segment revenue, expense, assets and liabilities, either directly attributable or reasonably allocable, have been allocated to the segments. Inter-segment pricing is based on market prices. The transactions, assets and liabilities between the segments are eliminated in the consolidated financial statements on a line-by-line basis. There was no significant income between segments during the financial periods.Depreciation and amortisation by segment are disclosed in notes 10\u201312 and investments in associates in note 13.EURm If Topdanmark Hastings Mandatum Holding Elimination GroupOther comprehensive income for the financial yearItems re-classifiable to profit or lossExchange differences -153 1 -109 \u2014 8 \u2014 -253 Available-for-sale financial assets -823 \u2014 -58 -549 -240 \u2014 -1,670Taxes 169 \u2014 \u2014 121 40 \u2014 331Total items re-classifiable to profit or loss, net of tax -807 1 -167 -428 -192 \u2014 -1,592Items not re-classifiable to profit or lossActuarial gains and losses from defined pension plans 32 \u2014 \u2014 \u2014 \u2014 \u2014 32Taxes -7 \u2014 \u2014 \u2014 \u2014 \u2014 -7Total items not re-classifiable to profit or loss, net of tax 26 \u2014 \u2014 \u2014 \u2014 \u2014 26TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 182 200 -105 -264 -39 \u2014 -26Profit attributable toOwners of the parent 1,427Non-controlling interests 114Total comprehensive income attributable toOwners of the parent -139Non-controlling interests 114Consolidated comprehensive income statement by business segment for the year ended 31 December 2021EURm If Topdanmark Hastings Mandatum Holding Elimination GroupInsurance premiums written 4,855 2,694 495 1,367 \u2014 \u2014 9,411 Net income from investments 215 1,359 10 1,831 146 -12 3,549 Other operating income 121 1 331 40 12 -14 491Claims incurred -2,860 -1,947 -310 -1,127 \u2014 5 -6,239Change in liabilities for insurance and investment contracts -83 -1,398 4 -1,642 \u2014 -4 -3,123Staff costs -635 -294 -159 -65 -25 \u2014 -1,179Other operating expenses -511 -138 -237 -100 -5 14 -976Finance costs -18 -11 -7 -14 -107 12 -146Share of associates\u2019 profit/loss -7 79 \u2014 1 328 \u2014 401Valuation difference on disposal of Nordea shares \u2014 \u2014 \u2014 \u2014 84 \u2014 84Reversal of impairment losses on Nordea shares \u2014 \u2014 \u2014 \u2014 899 \u2014 899 Profit for the financial year before taxes 1,077 346 127 291 1,331 0 3,171Taxes -227 -76 -37 -60 -23 \u2014 -423Profit for the financial year 850 270 89 231 1,308 0 2,748EURm If Topdanmark Hastings Mandatum Holding Elimination GroupOther comprehensive income for the financial yearItems re-classifiable to profit or lossExchange differences -11 2 101 \u2014 -12 \u2014 80 Available-for-sale financial assets 242 \u2014 -18 132 104 \u2014 460Share of other comprehensive income of associates \u2014 \u2014 \u2014 \u2014 186 \u2014 186Taxes -49 \u2014 \u2014 -25 -9 \u2014 -83Total items re-classifiable to profit or loss, net of tax 182 2 83 106 269 \u2014 643Items not re-classifiable to profit or lossActuarial gains and losses from defined pension plans 73 \u2014 \u2014 \u2014 \u2014 \u2014 73Taxes -15 \u2014 \u2014 \u2014 \u2014 \u2014 -15Total items not re-classifiable to profit or loss, net of tax 58 \u2014 \u2014 \u2014 \u2014 \u2014 58TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 1,090 272 172 338 1,577 \u2014 3,448Profit attributable toOwners of the parent 2,567Non-controlling interests 181Total comprehensive income attributable toOwners of the parent 3,272Non-controlling interests 176Consolidated balance sheet by business segment at 31 December 2022EURm If Topdanmark Hastings Mandatum Holding Elimination GroupAssetsProperty, plant and equipment 190 112 23 26 4 \u2014 355 Investment property 1 \u2014 \u2014 166 \u2014 \u2014 166Intangible assets 588 1,232 1,501 172 1 \u2014 3,494Investments in associates 4 7 \u2014 4 \u2014 \u2014 16Financial assets 10,451 2,562 1,074 3,776 8,250 -6,644 19,469Investments related to unit-linked insurance contracts \u2014 \u2014 \u2014 9,934 \u2014 -4 9,930Deferred tax assets 9 12 \u2014 \u2014 \u2014 -4 17Reinsurers\u2019 share of insurance liabilities 326 71 1,874 1 \u2014 \u2014 2,272Other assets 1,987 176 858 196 60 -34 3,242Cash and cash equivalents 296 8 246 761 1,762 \u2014 3,073Total assets 13,852 4,179 5,575 15,036 10,077 -6,686 42,033LiabilitiesLiabilities for insurance and investment contracts 8,798 1,786 3,014 2,969 \u2014 \u2014 16,567Liabilities for unit-linked insurance and investment contracts \u2014 \u2014 \u2014 9,912 \u2014 -4 9,908Subordinated debt 224 148 \u2014 350 1,489 -228 1,983Other financial liabilities 7 55 73 3 1,320 \u2014 1,457Deferred tax liabilities 200 135 111 68 \u2014 \u2014 514Provisions 6 \u2014 \u2014 \u2014 \u2014 \u2014 6Employee benefits 25 \u2014 \u2014 \u2014 \u2014 \u2014 25Other liabilities 1,103 185 490 224 64 -34 2,031Total liabilities 10,363 2,308 3,688 13,525 2,873 -266 32,490EURm GroupEquityShare capital 98 Reserves 1,530Retained earnings 7,784Other components of equity -443Equity attributable to parent company\u2019s equity holders 8,969Non-controlling interests 574Total equity 9,543Total equity and liabilities 42,033Consolidated balance sheet by business segment at 31 December 2021EURm If Topdanmark Hastings Mandatum Holding Elimination GroupAssetsProperty, plant and equipment 196 121 26 28 4 \u2014 375 Investment property 1 394 \u2014 173 \u2014 \u2014 568Intangible assets 629 1,387 1,606 171 1 \u2014 3,794Investments in associates 17 313 \u2014 1 447 \u2014 777Financial assets 11,088 5,493 966 4,427 7,654 -6,308 23,321Investments related to unit- linked insurance contracts \u2014 9,164 \u2014 10,558 \u2014 -11 19,711Deferred tax assets 4 12 27 \u2014 \u2014 -4 39Reinsurers\u2019 share of insurance liabilities 322 91 1,880 1 \u2014 \u2014 2,295Other assets 1,873 258 639 157 55 -4 2,977Cash and cash equivalents 521 153 159 954 3,031 \u2014 4,819Non-current assets held for sale \u2014 \u2014 \u2014 196 2,189 \u2014 2,385Total assets 14,651 17,385 5,305 16,668 13,380 -6,328 61,061LiabilitiesLiabilities for insurance and investment contracts 9,034 5,311 2,787 3,236 \u2014 \u2014 20,369Liabilities for unit-linked insurance and investment contracts \u2014 9,036 \u2014 10,525 \u2014 -11 19,550Subordinated debt 243 255 \u2014 349 1,487 -320 2,016Other financial liabilities 8 83 329 29 1,881 \u2014 2,330Deferred tax liabilities 353 151 143 167 40 \u2014 855Provisions 9 \u2014 \u2014 \u2014 \u2014 \u2014 9Employee benefits 26 \u2014 \u2014 \u2014 \u2014 \u2014 26Other liabilities 1,018 452 447 237 96 -4 2,246Non-current liabilities related to assets held for sale \u2014 \u2014 \u2014 196 \u2014 \u2014 196Total liabilities 10,690 15,289 3,706 14,741 3,505 -335 47,5 97EURm GroupEquityShare capital 98 Reserves 1,530Retained earnings 9,952Other components of equity 1,208Equity attributable to parent company\u2019s equity holders 12,788Non-controlling interests 676Total equity 13,464Total equity and liabilities 61,061Geographical informationEURm Finland Sweden Norway Denmark UK Baltic Total2022Revenue from external customers 2,695 1,677 1,651 3,106 1,027 197 10,352Non-current assets 481 457 208 1,354 1,523 7 4,0302021Revenue from external customers 2,485 1,684 1,518 3,211 841 183 9,922Non-current assets 493 944 211 2,228 1,632 7 5,515The revenue includes insurance premiums according to the underwriting country, consisting of premiums earned for P&C insurance and premiums written for life insurance. Holding includes net investment income and other operating income. For Hastings, income from broker activities has been included as well.Non-current assets comprise of intangible assets, investments in associates, property, plant and equipment, and investment property.Material partly-owned subsidiariesEquity interest held by non-controlling interestsName Country 2022 2021Topdanmark A/S Denmark 50.7 50.6 Accumulated balances of materialnon-controlling interestsTopdanmark A/S 574 676The summarised financial informationOn 8 December 2021, Sampo plc announced that it had signed an agreement with Rand Merchant Investment Holdings Limited (RMI) to acquire its ownership in Hastings, therefore the comparison year includes the non-controlling interests\u2019 share of the income statement until 8 December 2021.Amounts before the separation of non-controlling interests can be seen in the Group\u2019s segment income statement and balance sheet. Non-controlling interests\u2019 share of the income statement1\u201312/2022 1\u201312/20221EURm Topdanmark Hastings TopdanmarkInsurance premiums written 1,272 148 1,362 Net income from investments -567 3 687Other operating income 48 99 1Claims incurred -901 -93 -985Change in liabilities for insurance andinvestment contracts 509 1 -707Staff costs -150 -48 -148Other operating expenses -77 -60 -56Finance costs -9 -2 -6Share of associates\u2019 profit/loss \u2014 \u2014 40Profit for the financial year before taxes 124 48 189Taxes -10 -13 -42Profit for the financial year attributable tonon-controlling interests 114 34 147Non-controlling interests\u2019 share of the balance sheet2022 2021EURm Topdanmark TopdanmarkAssetsProperty, plant and equipment 57 61 Investment property \u2014 199Intangible assets 249 272Investments in associates 4 158Financial assets 1,298 2,777Investments related to unit-linked insurance \u2014 4,634Tax assets 6 6Reinsurers\u2019 share of insurance liabilities 36 46Other assets 89 131Cash and cash equivalents 4 77Total assets 1,743 8,361LiabilitiesLiabilities for insurance and investment contracts 905 2,686Liabilities for unit-linked insurance and investment contracts \u2014 4,569Subordinated debt 75 129Other financial liabilities 28 42Tax liabilities 68 31Other liabilities 94 228Total liabilities 1,169 7,685Total equity attributable to non-controlling interests 574 6762022 2021Topdanmark Hastings TopdanmarkDividends paid to non-controlling interests 207 14 123Cash flows allocated to non-controlling interests -73 -15 201 Insurance premiums writtenEURm 1\u201312/2022 1\u201312/2021P&C insurance 8,136 7,644 Life insuranceInsurance contracts 1,543 1,765Investment contracts 1,066 1,004Insurance premiums written, gross 10,745 10,412Reinsurers\u2019 shareP&C insurance -1,004 -993Life insurance, insurance contracts -9 -9Reinsurers\u2019 share, total -1,013 -1,002Group insurance premiums written total, net 9,732 9,411The change in unearned premiums is presented in note 5, Change in liabilities for insurance and investment contracts.2 Net income from investmentsEURm 1\u201312/2022 1\u201312/2021Financial assetDerivative financial instrumentsInterest income/ expense 25 10Gains/ losses -341 -113Other -19 -40Derivative financial instruments, total -335 -143EURm 1\u201312/2022 1\u201312/2021Financial assets at fair valueDebt securities Interest income/ expense 86 89Gains/ losses -329 -94Equity securities Gains/ losses -94 120Dividend income 14 34Financial assets at fair value, total -323 148Loans and receivablesInterest income/ expense 39 18Gains/ losses 16 1Exchange differences \u2014 3Other -19 -24Loans and receivables, total 36 -2Financial assets available for saleDebt securities Interest income/ expense 326 223Gains/ losses 6 42Impairment losses 4 8Exchange differences 2 1Other -2 15Equity securities Gains/ losses 105 334Impairment losses -43 -13Dividend income 126 192Financial assets available for sale, total 523 804EURm 1\u201312/2022 1\u201312/2021Investments related to unit linked contractsDebt securities -216 185Equity securities -1,137 2,240Derivatives -424 298Loans and receivables 2 -6Other financial assets 13 92Investments related to unit linked contracts, total -1,763 2,808Financial asset, total -1,862 3,614Other income and expensesFees and commissions, net -7 -12Expenses from other than financial liabilities -12 1Effect of discounting in P&C operations 144 46Net income from investment property 0 104Pension tax return 68 -205Dividend income 157 \u2014Other income and expenses, total 350 -65Group investment income, total -1,511 3,549Included in gains/losses from financial assets available for-sale is a net gain of EURm 96 (333) transferred from the fair value reserve.Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales and unrealised and realised changes in fair values. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The changes in the fair value reserve are disclosed in the Statement of changes in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.3 Other operating incomeEURm 1\u201312/2022 1\u201312/2021Other income 513 259 Other technical income 138 121Income related to broker-activities 112 110Group other operating income, total 763 491If\u2019s other operating income includes approximately EUR 138 million (121) income from insurance operations without a transfer of insurance risk. Such income is primarily attributable, e.g. to sales commission and services for administration and claims settlement in insurance contracts on behalf of other parties. This operating income is accounted for under IFRS 15 Revenue from Contracts with Customers. In addition, other operating income includes income from roadside assistance services provided by If\u2019s subsidiary Viking Assistance Group AS, recognised when roadside assistance has been provided.Hastings\u2019 other operating income includes total of EUR 213 million (199) revenue recognised under IFRS 15 and consisting of fees and commission on panel providers, ancillary product income and other retail income. Income from broker activities is also recognised under IFRS 15.Mandatum\u2019s other operating income includes EUR 9 million (9) revenue from, e.g incentive and pension services, and EUR 16 million (15) revenue from asset management. This income is also accounted for under IFRS 15.Other income includes also the gain from the sale of Topdanmark Life amounting to EUR 72 million.4 Claims incurredEURm 1\u201312/2022 1\u201312/2021Claims paidP&C insurance -4,842 -4,444 Life insuranceInsurance contracts -1,610 -1,780Investment contracts -527 -519Claims paid, gross -6,979 -6,742Reinsurers\u2019 shareP&C insurance 657 591Life insurance, insurance contracts 1 1Reinsurers\u2019s share, total 658 593Claims paid total, net -6,321 -6,149Change in claims provisionP&C insurance -102 -346Life insurance, insurance contracts 242 -30Change in claims provision, gross 139 -376Reinsurers\u2019 shareP&C insurance 67 286Reinsurers\u2019s share, total 67 286Change in claims provision, net 206 -90Group claims incurred, total -6,115 -6,2395 Change in liabilities for insurance and investment contractsEURm 1\u201312/2022 1\u201312/2021Change in unearned premium provisionP&C insurance -188 -108 Life insuranceInsurance contracts 2,011 -1,736Investment contracts -372 -1,303Total change in liabilities, gross 1,451 -3,147Reinsurers\u2019 shareP&C insurance -9 24Group change in liabilities for insurance andinvestment contracts total, net 1,443 -3,123Group\u2019s change in life insurance liabilities is positive and includes the impact of Topdanmark Life until the sale on 1 December 2022 amounting to approximately EUR 980 million.6 Staff costsEURm 1\u201312/2022 1\u201312/2021Wages and salaries -879 -843 Cash-settled share-based payments -43 -44Share-settled share-based payments -10 -10Pension costsdefined contribution plans -98 -100defined benefit plans (note 25) -20 -13Other social security costs -176 -168Group staff costs, total -1,226 -1,179More information on share-based payments is in note 30 Incentive schemes.7 Other operating expensesEURm 1\u201312/2022 1\u201312/2021IT costs -241 -217 Other staff costs -68 -56Marketing expenses -65 -63Depreciation and amortisation -134 -135Depreciation on RoU assets -34 -24Rental expenses* -43 -41Change in deferred acquisition costs 5 0Direct insurance commissions -180 -159Commissions on reinsurance ceded 40 35Other -377 -316Group other operating expenses, total -1,097 -976* From leases on which exemptions for not recognising lease liabilities in the balance sheet is applied in accordance with IFRS 16.Item Other includes e.g. expenses related to communication, external services and other administrative expenses.9 Components of other comprehensive incomeEURm 1\u201312/2022 1\u201312/2021Other comprehensive income:Items reclassifiable to profit or lossExchange differences -253 80Available-for-sale financial assetsGains/losses arising during the year -330 871Reclassification adjustments (IAS 1.93) -1,396 -417The share segregated Suomi portfolio 57 5Share of associates\u2019 other comprehensive income \u2014 186Taxes 331 -83Total items reclassifiable to profit or loss, net of tax -1,592 643Items not reclassifiable to profit or lossActuarial gains and losses from defined pension plans 32 73Taxes -7 -15Total items not reclassifiable to profit or loss, net of tax 26 588 Earnings per shareEURm 1\u201312/2022 1\u201312/2021Earnings per shareProfit or loss attributable to the equity holders of the parent company 1,427 2,567 Weighted average number of shares outstanding during the financial year* 530 554Earnings per share (EUR per share) 2.69 4.63* The weighted average number of treasury shares during the financial year has been taken into account in the number of shares. There were no other share-related transactions during the financial year.10 Property, plant and equipment2022Right-of-use Land and Plant and 12EURmassetsbuildingsequipmentTotalAt 1 JanuaryCost 276 127 162 566 Accumulated depreciation -70 -8 -113 -191 Net carrying amount at 1 January 207 119 50 375 Carrying amount at 1 January 207 119 50 375 Additions 33 \u2014 18 50 Disposals -3 \u2014 -13 -17 Depreciation -34 -1 -8 -43 Exchange differences -6 -7 0 -12 Carrying amount at 31 December 197 111 47 355 At 31 DecemberCost 294 120 163 577 Accumulated depreciation -97 -9 -116 -222 Net carrying amount at31 December 197 111 47 355 2021Right-of-use Land and Plant and 1) 2)EURmassetsbuildingsequipmentTotalAt 1 JanuaryCost 242 131 156 530 Accumulated depreciation -46 -6 -106 -158 Net carrying amount at 1 January 196 125 51 371 Net carrying amount at 1 January 196 125 51 371 Additions 42 0 18 60 Disposals -11 -1 -13 -25 Depreciation -24 -2 -7 -33 Exchange differences 3 -3 2 2 Net carrying amount at31 December 207 119 50 375 At 31 DecemberCost 276 127 162 566 Accumulated depreciation -70 -8 -113 -191 Net carrying amount at31 December 207 119 50 375 1 The Group acts as a lessee in various leases of office premises, vehicles and office equipment. Right-of-use assets relate to lease contracts for large office premises. The Group leases premises mainly for its own use. The expected lease term varies from 2 to 12 years. Most contracts include an option to extend the contract at the term end. Some lease contracts have an option to terminate the contract before the term end. Variable lease payments are generally linked to consumer price indexes.More information on leases is in note 26 Other liabilities.2 Equipment in different segments comprise IT equipment and furniture.11 Investment propertyEURm 2022 2021Net carrying amount at 1 January 568 666Additions 17 47Disposals -375 -8Net gains and losses from fair value adjustments 5 133Other changes -49 -270Exchange differences 0 0Net carrying amount at 31 December 166 568Rental income from investment property 25 53Property rented out under operating leaseNon-cancellable minimum rental\u2013 not later than one year 7 45\u2013 later than one year and not later than five years 10 46\u2013 later than five years 1 16Total 18 106EURm 2022 2021Expenses arising from investment property- direct operating expenses arising from investment property generating rental income during the period -10 -15 - direct operating expenses arising from investment propertynot generating rental income during the period -3 -3Total -13 -17Fair values for the Group\u2019s investment property are described in the accounting policies of the Group. In the hierarchy of fair values the investment property falls under level 3.The premises in investment property for different segments are leased on market-based, irrevocable contracts. The lengths of the contracts vary from those for the time being to those for several years.12 Intangible assets2022Other Customer Trade-Work in intangible EURm Goodwillrelations markprogressassets TotalAt 1 JanuaryCost 2,490 716 277 36 681 4,200Accumulated amortisation \u2014 -157 \u2014 \u2014 -249 -406Net carrying amountat 1 January 2,490 560 277 36 432 3,794Net carrying amountat 1 January 2,490 560 277 36 432 3,794Business acquisitions \u2014 5 \u2014 1 2 7Additions 3 1 \u2014 102 7 114Disposals -12 -28 -43 -6 -72 -162Amortisation \u2014 -65 \u2014 \u2014 -60 -125Transfers from WIP \u2014 \u2014 \u2014 -41 41 \u2014Other changes -4 1 \u2014 -19 16 -5Exchange differences -92 -11 -10 -1 -15 -129Net carrying amountat 31 December 2,385 463 224 72 350 3,494At 31 DecemberCost 2,385 680 224 72 626 3,988Accumulated amortisation \u2014 -218 \u2014 \u2014 -276 -494Net carrying amountat 31 December 2,385 463 224 72 350 3,4942021Other Customer Trade-Work in intangible EURm Goodwillrelations markprogressassets TotalAt 1 JanuaryCost 2,425 730 268 60 559 4,041 Accumulated amortisation \u2014 -91 -2 \u2014 -187 -280Net carrying amountat 1 January 2,425 638 265 60 373 3,761Net carrying amountat 1 January 2,425 638 265 60 373 3,761Business acquisitions 10 -2 \u2014 \u2014 \u2014 9Additions \u2014 3 \u2014 89 7 99Disposals \u2014 -33 \u2014 -1 -18 -51Amortisation \u2014 -65 \u2014 \u2014 -62 -126Transfers from WIP \u2014 \u2014 \u2014 -113 113 \u2014Exchange differences 54 17 12 1 19 103Net carrying amountat 31 December 2,490 560 277 36 432 3,794At 31 DecemberCost 2,490 716 279 36 681 4,202Accumulated amortisation \u2014 -157 -2 \u2014 -249 -408Net carrying amountat 31 December 2,490 560 277 36 432 3,794Goodwill is split between the segments as follows: 2022 2021If 562 606 Topdanmark 802 814Hastings 858 906Mandatum 163 164Total 2,385 2,490The useful life for customer relations in the Group is 3\u201310 years. They are amortised using the straight-line method. The useful life of trademark is deemed indefinite and it will not be amortised. Other intangible assets in all segments comprise mainly IT software. Amortisations and impairment losses are included in the income statement item Other operating expenses.Testing goodwill for impairmentGoodwill is tested for impairment in accordance with IAS 36 Impairment of assets. No impairment losses have been recognised based on these tests.For the purpose of testing goodwill for impairment, Sampo determines the recoverable amount of its cash-generating units, to which goodwill has been allocated, on the basis of value in use. Sampo has defined these cash-generating units as If Group, Topdanmark Group, Hastings Group and Mandatum Group.The recoverable amounts for If, Hastings and Mandatum have been determined by using a discounted cash flow model. The model is based on the best estimates of companies\u2019 management of both historical evidence and financial conditions such as premiums, claims, reinsurance, margins, interest rates, capital structure and income and cost development. The first three years of the forecast period are based on the budgets of the companies, which reflect management\u2019s view of future development. The value-in-use model for Mandatum is greatly influenced by the long-term development of insurance liabilities, affecting e.g., the required solvency capital and thus the recoverable amount. That is why the forecast period is longer for Mandatum, at 10 years. The derived cash flows were discounted at the pre-tax rates of the cost of equity which for If was 10.0 per cent, for Hastings 11.2 per cent and for Mandatum Life 12.5 per cent. The cost of capital is defined based on the CAPM model from external sources to reflect the risk of each company relative to the market.Forecasts for If, approved by the management, cover the years 2023\u20132025. The cash flows beyond that have been extrapolated using a 2 per cent growth rate. Mandatum\u2019s growth rate for years beyond 2032 is also 2 per cent, as it is believed to be close to expected inflation in both cases. Hastings\u2019 long-term growth rate for years beyond 2027 is 0.7 per cent.For Mandatum, the recoverable amount exceeds its carrying amount by some EUR 600 million. With the calculation method used, e.g. an increase of about 3.5 per cent points in the cost of equity combined with a long term 1 per cent growth rate could lead to a situation where the recoverable amount of the entity would equal its carrying amount. For Hastings, the recoverable amount exceeds its carrying amount by some EUR 420 million. With the calculation method used, e.g., an increase of about 2 per centage points in the cost of equity could lead to a situation where the recoverable amount of the entity would equal its carrying amount.As for the If Group, the management believes that any reasonably possible change in any of these key assumptions would not cause the aggregate carrying amount to exceed the aggregate recoverable amount.IAS 36 permits determining the recoverable amount by using the fair value less costs to sell. For Topdanmark, the valuation of goodwill has been tested on the balance sheet date by using that method. The fair value of Topdanmark of EUR 2,146 million on the balance sheet date exceeds its carrying amount in the Group.As a result of Topdanmark\u2019s disposal of its Life operations on 1 December 2022, Sampo Group has assessed the goodwill of EUR 12 million associated with the life operations. Sampo Group has concluded that the original PPA calculation reflects the facts and circumstances related to the goodwill most appropriately and therefore the allocation of goodwill to disposed operations should be based on this original PPA.Sensitivity analysisImpact on the present value from the following changes (EUR bn): 2022If:Long-term Combined ratio +2.5 p.p. -1.4 Long-term Combined ratio -2.5 p.p. 1.4 Long-term growth rate -1 p.p. -1.7 Long-term growth rate +1 p.p. 2.3 Cost of equity +1 p.p. -1.8 Cost of equity -1 p.p. 2.4 Mandatum:Long-term growth rate -1 p.p. -0.1 Long-term growth rate +1 p.p. 0.1 Cost of Equity +1 p.p. -0.2 Cost of Equity -1 p.p. 0.3 Hastings:Long-term growth rate -1 p.p. -0.2 Long-term growth rate +1 p.p. 0.3 Cost of Equity +1 p.p. -0.2 Cost of Equity -1 p.p. 0.3 13 Investments in associates and joint ventures Associates and joint ventures that have been accounted for by the equity method at 31 December 2022EURmCarrying Interest Name Domicileamountheld %AssociatesPrecast Holding Oy Finland 4 24.43CAP Group AB Sweden 3 21.98Rogaland Forsikring AS Norway 1 33.00Bornholms Brandforsikring A/S Denmark 7 27.00Associates and joint ventures that have been accounted for by the equity method at 31 December 2021EURmCarrying Interest Name Domicileamountheld %AssociatesNordax Holding AB Sweden 447 19.07Precast Holding Oy Finland 3 24.43CAP Group AB Sweden 3 22.00SOS International A/S Denmark 10 25.80Bornholms Brandforsikring A/S Denmark 10 27.00P/S Ejendomsholding Banemarksvej Denmark 12 40.00Carlsberg Byen P/S Denmark 106 22.51Joint ventures Margretheholm P/S Denmark 59 50.00Havneholmen P/S Denmark 85 50.00P/S Ottilia Kobenhavn Denmark 39 50.00Changes in investments in associates and in joint ventures2022 2021Other Other associates associates and joint and joint EURmventures Total Nordeaventures TotalAt 1 January 777 777 4,822 548 5,370Share of loss/profit 22 22 317 77 393Reversal of impairment loss on Nordea shares \u2014 \u2014 899 \u2014 899Additions 1 1 \u2014 133 133Disposals -313 -313 -2,564 \u2014 -2,564Changes in the equity of associates -12 -12 -1,284 28 -1,256Exchange differences -33 -33 \u2014 -9 -9Reclassification as non-current assets held for sale \u2014 \u2014 -2,189 \u2014 -2,189Reclassification as an investment at fair value through p/l -425 -425 \u2014 \u2014 \u2014At 31 December 16 16 \u2014 777 777In the comparison year, Nordea was consolidated with the equity method until 25 October 2021, after which the shares were reclassified in accordance with IFRS 5 to non-current assets held for sale. The carrying amount of investments in associates included goodwill of EUR 4 million (76).Changes in holding of associate shares in 2022NordaxSampo\u2019s management assessed that the requirements for significant influence, as set out in IAS 28 Investments in Associates and Joint Ventures, were no longer met in associate Nordax at the end of the financial year 2022. As a result, the associate shares were reclassified to equity securities at fair value through p/l at the balance sheet date, in accordance with IAS 39 Financial Instruments: Recognition and Measurement. The valuation difference between the book value and fair value was recognised in the income statement in other operating income.Until the reclassification date, Nordax was accounted for under IAS 28 Investments in associates and joint ventures. Other comprehensive income of EUR -37 million, recognised in earlier periods and remaining, was recycled to the income statement at the reclassifcation.NordeaIn April 2022, Sampo sold its remaining Nordea holding through an accelerated bookbuild offering of 200 million shares. Before the bookbuild offering, Sampo had already sold 19 million shares in the open market in the first quarter and 27 million shares in the second quarter of 2022. The sale of Nordea shares ended the classification of shares as non-current assets held for sale. The transactions generated total gross proceeds of EUR 2.3 billion, of which EUR 2.1 billion was raised in the second quarter. The positive accounting effect from the transactions on Sampo\u2019s consolidated statement of profit and loss was EUR 103 million, of which EUR 75 million was booked for the second quarter. Changes in holding of Nordea shares in 2021In February 2021, Sampo\u2019s Board of Directors announced an intention statement to materially reduce Sampo\u2019s holding in Nordea over the following 18 months. In May, Sampo sold 162 million Nordea shares at a price of EUR 8.50 per share. Gross proceeds were EUR 1,377 million. A sales gain of EUR 93 million from the transaction was recognised as a reversal of previously made impairment losses. After the transaction, Sampo held 480,924,782 Nordea shares, corresponding to 11.87 per cent of all shares and voting rights in Nordea.In September, Sampo sold 73 million Nordea shares at a price of EUR 10.20 per share. Gross proceeds were EUR 745 million. A sales gain of EUR 144 million from the transaction was recognised as a reversal of previously made impairment losses. After the transaction, Sampo held 407,924,782 Nordea shares, corresponding to 10.07 per cent of all shares and voting rights in Nordea.In October 2021, Sampo\u2019s management expressed its commitment to sell the remaining shares, and on 24 October 2021 an advanced bookbuild offer for an additional sell of shares was initiated. On 25 October, Sampo sold 162 million Nordea shares at a price of EUR 10.65 per share. Gross proceeds were EUR 1 725 million. A sales gain of EUR 368 million from the transaction was recognised as a reversal of previously made impairment losses. After the transaction, Sampo holds 245,924,782 Nordea shares, corresponding immediately after the transaction to 6.07 per cent of all shares and voting rights in Nordea. The remaining Nordea shares were reclassified under IFRS 5 Non-current assets held for sale and discontinued operations in the financial statements for 2021. In accordance with the standard, the shares were reclassified in the balance sheet as its own line item \u2019Non-current assets held for sale\u2019 and measured at the consolidated book value at the reclassification date. Immediately before the reclassification, the reversal of remaining impairment losses of EUR 311 million was recognised in the income statement, as well as a recycling of remaining other comprehensive income of EUR -90 million. Until the reclassification date, Nordea was accounted for under IAS 28 Investments in associates and joint ventures. 14 Financial assetsThe Group\u2019s financial assets comprise investments in derivatives, financial assets at fair value through p/l, loans and receivables and available-for-sale financial assets.The Group uses derivative instruments for trading and for hedging purposes. The derivatives used are foreign exchange, interest rate and equity derivatives. During the financial year, fair value hedging has been applied in Mandatum and cash flow hedges in Hastings.EURm 2022 2021Derivative financial instruments 79 45 Financial assets at fair value through p/lDebt securities 1,941 4,494Equity securities 560 686Deposits 544 352Total 3,045 5,533Loans and receivables 296 387Financial assets available-for-saleDebt securities 12,815 12,901Equity securities 3,233 4,464Total 16,048 17,365Group\u2019s financial assets, total 19,469 23,331Assets held for sale \u2014 -10Group\u2019s financial assets, total 19,469 23,321Financial assets available-for-sale include impairment losses of EUR 170 million (221).2022 2021 Derivative financial instrumentsFair valueFair valueContract/Contract/EURmNotional Amount Assets LiabilitiesNotional Amount Assets LiabilitiesDerivatives held for tradingInterest rate derivativesOTC derivativesInterest rate swaps 394 5 45 1,716 23 13Inflation cover 274 \u2014 3 382 \u2014 36Total interest rate derivatives 668 5 48 2,098 23 49Foreign exchange derivativesOTC derivativesCurrency forwards 5,092 58 6 9,301 22 58Currency options, bought and sold 31 4 2 3 0 \u2014Total foreign exchange derivatives 5,123 62 7 9,303 22 58Equity derivativesOTC derivativesEquity futures \u2014 \u2014 \u2014 91 \u2014 \u2014Other \u2014 \u2014 \u2014 110 0 2Total equity derivatives \u2014 \u2014 \u2014 201 0 2Total derivatives held for trading 5,791 67 55 11,603 45 109Derivatives held for hedgingFair value hedgesCurrency forwards 328 12 \u2014 423 \u2014 12Total derivatives held for fair value hedging 328 12 \u2014 423 0 12Cash flow hedgesCurrency forwards 6 0 \u2014 9 \u2014 0Total cash flow hedges 6 0 \u2014 9 \u2014 0Total derivatives held for hedging 334 12 \u2014 433 0 13Group financial derivatives, total 6,124 79 55 12,035 45 121Fair value hedgesIn Mandatum, fair value hedging is used to hedge a proportion of foreign exchange risk in available-for-sale financial assets. The interest elements of foreign exchange forward contracts have been excluded from hedging relationships in foreign exchange hedges. The net result from exchange derivatives designated as fair value hedges amounted to EUR -32 million (32). The net result from hedged risks in fair value hedges of available-for-sale financial assets amounted to EUR 32 million (-32). 15 Change in fair values of financial assetsFair value Fair value EURm20222021 ChangeFinancial assetFinancial assets measured at amortised costLoans and receivables 296 387 -91Total 296 387 -91Financial assets measured at fair value Equity securities 2,141 3,123 -982Debt securities 14,757 17,395 -2,639Funds 1,652 2,027 -375Derivatives 79 45 34Loans guaranteed by mortgages and other loans \u2014 1 -1Deposits 544 352 192Total 19,173 22,944 -3,771Financial assets at fair value through p/lrelated to unit-linked insuranceEquity securities 676 4,223 -3,547Debt securities 941 6,072 -5,131Funds 7,883 8,675 -793Derivative financial instruments 18 11 7Other 412 915 -503Total 9,930 19,897 -9,967Group financial assets, total 29,399 43,227 -13,829Financial assets measured at amortised costTo determine the appropriate classification of financial assets under IFRS 9, the entity assesses the contractual cash flows\u2019 characteristics of any financial asset. Financial assets of which the contractual cash flows give rise to solely payments of principal and interest (SPPI criteria, solely payments of principle and interest) on the principal amount outstanding, pass the SPPI test. IFRS 9 defines the terms \"principal\" as being the fair value of the financial asset at initial recognition and the \"interest\" as being compensation for the time value of money and the credit risk associated with the principal amount outstanding during a particular period of time. All assets classified currently as available for sale, including both equity and debt instruments, are anticipated to be classified as at fair value through profit or loss. Of the financial assets classified currently as loans and receivables, including deposits, totalling EUR 840 million (740), EUR 294 million passed the SPPI test as of 31 December 2022 (476 EURm).Based on an analysis, there are no significant credit risk concentrations related to financial instruments that meet the SPPI criterion.Financial assets measured at amortised cost, meeting the SPPI test, are presented by credit rating in the following table: 2022AA+A+BBB+BB+B+- - - - - EURmAA-A-BBB-BB-B- TotalLoans and receivables 13 106 52 71 52 294Total 13 106 52 71 52 2942021AA+BB+B+- - - No credit EURmAA-BB-B-rating TotalLoans and receivables 214 86 \u2014 176 476Total 214 86 \u2014 176 476The table has been prepared based on a preliminary analysis on business models likely to be applied under IFRS 9. Since the amount of financial assets meeting the SPPI criterion, EUR 294 million (476) is minor of the total financial assets EUR 22,542 million (28,140), the credit risk is considered not to be significant. Their carrying amount is assessed to be best estimate of their fair value. In 2021 main part of the financial assets meeting the SPPI criterion was unrated, so it was not possible to assess whether they had low credit risk or not.16 Determination and hierarchy of fair valuesA large majority of Sampo Group\u2019s 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 fair value of the derivative instruments is assessed using quoted market prices in active markets, the discounting method or option pricing models.The fair value of loans and other financial instruments which have no quoted price in active markets is based on discounted cash flows, using quoted market rates. The market\u2019s yield curve is adjusted by other components of the instrument, e.g. by credit risk.Fair values are \"clean\" fair values, i.e. less interest accruals.On level 1, the measurement of the instrument is based on quoted prices in active markets for identical assets or liabilities.On level 2, inputs for the measurement of the instrument also include other than quoted prices observable for the asset or liability, either directly or indirectly by using valuation techniques.In level 3, the measurement is based on other inputs rather than observable market data.Sampo Group\u2019s level 3 assets consist mainly of few larger equity investments and investments in private equity and alternative funds.In level 3, the two most prominent equity investments are valued by using the excess return model, in which the value of a company is the sum of capital invested currently in the company and the present value of excess returns that the company expects to make in the future.For private equity funds, the valuation of the underlying investments is conducted by the fund manager who has all the relevant information required in the valuation process. The valuation is usually updated quarterly based on the value of the underlying assets and the amount of debt in the fund. There are several valuation methods, which can be based on, for example, the acquisition value of the investments, the value of publicly traded peer companies, the multiple based valuation or the cash flows of the underlying investments.Most private equity funds follow the International Private Equity and Venture Capital (IPEV) guidelines, which give detailed instructions on the valuation of private equity funds.For alternative funds the valuation is also conducted by the fund managers. Alternative funds often have complicated structures and the valuation is dependent on the nature of the underlying investments. There are many different valuation methods that can be used; for example, the method based on the cash flows of the underlying investments. The operations and valuation of alternative funds are regulated for example by the Alternative Investment Fund Managers Directive (AIFMD), which determines the principles and documentation requirements of the valuation process.Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFINANCIAL ASSETS AT 31 DECEMBER 2022Financial assets at fair valueDerivative financial instrumentsInterest rate swaps 5 \u2014 5 \u2014 5Foreign exchange derivatives 74 0 74 \u2014 74Total 79 0 79 \u2014 79Financial assets at fair value through profit or lossEquity securities 560 111 24 425 560Debt securities 1,881 1,718 159 5 1,881Total 2,441 1,829 183 430 2,441Financial assets designated as at fair value through profit or lossDeposits 544 \u2014 544 \u2014 544Debt securities (unit-trusts) 60 43 16 \u2014 60Total 604 43 561 \u2014 604Financial assets related to unit-linked insuranceEquity securities 676 643 2 31 676Debt securities 941 90 757 94 941Funds 7,883 4,880 676 2,327 7,883Derivative financial instruments 18 \u2014 18 \u2014 18Other assets 412 \u2014 412 \u2014 412Total 9,930 5,612 1,865 2,453 9,930Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFINANCIAL LIABILITIES AT31 DECEMBER 2022Financial liabilities at fair valueDerivative financial instrumentsInterest derivatives 45 \u2014 45 \u2014 45Equity derivatives \u2014 \u2014 \u2014 \u2014 \u2014Foreign exchange derivatives 7 \u2014 7 \u2014 7Other derivatives 3 \u2014 3 \u2014 3Total 55 \u2014 55 \u2014 55Total financial liabilities atfair value 55 \u2014 55 \u2014 55Other financial liabilitiesSubordinated debt securitiesSubordinated loans 1,983 1,409 478 \u2014 1,887Debt securities in issueBonds 1,306 1,126 110 \u2014 1,236OtherBorrowings on Revolving Credit Facility 73 \u2014 \u2014 73 73Amounts owed to credit institutions 23 23 \u2014 \u2014 23Total other financial liabilities 3,384 2,558 588 73 3,219Group financial liabilities, total 3,439 2,558 643 73 3,274Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFinancial assetsavailable-for-saleEquity securities 1,581 1,224 2 354 1,581Debt securities 12,815 7,941 4,832 43 12,815Other assets 1,652 775 72 806 1,652Total 16,048 9,940 4,906 1,203 16,048Total financial assets atfair value 29,103 17,425 7,593 4,086 29,103Other financial assetsFinancial assets at amortised costLoans and receivables 296 \u2014 \u2014 296 296Total 29,399 17,425 7,593 4,381 29,399Group\u2019s financial assets, total 29,399Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFinancial assets available-for-saleEquity securities 2,439 2,043 2 394 2,439Debt securities 12,901 7,032 5,796 73 12,901Other assets 2,025 913 34 1,078 2,025Total 17,365 9,987 5,832 1,545 17,365Total financial assets at fair value 42,841 28,517 10,181 4,143 42,841Other financial assetsFinancial assets at amortised costLoans and receivables 387 \u2014 \u2014 387 387Total 43,228 28,517 10,181 4,529 43,227Assets held for sale in Mandatum -196Group financial assets, total 43,031Fair valueCarrying EURmamount Level 1 Level 2 Level 3 Total31 December 2021Financial assets at fair valueDerivative financial instrumentsInterest rate swaps 23 \u2014 23 \u2014 23Foreign exchange derivatives 22 \u2014 22 \u2014 22Total 45 \u2014 45 \u2014 45Financial assets at fair value through profit or lossEquity securities 684 478 206 \u2014 684Debt securities 4,437 3,923 503 11 4,437Investment funds 2 \u2014 2 \u2014 2Total 5,123 4,401 711 11 5,123Financial assets designated as at fair value through profit or lossDeposits 352 \u2014 352 \u2014 352Debt securities 1 \u2014 1 \u2014 1Debt securities (unit-trusts) 58 43 15 \u2014 58Total 411 43 368 \u2014 411Financial assets related tounit-linked insuranceEquity securities 4,222 4,200 2 20 4,222Debt securities 6,072 4,081 1,930 61 6,072Funds 8,676 5,805 807 2,065 8,676Derivative financial instruments 11 \u2014 11 \u2014 11Other assets 915 \u2014 474 441 915Total 19,897 14,086 3,225 2,587 19,897Transfers between levels 1 and 21\u201312/2022 1\u201312/2021Transfers Transfers Transfers Transfers from level 2from level 1from level 2from level 1EURmto level 1to level 2to level 1to level 2Financial assets related tounit-linked insuranceDebt securities 13 6 3 12Financial assetsavailable-for-saleDebt securities 632 500 595 349Transfers are based mainly on the changes in trading volume information provided by an external service provider.Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFINANCIAL LIABILITIES AT31 DECEMBER 2021Financial liabilities at fair valueDerivative financial instrumentsInterest derivatives 13 \u2014 13 \u2014 13Equity derivatives 2 \u2014 2 \u2014 2Foreign exchange derivatives 71 8 63 \u2014 71Other derivatives 36 \u2014 36 \u2014 36Total 121 8 114 \u2014 121Financial liabilities designated as at fair value through p/lDeposits 1 \u2014 1 \u2014 1Total financial liabilities atfair value 123 8 115 \u2014 123Other financial liabilitiesSubordinated debt securitiesSubordinated loans 2,016 1,850 611 \u2014 2,461Debt securities in issueBonds 2,195 1,868 466 \u2014 2,334OtherBorrowings on RevolvingCredit Facility 12 \u2014 \u2014 12 12Total other financial liabilities 4,223 3,718 1,077 12 4,806Group financial liabilities, total 4,345 3,726 1,192 12 4,929Sensitivity analysis of level 3 financial instruments measured at fair value1\u201312/2022 1\u201312/2021Effect of Effect of reasonably reasonably possible possible alternative alternative Carrying assumptions Carrying assumptions EURmamount(+/-)amount(+/-)Financial assetsFinancial assetsavailable-for-saleEquity securities 354 -71 394 -79Debt securities 43 -1 73 -2Funds 806 -161 1,078 -216Total 1,203 -233 1,545 -296The 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. Sampo Group bears no investment risks related to unit-linked insurance, so a change in assumptions regarding these assets does not affect profit or loss. On the basis of these alternative assumptions, a possible change in interest levels would cause a decrease of EUR -1 million (-2) for the debt instruments and EUR -232 million (-294) valuation loss for other instruments in the Group\u2019s other comprehensive income. The reasonably possible effect, proportionate to the Group\u2019s equity, would thus be 2.6 per cent (2.3).Sensitivity analysis of fair valuesThe sensitivity of financial assets and liabilities to changes in exchange rates is assessed on business area level due to different base currencies. In If, a 10 percentage point depreciation of all other currencies against SEK would result in an increase recognised in profit/loss of EUR 13 million (34) and in an increase recognised directly in equity of EUR 2 million (-24). In Topdanmark, a 10 percentage point depreciation of all other currencies against DKK would result in a decrease recognised in profit/loss of EUR -11 million (-4), but would not have an impact on equity. In Mandatum, a 10 percentage point depreciation of all other currencies against EUR would result in an increase recognised in profit/loss of EUR 36 million (32) and in a decrease recognised directly in equity of EUR -41 million (-45). In Holding, a 10 percentage point depreciation of all other currencies against EUR would have no impact on profit/loss, but a decrease recognised in equity of EUR -109 million (-65). In Hastings, the changes in exchange rates would not have an impact either in p/l or equity.The sensitivity analysis of the Group\u2019s fair values of financial assets and liabilities in different market risk scenarios is presented below. The effects represent the instantaneous effects of a one-off change in the underlying market variable on the fair values on 31 December 2022.The sensitivity analysis includes the effects of derivative positions. All sensitivities are calculated before taxes.The debt issued by Sampo plc is not included. Other financial Interest rate Equityassets1% parallel 1% parallel 20% fall20% fall shift downshift upin pricesin pricesEffect recognised in profit/loss 68 -60 -22 -22Effect recognised directly in equity 276 -265 -470 -178Total effect 344 -325 -492 -200Maximum exposure to credit riskThe carrying amount of financial assets in the balance sheet of EUR 19,469 million (23,321) added by the amount of guarantees and investment commitments totalling EUR 2 078 million (1,820) represents the maximum exposure to credit risk.17 Movements in level 3 financial instruments measured at fair valueGains/losses Total gains/ included in Total gains/ losses recorded p/l for losses in in other Purchases Transfers Transfers financial income comprehensive and re-from level 1 to levels 1 31 Dec assets EURm At 1 Janstatementincomeclassifications Sales Settlementsand 2and 2202231 Dec 2022FINANCIAL ASSETS 2022Financial assets at fair value through p/lEquity securities \u2014 \u2014 \u2014 425 \u2014 \u2014 \u2014 \u2014 425 \u2014Debt securities 11 0 \u2014 \u2014 -6 \u2014 \u2014 \u2014 5 1Total 11 0 \u2014 425 -6 \u2014 \u2014 \u2014 430 1Financial assets related to unit-linked insurance contractsEquity securities 20 1 \u2014 15 -5 \u2014 \u2014 \u2014 31 1Debt securities 61 -8 \u2014 108 -81 -23 40 -3 94 -8Funds 2,065 -16 \u2014 598 -315 \u2014 \u2014 -5 2,327 -23Total 2,145 -22 \u2014 721 -401 -23 40 -7 2,453 -30Financial assets available-for-saleEquity securities 394 6 -41 2 -7 \u2014 \u2014 \u2014 354 -41Debt securities 73 0 0 17 -18 \u2014 \u2014 -30 43 2Funds 1,078 11 -226 44 -101 \u2014 \u2014 \u2014 806 -216Total 1,545 16 -267 64 -125 \u2014 \u2014 -30 1,203 -255Total financial assets measured at fair value 3,702 -6 -267 1,210 -533 -23 40 -37 4,086 -284Purchases and reclassifications include the reclassification of Nordax associate shares of EUR 425 million to equity securities at fair value through p/l.1\u201312/2022EURm Realised gains and losses Fair value gains and losses TotalTotal gains or losses included in profit or loss for the financial year -6 -267 -273Total gains or losses included in profit or loss for assets held at the end of the financial year -17 -267 -284Total gains/ Gains/losses losses recorded included in p/l Total gains/ in other for financial losses in income comprehensive Transfers to assets EURm At 1 Janstatementincome Purchases Saleslevels 1 and 2 31 Dec 202131 Dec 2021FINANCIAL ASSETS 2021Financial assets at fair value through p/lDebt securities 193 11 \u2014 1 -37 -157 11 1Total 193 11 \u2014 1 -37 -157 11 1Financial assets related to unit-linked insurance contractsEquity securities 18 4 \u2014 2 -4 \u2014 20 3Debt securities 804 29 \u2014 169 -96 -846 61 1Funds 1,297 478 \u2014 636 -346 \u2014 2,065 481Total 2,119 511 \u2014 806 -445 -846 2,145 485Financial assets available-for-saleEquity securities 342 0 63 4 -9 -7 394 63Debt securities 60 3 1 68 -58 \u2014 73 4Funds 951 18 228 95 -215 \u2014 1,078 243Total 1,353 20 292 167 -282 -7 1,545 310Total financial assets measured at fair value 3,666 543 292 974 -764 -1,010 3,702 796In 2021, EUR 1,004 million of the transfers relate to Topdanmark\u2019s structured credit products (CLOs) for which the market could be defined as active again, in accordance with IFRS 13, and which therefore have been transferred back to level 2 from level 3.1\u201312/2021EURm Realised gains and losses Fair value gains and losses TotalTotal gains or losses included in profit or loss for the financial year 504 329 833Total gains or losses included in profit or loss for assets held at the end of the financial year 503 292 796Gains and losses are included either in the consolidated income statement\u2019s net investment income or other comprehensive income statements\u2019s exchange differences and fair value changes of available-for-sale financial assets.18 Deferred tax assets and liabilitiesChanges in deferred tax during the financial year 2022Business Recognised in acquisitions/comprehensive Recognised Exchange EURm 1 Jandisposalsincome statementin equitydifferences 31 DecDeferred tax assetsTax losses carried forward 2 \u2014 -1 0 0 1Changes in fair values 14 \u2014 -4 -6 0 3Pension liabilities 8 \u2014 -1 1 -1 7Other deductible temporary differences 42 1 -10 0 -1 31Total 66 1 -17 -6 -2 42Netting of deferred taxes -26Deferred tax assets in the balance sheet, total 17Deferred tax liabilitiesDepreciation differences and untaxed reserves 219 0 0 0 -10 209Changes in fair values 512 7 -63 -271 -19 166Pension assets \u2014 \u2014 0 7 \u2014 7Other taxable temporary differences 151 -18 26 0 -1 158Total 881 -11 -36 -264 -30 540Netting of deferred taxes -26Deferred tax liabilities in the balance sheet, total 881 -11 -36 -264 -30 514Changes in deferred tax during the financial period 2021Recognised in comprehensive Recognised Exchange EURm 1 Janincome statementin equitydifferences 31 DecDeferred tax assetsTax losses carried forward 18 -16 \u2014 0 2Changes in fair values 15 -1 -1 1 14Pension liabilities 26 -2 -15 0 8Other deductible temporary differences 28 15 -1 1 42Total 86 -5 -17 1 66Netting of deferred taxes -27Deferred tax assets in the balance sheet, total 39Deferred tax liabilitiesDepreciation differences and untaxed reserves 219 -2 \u2014 1 219Changes in fair values 383 26 98 6 512Other taxable temporary differences 152 -2 0 1 151Total 754 22 98 8 881Netting of deferred taxes -27Deferred tax liabilities in the balance sheet, total 855The line items within deferred tax assets and liabilities for the comparison year 2021 have been restated.In Sampo plc, EUR 34 million of deferred tax assets have not been recognised on unused tax losses. The first losses will expire at the end of fiscal year 2022.In Mandatum, EUR 1 million of deferred tax assets have not been recognised on unused tax losses.19 TaxesEURm 2022 2021Profit before tax 1,863 3,171 Tax calculated at parent company\u2019s tax rate -373 -634Different tax rates in foreign jurisdictions -12 -4Income from associates not subject to tax 21 259Income not subject to tax 81 13Non-deductible expenses -17 -11Tax losses for which no deferred tax asset has been recognised -28 -12Changes in tax rates 2 -24Tax from previous years 4 -11Total -322 -42320 Other assetsEURm 2022 2021Interests 113 128Assets arising from direct insurance operations 2,261 2,067Assets arising from reinsurance operations 113 85Settlement receivables 83 45Deferred acquisition costs* 182 185Assets related to Patient Insurance Pool 69 67Other 422 399Group other assets, total 3,242 2,977Item Other comprise, e.g. assets held for resale, asset management fee receivables and prepaid pensions.Other assets include non-current assets EUR 99 million (139).* Change in deferred acquisition costs in the periodEURm 2022 2021At 1 January 185 147Net change in the period 4 36Exchange differences -7 3At 31 December 182 18521 Liabilities from insurance and investment contractsP&C liabilities from insurance contracts2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiums 3,398 390 3,008 3,340 412 2,928Provision for claims outstanding 10,200 1,881 8,319 10,781 1,881 8,900Incurred and reported losses 4,666 1,409 3,257 4,336 1,324 3,012Incurred but not reported losses (IBNR) 3,115 471 2,644 3,080 551 2,529Provisions for claims adjustment costs 272 \u2014 272 247 \u2014 247Provisions for annuities and sickness benefits 2,147 0 2,146 3,118 6 3,112P&C insurance total 13,598 2,271 11,328 14,121 2,293 11,828As the P&C companies, especially If, are exposed to various exchange rates, comparing the balance sheet data from year to year can be misleading.Change in P&C insurance liabilities2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiumsAt 1 January 3,340 412 2,928 3,169 365 2,803Business transactions -36 \u2014 -36 \u2014 \u2014 \u2014Change in provision 209 -9 218 115 24 90Exchange differences -115 -14 -101 57 23 34At 31 December 3,398 390 3,008 3,340 412 2,9282022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for claims outstandingAt 1 January 10,781 1,881 8,900 10,140 1,454 8,685Business transactions -384 -5 -379 \u2014 \u2014 \u2014Unwinding of discounted annuities -121 -2 -118 -41 -1 -41Change in provision 201 90 112 464 327 137Exchange differences -278 -83 -195 219 100 119At 31 December 10,200 1,881 8,319 10,781 1,881 8,900The tables below show the cost trend for the claims for different years. The upper part of the tables shows how an estimate of the total claims costs per claims year evolves annually.The lower section shows how large a share of this is presented in the balance sheet. More information on insurance liabilities is in the risk management note 35.IfClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 27,892 2,581 2,559 2,581 2,624 2,657 2,796 2,909 3,060 3,033 3,272One year later 27,838 2,604 2,551 2,598 2,655 2,694 2,893 2,954 3,098 3,163Two years later 27,801 2,607 2,557 2,586 2,653 2,689 2,923 2,969 3,125Three years later 27,884 2,612 2,570 2,563 2,614 2,694 2,940 2,992Four years later 27,737 2,618 2,575 2,538 2,604 2,669 2,930Five years later 27,632 2,607 2,546 2,535 2,615 2,658Six years later 27,454 2,596 2,520 2,520 2,599Seven years later 27,314 2,581 2,510 2,507Eight years later 27,123 2,573 2,490Nine years later 26,969 2,553Ten years later 26,576Current estimate of total claims costs 26,576 2,553 2,490 2,507 2,599 2,658 2,930 2,992 3,125 3,163 3,272 54,865Total disbursed 24,555 2,406 2,344 2,346 2,405 2,445 2,649 2,674 2,664 2,458 1,748 48,694Provision reported in the balance sheet 2,021 148 146 161 194 213 281 318 461 705 1,523 6,171of which established vested annuities 22,534 2,258 2,198 2,185 2,210 2,233 2,368 2,356 2,203 1,753 225 42,523Provision for claims adjustment costs 245Total provision reported in the BS of If 6,415IfClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 23,897 2,537 2,523 2,539 2,570 2,601 2,745 2,849 2,878 2,910 3,186One year later 23,785 2,560 2,513 2,553 2,579 2,642 2,824 2,883 2,897 3,007Two years later 23,738 2,564 2,505 2,539 2,576 2,633 2,854 2,895 2,924Three years later 23,708 2,571 2,517 2,524 2,546 2,638 2,872 2,919Four years later 23,785 2,574 2,518 2,497 2,536 2,613 2,859Five years later 23,669 2,565 2,487 2,493 2,542 2,614Six years later 23,598 2,552 2,461 2,479 2,527Seven years later 23,438 2,537 2,450 2,467Eight years later 23,302 2,530 2,430Nine years later 23,125 2,507Ten years later 22,979Current estimate of total claims costs 22,979 2,507 2,430 2,467 2,527 2,614 2,859 2,919 2,924 3,007 3,186 50,419Total disbursed 20,982 2,363 2,287 2,309 2,352 2,408 2,584 2,614 2,501 2,359 1,735 44,494Provision reported in the balance sheet 1,997 145 143 158 175 206 275 305 423 648 1,451 5,926of which established vested annuities 1,352 59 53 54 47 48 69 48 36 22 4 1,790Provision for claims adjustment costs 245Total provision reported in the BS of If 6,171TopdanmarkClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 953 829 817 795 722 780 787 819 841 867One year later 977 838 827 793 737 799 812 792 820Two years later 980 832 814 782 736 811 810 768Three years later 975 825 814 776 748 814 798Four years later 965 810 813 761 740 804Five years later 959 796 796 763 734Six years later 946 786 789 758Seven years later 941 784 786Eight years later 944 783Nine years later 937Current estimate of total claims costs 937 783 786 758 734 804 798 768 820 867 8,055Total disbursed 898 741 741 714 677 724 703 641 600 449 6,889Discounting 0 -1 0 -1 -1 -2 -2 -3 -7 -12 -29Provision reported in the balance sheet 39 41 44 43 55 78 93 124 214 407 1,138Discounting of previous years 288Total provision reported in the BS of Topdanmark 1,426TopdanmarkClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 802 780 767 737 697 728 754 781 783 822One year later 807 787 775 739 710 746 777 754 763Two years later 810 783 763 727 709 758 774 732Three years later 805 776 762 721 721 761 762Four years later 795 761 756 706 713 750Five years later 789 746 750 704 707Six years later 775 736 744 701Seven years later 770 738 741Eight years later 773 737Nine years later 766Current estimate of total claims costs 766 737 741 701 707 750 762 732 763 822 7,481Total disbursed 728 695 696 660 651 673 669 610 563 431 6,375Discounting 0 -1 0 -1 -1 -1 -2 -3 -6 -11 -26Provision reported in the balance sheet 38 41 45 40 55 76 92 119 194 380 1,080Discounting of previous years 288Total provision reported in the BS of Topdanmark 1,368HastingsClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 1,344 368 426 540 675 754 822 898 794 997 1,221 8,840One year later 1,339 369 431 548 697 779 854 953 814 1,036Two years later 1,320 355 428 539 684 791 880 964 921Three years later 1,356 362 443 557 754 802 876 1,007Four years later 1,363 368 462 559 733 795 890Five years later 1,334 358 436 565 759 845Six years later 1,328 368 433 554 727Seven years later 1,329 352 417 509Eight years later 1,329 343 416Nine years later 1,336 345Ten years later 1,314Payments to date -1,296 -339 -419 -521 -620 -684 -706 -676 -466 -485 -446 -6,658Gross outstanding claims liabilities, netof salvage and subrogation recoveries 48 29 7 20 55 70 116 222 328 512 776 2,182Reconciliation to net outstanding claims liabilitiesAnticipated salvage and subrogation recoveries 189IFRS 3 fair value acquisition adjustment -27Total provision reported in the BS of Hastings 2,344HastingsClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 945 142 196 235 296 326 363 378 294 347 554 4,077One year later 944 142 196 236 296 329 369 386 319 381Two years later 946 142 196 236 297 330 373 391 386Three years later 944 141 196 234 297 329 368 406Four years later 942 141 196 235 290 324 378Five years later 942 141 193 230 285 341Six years later 944 141 191 229 289Seven years later 948 141 187 226Eight years later 952 147 184Nine years later 958 154Ten years later 967Payments to date -941 -142 -194 -231 -291 -311 -335 -321 -219 -211 -220 -3,417Net outstanding claims liabilities, net of salvage and subrogation recoveries 4 1 2 4 5 15 28 56 75 136 334 660Reconciliation to net outstanding claims liabilities Anticipated salvage and subrogation recoveries 189Reinsurers\u2019 share of salvage and subrogation recoveries -80IFRS 3 fair value acquisition adjustment -3Net outstanding claims liability 766Reinsurers\u2019 share of outstanding claims liabilities 1,578Total provision reported in the BS of Hastings 2,344Life insurance liabilities from insurance and investment contracts2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiumsInsurance contracts 1,369 \u2014 1,369 4,471 0 4,471Investment contracts 25 \u2014 25 28 \u2014 28Provision for claims outstanding 1,575 1 1,573 1,759 1 1,758Group liabilities from insurance and investment contracts, total 2,969 1 2,967 6,258 2 6,257Liabilities related to non-current assets held for sale in Mandatum -10Group\u2019s liabilities for insurance and investment contracts, total 2,967 6,246Change in liabilities from insurance contractsGross Contracts with discretionary EURmparticipation featuresAt 1 January 2022 6,231Premiums 130Claims paid -420Expense charge -34Guaranteed interest 89Bonuses -74Other -2,977Total life insurance liabilities at 31 December 2022 2,944Line item Other includes EUR -2,812 million related to the sale of Topdanmark Life.Gross Contracts with discretionaryEURmparticipation featuresAt 1 January 2021 6,622Premiums 187Claims paid -611Expense charge -41Guaranteed interest 115Bonuses 182Other -224Total life insurance liabilities at 31 December 2021 6,231Liabilities related to non-current assets held for sale in Mandatum -10Total life insurance liabilities at 31 December 2021 6,220Life insurance liabilities from investment contractsEURm 2022 2021Investment contracts with discretionary participation features 25 28The change between financial years is mainly due to the claims paid.Investment contracts do not include a provision for claims outstanding. The liability adequacy test does not give rise to supplementary claims.As a result of the sale of Topdanmark Life, life insurance liabilities were derecognised from the balance sheet. Exemption allowed in IFRS 4 Insurance contracts has been applied to investment contracts with DPF or contracts with a right to trade-off for an investment contract with DPF. These investment contracts have been valued like insurance contracts.Reconciliation to the consolidated insurance and investment contract liabilitiesMilj. e 2022 2021P&C Insurance 13,598 14,121Life insurance 2,969 6,258Group consolidated insurance and investment contracts, gross, total 16,567 20,379Liabilities related to non-current assets held for sale in Mandatum \u2014 -10Group consolidated insurance and investment contracts, gross, total 16,567 20,36922 Liabilities from unit-linked insurance and investment contractsEURm 2022 2021Unit-linked insurance contracts 4,892 5,925Unit-linked investment contracts 5,015 4,775Life insurance liabilities \u2014 9,036Group liabilities from unit-linked insurance and investment contracts, total 9,908 19,550As a result of the sale of Topdanmark Life, life insurance liabilities were derecognised from the balance sheet. 23 Subordinated debts and other financial liabilities EURm 2022 2021Subordinated debt securitiesSubordinated loans 1,983 2,016 Subordinated debt liabilities, total 1,983 2,016 Other financial liabilities Derivative financial instruments 55 121 Debt securities in issueBonds 1,306 2,195OtherBorrowings on Revolving Credit Facility 73 12Amounts owed to credit institutions 23 \u2014Group other financial liabilities, total 1,457 2,330Group financial liabilities, total 3,439 4,345The segment financial liabilities include subordinated debts, derivatives, debt securities in issue and other financial liabilities.During the financial year 2022 bonds decreased by EUR 890 million. Hastings redeemed its GBP 250 million (approximately EUR 290 million) bond in full, at par. Sampo Plc announced tender offers for its outstanding senior notes maturing in 2023, 2025, 2028 and 2030. The amount of nominal debt purchased across all the targeted maturities amounted to EUR 500 million. TopdanmarkEURm 2022 2021Derivative financial instruments 32 81Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan tier 1, 2022 3 month Cibor (nominal value 400 MDKK) perpetual+ 4.75% 54 \u2014Subordinated loan, 20213 month Cibor (nominal value 700 MDKK) 12/2031+ 1.25% 94 134Subordinated loan, 20203 month Cibor (nominal value 500 MDKK) 12/2030+1.60% \u2014 67Subordinated loan, 20173 month Cibor (nominal value 400 MDKK) bullet+2.75% \u2014 54Total subordinated debt securities 148 255Other financial liabilities 23 1Topdanmark, total financial liabilities 203 338Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately 128 (220) million euro (DKK 950 million) of the subordinated loans are subscribed by If.Hastings EURm 2022 2021Debt securities in issueBonds 0 317Other financial liabilities 73 12Hastings, total financial liabilities 73 329During the financial period Hastings has signed a revolving credit facility with financial institution totalling EUR 85 million of which at the end of the reporting period EUR 12 million is undrawn. The revolving credit facility is terminating on 23 November 2023, but the contract contains an extension option. In addition, Hastings has an undrawn credit facility with Sampo Plc totallingEUR 89 million with a maturity date of 29 October 2026.IfEURm 2022 2021Derivative financial instruments 7 8Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 20213 month Stibor (nominal value 1,500 MSEK) 30 years+ 1.30% 134 146Subordinated loan, 20183 month Stibor (nominal value 1,000 MSEK) perpetual+ 2.75% 90 97Total subordinated debt securities 224 243If, total financial liabilities 231 250The loan of SEK 1,000 million was issued in 2018 with variable interest rate terms. The loan includes terms stating the right of redemption after five years and at any interest payment date thereafter. The loan is listed on the Luxembourg Stock Exchange (BdL Market).The loan of SEK 1,500 million was issued in 2021 with variable interest rate terms. The loan includes terms stating the right of redemption after five years, at any date for a three-month period after the first five years and thereafter at any interest payment date. The loan is listed on the Luxembourg Stock Exchange (BdL Market).HoldingEURm 2022 2021Derivative financial instruments 14 3Debt securities in issue Maturity InterestBond 2016,(nominal value EURm 750) 7 years 1.00% 318 429Bond 2017,(nominal value EURm 500) 8 years 1.25% 161 273Bond 2018,(nominal value EURm 500) 10 years 1.625% 311 496Bond 2018,(nominal value EURm 500) 12 years 2.25% 400 497Bond 2018,(nominal value NOKm 1,000) 10 years 3.10% 95 100Others 21 83Total bonds 1,306 1,878Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 2020(nominal value EURm 1,000) 32 years 2.50% 993 992Subordinated loan, 2019(nominal value EURm 500) 30 years 3.38% 496 495Total subordinated debt securities 1,489 1,487Omistusyhteis\u00f6n rahoitusvelat yhteens\u00e4 2,808 3,369The subordinated loan of 2019 has a fixed interest rate for the first ten years, the 2020 loan for the first 12 years. After that, the loans become subject to a variable interest rate but they also include terms stating the right of redemption at this point in time or at any interest payment date thereafter. The loans are listed on the London Stock Exchange.The determination and hierarchy of fair values of financial assets and liabilities measured at acquisition cost is disclosed in note 17. According to this determination, the subordinated debt securities and bonds are categorised either on level 1 or 2.EURm 2022 2021Elimination items between segments -228 -320Group, total financial liabilities 3,439 4,345MandatumEURm 2022 2021Derivative financial instruments 3 29Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 201912 months (nominal value EURm 250) 30 yearsEuribor + 4.5% 250 249Subordinated loan, 2002(nominal value EURm 100) perpetual 1.88% 100 100Total subordinated debt securities 350 349Mandatum, total financial liabilities 352 378Mandatum Life issued in 2002 EUR 100 million Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Financial Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loan is wholly subscribed by Sampo Plc.In 2019 Mandatum Life issued a Solvency II Tier 2 loan of EUR 250 million. The loan matures on4 October, 2049. The loan has a fixed interest rate until the first possible redemption date on 4 October, 2024, whereafter it becomes subject to variable interest rates.Change in liabilities from financing activitiesEURm 1 Jan 2022 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2022Subordinated debt 2,016 54 -161 74 1 1,983Bonds 2,195 \u2014 -859 -6 -24 1,306Borrowings on RCF (only Hastings) 12 69 \u2014 -8 \u2014 73EURm 1 Jan 2021 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2021Subordinated debt 2,158 281 -423 -2 0 2,016Bonds 2,747 \u2014 -571 17 2 2,195Borrowings on RCF (only Hastings) \u2014 12 \u2014 0 \u2014 1224 ProvisionsEURm 2022At 1 January 2022 9Additions 2Amounts used during the period -4Unused amounts reversed during the period -2Exchange rate differences 0At 31 December 2022 6Current (less than 1 year) 2Non-current (more than 1 year) 4Total 6EUR 3 million (3) of the provision consist of funds reserved for futures expenses for previously implemented or planned development of efficient administrative and claims adjustment processes and structural changes in distribution channels, resulting in organisational changes that affect all business areas. In addition, the item includes a provision of about EUR 3 million (6) for lawsuits and other uncertain liabilities.25 Employee benefitsEmployee benefitsDuring the financial year 2022, Sampo had defined benefit plans in P&C insurance business in Sweden and Norway.In addition to statutory retirement pension insurance, the Group has certain voluntary defined benefit plans. The voluntary defined benefit plans are intra-Group and included in the insurance liabilities of Mandatum Life. The amount is negligible, and they have no material impact on the Group profit or loss or equity.For the defined-contribution pension plans, If pays fixed contributions and has no further payment obligations once the contributions have been paid. The pension expense for the defined-contribution plans is equal to the premiums paid by If for the fiscal year.Employee benefit obligations of IfEURm 2022 2021Defined benefit pension obligations, including social costs etc. 210 294Fair value of plan assets 220 268Net liability (asset) recognised in the balance sheet -9 26of which recognised as Net pension assets 34 \u2014of which included in the item Other provisions 25 26The main Swedish defined-benefit pension plan, FTP2, is a multiemployer plan and is closed to new employees born in 1972 or later. The main Norwegian defined-benefit pension plan consists solely of active people employed prior to 2006 and born 1957 and earlier. As only a few individuals covered by the plan remain employed in If, the plan has been closed for accounting purposes during the year.The pension benefits referred to are old-age pension and survivors\u2019 pension. A common feature of the defined-benefit plans is that the employees and survivors encompassed by the plans are entitled to a guaranteed pension that depends on the employees\u2019 service period and pensionable salary at the time of retirement. The dominating benefit is the old-age pension, referring to a life-long pension after the anticipated retirement age.The anticipated retirement age for Sweden in connection with life-long pension is 65 years. Life-long old-age pension following a complete service period is payable at a rate of 10% of the pensionable salary between 0 and 7.5 income base amounts, 65% of salary between 7.5 and 20 income base amounts and 32.5% between 20 and 30 income base amounts. Paid-up policies and pension payments from the Swedish plans are normally indexed annually with an amount corresponding to the change in the consumer price index. However, there is no agreement guaranteeing the value and future supplements, in addition to the contractual pension benefit, could either rise or fall. In addition to the closed pension plan, there are also unfunded pension benefits in Norway for which If is responsible for ongoing payments. All employees in Norway born in 1957 or earlier and who were employed by If in 2013 are entitled to a temporary pension before the anticipated retirement age. The retirement age for receiving early retirement pension is normally 65 years. Following a complete service period the early retirement pension is payable at a rate of 70% of the pensionable salary. A few individuals also have a top-hat arrangement on salary above 12G or an individual pension agreement. The pensions in Sweden are primarily funded through insurance whereby the insurers establish the premiums and disburse the benefits. If\u2019s obligation is primarily fulfilled through payment of the premiums. Should the assets that are attributable to the pension benefits not be sufficient to enable the insurers to cover the guaranteed pension benefits, If could be forced to pay supplementary insurance premiums or secure the pension obligations in some other way.However, given the insurers\u2019 high consolidation ratio, the risk that If will be forced to take any such action is low. To cover the insured pension benefits, the related capital is managed as part of the insurers\u2019 management portfolios. New and existing asset categories are evaluated on an ongoing basis in order to diversify the asset portfolios with a view to optimise the anticipated risk-adjusted return. Any surplus that arises from the management of the assets normally accrues to If and/or the insured and there is no form of transfer of the asset value to other members of the insurance collective.The insurers and If are jointly responsible for monitoring the pension plans, including investment decisions and contributions. The pension plans are essentially exposed to similar material risks regarding the final amount of the benefits, longevity, the investment risk associated with the plan assets and the fact that the choice of discount interest rate affects the valuation in the financial statements.When applying IAS 19, the pension obligation and the pension cost attributed to the fiscal period are calculated annually using the Projected Unit Credit method. The calculation of the defined benefit obligation is based on future expected pension payments and includes yearly updated actuarial assumptions such as salary growth, inflation, mortality and employee turnover. The expected pension payments are then discounted to a present value using a discount rate set with reference to AAA and AA corporate bonds issued in local currency, including mortgage-backed bonds, as at mid December. The discount rates chosen in Sweden and Norway take into account the duration of the company\u2019s pension obligations in each respective country. After a deduction for the plan assets, a net asset or a net liability is recognised in the balance sheet.The following tables contain a number of material assumptions, specifications of pension costs, assets and liabilities and a sensitivity analysis showing the potential effect on the obligations of reasonable changes in those assumptions as at the end of the fiscal year.The carrying amounts have been stated including a special payroll tax in Sweden (24.26%) and a corresponding fee in Norway (14.1%\u201319.1%).In addition to the defined benefit plan in Norway that was closed during the year, two small plans in Sweden have also been closed for accounting purposes. This has been reported as a settlement under IAS 19 as of 31 December 2022.Specification of employee benefit obligations by country2022 2021EURm Sweden Norway Total Sweden Norway TotalRecognised in income statement and other comprehensive incomeCurrent service cost 4 0 4 6 1 7Past service cost and settlements 0 1 1 \u2014 \u2014 \u2014Interest expense on net pension liability 0 0 0 1 \u2014 1Total in income statement 4 1 5 7 1 8Remeasurement of the net pension liability -31 -2 -32 -73 \u2014 -73Total in comprehensive income statement -26 0 -27 -66 1 -65Recognised in balance sheetDefined benefit pension obligations, including social costs etc. 184 27 210 245 48 294Fair value of plan assets 218 2 220 250 18 268Net liability (net assets) recognised in balance sheet -34 25 -9 -5 30 26Distribution by asset classBonds 42% \u2014 41% 55%Equities 20% \u2014 27% 12%Properties 10% \u2014 9% 13%Other 28% \u2014 23% 20%The following actuarial assumptions have been used for the calculation of defined benefit pension plans in Norway and Sweden:Sweden Sweden Norway Norway31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021Discount rate 3.50% 1.75% 3.25% 2.00%Future salary increases 2.75% 2.50% 3.00% 3.00%Price inflation 2.00% 1.75% 2.00% 2.00%Mortality table DUS21 DUS14 K2013 K2012Average duration of pension liabilities 18 years 20 years 10 years 12 yearsExpected contributions to the defined benefit plans during 2023 and 2022 6 7 \u2014 12022 2021Sensitivity analysis of effect of reasonably possible changesSweden Norway Total Sweden Norway TotalDiscount rate, +0.50% -15 -1 -16 -29 -3 -32 Discount rate, -0.50% 17 1 18 33 3 36 Future salary increases, +0.25% 4 0 4 8 0 8 Future salary increases, -0.25% -3 0 -3 -7 0 -7 Expected longevity, +1 year 6 1 7 12 1 13 2022 2021EURm Funded plans Unfunded plans Total Funded plans Unfunded plans TotalDistribution of obligations on funded and unfunded plansDefined benefit pension obligations, including social costs etc. 186 24 210 264 30 294 Fair value of plan assets 220 \u2014 220 268 \u2014 268 Net pension liability (net assets) recognised in the balance sheet-34 24 -9 -4 30 26Analysis of the change in net liability recognised in the balance sheetEURm 2022 2021Pension liabilities:At the beginning of the year 288 318 Current cost 4 6Interest cost 5 4Actuarial gains (-)/losses (+) on financial assumptions -66 -28Actuarial gains (-)/losses (+) on demographic assumptions -6 \u2014Actuarial gains (-)/losses (+), experience adjustments 25 4Exchange differences on foreign plans -19 -3Benefits paid -20 -13Settlements -7 \u2014Defined benefit pension obligations on Dec 31,excl. social security costs etc. 204 288Social security costs 7 6Defined benefit plans on Dec 31, incl. social security costs etc. 210 294Reconciliation of plan assets:At the beginning of the year 268 239Interest income 5 3Difference between actual return and calculated interest income -16 35Contributions paid 10 7Exchange differences on foreign plans -19 -4Benefits paid -20 -13Settlements -7 \u2014Plan assets at 31 December 220 268Other short-term employee benefitsThere are other short-term employee incentive programmes in the Group, the terms of which vary according to country, business area or company. Benefits are recognised in the profit or loss for the year they arise from. An estimated amount of these short-term incentives, social security costs included, for 2022 is EUR 110 million.26 Other liabilitiesEURm 2022 2021Liabilities arising out of direct insurance operations 252 248Liabilities arising out of reinsurance operations 360 293Liabilities related to Patient Insurance Pool 67 66Pension return tax \u2014 204Tax liabilities 105 100Premium taxes 176 185Settlement liabilities 61 131Interests 9 40Leases* 197 205Prepayments and accrued income 311 285Other 495 488Group other liabilities, total 2,031 2,246Item Other includes, e.g. withholding taxes, social expenses related to Workers\u2019 Compensation insurance policies and employee benefits.The non-current share of other liabilities is EUR 134 million (128).* The total effect of leases on the statement of cash flows was EUR -15 million (-34). Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 32 million (41).EURm 1\u201312/2022 1\u201312/2021Items recognised in the p/l from lease liabilitiesInterest expenses -3 -2Expenses from short-term and low-value lease liabilities -7 -727 Contingent liabilities, commitments and legal proceedings EURm 2022 2021Off-balance sheet itemsGuarantees 9 2Investment commitments 2,069 1,818IT acquisitions 11 15Other 2 48Total 2,091 1,883Assets pledged as collateral for liabilities or contingent liabilities2022 2021Assets Liabilities/Assets Liabilities/EURmpledgedcommitmentspledgedcommitmentsAssets pledged as collateralInvestments 362 169 482 162Subsidiary shares 94 28 94 30Cash and cash equivalents 19 32 3 \u2014Total 476 230 579 192EURm 2022 2021Assets pledged as security for derivative contracts, carrying valueInvestment securities 8 173Cash and cash equivalents 60 186Total 68 358Assets pledged as security for insurance undertakings, carrying valueInvestment securities 354 420Assets pledged as security for loans, carrying valueSubsidiary shares 94 94Assets pledged for other commitments, carrying valueCash and cash equivalents 0 1Other financial commitmentsThe subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings within the Nordic Nuclear Insurance Pool, Norwegian Natural Perils\u2019 Pool and the Dutch Terror Pool.In connection with the transfer of property and casualty insurance business from the Skandia Group to the If Group as of March 1, 1999, If P&C Holding Ltd and If P&C Insurance Ltd issued a guarantee for the benefit of F\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) whereby the aforementioned companies in the If Group mutually guarantee that companies in the Skandia group will be indemnified against any claims or actions due to guarantees or similar commitments made by companies in the Skandia Group within the property and casualty insurance business transferred to the If Group.If P&C Insurance Holding Ltd and If P&C Insurance Ltd have separately entered into agreements with F\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) and Tryg-Baltica Forsikrings AS whereby Skandia and Tryg-Baltica will be indemnified against any claims attributable to guarantees issued by F\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) and Vesta Forsikring AS, on behalf of Skandia Marine Insurance Company (U.K.) Ltd. (changed name to Marlon Insurance Company Ltd., company dissolved in July 2017) in favour of the Institute of London Underwriters. Marlon was sold during 2007, and the purchaser issued a guarantee in favour of the aforementioned companies in the If Group for the full amount that they may be required to pay under these guarantees.If P&C Insurance Company Ltd has outstanding commitments to private equity funds totalling EUR 3 million, which is the maximum amount that the company has committed to invest in the funds. Capital will be called to these funds over several years as the funds make investments.With respect to certain IT systems If and Sampo use jointly, If P&C Insurance Holding Ltd has undertaken to indemnify Sampo for any costs caused by If that Sampo may incur in relation to the owners of the systems.Sampo Group\u2019s Danish companies and Topdanmark Group\u2019s companies are jointly taxed, with Topdanmark A/S being the management company. Pursuant to the specific rules on corporation taxes etc. in the Danish Companies Act, the companies are liable for the jointly taxed companies and for any obligations to withhold tax from interests, royalties and dividend for companies concerned.In connection with implementation of a new customer and core system, Topdanmark Forsikring A/S has undertaken to provide support towards specific suppliers to fulfil Topdanmark EDB IV ApS\u2019 obligations in accordance with the contracts.Contingent liabilityEntities within Hastings Group are subject to review by tax authorities in the UK and Gibraltar. The Hastings Group commenced discussion with HMRC in December 2016 regarding aspects of its business model and the allocation of certain elements of its profit between the Group\u2019s operating subsidiaries, Hastings Insurance Services Limited (\u2019HISL\u2019) in the UK and Advantage Insurance Company Limited (\u2019AICL\u2019) in Gibraltar. During the year, management has engaged in correspondence and meetings with HMRC. Management has reviewed current and previous tax filings and considered the nature of the ongoing enquiries and does not consider it appropriate to provide for any additional tax due. Hastings Group provides for potential tax liabilities that may arise on the basis of the amount expected to be paid to the tax authorities, having taken into consideration any ongoing enquiries or reviews and based on guidance from professional firms. The final amounts paid may differ from the amounts provided depending on the ultimate resolution of such matters and any changes to the estimates or amounts payable in respect of prior periods are reported through adjustments relating to prior periods. In the event that the tax authorities do not ultimately accept the filed tax position, it is possible that the Hastings Group will have an additional tax liability. However the ongoing nature of the enquiry means that it is inherently difficult to predict a range of potential outcomes with certainty. Based on the information received from HMRC to date, management does not believe that it is probable that any additional amounts will ultimately become payable. Further information in respect of the enquiries has therefore not been provided in accordance with IAS 37 on the grounds it is not practicable to do so.Legal proceedingsThere are a number of legal proceedings against the Group companies outstanding on 31 December 2022, arising in the ordinary course of business. The companies estimate it unlikely that any significant loss will arise from these proceedings.28 Equity and reservesEquity (1,000 shares)2022 2021Equity (1,000 shares) 514,369 546,812The shares are divided into A and B classes, with the number of A shares being 179,000,000 at minimum and 711,200,000 at maximum, and the number of B shares being 0 at minimum and 4,800,000 at maximum. Each A share entitles its holder to one vote and each B share entitles its holder to five votes at a General Meeting of Shareholders. The shares have no nominal value.At the end of financial year 2022, the number of A shares amounted to 514,169,315 and B shares to 200,000 shares.Treasury Shares (1,000 shares)2022 2021Own shares held by Sampo Plc (1,000 shares) 2,141 8,540Reserves and retained earningsLegal reserveThe legal reserve comprises the amounts to be transferred from the distributable equity accordinto the Articles of Association or on the basis of the decision of the AGM.Invested unrestricted equityThe reserve includes other investments of equity nature, as well as the issue price of shares to the extent it is not recorded in the share capital by an express decision.Other components of equityOther components of equity include fair value changes of financial assets available for sale and derivatives used in cash flow hedges, and exchange differences.Changes in the reserves and retained earnings are presented in the Group\u2019s statement of changes in equity.29 Related party disclosuresThe related parties of Sampo Group include subsidiaries, associates and joint ventures. In addition, related parties include, as mentioned below, key management personnel and their related parties. The Group\u2019s subsidiaries are included in note 32 and significant associates and joint ventures in note 13.All intra-group transactions and balances are eliminated upon consolidation. The related party transaction disclosed in the note include transactions with related parties that are not eliminated in the preparation of consolidated financial statements. Transactions with related parties are on an arm\u2019s length basis. Key management personnel and their related parties The key management personnel in Sampo Group consists of the members of the Board of Directors of Sampo plc, the Chief Executive Officer (CEO) and Sampo Group\u2019s Executive Committee. Their related parties include close family members and the entities over which the members of the key management personnel or their close family members have control or significant influence.Key management compensationEURm 2022 2021Short-term employee benefits -10 -8Post employment benefits -3 -3Other long-term benefits -6 -4Total -19 -15Short-term employee benefits comprise salaries and other short-terms benefits, including profit- sharing bonuses accounted for the year, and social security costs.Post employment benefits include pension benefits under the Employees\u2019 Pensions Act (TyEL) in Finland and voluntary supplementary pension benefits.Other long-term benefits consist of the benefits under long-term incentive schemes accounted for the year (see note 30).Related party transactions of the key managementThe key management does not have any loans from the Group companies.AssociatesOutstanding balances with related parties/Associates Nordea and NordaxEURm 2022 2021Assets \u2014 2,941Liabilities \u2014 54In the comparison period, the Group\u2019s receivables from Nordea comprised mainly long-term investments in bonds and deposits. In addition, the Group had several on-going derivative contracts related to the Group\u2019s risk management of investments and liabilities. At the end of financial year 2022, these companies are no longer associates of the Group.30 Incentive schemesLong-term incentive schemes 2017 I\u20132020 IThe Board of Directors of Sampo plc has decided on the long-term incentive schemes 2017:1 and 2020:1 for the key employees of Sampo Group. The Board of Directors of Sampo plc has authorised the Group CEO to decide on the allocation of incentive units, which are used to determine the incentive reward. The Board of Directors of Sampo plc decides on the number of incentive units allocated to the Group CEO and the Group Executive Committee members. Some 130 persons were included in the long-term incentive schemes at the end of 2022.The amount of the incentive reward is based on the share price development of the Sampo A share, the If P&C insurance margin (IM) and/or Sampo Group\u2019s return on capital at risk (RoCaR). The value of one calculated incentive unit is the trade-weighted average price of the Sampo A share at the time period specified in the terms of the incentive scheme, reduced by the dividend-adjusted starting price. The starting price of the incentive schemes varies between EUR 32.94\u201344.74. The maximum value of one incentive unit varies between EUR 56.94\u201368.74. In the 2017:1 incentive scheme, the calculation of the incentive reward furthermore takes into account the outcome of two performance indicators. If the IM is at least 6 per cent, 60 per cent of the incentive reward is paid. If the IM is between 4\u20135.99 per cent, 30 per cent of the incentive reward is paid. If the RoCaR is at least risk-free return + 4 per cent, 40 per cent of the incentive reward is paid. If the RoCaR is at least risk-free return + 2 per cent but less than risk-free return + 4 per cent, 20 per cent of the incentive reward is paid. In the 2020:1 incentive scheme, the calculation of the incentive reward furthermore takes into account the RoCaR. If the RoCaR is at least risk-free return + 5 per cent, the reward is paid out in full. If the RoCaR is at least risk-free return + 3 per cent but less than risk-free return + 5 per cent, the payout is 50 per cent. If the RoCaR is below risk-free return + 3 per cent, no incentive reward will be paid.Each plan has three performance periods and incentive rewards are paid in cash in three instalments. Identified staff shall buy Sampo A shares with 50 per cent of the amount of the instalment after deducting income tax and other comparable charges. The shares are subject to disposal restrictions for three years from the date when the instalment was paid. A premature payment of the incentive reward may occur in the event of changes in the group structure. The fair value of the incentive schemes is estimated by using the Black-Scholes pricing model 2017:I 2017:I/2 2020:I 2020:I/2 2020:I/314 Sep 14 Sep 5 Aug 5 Aug 5 Aug Terms approve*20172017202020202020Granted (1,000) 31 Dec 2019 3,948 85 \u2014 \u2014 \u2014Granted (1,000) 31 Dec 2020 2,638 85 3,877 \u2014 \u2014Granted (1,000) 31 Dec 2021 1,292 60 3,815 220 \u2014Granted (1,000) 31 Dec 2022 \u2014 30 3,805 220 208End of performance period I 30% Q2-2020 Q2-2021 Q2-2023 Q2-2024 Q2-2025End of performance period II 35% Q2-2021 Q2-2022 Q2-2024 Q2-2025 Q2-2026End of performance period III 35% Q2-2022 Q2-2023 Q2-2025 Q2-2026 Q2-2027Payment I 30% 9-2020 9-2021 9-2023 9-2024 9-2025Payment II 35% 9-2021 9-2022 9-2024 9-2025 9-2026Payment III 35% 9-2022 9-2023 9-2025 9-2026 9-2027Price of Sampo A at terms approval date EUR* 44.02 44.02 30.30 30.30 30.30Starting price EUR** 43.81 44.10 32.94 43.49 43.49Dividend-adjusted starting price EUR at 31 December 2022 30.49 33.38 27.14 39.39 44.74Sampo A closing price EUR at31 December 2022 48.82Total intrinsic value, EURm 0 47 1 0Total debt 49Total cost for the financial period, EURm (incl. social cost) 43*Grant dates vary**In the 2017:1 incentive scheme, the trade-weighted average price of the Sampo A share during ten trading days from the adoption of the scheme and in the 2020:1 incentive scheme, the trade-weighted average price of the Sampo A share during twenty-five trading days commencing the day after Sampo plc\u2019s publication of its Half-Year Financial Report in 2020. Long-term incentive scheme of TopdanmarkTopdanmark\u2019s long-term option-based scheme is for its Executive Board and senior executives. The strike price has been fixed at 110% of the market price on the last trading date in the prior financial year (average of all trades). The options may be exercised 3-5 years subsequent to the granting. The scheme is settled by shares.Strike price Executive board Senior executives Resigned TotalTotal number of options (1,000)At 1 January 2022 36 108 765 249 1,121Granted 54 38 180 0 218Transferred -53 -414 467 0Exercised 28 -8 -105 -239 -352Forfeited 37 0 0 -7 -7At 31 December 2022 37 85 425 470 981At 1 January 2021 35 224 598 308 1,130Granted 39 78 228 \u2014 306Transferred -171 103 67 -1Exercised 23 -23 -165 -115 -303Forfeited 38 \u2014 \u2014 -12 -12At 31 December 2021 36 108 765 249 1,121Per granting2018, exercise period January 2021\u20132023 27 1 25 72 992019, exercise period January 2022\u20132024 34 17 74 101 1912020, exercise period January 2023\u20132025 40 17 106 103 2272021, exercise period January 2024\u20132026 32 23 102 122 2472021, exercise period January 2025\u20132027 50 27 118 71 216The only earnings conditions to the option scheme requires employment during the whole year ofthe allocation. Options are allocated at the beginning of the year and, in connection with resignationsin the year of allocation, a proportional deduction in the number of allocated options is made.The tables below show option holder\u2019s standing at the year end.The fair value of the granting for the year has been calculated using the Black and Scholes model, assuming a share price of EUR 49 (36). The interest rate corresponds to the zero-coupon rate based on the swap curve on 31 December of the previous year. Future volatility is assumed to be 22 per cent (22) p.a and the average life of the options approximately 4 years. The volatility based on previous years\u2019 volatility is still management\u2019s best estimate of the future volatility. The strike prices are adjusted by dividend distribution for outstanding options.At 31 December 2022, there were 290,000 options (324,000) which could be exercised.Long-term incentive scheme of HastingsThe total charge for the share-based payments recognised in the profit or loss during 2022 was EUR 2 million (15) with a share-based payment liability of EUR 15 million (25) held at 31 December 2022.Long term incentive plan Certain management personnel of Hastings Group participate in the Group\u2019s Long Term Incentive Plan (\u2019LTIP\u2019), which is a cash settled scheme. Vesting is subject to a three-year service period and the achievement of certain performance conditions. For the 2021 tranche, the performance conditions were in respect of adjusted operating profit and live customer policies over a three year period. For the 2022 tranche, adjusted operating profit was changed to profit before tax, while live customer policies remained unchanged as a condition.Cash awards totalling EUR 12 million (12) were granted in 2022 and EUR 2 million (1) of cash awards were forfeited. The expected life is the contractual life of the award adjusted to reflect management\u2019s best estimate of holder behaviour. There were cash awards with a value of EUR 38 million (39) outstanding at 31 December 2022.Executive board Senior executives Resigned TotalAverage market price on date of exercise 2022 50Average market price on date of exercise 2021 41Fair value of granting 2022 0 1 0 1Fair value of granting 2021 0 1 0 1Fair value at 31 December 2022 1 6 7 14Fair value at 31 December 2021 1 10 4 15Restricted stock awards Restricted Stock Awards are whereby certain individuals are granted cash awards conditional upon their continued employment with the Group. The expected life is the contractual life of the award adjusted to reflect management\u2019s best estimate of holder behaviour. During 2022, certain key management personnel were granted cash awards with a value of EUR 0.5 million (0.3) conditional upon continued employment with the Group. There were cash awards with a value of EUR 0.8 million (3) outstanding at 31 December 2022. Capital appreciation planIn the year ended 31 December 2021, certain key management personnel were invited to participate in the Hastings Group\u2019s Capital Appreciation Plan (\u2019CAP\u2019) under which they may be awarded up to five free B Ordinary Shares in HGCL, for every B Ordinary Share they purchase, subject to performance thresholds based upon total shareholder return (\u2019TSR\u2019). The total number of B Ordinary Shares purchased and allotted under the scheme in 2022 was 0 million (1). Potential matching awards of B Ordinary Shares have the potential to vest in two tranches, with 50% being conditional upon a TSR measured over a four-year period, and 50% being conditional upon TSR measured over a five-year period, with the number of awards dependent upon the level of return between a minimum and maximum target. At the end of each performance period, one half of shares will vest immediately, and one half will be deferred for 12 months before becoming exercisable. The vesting is dependent on continuing service by the participant over the period of any deferment, so ranges from three to six years. The TSR measure for these awards is calculated using the Monte Carlo valuation model. The fair value of the matching shares was EUR 3 million, or approximately EUR 4 per matching share. 31 Auditors\u2019 feesEURm 2022 2021Auditing fees -4 -3Deloitte -4 -3KPMG 0 0Other fees 1 \u2014Deloitte -1 \u2014KPMG 0 0Total -5 -332 Investments in subsidiariesName Group holding % Carrying amountIf P&C Insurance Holding Ltd 100 1,886If P&C Insurance Ltd 100 1,485If P&C Insurance AS 100 40Vertikal Helseassistanse AS 100 31Viking Assistance Group AS 100 83Topdanmark Forsikring A/S* 49 1,474Hastings Group (Consolidated) Ltd 49.3 831Hastings Group Holdings Limited 100 2,517Hastings Group (Finance) plc 100 1,831Hastings Group Limited 100 946Advantage Global Holdings Limited 100 251Hastings (Holdings) Limited 100 174Mandatum Holding Oy 100 23Mandatum Holding Oy 100 539* The Group\u2019s ownership of votes.The table excludes dormant companies in Great Britain as well as property and housing companies accounted for in the consolidated accounts, and other companies that are insignificant to the consolidated financial statements.Sampo Group owns 50 per cent of the guarantee capital of Kaleva Mutual Insurance Company but the company is not consolidated in the Group\u2019s financial statements due to limitations on controlling interest and distribution of profits. Changes in the subsidiary shares during reporting period 2022Topdanmark Forsikring A/S sold Topdanmark Liv Holding to Nordea Life Holding AB on 1 December 2022.Mandatum Life sold their Baltic life insurance business to Invalda INVL-Group. The transaction was completed on 30 June 2022 and the control for the life business was transferred on 1 July 2022.Sampo plc made an additional investment of approximately EUR 9 million in Topdanmark A/S.Interests in unconsolidated structured entitiesMandatum Fund Management S.A. and Mandatum AM AIFM Ltd, which are part of Mandatum Group, manage Mandatum\u2019s funds and investments in limited partnership companies. Mandatum Fund Management S.A. has outsourced the portfolio management of the investments it manages to Mandatum Asset Management Ltd and Mandatum AM AIFM Ltd has its own portfolio management and other operations. Mandatum Group receives management fees from the unconsolidated investments and these fees are treated as commission income in the financial statements. In addition, as an investor Mandatum Group receives investment profits from the unconsolidated investments and these profits are booked as investment profits to the asset class in which the investment is included on the balance sheet. Mandatum Group\u2019s investments in these funds were in total EUR 1,766 million (1,915) as of 31 December 2022. These investments are included in the investment assets on the balance sheet.33 The divestment of Topdanmark Life businessOn 18 March 2022, Sampo\u2019s subsidiary Topdanmark Forsikring A/S signed an agreement to divest of Topdanmark Liv Holding A/S and all its subsidiaries to Nordea Life Holding AB. Illness and Accident in the Liv Holding Group were included in the operations divested. The transaction was approved by regulatory authorities and the transaction was completed on 1 December 2022. In Sampo Group, Topdanmark Life\u2019s operations have been reported as part of the Topdanmark segment. As Topdanmark\u2019s life business did not represent a major line of business or geographic area of operations for Sampo Group, assets and liabilities related to Topdanmark Life\u2019s operations were classified to non-current assets held for sale, in accordance with IFRS 5 Non-current assets held for sale and discontinued operations.Sampo Group recognised a sales gain on the disposal of Topdanmark Life, amounting to EUR 72 million, in the other operating income.Topdanmark recognised a net profit of EUR 146 million, including a sales gain of EUR 127 million, from divested operations.At the date of the sale, the balance sheet total of Topdanmark\u2019s life business amounted approximately to EUR 12.5 billion. The balance sheet consisted mainly of financial assets and liabilities for insurance and investment contracts, including those related to unit-linked contracts.34 Events after the balance sheet dateDividend proposal to the AGMIn the meeting of 10 Feb 2023, the Board of Directors decided to propose at the Annual General Meeting on 17 May 2023 a divided distribution of EUR 2.60 per share (totalling approx. EUR 1,337 million based on the number of outstanding shares at the balance sheet date). The dividends to be paid will be accounted for in the equity in 2023 as a deduction of retained earnings.Acquisition of own sharesSampo\u2019s share buyback programme of EUR 1 billion announced on 9 June 2022 continued after the end of the reporting period. The buyback programme was completed on 8 February 2023, when at market close, the company held in total 5.4 million Sampo A shares representing 1.05 per cent of the total number of shares in Sampo plc. Sampo bought altogether 22.1 million A shares under the share buyback programme from 10 June 2022 to 8 February 2023, of which 16.7 million shares were cancelled on 8 December 2022. Further information on the buyback programme is available on www.sampo.com/sharebuyback.35 Risk Management Disclosure Sampo Group and Sampo plcSampo Group companies operate in business areas where specific features of value creation are the pricing of risks and the active management of risk portfolios in addition to sound client services. Hence common risk definitions are needed as a basis for business activities. Classification of risksIn Sampo Group, the risks associated with business activities fall into three main categories as shown in the picture Classification of Risks in Sampo Group: business risks, reputational risk and risks inherent in the business operations. The first two risk classes are only briefly described in this Risk Management Disclosure as the focus is on the third risk class.Business risksBusiness risk is the risk of losses due to changes in the competitive environment and/or lack of internal opera-tional flexibility. Unexpected abrupt changes or already identified but internally neglected trends can cause larger than expected fluctuations in profitability when volumes, margins, costs, and capital charges change, and in the long run, they may also endanger the existence of Sampo Group\u2019s business models. External drivers behind such changes are varied, including for instance general economic development, changes in commonly shared values, developments in the institutional and physical environment, and technological innovations. Because external drivers are inter-connected, the customer preferences and demand can change unpredictably and there may be a need to change regulations as well. If the company\u2019s understanding of changes or its willingness and ability to act accordingly is inadequate and competitors are more able to meet clients\u2019 and regulation\u2019s altered expectations, the company is highly exposed to business risk.Due to the predominantly external nature of the drivers and development in the competitive environment, man-aging business risks is the responsibility of the executive level senior management. Proactive strategic decision making is the central tool in managing business risks that relate to competitive advantage. The maintenance of internal operational flexibility \u2013 i.e., the ability to adjust the business model and cost structure when needed \u2013 is also an efficient tool in managing business risks. Business risks do not have a regulatory capital charge, although they may be a material source of earnings volatility. Because of this, business risks may influence the amount and structure of the actual capital base, if deemed prudent in the existing business environment. Sustainability as a business risk driverIssues related to sustainability are changing the preferences and values of the Sampo Group companies\u2019 stakeholders and, as a result, creating a shift in the operating and competitive environment. For example, investors and authorities are putting an increasing focus on sustainability, but consumers and employees also pay attention to these topics when choosing a brand or an employer. The Group companies operate mainly in countries that are characterised by an inherent respect for human rights, high transparency, and low levels of corruption and bribery. In addition, the compliance requirements for labour rights, health and environmental legislation, and freedom of speech and association are high. These themes are also inherent in the operations of all Sampo Group companies.The key sustainability-related business risk drivers for Sampo Group can be divided into five main categories:Sustainable business management and practices are fundamental to the Sampo Group companies\u2019 operations. Good governance in Sampo Group means effective policies, management practices, and training that provide assurance that the Group companies and their personnel, suppliers, and other business partners comply with laws, regulations and generally accepted principles on human rights, labour rights, the environment and climate, anti-money laundering, counter-terrorist financing, and anti-corruption and bribery. Further, they include comprehensive information security and cybersecurity governance systems, and data protection activities. Sustainable corporate culture includes factors relating to the work environment, diversity, equity and inclusion, employee health and well-being, competence develop-ment, remuneration, and talent attraction and retention. The Sampo Group companies want to provide customers with the best service in all situations. Here, skilled, and motivated employees are an essential success factor. Losing talent or being perceived as an unattractive employer would pose large risks for the businesses. There-fore, the Sampo Group companies strive to ensure a sound work environment, not only because it is stipulated by law, but also because it lays the foundation for sustainable business performance. Diversity, equity, and inclusion are key focus areas for the Sampo Group companies, which are committed to providing a non-discriminatory, open, and agreeable working environment where everyone is treated fairly and equally. Risks related to these themes are managed, for example, by having strong internal policies and governance structures, conducting organisa-tional development programmes, and offering employees training, interesting career opportunities and attractive remuneration packages. Sustainable investment management and operations are important in managing investment risks and in mitigat-ing potential adverse impacts on the Group\u2019s reputation. Therefore, the Sampo Group companies take environ-mental (including climate change), social and governance (\u201cESG\u201d) issues into account when assessing the security, quality, liquidity, and profitability of investments. Investment opportunities are carefully analysed before any investments are made and ESG issues are considered along with other factors that might affect the risk-return ratio of individual investments. Depending on the asset class, the Group companies use different ESG strategies to ensure the effective consideration and management of investment risks arising from ESG issues. The strategies used include, for example, ESG integration, sector-based screening, norms-based screening, and engagement with investee companies. Sustainable product and service offering is important in meeting the evolving needs of all customers and in mitigating potential adverse impacts on the Group\u2019s reputation. Therefore, the Sampo Group companies aim to take ESG issues, including climate change, into account in product and service development, insurance under-writing, and supply chain management. Additionally, sustainable product and service offering requires being attentive to the risks relating to inappropriate customer advice and product sales, lack of clarity on conditions, prices and fees, and errors in claims handling and complaint processes. The focus in sales and marketing practices is on meeting the demands and needs of the customer and providing the customer with the informa-tion necessary for them to make well-informed decisions on their insurance coverage. The Sampo Group compa-nies manage risks related to these themes, for example, by having effective internal policies and governance structures, and offering employees training. Environmental issues and climate change are factors that are expected to have a mid and long-term effect on Sampo Group\u2019s businesses. Climate-related risks can be cate-gorised into physical risks and transition risks. Physical risks can be further classified into long-term weather changes (chronic risks) and extreme weather events such as storms, floods, or droughts (acute risks). Transition risks refer to risks arising from the shift to a low carbon economy, for example changes in technology, legislation, and consumer sentiment. The strength of the risks depends on the trajectory of global warming. A scenario in line with the Paris Climate Agreement, limiting the temperature rise to 1.5\u00b0C, would have moderate consequences, whereas 3\u20135\u00b0C scenarios would have severe consequences for industry, infrastruc-ture, and public health. Especially in geographically vulnerable regions, abandonment of low-lying coastal areas due to rising sea levels and food and water shortages can lead to large-scale migration and outbreaks of diseases. Physical risks are risk factors affecting especially the financial position and results of the Group\u2019s non-life insurers. The increasing likelihood of extreme weather conditions and natural disasters is included in internal risk models. Climate-related risks are also managed effec-tively with reinsurance programs and price assessments. Since climate change could increase the frequency and/or severity of physical risks, the Sampo Group companies conduct sensitivity analyses using scenarios in which the severity of natural catastrophes is assumed to increase.The Sampo Group companies also help their corporate and private customers to manage climate-related risks. Extreme weather events can, for example, damage properties, lead to crop failure and business interruption. Loss prevention is an essential part of insurance services, as it helps customers to reduce economic losses and mitigates the impacts of climate change.The Sampo Group companies\u2019 investments can be exposed to both physical risks and transition risks, depending on the investment in question. Investments are particularly exposed to physical risks in the form of losses incurred from extreme weather events. The transition to a low-carbon society with potentially increasing environmental and climate regulation, more stringent emission requirements, and changes in market preferences, could in turn cause transition risks for the Group\u2019s investments and possible revaluation of assets as operating models in carbon intense sectors change. To manage physical risks and transition risks, investment opportunities are carefully analysed before any invest-ments are made and climate-related risks are considered along with other factors affecting the risk-return ratio of individual investments. The methods used by Sampo Group companies include, for example, annual analysis of the carbon footprint and climate impact of investments, sector-based screening and ESG integration, monitoring the geographical distribution of investments, and engagement with investee companies.In terms of scenario analysis, Sampo has analysed the Group investment portfolio\u2019s exposure to systemic economic and financial climate risks in three different climate scenarios over the period from 2022 to 2060. The analysis is based on the investment allocation as at 31 at December 2021. The three scenarios analysed are the following:\u2022 Orderly transition: This scenario describes an easy and smooth transition where political and social organisa-tions act quickly and predictably to achieve net-zero carbon emissions by 2050. This scenario is most closely corresponding to the \u2019very low emissions\u2019 IPCC scenario SSP1-RCP1.9;\u2022 Disorderly transition: In this scenario, transition to a greener economy happens, but in a disorderly manner. Sudden divestments in 2025 to align portfolios to the goals of the Paris Climate Agreement have disruptive effects on financial markets with sudden repricing followed by stranded assets and a sentiment shock. This scenario is most closely corresponding to the same \u2019very low emissions\u2019 IPCC scenario SSP1-RCP1.9 as the orderly transition scenario; and\u2022 Failed transition: In this scenario the world fails to meet the goals of the Paris Climate Agreement and global warming reaches 4.3\u00b0C above pre-industrial levels by 2100. Physical climate impacts cause large reductions in economic productivity and increasing impacts from extreme weather events. This scenario focuses on physical risk as transition does not happen and is most closely corresponding to the \u2019high emissions\u2019 IPCC scenario SSP3-RCP7.0.According to the modelled results, Sampo\u2019s current investment portfolio is relatively resilient to climate risk in all three scenarios. This is due to the significant allocation to fixed income instruments, which tends to be less affected than equities, as well as the geographical allocation towards mainly the Nordics and other countries in Europe where the effects of climate change is expected to be lower than other parts of the world. In the short run, the main risk is related to the pricing-in shock in the Net zero disorderly scenario. In the long run, there will always be a negative impact on the returns in all scenarios, due to increased physical risks. In addition, returns from \u201cbrown\u201d sectors are particularly affected in both Net zero pathways.Further information on corporate responsibility in Sampo Group is available in the Sustainability Report 2022 published in May 2023 www.sampo.com/year2022.Reputational riskManaging stakeholder relationships means satisfied customers, professional staff, good co-operation with authorities and the trust and approval of the environ-ment. These contribute to a key success factor of the company, its reputation.Reputational risk refers to the risk that adverse publicity regarding the company\u2019s business practices or associa-tions, whether accurate or not, causes a loss of confidence in the integrity of the institution. Reputational risk is often a consequence of a materialised operational or compliance risk and often manifests as a deterioration of reputation amongst customers and other stakeholders. Reputational risk is related to all activities shown in the graph Classification of Risks in Sampo Group. As the roots of reputational risk are varied, the tools to prevent it must be diverse and embedded within the corporate culture. These are reflected in the way in which Sampo Group deals with ESG issues and with key stakeholders (i.e. customers, personnel, investors, co-operation partners and authorities) and how Sampo Group has organised its corporate governance system.Risks inherent in business operationsIn its underwriting and investment operations, Sampo Group is consciously taking certain risks to generate earnings. These earnings risks are carefully selected and actively managed. Underwriting risks are priced to reflect their inherent risk levels and the expected return of investments is compared to the related risks. Furthermore, earnings-related risk exposures are adjusted continuously and their impact on the capital need is assessed regularly.The successful management of underwriting risks and investment portfolio market risks is the main source of earnings for Sampo Group companies. Day-to-day management of these risks, i.e. maintaining them within given limits and authorisations, is the responsibility of the business areas and the investment units. Some risks, such as counterparty default risks and operational risks presented in the graph Classification of Risks in Sampo Group are indirect repercussions of Sampo\u2019s normal business activities. They are one-sided risks, which in principle have no related earnings potential. Accordingly, the risk management objective is to mitigate these risks efficiently rather than actively manage them. Mitigation of consequential risks is the responsibility of the business areas and the investment units. The capital need for these risks is measured by independent risk management functions. It must be noted that the categorisation of risks between earnings and consequential risks varies depending on the industry. For Sampo Group\u2019s clients, for instance, the events that are subject to insurance policies are consequential risks and for Sampo Group these same risks are earnings risks. Some risks such as interest rate, currency and liquidity risks are by their nature simultaneously linked to various activities. To manage these risks efficiently, Sampo Group companies must have a detailed understanding of expected cash flows and their variance within each of the company\u2019s activities. In addition, a thorough understand-ing of how the market values of assets and liabilities may fluctuate at the total balance sheet level under different scenarios is needed. These balance sheet level risks are commonly defined as Asset and Liability Management (\u201cALM\u201d) risks. In addition to interest rate, currency and liquidity risk, inflation risk and risks relating to GDP growth rates are central ALM risks in Sampo Group. The ALM risks are one of the focus areas of senior manage-ment because of their relevance to risks and earnings in the long run.In general, concentration risk arises when the company\u2019s risk exposures are not diversified enough. When this is the case, an individual extremely unfavourable claim or financial market event, for instance, could threaten the solvency of the company. Concentrations can evolve within separate activities \u2013 large single name or industry specific insurance or investment exposures \u2013 or across activities when a single name or an industry is contributing widely to the profit-ability and risks of the company through both insurance and investment activities. Concentration risk may also materialise indirectly when profitability and the capital position react similarly to general economic developments or to structural changes in the institutional environment in different areas of business. Core risk management activitiesTo create value for all stakeholders in the long run, Sampo Group companies must have the following forms of capital in place:\u2022 Financial flexibility in the form of adequate capital and liquidity.\u2022 Good technological infrastructure.\u2022 Intellectual capital in the form of comprehensive proprietary actuarial data and analytical tools to convert this data into information.\u2022 Human capital in the form of skilful and motivated employees.\u2022 Social and relationship capital in the form of good relationships with society and clients to understand the changing needs of different stakeholders. These resources are being continuously developed in Sampo Group companies. They are in use when the following core activities related to risk pricing, risk taking, and active management of risk portfolios are conducted. Appropriate selection and pricing of underwriting risks \u2022 Underwriting risks are carefully selected and are priced to reflect their inherent risk levels.\u2022 Insurance products are developed proactively to meet clients\u2019 changing needs and preferences.Effective management of underwriting exposures \u2022 Diversification is actively sought.\u2022 Reinsurance is used effectively to reduce largest exposures.Careful selection and execution of investment transactions\u2022 Risk return ratios and sustainability issues of separate investments opportunities are carefully analysed.\u2022 Transactions are executed effectively.Effective mitigation of consequential risks\u2022 Counterparty default risks are mitigated by carefully selecting counterparties, applying collateral agree-ments, and assuring adequate diversification.\u2022 High quality and cost-efficient business processes are maintained.\u2022 Continuity and recovery plans are continuously developed to secure business continuity.Effective management of investment portfolios and the balance sheet \u2022 Balance between expected returns and risks in invest-ment portfolios and the balance sheet is optimised, considering the features of insurance liabilities, internally assessed capital needs, regulatory solvency rules and rating requirements.\u2022 Liquidity risks are managed by having an adequate portion of investments in liquid instruments. The portion is mainly dependent on the features of the liabilities.At the Group level, the risk management focus is on capitalisation, leverage, and liquidity. It is also essential to identify potential risk concentrations and to have a thorough understanding of how solvency and reported profits of Group companies would develop under different scenarios. These concentrations and correlations may influence Group level capitalisation, leverage, and liquidity as well as Group level management actions.When the above-mentioned core activities are success-fully implemented, a balance between profits, risks and capitalisation can be achieved and shareholder value can be created. Sampo Group risk profileSampo\u2019s strategy is to create long-term value from its non-life insurance operations. The Group\u2019s focus within non-life insurance is on the private and SME business in the Nordic countries and the digital distribution market in the United Kingdom. Sampo Group is first and fore-most exposed to the general performance of the Nordic economies. However, the Nordic economies typically are at any given time in different stages of their economic cycles, because of reasons such as different economic structures and separate currencies. Also the Nordics as a geographically large area is more a source of underwriting diversification than concentration. Hence the Nordic area is inherently a good basis for a diversified business. Geographic diversification is extended also outside of the Nordics into the United Kingdom via Hastings.To further maintain diversification of businesses Sampo Group proactively prevents concentrations, to the extent possible, by segregating the duties of separate business areas. As a result, separate companies have very few overlapping areas in their underwriting and investment activities. Despite proactive strategic decisions on the segregation of duties, concentrations in underwriting and investments may appear, and hence, liabilities and assets are monitored at the Group level to identify potential concentrations at a single company or risk factor level. It is regarded that the current business model where all companies have their own operational processes and agreements with counterparties is preventing accumula-tion of counterparty default risks and operational risks. Hence, these risks are mainly managed at company level. The number of intragroup exposures between the Group companies is small and the parent company is the main source of internal liquidity and capital within the Group. This effectively prevents the contagion risk, and hence potential problems of one company will not directly affect the other Group companies. Underwriting and market risk concentrations and their management are described in the next sections as well as the parent company\u2019s role as a risk manager of group-wide risks and as a source of liquidity.Underwriting risks at Sampo Group With respect to the underwriting businesses carried out in the subsidiary companies, it has been established that If, Topdanmark and Mandatum all operate within the Nordic countries, but mostly in different geographical areas and in different lines of business and hence their under-writing risks are different by nature. There are, however, some common risk factors such as the life expectancy in Finland. Also, in Denmark If and Topdanmark have some overlapping areas. However, there are no material underwriting risk concentrations in the normal course of business. Hastings operates solely in the United Kingdom, and hence its underwriting risks are geographically distinct from the Nordics. Consequently, business lines as such are contributing diversification benefits rather than a concentration of risks. Market risks at Sampo Group levelFor all subsidiaries, their insurance liabilities and the company specific risk appetite are the starting points for their investment activities. The insurance liabilities including loss absorbing buffers as well as the risk appetite of If, Topdanmark, Hastings and Mandatum differ, and as a result the structures and risks of the investment portfolios and the balance sheets of the four companies differ respectively. Sampo Group\u2019s investment assets presented in the tables and graphs in this section do not include investments in the shares of subsidiaries.The total amount of Sampo Group\u2019s investment assets as at 31 December 2022 was EUR 22,346 million (28,672) as presented in the following graph. Mandatum\u2019s investment assets presented here do not include assets which cover unit-linked contracts. Investment activities and market risk taking are arranged pro-actively in such a way that there is no significant over-lap between the wholly owned subsidiaries\u2019 single name risks except with regards to Nordic banks where the com-panies have their extra funds in short-term money market assets and cash. From the diversification of the assets of the balance sheet perspective, Topdanmark is a positive factor because the role of Danish assets is dominant in its portfolios and especially the role of Danish covered bonds is central. In Sampo Group\u2019s other insurance companies\u2019 portfolios, the weight of Danish investments has been immaterial. Even though Hastings\u2019 investment portfolio is smaller than other Group companies\u2019 portfolios, it has had a positive impact on the diversification of Sampo Group\u2019s investments. Most Hastings\u2019 assets are British investments, denominated in pound sterling, which is a market that other Sampo Group companies have very limited exposure to. Moreover, Hastings\u2019 investment portfolio consists mainly of investment-grade fixed income investments.In the next paragraphs, concentrations by homogenous risk groups and by single names are presented first and after that balance sheet level risks are discussed. Holdings by sector, geographical area and asset classRegarding fixed income and equity exposures, financial institutions and covered bonds have a material weight in the group-wide portfolios, whereas the role of public sector investments is quite limited. Most of these assets are issued by Nordic corporates and institutions, although Hastings brings some diversification in this respect. Most corporate issuers, although being based in the Nordic countries, are operating at global markets and hence their performance is not that dependent on the Nordic markets. Exposures by sector, asset class and rating are presented in the following table. Sampo considers that the balance sheet values describe the maximum exposure amount exposed to credit risk.Exposures by sector, asset class and ratingSampo Group, 31 December 2022AA+ A+ BBB+ BB+ Fixed Change - - - - income Listed Counter-from 31 EURm AAAAA-A-BBB-C D Non-ratedtotalequities Otherparty risk TotalDec 2021Basic industry 0 0 22 245 50 0 70 388 134 0 0 522 97Capital goods 0 0 141 138 88 0 151 519 585 0 0 1,103 -223Consumer products 1 29 270 413 105 0 118 935 227 0 0 1,162 -298Energy 0 12 75 0 0 0 99 186 12 0 0 199 -33Financial institutions 32 2,059 3,021 1,055 162 0 88 6,417 741 26 506 7,690 -1,235Governments 422 71 0 0 0 0 0 493 0 0 0 493 -20Government guaranteed 52 34 0 0 0 0 0 87 0 0 0 87 6Health care 0 0 18 92 139 0 56 305 35 0 0 340 -157Insurance 14 9 65 186 8 0 178 459 0 15 0 473 -144Media 0 0 0 0 0 3 30 33 0 0 0 33 -54Packaging 0 0 0 0 47 0 0 47 5 0 0 52 -20Public sector, other 651 37 0 0 0 0 0 687 0 0 0 687 -250Real estate 0 39 146 318 32 0 287 822 0 170 0 992 -1,487Services 0 0 17 85 291 0 62 455 103 5 0 563 -152Technology and electronics 0 12 29 29 5 0 80 155 110 1 0 266 -140Telecommunications 0 0 18 177 27 0 19 242 39 0 0 280 -135Transportation 0 70 57 20 18 0 118 283 7 0 0 290 -126Utilities 0 1 99 201 172 0 78 550 0 0 0 550 -168Others 0 6 0 6 13 0 121 145 0 12 0 158 44Asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 0 0Covered bonds 4,082 0 118 0 0 0 118 4,318 0 0 0 4,318 -1,618Funds 0 0 0 0 0 0 214 214 885 1,005 0 2,104 -28Clearing house 0 0 0 0 0 0 0 0 0 38 11 49 -40Total 5,253 2,378 4,097 2,966 1,158 3 1,887 17,741 2,884 1,272 517 22,413 -6,181Change from 31 Dec 2021 -1,532 10 -1,319 -401 -129 3 -1,251 -4,619 -928 -1,001 368 -6,181In the table, both fixed income instruments and listed equities include direct and indirect investments.Total assets differ from the graph Development of investments due to derivatives.Topdanmark Liv is not included in the year 2022 figures.Fixed income investments in the financial sectorSampo Group, 31 December 2022Cash and money Long-term Long-term EURm Covered bondsmarket securitiessenior debtsubordinated debt Total %Denmark 1,813 869 156 2,839 24.3%Finland 1,729 157 552 165 2,603 22.3%Sweden 44 2,028 291 127 2,490 21.3%France 520 515 283 1,318 11.3%Norway 179 328 264 771 6.6%United States 2 346 2 350 3.0%United Kingdom 62 176 2 240 2.1%Canada 32 197 230 2.0%Netherlands 161 50 211 1.8%Ireland 138 27 24 188 1.6%Iceland 56 33 89 0.8%Germany 1 81 82 0.7%Spain 40 40 0.3%Gibraltar 40 40 0.3%Switzerland 26 13 40 0.3%Luxembourg 6 34 39 0.3%New Zealand 25 25 0.2%Australia 25 25 0.2%Austria 18 18 0.2%Bermuda 16 16 0.1%Belgium 14 14 0.1%Estonia 8 8 0.1%Cayman Islands 5 5 0.0%Jersey 0 0 0.0%Total 4,318 3,302 3,087 971 11,679 100.0%Most of the financial institutions and covered bonds are in the Nordic countries, which can be seen in the table Fixed income investments in the financial sector, Sampo Group, 31 December 2022 and 31 December 2021.Fixed income investments in the financial sectorSampo Group, 31 December 2021 Cash and money Long-term Long-term EURm Covered bondsmarket securitiessenior debtsubordinated debt Total %Denmark 4,380 145 322 259 5,105 34.7%Finland 71 2,697 436 116 3,320 22.5%Sweden 822 34 600 151 1,607 10.9%France 1,197 221 14 1,432 9.7%Norway 630 427 273 1,330 9.0%United States 2 336 10 348 2.4%Ireland 72 64 168 304 2.1%United Kingdom 41 224 33 297 2.0%Canada 33 193 226 1.5%Netherlands 178 42 220 1.5%Other 76 21 97 0.7%Iceland 49 43 91 0.6%Germany \u2014 54 16 70 0.5%Spain 57 57 0.4%Gibraltar 44 44 0.3%Australia 44 44 0.3%Switzerland 40 40 0.3%Bermuda 15 10 25 0.2%New Zealand 23 23 0.2%Austria 12 12 0.1%Belgium 10 10 0.1%Estonia 8 8 0.1%Guernsey 8 8 0.1%Luxembourg 2 1 3 0.0%Italy 3 3 0.0%Cayman Islands 1 1 0.0%Total 5,937 4,309 3,346 1,134 14,726 100.0%Fixed income investments in the public sectorSampo Group, 31 December 2022Governments Public sector, EURm Governmentsguaranteedother TotalSweden 404 184 588Norway 369 369Finland 19 24 42Supranationals 135 135United Kingdom 71 71Germany 52 52France 10 10Total 493 87 687 1,267Sampo Group, 31 December 2021Governments Public sector, EURm Governmentsguaranteedother TotalSweden 496 256 752Norway 353 353Finland 20 27 234 281Supranationals 101 101Germany 45 45France 12 12Greece 0 0Total 517 84 944 1,544The public-sector exposure includes government bonds, government guaranteed bonds and other public-sector investments as shown in the tables Fixed income invest-ments in the public sector, Sampo Group, 31 December 2022 and 31 December 2021. The public sector has had a relatively minor role in Sampo Group\u2019s portfolios and these exposures have been mainly in the Nordic countries. The listed equity investments of Sampo Group totalled EUR 2,884 million at the end of year 2022 (3,812). The geographical core of Sampo Group\u2019s equity investments is in the Nordic companies. The proportion of Nordic companies\u2019 equities corresponds to 57 per cent of the total equity portfolio. This is in line with Sampo Group\u2019s investment strategy of focusing on Nordic companies. However, these Nordic companies are mainly competing in global markets, and only a few are operationally purely domestic companies. Hence, the ultimate risk is not highly dependent on the Nordic economies. A breakdown of the listed equity exposures of Sampo Group is shown in the graph Breakdown of listed equity investments by geographical regions, Sampo Group, 31 December 2022 and 31 December 2021. Largest exposures by issuer and asset classSampo Group, 31 December 2022Long-term Long-term Un- % of total Cash & short-Long-term fixed income: Long-term Long-term fixed income: collateralised investment term fixed fixed income, Government fixed income: fixed income: Tier 1 and part of Issuer Total, EURmassetsincometotalguaranteedCovered bondsSenior bondsTier 2 EquitiesderivativesNordea Bank 1,416 6% 715 699 0 496 130 73 0 2Skandinaviska Enskilda Banken 818 4% 639 178 0 65 93 20 0 1Danske Bank 801 4% 516 286 0 119 137 29 0 0Nykredit Realkredit A/S 645 3% 0 645 0 645 0 0 0 0BNP Paribas 601 3% 541 60 0 0 60 0 0 0Sweden 588 3% 0 588 0 0 588 0 0 0Realkredit Danmark 514 2% 0 514 0 514 0 0 0 0Nordax 425 2% 0 0 0 0 0 0 425 0Norway 369 2% 0 369 0 0 369 0 0 0Saxo Bank 345 2% 0 31 0 0 13 17 314 0Total top 10 exposures 6,522 29% 2,411 3,368 0 1,840 1,389 140 739 3Other 15,824 71%Total investment assets 22,346 100%Largest holdings by single nameThe largest exposures by individual issuers and counter-parties are presented in the table Largest exposures by issuer and asset class, Sampo Group, 31 December 2022 and 31 December 2021.Largest exposures by issuer and asset classSampo Group, 31 December 2021Long-term Long-term Un- % of total Cash & short-Long-term fixed income: Long-term Long-term fixed income: collateralised investment term fixed fixed income, Government fixed income: fixed income: Tier 1 and part of Issuer Total, EURmassetsincometotalguaranteedCovered bondsSenior bondsTier 2 EquitiesderivativesNykredit Realkredit 1,601 6% 966 632 0 379 191 63 0 3Nordea Bank 1,359 5% 0 1,359 0 1,354 5 0 0 0Realkredit Danmark 1,270 4% 1,197 74 0 0 71 3 0 0Jyske Realkredit 1,088 4% 813 263 0 135 104 24 6 6Danske Bank 999 3% 924 74 0 50 7 17 0 1DLR Kredit 939 3% 0 939 0 939 0 0 0 0BNP Paribas 801 3% 0 801 0 801 0 0 0 0Skandinaviska Enskilda Banken 737 3% 0 737 0 0 737 0 0 0Nordea Kredit 509 2% 0 509 0 509 0 0 0 0Sweden 387 1% 0 387 0 177 142 68 0 0Total top 10 exposures 9,689 34% 3,899 5,774 0 4,342 1,257 175 6 9Other 18,974 66%Total investment assets 28,663 100%Ten largest direct high-yield and non-rated fixed income investments and direct listed equity investmentsSampo Group, 31 December 2022Ten largest direct high-yield and non-rated% of total direct fixed fixed income investments Rating Total, EURmincome investmentsEllevio Holding 1 AB NR 60 0.4%Teollisuuden Voima BB+ 54 0.3%Saab NR 53 0.3%Granite Debtco 9 Limited NR 49 0.3%Granite Debtco 10 Limited NR 45 0.3%Huhtamaki BB+ 44 0.3%ALM Equity NR 43 0.3%Pohjolan Voima NR 41 0.3%Visma Group Holding NR 36 0.2%Schibsted NR 35 0.2%Total top 10 exposures 459 2.8%Other direct fixed income investments 15,790 97.2%Total direct fixed income investments 16,249 100.0%% of total direct Ten largest direct listed equity investments Total, EURmequity investmentsNordax* 425 21.3%Saxo Bank* 314 15.7%Volvo 131 6.6%ABB 114 5.7%Enento Group 62 3.1%Volvo Car 55 2.8%Nederman Holding 54 2.7%Husqvarna 52 2.6%Vaisala 50 2.5%Yara International 48 2.4%Total top 10 exposures 1,306 65.5%Other direct equity investments 689 34.5%Total direct equity investments 1,995 100.0%*Although Nordax and Saxo Bank are not listed companies, they are major equity investments in Sampo plc\u2019s portfolio and are therefore included in the table.Topdanmark Liv is not included in the year 2022 figures.The largest high-yield and non-rated fixed income investment single-name exposures are presented in the table Ten largest direct high-yield and non-rated fixed income investments, Sampo Group, 31 December 2022. Furthermore, the largest direct listed equity exposures are presented in the table Ten largest direct listed equity investments, Sampo Group, 31 December 2022 and 31 December 2021.The exposures in fixed income instruments issued by non-investment grade issuers are significant because a relatively small number of Nordic companies are rated. Furthermore, many of the Nordic rated companies have a high-yield rating.The role of Sampo plcSampo plc is as the Group\u2019s holding company responsible for the group\u2019s capital management activities. These actions are guided by targets set for group level solvency and financial leverage and include decisions on group level investment exposures, business growth and performance targets, reinsurance strategies, capital distributions and capital instrument issuances. In addition, group level risk accumulations and concentra-tions are monitored regularly and managed by adjusting aggregated risks where necessary. Ten largest direct high-yield and non-rated fixed income investments and direct listed equity investmentsSampo Group, 31 December 2021Ten largest direct high-yield and non-rated% of total direct fixed fixed income investments Rating Total, EURmincome investmentsHigh Street Shopping NR 151 0.7%Nykredit Realkredit NR 116 0.6%TDC B 91 0.4%Trevian Finland Properties I NR 82 0.4%Danmarks Skibskredit NR 73 0.4%Realkredit Danmark NR 64 0.3%Sponda NR 63 0.3%GN Store Nord NR 62 0.3%Saab NR 59 0.3%Ellevio Holding NR 57 0.3%Total top 10 exposures 818 4.0%Other direct fixed income investments 19,847 96.0%Total direct fixed income investments 20,664 100.0%% of total direct Ten largest direct listed equity investments Total, EURmequity investmentsSaxo Bank* 343 11.8%Volvo 158 5.4%Volvo Car 142 4.9%ABB 135 4.7%Husqvarna 112 3.9%Nobia 97 3.3%Enento Group 96 3.3% Vaisala 78 2.7%Nederman Holding 74 2.6%Veidekke 67 2.3%Total top 10 exposures 1,301 44.8%Other direct equity investments 1,601 55.2%Total direct equity investments 2,902 100.0%* Although Saxo Bank is not a listed company, it is a major equity investment in Sampo plc\u2019s portfolio and is therefore included in the table.Balance sheet concentrationsIn general, Sampo Group is structurally dependent on the performance of the Nordic economies as already described earlier. Sampo Group is also economically exposed to a fall in interest rates. This follows from the duration of insurance liabilities being longer than fixed income asset duration in If and Mandatum Life. This is being partially mitigated by Mandatum receiving fixed interest rate swaps to hedge some of the long-dated interest rate risk inherent in its technical provisions. In Topdanmark and Hastings the interest rate risk of the balance sheet is being actively hedged and hence Topdanmark or Hastings are not increasing interest rate risk materially at the Group level. Sampo Group benefits when interest rates rise, as the economic value of insurance liabilities decreases more than the value of assets backing them.The parent company Sampo plc is also a source of liquidity within the Group. Hence, the healthy funding structure and the capacity to generate funds if needed are under continuous focus. Sampo plc needs liquidity to manage the group\u2019s financing needs, enable dividend security and to finance potential transactions. Sampo plc funding is mainly limited to internal dividends and investment returns but can periodically be complemented with new debt and capital or asset sales. Hence, holding company liquidity needs to be managed holistically together with the dividend policy, strategic ambitions, and balance sheet targets.As at 31 December 2022 Sampo had long-term strategic holdings of EUR 6,066 million in the subsidiary and associated companies and they were funded mainly by capital of EUR 6,814 million, senior debt of EUR 1,306 million and subordinated debt of EUR 1,489 million. Average remaining maturity of senior debt was 4.5 years and EUR 806 million of it had a maturity longer than 5 years. Senior debt is used to fund other financial assets as well. The average maturity of subordinated loans and fixed income instruments of EUR 127 million was 1.7 years. The funding structure of strategic holdings and other holdings can be considered strong.The capacity to generate funds is dependent on leverage and liquidity buffers, which can be inferred from the table Balance sheet structure, Sampo plc, 31 December 2022 and 31 December 2021.The leverage of Sampo plc was moderate at year end according to, for example, these measures: \u2022 The financial leverage measured as the portion of debt within all liabilities was 29 per cent (28).\u2022 Sampo\u2019s net debt is EUR 201 million (-505) and can be considered as low.Regarding liquidity, Sampo plc held EUR 2,467 million (3,732) in bank account balances and short-term money market investments. Liquidity is mainly affected by received and paid dividends as well as changes in issued debt instruments and changes in investments. Sampo\u2019s dividend payment takes place in May and it will significantly lower the liquidity position of the holding Balance sheet structureSampo plc, 31 December 2022 and 31 December 2021EURm 31 Dec 2022 31 Dec 2021Assets total 9,685 12,327Liquidity 2,467 3,732Investment assets 990 836Other investments 2 2Fixed income 27 39Equity & private equity 961 795Subordinated loans 100 100Equity holdings 6,066 7,596Subsidiaries 6,066 5,639Associated 0 1,956Other assets 62 63EURm 31 Dec 2022 31 Dec 2021Liabilities total 9,685 12,327CPs issued \u2014 \u2014Long-term senior debt 1,306 1,878Private placements 21 47Bonds issued 1,285 1,831Subordinated debt 1,489 1,487Capital 6,814 8,823Undistributable capital 98 98Distributable capital 6,716 8,725Other liabilities 77 138company. A part of the investment assets (990) can be sold in case liquidity is needed. Short-term liquidity can be considered adequate.All in all, Sampo plc is in a good position to refinance its current debt and even issue more debt. This capacity, together with the tradable financial assets, means that Sampo plc can generate liquid funds.Currently, Sampo Group has a capital buffer in excess of the Solvency Capital Requirement. The subordinated Cash flows according to contractual maturity Sampo plc, 31 December 2022Carrying amount total Cash flowsCarrying Carrying amount without amount with Carrying contractual contractual 2028\u2013EURmamount totalmaturitymaturity 2023 2024 2025 2026 20272037 2038\u2013Financial assets 3,596 2,799 797 688 24 8 8 8 77 183Financial assets (non-derivatives) 3,596 2,799 797 688 24 8 8 8 77 183Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX forwards 0 0 0 0 0 0 0 0 0 0Financial liabilities 2,816 0 2,816 -416 -65 -224 -60 -60 -2,513 0Financial liabilities (non-derivatives) 2,802 0 2,802 -416 -63 -223 -59 -59 -2,504 0Interest rate swaps 14 0 14 0 -2 -1 -1 -1 -9 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 2 0 2 -1 -1 0 0 0 0 0Net technical provisions 0 0 0 0 0 0 0 0 0 0loans presented in the table Balance sheet structure, Sampo plc, 31 December 2022 and 31 December 2021 are currently all issued by Mandatum and eliminated from the Group\u2019s own funds. In case these assets would be sold, in addition to liquidity in Sampo plc, also own funds and Sampo Group solvency ratio would increase. Sampo plc is able to balance risks within Sampo Group. When Sampo plc is managing its funding, capital structure and liquidity, it takes into account that some of its operative companies have other base currencies (the Swedish krona, the Danish krone, pound sterling) than the euro, and are exposed to lower interest rates. These risks may affect Sampo\u2019s decisions on the issuance of debt instruments and the composition of the liquidity portfolio.The maturities of financial assets and liabilities and lease liabilities are presented in the table Cash flows according to contractual maturity, Sampo plc, 31 December 2022 and 31 December 2021.Cash flows according to contractual maturity Sampo plc, 31 December 2021Carrying amount total Cash flowsCarrying Carrying amount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity 2022 2023 2024 2025 20262036 2037\u2013Financial assets 4,697 3,885 812 687 8 28 7 5 52 172Financial assets (non-derivatives) 4,690 3,885 804 684 7 27 5 5 52 172Interest rate swaps 7 0 7 3 2 1 2 0 0 0FX forwards 0 0 0 0 0 0 0 0 0 0Financial liabilities 3,406 0 3,406 -132 -518 -68 -340 -62 -2,868 0Financial liabilities (non-derivatives) 3,404 0 3,404 -135 -520 -70 -342 -64 -2,868 0Interest rate swaps 2 0 2 3 3 2 2 2 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 2 0 2 -1 -1 0 0 0 0 0Net technical provisions 0 0 0 0 0 0 0 0 0 0Sampo Group capitalisationCapitalisation at the Group levelSampo\u2019s core business competences are skilful pricing of risks inherent in business operations and high-quality management of arising risk-exposures and capital needed to cover these risks. A balance between earnings, risks and capital contributes positively to return on equity and to stakeholder confidence, facilitating the creation of shareholder value.Sampo plc is responsible for the group\u2019s capital manage-ment activities. These actions are guided by targets set for group level solvency and financial leverage and they include decisions on group level investment exposures, business growth and performance targets, reinsurance strategies, capital distributions and capital instrument issuances.Group level capitalisation is managed within Sampo\u2019s capital management framework, which sets targets for solvency and informs potential risk management actions. Group level capitalisation and the factors affecting it are illustrated in the graph Sampo Group\u2019s capitalisation framework.The Group\u2019s capital requirement is dependent mainly on the capital requirements of the sub-groups and investments in the Nordic financial service companies on Sampo plc\u2019s balance sheet. Otherwise, the parent company\u2019s contribution to the Group capital need is relatively small because Sampo plc does not have any business activities of its own other than the management of its capital structure and liquidity portfolio. Diversification benefit exists at two levels, within the companies and between the companies. The former is included in the companies\u2019 solvency capital requirement (SCR).Conceptually, the Group\u2019s own funds is the difference between the market value of assets and liabilities plus the subordinated liabilities. This difference has accrued during the lifetime of the Group and it includes the following main components: \u2022 Accrued profits that have not been paid as dividends over the years.\u2022 Market value adjustment to the book values of assets and liabilities.\u2022 Issued capital and subordinated liabilities meeting Solvency II requirements.At the Group level, the capital requirement and own funds are both exposed to foreign currency translation risk. The actual capital and the capital needs of If, Topdanmark and Hastings are converted from their reporting cur-rencies to the euro. When the reporting currencies of If, Topdanmark and Hastings depreciate, the actual amount of the Group\u2019s capital in euros decreases and the capital requirements of If, Topdanmark and Hastings will be lower in euro terms. Translation currency risk is moni-tored internally and its effect on Sampo Group\u2019s solvency on a going concern basis is analysed regularly. However, no capital need is set internally for translation risk because it is realised only when a sub-group is divested.The Group level buffers equal in total to the difference between the amount of the Group\u2019s own funds and the Group capital requirement. In addition to sub-group level factors \u2013 expected profits and their volatility, business growth prospects, the volatility of the balance sheet due to fluctuations in the market value of investments and insurance liabilities, and the ability to issue Solvency II compliant capital instruments \u2013 there are factors that are additionally relevant when considering the size of the Group level buffers. The most material of them are the correlation of sub-groups\u2019 profits, the parent company\u2019s capacity to generate liquidity, the probability of business arrangements and shareholders\u2019 dividend expectations.If GroupUnderwriting risksAs shown in the graph Breakdown of gross written premiums by business area, country, and line of business, If, 31 December 2022, the If insurance portfolio is well diversified across business areas, countries, and lines of business. The six lines of business are segmented in accordance with the insurance class segmentation used in IFRS.There are minor differences between the figures reported by Sampo Group and If due to differences in foreign exchange rates used in the consolidation.Premium and catastrophe risk and their management and controlGiven the inherent uncertainty of P&C insurance business, there is a risk of losses due to unexpectedly high claims costs. Examples of what could lead to high claims costs include large fires and natural catastrophes or an unforeseen increase in the frequency of claims or the average size of small and medium-sized claims.The principal methods for mitigating premium risks are reinsurance, diversification, prudent underwriting and regular follow-ups linked to the strategy and financial planning process.The sensitivity of the underwriting result and hence the underwriting risk is presented by changes in certain key figures in the table Sensitivity test of underwriting result, If, 31 December 2022 and 31 December 2021. The Underwriting Committee is an advisory and pre-paratory body to the CEOs in the respective companies. In accordance with the instructions for the Underwriting Committee, the Committee monitors compliance with the established underwriting principles. The Chairman of the Underwriting Committee is, among other things, responsible for the approval of underwriting deviations defined in the Underwriting Policy. The Underwriting Policy, approved by the Boards of Direc-tors, sets general principles, restrictions, and directions for the underwriting activities. The Underwriting Policy Sensitivity test of underwriting resultIf, 31 December 2022 and 31 December 2021Effect on pre-tax profit, (EURm)Current level Change inKey Figures(2022)current level2022 2021Combined ratio, business area Private 82% +/- 1 percentage point +/- 29 +/- 29Combined ratio, business area Commercial 75% +/- 1 percentage point +/- 13 +/- 13Combined ratio, business area Industrial 86% +/- 1 percentage point +/- 6 +/- 5Combined ratio, business area Baltics 90% +/- 1 percentage point +/- 2 +/- 2Net premiums earned (EURm) 5,002 +/- 1 per cent +/- 50 +/- 48Net claims incurred (EURm) 3,245 +/- 1 per cent +/- 32 +/- 31Ceded written premiums (EURm) 329 +/- 10 per cent +/- 33 +/- 28is supplemented by guidelines outlining how to conduct underwriting within each business area in greater detail. The business areas manage the underwriting risk on a day-to-day basis. A crucial factor affecting the profitability and risk of non-life insurance operations is the ability to accurately estimate future claims and expenses and thereby price insurance contracts correctly. The premiums are set through tariffs within the business area Private and for smaller risks within the business area Commercial. The underwriting of risks in the business area Industrial and of more complex risks within the business area Commercial is to a greater extent based on principles and individual underwriting than on tariffs. The risk related to pricing is mitigated by continuous monitoring of the risk ratio and claims cost as well as the development of systems to support tariff analysis. Pricing is in general based on statistical analyses of historical claims data and assessments of future claims frequency and claims inflation.If\u2019s reinsurance policy stipulates guidelines for the pur-chase of reinsurance. The optimal choice of reinsurance is evaluated by considering the expected cost versus the benefit of the reinsurance, the impact on result volatility and capital requirements. The main evaluation tool is If\u2019s internal model in which frequency claims, large claims and natural catastrophes are modelled.A group-wide reinsurance program is in place in If since 2003. In 2022, retention levels were between SEK 100 million (approximately EUR 9.0 million) and SEK 250 million (approximately EUR 22.5 million) per risk and SEK 250 million (approximately EUR 22.5 million) per event.Reserve risk and its management and controlThe main reserve risks for If are stemming from uncer-tainty in the claim amounts caused by higher-than-ex-pected claims inflation, increased retirement age and increased life expectancy. Reserves, especially in long tailed business, are sensitive to assumptions of future claims inflation since they affect the future claim amount. An increased retirement age, through for instance a political decision, will increase the duration and present value of annuities as these decrease, Technical provisions by line of business and major geographical areaIf, 31 December 2022 and 31 December 2021Sweden Norway Finland Denmark Baltics TotalEURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm DurationMotor other and MTPL 1,597 6.8 565 1.3 866 10.3 171 2.4 146 3.4 3,345 6.4Workers\u2019 compensation 0 0.0 170 3.6 897 11.3 309 8.1 0 0.0 1,375 9.7Liability 339 3.6 149 1.5 125 2.9 93 3.0 25 2.3 731 2.9Accident 422 6.7 473 4.9 236 5.7 111 1.9 10 0.5 1,253 5.4Property 500 0.9 614 1.0 301 1.0 203 0.7 49 0.7 1,667 0.9Marine, aviation, transport 27 0.9 27 0.8 13 1.2 33 0.6 3 1.0 102 0.8Total 2,885 5.3 1,997 2.3 2,439 8.7 920 3.8 233 2.6 8,473 5.3Sweden Norway Finland Denmark Baltics TotalEURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm DurationMotor other and MTPL 1,771 8.0 538 1.5 1,046 13.6 146 1.6 124 5.7 3,626 8.3Workers\u2019 compensation 0 0.0 171 7.7 1,139 12.9 282 10.5 0 0.0 1,592 12.0Liability 311 3.8 123 1.1 109 3.6 79 3.1 27 2.4 649 3.1Accident 438 7.2 448 7.1 198 6.6 105 1.8 8 0.5 1,196 6.6Property 533 1.0 569 0.9 265 1.1 153 0.7 43 1.7 1,563 1.0Marine, aviation, transport 21 1.0 22 0.8 11 1.2 28 0.6 3 0.9 85 0.8Total 3,074 6.2 1,871 3.1 2,769 11.2 793 4.7 205 4.1 8,712 7.0or expire at retirement. An increase in life expectancy will likewise increase the duration and present value of annuities. The present value of discounted reserves is sensitive to decreasing interest rates, especially in Sweden and Finland, due to the longer duration of the technical provisions.The duration of the provisions, and thus the sensitivity to changes in discount rates, varies with each product portfolio. The weighted average duration for 2022 across the product portfolios was 5.3 years.For lines of businesses such as Motor third-party liability and Workers\u2019 compensation, legislation differs signif-icantly between countries. Some of the provisions for these lines include annuities that are sensitive to changes in inflation, retirement age, mortality assumptions and discount rates. The proportion of technical provisions related to Motor third-party liability and Workers\u2019 compensation was 44 (48) per cent.In the tables Net technical provisions by line of business and major geographical area, If, 31 December 2022 and 31 December 2021, the size and duration of If\u2019s technical provisions are presented by line of business and major geographical area. The sensitivity of If\u2019s technical provisions to an increase in inflation, an increase in life expectancy and a decrease in the discount rate is presented in the table Sensitivities of technical provisions, If, 31 December 2022.The technical provisions are further analysed by claims years. The output from this analysis is illustrated both before and after reinsurance in the claims cost trend tables. These are disclosed in the note 21.The If Boards of Directors approve the policies governing the calculation of technical provisions. The Chief Actuary is responsible for the Actuarial function and reports to the Boards of Directors and the CEOs and advises on actuarial matters. The Actuarial function is responsible for ensuring compliance with the steering documents and that local rules and regulations are reflected in guidelines and working routines. The Chief Actuary issues a quar-terly report on the adequacy of If\u2019s technical provisions. The Actuarial Committee is a preparatory and advisory board for If\u2019s Chief Actuary. The committee secures a comprehensive view over reserve risk, discusses, and gives recommendations on policies and guidelines for calculating technical provisions. The calculation of technical provisions according to IFRS is carried out by actuaries within each business area. The premium and claims provisions according to the Solvency II regulations are based on parameters from each business area and the Chief Actuary unit. The actuaries also develop methods and systems to support these processes. The actuarial estimates consider factors such as loss development trends, the level of unpaid claims, changes in legislation, case law and economic conditions. Sensitivities of technical provisionsIf, 31 December 2022 and 31 December 2021Change in EffectEffectTechnical provision item Risk factorrisk parameter CountryEURm 2021EURm 2021Sweden 110.4 134.7Increase byDenmark 21.3 19.3Nominal provisions (IFRS 4) Inflation increase1 percentage pointNorway 35.5 63.3Finland 49.4 41.1Sweden 15.3 15.4Annuities and estimated share Decrease in Life expectancyof claims provisions to future Denmark 0.8 1.0mortalityincrease by 1 yearannuitiesFinland 50.5 76.9Sweden 75.4 97.8Discounted provisionsDecrease in Decrease by(annuities and part of Finnish Denmark 17.6 21.2discount rate1 percentage pointIBNR, IFRS 4)190.1 313.1Market risksThe total market value of If\u2019s investment portfolio at 31 December 2022 was EUR 10,719 million (11,610). A large part of the fixed income portfolio was concentrated to Financials.Corporate bonds issued by financial institutions and bank account balances amounted to 28.7 per cent of the fixed income portfolio. When including covered bonds, the concentration to financial institutions was 55.3 per cent. The remainder consists of real estate and private equity.The composition of the If investment portfolios by asset class at year end 2022 and at year end 2021, as well as average maturities of fixed income investments, are shown in the table Investment allocation, If, 31 December 2022 and 31 December 2021.If\u2019s investment management strategy is conservative, with a low equity share and low fixed-income duration. The Investment Policy is the principal document for managing market risk. Starting from January 2023, If has a separate Responsible Investment Policy, expanding the scope of the responsible investment processes and increasing alignment across the Sampo Group. Both investment performance and market risk are actively monitored and controlled by the Investment Control Committee monthly and reported to the Own Risk and Solvency Assessment Committee (\u201cORSA Committee\u201d) on a regular basis. Other limits, such as the allocation limits, issuer and counterparty limits, sensitivity limits for interest rates and credit spreads as well as the regulatory capital requirements are regularly monitored.Investment allocationIf, 31 December 2022 and 31 December 20212022 2021Market value,Average maturity, Market value, Average maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 9,541 89% 2.9 9,949 86% 2.3Money market securities and cash 272 3% 0.0 1,166 10% 0.1Government bonds 1,030 10% 3.5 1,190 10% 4.3Credit bonds, funds and loans 8,239 77% 2.9 7,593 65% 2.4Covered bonds 2,505 23% 3.0 1,803 16% 2.0Investment grade bonds and loans 3,649 34% 2.8 3,130 27% 2.1High-yield bonds and loans 1,088 10% 2.7 1,499 13% 2.7Subordinated / Tier 2 555 5% 2.9 629 5% 3.6Subordinated / Tier 1 442 4% 3.0 532 5% 2.9Hedging swaps 0 0% - 0 0% -Listed equity total 1,169 11% - 1,646 14% -Finland 0 0% - 0 0% -Scandinavia 630 6% - 1,171 10% -Global 539 5% - 475 4% -Alternative investments total 5 0% - 15 0% -Real estate 1 0% - 1 0% -Private equity 4 0% - 14 0% -Biometric 0 0% - 0 0% -Commodities 0 0% - 0 0% -Other alternative 0 0% - 0 0% -Trading derivatives 4 0% - 0 0% -Asset classes total 10,719 100% - 11,610 100% -FX Exposure, gross position 73 - - 124 - -Market risks of balance sheetAsset and liability management riskThe ALM risk is considered through the risk appetite framework and its management and governance are based on If\u2019s investment policies. To maintain the ALM risk within the overall risk appetite, the technical provisions may be matched by investing in fixed income instruments and by using currency and interest rate derivatives. Interest rate riskIf is negatively affected when interest rates are decreasing or remaining at low levels, as the duration of liabilities in If is longer than the duration of assets. During 2022, inter-est rates increased considerably compared to the previous year and If invested in instruments with somewhat longer maturities. Interest rate sensitivity in terms of the average duration of fixed income investments was 1.9 years on 31 December 2022 (1.1). The respective duration of insurance liabilities was 5.3 years (7.0). The overall interest rate risk is managed by sensitivity limits for instruments sensitive to interest rate changes.The technical provisions are under IFRS 4 predominantly stated in nominal terms on the balance sheet. However, the economic value of these provisions, meaning the present value of future claims payments, is exposed to changes in interest rates. Furthermore, If is exposed to changes in future inflation. For more information see the table Sensitivities of technical provisions, If, 31 December 2022 and 31 December 2021 in the section Underwriting risks.Currency riskIf writes insurance policies that are mostly denominated in the Scandinavian currencies and in the euro. The currency risk is reduced by matching technical provisions with investment assets in the corresponding currencies or by using currency derivatives. The currency exposure in insurance operations is hedged to the base currency on a regular basis. The currency exposure in investment assets is controlled weekly and hedged when the exposure has reached a specific level, set with respect to cost efficiency and minimum transaction size. An active currency management can be performed within set limits. Transaction risk positionIf, 31 December 2022 and 31 December 2021Base currency, SEKm EUR USD JPY GBP SEK NOK CHF DKK Other Total, netInsurance operations -3,742 -218 0 -34 -11 -2,318 -5 -1,029 -25 -7,381Investments 2,304 297 1 11 108 2,071 4 263 1 5,058Derivatives 1,370 -113 13 16 -78 229 2 760 13 2,211Transaction risk, net position -68 -34 13 -8 19 -18 1 -6 -11 -112Sensitivity: SEK -10% -7 -3 1 -1 2 -2 0 -1 -1 -11Base currency, SEKm EUR USD JPY GBP SEK NOK CHF DKK Other Total, netInsurance operations -3,555 -151 0 -17 -37 -2,197 -2 -932 -19 -6,911Investments 1,925 387 0 4 71 2,289 0 423 1 5,100Derivatives 1,562 -246 0 9 -45 -94 2 489 13 1,692Transaction risk, net position -67 -9 0 -4 -11 -1 1 -21 -5 -119Sensitivity: SEK -10% -7 -1 0 0 -1 0 0 -2 0 -12The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a base currency other than SEK.The transaction risk positions against the Swedish krona are shown in the tables Transaction risk position, If, 31 December 2022 and 31 December 2021. The table shows the net transaction risk exposures and the changes in the value of positions given a 10 per cent decrease in the value of the base currency.In addition to transaction risk, If is also exposed to translation risk which at a Group level stems from foreign operations with other base currencies than SEK.Liquidity riskIf\u2019s liquidity risk is limited since premiums are collected in advance and large claim payments are usually known a long time before they fall due. Liquidity risks are managed by cash management functions which are responsible for liquidity planning. Liquidity risk is also reduced by investing in assets that are readily marketable in liquid markets.Cash flows according to contractual maturityIf, 31 December 2022Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 12,569 1,464 11,105 3,257 2,178 1,811 2,023 2,266 862 0Financial assets (non-derivatives) 12,515 1,464 11,050 3,206 2,177 1,811 2,023 2,266 862 0Interest rate swaps 4 0 4 3 1 0 0 0 0 0FX derivatives 50 0 50 48 0 0 0 0 0 0Financial liabilities 1,065 48 1,017 -874 -8 -35 -138 0 0 0Financial liabilities (non-derivatives) 1,058 48 1,010 -868 -8 -35 -138 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 7 0 7 -6 0 0 0 0 0 0Lease liabilities 160 0 160 -26 -23 -23 -22 -18 -59 0Net technical provisions 8,473 8,473 0 -3,492 -1,047 -585 -423 -341 -1,790 -1,777In the table, financial assets and liabilities are divided into contracts that have an exact contractual maturity profile, and other contracts. The carrying amount is shown for the other contracts. In addition, the table shows expected cash flows for net technical provisions, which by nature, are associated with some uncertainty.The maturities of technical provisions, financial assets and liabilities as well as lease liabilities are presented in the tables Cash flows according to contractual maturity, If, 31 December 2022 and 31 December 2021. The average maturity of fixed income investments was 2.9 years (2.3). The table shows the financing requirements resulting from expected cash inflows and outflows arising from financial assets and liabilities as well as technical provisions.If has a relatively low amount of financial liabilities and thus the refinancing risk is small.Counterparty default risksIn If, the major sources of counterparty risk are reinsur-ance, bank balances, financial derivatives, and other receivables. Counterparty default risk arising from receivables from policyholders and other receivables related to commercial transactions is limited, as non-payment of premiums generally results in cancellation of insurance policies.Reinsurance counterparty risk Reinsurance is used regularly to utilise If\u2019s own funds efficiently, reduce the cost of capital, limit large fluctuations of underwriting results and to have access to reinsurers\u2019 competence base. The Reinsurance Committee is a collaboration forum with the role to secure appropriate reinsurance cover for insurance risk in accordance with If\u2019s risk appetite and provides an opinion as well as proposes actions in respect of such issues. The distribution of reinsurance receivables and reinsurers\u2019 portion of outstanding claims per rating on 31 December 2022 is presented in the table Reinsurance recoverables, If, 31 December 2022 and 31 December 2021.Reinsurance recoverables of EUR 185 million (180) are excluded from the table, which mainly relate to captives and statutory pooled solutions.Cash flows according to contractual maturityIf, 31 December 2021Carrying Cash flowsCarrying amount without Carrying amount amount contractual with contractual 2027\u2013 EURmtotalmaturitymaturity2022 2023 2024 2025 20262036 2037\u2013Financial assets 13,359 2,182 11,177 4,225 1,846 2,128 1,440 1,334 526 0Financial assets (non-derivatives) 13,342 2,182 11,160 4,209 1,845 2,127 1,440 1,334 526 0Interest rate swaps 1 0 1 1 0 1 0 0 0 0FX derivatives 17 0 17 15 0 0 0 0 0 0Financial liabilities 997 44 953 -686 -102 -4 -33 -148 0 0Financial liabilities (non-derivatives) 990 44 946 -678 -102 -4 -33 -148 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 8 0 8 -8 0 0 0 0 0 0Lease liabilities 167 0 167 -24 -22 -21 -20 -19 -71 0Net technical provisions 8,712 8,712 0 -3,326 -989 -524 -361 -289 -1,712 -1,950Reinsurance recoverablesIf, 31 December 2022 and 31 December 202131 Dec 2022 31 Dec 2021Rating Total EURm % of total Total EURm % of totalAAA 0 0% 0 0%AA+ - A- 163 100% 169 100%BBB+ - BBB- 0 0% 0 0%BB+ - C 0 0% 0 0%D 0 0% 0 0%Non-rated 0 0% 1 0%Total 163 100% 170 100%The amount of the recoverables reported above is exposed to counterparty risk, as recoverables are typically not covered by collaterals.If\u2019s Reinsurance Policy sets requirements for the reinsurers\u2019 minimum credit ratings and the maximum exposure to individual reinsurers. In addition, the own credit-analysis plays a central role when counterparties are selected.The Reinsurance Security Committee in If shall give input and suggestions in respect to various issues regarding reinsurance default risk and risk exposure, as well as proposed deviations from the Reinsurance Policy. Most of the reinsurers have ratings between AA+ and A-. The ten largest individual reinsurance recoverables amounted to EUR 199 million, representing 57 per cent of the total reinsurance recoverables including captives and statutory pooled solutions.The total ceded premium related to treaty and facultative reinsurance amounted to EUR 86 million. Counterparty risk related to financial derivativesIn If, the default risk of derivative counterparties is a by-product of managing market risks. The role of long-term interest rate derivatives has been immaterial and counterparty risk mainly stems from short-term FX derivatives. The counterparty risk of bilaterally settled derivatives is mitigated by a careful selection and diversi-fication of counterparties to prevent risk concentrations and by using collateral techniques, e.g., ISDA Master Agreements backed by Credit Support Annexes. If settles interest rate swaps in central clearing houses, which mitigates bilateral counterparty risk but also results in a systemic risk exposure related to centralised clearing parties.Topdanmark GroupUnderwriting risksNon-life underwriting risksAs shown in the graph Breakdown of gross written premiums by business area, country and line of business, Topdanmark Non-Life, 2022, Topdanmark\u2019s insurance portfolio is diversified across Business areas and lines of business.Premium and catastrophe risk and their management and controlThe main underwriting risk that influences the performance is the risk of catastrophe events. However, Topdanmark Forsikring has a very comprehensive reinsurance programme in place contributing to the low level of underwriting risk. The largest retention level of DKK 100 million plus reinstatement for each event is on storm events. The maximum retention on fire events is DKK 30 million and in workers\u2019 compensation risks are covered up to DKK 1 billion with a retention of DKK 50 million.With certain restrictions, acts of terrorism are covered by the reinsurance contracts. The NBCR (nuclear, biological, chemical, radiological) acts of terrorism are covered by a public organisation. This is based on an Act on NBCR acts of terrorism. Under this scheme, the costs from a NBCR attack in Denmark will initially be borne by the State, but those costs will subsequently be recovered from policyholders.Premium risk reduction measures taken at different levels of operations are as follows:\u2022 Collection of data on risk and claims history\u2022 Use of collected and processed data in profitability reporting, risk analyses and in the internal model\u2022 Ongoing follow-up on risk developments as well as quarterly forecasts for future risk development\u2022 Pricing using a statistical model tool including cus-tomer scoring tools\u2022 Reinsurance cover that reduces the risk especially for catastrophe events\u2022 Ongoing follow-up on the risk picture and reinsurance coverage in Topdanmark\u2019s Risk CommitteeTo maintain product and customer profitability, Topdanmark monitors changes in its customer portfolios. Provisions are recalculated, and the profitability reports are updated in the same context on a monthly basis. Based on this reporting, trends in claim levels are carefully assessed and price levels may be adjusted if considered necessary. In the private market segment, customer scoring is used, and customers are divided into groups according to their expected profitability levels. The customer scoring has two roles. First it helps to maintain the balance between the individual customer\u2019s price and risk. Secondly it facilitates the fairness between individual customers by ensuring that no customers are paying premiums too large to cover losses from customers who pay premiums that are too small. The historical profitability of major SME customers with individual insurance schemes is monitored using customer assessment systems. These assessment systems enable Topdanmark to achieve accurate information about income, claims expenses, combined ratio etc. for each customer.In addition to the analysis described above, Topdanmark continuously improves its administration systems to Reserve risk and its management and controlThe insurance lines of business are divided into short-tail, i.e. those lines where the period from notification until settlement is short and long-tail, i.e. those lines where the period from notification until settlement is long. The main short-tail lines in Topdanmark are buildings and other property and comprehensive motor insurance. For Non-life insurance risk scenariosTopdanmark, 31 December 2022 and 31 December 2021EURm after taxCurrent level Change in Key figures(2022)current level2021Combined ratio, business area Private 80.9% +/- 1 percentage point +/- 4.8 +/- 5.5Combined ratio, business area Commercial 82.7% +/- 1 percentage point +/- 5.2 +/- 5.1Net premiums earned (EURm) 1,242 +/- 1 per cent +/- 9.3 +/- 10.1Net claims incurred (EURm) 791 +/- 1 per cent +/- 5.9 +/- 6.7Ceded written premiums (EURm) 89 +/- 10 per cent +/- 6.7 +/- 6.3achieve more detailed data, which in turn enables the company to continuously improve the pricing and gain even better insight into how the different types of claims are composed. The non-life risk scenarios are presented in the table Non-life insurance risk scenarios, Topdanmark, 31 December 2022 and 31 December 2021.the short-tail lines the claims are mainly settled within the first year. Long-tail lines relate to personal injury and liability and consist of the lines Workers\u2019 compensation, Accident, Motor third party insurance and Commercial liability. The composition of non-life provisions for outstanding claims is presented in the following table.Composition of non-life provisions for outstanding claimsTopdanmark, 31 December 2022 and 31 December 20212022 2021Provisions for outstanding claims% Duration % DurationShort-tail 17.3 1.1 13.7 1.1Annuity provisions in workers\u2019 compensation 25.4 10.5 24.2 10.6Other claims provisions in workers\u2019 compensation 29.9 2.0 21.6 1.7Accident 12.3 3.1 30.0 9.3Motor personal liability 8.3 2.1 6.0 2.1Commercial liability 6.8 1.8 4.5 1.9Due to the longer period of claims settlement, the risk profile of the long-tail lines of business is generally more uncertain than that of the short-tail lines. It is not unusual that claims in long-tail lines are settled three to five years after notification and, in rare cases, up to ten to fifteen years. The reserve risk is calculated using Topdanmark\u2019s partial internal model for insurance risk. Workers\u2019 compensation claims provision has by far the biggest risk, followed by the other long-tail lines\u2019 claims provisions.During such a long period of settlement, the levels of compensation could be significantly affected by changes in legislation, case law or practice in the compensation of claim incidents adopted by the Danish Labour Market Insurance which decides on compensation for injury and loss of earnings potential in all cases of serious industrial injuries. The practice adopted by the Danish Labour Market Insurance also has some impact on the levels of compensation for accident and personal injury within motor liability and commercial liability insurance. Supreme court decisions can also influence the provisions for former years especially for Workers\u2019 compensation.The reserve risk represents mostly the ordinary uncer-tainty of calculation and claims inflation, i.e. an increase in the level of compensation due to the annual increase in compensation per policy being higher than the general development in prices or due to a change in judicial practice or legislation. The sufficiency of the provisions is tested in key lines by calculating the provisions using alternative models as well, and then comparing the compensation with information from external sources, primarily statistical material from the Danish Labour Market Insurance and the Danish Road Sector/Road Directorate.Life underwriting performance and risks This section presents the premium development for Topdanmark Life until the divestment was completed on 1 December 2022. The split of premiums between products during the last two years is presented in the table Sources of gross premiums, Topdanmark Life Insurance, 2022 and 2021.Sources of gross premiumsTopdanmark Life Insurance, 31 December 2022 and 31 December 2021EURm 2022 2021With profit schemes 35 48Unit-linked schemes 366 381Group life 33 35Regular premiums 434 464With profit schemes 1 7Unit-linked schemes 775 922Single premiums 776 929Gross premiums 1,210 1,393Until the divestment of Topdanmark Life was completed on 1 December 2022.Market risksIn general, the long-term value creation shall be based mainly on the acceptance of insurance risks. To supple-ment the Group\u2019s profit from its insurance activities, Topdanmark accepts a certain level of financial market risks as well, given its strong liquidity position and stable, high earnings from insurance operations. Hence, in addition to fixed income instruments, Topdanmark has invested, among other things, in equities and properties to improve the average investment return.Market risks are limited to the extent that is considered appropriate, so that the negative P/L effect is limited in very unfavourable financial market scenarios. Large risk exposures or highly correlated risks are covered to prevent unnecessary losses and market risks originating from insurance operations. The investment portfolio shall be managed in a way that market risk taking shall not endanger the normal operations or implementation of planned actions in unfavourable market conditions. To reach the general goals, the investment policy sets the company\u2019s objectives, strategies, organisation, and reporting practices on investments. The investment strategy is more precisely determined in terms of market risk limits and specific requirements for certain types of positions and sub-portfolios (risk appetite). The invest-ment strategy is determined by the Board and revised at least once a year. Appropriate financial risk mitigation techniques are used.When selecting the investment assets, a portfolio compo-sition that matches the risk features of the corresponding liabilities is sought. The purpose of the investment policy is also to ensure that the company has effectively implemented the organisation, systems, and processes necessary to identify, measure, monitor, manage and report on investment risks to which it is exposed.When market risks are measured and managed, all exposures are included, regardless of whether they arise from active portfolio management of investments or from annuities considered to be a market risk. As of 1 December 2022, when the closing deal between Topdanmark Forsikring and Nordea was finalised, the new investment department took over all front office capabilities of Topdanmark Forsikring. The investment policy and thereby the overall risk profile and strategic asset allocation is mainly unchanged. However, the investment strategy has been altered. As part of the closing deal, the co-investing (\u201csaminvestering\u201d) between Topdanmark Forsikring and Topdanmark Livsforsikring has been terminated. The exposures have been shifted to ETFs (Exchange Traded Funds). The original asset classes and geographical exposures are unchanged. The one exception is CLOs which have in part been replaced with a High-Yield ETF (EUR). The main idea of these changes is to keep the risk profile unchanged and use index trackers to get the right exposures that comply with risk limits, ESG policy, etc.Asset allocations and investment performance: Topdanmark ForsikringThe equity portfolios are well diversified and without major single positions when associated companies are disregarded.The main investment assets are government and mortgage bonds, which comprise primarily Danish mortgage bonds. The assets in this asset class are interest Investment allocations Topdanmark, 31 December 2022 and 31 December 2021Topdanmark Non-life Topdanmark Life31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021Market value, Market value, Market value, Market value, Asset classEURm Weight, %EURm Weight, % EURm Weight, %EURm Weight, %Fixed income total 2,422 94% 1,863 89% 2,916 71%Money market securities and cash 544 21% 83 4% 220 5%Government and mortgage bonds 1,722 67% 1,582 76% 2,376 58%Credit bonds 39 2% 5 \u2014% 110 3%Index-linked bonds 91 4% 100 5% 125 3%CLOs 26 1% 93 4% 84 2%Listed equity total 111 4% 120 6% 358 9%Denmark 25 1% 28 1% 85 2%Scandinavia 2 \u2014% 2 \u2014% 5 \u2014%Global 85 3% 91 4% 268 7%Alternative investments total 35 1% 110 5% 816 20%Real estate 0 \u2014% 59 3% 334 8%Unlisted equities and hedge funds 35 1% 50 2% 482 12%Trading derivatives 1 \u2014% 3 \u2014% 14 \u2014%Asset classes total 2,569 100% 2,095 100% 4,104 100%The exposure in equities outside Denmark and credit bonds has been adjusted by the use of derivatives. Unlisted equities and hedge funds include also private equity and direct holdings in non-listed equities.rate-sensitive and to a significant extent equivalent to the total interest rate sensitivity of the non-life insurance provisions. Consequently, the return on government and mortgage bonds should be assessed in connection with return and revaluation of non-life insurance provisions. Credit bonds are composed of a minor share of a well- diversified portfolio, primarily exposed to businesses in Europe.Index-linked bonds comprise bonds \u2013 primarily Danish mortgage bonds \u2013 for which the coupon and principal are index-linked.Market risks of balance sheetInterest rate riskInterest rate risk is calculated for assets, liabilities, and derivative instruments, for which the carrying amount is dependent on the interest rate level. Regarding insurance liabilities, Topdanmark is exposed to interest rate risk due to provisions for outstanding claims.Shifting the market yield curve upwards and downwards or changing its shape leads to changed market values of assets and derivatives and thus to unrealised gains or losses.When assessing the value and sensitivity of insurance provisions Topdanmark has used the Solvency II discount curve that has its basis on a market yield curve with a volatility adjustment (\u201cVA\u201d). The VA component of DKK yield curve comprises a corrective element based on the spreads of Danish mortgage bonds and European credit bonds.Generally, the interest rate risk is limited and controlled by investing in interest-bearing assets in order to reduce the overall interest rate exposure of the assets and liabilities to the desired level. Therefore, the Danish mortgage bonds and government bonds have a central role in the asset portfolios. To further reduce the interest rate sensitivity of the balance sheet, interest rate swaps have been used for hedging purposes. Equity riskThe Danish part of the equity portfolio is composed based on the OMXCCAP index and is approximated by the ETF Xact OMXC25. The rest of the equity holdings are in the foreign equity portfolio that seeks to track the MSCI World DC index by the relevant geographical ETF in USA, Europe and Japan. As a result, Topdanmark\u2019s equity holdings are well-diversified.Real estate riskReal estate risk is limited to properties in own use and located in Ballerup and Viby. The properties are valued in accordance with the rules of the Danish FSA i.e., at market value taking the level of rent and the terms of the tenancy agreements into consideration.Spread riskMost of Topdanmark\u2019s interest-bearing assets comprise of AAA rated Danish mortgage bonds. The risk of losses is minor due to the high credit quality of the issuers and because investments have been made at spreads that are in balance with Topdanmark\u2019s desired risk ratio levels. The portfolio is well diversified both geographically and by issuer type and, therefore, the exposure to concentra-tion risk is insignificant.The investment policy stipulates that the portfolio must be well diversified by the number of counterparties and by the amount of exposure to individual counterparties. The main source of spread risk is the mortgage bonds. Due to high allocation of these investments in the portfolios, spread risk is the most material source of market risk SCR. Currency riskIn practice, the investment assets are the only source of currency risk while the insurance liabilities are in Danish krones. The currency risk is mitigated by derivatives, and net exposures in different currencies are minor except in the euro.The currency risk is assessed based on SCR. The value of the base currency is shocked by 25 per cent against most of the currencies except against the euro where the largest exposure exists, and the shock is 0.39 per cent, because the Danish krone is pegged to the euro. Inflation riskFuture inflation is implicitly included in the models Top-danmark uses to calculate its provisions. The provisions are calculated based on the expected future indexation of wages and salaries.An expected higher future inflation rate would generally be included in the provisions with a certain time delay, while at the same time the result would be impacted by higher future indexation of premiums. To reduce the risk of inflation within Workers\u2019 compensation, Topdanmark uses index-linked bonds and derivatives to hedge a significant proportion of the expected cash flows sensitive to future inflation.Liquidity riskTopdanmark Group has a strong liquidity position. Firstly, as premiums are paid in the beginning of the coverage period the liquidity risk related to customers\u2019 payments is very limited. Secondly, the combination of insurance businesses is of a character in which it is highly unlikely that a liquidity shock could occur, as insurance liabilities are by their nature stable liabilities and money market investments in asset portfolios are complemented by a large portfolio of liquid listed Danish government and mortgage bonds. Experience from quite significant and sudden movements in long-term interest rates have confirmed that the liquidity of these assets is not significantly affected by market shocks. The maturity structure of technical provisions and the bond portfolio is presented in the following table.Expected cash flows for provisions and the bond portfolioTopdanmark, 31 December 2022 and 31 December 2021Cash flow yearsCarrying EURmamount 1 2\u20136 7\u201316 17\u201326 27\u201336 >36Provisions for claims2021 1,882 -601 -735 -400 -155 -60 -142022 1,426 -563 -648 -250 -102 -53 -12Life insurance provisions guarantees and profit sharing2021 3,001 -285 -988 -1,268 -500 -140 -382022 0 0 0 0 0 0 0Bond portfolio including interest rate derivatives2021 4,176 1,550 1,483 1,894 501 0 02022* 1,818 1,092 1,046 342 76 5 0* Excludes Topdanmark Life\u2019s bond portfolio.The expected cash flows of the bond portfolio are calculated based on option-adjusted durations that are used to measure the duration of the bond portfolio. The option adjustment relates primarily to Danish mortgage bonds and reflects the expected duration capturing the shortening effect of the borrower\u2019s option to have the bond be redeemed through the mortgage institution at any point in time.Counterparty default risksTopdanmark is exposed to counterparty risk in both its insurance and investment activities. The default risk related to fixed income and equity investments is covered by spread-risk and equity-risk models in SCR calculations and hence they are not discussed in this context.The main sources of counterparty risk are deposits made to individual banks, derivative contracts with banks and current receivables from reinsurance companies with the addition of potential receivables that will arise in case of a 1-in-200-year catastrophe event. Topdanmark\u2019s counter-party risk is assessed by the SCR standard formula.ReinsuranceWithin insurance activities the reinsurance companies\u2019 ability to pay is the most important counterparty risk factor. Topdanmark minimises this risk by primarily buying reinsurance cover from reinsurance companies with a minimum rating of A- and by spreading reinsur-ance cover over many reinsurers.For reinsurance counterparties, the Board approves security guidelines which determine the maximum size of reinsurance contract cover per a separate reinsurer. This portion is dependent on the reinsurer\u2019s rating as well as on Topdanmark\u2019s own assessment of the reinsurer. The largest risk concentrations may occur in case of major catastrophe events, including storms and cloudbursts.InvestmentsTopdanmark may suffer losses due to their counterpar-ties\u2019 inability to meet their obligations on bonds, loans and other contracts including derivatives. The majority of Topdanmark\u2019s interest-bearing assets comprise Danish mortgage bonds. In order to minimise the risk to a single debtor, Topdanmark strives to always have a well-diver-sified portfolio of bonds not only regarding a debtor but also geographically.To limit the counterparty risk of financial contracts, including derivative contracts, the choice of counterparties is restrictive, and collateral is required when the value of the financial contracts exceeds the predetermined limits. The size of the limits depends on the counterparty\u2019s credit rating and the terms of the contract.Hastings GroupUnderwriting risksHastings provides motor and home insurance products to the United Kingdom (UK) market via its Gibraltar-based general insurance underwriting company Advantage.For Solvency II reporting purposes the lines of business are:\u2022 Motor vehicle liability insurance (Motor liability)\u2022 Other motor insurance (Motor other)\u2022 Fire and other damage to property insurancePricing riskAdvantage\u2019s risk appetite requires management to maintain rates that are projected to achieve loss ratios within the target loss ratio range. As a response to market conditions, rates were regularly adjusted, after review by management, to remain competitive and provide custom-er-focused benefits to policyholders. The rate changes were regularly reviewed and amended in keeping with an agile approach to pricing and appropriately factoring in ongoing claims inflation risk. The Department for Travel data shows that traffic levels have returned back to pre-pandemic levels but with different peak trends. The FCA\u2019s General Insurance Pricing Practices (\u201cGIPP\u201d) changes went live at the start of 2022; all motor and household insurance products were GIPP-compliant ahead of implementation with continuous assurance processes in place. Despite market-wide new business demand decreasing as a result of GIPP, net written premiums saw an increase in H1 of 2022 because of timely pricing rate actions. Weekly governance arrangements approve changes to the rate plan and review account performance. The Rating Analysis Committee (\u201cRAC\u201d) approves decisions for segment-level rate changes and book-level rate changes. The goal is to ensure that the business being written will be profitable. Audits are conducted on a regular basis to ensure that all underwriting and rating rules are being applied correctly. Advantage maintains a control log to identify, report, and act on errors made by the outsourced service provider. Gross technical provisions by line of business Hastings, 31 December 2022 and 31 December 202131 Dec 2022 31 Dec 2021EURm Duration EURm DurationMotor vehicle liability insurance 2,145 2.2 2,075 4.6Other motor insurance 834 -0.2 692 0Fire and other damage to property insurance 35 1.2 20 1Total 3,014 1.5 2,787 3.4Reserve riskAdvantage does not take significant reserve risk and holds an internal risk margin to a 75 per cent confidence level versus the internal best estimate. Since reserving is subject to expert judgment, the Chief Actuary calculates the best estimate, the Hastings Group Senior Actuary verifies the data, the appropriateness of the techniques utilised, and the assumptions used to create the best estimate and an additional best estimate is created by a fully independent third party. Advantage has a series of monthly, quarterly, and semi-annual controls to ensure reserve adequacy. Hastings\u2019 Gross Written Premiums (GWP) for 2022 amounted to EUR 1,313 million.Advantage maintained a disciplined approach to pricing despite continued market competition. Live customer policies grew year on year. This disciplined but agile underwriting and pricing approach led to many selective rate adjustments during 2022. Graph 26, 2, 3Claims cost inflation had a large influence on the risk profile for 2022. A combination of repairer delays, parts shortages, residual COVID-19 impacts to the economy, alongside the Russia/Ukraine conflict and the cost of living crisis, all needed to be considered during the year. Effective pricing claims management and frequency experience has resulted in profits and capital solvency with the solvency ratio within or above Advantage\u2019s target range during the year.Sensitivities of technical provisionsHastings, 31 December 2022 and 31 December 2021Effect EURm Effect EURm Technical provision item Risk factor Change in risk parameter20222021Nominal provisions (IFRS 4) Inflation increase Increase by 1 percentage point 16.9 22.8Life expectancy increase by 1 Periodic Payment Orders (PPOs) Decrease in mortalityyear 0.2 0.1Discounted provisions (IFRS 4) Decrease in discount rate Decrease by 1 percentage point 3.2 3.9Market risksRising yields have reduced market value in line with expectation \u2013 losses recognised through reserves in the balance sheet and Solvency II impact offset by reduction in claims. The fixed income portfolio is held to maturity and had no realised losses incurred. The book yield has increased significantly during the year, supporting profitability. 2022 also saw an increased focus on ESG initiatives within Hastings Group; Advantage became a signatory to the UN Principles of Investment, and in Q3 2022 Hastings Group committed to the Science based Target initiative (SBTi). The Advantage investment portfolio maintains an ESG rating of AA, exceeding the ESG rating requirement of A defined in the Responsible Investment Framework. The ESG overall score for the investment portfolio increased to 7.6, above the benchmark by 0.6. The Hastings Board are committed to decarbonisation of the core investment portfolio, reducing carbon intensity by 50 per cent by 2030 with the aim to be net zero by 2050.Hastings\u2019 investment portfolio has been designed to generate a targeted return whilst operating within the conservative risk appetite parameters set by the Board. Management aims to prudently operate within its risk appetite. The risk appetite includes a low appetite for losses arising from the volatility of market prices affecting values of assets and liabilities and for assets not matching the profile of liabilities. As a result, the investment strategy includes a limited amount of equity exposure.The core investment portfolio of debt securities, supplemented by a diversified portfolio of holdings in collective investment schemes, is held by Advantage. The Advantage Board works with the investment managers and investment consultants to maximise return whilst minimising risk and preserving capital. The criteria for Investment allocationHastings, 31 December 2022 and 31 December 20212022 2021Market Average Market Average value, maturity,value, maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 1,287 98% 3.3 1,095 97% 3.6Money market securities and cash 246 19% 159 14% 0.0Government bonds 71 5% 0.1 0 0% 0.0Credit bonds, funds and loans 970 74% 4.3 936 83% 4.2Covered bonds 0 0% 0.0 0 0% 0.0Investment grade bonds and loans 954 72% 4.4 921 82% 4.1High-yield bonds and loans 16 1% 4.0 15 1% 4.5Subordinated / Tier 2 0 0% \u2014 0 0% \u2014Subordinated / Tier 1 0 0% \u2014 0 0% \u2014Hedging swaps 0 0% \u2014 0 0% \u2014Listed equity total 0 0% \u2014 0 0% \u2014UK 0 0% \u2014 0 0% \u2014Global 0 0% \u2014 0 0% \u2014Alternative investments total 32 2% \u2014 30 3% \u2014Real estate 0 0% \u2014 0 0% \u2014Private equity 0 0% \u2014 0 0% \u2014Biometric 0 0% \u2014 0 0% \u2014Commodities 0 0% \u2014 0 0% \u2014Other alternative 32 2% \u2014 30 3% \u2014Trading derivatives 0 0% \u2014 0 0% \u2014Asset classes total 1,320 100% \u2014 1,125 100% \u2014FX Exposure, gross position 0 0% \u2014 0 0% \u2014the portfolio structure, classes of holdings and individual limits are consistent with a very low risk appetite. These investment rules are monitored on a quarterly basis inter-nally and using an external consultancy. The monitoring outputs are provided to the Investment Committee and Risk & Compliance Committee quarterly. Advantage made no direct use of derivatives during the period. Derivatives are, however, utilised within Investment Funds in which Advantage has a share, both for hedging purposes and to generate additional return.Interest rate riskAdvantage manages balance sheet interest rate risk prin-cipally through matched duration of assets and liabilities, meaning that interest rates are aligned as far as possible, and interest rate risk is reduced. This is monitored in the quarterly Investment Committee meeting and includes adherence to tight duration mismatch tolerances, which form part of the relevant risk appetite statement.Liquidity risksAdvantage maintains a short duration and highly liquid portfolio. Cash and cash equivalent balances are held in current accounts or short-term money market instruments. These are generally less than 60 days in duration, with low sensitivity to movements in interest rates compared to longer duration assets. The liquidity profile and cashflow of investments is monitored at the quarterly Investment Committee to ensure Advantage can meet its liabilities into the future.Cash flows according to contractual maturityHastings, 31 December 2022Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 1,320 306 1,014 249 138 301 247 79 0 0Financial assets (non-derivatives) 1,320 306 1,014 249 138 301 247 79 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Financial liabilities 73 0 73 -29 -46 0 0 0 0 0Financial liabilities (non-derivatives) 73 0 73 -29 -46 0 0 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 14 0 14 -5 -5 -2 -1 0 0 0Net technical provisions 1,060 1,060 0 -451 -225 -149 -81 -53 -58 -44Advantage\u2019s investment managers actively manage liquidity risk in the portfolio to ensure that bonds can be sold efficiently to meet cash needs. Informed by market data, they look to purchase bonds with less than 5 years since the issue date, larger issue sizes and which trade regularly. Liquidity scoring is conducted by Advantage\u2019s investment managers, based on time since issue, issue size, traded volumes and observed bid-ask spreads. Cash flows according to contractual maturityHastings, 31 December 2021Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity2022 2023 2024 2025 20262036 2037\u2013Financial assets 1,125 217 908 253 187 121 201 143 3 0Financial assets (non-derivatives) 1,125 217 908 253 187 121 201 143 3 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Financial liabilities 329 0 329 -10 -21 -9 -302 0 0 0Financial liabilities (non-derivatives) 329 0 329 -10 -21 -9 -302 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 15 0 15 -4 -4 -4 -2 -1 -1 0Net technical provisions 840 840 0 -345 -191 -121 -57 -39 -47 -40Counterparty default risksCounterparty risk is the risk that a counterparty will be unable to pay amounts in full as they fall due. Hastings is exposed to counterparty risk through reinsurance assets, financial assets and cash and cash equivalents. A number of controls exist within the Hastings Group to mitigate against counterparty default, such as annual reviews of reinsurance panels, credit rating tolerances in line with a low-risk appetite, and a low-risk, diversified investment portfolio.Reinsurance counterparty riskA key component of risk mitigation is reinsurance. Advantage\u2019s reinsurance programme includes both Excess of Loss (\u201cXoL\u201d) and Quota Share (\u201cQS\u201d) protection. Under the 2022 arrangements, the Motor exposure risk to Advantage is capped at GBP 1 million per loss, net of XoL reinsurance, and Household exposure is capped at GBP 5.0 million (approximately EUR 5.6 million) per event loss. In 2022, the AICL Board reduced the motor QS participa-Reinsurance recoverables Hastings, 31 December 2022 and 31 December 20212022 2021Rating Total, EURm % of total Total, EURm % of totalAAA 0 0% 0 0%AA 1,221 65% 1,224 65%A 649 35% 653 35%BBB 3 0% 3 0%Less than BBB 0 0% 0 0%Unrated 0 0% 0 0%Total 1,874 100% 1,880 100%tion from 50 per cent to 35 per cent, driven principally by a change in risk appetite. AICL\u2019s reinsurance strategy will continue to be reviewed in line with risk appetite.To mitigate the inherent counterparty and credit risk posed by the reinsurance programme to Advantage\u2019s balance sheet, Advantage has set criteria for the minimum credit quality of the reinsurance counterparties and for concentration limits. To better protect itself, and where possible, Advantage aims to:\u2022 place with parent entities within reinsurance groups to mitigate counterparty risk in accepting reinsurance from small regional branches;\u2022 introduce collateralisation or cut through terms and/or parental guarantees to mitigate counterparty risk;\u2022 ensure special termination clauses are in place in the event of a rating downgrade or reorganisation of reinsurance groups to which Advantage is exposed.Mandatum GroupUnderwriting risksThe development of insurance liabilities during 2022 is shown in the table Analysis of the change in provisions before reinsurance, Mandatum Life, 31 December 2022. Analysis of the change in provisions before reinsuranceMandatum Life, 31 December 2022Expense Guaranteed EURm Liability 2021 Premiums Claims paidchargesinterest Bonus Other Liability 2022 Share %Unit-linked, excl. Baltic 10,526 1,285 -734 -104 0 0 -1,061 9,912 77Individual pension insurance 1,778 52 -24 -20 0 0 -308 1,478 11Individual life 2,495 73 -146 -19 0 0 -342 2,062 16Capital redemption operations 4,721 1,065 -510 -41 0 0 -220 5,015 39Group pension 1,532 95 -54 -24 0 0 -192 1,357 11With profit and others, excl. Baltic 3,236 104 -364 -31 80 4 -61 2,969 23Group pension insurance, segregated portfolio 751 2 -45 -1 16 4 -12 715 6Basic liabilities. guaranteed rate 3.5% 485 2 -45 -1 16 4 -10 451 4Reserve for decreased discount rate (3.5% -> 0.0%) 183 0 0 0 0 0 -15 169 1Future bonus reserves 82 0 0 0 0 0 13 96 1Group pension 1,397 32 -168 -4 41 0 12 1,309 10Guaranteed rate 3.5% 1,129 0 -133 -2 37 0 13 1,044 8Guaranteed rate 2.5%, 1.5% or 0.0% 268 32 -35 -2 4 0 -2 265 2Individual pension insurance 550 4 -123 -3 19 0 43 490 4Guaranteed rate 4.5% 377 2 -56 -2 15 0 -5 331 3Guaranteed rate 3.5% 112 1 -35 -1 4 0 23 104 1Guaranteed rate 2.5% or 0.0% 61 0 -32 0 1 0 26 56 \u2014Individual life insurance 130 30 -19 -9 5 0 -14 122 1Guaranteed rate 4.5% 49 4 -2 -1 2 0 -1 51 \u2014Guaranteed rate 3.5% 63 8 -9 -3 2 0 -5 57 \u2014Guaranteed rate 2.5% or 0.0% 18 18 -8 -5 0 0 -8 15 \u2014Capital redemption operations 28 0 0 0 0 0 -3 25 \u2014Guaranteed rate 3.5% 0 0 0 0 0 0 0 0 \u2014Guaranteed rate 2.5% or 0.0% 28 0 0 0 0 0 -3 25 \u2014Future bonus reserves 0 0 0 0 0 0 0 0 \u2014Reserve for decreased discount rate 274 0 0 0 0 0 -63 211 2Longevity reserve 71 0 0 0 0 0 -8 63 \u2014Assumed reinsurance 1 0 -1 0 0 0 0 0 \u2014Other liabilities 35 37 -8 -15 0 0 -17 32 \u2014Total, excl. Baltic 13,762 1,390 -1,098 -135 80 4 -1,123 12,881 100Baltic 196 10 -27 -3 0 0 -176 0 \u2014Unit-linked liabilities 186 9 -26 -3 0 0 -166 0 \u2014Other liabilities 10 1 -1 0 0 0 -10 0 \u2014Mandatum Life Group total 13,958 1,399 -1,125 -138 81 4 -1,299 12,881 100Biometric risksMandatum Life\u2019s main biometric risks are longevity, mortality, and disability. In general, the long duration of policies and Mandatum Life\u2019s restricted right to change policy terms and conditions and tariffs increase biometric risks. If the premiums turn out to be inadequate and cannot be increased, technical provisions must be supplemented by an amount corresponding to the increase in expected losses.Longevity risk is the most critical biometric risk in Mandatum Life. The Solvency Capital Requirement of longevity risk is also highly dependent on the interest rate level, which in practice means that the lower the applied discount rate is, the higher the longevity SCR would be and vice versa. Most of the longevity risk arises from the with-profit group pension portfolio. With profit group pension policies have mostly been closed for new Claims ratios after reinsuranceMandatum Life, 31 December 2022 and 31 December 20212022 2021EURm Risk income Claims expense Claims ratio Risk income Claims expense Claims ratioLife insurance 46.5 22.2 48% 47.3 17.3 37%Mortality 27.4 17.2 63% 28.2 12.1 43%Morbidity and disability 19.1 5.0 26% 19.1 5.3 28%Pension 80.1 72.9 91% 83.5 72.1 86%Individual pension 13.9 14.6 105% 14.0 14.6 104%Group pension 66.2 58.3 88% 69.4 57.4 83%Mortality (longevity) 64.9 57.2 88% 67.9 56.6 83%Disability 1.2 1.1 94% 1.6 0.9 54%Total 126.6 95.1 75% 130.8 89.4 68%members for years and due to this the average age of members is relatively high, at almost 70 years. In the unit-linked group pension and individual pension portfolio, the longevity risk is less significant because most of these policies are fixed-term annuities including death cover compensating the longevity risk.The annual longevity risk result and longevity trend are analysed regularly. For the segregated group pension portfolio, the assumed life expectancy related to the technical provisions was revised in 2014 and for the other group pension portfolios in 2002 and 2007. In total, these changes increased the 2022 technical provision by EUR 63 million (71), including a EUR 52 million longevity reserve for the segregated group pension portfolio. The cumulative longevity risk result has been positive since these revisions. The longevity risk result of group pension for the year 2022 was EUR 7.8 million (11.3) after a EUR 7.6 million release from the longevity reserve. The mortality risk result in life insurance was positive. A possible pandemic is seen as the most significant risk that could adversely affect the mortality risk result. However, during the years 2020 to 2022, COVID-19 did not have any significant effect on the mortality risk result. The reason for this is that COVID-19 has had the most significant incremental effect on the mortality of elder people and the insured are generally younger.The insurance risk result of other biometric risks has been profitable overall, although the different risk results vary considerably. In the longer term, disability and morbidity risks are mitigated by the company\u2019s right to raise insurance premiums for existing policies in case there is an unfavourable change in the claims development. The table Claims ratios after reinsurance, Mandatum Life, 31 December 2022, and 31 December 2021 shows the insurance risk result in Mandatum Life\u2019s insurance policies, excluding Baltic operations. The ratio of the actual-to-expected claims costs was 75 per cent in 2022 (68). The sensitivity of the insurance risk result can also be assessed based on the information in the table. For instance, an increase of mortality by 100 per cent would increase the amount of benefit payments from EUR 17 million to EUR 34 million.The underwriting portfolio of Mandatum Life is relatively well diversified and does not include any major concentration of biometric risks. To further mitigate the effects of possible risk concentrations, Mandatum Life has catastrophe reinsurance in place.In general, biometric risks are managed by careful risk selection, by setting prices to reflect the risks and costs, by setting upper limits for the protection granted and by the use of reinsurance. Mandatum Life\u2019s Underwriting Policy sets principles for risk selection and limits for sums insured. The Reinsurance Policy governs the use of Reinsurance. The Board approves the Underwriting policy, Reinsurance Policy, pricing guidelines and the central principles for the calculation of the insurance liabilities and the technical provisions. The Insurance Risk Committee is responsible for maintaining the Underwriting Policy and monitoring the functioning of the risk selection and claims processes. The Committee also reports all deviations from the Underwriting Policy to the Risk Management Committee. The Insurance Risk Committee is chaired by the Chief Actuary who is responsible for ensuring that the principles for pricing policies and for the calculation of technical provisions are adequate and in line with the underwriting and claims management processes. Reinsurance is used to limit the amount of individual mortality and disability risks. The Board of Directors annually approves the Reinsurance Policy and determines the maximum amount of risk to be retained on the com-pany\u2019s own account. The highest retention of Mandatum Life is EUR 1.5 million per insured. The risk result is actively followed and thoroughly analysed on an annual basis. Mandatum Life measures the efficiency of risk selection and the adequacy of tariffs by collecting information about the actual claims\u2019 expenditure for each product line and each type of risk and comparing it to the claims expenditure assumed in the insurance premiums of every risk cover.Technical provisions are analysed, and the possible supplemental needs are assessed regularly. Assumptions related to technical provisions are reviewed annually. The adequacy of the technical provisions is tested quarterly. Tariffs for new policies are set and the Underwriting Policy and assumptions used in calculating technical provisions are updated based on adequacy tests and risk result analysis. Policyholder behaviour and expense risksFrom an Asset and Liability Management point of view, surrender risk is not material because in Mandatum Life around 85 per cent of with profit technical provisions consists of pension policies in which surrender is possible only in exceptional cases. Surrender risk is therefore only relevant in individual life and capital redemption policies, of which the related technical provisions amount to around 5 per cent (around EUR 150 million) of the total with profit technical provisions. Furthermore, the supplements to technical provisions are not paid out at surrender which also reduces the surrender risk related to the with-profit policies. Due to the limited surrender risk, the future cash flows of Mandatum Life\u2019s insurance liabilities are quite predictable. Policy terms and tariffs cannot usually be changed materially during the lifetime of the insurance, which increases the expense risk. The behaviour of financial markets has also an influence on expense risk since normally the company\u2019s fee income is linked to policy reserves in unit-linked policies. The main challenge is to keep the expenses related to insurance administrative processes and complex IT infrastructure at an effective and competitive level.Market risksThis section covers market risk related to Mandatum Life\u2019s with-profit business, i.e. that part of the business where Mandatum Life carries the investment risk. As mentioned earlier, the behaviour of financial markets has also an influence on unit-linked business since normally the company\u2019s fee income is linked to policy reserves in unit-linked policies. This risk is considered as part of expense risk.In Mandatum Life, the approach to market risk management is based on an analysis of technical provisions\u2019 expected cash flows, the interest rate level and the current solvency position, i.e. active Asset and Liability Management. A common feature for all with-profit technical provisions is the guaranteed rate and bonuses. The cash flows of life insurance technical provisions are generally predictable because in most of the company\u2019s with-profit policies, surrenders and additional investments are not possible.Mandatum Life\u2019s market risks arise mainly from equity investments, the credit risk of fixed income investments and interest rate risk related to assets and insurance liabilities with a guaranteed interest rate. The most significant interest rate risk in the life insurance business is that fixed income investments and hedging derivatives will not, over a long period of time, generate a return at least equal to the guaranteed interest rate of technical provisions. The probability of this risk increases when market interest rates fall and stay at a low level. The duration gap between the balance sheet\u2019s technical provisions and fixed income investments is constantly monitored and managed. Control levels based on an internal risk capacity model are used to manage and ensure adequate capital in different market situations.The majority of the investment portfolio is invested in fixed income and listed equity investments, but the role of alternative investments \u2013 real estate, private equity and private credit funds \u2013 is also material, being 16 per cent of total investments. During the year 2022, Mandatum Life has also established an asset portfolio within the investment portfolio, a so-called ALM hedging portfolio. This portfolio includes hedging instruments, currently interest rate swaps, which are meant to hedge the interest rate risk of technical provisions.Investment allocations and average maturities of fixed income investments as at year end 2022 and 2021 are presented in the table Investment allocation, Mandatum Life, 31 December 2022 and 31 December 2021.Investment allocationMandatum Life, 31 December 2022 and 31 December 202131 Dec 2022 31 Dec 2021Market value,Average maturity, Market value, Average maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 2,869 66 2.6 3,231 62 2.7Money market securities and cash 372 9 0.0 585 11 0.0Government bonds 0 \u2014 0.0 0 \u2014 0.0Credit bonds, funds and loans 2,497 58 2.9 2,645 51 3.2Covered bonds 0 \u2014 0.0 0 \u2014 0.0Investment grade bonds and loans 1,091 25 3.1 1,056 20 3.0High-yield bonds and loans 1,079 25 2.8 1,240 24 3.3Subordinated / Tier 2 173 4 2.4 148 3 3.0Subordinated / Tier 1 156 4 3.5 200 4 4.1Hedging swaps -2 \u2014 \u2014 0 \u2014 0.0Listed equity total 784 18 \u2014 1,233 24 0Finland 329 8 \u2014 543 10 0Scandinavia 0 \u2014 \u2014 0 \u2014 0Global 455 11 \u2014 690 13 0Alternative investments total 673 16 \u2014 770 15 0.0Real estate 172 4 \u2014 191 4 0.0Private equity* 249 6 \u2014 293 6 0.0Private Credit Funds 252 6 \u2014 286 5 0.0Asset classes total 4,327 100 \u2014 5,233 100 0.0FX Exposure, gross position 110 \u2014 \u2014 139 \u2014 0.0The total investment allocation of Mandatum Life is equal to EUR 4,327 million. When EUR 7 million of intra-group assets, EUR 24 million of accrued interest, EUR 372 million of cash, EUR 172 million of real estate and an adjustment of EUR 1 million to the value of loans and receivables are deducted and EUR 25 million of derivatives are added, the total is equal to EUR 3,776 million, which corresponds to the sum of Mandatum\u2019s financial assets on Sampo Group\u2019s balance sheet. By further deducting EUR 0.8 million of financial assets belonging to Mandatum Asset Management Group, the total is equal to EUR 3,775 million, which is equal to Mandatum Life\u2019s financial assets.* Private equity also includes direct holdings in non-listed equities.Balance sheet market riskThe Board of Directors of Mandatum Life approves annually the Investment Policy, which covers both the segregated assets and the company\u2019s other assets that carry investment risk. This policy sets principles and limits for investment portfolio activities and they are based on the features of insurance liabilities, risk taking capacity and shareholders\u2019 return requirements. The Risk Management Policy defines the risk-bearing capacity and the corresponding control levels for the respective portfolio for segregated assets. Since the future bonus reserves of the segregated group pension portfolio is the first buffer against possible investment losses, the risk-bearing capacity is also based on the amount of the future bonus reserve. Different control levels are based on the fixed stress scenarios of assets.The Risk Management Policy also defines the company- level risk-bearing capacity, the control levels for the maximum acceptable risk and the respective measures to manage the risk positions. The control levels are set above the Solvency II SCR and are based on Sampo Group\u2019s risk management principles. The general objective of these control levels and respective guidelines is to maintain the required solvency. If the above-mentioned control levels are breached, the CRO reports to the Board, which then takes the responsibility for decisions regarding capitalisa-tion and market risks on the balance sheet. The cash flows of Mandatum Life\u2019s with-profit technical provisions are relatively predictable, because in most of the company\u2019s with profit products, surrenders and premiums are restricted. In addition, the company\u2019s claims costs do not contain a significant inflation risk element.The long-term target for investments is to provide enough return to cover the guaranteed interest rate plus discretionary bonuses based on the principle of fairness, as well as the shareholder\u2019s return requirement, with an acceptable level of risk. In the long run, the most significant risk is that assets will not generate an adequate return compared to the applied discount rate. As mentioned earlier, one way to mitigate this risk is by hedging the interest rate risk of technical provisions with interest rate swaps.In addition to investment and capitalisation decisions, Mandatum Life has implemented active measures on the liability side to manage the balance sheet-level interest rate risk. The company has reduced the minimum guaranteed interest rate in new contracts, supplemented the technical provisions with discount rate reserves and adjusted policy terms and conditions as well as policy administration processes to enable more efficient interest rate risk management. Interest rate riskMandatum Life is negatively affected when rates are decreasing or staying at low levels, because the duration of insurance liabilities is longer than the duration of assets. A growing part of Mandatum Life\u2019s business, i.e. unit-linked and risk insurance business, is not interest rate sensitive, which mitigates the whole company\u2019s interest rate risk. The average duration of fixed income investments exclud-ing the hedging portfolio was 1.9 years. The respective duration of the insurance liabilities was around 8 years. Interest rate risk is managed at the balance sheet level by changing the duration of assets and by using interest rate derivatives.Currency riskCurrency risk can be divided into transaction and translation risk. Mandatum Life is exposed to transaction risk, which refers to currency risk arising from contractual cash flows in foreign currencies.In Mandatum Life, transaction risk arises mainly from investments in other currencies than the euro as the company\u2019s technical provisions are denominated in the euro. Open FX exposures are managed within limits given in the Investment Policy. Mandatum Group\u2019s transaction risk is mainly composed of Mandatum Life\u2019s transaction risk as Mandatum Asset Management only has a very limited SEK exposure. The transaction risk positions of Mandatum Life against the euro as at year ends 2022 and 2021 are shown in the tables Transaction risk position, Mandatum Life, 31 December 2022 and 31 December 2021. The tables show the net transaction risk exposures and the changes in the value of positions given a 10 per cent decrease in the value of the base currency.Transaction risk positionMandatum Group, 31 December 2022Base currency, EURm EUR USD JPY GBP SEK NOK CHF DKK Muut Total, netTechnical provisions 0 0 0 0 0 0 0 0 0 0 Investments 0 514 1 119 45 10 22 9 147 867 Derivatives 0 -518 0 -125 -49 -9 -29 -14 -68 -812 Transaction risk, net position 0 -4 1 -6 -4 1 -7 -5 79 55 Sensitivity: EUR -10% 0 0 0 -1 0 0 -1 -1 8 6 Base currency, EURm EUR USD JPY GBP SEK NOK CHF DKK Muut Total, netTechnical provisions 0 0 0 0 -1 0 0 0 0 -1 Investments 0 538 0 145 60 11 55 26 214 1,050 Derivatives 0 -518 0 -142 -58 -9 -48 -25 -122 -922 Transaction risk, net position 0 21 0 4 2 2 7 1 92 127 Sensitivity: EUR -10% 0 2 0 0 0 0 1 0 9 13 However, in Mandatum Life, only a relatively small part of the insurance policies can be surrendered, and it is therefore possible to forecast short-term cash flows related to claims payments with very high accuracy.The maturities of technical provisions and financial assets and liabilities as well as lease liabilities are presented in the tables Cash flows according to contractual maturity, Liquidity risksLiquidity risk is relatively immaterial for Mandatum Life\u2019s with-profit business because liability cash flows in most lines of business are stable and predictable and an adequate share of the investment assets is in cash or short-term money market instruments. However, the use of derivatives requires that collateral management is aligned with the liquidity management and appropriate escalation processes are in place.In life insurance companies in general, a large change in surrender rates could influence the liquidity position. Mandatum Group, 31 December 2022 and 31 December 2021. The average maturity of fixed income investments was 2.6 years in Mandatum Life. The tables show the financing requirements resulting from expected cash inflows and outflows arising from financial assets and liabilities as well as technical provisions and lease liabilities.Cash flows according to contractual maturityMandatum Group, 31 December 2022 and 31 December 2021Cash flowsCarrying Carrying amount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 4,610 2,214 2,396 330 640 571 515 427 435 \u2014Financial assets (non-derivatives) 4,587 2,214 2,373 307 640 571 515 427 435 \u2014Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX forwards 23 \u2014 23 23 0 0 0 0 0 \u2014Financial liabilities 405 \u2014 405 -362 -263 -8 -8 -8 -78 -183Financial liabilities (non-derivatives) 402 \u2014 402 -362 -263 -8 -8 -8 -77 -183Interest rate swaps 2 \u2014 2 \u2014 -1 \u2014 \u2014 \u2014 -1 \u2014FX derivatives 0 \u2014 0 0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 21 \u2014 21 -2 -2 -2 -2 -2 -13 \u2014Net technical provisions 2,493 \u2014 2,493 -242 -229 -225 -205 -177 -114 -683Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity2023 2024 2025 20262036 2037\u2013Financial assets 5,431 2,908 2,523 223 301 704 606 419 451 \u2014Financial assets (non-derivatives) 5,427 2,908 2,519 219 301 704 606 419 451 \u2014Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX forwards 4 \u2014 4 4 0 0 0 0 0 \u2014Financial liabilities 459 \u2014 459 -38 -9 -259 -5 -5 -52 -172Financial liabilities (non-derivatives) 428 \u2014 428 -9 -9 -259 -5 -5 -52 -172Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX derivatives 31 \u2014 31 -29 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 23 \u2014 23 -2 -2 -2 -2 -2 -14 \u2014Net technical provisions 2,707 \u2014 2,707 -215 -232 -239 -222 -205 -1,300 -820Cashflows related to assets without contractual maturity are not included in the table, although they are covering the 2023 cashflows, which in the table are negative.Counterparty default risksIn Mandatum Life, the three main sources of counterparty risk are financial derivatives, reinsurance, and other receivables. Counterparty default risk arising from reinsurance or receivables from policyholders and other receivables related to commercial transactions is, however, very limited.Counterparty risk related to financial derivativesIn Mandatum Life, the default risk of derivative counterparties is a by-product of managing market risks. Mandatum Life uses interest rate derivatives and FX forwards and options to manage market risks. The counterparty risk of bilaterally settled derivatives is mitigated by careful selection of counterparties, by diversification of counterparties to prevent risk concen-trations and by using collateral arrangements, e.g. ISDA Master Agreements backed by Credit Support Annexes. Mandatum Life settles interest rate swaps in central coun-terparty clearing houses, which, while further mitigating bilateral counterparty risk, also expose to the systemic risk related to central counterparty clearing houses.Risks related to asset management activitiesMandatum Asset Management Ltd (MAM) is the asset management arm of Sampo Group and an investment firm which forms, together with its subsidiaries Mandatum AM AIFM and Mandatum Fund Management, an investment firm group. MAM offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, alternatives, and equity selection. MAM currently has approximately EUR 27 billion in client and balance sheet assets and employs more than 130 professionals.MAM\u2019s approach to managing clients\u2019 assets is character-ised by jointly investing in products with its own balance sheet, bringing economics of scale and an alignment of interests with its clients. Its investment philosophy focused on investment selection, opportunism, and patience points to its heritage as part of Sampo Group to generate strong returns for its clients.MAM\u2019s risk management follows Sampo Group\u2019s risk management principles and Mandatum Holding\u2019s risk management policy. MAM\u2019s risk management framework is in line with Mandatum Group\u2019s risk management framework. MAM\u2019s Board of Directors is responsible for the adequacy of risk management and internal control within the Company and the CEO has the overall respon-sibility for the implementation of risk management in accordance with the instructions set by the Board.MAM\u2019s most significant risk areas are operational risks, which is why operational risk management is an impor-tant part of the Company\u2019s risk management. In addition to operational risks, MAM is exposed to liquidity risk. MAM\u2019s business is financed by income financing, which consists of commission income from clients and partners. MAM has not financed its activities through external financing, so the Company does not have any related risks such as interest rate risk, exchange rate or refinancing risk. Going forward, MAM\u2019s liquidity strategy remains to seek to finance the business without external loan financing. MAM limits liquidity risk by monitoring its liquidity position on a regular basis and by maintaining a liquidity buffer. MAM also monitors its liquidity position with respect to regulatory liquidity requirements. MAM is also exposed to concentration risk with respect to its clients as most of its business is linked to clients within Sampo Group. Mandatum Life is MAM\u2019s largest client by commission income. This is not, however, considered a significant risk since Mandatum Life and MAM are both Sampo Group companies.MAM does not trade on its own account, and it is not exposed to market risk arising from its own trading book. MAM commission income is, however, strongly tied to the value of the assets it manages and, through its commis-sion income, MAM is exposed to market risk. Nonetheless, the asset portfolios MAM manages are well diversified both by asset class and sector as well as geographically.",
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"value": "Note to the cash flow statementIn December 2022, Topdanmark sold its life insurance business Topdanmark Life to Nordea. In the table below is shown the cash flow effect of the sale, presented in the cash flows from investing activities in the consolidated statement of cash flows.EURm 1\u201312/2022AssetsFinancial assets 11,901Other assets 343LiabilitiesInsurance liabilities 11,556Other liabilities 578Net assets other without cash and cash equivalents 110Cash and cash equivalents 231Net assets 340Goodwill 194Total consideration received in cash 534Unwinding costs paid -15Net cash from the sale 519",
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"value": "Group\u2019s notes to the financial statementsSummary of significant accounting policiesConsolidationSampo plc (business id 0142213-3) is a Finnish public company listed in Helsinki Nasdaq. It is domiciled in Helsinki and the headquarters are at Fabianinkatu 27, 00100 Helsinki, Finland. The consolidated financial statements of Sampo Group include Sampo plc together with its subsidiaries and associates as of 31 December 2022. The group subsidiaries have insurance and financ-ing activities in Finland, Sweden, Norway, Denmark, the Baltic countries, and the United Kingdom. A copy of the Group\u2019s financial statements is available at the internet address www.sampo.com. Basis of preparationSampo Group has prepared the consolidated financial statements for 2022 in compliance with the International Financial Reporting Standards (IFRSs). In preparing the financial statements, Sampo has applied all the standards and interpretations relating to its business, adopted by the commission of the EU and effective at 31 December, 2022.The annual improvements or other amendments to the standards, adopted at the beginning of 2022, had no materialimpact on the Group\u2019s financial statements reporting.In preparing the notes to the consolidated financial statements, attention has also been paid to the Finnish accounting and company legislation and applicable regulatory requirements.The going concern accounting assumption has been assessed by the Board and used in the preparation of the financial statements.The financial statements have for the most part been prepared under the historical cost convention. Exceptions are, i.e. financial assets and liabilities at fair value through p/l, financial assets available-for-sale, hedged items in fair value hedges, investment property and share-based payments settled in equity instruments measured at fair value.The consolidated financial statements are presented in euro (EUR), rounded to the nearest million, unless otherwise stated.The Board of Directors of Sampo plc accepted the financial statements for issue on 10 February 2023. In accordance with Limited Liability Companies Act, the Annual General Meeting has right to approve or reject the consolidated financial statements or change the statements after they have been issued.",
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"value": "Group\u2019s notes to the financial statementsSummary of significant accounting policiesConsolidationSampo plc (business id 0142213-3) is a Finnish public company listed in Helsinki Nasdaq. It is domiciled in Helsinki and the headquarters are at Fabianinkatu 27, 00100 Helsinki, Finland. The consolidated financial statements of Sampo Group include Sampo plc together with its subsidiaries and associates as of 31 December 2022. The group subsidiaries have insurance and financ-ing activities in Finland, Sweden, Norway, Denmark, the Baltic countries, and the United Kingdom. A copy of the Group\u2019s financial statements is available at the internet address www.sampo.com. Basis of preparationSampo Group has prepared the consolidated financial statements for 2022 in compliance with the International Financial Reporting Standards (IFRSs). In preparing the financial statements, Sampo has applied all the standards and interpretations relating to its business, adopted by the commission of the EU and effective at 31 December, 2022.The annual improvements or other amendments to the standards, adopted at the beginning of 2022, had no materialimpact on the Group\u2019s financial statements reporting.In preparing the notes to the consolidated financial statements, attention has also been paid to the Finnish accounting and company legislation and applicable regulatory requirements.The going concern accounting assumption has been assessed by the Board and used in the preparation of the financial statements.The financial statements have for the most part been prepared under the historical cost convention. Exceptions are, i.e. financial assets and liabilities at fair value through p/l, financial assets available-for-sale, hedged items in fair value hedges, investment property and share-based payments settled in equity instruments measured at fair value.The consolidated financial statements are presented in euro (EUR), rounded to the nearest million, unless otherwise stated.The Board of Directors of Sampo plc accepted the financial statements for issue on 10 February 2023. In accordance with Limited Liability Companies Act, the Annual General Meeting has right to approve or reject the consolidated financial statements or change the statements after they have been issued.ConsolidationSubsidiariesThe consolidated financial statements combine the financial statements of Sampo plc and all its subsidiaries. Control exists when the Group has more than half of the voting power or it has power over the entity together with exposure to variable returns from its involvement there and the ability to use its power to affect the amount of these returns. Subsidiaries are consolidated from the date on which control is transferred to the Group, and cease to be consolidated from the date that control ceases.The acquisition method of accounting is used for the purchase of subsidiaries. The cost of an acquisition is allocated to the identifiable assets, liabilities and contingent liabilities, which are measured at the fair value of the date of the acquisition. Acquisition-related costs are recognised through profit or loss. Possible non-con-trolling interest of the acquired entity is measured either at fair value or at proportionate interest in the acquiree\u2019s net assets. The acquisition-specific choice affects both the amount of recognised goodwill and non-controlling interest. The excess of the aggregate of consideration transferred, non-controlling interest and possibly previously held equity interest in the acquiree, over the Group\u2019s share of the fair value of the identifiable net assets acquired, is recognised as goodwill.The accounting policies used throughout the Group for the purposes of consolidation are consistent with respect to similar business activities and other events taking place in similar conditions. All intra-group transactions and balances are eliminated upon consolidation.AssociatesAssociates are entities in which the Group has significant influence. Unless otherwise demonstrated, this is generally presumed when the Group holds in excess of 20 per cent, but no more than 50 per cent, of the voting rights of an entity. Correspondingly, even when the Group holds less than 20 per cent of the voting power, it can be treated as an associate if the significant influence can be otherwise clearly demonstrated as described in IAS 28 Investments in Associates and Joint Ventures.Investments in associates are treated by the equity method of accounting, in which the investment is initially recorded at cost and increased (or decreased) each year by the Group\u2019s share of the post-acquisition net income (or loss), or other movements reflected directly in the equity of the associate. If the Group\u2019s share of the associate\u2019s loss exceeds the carrying amount of the investment, the investment is carried at zero value, and the loss in excess is consolidated only if the Group is committed to fulfilling the obligations of the associate. Goodwill arising on the acquisition is included in the cost of the investment. Unrealised gains (losses) on transactions are eliminated to the extent of the Group\u2019s interest in the entity.The share of associates\u2019 profit or loss, equivalent to the Group\u2019s holding, is presented as a separate line in the income statement. The Group\u2019s share of associates\u2019 changes in other comprehensive income is presented in the Group\u2019s other comprehensive income items.If there is any indication that the value of the investment may be impaired, the consolidated carrying amount is tested by comparing it with its recoverable amount. The recoverable amount is the higher of its value in use or its fair value less costs to sell. If the recoverable amount is less than its consolidated carrying amount, the carrying amount is reduced to its recoverable amount by recognising an impairment loss in the profit/loss. If the recoverable amount later increases and is greater than the carrying amount, the impairment loss is reversed through profit and loss.Non-controlling interestsThe technical division of profit for the financial year and the total comprehensive income to the owners of the parent and non-controlling interests is presented after the statement of comprehensive income. The share of profits is attributed to non-controlling interests even if it should be negative. Non-controlling interests are presented in the balance sheet separately as part of equity. Non-controlling interests in an acquiree are measured either at fair value or as a proportionate share of net assets of the acquiree. The choice is made for each acquisition separately. At the end of the financial reporting period, Sampo\u2019s non-controlling interests were determined as the proportionate share of net assets of the acquirees.Foreign currency translationThe consolidated financial statements are presented in euro, which is the functional and reporting currency of the Group and the parent company. Items included in the financial statements of each of the Group entities are measured using their functional currency, being the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the appropriate functional currency using the exchange rates prevailing at the dates of transactions or the average rate for a month. The balance sheet items denominated in foreign currencies are translated into the functional currency at the rate prevailing at the balance sheet date.Exchange differences arising from the translation of trans- actions and monetary balance sheet items denominated in foreign currencies into functional currency are recognised as translation gains and losses in profit or loss. Exchange differences arising from non-monetary financial assets classified as available-for-sale financial assets are recognised directly in the fair value reserve in equity.The income statements of Group entities whose functional currency is other than euro are translated into euro at the average rate for the period, and the balance sheets at the rates prevailing at the balance sheet date. The resulting exchange differences are included in equity and their change in other comprehensive income. When a subsidiary is divested entirely or partially, the cumulative exchange differences are included in the income statement under sales gains or losses.Goodwill and fair value adjustments arising from an acquisition of a foreign entity are treated as if they were assets and liabilities of the foreign entity. Exchange differences resulting from the translation of these items at the exchange rate of the balance sheet date are included in equity and their change in other comprehensive income.Balance sheet Average 1 euro (EUR) =dateexchange rateSwedish krona (SEK) 11.1218 10.6286Danish krona (DKK) 7.4365 7.4396Pound sterling (GBP) 0.8869 0.8527Segment reportingThe Group\u2019s segmentation is based on business areas whose risks and performance bases as well as regulatory environment differ from each other. The control and management of business and management reporting are organised in accordance with the business segments. The Group\u2019s business segments are If, Topdanmark, Hastings, Mandatum and Holding (including Nordea). Geographical information has been given on income from external customers and non-current assets. The reported segments are Finland, Sweden, Norway, Denmark, Great Britain and the Baltic countries.In the inter-segment and inter-company pricing, for both domestic and cross border transactions, market-based prices are applied. The pricing is based on the Code of Conduct on Transfer Pricing Documentation in the EU and OECD guidelines. Inter-segment transactions, assets and liabilities are eliminated in the consolidated financial statements.Non-current assets held for saleNon-current assets and the assets and liabilities related to discontinued operations are classified as held for sale, if their carrying amount will be recovered principally through sales transactions rather than from continuing use. For this to be the case, the sale must be highly probable, the asset or disposal group must be available Insurance premiumsInsurance premiums in the income statement consist of premiums written for P&C insurance and life insurance.P&C insurance contracts are primarily of short duration, so that premiums written are recognised at the inception of risk coverage in line with the insurance contract. Revenue recognition principlesfor immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. In addition, the management must be committed to a plan to sell, and the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets that meet the criteria to be classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Immediately before the initial classification of the asset as held for sale, the carrying amount of the asset shall be measured in accordance with applicable IFRSs. If the fair value less costs to sell is the lower, an entity recognises an impairment loss at initial reclassification. Gains for subsequent increases in fair value are recognised through profit or loss. Once reclassified, any depreciation or recognition of associates\u2019 share of profit or loss on such assets ceases. When the premium for the insurance period is divided into several instalments, the entire premium amount is still recognised at the beginning of the period. As an exception, Hastings recognises insurance premiums proportionally over the period of cover provided. At the date of financial statements, the premiums written are adjusted by a change in the provision for unearned premiums i.e., by the proportion of the insurance premium income that, based on the period covered by the insurance contract, belongs to the following financial year.In the life insurance business, liabilities arising from insurance and investment contracts are long-term liabilities. Therefore, the insurance premium and related claims are usually not recognised in the same accounting period. Depending on the type of insurance, premiums are primarily recognised in premiums written when the premium has been paid. In group pension insurance, a part of the premiums is recognised already when charged.The change in the provision for unearned premiums is presented as an expense under \u2018Change in insurance and investment contract liabilities\u2019.on the instrument evenly in proportion to the amount outstanding over the period to maturity. Dividends on equity securities are recognised as revenue when the right to receive payment is established.Fees and commissionsThe fees and transaction costs of financial instruments measured at fair value through profit or loss are recog-nised in profit or loss when the instrument is initially recognised.The costs of acquiring new and renewed insurance busi-ness are treated as deferred acquisition costs in the P&C insurance. In the life insurance business, the acquisition costs are treated as fee and commission expense under \u2019Other operating expenses\u2019.Other fees and commissions paid for investment activities are included in \u2019Net income from investments\u2019.Revenue from contracts with customersThe subsidiary Hastings has revenue from broker activities in accordance with IFRS 15 Revenue from Contracts with Customers. The revenue consists principally of fees and commissions relating to the arrangement of third party underwritten insurance contracts and ancillary products.Revenue from insurance brokerage activities is recognised at the point of sale to the customer and revenue from other retail services is recognised when the service has been completed. Revenue arising from insurance broking activities is measured on an agency basis, net of cost, at the fair value of the income receivable after adjusting for any allowance for expected future cancellation refunds. Hastings may also provide contracts for the provision of other ad hoc, point-in-time services to customers. Such income is recognised when the performance obligation has been satisfied at the expected value of consideration.In the consolidated financial statements, the fees and commissions from broker activities are included in \u2019Other income\u2019 or \u2019Other operating expenses\u2019.Financial assets and liabilitiesFinancial assets and liabilities are measured at the initial recognition at fair value. In the acquisition of financial assets and liabilities not measured at fair value, transaction costs directly attributable to acquisition or issue are added or deducted respectively. Based on the measurement practice, financial assets and liabilities are classified in the following categories upon the initial recognition: financial assets at fair value through profit or loss, loans and receivables, available-for-sale financial assets, financial liabilities at fair value through profit or loss, and other liabilities.Interest and dividendsInterest income and expenses are recognised in the income statement using the effective interest rate method. This method recognises income and expenses According to the Group\u2019s risk management policy, invest-ments are managed at fair value in order to have the most realistic and real-time picture of investments, and they are reported to the Group key management at fair value. Investments comprise debt and equity securities. They are mainly classified as financial assets available-for-sale or at fair value through p/l.In the life insurance business, IFRS 4 Insurance Contracts provides that insurance contracts with a discretionary participation feature are measured in accordance with national valuation principles rather than at fair value. These contracts and investments made to cover shareholders\u2019 equity are managed in their entirety and are classified mainly as available-for-sale financial assets. An exception to the rule are investments related to unit-linked insurance, valued at fair value through p/l and shown as a separate line item in the balance sheet. The corresponding liability is also shown as a separate line item.Recognition and derecognitionPurchases and sales of financial assets at fair value through profit or loss and available-for-sale financial assets are recognised and derecognised on the trade date, which is the date on which the Group commits to purchase or sell the asset. Loans and receivables are recognised when cash is advanced.Financial assets and financial liabilities at fair value through profit or lossIn Sampo Group, financial assets and liabilities at fair value through profit of loss comprise financial assets held for trading and financial assets designated as at fair value through profit or loss.Financial assets designated as at fair value through profit or lossFinancial assets designated as at fair value through profit or loss are assets which, at inception, are irrevocably designated as such. They are initially recognised at their fair value. They are recognised in the income statement and balance sheet accordingly with the above-explained assets held for trading.Loans and receivablesLoans and receivables comprise non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and that the Group does not intend to sell immediately or in the short term. The category also comprises cash and balances with banks.Financial assets held for tradingA financial asset that is held for the purpose of selling or buying in the short term, or belongs to a portfolio that is managed together or is repeatedly used for short-term profit taking, is classified as an asset held for trading. Gains and losses arising from changes in fair value, or realised on disposal, together with related interest income and dividend, are recognised in the income statement.Also derivative instruments that are not designated as hedges and do not meet the requirements for hedge accounting are classified as financial assets for trading purposes.Financial derivatives held for trading are initially rec-ognised at fair value. Derivative instruments are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative instruments are recognised at fair value, and gains and losses arising from changes in fair value together with realised gains and losses, are recognised in the income statement.Financial assets and liabilities are offset and the net amount is presented in the balance sheet only when the Group has a legally enforceable right to set off the recog-nised amounts and it intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.Financial assets are derecognised when the contractual rights to receive cash flows have expired or the Group has substantially transferred all the risks and rewards of ownership. Financial liabilities are derecognised when the obligation specified in the contract is discharged or cancelled or expired.Loans and receivables are initially recognised at their fair value, including transaction costs directly attributable to the acquisition of the asset. Loans and receivables are subsequently measured at amortised cost using the effective interest rate method.Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivative financial investments that are designated as availa-ble-for-sale or that are not categorised into any other category. Available-for-sale financial assets comprise debt and equity securities and funds.Available-for-sale financial assets are initially recognised at fair value, including direct and incremental transaction costs. They are subsequently remeasured at fair value, and the changes in fair value are recorded in other comprehensive income and presented in the fair value reserve, taking the tax effect into account. Interest income and dividends are recognised in profit or loss. When the available-for-sale assets are sold, the cumulative change in the fair value is transferred from equity and recognised together with realised gains or losses in profit or loss. The cumulative change in the fair value is also transferred to profit or loss when the assets are impaired and the impairment loss is recognised. Exchange differences due to available-for-sale monetary balance sheet items are always recognised directly in profit or loss.Other financial liabilitiesOther financial liabilities comprise debt securities in issue and other financial liabilities.Other financial liabilities are recognised when the consideration is received and measured to amortised cost, using the effective interest rate method.If debt securities issued are redeemed before maturity, they are derecognised and the difference between the carrying amount and the consideration paid at redemp-tion is recognised in profit or loss.Fair valueThe fair value of financial instruments is determined primarily by using quoted prices in active markets. Instruments are measured either at a bid price or at the last trade price if there is an auction policy in the stock market of the price source. An exception are the syndicated loans which are measured at a mid-price because of the lower liquidity. The financial derivatives are also measured at the last trade price. If the financial instrument has a counter-item that will offset its market risk, the same price source is used in assets and liabilities to that extent. If a published price quotation does not exist for a financial instrument in its entirety, but active markets exist for its component parts, the fair value is determined on the basis of the relevant market prices of the component parts.Fair values of financial assets are based on either published price quotations or valuation techniques based on market observable inputs, where available. If these are not available, the fair value is established by using generally accepted valuation techniques including recent arm\u2019s length market transactions between knowledgeable, willing parties, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. For a limited amount of assets, the value needs to be determined using these other techniques. The carrying amount of cash and cash equivalents as well as settlement receivables included in other assets is used as an approximation of fair value.If the fair value of a financial asset cannot be determined, historical cost is deemed to be a sufficient approximation of fair value. The amount of such assets in the Group balance sheet is immaterial.The financial instruments measured at fair value have been classified into three hierarchy levels in the notes, depending on, e.g. if the market for the instrument is active, or if the inputs used in the valuation technique are observable. On level 1, the measurement of the instrument is based on quoted prices in active markets for identical assets or liabilities.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. The majority of Sampo Group\u2019s level 3 assets are private equity and alternative funds.For private equity funds, the valuation of the underlying investments is conducted by the fund manager who has all the relevant information required in the valuation process. The valuation is usually updated quarterly based on the value of the underlying assets and the amount of debt in the fund. There are several valuation methods, which can be based on, for example, the acquisition value of the investments, the value of publicly traded peer companies, the multiple-based valuation or the cashflows of the underlying investments. Most private equity funds follow the International Private Equity and Venture Capital (IPEV) guidelines which give detailed instructions on the valuation of private equity funds.Financial assets carried at amortised costThere is objective evidence of impairment, if an issuer or debtor, e.g. encounters significant financial difficulties that will lead to insolvency and to estimation that the customer will probably not be able to meet the obligations to the Group. Objective evidence is first assessed for financial assets that are individually significant, and then individually and collectively for financial assets not individually significant.When there is objective evidence of impairment of a financial asset carried at amortised cost, the amount of the loss is measured as the difference between the receivable\u2019s carrying amount and the present value of estimated future cash flows discounted at the receivable\u2019s original effective interest rate. The difference is recognised as an impairment loss in profit or loss. The impairment is assessed individually.If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can objectively be related to an event occurring after the impairment was recognised (e.g. the default status is removed), the previously recognised impairment loss shall be reversed through profit or loss.For alternative funds, the valuation is also conducted by the fund managers. Alternative funds often have complicated structures and the valuation is dependent on the nature of the underlying investments. There are many different valuation methods that can be used, for example, the method based on the cashflows of the underlying investments. The operations and valuation of alternative funds are regulated for example by the Alternative Investment Fund Managers Directive (AIFMD), which determines the principles and documentation requirements of the valuation process. Impairment of financial assetsSampo assesses at the end of each reporting period whether there is any objective evidence that a financial asset, other than those at fair value through p/l, may be impaired. A financial asset is impaired and impairment losses are recognised on the estimated future cash flows of the financial asset if there is objective evidence of impairment as a result of one or more loss events that occurred after the initial recognition of the asset and if that event has an impact that can be reliably estimated.Available-for-sale financial assetsIf there is objective evidence of an impairment of available-for-sale financial assets, this is evaluated in a separate assessment. This is done if, for example, there are changes in the credit rating of the debt instrument issuer, the issuer is placed on a watch list, or there is a default or delinquency in payments of principal or interests. For equity instruments, objective evidence may exist, if there is a significant or prolonged decline in the fair value of an equity instrument below its original acquisition cost.The decision on whether the impairment is significant or prolonged requires an assessment of the management. The assessment is done on a case-by-case basis with consideration paid not only to qualitative criteria but also historical changes in the value of an equity as well as time period during which the fair value of an equity instrument has been lower than the acquisition cost. In Sampo Group, the impairment is normally assessed to be significant, if the fair value of a listed equity or participation decreases below the average acquisition cost by 20 per cent and assessed to be prolonged when the fair value has been lower than the acquisition cost for over 12 months.As there are no quoted prices available in active markets for unquoted equities and participations, the aim is to determine their fair value with the help of generally accepted valuation techniques available in the markets. The most significant share of unquoted equities and participations comprise the private equity and venture capital investments. They are measured in accordance with the generally accepted common practice in the International Private Equity and Venture Capital Guidelines (IPEV).The significance and prolongation of the impairment in the last-mentioned cases is assessed case by case, taking into consideration special factors and circumstances related to the investment. Sampo invests in private equity and venture capital in order to keep them to the end of their life cycle, so the typical lifetime is 10\u201312 years. In general, a justifiable assessment of a potential impairment may only be done towards the end of the life cycle. However, if additionally there is a well-founded reason to believe that an amount equivalent to the acquisition cost will not be recovered when selling the investment, an impairment loss is recognised.An impairment on equity funds is recognised in line with the principles above when the starting year of the fund is at least 10 years old and both the carrying amount and fair value of the fund is maximum EUR 500,000. In these cases both the fair value and the carrying amount are booked to zero. An impairment is only performed to those funds for which the benchmarks are met in all Sampo Group companies\u2019 portfolios.In the case of debt securities, the amount of the impairment loss is assessed as the difference between the acquisition cost, adjusted with capital amortisations and accruals, and the fair value at the review time, reduced by possible impairment losses previously recognised in profit or loss. At the same time, the cumulative loss recognised in other comprehensive income is transferred from equity and recognised in p/l as an impairment loss. Any additional impairment losses are also recognised through p/l.If, in a subsequent period, the fair value of a debt security increases and the increase can objectively be related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through p/l, but only up until the carrying amount is the same as it would have been had no impairment losses been recognised in the first place.Impairment losses for available-for-sale equity instruments are recognised through p/l by transferring the cumulative loss recognised in other comprehensive income from equity to p/l. If the fair value subsequently increases, the increase is recognised in other comprehensive income. If the value keeps decreasing below the book value, an impairment loss is recognised through profit or loss even if the decline is less than 20 per cent.Derivative financial instruments and hedge accountingDerivative financial instruments are classified as those held for trading and those held for hedging, including interest rate derivatives, credit risk derivatives, foreign exchange derivatives, equity derivatives and commodity derivatives. Derivative instruments are measured initially at fair value. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.Derivatives held for tradingDerivative instruments that are not designated as hedges and embedded derivatives separated from a host contract are treated as held for trading. They are measured at fair value and the change in fair value, together with realised gains and losses and interest income and expenses, is recognised in profit or loss.If derivatives are used for hedging, but they do not qualify for hedge accounting as required by IAS 39, they are treated as held for trading.Hedge accountingSampo Group may hedge its operations against interest rate risks, currency risks and price risks through fair value hedging and cash flow hedging. Cash flow hedging is used as a protection against the variability of the future cash flows, while fair value hedging is used to protect against changes in the fair value of recognised assets or liabilities. During the financial year, fair value hedging has been applied in Mandatum and cash flow hedging in Hastings.Hedge accounting applies to hedges that are effective in relation to the hedged risk and meet the hedge accounting requirements of IAS 39. The hedging relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge, are documented at the inception of the hedge. In addition, the effectiveness of a hedge is assessed both at inception and on an ongoing basis to ensure that it is highly effective throughout the period for which it was designated. Hedges are regarded as highly effective in offsetting changes in fair value or the cash flows attributable to a hedged risk within a range of 80\u2013125 per cent.Cash flow hedgingCash flow hedging is used to hedge the interest cash flows of individual floating rate debt securities or other floating rate assets or liabilities. The hedging instruments used include interest rate swaps and cross currency interest rate swaps. Derivative instruments which are designated as hedges and are effective as such, in accordance with IAS 39, are measured at fair value. The effective part of the change in fair value is recognised in other comprehensive income. The remaining ineffective part is recognised in profit or loss.The cumulative change in fair value is transferred from equity and recognised in profit or loss in the same period that the hedged cash flows affect profit or loss.When a hedging instrument expires, is sold, terminated, or the hedge no longer meets the criteria for hedge accounting, the cumulative change in fair value remains in equity until the hedged cash flows affect profit or loss.Fair value hedgingIn accordance with the Group\u2019s risk management principles, fair value hedging is used to hedge changes in fair values resulting from changes in price, interest rate or exchange rate levels. The hedging instruments used include foreign exchange forwards, interest rate swaps, cross-currency interest rate swaps and options, approved by the managements of the Group companies.Changes in the fair value of derivative instruments that are documented as fair value hedges and are effective in relation to the hedged risk are recognised in profit or loss. In addition, the hedged assets and liabilities are measured at fair value during the period for which the hedge was designated, with changes in fair value recognised in profit or loss.LeasesIntangible assetsGroup as lessorLeases are included in \u2019Investment property\u2019 in the balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment, and the impairment losses are recognised on the same basis as these items. Rental income is recognised on a straight-line basis over the lease term in profit or loss.Other intangible assetsIT software and other intangible assets, whether procured externally or internally generated, are recognised in the balance sheet as intangible assets with finite useful lives if it is probable that the expected future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The cost of internally generated intangible assets is determined as the sum of all costs directly attributable to the assets. Research costs are recognised as expenses in profit or loss as they are incurred. Costs arising from the development of new IT software or from significant improvement of existing software are recognised only to the extent they meet the above-mentioned requirements for being recognised as assets in the balance sheet.Intangible assets with finite useful lives are measured at historical cost less accumulated amortisation and impairment losses. Intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. The estimated useful lives by asset class are as follows:IT software 3\u201310 yearsOther intangible assets 3\u201310 yearsGoodwillGoodwill represents the excess of the cost of an acquisition (made after 1 January 2004) over the fair value of the Group\u2019s share of the net identifiable assets, liabilities and contingent liabilities of the acquired entity at the date of acquisition. Goodwill on acquisitions before 1 January 2004 is accounted for in accordance with the previous accounting standards and the carrying amount is used as the deemed cost in accordance with the IFRS.Goodwill is measured at historical cost less accumulated impairment losses. Goodwill is not amortised. Instead, it is tested at least annually for impairment.Group as lesseeAll lease contracts are primarily recognised in the balance sheet in accordance with IFRS 16 Leases. The only optional exemptions include certain short-term contracts with a duration under 12 months or low-value contracts for which the lease payments can be recognised as an expense on a straight-line basis over the lease term.Right-of-use assets related to lease contracts (right to use an underlying asset) are recognised in the asset side as part of Property, Plant and Equipment and the corresponding lease liabilities in the liability side as part of Other liabilities. A right-of-use asset is recognised at the commencement date of the lease and measured at cost that includes the amount of the initial measurement of the liability and potential prepaid rents to the lessor. Right-of-use assets are amortised on a straight-line basis over the lease period. Lease liability is also recognised at the commencement date and measured at the present value of the lease payments.Depreciations on right-of-use assets and interests on the lease liabilities are recognised in the p/l.Intangible assets with an indefinite useful life, such as brands and trademarks acquired in business combinations, are not amortised. Instead they are tested at least annually for impairment.Impairment of intangible assets and property, plant and equipmentAt each reporting date, the Group assesses whether there is any indication that an intangible asset or an item of property, plant or equipment may be impaired. If any such indication exists, the Group will estimate the recoverable amount of the asset. In addition, goodwill, intangible assets not yet available for use and intangible assets with an indefinite useful life will be tested for impairment annually, independent of any indication of impairment. For impairment testing the goodwill is allocated to the cash-generating units of the Group from the date of acquisition. In the test the carrying amount of the cash-generating unit, including the goodwill, is compared with its recoverable amount.The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. The value in use is calculated by estimating future net cash flows expected to be derived from an asset or a cash-generating unit, and by discounting them to their present value using a pre-tax discount rate. If the carrying amount of an asset is higher than its recoverable amount, an impairment loss is recognised in profit or loss. In conjunction with this, the impaired asset\u2019s useful life will be re-determined.The impairment loss is reversed if there has been a change in circumstances and the recoverable amount has changed after the recognition of the impairment loss, but no more than to the carrying amount which it would have been without recognition of the impairment loss. Impairment losses recognised for goodwill are not reversed.Property, plant and equipmentProperty, plant and equipment comprise properties occupied for Sampo\u2019s own activities, office equipment, fixtures and fittings, and furniture. Classification of properties as those occupied for own activities and those for investment activities is based on the square metres in use. If the proportion of a property in Sampo\u2019s use is no more than 10 per cent, the property is classified as an investment property.Property, plant and equipment are measured at historical cost less accumulated depreciation and impairment losses.Improvement costs are added to the carrying amount of a property when it is probable that the future economic benefits that are attributable to the asset will flow to the entity. Costs for repairs and maintenance are recognised as expenses in the period in which they were incurred.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful life. In most cases, the residual value is estimated at zero. Land is not depreciated. Estimates of useful life are reviewed at financial year-ends and the useful life is adjusted if the estimates change significantly. The estimated useful lives by asset class are as follows:Buildings 20\u201350 yearsComponents of buildings 15\u201320 yearsProperty and leasehold improvements 4\u201310 yearsIT equipment and motor vehicles 2\u20135 yearsOther equipment 3\u201315 yearsDepreciation of property, plant or equipment will be discontinued, if the asset in question is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.Investment propertyInvestment property is held to earn rentals and for capital appreciation. The investment property is measured at fair value. The accounting principle was changed from an acquisition model to a fair value model in the financial year 2021 in order to align the Group accounting principles.The Group assessed that the change had an immaterial effect on the consolidated financial statements. The fair value of investment property is estimated using methods based on estimates of future cash flows and market-based return expectations (cash flow models used for present value calculation) and comparison methods based on information from actual sales in the market. The valuation considers the characteristics of the prop-erty with respect to location, condition, lease situation and comparable market information regarding rents, yield requirements and unit prices. During the financial year, the valuations were conducted by using both the Group\u2019s internal resources and external independent surveyors.ProvisionsA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the Group can reliably estimate the amount of the obligation. If it is expected that some or all of the expend-iture required to settle the provision will be reimbursed by another party, the reimbursement will be treated as a separate asset only when it is virtually certain that the Group will receive it.Reinsurance contractsA reinsurance contract is a contract which meets the IFRS 4 requirements for insurance contracts and on the basis of which Sampo Group (the cedant) may receive compensation from another insurer (the reinsurer) if it becomes liable for paying compensation based on other insurance contracts it has issued. Such compensation received on the basis of reinsurance contracts is included in the balance sheet under \u2019Reinsurers\u2019 share of insurance liabilities\u2019 and \u2019Other assets\u2019. The former item includes the reinsurers\u2019 share of the provisions for unearned premiums and claims outstanding in the Group\u2019s reinsured insurance contracts, while the latter includes short-term receivables from reinsurers.When the Group itself has to pay compensation to another insurer on the basis of a reinsurance contract, the liability is recognised in the item \u2019Other liabilities\u2019. Receivables and liabilities related to reinsurance are measured uniformly with the cedant\u2019s receivables and liabilities. Reinsurance receivables are tested annually for impairment. Impairment losses are recognised through profit or loss if there is objective evidence indicating that the Group (as the cedant) will not receive all amounts of money it is entitled to on a contractual basis.In addition, the Group companies have contracts where they share the insurance risk with a co-insurance partner. Where the Group is the secondary co-insurer, the Group only recognises its share of the premium as an insurance receivable and related claims liability. Where the Group acts as the lead co-insurer, the gross premium is recognised as an insurance receivable, with a related co-insurance payable to the co-insurer.Insurance and investment contractsInsurance contracts are treated, in accordance with IFRS 4, either as insurance or investment contracts. Under the standard, insurance contracts are classified as insurance contracts if significant insurance risk is transferred between the policyholder and the insurer. If the risk trans-ferred on the basis of the contract is essentially financial risk rather than significant insurance risk, the contract is classified as an investment contract. The classification of a contract as an insurance contract or investment contract determines the measurement principle applied to it.Sampo treats the liabilities arising from contracts in the first phase of the standard according to the national accounting standards.The risks involved in insurance and investment contracts are widely elaborated in the Group\u2019s note 35.Classification of insurance contractsIn classifying insurance contracts and examining their related risks, embedded contracts are interpreted as one contract.Other than insurance contracts, i.e. contracts where the risk is not transferred, include Captive contracts in which an insurance company underwrites a company\u2019s direct business and reinsures the same risk in an insurance company in the same group as the policyholder. There are also contracts in P&C insurance (Reverse Flow Fronting contracts) in which the insurance company grants insurance and then transfers the insurance risk to the final insurer. For both the above types of contract, only the net effect of the contract relationship is recognised in the income statement and balance sheet (instead of the gross treatment, as previously). The prerequisite for net treatment is that the net retention recognised on the contract is zero.There are also contracts in P&C insurance in which the insurance risk is eliminated by a retrospective insurance premium, i.e. the difference between forecast and actual losses is evened out by an additional premium directly or in connection with the annual renewal of the insurance. The net cash flow from these contracts is recognised directly in the balance sheet, without recognising it first in the income statement as premiums written and claims incurred.Insurance liabilitiesInsurance liabilities are the net contractual obligations which the insurer has on the basis of insurance contracts. Insurance liabilities, consisting of the liability for unearned premiums and unexpired risks and for claims outstanding, correspond to the obligations under insurance contracts.The liability for unearned premiums is intended to cover anticipated claims costs and operating expenses during the remaining term of insurance contracts in force. In P&C insurance and reinsurance, the liability for unearned premiums is normally calculated on a strictly proportional basis over time, i.e. on a pro rata temporis basis. If premiums are judged to be insufficient to cover anticipated claims costs and operating expenses, the liability for unearned premiums must be augmented by a provision for unexpired risks. Calculation of the liability for unexpired risks must also take into account instalment premiums not yet due.The liability for claims outstanding is intended to cover the anticipated future payments of all claims incurred, including claims not yet reported to the company, i.e. the IBNR (incurred but not reported) provision. The liability for claims outstanding includes claims payments plus all estimated costs of claim settlements.The liability for claims outstanding in direct P&C insurance and reinsurance may be calculated by statistical methods or through individual assessments of individual claims. Often a combination of the two methods is used, meaning large claims are assessed individually while small claims and claims incurred but not reported (the IBNR provision) are calculated using statistical methods.In If, the liability for claims outstanding is not discounted to present value, with the exception of provisions for vested annuities. Topdanmark discounts the whole liability. In Hastings, the liability is not discounted, except for claims that have to do with certain large bodily injury. Mandatum does not discount anything.Liability adequacy test A liability adequacy test is performed separately for both the provision for claims outstanding and the provision for unearned premiums. The provision for claims out-standing is based on estimates of future cash flows. The estimates are made by using well-established actuarial methods.The provision for unearned premiums is, for the most part, calculated on a strictly proportional basis over time (so called pro rata temporis principle). The adequacy of the provision for unearned premiums is tested by calcu-lating a provision for unexpired risks for each company per business area and line of business. If the provisions are judged to be insufficient, the provision for unearned premiums is augmented by recognising a provision for unexpired risks.P&C insurance businessDeferred acquisition costsIn the P&C insurance business, acquisition costs clearly relating to the writing of insurance contracts and extend-ing beyond the financial year are recognised as assets in the balance sheet. Acquisition costs include operating expenses directly or indirectly attributable to writing insurance contracts, fees and commissions, marketing expenses and the salaries and overheads of sales staff.Acquisition costs are amortised in the same way as provisions for unearned premiums, usually in 12 months at the maximum.Classification of insurance contractsPolicies issued by the life insurance business are classified as either insurance contracts or investment contracts.Insurance contracts are contracts that carry significant insurance risk or contracts in which the policyholder has the right to change the contract by increasing the risk. As capital redemption contracts do not carry insurance risk, these contracts are classified as investment contracts.The discretionary participation feature (DPF) of a contract is a contractual right held by a policyholder to receive additional benefits, as a supplement to the guaranteed minimum benefits. The supplements are bonuses based on the reserves of policies credited to the policy reserve, additional benefits in the case of death, or the lowering of insurance premiums. In Mandatum, the principle of fairness specifies the application of this feature. In unit-linked contracts the policyholder carries the investment risk by choosing the investment funds linked to the contracts.Measurement of insurance and investment contractsIn Mandatum, national accounting standards in accord-ance with IFRS 4 Insurance contracts are applied to all insurance contracts and investment contracts with DPF.All contracts, except unit-linked contracts and the assumed reinsurance, include DPF. In those unit-linked contracts which are not insurance contracts, the policy-holder has the possibility to transfer the return on savings from unit-linked schemes to guaranteed interest with DPF. Thus, the same standard is applied to these contracts as to contracts with DPF.The surrender right, guaranteed interest and the unbundling of the insurance component from the deposit component and similar features are not separated and measured separately.In Mandatum, regarding the group pension portfolio transferred from Suomi Mutual (=segregated portfolio), a so-called shadow accounting is applied, as permitted in IFRS 4.30, by adjusting the equity with the amount of unrealised gains and losses of the agreement. The equity is adjusted with the amount that unrealised gains or losses would have affected the Segregated Portfolio in accordance with the profit distribution policy of the Segregated Portfolio if the gains or losses had been realised at the balance sheet date.In Topdanmark, unit-linked contracts include both insurance and investment contracts. Insurance contracts are measured in accordance with IFRS 4. Investment contracts, on the other hand, are measured in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Investment contracts do not include a discretionary participation feature.All unit-linked insurance contracts are payable on demand at market value. In case of death, 101 per cent of the amount is payable. This feature is considered an insig-nificant insurance risk, and the contracts are categorised and measured as investment contracts. There are no other surrender rights and values to take into consideration.Insurance and investment contract liabilities and reinsurance assetsLiabilities arising from insurance and investment contracts consist of provisions for unearned premiums and outstanding claims. In the life insurance business, various methods are applied in calculating liabilities which involve assumptions on matters such as mortality, morbidity, the yield level of investments, future operating expenses and the settlement of claims.Changes in the liabilities of reinsurance have been calculated at variable rates of exchange.Life insurance businessIn direct insurance, the insurance liability is calculated by policy, while in reinsurance it is calculated on the basis of the reports of the ceding company or the company\u2019s own bases of calculation.The interest rate used in discounting liabilities is, at most, the maximum rate accepted by the authorities in each country.The provision for claims outstanding is intended to cover the anticipated future payments of all claims incurred, including claims not yet reported to the company (the \u201cIBNR\u201d provision). The provision for claims outstanding includes claim payments plus all costs of claim settle-ments.The amounts of short- and long-term liabilities in technical provisions are determined annually.Liability adequacy testA liability adequacy test is applied to all portfolios and the need for augmentation is checked, company by company, on the basis of the adequacy of the whole technical provisions. The test includes all the expected contractual cash flows for non-unit-linked liabilities. The expected contractual cash flows include expected premiums, claims, bonuses and expenses. The claims have been estimated including surrenders and other insurance transactions based on historical data. The amounts of claims include the guaranteed interest and an estimation of future bonuses. The present values of the cash flows have been discounted to the balance sheet date.For the unit-linked business, the present values of the insurance risk and expense results are calculated correspondingly. If the aggregate amount of the liability for the unit-linked and other business presumes an augmentation, the liability is increased by the amount shown by the test and recognised in profit or loss.Principle of fairnessAccording to Chapter 13, Section 2 of the Finnish Insurance Companies\u2019 Act, the Principle of Fairness must be observed in life insurance and investment contracts with a discretionary participation feature. If the solvency requirements do not prevent it, a reasonable part of the surplus has to be returned to these policies as bonuses.Mandatum aims at giving a total return before charges and taxes on the original insurance portfolio\u2019s policyhold-ers\u2019 savings in contracts with DPF that is at least the yield of those long term bonds, which are considered to have lowest risk. The total return consists of the guaranteed interest rate and bonuses determined annually. Continu-ity is pursued in the level of bonuses.Employee benefitsPost-employment benefitsPost-employment benefits include pensions and life insurance.Sampo has defined benefit plans in Sweden and Norway, and defined contribution plans in other countries. The most significant defined contribution plan is that arranged through the Employees\u2019 Pensions Act (TyEL) in Finland.In the defined contribution plans, the Group pays fixed contributions to a pension insurance company and has no legal or constructive obligation to pay further contribu-tions. The obligations arising from a defined contribution plan are recognised as an expense in the period to which the obligation relates.In the defined benefit plans, the company still has obligations after paying the contributions for the financial period and bears their actuarial and/or investment risk. The obligation is calculated separately for each plan using the projected unit credit method. In calculating the amount of the obligation, actuarial assumptions are used. The pension costs are recognised as an expense for the service period of employees. Defined benefit plans are both funded and unfunded. The amounts reported as pension costs during a financial year consist of the actuarially calculated earnings of old-age pensions during the year, calculated straight-line, based on pensionable income at the time of retirement. The calculated effects in the form of interest expense for crediting/appreciating the preceding years\u2019 established pension obligations are then added. The calculation of pension costs during the financial year starts at the begin-ning of the year and is based on assumptions about such factors as salary growth and price inflation throughout the duration of the obligation and on the current market interest rate adjusted to take into account the duration of the pension obligations.The current year pension cost and the net interest of the net liability is recognised through p/l in pension costs. The actuarial gains and losses and the return of the plan assets (excl. net interest) are recognised as a separate item in other comprehensive income.The fair value of the plan assets covered by the plan is deducted from the present value of future pension obligations and the remaining net liability (net asset) is recognised separately in the balance sheet.The Group has also certain voluntary defined benefit plans. These are intra-Group and have no material significance.Termination benefitsAn obligation based on termination of employment is recognised as a liability when the Group is verifiably committed to terminate the employment of one or more persons before the normal retirement date or to grant benefits payable upon termination as a result of an offer to promote voluntary redundancy. As no economic benefit is expected to flow to the employer from these benefits in the future, they are recognised immediately as an expense. Obligations maturing more than 12 months later than the balance sheet date are discounted. The benefits payable upon termination at Sampo are the monetary and pension packages related to redundancy.Share-based paymentsDuring the financial year, Sampo had five valid share-based incentive schemes settled in cash (the long-term incentive schemes 2017 I, 2017 II, 2020 I, 2020 II and 2020 III for the management and key employees). Topdanmark had one mainly share-settled incentive scheme for the executive board and senior executives during the financial year. Hastings had also a share-based incentive scheme settled in cash during the financial year.More information on the different incentive schemes of the Group companies can be found in note 30 Incentive schemes.The schemes have been measured at fair value at the grant date and at every reporting date thereafter.In the schemes settled in cash, the valuation is recognised as a liability and changes are recognised through profit or loss.In the schemes settled in shares, the strike amounts received on the exercise of the options are recognised in the shareholder\u2019s equity.The fair value of the schemes has to a large extent been determined using the Black-Scholes-pricing model. The fair value of the market-based part of the incentive takes into consideration the model\u2019s forecast concerning the number of incentive units to be paid as a reward. The effects of non-market based terms are not included in the fair value of the incentive; instead, they are taken into account in the number of those incentive units that are expected to be exercised during the vesting period. In this respect, the Group will update the assumption on the estimated final number of incentive units at every interim or annual balance sheet date.Income taxesItem Tax expenses in the income statement comprise current and deferred tax. Tax expenses are recognised through profit or loss, except for items recognised directly in equity or other comprehensive income, in which case the tax effect will also be recognised for those items. Current tax is calculated based on the valid tax rate of each country. Tax is adjusted by any tax related to previous periods.Deferred tax is calculated on all temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Deferred tax is not recognised on non-deductible goodwill impairment, nor is it recognised on the undistributed profits of subsidiaries to the extent that it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax liabilities and assets are offset in the individual companies if, and only if, they relate to income taxes levied by the same taxation authority and the company has a legally enforceable right of offset them. Deferred tax is calculated by using the enacted tax rates prior to the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable income will be available against which a tempo-rary difference can be utilised.Share capitalThe incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are included in equity as a deduction, net of tax, from the proceeds.Dividends are recognised in equity in the period when they are approved by the Annual General Meeting. When the parent company or other Group companies purchase the parent company\u2019s equity shares, the consideration paid is deducted from the equity as treasury shares until they are cancelled. If such shares are subsequently sold or reissued, any consideration received is included in equity.Cash and cash equivalentsCash and cash equivalents comprise cash and short-term deposits (3 months).Sampo presents cash flows from operating activities using the indirect method in which the profit (loss) before taxation is adjusted for the effects of transactions of a non-cash nature, deferrals and accruals, and income and expense associated with investing or financing cash flows.In the cash flow statement, interest received and paid is presented in cash flows from operating activities. In addition, the dividends received, from other than associated companies, are included in cash flows from operating activities. Dividends received from associates are presented in cash flows from investments. Dividends paid are presented in cash flows from financing.Treasury sharesThe purchase price paid for buy-back of treasury shares (own shares) is directly deducted from equity. No gains or losses are recognised from purchase, sale or cancellation of own shares. If own shares are re-issued, the difference between purchase price and consideration received is recognised in the premium reserve. Accounting policies requiring management judgement and key sources of estimation uncertaintiesPreparation of the accounts in accordance with the IFRS requires management estimates and assumptions that affect the revenue, expenses, assets, liabilities and contingent liabilities presented in the financial statements. Judgement is needed also in the application of accounting policies. The estimates made are based on the best information available at the balance sheet date. The estimation is based on historical experiences and the most probable assumptions concerning the future at the balance sheet date. The actual outcome may deviate from results based on estimates and assumptions. Any changes in the estimates will be recognised in the financial year during which the estimate is reviewed and in all subse-quent periods.Sampo\u2019s main assumptions concerning the future and the key uncertainties related to balance sheet estimates are related, for example, to assumptions used in actuarial calculations, the determination of fair values of non-quoted financial assets and liabilities and investment property, and the determination of the impairment of financial assets and intangible assets. From Sampo\u2019s perspective, accounting policies concerning these areas require the most significant use of estimates and assumptions. Actuarial assumptionsEvaluation of insurance liabilities always involves uncer-tainty, as technical provisions are based on estimates and assumptions concerning future claims costs. The esti-mates are based on statistics on historical claims available to the Group on the balance sheet date. The uncertainty related to the estimates is generally greater when esti-mating new insurance portfolios or portfolios where the clarification of a loss takes a long time because complete claims statistics are not yet available. In addition to the historical data, estimates of insurance liabilities take into consideration other matters such as claims development, the amount of unpaid claims, legislative changes, court rulings and the general economic situation.A substantial part of the Group\u2019s P&C insurance liabilities concerns statutory accident and traffic insurance. The most significant uncertainties related to the evaluation of these liabilities are assumptions about inflation, mortal-ity, discount rates and the effects of legislative revisions and legal practices.The actuarial assumptions applied to life insurance liabilities are discussed in more detail under \u2019Insurance and investment contract liabilities and reinsurance assets\u2019.Defined benefit plans as intended in IAS 19 are also estimated in accordance with actuarial principles. As the calculation of a pension plan reserve is based on expected future pensions, assumptions must be made not only about discount rates, but also about matters such as mortality, employee turnover, price inflation and future salaries. Determination of fair valueThe fair value of any non-quoted financial assets is determined using valuation methods that are generally accepted in the market. These methods are discussed in more detail above under \u2019Fair value\u2019.During the financial year, fair values of investment property have partially been determined by using internal resources on the basis of comparative information derived from the market. They include management assumptions concerning market return requirements and the discount rate applied.Impairment testsGoodwill, intangible assets not yet available for use, and intangible assets with an indefinite useful life are tested for impairment at least annually. The recoverable amounts from cash-generating units have mainly been determined using calculations based on the value in use. These require management estimates on matters such as future cash flows, the discount rate, and general economic growth and inflation.Consolidating Topdanmark as a subsidiaryAccording to IFRS 10 Consolidated Financial Statements an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.On 30 September 2017 Sampo\u2019s ownership of Topdanmark AS\u2019s shares was 44.2 per cent and 49.1 per cent of votes. Then Sampo\u2019s management considered thoroughly all facts and circumstances required by the standard in assessing whether Sampo controlled Topdanmark and concluded that it should consolidate Topdanmark as a subsidiary in the consolidated financial statements. Considerations included, among other things, the fact that Sampo was the biggest individual investor and Sampo was not aware of any agreements between the other investors. In addition, it was considered that Sampo had the power to direct Topdanmark\u2019s relevant activities, i.e. the activities that significantly affect the investee\u2019s returns. At the time of assessment, Sampo had three members in Topdanmark\u2019s Board of Directors, one of them being the Chairman. In total, there are 9 members on Topdanmark\u2019s Board and a vote of 50 per cent is required for decision making according to the Articles of Association. However, Sampo has the right, at its discretion, to convene an extraordinary general meeting to change the composition of the board of directors and therefore gain the majority of voting rights on the Board of Directors.The divestment of Topdanmark Forsikring\u2019s life and pension business In March 2022, Sampo\u2019s subsidiary Topdanmark Forsikring announced an intention to sell Topdanmark Forsikring\u2019s life and pension business (Topdanmark Liv Holding A/S, \u2019Topdanmark Life\u2019) to Nordea. In Sampo Group, assets and liabilities related to Topdanmark Life\u2019s operations were reclassified as non-current assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. The divestment of Topdanmark Life was completed on 1 December 2022 after regulatory approvals. The sale of Topdanmark Life ended the classification of operations as non-current assets held for sale. Additional information on the divestment of Topdanmark Life is included in note 33 Divestment of Topdanmark Life.Application of new or revised IFRSs and interpretationsThe Group will apply new or amended standards and interpretations related to the Group\u2019s business in the financial years when they become effective, or if the effective date is other than the beginning of the financial year, during the financial year following the effective date. The following new IFRSs coming into effect in financial year 2023 will have an influence on the Group's financial reporting: IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments.Transition to IFRS 17 Insurance Contracts and IFRS 9 Financial InstrumentsSummary of high level impacts in Sampo Group Sampo Group is applying IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023. The application of these new accounting standards is not expected to have any impact on the economics of Sampo\u2019s business or capital management, nor any substantial quantitative effect on shareholders\u2019 equity. Sampo Group\u2019s operations are focused on the P&C business and Sampo primarily uses the premium allocation approach (PAA) under IFRS 17. PAA requires changes in the calculation of insurance liabilities, including setting up an explicit risk adjustment for non-financial risk and discounting claims reserves with market rates. Additional discounting may increase earnings volatility between the periods in future. The application of IFRS 9 does not have significant impacts on the measurement of Sampo Group\u2019s balance sheet items, as the main part of financial assets is currently reported at fair value in the balance sheet. However, under IFRS 9, the fair value changes of financial instruments are recognised in the statement of profit or loss, which may increase earnings volatility. Implementation of IFRS 17 or IFRS 9 does not have an impact on the Solvency II calculations. IFRS 17 Insurance Contracts (effective for annual periods beginning on 1 Jan 2023 or after)The IASB published the IFRS 17 Insurance Contracts on 18 May 2017. IFRS 17 and the June 2020 amendments were adopted by European Union on 19 November 2021. In addition, an optional exemption from applying the annual cohort requirement for certain types of groups of contracts was adopted. Sampo Group is not applying the exemption. Sampo Group is applying IFRS 17 for the first time from 1 January 2023 and comparative information for the year 2022 will be restated. IFRS 17 replaces IFRS 4 Insurance Contracts and establishes principles for the recognition, measurement, presentation, and disclosures of insurance contracts. IFRS 17 is applied to insurance contracts, reinsurance contracts as well as to certain investment contracts with discretionary participation features. The objective of the standard is to provide relevant information for the users of financial statements that faithfully represents the insurance contracts and to harmonise the measurement of insurance liabilities. The new accounting policies and management judgement may change until Sampo Group publishes its year-end financial statements 2023 in accordance with IFRS 17, which include the opening balance sheet of 1 January 2022. Key accounting principlesScopeIn Sampo Group\u2019s non-life operations, the Group does not expect significant changes in the scope of contracts, on which the new accounting requirements are applied for compared to current requirements. In the Group\u2019s non-life insurance contracts, insurance risk is considered significant. Insurance contracts issued by third-party underwriters (\u2019panel underwriters\u2019), which do not transfer any insurance risk to the Group companies, are not in the scope of IFRS 17 and are instead accounted under IFRS 15 Revenue from Contracts with Customers.Insurance contracts may contain one or more components which would be within the scope of different accounting standards and accounted for separately. Sampo evaluates the insurance contracts in order to identify components from the contracts. For example, an insurance contract may include an investment component or a component for services other than insurance contract services (or both).In Sampo Group\u2019s life operations, the Group has identified capital redemption policies and individual unit-linked policies with distinct investment components with insignificant insurance risk for which IFRS 17 is not applied. These policies are measured in accordance with IFRS 9. Level of aggregationUnder IFRS 17, insurance contracts are aggregated into portfolios of insurance contracts. A portfolio comprises contracts subject to similar risks and managed together. Insurance contracts are aggregated into portfolios of insurance contracts, which comprises contracts with similar risks that are managed together. Those portfolios are divided into annual cohorts, i.e. contracts which are not issued more than one year apart. In Sampo Group\u2019s non-life operations, portfolios are determined based on a segmentation of business, or a combination of line of business (as defined by manage-ment), business area, country and determined separately for each legal entity, or based on product lines. In Sampo Group\u2019s life operations risk policies, with profit and unit-linked contracts are separated into different portfolios. Sampo Group has identified certain onerous contracts, but the amount of onerous contracts is modest. Contract boundaryThe initial measurement of the group of insurance contracts includes all future cash flows arising within the contract boundary. In determining which cash flows fall within the contract boundary, substantive rights and obligations arising from the terms of the contract, and also from applicable laws and regulations, are considered.In Sampo Group\u2019s non-life operations the majority of contracts have a one-year contract boundary, typically until the next renewal date, i.e. the contract has a one-year coverage period where there are substantive rights and obligations during that period.In Sampo Group\u2019s life operations, the contract boundaries depend on the contractual characteristics and are generally longer term.MeasurementIFRS 17 introduces a general measurement model (GMM) applicable to all insurance contracts to measure insurance contract liabilities. Under the general measurement model, insurance contracts are measured based on future cash flows, adjusted to reflect the time value of money, including a risk adjustment, and a contractual service margin (CSM). CSM represents the unearned profit that will be recognised when insurance contract services are provided in the future. The measurement of insurance liabilities consists of liability for the remaining coverage (LRC) and liability for incurred claims (LIC), including both reported but not settled claims as well as incurred but not reported claims. In Sampo Group\u2019s life operations GMM is applied to with profit policies and risk policies.Under IFRS 17, the variable fee approach (VFA) is to be applied to direct participating insurance contracts. The variable fee approach represents a modification from the general measurement model where the treatment of contractual service margin is modified. In Sampo Group, life operations VFA is applied to unit-linked insurance contracts measured under IFRS 17. When certain eligibility criteria are met, insurers may apply a simplified approach, the premium allocation approach (PAA), for the measurement of insurance contracts. PAA is eligible for insurance contracts with a coverage period of one year or less. This approach is also available for contracts where the PAA would not materially differ from the results of the GMM. In Sampo Group\u2019s non-life operations, PAA is applied to all insur-ance contracts, as the coverage period for the main part of insurance contracts is one year or less, and for longer insurance contracts the qualifying eligibility criteria are fulfilled. Both in non-life and life operations the PAA model is applied to reinsurance contracts held.Insurance acquisition cash flows arise from underwriting a group of insurance contacts and are taken into account when estimating the fulfillment cash flows. DiscountingTransition to IFRS 17 broadens the discounting of insurance liabilities. In all applied measurement models, discounting adjusts the expected cash flows to reflect the time value of money.Sampo Group\u2019s non-life operations have determined the discount rates based on a bottom-up approach. The interest rate curve includes a risk-free rate (excluding credit risk adjustment) and an illiquidity premium for each currency. The illiquidity premium is mainly derived based on a portfolio of high-rated bonds for the liquid part of the interest rate curve. Beyond this, the curve converges to the ultimate forward rate, consistent with the EIOPA curves.Sampo Group\u2019s life operations have determined the discount rates based on a top-down approach where a theoretical reference portfolio of assets is used to define the applicable discount curve, consisting of risk-free rate and illiquidity premium. For insurance contracts without a direct participation feature, a so called locked-in rate is applied, meaning that the discount rate is determined at the initial recognition and is applied in the accretion of CSM.The discounting effect of current year liabilities for incurred claims and changes in the cash flows are recognised in the insurance service result. The unwinding of interest rates, the effect of changes in interest rates and other financial assumptions are presented as insurance finance income or expense in profit or loss. Sampo Group has elected not to apply the OCI option allowed under IFRS 17.Risk adjustmentIFRS 17 introduces an explicit risk adjustment included in the measurement of insurance liabilities. The risk adjustment reflects the cost of uncertainty associated with the amount and timing of cash flows arising from non-financial risk and the degree of risk aversion.In Sampo Group, the risk adjustment will be derived through a confidence level technique whereby management determines the appropriate quantile. The risk adjustment is calculated at the subsidiary level and aggregated into the consolidated Sampo Group level risk adjustment, without any diversification effects assumed. Under the general measurement model, the risk adjustment is included in the calculation of both LRC and LIC. Under the premium allocation approach, the risk adjustment is only included in LIC, unless a group of insurance contracts is onerous.Premium allocation approach (PAA)On initial recognition of non-life operations\u2019 groups of insurance contracts, the carrying amount of LRC is measured as premiums initially received less insurance acquisition cash flows. In case of onerous contracts, a loss component is recognised.As to acquisition cash flows, Sampo Group has identified that they mainly include staff costs related to sales personnel and commissions as well as certain costs related to selling policies through price comparison websites. Any overhead costs are expensed immediately. Sampo Group\u2019s non-life operations in the private business area have elected to recognise acquisition cash flows as an expense at the date when they are incurred. For other business areas, the acquisition costs are deferred over a one-year period or longer in case of expected renewals.At subsequent reporting periods, the carrying amount of LRC is increased by premiums received during the period and decreased by the amount recognised as insurance revenue representing the services provided. The carrying amount of LRC is not discounted or adjusted with the effect of financial risk, as the Group expects that the time between providing services and the related premium due date is no more than a year. Revenue is recognised based on the expected premium receipts allocated to the period. For the majority of non-life insurance contracts, revenue recognition is based on the passage of time, i.e. allocated straight line.Sampo Group measures the liability for incurred claims (LIC) for the group of insurance contracts at the amount of estimated fulfilment cash flows relating to incurred claims. Fulfilment cash flows consist of three compo-nents, namely expected cash flows, discounting and risk adjustment. The risks typically considered in non-life operations when assessing risk adjustment are reserve risk, longevity risk, inflation risk and premium risk.General measurement model (GMM)On initial recognition, life operations measure a group of insurance contracts at the total of the fulfilment cash flows, comprising of estimates of future cash flows, discounting and risk adjustment for non-financial risk. In addition, the measurement includes the contractual service margin, which is measured at initial recognition on the group of the insurance contracts. In insurance contracts related to life operations, estimates of future cash flows are based on cash flow projections and are estimated until the maturity of the contract. Only risk policies with no death benefit or permanent disability cover are short-term (yearly) contracts. Cash flows are estimated for every reporting period and assumptions are updated yearly or more often, if needed.Insurance acquisition cash flows are determined at inception of the group of insurance contracts. Insurance acquisition cash flows are considered directly attributable to a portfolio and are allocated to individual contracts. Where actual and expected acquisition cash flows are not equal at the end of the reporting period, an experience variance is recognised in the statement of profit or loss.In regards the risk adjustment, the following risks are considered in life operations: mortality, longevity, disabil-ity (incl. permanent disability), lapse and expense risk.At the subsequent reporting periods, the amount of insurance liabilities is a sum of the LRC consisting of the present value of future cash flows for services that will be provided during future periods, risk adjustment, remaining CSM at that date and LIC. LIC includes reported but not settled claims and incurred but not reported claims.Variable fee approach (VFA)Variable fee approach represents a modification from the GMM. CSM is adjusted to reflect the variable nature of the fees, which represent the amount of the entity\u2019s share of the fair value of underlying items.Key management judgementSampo Group management applies judgement regarding the determination of discount rates and risk adjustment.As noted above, the interest rate curve includes a risk-free rate and an illiquidity premium. Management determines the principles for the illiquidity premium, which in Sampo Group is mainly derived based on a portfolio of high-rated bonds.Risk adjustment is determined separately for all Sampo Group\u2019s non-life and life companies and aggregated at the Group level. Management considers this to reflect the compensation that different entities would require for bearing non-financial risk and their degree of risk aversion. As noted above, a confidence level approach is applied in the Group companies. The confidence level applied in calculating the risk adjustment varies between group companies from 75 per cent to 85 per cent.Transition approaches appliedOn transition to IFRS 17, a full retrospective approach and restatement of the previous year\u2019s comparatives is required. However, if the application of a full retrospective approach is impracticable, then a modified retrospective approach or a fair value approach may be applied. Sampo has considered that a full retrospective approach is applied in the Group\u2019s non-life companies, whereas all transition methods are applied in the Group\u2019s life company.In the full retrospective approach, Sampo Group identi-fies, recognises and measures each group of insurance contracts as if IFRS 17 had always been applied and derecognises any existing balances that would not exist if IFRS 17 had always been applied. The resulting net difference is recognised in retained earnings. Sampo Group\u2019s life operations apply the modified retrospective approach and fair value approach when the application of the full retrospective approach is impracticable. The choice of transition approach will depend on the type of the product/portfolio, when it has been issued, and on data availability.When applying the fair value approach, Sampo Group\u2019s life operations are required to determine the contractual service margin or loss component of the liability for the remaining coverage at the transition date as the difference between the fair value of a group of insurance contracts at that date and the fulfilment cash flows measured at that date.Opening balance sheet 1 January 2022Sampo Group\u2019s opening balance sheet amounted to EUR 58.7 billion and equity to EUR 13.5 billion. Compared to the IFRS 4 closing balance sheet of EUR 61.1 billion, the opening IFRS 17 balance sheet decreased by EUR 2.4 billion. On transition to IFRS 17, both assets and liabilities decreased mainly due to reclassifications of premium receivables and deferred acquisition costs from other assets to insurance liabilities in the balance sheet. The discounting of reserves decreased insurance liabilities whereas the introduction of risk adjustment increased insurance liabilities. The introduction of the loss component related to onerous contracts had only an insignificant impact on transition.The net transition impact on the IFRS 17 equity was insignificant, amounting to EUR 14 million in the opening balance sheet.The following table presents the IFRS 17 opening balance sheet as at 1 January 2022.IFRS 17EURm1 Jan 2022AssetsProperty, plant and equipment 373Investment property 236Intangible assets 3,660Investments in associates 475Financial assets 19,862Financial assets related to unit-linked contracts 10,546Deferred income tax 53Insurance contract assets 41Reinsurance contract assets 2,008Other assets 712Cash and cash equivalents 4,690Non-current assets held for sale* 16,029Total assets 58,684LiabilitiesInsurance contract liabilities 18,266Liability for remaining coverage 8,083Liability for incurred claims 10,183Investment contract liabilities 7,239Subordinated debts 2,016Other financial liabilities 2,315Deferred income tax 851Provisions 9Employee benefits 26Other liabilities 1,497Liabilities related to non-current assets held for sale 13,010Total liabilities 45,228IFRS 17EURm1 Jan 2022EquityShare capital 98Reserves 1,530Retained earnings 9,945Other components of equity 1,231Equity attributable to owners of the parent 12,804Non-controlling interests 651Total equity 13,456Total equity and liabilities 58,684The sale of Topdanmark Life was completed on 1 December 2022. Please see note 33 for further information. IFRS 17 Insurance Contracts is applied for Topdanmark Life figures in the opening balance 1 January 2022. Assets and liabilities are presented as a single line item in the balance sheet 2022 until the sale date.IFRS 17 impacts on Sampo Group\u2019s non-life operationsThe impact on the insurance contract liabilities due to the introduction of the new IFRS 17 components, including risk adjustment, deferred acquisition costs and additional discounting amounted to EUR -2.0 billion. The main impacts decreasing the insurance contract liabilities were due to the additional discounting effect and reclassifica-tions. Under IFRS 17, all liabilities for incurred claims are discounted whereas only a smaller part of reserves was discounted under IFRS 4.IFRS 17 impacts on Sampo Group\u2019s life operationsIn the IFRS 17 opening balance, insurance contract liabilities amounted to EUR 6.6 billion. The introduction of discounting as well as the new IFRS 17 components, risk adjustment and CSM, increased the insurance contract liabilities. At transition, the CSM amounted to EUR 433 million. A significant part of life insurance liabilities (unit-linked policies) is in the scope of IFRS 9, as these contracts do not include significant insurance risk or discretionary bonuses. In the opening balance sheet these investment contract liabilities amounted to EUR 7.2 billion. For contracts in the scope of IFRS 9, expected profits are not presented as CSM. Equity bridge calculation between IFRS 4 and IFRS 17Sampo Group has assessed the impact that the applica-tion of IFRS 17 has on the Group\u2019s equity. Sampo Group\u2019s retained earnings decreased by EUR 7 million (of which revaluation of investment property was EUR 2 million) and other components of equity increased by EUR 23 million at 1 January 2022. Other components of equity increased due to the termination of shadow accounting related to the segregated group pension portfolio.IFRS 17 impact on presentation The implementation of IFRS 17 leads to significant changes in the presentation and the extent of disclosures in the financial statements during 2023. The introduction of IFRS 17 changes the structure of the statement of profit or loss to reflect the key sources of profit. The insurance service result reflects the result relating to underwriting and servicing insurance policies. The net financial result reflects the insurance finance income and expenses arising from financial components\u2019 impacts. Changes in discount rates are recognised in the net financial result under IFRS 17, whereas these were included as prior year development in claims incurred under IFRS 4. IFRS 17 requires changes in the time value of money and changes in financial risk to be presented as insurance finance income or expenses unless the allowed OCI option is applied. Therefore, the effect from changes in interest rates as well as interest expense is presented in its entirety as insurance finance income or expenses. Potential changes in indexation of annuities will be presented within insurance finance income or expenses. Amounts related to reinsurance contracts will be presented separately.Other Non-Share Retained components controlling EURmcapital Reservesearningsof equity interests TotalEquity 31 Dec 2021 98 1,530 9,952 1,208 676 13,464IFRS 17 adjustments non-life companies 9 -32 -23IFRS 17 adjustments life company -18 -18Tax impact 0 7 7Other 2 23 25Equity 1 Jan 2022 98 1,530 9,945 1,231 651 13,456IFRS 9 Financial Instruments (effective for annual periods beginning on 1 January 2018 or after)IFRS 9 Financial Instruments standard supersedes IAS 39 Financial Instruments: Recognition and Measurement. The new standard changes the classification and measurement of financial assets and includes a new impairment model based on expected credit losses.Sampo Group has applied the temporary exemption regarding the adoption of IFRS 9 Financial Instruments and implements IFRS 9 at the same time as IFRS 17 Insurance Contracts i.e. on 1 January 2023. The IFRS 9 comparative figures 2022 will not be restated.Key accounting principlesFinancial assets \u2013 classificationUnder IFRS 9, financial assets are classified as being subsequently measured either at amortised cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVPL). Previous IAS 39 categories held-to-maturity, available-for-sale and loans and receivables cease to exist under IFRS 9. Under IFRS 9, the majority of Sampo Group\u2019s financial assets are classified at fair value through profit or loss. On transition to IFRS 9, Sampo Group has classified only a limited amount of financial assets measured at amortised cost and no financial assets are classified as FVOCI.The classification of financial assets into these new measurement categories is based on Sampo Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets (solely payments of principal and interest -criteria, i.e. SPPI). SPPI criteria is met when the financial instrument\u2019s contractual cash flows are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at amortised cost only if the objective of the business model is to hold a financial asset in order to collect contractual cash flows, and the contractual cash flows of the financial asset meet the SPPI criteria. Interest revenue is calculated using the effective interest rate method. Under IFRS 9 financial assets sub-sequently measured at amortised cost are subject to loss allowance, expected credit losses (ECL), requirements.Financial assets \u2013 impairmentIFRS 9 introduces a forward-looking ECL model, which replaces the model applied under IAS 39 based on incurred losses. In Sampo Group, the ECL model is mainly applicable to financial assets measured at amortised cost. Impairment requirements do not apply to equity instruments or other financial instruments measured at FVPL. Expected credit losses reflect past events, i.e. historical loss experience, current conditions and forecasts of future economic conditions. IFRS 9 introduces a general approach for impairment in which a loss allowance is calculated either for 12-month expected credit losses or lifetime expected credit losses. A three-stage model is used to determine the ECL at each reporting date. In stage 1, the credit risk has not increased significantly. Loss allowance is measured at an amount equal to 12-month expected credit losses. In stage 2 and 3, the credit risk has increased significantly since initial recognition and the loss allowance is measured at an amount equal to the lifetime expected credit losses. In stage 3, the financial asset is assessed to be credit-im-paired (at default) and the interest is calculated on the credit-impaired amount instead of gross carrying amount.In Sampo Group the general approach is based on three components, namely probability of default (PD), loss given default (LGD) and exposure at default (EAD).Financial liabilitiesThe transition to IFRS 9 does not change the measure-ment of financial liabilities. Sampo Group measures derivative financial liabilities at fair value through profit or loss. Financial liabilities, including subordinated debt securities, debt securities in issue and other financial liabilities, are subsequently measured at amortised cost using the effective interest rate method.As described above, a significant part of life insurance liabilities is under the scope of IFRS 9. Sampo Group recognises these investment contract liabilities (unit-linked policies) at fair value through profit or loss. The fair value is based on the financial assets underlying these policies and recognised at FVPL.Classification and measurement under IFRS 9The table presents the changes in classification and measurement of the main financial assets and liabilities at the transition to IFRS 9. The implementation of IFRS 9 does not have a material impact on the measurement of the balance sheet, as the main part of financial assets are reported at fair value under IAS 39 in the balance sheet, which is also the measurement principle under IFRS 9. Therefore, the new classification requirements do not have a material impact on total equity.As financial assets classified as available for sale under IAS 39 are measured at fair value through profit or loss under IFRS 9, the equity reserve related to available-for-sale financial assets is transferred into retained earnings.There were no changes in the measurement of financial liabilities on transition to IFRS 9.Expected credit lossesIn Sampo Group expected credit losses are calculated on financial assets classified at amortised cost. In Sampo Group financial assets classified at amortised cost consist mainly of bilateral loans. Expected credit losses on loan commitments, short-term deposits and bank accounts are considered immaterial.Carrying amountCarrying amountMeasurement category Measurement category 31 Dec 2022 1 Jan 2023 under IAS 39 under IFRS 9 (IAS 39) EURm Transfer(IFRS 9) EURmDerivative financial instruments Derivative financial instruments 79 \u2014 79Financial assets at fair value Financial assets at fair valuethrough profit or loss 3,045 \u2014 3,045Financial assets at fair value Financial assets available for salethrough profit or loss 16,048 \u2014 16,048Loans and receivables Financial assets at amortised cost 296 \u2014 296The carrying amounts presented in the table above exclude the effect of expected credit losses. The effect is expected to be insignificant. Previously recognised incurred credit losses are included in the carrying amounts presented in the table. Investments underlying unit-linked policies amounting to EUR 10.5 billion are excluded in the table. They are classified as at fair value through profit or loss both under IAS 39 and IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10045": {
"value": "Consolidation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10050": {
"value": "Subsidiaries",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-7-3": {
"value": "The consolidated financial statements combine the financial statements of Sampo plc and all its subsidiaries. Control exists when the Group has more than half of the voting power or it has power over the entity together with exposure to variable returns from its involvement there and the ability to use its power to affect the amount of these returns. Subsidiaries are consolidated from the date on which control is transferred to the Group, and cease to be consolidated from the date that control ceases.The acquisition method of accounting is used for the purchase of subsidiaries. The cost of an acquisition is allocated to the identifiable assets, liabilities and contingent liabilities, which are measured at the fair value of the date of the acquisition. Acquisition-related costs are recognised through profit or loss. Possible non-con-trolling interest of the acquired entity is measured either at fair value or at proportionate interest in the acquiree\u2019s net assets. The acquisition-specific choice affects both the amount of recognised goodwill and non-controlling interest. The excess of the aggregate of consideration transferred, non-controlling interest and possibly previously held equity interest in the acquiree, over the Group\u2019s share of the fair value of the identifiable net assets acquired, is recognised as goodwill.The accounting policies used throughout the Group for the purposes of consolidation are consistent with respect to similar business activities and other events taking place in similar conditions. All intra-group transactions and balances are eliminated upon consolidation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-3": {
"value": "AssociatesAssociates are entities in which the Group has significant influence. Unless otherwise demonstrated, this is generally presumed when the Group holds in excess of 20 per cent, but no more than 50 per cent, of the voting rights of an entity. Correspondingly, even when the Group holds less than 20 per cent of the voting power, it can be treated as an associate if the significant influence can be otherwise clearly demonstrated as described in IAS 28 Investments in Associates and Joint Ventures.Investments in associates are treated by the equity method of accounting, in which the investment is initially recorded at cost and increased (or decreased) each year by the Group\u2019s share of the post-acquisition net income (or loss), or other movements reflected directly in the equity of the associate. If the Group\u2019s share of the associate\u2019s loss exceeds the carrying amount of the investment, the investment is carried at zero value, and the loss in excess is consolidated only if the Group is committed to fulfilling the obligations of the associate. Goodwill arising on the acquisition is included in the cost of the investment. Unrealised gains (losses) on transactions are eliminated to the extent of the Group\u2019s interest in the entity.The share of associates\u2019 profit or loss, equivalent to the Group\u2019s holding, is presented as a separate line in the income statement. The Group\u2019s share of associates\u2019 changes in other comprehensive income is presented in the Group\u2019s other comprehensive income items.If there is any indication that the value of the investment may be impaired, the consolidated carrying amount is tested by comparing it with its recoverable amount. The recoverable amount is the higher of its value in use or its fair value less costs to sell. If the recoverable amount is less than its consolidated carrying amount, the carrying amount is reduced to its recoverable amount by recognising an impairment loss in the profit/loss. If the recoverable amount later increases and is greater than the carrying amount, the impairment loss is reversed through profit and loss.Non-controlling interestsThe technical division of profit for the financial year and the total comprehensive income to the owners of the parent and non-controlling interests is presented after the statement of comprehensive income. The share of profits is attributed to non-controlling interests even if it should be negative. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-4": {
"value": "AssociatesAssociates are entities in which the Group has significant influence. Unless otherwise demonstrated, this is generally presumed when the Group holds in excess of 20 per cent, but no more than 50 per cent, of the voting rights of an entity. Correspondingly, even when the Group holds less than 20 per cent of the voting power, it can be treated as an associate if the significant influence can be otherwise clearly demonstrated as described in IAS 28 Investments in Associates and Joint Ventures.Investments in associates are treated by the equity method of accounting, in which the investment is initially recorded at cost and increased (or decreased) each year by the Group\u2019s share of the post-acquisition net income (or loss), or other movements reflected directly in the equity of the associate. If the Group\u2019s share of the associate\u2019s loss exceeds the carrying amount of the investment, the investment is carried at zero value, and the loss in excess is consolidated only if the Group is committed to fulfilling the obligations of the associate. Goodwill arising on the acquisition is included in the cost of the investment. Unrealised gains (losses) on transactions are eliminated to the extent of the Group\u2019s interest in the entity.The share of associates\u2019 profit or loss, equivalent to the Group\u2019s holding, is presented as a separate line in the income statement. The Group\u2019s share of associates\u2019 changes in other comprehensive income is presented in the Group\u2019s other comprehensive income items.If there is any indication that the value of the investment may be impaired, the consolidated carrying amount is tested by comparing it with its recoverable amount. The recoverable amount is the higher of its value in use or its fair value less costs to sell. If the recoverable amount is less than its consolidated carrying amount, the carrying amount is reduced to its recoverable amount by recognising an impairment loss in the profit/loss. If the recoverable amount later increases and is greater than the carrying amount, the impairment loss is reversed through profit and loss.Non-controlling interestsThe technical division of profit for the financial year and the total comprehensive income to the owners of the parent and non-controlling interests is presented after the statement of comprehensive income. The share of profits is attributed to non-controlling interests even if it should be negative. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-3": {
"value": "Non-controlling interests are presented in the balance sheet separately as part of equity. Non-controlling interests in an acquiree are measured either at fair value or as a proportionate share of net assets of the acquiree. The choice is made for each acquisition separately. At the end of the financial reporting period, Sampo\u2019s non-controlling interests were determined as the proportionate share of net assets of the acquirees.Application of new or revised IFRSs and interpretationsThe Group will apply new or amended standards and interpretations related to the Group\u2019s business in the financial years when they become effective, or if the effective date is other than the beginning of the financial year, during the financial year following the effective date. The following new IFRSs coming into effect in financial year 2023 will have an influence on the Group's financial reporting: IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments.Transition to IFRS 17 Insurance Contracts and IFRS 9 Financial InstrumentsSummary of high level impacts in Sampo Group Sampo Group is applying IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023. The application of these new accounting standards is not expected to have any impact on the economics of Sampo\u2019s business or capital management, nor any substantial quantitative effect on shareholders\u2019 equity. Sampo Group\u2019s operations are focused on the P&C business and Sampo primarily uses the premium allocation approach (PAA) under IFRS 17. PAA requires changes in the calculation of insurance liabilities, including setting up an explicit risk adjustment for non-financial risk and discounting claims reserves with market rates. Additional discounting may increase earnings volatility between the periods in future. The application of IFRS 9 does not have significant impacts on the measurement of Sampo Group\u2019s balance sheet items, as the main part of financial assets is currently reported at fair value in the balance sheet. However, under IFRS 9, the fair value changes of financial instruments are recognised in the statement of profit or loss, which may increase earnings volatility. Implementation of IFRS 17 or IFRS 9 does not have an impact on the Solvency II calculations. IFRS 17 Insurance Contracts (effective for annual periods beginning on 1 Jan 2023 or after)The IASB published the IFRS 17 Insurance Contracts on 18 May 2017. IFRS 17 and the June 2020 amendments were adopted by European Union on 19 November 2021. In addition, an optional exemption from applying the annual cohort requirement for certain types of groups of contracts was adopted. Sampo Group is not applying the exemption. Sampo Group is applying IFRS 17 for the first time from 1 January 2023 and comparative information for the year 2022 will be restated. IFRS 17 replaces IFRS 4 Insurance Contracts and establishes principles for the recognition, measurement, presentation, and disclosures of insurance contracts. IFRS 17 is applied to insurance contracts, reinsurance contracts as well as to certain investment contracts with discretionary participation features. The objective of the standard is to provide relevant information for the users of financial statements that faithfully represents the insurance contracts and to harmonise the measurement of insurance liabilities. The new accounting policies and management judgement may change until Sampo Group publishes its year-end financial statements 2023 in accordance with IFRS 17, which include the opening balance sheet of 1 January 2022. Key accounting principlesScopeIn Sampo Group\u2019s non-life operations, the Group does not expect significant changes in the scope of contracts, on which the new accounting requirements are applied for compared to current requirements. In the Group\u2019s non-life insurance contracts, insurance risk is considered significant. Insurance contracts issued by third-party underwriters (\u2019panel underwriters\u2019), which do not transfer any insurance risk to the Group companies, are not in the scope of IFRS 17 and are instead accounted under IFRS 15 Revenue from Contracts with Customers.Insurance contracts may contain one or more components which would be within the scope of different accounting standards and accounted for separately. Sampo evaluates the insurance contracts in order to identify components from the contracts. For example, an insurance contract may include an investment component or a component for services other than insurance contract services (or both).In Sampo Group\u2019s life operations, the Group has identified capital redemption policies and individual unit-linked policies with distinct investment components with insignificant insurance risk for which IFRS 17 is not applied. These policies are measured in accordance with IFRS 9. Level of aggregationUnder IFRS 17, insurance contracts are aggregated into portfolios of insurance contracts. A portfolio comprises contracts subject to similar risks and managed together. Insurance contracts are aggregated into portfolios of insurance contracts, which comprises contracts with similar risks that are managed together. Those portfolios are divided into annual cohorts, i.e. contracts which are not issued more than one year apart. In Sampo Group\u2019s non-life operations, portfolios are determined based on a segmentation of business, or a combination of line of business (as defined by manage-ment), business area, country and determined separately for each legal entity, or based on product lines. In Sampo Group\u2019s life operations risk policies, with profit and unit-linked contracts are separated into different portfolios. Sampo Group has identified certain onerous contracts, but the amount of onerous contracts is modest. Contract boundaryThe initial measurement of the group of insurance contracts includes all future cash flows arising within the contract boundary. In determining which cash flows fall within the contract boundary, substantive rights and obligations arising from the terms of the contract, and also from applicable laws and regulations, are considered.In Sampo Group\u2019s non-life operations the majority of contracts have a one-year contract boundary, typically until the next renewal date, i.e. the contract has a one-year coverage period where there are substantive rights and obligations during that period.In Sampo Group\u2019s life operations, the contract boundaries depend on the contractual characteristics and are generally longer term.MeasurementIFRS 17 introduces a general measurement model (GMM) applicable to all insurance contracts to measure insurance contract liabilities. Under the general measurement model, insurance contracts are measured based on future cash flows, adjusted to reflect the time value of money, including a risk adjustment, and a contractual service margin (CSM). CSM represents the unearned profit that will be recognised when insurance contract services are provided in the future. The measurement of insurance liabilities consists of liability for the remaining coverage (LRC) and liability for incurred claims (LIC), including both reported but not settled claims as well as incurred but not reported claims. In Sampo Group\u2019s life operations GMM is applied to with profit policies and risk policies.Under IFRS 17, the variable fee approach (VFA) is to be applied to direct participating insurance contracts. The variable fee approach represents a modification from the general measurement model where the treatment of contractual service margin is modified. In Sampo Group, life operations VFA is applied to unit-linked insurance contracts measured under IFRS 17. When certain eligibility criteria are met, insurers may apply a simplified approach, the premium allocation approach (PAA), for the measurement of insurance contracts. PAA is eligible for insurance contracts with a coverage period of one year or less. This approach is also available for contracts where the PAA would not materially differ from the results of the GMM. In Sampo Group\u2019s non-life operations, PAA is applied to all insur-ance contracts, as the coverage period for the main part of insurance contracts is one year or less, and for longer insurance contracts the qualifying eligibility criteria are fulfilled. Both in non-life and life operations the PAA model is applied to reinsurance contracts held.Insurance acquisition cash flows arise from underwriting a group of insurance contacts and are taken into account when estimating the fulfillment cash flows. DiscountingTransition to IFRS 17 broadens the discounting of insurance liabilities. In all applied measurement models, discounting adjusts the expected cash flows to reflect the time value of money.Sampo Group\u2019s non-life operations have determined the discount rates based on a bottom-up approach. The interest rate curve includes a risk-free rate (excluding credit risk adjustment) and an illiquidity premium for each currency. The illiquidity premium is mainly derived based on a portfolio of high-rated bonds for the liquid part of the interest rate curve. Beyond this, the curve converges to the ultimate forward rate, consistent with the EIOPA curves.Sampo Group\u2019s life operations have determined the discount rates based on a top-down approach where a theoretical reference portfolio of assets is used to define the applicable discount curve, consisting of risk-free rate and illiquidity premium. For insurance contracts without a direct participation feature, a so called locked-in rate is applied, meaning that the discount rate is determined at the initial recognition and is applied in the accretion of CSM.The discounting effect of current year liabilities for incurred claims and changes in the cash flows are recognised in the insurance service result. The unwinding of interest rates, the effect of changes in interest rates and other financial assumptions are presented as insurance finance income or expense in profit or loss. Sampo Group has elected not to apply the OCI option allowed under IFRS 17.Risk adjustmentIFRS 17 introduces an explicit risk adjustment included in the measurement of insurance liabilities. The risk adjustment reflects the cost of uncertainty associated with the amount and timing of cash flows arising from non-financial risk and the degree of risk aversion.In Sampo Group, the risk adjustment will be derived through a confidence level technique whereby management determines the appropriate quantile. The risk adjustment is calculated at the subsidiary level and aggregated into the consolidated Sampo Group level risk adjustment, without any diversification effects assumed. Under the general measurement model, the risk adjustment is included in the calculation of both LRC and LIC. Under the premium allocation approach, the risk adjustment is only included in LIC, unless a group of insurance contracts is onerous.Premium allocation approach (PAA)On initial recognition of non-life operations\u2019 groups of insurance contracts, the carrying amount of LRC is measured as premiums initially received less insurance acquisition cash flows. In case of onerous contracts, a loss component is recognised.As to acquisition cash flows, Sampo Group has identified that they mainly include staff costs related to sales personnel and commissions as well as certain costs related to selling policies through price comparison websites. Any overhead costs are expensed immediately. Sampo Group\u2019s non-life operations in the private business area have elected to recognise acquisition cash flows as an expense at the date when they are incurred. For other business areas, the acquisition costs are deferred over a one-year period or longer in case of expected renewals.At subsequent reporting periods, the carrying amount of LRC is increased by premiums received during the period and decreased by the amount recognised as insurance revenue representing the services provided. The carrying amount of LRC is not discounted or adjusted with the effect of financial risk, as the Group expects that the time between providing services and the related premium due date is no more than a year. Revenue is recognised based on the expected premium receipts allocated to the period. For the majority of non-life insurance contracts, revenue recognition is based on the passage of time, i.e. allocated straight line.Sampo Group measures the liability for incurred claims (LIC) for the group of insurance contracts at the amount of estimated fulfilment cash flows relating to incurred claims. Fulfilment cash flows consist of three compo-nents, namely expected cash flows, discounting and risk adjustment. The risks typically considered in non-life operations when assessing risk adjustment are reserve risk, longevity risk, inflation risk and premium risk.General measurement model (GMM)On initial recognition, life operations measure a group of insurance contracts at the total of the fulfilment cash flows, comprising of estimates of future cash flows, discounting and risk adjustment for non-financial risk. In addition, the measurement includes the contractual service margin, which is measured at initial recognition on the group of the insurance contracts. In insurance contracts related to life operations, estimates of future cash flows are based on cash flow projections and are estimated until the maturity of the contract. Only risk policies with no death benefit or permanent disability cover are short-term (yearly) contracts. Cash flows are estimated for every reporting period and assumptions are updated yearly or more often, if needed.Insurance acquisition cash flows are determined at inception of the group of insurance contracts. Insurance acquisition cash flows are considered directly attributable to a portfolio and are allocated to individual contracts. Where actual and expected acquisition cash flows are not equal at the end of the reporting period, an experience variance is recognised in the statement of profit or loss.In regards the risk adjustment, the following risks are considered in life operations: mortality, longevity, disabil-ity (incl. permanent disability), lapse and expense risk.At the subsequent reporting periods, the amount of insurance liabilities is a sum of the LRC consisting of the present value of future cash flows for services that will be provided during future periods, risk adjustment, remaining CSM at that date and LIC. LIC includes reported but not settled claims and incurred but not reported claims.Variable fee approach (VFA)Variable fee approach represents a modification from the GMM. CSM is adjusted to reflect the variable nature of the fees, which represent the amount of the entity\u2019s share of the fair value of underlying items.Key management judgementSampo Group management applies judgement regarding the determination of discount rates and risk adjustment.As noted above, the interest rate curve includes a risk-free rate and an illiquidity premium. Management determines the principles for the illiquidity premium, which in Sampo Group is mainly derived based on a portfolio of high-rated bonds.Risk adjustment is determined separately for all Sampo Group\u2019s non-life and life companies and aggregated at the Group level. Management considers this to reflect the compensation that different entities would require for bearing non-financial risk and their degree of risk aversion. As noted above, a confidence level approach is applied in the Group companies. The confidence level applied in calculating the risk adjustment varies between group companies from 75 per cent to 85 per cent.Transition approaches appliedOn transition to IFRS 17, a full retrospective approach and restatement of the previous year\u2019s comparatives is required. However, if the application of a full retrospective approach is impracticable, then a modified retrospective approach or a fair value approach may be applied. Sampo has considered that a full retrospective approach is applied in the Group\u2019s non-life companies, whereas all transition methods are applied in the Group\u2019s life company.In the full retrospective approach, Sampo Group identi-fies, recognises and measures each group of insurance contracts as if IFRS 17 had always been applied and derecognises any existing balances that would not exist if IFRS 17 had always been applied. The resulting net difference is recognised in retained earnings. Sampo Group\u2019s life operations apply the modified retrospective approach and fair value approach when the application of the full retrospective approach is impracticable. The choice of transition approach will depend on the type of the product/portfolio, when it has been issued, and on data availability.When applying the fair value approach, Sampo Group\u2019s life operations are required to determine the contractual service margin or loss component of the liability for the remaining coverage at the transition date as the difference between the fair value of a group of insurance contracts at that date and the fulfilment cash flows measured at that date.Opening balance sheet 1 January 2022Sampo Group\u2019s opening balance sheet amounted to EUR 58.7 billion and equity to EUR 13.5 billion. Compared to the IFRS 4 closing balance sheet of EUR 61.1 billion, the opening IFRS 17 balance sheet decreased by EUR 2.4 billion. On transition to IFRS 17, both assets and liabilities decreased mainly due to reclassifications of premium receivables and deferred acquisition costs from other assets to insurance liabilities in the balance sheet. The discounting of reserves decreased insurance liabilities whereas the introduction of risk adjustment increased insurance liabilities. The introduction of the loss component related to onerous contracts had only an insignificant impact on transition.The net transition impact on the IFRS 17 equity was insignificant, amounting to EUR 14 million in the opening balance sheet.The following table presents the IFRS 17 opening balance sheet as at 1 January 2022.IFRS 17EURm1 Jan 2022AssetsProperty, plant and equipment 373Investment property 236Intangible assets 3,660Investments in associates 475Financial assets 19,862Financial assets related to unit-linked contracts 10,546Deferred income tax 53Insurance contract assets 41Reinsurance contract assets 2,008Other assets 712Cash and cash equivalents 4,690Non-current assets held for sale* 16,029Total assets 58,684LiabilitiesInsurance contract liabilities 18,266Liability for remaining coverage 8,083Liability for incurred claims 10,183Investment contract liabilities 7,239Subordinated debts 2,016Other financial liabilities 2,315Deferred income tax 851Provisions 9Employee benefits 26Other liabilities 1,497Liabilities related to non-current assets held for sale 13,010Total liabilities 45,228IFRS 17EURm1 Jan 2022EquityShare capital 98Reserves 1,530Retained earnings 9,945Other components of equity 1,231Equity attributable to owners of the parent 12,804Non-controlling interests 651Total equity 13,456Total equity and liabilities 58,684The sale of Topdanmark Life was completed on 1 December 2022. Please see note 33 for further information. IFRS 17 Insurance Contracts is applied for Topdanmark Life figures in the opening balance 1 January 2022. Assets and liabilities are presented as a single line item in the balance sheet 2022 until the sale date.IFRS 17 impacts on Sampo Group\u2019s non-life operationsThe impact on the insurance contract liabilities due to the introduction of the new IFRS 17 components, including risk adjustment, deferred acquisition costs and additional discounting amounted to EUR -2.0 billion. The main impacts decreasing the insurance contract liabilities were due to the additional discounting effect and reclassifica-tions. Under IFRS 17, all liabilities for incurred claims are discounted whereas only a smaller part of reserves was discounted under IFRS 4.IFRS 17 impacts on Sampo Group\u2019s life operationsIn the IFRS 17 opening balance, insurance contract liabilities amounted to EUR 6.6 billion. The introduction of discounting as well as the new IFRS 17 components, risk adjustment and CSM, increased the insurance contract liabilities. At transition, the CSM amounted to EUR 433 million. A significant part of life insurance liabilities (unit-linked policies) is in the scope of IFRS 9, as these contracts do not include significant insurance risk or discretionary bonuses. In the opening balance sheet these investment contract liabilities amounted to EUR 7.2 billion. For contracts in the scope of IFRS 9, expected profits are not presented as CSM. Equity bridge calculation between IFRS 4 and IFRS 17Sampo Group has assessed the impact that the applica-tion of IFRS 17 has on the Group\u2019s equity. Sampo Group\u2019s retained earnings decreased by EUR 7 million (of which revaluation of investment property was EUR 2 million) and other components of equity increased by EUR 23 million at 1 January 2022. Other components of equity increased due to the termination of shadow accounting related to the segregated group pension portfolio.IFRS 17 impact on presentation The implementation of IFRS 17 leads to significant changes in the presentation and the extent of disclosures in the financial statements during 2023. The introduction of IFRS 17 changes the structure of the statement of profit or loss to reflect the key sources of profit. The insurance service result reflects the result relating to underwriting and servicing insurance policies. The net financial result reflects the insurance finance income and expenses arising from financial components\u2019 impacts. Changes in discount rates are recognised in the net financial result under IFRS 17, whereas these were included as prior year development in claims incurred under IFRS 4. IFRS 17 requires changes in the time value of money and changes in financial risk to be presented as insurance finance income or expenses unless the allowed OCI option is applied. Therefore, the effect from changes in interest rates as well as interest expense is presented in its entirety as insurance finance income or expenses. Potential changes in indexation of annuities will be presented within insurance finance income or expenses. Amounts related to reinsurance contracts will be presented separately.Other Non-Share Retained components controlling EURmcapital Reservesearningsof equity interests TotalEquity 31 Dec 2021 98 1,530 9,952 1,208 676 13,464IFRS 17 adjustments non-life companies 9 -32 -23IFRS 17 adjustments life company -18 -18Tax impact 0 7 7Other 2 23 25Equity 1 Jan 2022 98 1,530 9,945 1,231 651 13,456IFRS 9 Financial Instruments (effective for annual periods beginning on 1 January 2018 or after)IFRS 9 Financial Instruments standard supersedes IAS 39 Financial Instruments: Recognition and Measurement. The new standard changes the classification and measurement of financial assets and includes a new impairment model based on expected credit losses.Sampo Group has applied the temporary exemption regarding the adoption of IFRS 9 Financial Instruments and implements IFRS 9 at the same time as IFRS 17 Insurance Contracts i.e. on 1 January 2023. The IFRS 9 comparative figures 2022 will not be restated.Key accounting principlesFinancial assets \u2013 classificationUnder IFRS 9, financial assets are classified as being subsequently measured either at amortised cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVPL). Previous IAS 39 categories held-to-maturity, available-for-sale and loans and receivables cease to exist under IFRS 9. Under IFRS 9, the majority of Sampo Group\u2019s financial assets are classified at fair value through profit or loss. On transition to IFRS 9, Sampo Group has classified only a limited amount of financial assets measured at amortised cost and no financial assets are classified as FVOCI.The classification of financial assets into these new measurement categories is based on Sampo Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets (solely payments of principal and interest -criteria, i.e. SPPI). SPPI criteria is met when the financial instrument\u2019s contractual cash flows are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at amortised cost only if the objective of the business model is to hold a financial asset in order to collect contractual cash flows, and the contractual cash flows of the financial asset meet the SPPI criteria. Interest revenue is calculated using the effective interest rate method. Under IFRS 9 financial assets sub-sequently measured at amortised cost are subject to loss allowance, expected credit losses (ECL), requirements.Financial assets \u2013 impairmentIFRS 9 introduces a forward-looking ECL model, which replaces the model applied under IAS 39 based on incurred losses. In Sampo Group, the ECL model is mainly applicable to financial assets measured at amortised cost. Impairment requirements do not apply to equity instruments or other financial instruments measured at FVPL. Expected credit losses reflect past events, i.e. historical loss experience, current conditions and forecasts of future economic conditions. IFRS 9 introduces a general approach for impairment in which a loss allowance is calculated either for 12-month expected credit losses or lifetime expected credit losses. A three-stage model is used to determine the ECL at each reporting date. In stage 1, the credit risk has not increased significantly. Loss allowance is measured at an amount equal to 12-month expected credit losses. In stage 2 and 3, the credit risk has increased significantly since initial recognition and the loss allowance is measured at an amount equal to the lifetime expected credit losses. In stage 3, the financial asset is assessed to be credit-im-paired (at default) and the interest is calculated on the credit-impaired amount instead of gross carrying amount.In Sampo Group the general approach is based on three components, namely probability of default (PD), loss given default (LGD) and exposure at default (EAD).Financial liabilitiesThe transition to IFRS 9 does not change the measure-ment of financial liabilities. Sampo Group measures derivative financial liabilities at fair value through profit or loss. Financial liabilities, including subordinated debt securities, debt securities in issue and other financial liabilities, are subsequently measured at amortised cost using the effective interest rate method.As described above, a significant part of life insurance liabilities is under the scope of IFRS 9. Sampo Group recognises these investment contract liabilities (unit-linked policies) at fair value through profit or loss. The fair value is based on the financial assets underlying these policies and recognised at FVPL.Classification and measurement under IFRS 9The table presents the changes in classification and measurement of the main financial assets and liabilities at the transition to IFRS 9. The implementation of IFRS 9 does not have a material impact on the measurement of the balance sheet, as the main part of financial assets are reported at fair value under IAS 39 in the balance sheet, which is also the measurement principle under IFRS 9. Therefore, the new classification requirements do not have a material impact on total equity.As financial assets classified as available for sale under IAS 39 are measured at fair value through profit or loss under IFRS 9, the equity reserve related to available-for-sale financial assets is transferred into retained earnings.There were no changes in the measurement of financial liabilities on transition to IFRS 9.Expected credit lossesIn Sampo Group expected credit losses are calculated on financial assets classified at amortised cost. In Sampo Group financial assets classified at amortised cost consist mainly of bilateral loans. Expected credit losses on loan commitments, short-term deposits and bank accounts are considered immaterial.Carrying amountCarrying amountMeasurement category Measurement category 31 Dec 2022 1 Jan 2023 under IAS 39 under IFRS 9 (IAS 39) EURm Transfer(IFRS 9) EURmDerivative financial instruments Derivative financial instruments 79 \u2014 79Financial assets at fair value Financial assets at fair valuethrough profit or loss 3,045 \u2014 3,045Financial assets at fair value Financial assets available for salethrough profit or loss 16,048 \u2014 16,048Loans and receivables Financial assets at amortised cost 296 \u2014 296The carrying amounts presented in the table above exclude the effect of expected credit losses. The effect is expected to be insignificant. Previously recognised incurred credit losses are included in the carrying amounts presented in the table. Investments underlying unit-linked policies amounting to EUR 10.5 billion are excluded in the table. They are classified as at fair value through profit or loss both under IAS 39 and IFRS 9.",
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"value": "Foreign currency translationThe consolidated financial statements are presented in euro, which is the functional and reporting currency of the Group and the parent company. Items included in the financial statements of each of the Group entities are measured using their functional currency, being the currency of the primary economic environment in which the entity operates. Foreign currency transactions are translated into the appropriate functional currency using the exchange rates prevailing at the dates of transactions or the average rate for a month. The balance sheet items denominated in foreign currencies are translated into the functional currency at the rate prevailing at the balance sheet date.Exchange differences arising from the translation of trans- actions and monetary balance sheet items denominated in foreign currencies into functional currency are recognised as translation gains and losses in profit or loss. Exchange differences arising from non-monetary financial assets classified as available-for-sale financial assets are recognised directly in the fair value reserve in equity.The income statements of Group entities whose functional currency is other than euro are translated into euro at the average rate for the period, and the balance sheets at the rates prevailing at the balance sheet date. The resulting exchange differences are included in equity and their change in other comprehensive income. When a subsidiary is divested entirely or partially, the cumulative exchange differences are included in the income statement under sales gains or losses.Goodwill and fair value adjustments arising from an acquisition of a foreign entity are treated as if they were assets and liabilities of the foreign entity. Exchange differences resulting from the translation of these items at the exchange rate of the balance sheet date are included in equity and their change in other comprehensive income.Balance sheet Average 1 euro (EUR) =dateexchange rateSwedish krona (SEK) 11.1218 10.6286Danish krona (DKK) 7.4365 7.4396Pound sterling (GBP) 0.8869 0.8527",
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"pp-value-14-3": {
"value": "Segment reportingThe Group\u2019s segmentation is based on business areas whose risks and performance bases as well as regulatory environment differ from each other. The control and management of business and management reporting are organised in accordance with the business segments. The Group\u2019s business segments are If, Topdanmark, Hastings, Mandatum and Holding (including Nordea). Geographical information has been given on income from external customers and non-current assets. The reported segments are Finland, Sweden, Norway, Denmark, Great Britain and the Baltic countries.In the inter-segment and inter-company pricing, for both domestic and cross border transactions, market-based prices are applied. The pricing is based on the Code of Conduct on Transfer Pricing Documentation in the EU and OECD guidelines. Inter-segment transactions, assets and liabilities are eliminated in the consolidated financial statements.Segment informationGeographical information has been disclosed about income from external customers and non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, UK and the Baltic countries.Consolidated comprehensive income statement by business segment for the year ended 31 December 2022EURm If Topdanmark Hastings Mandatum Holding Elimination GroupInsurance premiums written 5,103 2,511 727 1,390 \u2014 \u2014 9,732 Net income from investments 242 -1,119 16 -821 177 -6 -1,511Other operating income 138 76 416 36 132 -35 763Claims incurred -2,963 -1,778 -497 -883 \u2014 5 -6,115Change in liabilities for insurance and investment contracts -101 1,004 -133 680 \u2014 -7 1,443Staff costs -672 -296 -154 -74 -29 \u2014 -1,226Other operating expenses -529 -163 -312 -110 -19 35 -1,097Finance costs -10 -19 10 -12 -96 8 -119Share of associates\u2019 profit/loss 9 4 \u2014 \u2014 -19 \u2014 -6Profit for the financial year before taxes 1,217 220 73 207 146 0 1,863Taxes -253 -22 -10 -44 8 \u2014 -322Profit for the financial year 963 199 62 163 153 0 1,541Segment information has been produced in accordance with the accounting policies adopted for preparing and presenting the consolidated financial statements. The segment revenue, expense, assets and liabilities, either directly attributable or reasonably allocable, have been allocated to the segments. Inter-segment pricing is based on market prices. The transactions, assets and liabilities between the segments are eliminated in the consolidated financial statements on a line-by-line basis. There was no significant income between segments during the financial periods.Depreciation and amortisation by segment are disclosed in notes 10\u201312 and investments in associates in note 13.EURm If Topdanmark Hastings Mandatum Holding Elimination GroupOther comprehensive income for the financial yearItems re-classifiable to profit or lossExchange differences -153 1 -109 \u2014 8 \u2014 -253 Available-for-sale financial assets -823 \u2014 -58 -549 -240 \u2014 -1,670Taxes 169 \u2014 \u2014 121 40 \u2014 331Total items re-classifiable to profit or loss, net of tax -807 1 -167 -428 -192 \u2014 -1,592Items not re-classifiable to profit or lossActuarial gains and losses from defined pension plans 32 \u2014 \u2014 \u2014 \u2014 \u2014 32Taxes -7 \u2014 \u2014 \u2014 \u2014 \u2014 -7Total items not re-classifiable to profit or loss, net of tax 26 \u2014 \u2014 \u2014 \u2014 \u2014 26TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 182 200 -105 -264 -39 \u2014 -26Profit attributable toOwners of the parent 1,427Non-controlling interests 114Total comprehensive income attributable toOwners of the parent -139Non-controlling interests 114Consolidated comprehensive income statement by business segment for the year ended 31 December 2021EURm If Topdanmark Hastings Mandatum Holding Elimination GroupInsurance premiums written 4,855 2,694 495 1,367 \u2014 \u2014 9,411 Net income from investments 215 1,359 10 1,831 146 -12 3,549 Other operating income 121 1 331 40 12 -14 491Claims incurred -2,860 -1,947 -310 -1,127 \u2014 5 -6,239Change in liabilities for insurance and investment contracts -83 -1,398 4 -1,642 \u2014 -4 -3,123Staff costs -635 -294 -159 -65 -25 \u2014 -1,179Other operating expenses -511 -138 -237 -100 -5 14 -976Finance costs -18 -11 -7 -14 -107 12 -146Share of associates\u2019 profit/loss -7 79 \u2014 1 328 \u2014 401Valuation difference on disposal of Nordea shares \u2014 \u2014 \u2014 \u2014 84 \u2014 84Reversal of impairment losses on Nordea shares \u2014 \u2014 \u2014 \u2014 899 \u2014 899 Profit for the financial year before taxes 1,077 346 127 291 1,331 0 3,171Taxes -227 -76 -37 -60 -23 \u2014 -423Profit for the financial year 850 270 89 231 1,308 0 2,748EURm If Topdanmark Hastings Mandatum Holding Elimination GroupOther comprehensive income for the financial yearItems re-classifiable to profit or lossExchange differences -11 2 101 \u2014 -12 \u2014 80 Available-for-sale financial assets 242 \u2014 -18 132 104 \u2014 460Share of other comprehensive income of associates \u2014 \u2014 \u2014 \u2014 186 \u2014 186Taxes -49 \u2014 \u2014 -25 -9 \u2014 -83Total items re-classifiable to profit or loss, net of tax 182 2 83 106 269 \u2014 643Items not re-classifiable to profit or lossActuarial gains and losses from defined pension plans 73 \u2014 \u2014 \u2014 \u2014 \u2014 73Taxes -15 \u2014 \u2014 \u2014 \u2014 \u2014 -15Total items not re-classifiable to profit or loss, net of tax 58 \u2014 \u2014 \u2014 \u2014 \u2014 58TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 1,090 272 172 338 1,577 \u2014 3,448Profit attributable toOwners of the parent 2,567Non-controlling interests 181Total comprehensive income attributable toOwners of the parent 3,272Non-controlling interests 176Consolidated balance sheet by business segment at 31 December 2022EURm If Topdanmark Hastings Mandatum Holding Elimination GroupAssetsProperty, plant and equipment 190 112 23 26 4 \u2014 355 Investment property 1 \u2014 \u2014 166 \u2014 \u2014 166Intangible assets 588 1,232 1,501 172 1 \u2014 3,494Investments in associates 4 7 \u2014 4 \u2014 \u2014 16Financial assets 10,451 2,562 1,074 3,776 8,250 -6,644 19,469Investments related to unit-linked insurance contracts \u2014 \u2014 \u2014 9,934 \u2014 -4 9,930Deferred tax assets 9 12 \u2014 \u2014 \u2014 -4 17Reinsurers\u2019 share of insurance liabilities 326 71 1,874 1 \u2014 \u2014 2,272Other assets 1,987 176 858 196 60 -34 3,242Cash and cash equivalents 296 8 246 761 1,762 \u2014 3,073Total assets 13,852 4,179 5,575 15,036 10,077 -6,686 42,033LiabilitiesLiabilities for insurance and investment contracts 8,798 1,786 3,014 2,969 \u2014 \u2014 16,567Liabilities for unit-linked insurance and investment contracts \u2014 \u2014 \u2014 9,912 \u2014 -4 9,908Subordinated debt 224 148 \u2014 350 1,489 -228 1,983Other financial liabilities 7 55 73 3 1,320 \u2014 1,457Deferred tax liabilities 200 135 111 68 \u2014 \u2014 514Provisions 6 \u2014 \u2014 \u2014 \u2014 \u2014 6Employee benefits 25 \u2014 \u2014 \u2014 \u2014 \u2014 25Other liabilities 1,103 185 490 224 64 -34 2,031Total liabilities 10,363 2,308 3,688 13,525 2,873 -266 32,490EURm GroupEquityShare capital 98 Reserves 1,530Retained earnings 7,784Other components of equity -443Equity attributable to parent company\u2019s equity holders 8,969Non-controlling interests 574Total equity 9,543Total equity and liabilities 42,033Consolidated balance sheet by business segment at 31 December 2021EURm If Topdanmark Hastings Mandatum Holding Elimination GroupAssetsProperty, plant and equipment 196 121 26 28 4 \u2014 375 Investment property 1 394 \u2014 173 \u2014 \u2014 568Intangible assets 629 1,387 1,606 171 1 \u2014 3,794Investments in associates 17 313 \u2014 1 447 \u2014 777Financial assets 11,088 5,493 966 4,427 7,654 -6,308 23,321Investments related to unit- linked insurance contracts \u2014 9,164 \u2014 10,558 \u2014 -11 19,711Deferred tax assets 4 12 27 \u2014 \u2014 -4 39Reinsurers\u2019 share of insurance liabilities 322 91 1,880 1 \u2014 \u2014 2,295Other assets 1,873 258 639 157 55 -4 2,977Cash and cash equivalents 521 153 159 954 3,031 \u2014 4,819Non-current assets held for sale \u2014 \u2014 \u2014 196 2,189 \u2014 2,385Total assets 14,651 17,385 5,305 16,668 13,380 -6,328 61,061LiabilitiesLiabilities for insurance and investment contracts 9,034 5,311 2,787 3,236 \u2014 \u2014 20,369Liabilities for unit-linked insurance and investment contracts \u2014 9,036 \u2014 10,525 \u2014 -11 19,550Subordinated debt 243 255 \u2014 349 1,487 -320 2,016Other financial liabilities 8 83 329 29 1,881 \u2014 2,330Deferred tax liabilities 353 151 143 167 40 \u2014 855Provisions 9 \u2014 \u2014 \u2014 \u2014 \u2014 9Employee benefits 26 \u2014 \u2014 \u2014 \u2014 \u2014 26Other liabilities 1,018 452 447 237 96 -4 2,246Non-current liabilities related to assets held for sale \u2014 \u2014 \u2014 196 \u2014 \u2014 196Total liabilities 10,690 15,289 3,706 14,741 3,505 -335 47,5 97EURm GroupEquityShare capital 98 Reserves 1,530Retained earnings 9,952Other components of equity 1,208Equity attributable to parent company\u2019s equity holders 12,788Non-controlling interests 676Total equity 13,464Total equity and liabilities 61,061Geographical informationEURm Finland Sweden Norway Denmark UK Baltic Total2022Revenue from external customers 2,695 1,677 1,651 3,106 1,027 197 10,352Non-current assets 481 457 208 1,354 1,523 7 4,0302021Revenue from external customers 2,485 1,684 1,518 3,211 841 183 9,922Non-current assets 493 944 211 2,228 1,632 7 5,515The revenue includes insurance premiums according to the underwriting country, consisting of premiums earned for P&C insurance and premiums written for life insurance. Holding includes net investment income and other operating income. For Hastings, income from broker activities has been included as well.Non-current assets comprise of intangible assets, investments in associates, property, plant and equipment, and investment property.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-15-3": {
"value": "Non-current assets held for saleNon-current assets and the assets and liabilities related to discontinued operations are classified as held for sale, if their carrying amount will be recovered principally through sales transactions rather than from continuing use. For this to be the case, the sale must be highly probable, the asset or disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. In addition, the management must be committed to a plan to sell, and the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets that meet the criteria to be classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Immediately before the initial classification of the asset as held for sale, the carrying amount of the asset shall be measured in accordance with applicable IFRSs. If the fair value less costs to sell is the lower, an entity recognises an impairment loss at initial reclassification. Gains for subsequent increases in fair value are recognised through profit or loss. Once reclassified, any depreciation or recognition of associates\u2019 share of profit or loss on such assets ceases. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-16-3": {
"value": "Insurance premiumsInsurance premiums in the income statement consist of premiums written for P&C insurance and life insurance.P&C insurance contracts are primarily of short duration, so that premiums written are recognised at the inception of risk coverage in line with the insurance contract. Revenue recognition principlesWhen the premium for the insurance period is divided into several instalments, the entire premium amount is still recognised at the beginning of the period. As an exception, Hastings recognises insurance premiums proportionally over the period of cover provided. At the date of financial statements, the premiums written are adjusted by a change in the provision for unearned premiums i.e., by the proportion of the insurance premium income that, based on the period covered by the insurance contract, belongs to the following financial year.In the life insurance business, liabilities arising from insurance and investment contracts are long-term liabilities. Therefore, the insurance premium and related claims are usually not recognised in the same accounting period. Depending on the type of insurance, premiums are primarily recognised in premiums written when the premium has been paid. In group pension insurance, a part of the premiums is recognised already when charged.The change in the provision for unearned premiums is presented as an expense under \u2018Change in insurance and investment contract liabilities\u2019.on the instrument evenly in proportion to the amount outstanding over the period to maturity. Dividends on equity securities are recognised as revenue when the right to receive payment is established.Fees and commissionsThe fees and transaction costs of financial instruments measured at fair value through profit or loss are recog-nised in profit or loss when the instrument is initially recognised.The costs of acquiring new and renewed insurance busi-ness are treated as deferred acquisition costs in the P&C insurance. In the life insurance business, the acquisition costs are treated as fee and commission expense under \u2019Other operating expenses\u2019.Other fees and commissions paid for investment activities are included in \u2019Net income from investments\u2019.Revenue from contracts with customersThe subsidiary Hastings has revenue from broker activities in accordance with IFRS 15 Revenue from Contracts with Customers. The revenue consists principally of fees and commissions relating to the arrangement of third party underwritten insurance contracts and ancillary products.Revenue from insurance brokerage activities is recognised at the point of sale to the customer and revenue from other retail services is recognised when the service has been completed. Revenue arising from insurance broking activities is measured on an agency basis, net of cost, at the fair value of the income receivable after adjusting for any allowance for expected future cancellation refunds. Hastings may also provide contracts for the provision of other ad hoc, point-in-time services to customers. Such income is recognised when the performance obligation has been satisfied at the expected value of consideration.In the consolidated financial statements, the fees and commissions from broker activities are included in \u2019Other income\u2019 or \u2019Other operating expenses\u2019.Interest and dividendsInterest income and expenses are recognised in the income statement using the effective interest rate method. This method recognises income and expenses ",
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"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-16-4": {
"value": "Insurance premiumsInsurance premiums in the income statement consist of premiums written for P&C insurance and life insurance.P&C insurance contracts are primarily of short duration, so that premiums written are recognised at the inception of risk coverage in line with the insurance contract. When the premium for the insurance period is divided into several instalments, the entire premium amount is still recognised at the beginning of the period. As an exception, Hastings recognises insurance premiums proportionally over the period of cover provided. At the date of financial statements, the premiums written are adjusted by a change in the provision for unearned premiums i.e., by the proportion of the insurance premium income that, based on the period covered by the insurance contract, belongs to the following financial year.In the life insurance business, liabilities arising from insurance and investment contracts are long-term liabilities. Therefore, the insurance premium and related claims are usually not recognised in the same accounting period. Depending on the type of insurance, premiums are primarily recognised in premiums written when the premium has been paid. In group pension insurance, a part of the premiums is recognised already when charged.The change in the provision for unearned premiums is presented as an expense under \u2018Change in insurance and investment contract liabilities\u2019.Reinsurance contractsA reinsurance contract is a contract which meets the IFRS 4 requirements for insurance contracts and on the basis of which Sampo Group (the cedant) may receive compensation from another insurer (the reinsurer) if it becomes liable for paying compensation based on other insurance contracts it has issued. Such compensation received on the basis of reinsurance contracts is included in the balance sheet under \u2019Reinsurers\u2019 share of insurance liabilities\u2019 and \u2019Other assets\u2019. The former item includes the reinsurers\u2019 share of the provisions for unearned premiums and claims outstanding in the Group\u2019s reinsured insurance contracts, while the latter includes short-term receivables from reinsurers.When the Group itself has to pay compensation to another insurer on the basis of a reinsurance contract, the liability is recognised in the item \u2019Other liabilities\u2019. Receivables and liabilities related to reinsurance are measured uniformly with the cedant\u2019s receivables and liabilities. Reinsurance receivables are tested annually for impairment. Impairment losses are recognised through profit or loss if there is objective evidence indicating that the Group (as the cedant) will not receive all amounts of money it is entitled to on a contractual basis.In addition, the Group companies have contracts where they share the insurance risk with a co-insurance partner. Where the Group is the secondary co-insurer, the Group only recognises its share of the premium as an insurance receivable and related claims liability. Where the Group acts as the lead co-insurer, the gross premium is recognised as an insurance receivable, with a related co-insurance payable to the co-insurer.Insurance and investment contractsInsurance contracts are treated, in accordance with IFRS 4, either as insurance or investment contracts. Under the standard, insurance contracts are classified as insurance contracts if significant insurance risk is transferred between the policyholder and the insurer. If the risk trans-ferred on the basis of the contract is essentially financial risk rather than significant insurance risk, the contract is classified as an investment contract. The classification of a contract as an insurance contract or investment contract determines the measurement principle applied to it.Sampo treats the liabilities arising from contracts in the first phase of the standard according to the national accounting standards.The risks involved in insurance and investment contracts are widely elaborated in the Group\u2019s note 35.Classification of insurance contractsIn classifying insurance contracts and examining their related risks, embedded contracts are interpreted as one contract.Other than insurance contracts, i.e. contracts where the risk is not transferred, include Captive contracts in which an insurance company underwrites a company\u2019s direct business and reinsures the same risk in an insurance company in the same group as the policyholder. There are also contracts in P&C insurance (Reverse Flow Fronting contracts) in which the insurance company grants insurance and then transfers the insurance risk to the final insurer. For both the above types of contract, only the net effect of the contract relationship is recognised in the income statement and balance sheet (instead of the gross treatment, as previously). The prerequisite for net treatment is that the net retention recognised on the contract is zero.There are also contracts in P&C insurance in which the insurance risk is eliminated by a retrospective insurance premium, i.e. the difference between forecast and actual losses is evened out by an additional premium directly or in connection with the annual renewal of the insurance. The net cash flow from these contracts is recognised directly in the balance sheet, without recognising it first in the income statement as premiums written and claims incurred.Insurance liabilitiesInsurance liabilities are the net contractual obligations which the insurer has on the basis of insurance contracts. Insurance liabilities, consisting of the liability for unearned premiums and unexpired risks and for claims outstanding, correspond to the obligations under insurance contracts.The liability for unearned premiums is intended to cover anticipated claims costs and operating expenses during the remaining term of insurance contracts in force. In P&C insurance and reinsurance, the liability for unearned premiums is normally calculated on a strictly proportional basis over time, i.e. on a pro rata temporis basis. If premiums are judged to be insufficient to cover anticipated claims costs and operating expenses, the liability for unearned premiums must be augmented by a provision for unexpired risks. Calculation of the liability for unexpired risks must also take into account instalment premiums not yet due.The liability for claims outstanding is intended to cover the anticipated future payments of all claims incurred, including claims not yet reported to the company, i.e. the IBNR (incurred but not reported) provision. The liability for claims outstanding includes claims payments plus all estimated costs of claim settlements.The liability for claims outstanding in direct P&C insurance and reinsurance may be calculated by statistical methods or through individual assessments of individual claims. Often a combination of the two methods is used, meaning large claims are assessed individually while small claims and claims incurred but not reported (the IBNR provision) are calculated using statistical methods.In If, the liability for claims outstanding is not discounted to present value, with the exception of provisions for vested annuities. Topdanmark discounts the whole liability. In Hastings, the liability is not discounted, except for claims that have to do with certain large bodily injury. Mandatum does not discount anything.Liability adequacy test A liability adequacy test is performed separately for both the provision for claims outstanding and the provision for unearned premiums. The provision for claims out-standing is based on estimates of future cash flows. The estimates are made by using well-established actuarial methods.The provision for unearned premiums is, for the most part, calculated on a strictly proportional basis over time (so called pro rata temporis principle). The adequacy of the provision for unearned premiums is tested by calcu-lating a provision for unexpired risks for each company per business area and line of business. If the provisions are judged to be insufficient, the provision for unearned premiums is augmented by recognising a provision for unexpired risks.P&C insurance businessDeferred acquisition costsIn the P&C insurance business, acquisition costs clearly relating to the writing of insurance contracts and extend-ing beyond the financial year are recognised as assets in the balance sheet. Acquisition costs include operating expenses directly or indirectly attributable to writing insurance contracts, fees and commissions, marketing expenses and the salaries and overheads of sales staff.Acquisition costs are amortised in the same way as provisions for unearned premiums, usually in 12 months at the maximum.Classification of insurance contractsPolicies issued by the life insurance business are classified as either insurance contracts or investment contracts.Insurance contracts are contracts that carry significant insurance risk or contracts in which the policyholder has the right to change the contract by increasing the risk. As capital redemption contracts do not carry insurance risk, these contracts are classified as investment contracts.The discretionary participation feature (DPF) of a contract is a contractual right held by a policyholder to receive additional benefits, as a supplement to the guaranteed minimum benefits. The supplements are bonuses based on the reserves of policies credited to the policy reserve, additional benefits in the case of death, or the lowering of insurance premiums. In Mandatum, the principle of fairness specifies the application of this feature. In unit-linked contracts the policyholder carries the investment risk by choosing the investment funds linked to the contracts.Measurement of insurance and investment contractsIn Mandatum, national accounting standards in accord-ance with IFRS 4 Insurance contracts are applied to all insurance contracts and investment contracts with DPF.All contracts, except unit-linked contracts and the assumed reinsurance, include DPF. In those unit-linked contracts which are not insurance contracts, the policy-holder has the possibility to transfer the return on savings from unit-linked schemes to guaranteed interest with DPF. Thus, the same standard is applied to these contracts as to contracts with DPF.The surrender right, guaranteed interest and the unbundling of the insurance component from the deposit component and similar features are not separated and measured separately.In Mandatum, regarding the group pension portfolio transferred from Suomi Mutual (=segregated portfolio), a so-called shadow accounting is applied, as permitted in IFRS 4.30, by adjusting the equity with the amount of unrealised gains and losses of the agreement. The equity is adjusted with the amount that unrealised gains or losses would have affected the Segregated Portfolio in accordance with the profit distribution policy of the Segregated Portfolio if the gains or losses had been realised at the balance sheet date.In Topdanmark, unit-linked contracts include both insurance and investment contracts. Insurance contracts are measured in accordance with IFRS 4. Investment contracts, on the other hand, are measured in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Investment contracts do not include a discretionary participation feature.All unit-linked insurance contracts are payable on demand at market value. In case of death, 101 per cent of the amount is payable. This feature is considered an insig-nificant insurance risk, and the contracts are categorised and measured as investment contracts. There are no other surrender rights and values to take into consideration.Insurance and investment contract liabilities and reinsurance assetsLiabilities arising from insurance and investment contracts consist of provisions for unearned premiums and outstanding claims. In the life insurance business, various methods are applied in calculating liabilities which involve assumptions on matters such as mortality, morbidity, the yield level of investments, future operating expenses and the settlement of claims.Changes in the liabilities of reinsurance have been calculated at variable rates of exchange.Life insurance businessIn direct insurance, the insurance liability is calculated by policy, while in reinsurance it is calculated on the basis of the reports of the ceding company or the company\u2019s own bases of calculation.The interest rate used in discounting liabilities is, at most, the maximum rate accepted by the authorities in each country.The provision for claims outstanding is intended to cover the anticipated future payments of all claims incurred, including claims not yet reported to the company (the \u201cIBNR\u201d provision). The provision for claims outstanding includes claim payments plus all costs of claim settle-ments.The amounts of short- and long-term liabilities in technical provisions are determined annually.Liability adequacy testA liability adequacy test is applied to all portfolios and the need for augmentation is checked, company by company, on the basis of the adequacy of the whole technical provisions. The test includes all the expected contractual cash flows for non-unit-linked liabilities. The expected contractual cash flows include expected premiums, claims, bonuses and expenses. The claims have been estimated including surrenders and other insurance transactions based on historical data. The amounts of claims include the guaranteed interest and an estimation of future bonuses. The present values of the cash flows have been discounted to the balance sheet date.For the unit-linked business, the present values of the insurance risk and expense results are calculated correspondingly. If the aggregate amount of the liability for the unit-linked and other business presumes an augmentation, the liability is increased by the amount shown by the test and recognised in profit or loss.Principle of fairnessAccording to Chapter 13, Section 2 of the Finnish Insurance Companies\u2019 Act, the Principle of Fairness must be observed in life insurance and investment contracts with a discretionary participation feature. If the solvency requirements do not prevent it, a reasonable part of the surplus has to be returned to these policies as bonuses.Mandatum aims at giving a total return before charges and taxes on the original insurance portfolio\u2019s policyhold-ers\u2019 savings in contracts with DPF that is at least the yield of those long term bonds, which are considered to have lowest risk. The total return consists of the guaranteed interest rate and bonuses determined annually. Continu-ity is pursued in the level of bonuses.Actuarial assumptionsEvaluation of insurance liabilities always involves uncer-tainty, as technical provisions are based on estimates and assumptions concerning future claims costs. The esti-mates are based on statistics on historical claims available to the Group on the balance sheet date. The uncertainty related to the estimates is generally greater when esti-mating new insurance portfolios or portfolios where the clarification of a loss takes a long time because complete claims statistics are not yet available. In addition to the historical data, estimates of insurance liabilities take into consideration other matters such as claims development, the amount of unpaid claims, legislative changes, court rulings and the general economic situation.A substantial part of the Group\u2019s P&C insurance liabilities concerns statutory accident and traffic insurance. The most significant uncertainties related to the evaluation of these liabilities are assumptions about inflation, mortal-ity, discount rates and the effects of legislative revisions and legal practices.The actuarial assumptions applied to life insurance liabilities are discussed in more detail under \u2019Insurance and investment contract liabilities and reinsurance assets\u2019.Defined benefit plans as intended in IAS 19 are also estimated in accordance with actuarial principles. As the calculation of a pension plan reserve is based on expected future pensions, assumptions must be made not only about discount rates, but also about matters such as mortality, employee turnover, price inflation and future salaries. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-4": {
"value": "on the instrument evenly in proportion to the amount outstanding over the period to maturity. Dividends on equity securities are recognised as revenue when the right to receive payment is established.Fees and commissionsThe fees and transaction costs of financial instruments measured at fair value through profit or loss are recog-nised in profit or loss when the instrument is initially recognised.The costs of acquiring new and renewed insurance busi-ness are treated as deferred acquisition costs in the P&C insurance. In the life insurance business, the acquisition costs are treated as fee and commission expense under \u2019Other operating expenses\u2019.Other fees and commissions paid for investment activities are included in \u2019Net income from investments\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "Financial assets and liabilitiesFinancial assets and liabilities are measured at the initial recognition at fair value. In the acquisition of financial assets and liabilities not measured at fair value, transaction costs directly attributable to acquisition or issue are added or deducted respectively. Based on the measurement practice, financial assets and liabilities are classified in the following categories upon the initial recognition: financial assets at fair value through profit or loss, loans and receivables, available-for-sale financial assets, financial liabilities at fair value through profit or loss, and other liabilities.According to the Group\u2019s risk management policy, invest-ments are managed at fair value in order to have the most realistic and real-time picture of investments, and they are reported to the Group key management at fair value. Investments comprise debt and equity securities. They are mainly classified as financial assets available-for-sale or at fair value through p/l.In the life insurance business, IFRS 4 Insurance Contracts provides that insurance contracts with a discretionary participation feature are measured in accordance with national valuation principles rather than at fair value. These contracts and investments made to cover shareholders\u2019 equity are managed in their entirety and are classified mainly as available-for-sale financial assets. An exception to the rule are investments related to unit-linked insurance, valued at fair value through p/l and shown as a separate line item in the balance sheet. The corresponding liability is also shown as a separate line item.Recognition and derecognitionPurchases and sales of financial assets at fair value through profit or loss and available-for-sale financial assets are recognised and derecognised on the trade date, which is the date on which the Group commits to purchase or sell the asset. Loans and receivables are recognised when cash is advanced.Financial assets and financial liabilities at fair value through profit or lossIn Sampo Group, financial assets and liabilities at fair value through profit of loss comprise financial assets held for trading and financial assets designated as at fair value through profit or loss.Financial assets designated as at fair value through profit or lossFinancial assets designated as at fair value through profit or loss are assets which, at inception, are irrevocably designated as such. They are initially recognised at their fair value. They are recognised in the income statement and balance sheet accordingly with the above-explained assets held for trading.Loans and receivablesLoans and receivables comprise non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and that the Group does not intend to sell immediately or in the short term. The category also comprises cash and balances with banks.Financial assets held for tradingA financial asset that is held for the purpose of selling or buying in the short term, or belongs to a portfolio that is managed together or is repeatedly used for short-term profit taking, is classified as an asset held for trading. Gains and losses arising from changes in fair value, or realised on disposal, together with related interest income and dividend, are recognised in the income statement.Also derivative instruments that are not designated as hedges and do not meet the requirements for hedge accounting are classified as financial assets for trading purposes.Financial derivatives held for trading are initially rec-ognised at fair value. Derivative instruments are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative instruments are recognised at fair value, and gains and losses arising from changes in fair value together with realised gains and losses, are recognised in the income statement.Financial assets and liabilities are offset and the net amount is presented in the balance sheet only when the Group has a legally enforceable right to set off the recog-nised amounts and it intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.Financial assets are derecognised when the contractual rights to receive cash flows have expired or the Group has substantially transferred all the risks and rewards of ownership. Financial liabilities are derecognised when the obligation specified in the contract is discharged or cancelled or expired.Loans and receivables are initially recognised at their fair value, including transaction costs directly attributable to the acquisition of the asset. Loans and receivables are subsequently measured at amortised cost using the effective interest rate method.Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivative financial investments that are designated as availa-ble-for-sale or that are not categorised into any other category. Available-for-sale financial assets comprise debt and equity securities and funds.Available-for-sale financial assets are initially recognised at fair value, including direct and incremental transaction costs. They are subsequently remeasured at fair value, and the changes in fair value are recorded in other comprehensive income and presented in the fair value reserve, taking the tax effect into account. Interest income and dividends are recognised in profit or loss. When the available-for-sale assets are sold, the cumulative change in the fair value is transferred from equity and recognised together with realised gains or losses in profit or loss. The cumulative change in the fair value is also transferred to profit or loss when the assets are impaired and the impairment loss is recognised. Exchange differences due to available-for-sale monetary balance sheet items are always recognised directly in profit or loss.Other financial liabilitiesOther financial liabilities comprise debt securities in issue and other financial liabilities.Other financial liabilities are recognised when the consideration is received and measured to amortised cost, using the effective interest rate method.If debt securities issued are redeemed before maturity, they are derecognised and the difference between the carrying amount and the consideration paid at redemp-tion is recognised in profit or loss.Fair valueThe fair value of financial instruments is determined primarily by using quoted prices in active markets. Instruments are measured either at a bid price or at the last trade price if there is an auction policy in the stock market of the price source. An exception are the syndicated loans which are measured at a mid-price because of the lower liquidity. The financial derivatives are also measured at the last trade price. If the financial instrument has a counter-item that will offset its market risk, the same price source is used in assets and liabilities to that extent. If a published price quotation does not exist for a financial instrument in its entirety, but active markets exist for its component parts, the fair value is determined on the basis of the relevant market prices of the component parts.Fair values of financial assets are based on either published price quotations or valuation techniques based on market observable inputs, where available. If these are not available, the fair value is established by using generally accepted valuation techniques including recent arm\u2019s length market transactions between knowledgeable, willing parties, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. For a limited amount of assets, the value needs to be determined using these other techniques. The carrying amount of cash and cash equivalents as well as settlement receivables included in other assets is used as an approximation of fair value.If the fair value of a financial asset cannot be determined, historical cost is deemed to be a sufficient approximation of fair value. The amount of such assets in the Group balance sheet is immaterial.The financial instruments measured at fair value have been classified into three hierarchy levels in the notes, depending on, e.g. if the market for the instrument is active, or if the inputs used in the valuation technique are observable. On level 1, the measurement of the instrument is based on quoted prices in active markets for identical assets or liabilities.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. The majority of Sampo Group\u2019s level 3 assets are private equity and alternative funds.For private equity funds, the valuation of the underlying investments is conducted by the fund manager who has all the relevant information required in the valuation process. The valuation is usually updated quarterly based on the value of the underlying assets and the amount of debt in the fund. There are several valuation methods, which can be based on, for example, the acquisition value of the investments, the value of publicly traded peer companies, the multiple-based valuation or the cashflows of the underlying investments. Most private equity funds follow the International Private Equity and Venture Capital (IPEV) guidelines which give detailed instructions on the valuation of private equity funds.For alternative funds, the valuation is also conducted by the fund managers. Alternative funds often have complicated structures and the valuation is dependent on the nature of the underlying investments. There are many different valuation methods that can be used, for example, the method based on the cashflows of the underlying investments. The operations and valuation of alternative funds are regulated for example by the Alternative Investment Fund Managers Directive (AIFMD), which determines the principles and documentation requirements of the valuation process. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-4": {
"value": "Financial assets and financial liabilities at fair value through profit or lossIn Sampo Group, financial assets and liabilities at fair value through profit of loss comprise financial assets held for trading and financial assets designated as at fair value through profit or loss.Financial assets designated as at fair value through profit or lossFinancial assets designated as at fair value through profit or loss are assets which, at inception, are irrevocably designated as such. They are initially recognised at their fair value. They are recognised in the income statement and balance sheet accordingly with the above-explained assets held for trading.Financial assets held for tradingA financial asset that is held for the purpose of selling or buying in the short term, or belongs to a portfolio that is managed together or is repeatedly used for short-term profit taking, is classified as an asset held for trading. Gains and losses arising from changes in fair value, or realised on disposal, together with related interest income and dividend, are recognised in the income statement.Also derivative instruments that are not designated as hedges and do not meet the requirements for hedge accounting are classified as financial assets for trading purposes.Financial derivatives held for trading are initially rec-ognised at fair value. Derivative instruments are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Derivative instruments are recognised at fair value, and gains and losses arising from changes in fair value together with realised gains and losses, are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-4": {
"value": "Loans and receivablesLoans and receivables comprise non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and that the Group does not intend to sell immediately or in the short term. The category also comprises cash and balances with banks.Loans and receivables are initially recognised at their fair value, including transaction costs directly attributable to the acquisition of the asset. Loans and receivables are subsequently measured at amortised cost using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivative financial investments that are designated as availa-ble-for-sale or that are not categorised into any other category. Available-for-sale financial assets comprise debt and equity securities and funds.Available-for-sale financial assets are initially recognised at fair value, including direct and incremental transaction costs. They are subsequently remeasured at fair value, and the changes in fair value are recorded in other comprehensive income and presented in the fair value reserve, taking the tax effect into account. Interest income and dividends are recognised in profit or loss. When the available-for-sale assets are sold, the cumulative change in the fair value is transferred from equity and recognised together with realised gains or losses in profit or loss. The cumulative change in the fair value is also transferred to profit or loss when the assets are impaired and the impairment loss is recognised. Exchange differences due to available-for-sale monetary balance sheet items are always recognised directly in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-4": {
"value": "Other financial liabilitiesOther financial liabilities comprise debt securities in issue and other financial liabilities.Other financial liabilities are recognised when the consideration is received and measured to amortised cost, using the effective interest rate method.If debt securities issued are redeemed before maturity, they are derecognised and the difference between the carrying amount and the consideration paid at redemp-tion is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-5": {
"value": "Other financial liabilitiesOther financial liabilities comprise debt securities in issue and other financial liabilities.Other financial liabilities are recognised when the consideration is received and measured to amortised cost, using the effective interest rate method.If debt securities issued are redeemed before maturity, they are derecognised and the difference between the carrying amount and the consideration paid at redemp-tion is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "Fair valueThe fair value of financial instruments is determined primarily by using quoted prices in active markets. Instruments are measured either at a bid price or at the last trade price if there is an auction policy in the stock market of the price source. An exception are the syndicated loans which are measured at a mid-price because of the lower liquidity. The financial derivatives are also measured at the last trade price. If the financial instrument has a counter-item that will offset its market risk, the same price source is used in assets and liabilities to that extent. If a published price quotation does not exist for a financial instrument in its entirety, but active markets exist for its component parts, the fair value is determined on the basis of the relevant market prices of the component parts.Fair values of financial assets are based on either published price quotations or valuation techniques based on market observable inputs, where available. If these are not available, the fair value is established by using generally accepted valuation techniques including recent arm\u2019s length market transactions between knowledgeable, willing parties, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. For a limited amount of assets, the value needs to be determined using these other techniques. The carrying amount of cash and cash equivalents as well as settlement receivables included in other assets is used as an approximation of fair value.If the fair value of a financial asset cannot be determined, historical cost is deemed to be a sufficient approximation of fair value. The amount of such assets in the Group balance sheet is immaterial.The financial instruments measured at fair value have been classified into three hierarchy levels in the notes, depending on, e.g. if the market for the instrument is active, or if the inputs used in the valuation technique are observable. On level 1, the measurement of the instrument is based on quoted prices in active markets for identical assets or liabilities.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. The majority of Sampo Group\u2019s level 3 assets are private equity and alternative funds.For private equity funds, the valuation of the underlying investments is conducted by the fund manager who has all the relevant information required in the valuation process. The valuation is usually updated quarterly based on the value of the underlying assets and the amount of debt in the fund. There are several valuation methods, which can be based on, for example, the acquisition value of the investments, the value of publicly traded peer companies, the multiple-based valuation or the cashflows of the underlying investments. Most private equity funds follow the International Private Equity and Venture Capital (IPEV) guidelines which give detailed instructions on the valuation of private equity funds.For alternative funds, the valuation is also conducted by the fund managers. Alternative funds often have complicated structures and the valuation is dependent on the nature of the underlying investments. There are many different valuation methods that can be used, for example, the method based on the cashflows of the underlying investments. The operations and valuation of alternative funds are regulated for example by the Alternative Investment Fund Managers Directive (AIFMD), which determines the principles and documentation requirements of the valuation process. Determination of fair valueThe fair value of any non-quoted financial assets is determined using valuation methods that are generally accepted in the market. These methods are discussed in more detail above under \u2019Fair value\u2019.During the financial year, fair values of investment property have partially been determined by using internal resources on the basis of comparative information derived from the market. They include management assumptions concerning market return requirements and the discount rate applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "Financial assets carried at amortised costThere is objective evidence of impairment, if an issuer or debtor, e.g. encounters significant financial difficulties that will lead to insolvency and to estimation that the customer will probably not be able to meet the obligations to the Group. Objective evidence is first assessed for financial assets that are individually significant, and then individually and collectively for financial assets not individually significant.When there is objective evidence of impairment of a financial asset carried at amortised cost, the amount of the loss is measured as the difference between the receivable\u2019s carrying amount and the present value of estimated future cash flows discounted at the receivable\u2019s original effective interest rate. The difference is recognised as an impairment loss in profit or loss. The impairment is assessed individually.If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can objectively be related to an event occurring after the impairment was recognised (e.g. the default status is removed), the previously recognised impairment loss shall be reversed through profit or loss.Impairment of financial assetsSampo assesses at the end of each reporting period whether there is any objective evidence that a financial asset, other than those at fair value through p/l, may be impaired. A financial asset is impaired and impairment losses are recognised on the estimated future cash flows of the financial asset if there is objective evidence of impairment as a result of one or more loss events that occurred after the initial recognition of the asset and if that event has an impact that can be reliably estimated.Available-for-sale financial assetsIf there is objective evidence of an impairment of available-for-sale financial assets, this is evaluated in a separate assessment. This is done if, for example, there are changes in the credit rating of the debt instrument issuer, the issuer is placed on a watch list, or there is a default or delinquency in payments of principal or interests. For equity instruments, objective evidence may exist, if there is a significant or prolonged decline in the fair value of an equity instrument below its original acquisition cost.The decision on whether the impairment is significant or prolonged requires an assessment of the management. The assessment is done on a case-by-case basis with consideration paid not only to qualitative criteria but also historical changes in the value of an equity as well as time period during which the fair value of an equity instrument has been lower than the acquisition cost. In Sampo Group, the impairment is normally assessed to be significant, if the fair value of a listed equity or participation decreases below the average acquisition cost by 20 per cent and assessed to be prolonged when the fair value has been lower than the acquisition cost for over 12 months.As there are no quoted prices available in active markets for unquoted equities and participations, the aim is to determine their fair value with the help of generally accepted valuation techniques available in the markets. The most significant share of unquoted equities and participations comprise the private equity and venture capital investments. They are measured in accordance with the generally accepted common practice in the International Private Equity and Venture Capital Guidelines (IPEV).The significance and prolongation of the impairment in the last-mentioned cases is assessed case by case, taking into consideration special factors and circumstances related to the investment. Sampo invests in private equity and venture capital in order to keep them to the end of their life cycle, so the typical lifetime is 10\u201312 years. In general, a justifiable assessment of a potential impairment may only be done towards the end of the life cycle. However, if additionally there is a well-founded reason to believe that an amount equivalent to the acquisition cost will not be recovered when selling the investment, an impairment loss is recognised.An impairment on equity funds is recognised in line with the principles above when the starting year of the fund is at least 10 years old and both the carrying amount and fair value of the fund is maximum EUR 500,000. In these cases both the fair value and the carrying amount are booked to zero. An impairment is only performed to those funds for which the benchmarks are met in all Sampo Group companies\u2019 portfolios.In the case of debt securities, the amount of the impairment loss is assessed as the difference between the acquisition cost, adjusted with capital amortisations and accruals, and the fair value at the review time, reduced by possible impairment losses previously recognised in profit or loss. At the same time, the cumulative loss recognised in other comprehensive income is transferred from equity and recognised in p/l as an impairment loss. Any additional impairment losses are also recognised through p/l.If, in a subsequent period, the fair value of a debt security increases and the increase can objectively be related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through p/l, but only up until the carrying amount is the same as it would have been had no impairment losses been recognised in the first place.Impairment losses for available-for-sale equity instruments are recognised through p/l by transferring the cumulative loss recognised in other comprehensive income from equity to p/l. If the fair value subsequently increases, the increase is recognised in other comprehensive income. If the value keeps decreasing below the book value, an impairment loss is recognised through profit or loss even if the decline is less than 20 per cent.Impairment of intangible assets and property, plant and equipmentAt each reporting date, the Group assesses whether there is any indication that an intangible asset or an item of property, plant or equipment may be impaired. If any such indication exists, the Group will estimate the recoverable amount of the asset. In addition, goodwill, intangible assets not yet available for use and intangible assets with an indefinite useful life will be tested for impairment annually, independent of any indication of impairment. For impairment testing the goodwill is allocated to the cash-generating units of the Group from the date of acquisition. In the test the carrying amount of the cash-generating unit, including the goodwill, is compared with its recoverable amount.The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. The value in use is calculated by estimating future net cash flows expected to be derived from an asset or a cash-generating unit, and by discounting them to their present value using a pre-tax discount rate. If the carrying amount of an asset is higher than its recoverable amount, an impairment loss is recognised in profit or loss. In conjunction with this, the impaired asset\u2019s useful life will be re-determined.The impairment loss is reversed if there has been a change in circumstances and the recoverable amount has changed after the recognition of the impairment loss, but no more than to the carrying amount which it would have been without recognition of the impairment loss. Impairment losses recognised for goodwill are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-4": {
"value": "Financial assets carried at amortised costThere is objective evidence of impairment, if an issuer or debtor, e.g. encounters significant financial difficulties that will lead to insolvency and to estimation that the customer will probably not be able to meet the obligations to the Group. Objective evidence is first assessed for financial assets that are individually significant, and then individually and collectively for financial assets not individually significant.When there is objective evidence of impairment of a financial asset carried at amortised cost, the amount of the loss is measured as the difference between the receivable\u2019s carrying amount and the present value of estimated future cash flows discounted at the receivable\u2019s original effective interest rate. The difference is recognised as an impairment loss in profit or loss. The impairment is assessed individually.If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can objectively be related to an event occurring after the impairment was recognised (e.g. the default status is removed), the previously recognised impairment loss shall be reversed through profit or loss.Impairment of financial assetsSampo assesses at the end of each reporting period whether there is any objective evidence that a financial asset, other than those at fair value through p/l, may be impaired. A financial asset is impaired and impairment losses are recognised on the estimated future cash flows of the financial asset if there is objective evidence of impairment as a result of one or more loss events that occurred after the initial recognition of the asset and if that event has an impact that can be reliably estimated.Available-for-sale financial assetsIf there is objective evidence of an impairment of available-for-sale financial assets, this is evaluated in a separate assessment. This is done if, for example, there are changes in the credit rating of the debt instrument issuer, the issuer is placed on a watch list, or there is a default or delinquency in payments of principal or interests. For equity instruments, objective evidence may exist, if there is a significant or prolonged decline in the fair value of an equity instrument below its original acquisition cost.The decision on whether the impairment is significant or prolonged requires an assessment of the management. The assessment is done on a case-by-case basis with consideration paid not only to qualitative criteria but also historical changes in the value of an equity as well as time period during which the fair value of an equity instrument has been lower than the acquisition cost. In Sampo Group, the impairment is normally assessed to be significant, if the fair value of a listed equity or participation decreases below the average acquisition cost by 20 per cent and assessed to be prolonged when the fair value has been lower than the acquisition cost for over 12 months.As there are no quoted prices available in active markets for unquoted equities and participations, the aim is to determine their fair value with the help of generally accepted valuation techniques available in the markets. The most significant share of unquoted equities and participations comprise the private equity and venture capital investments. They are measured in accordance with the generally accepted common practice in the International Private Equity and Venture Capital Guidelines (IPEV).The significance and prolongation of the impairment in the last-mentioned cases is assessed case by case, taking into consideration special factors and circumstances related to the investment. Sampo invests in private equity and venture capital in order to keep them to the end of their life cycle, so the typical lifetime is 10\u201312 years. In general, a justifiable assessment of a potential impairment may only be done towards the end of the life cycle. However, if additionally there is a well-founded reason to believe that an amount equivalent to the acquisition cost will not be recovered when selling the investment, an impairment loss is recognised.An impairment on equity funds is recognised in line with the principles above when the starting year of the fund is at least 10 years old and both the carrying amount and fair value of the fund is maximum EUR 500,000. In these cases both the fair value and the carrying amount are booked to zero. An impairment is only performed to those funds for which the benchmarks are met in all Sampo Group companies\u2019 portfolios.In the case of debt securities, the amount of the impairment loss is assessed as the difference between the acquisition cost, adjusted with capital amortisations and accruals, and the fair value at the review time, reduced by possible impairment losses previously recognised in profit or loss. At the same time, the cumulative loss recognised in other comprehensive income is transferred from equity and recognised in p/l as an impairment loss. Any additional impairment losses are also recognised through p/l.If, in a subsequent period, the fair value of a debt security increases and the increase can objectively be related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through p/l, but only up until the carrying amount is the same as it would have been had no impairment losses been recognised in the first place.Impairment losses for available-for-sale equity instruments are recognised through p/l by transferring the cumulative loss recognised in other comprehensive income from equity to p/l. If the fair value subsequently increases, the increase is recognised in other comprehensive income. If the value keeps decreasing below the book value, an impairment loss is recognised through profit or loss even if the decline is less than 20 per cent.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-3": {
"value": "Derivative financial instruments and hedge accountingDerivative financial instruments are classified as those held for trading and those held for hedging, including interest rate derivatives, credit risk derivatives, foreign exchange derivatives, equity derivatives and commodity derivatives. Derivative instruments are measured initially at fair value. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.Derivatives held for tradingDerivative instruments that are not designated as hedges and embedded derivatives separated from a host contract are treated as held for trading. They are measured at fair value and the change in fair value, together with realised gains and losses and interest income and expenses, is recognised in profit or loss.If derivatives are used for hedging, but they do not qualify for hedge accounting as required by IAS 39, they are treated as held for trading.Hedge accountingSampo Group may hedge its operations against interest rate risks, currency risks and price risks through fair value hedging and cash flow hedging. Cash flow hedging is used as a protection against the variability of the future cash flows, while fair value hedging is used to protect against changes in the fair value of recognised assets or liabilities. During the financial year, fair value hedging has been applied in Mandatum and cash flow hedging in Hastings.Hedge accounting applies to hedges that are effective in relation to the hedged risk and meet the hedge accounting requirements of IAS 39. The hedging relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge, are documented at the inception of the hedge. In addition, the effectiveness of a hedge is assessed both at inception and on an ongoing basis to ensure that it is highly effective throughout the period for which it was designated. Hedges are regarded as highly effective in offsetting changes in fair value or the cash flows attributable to a hedged risk within a range of 80\u2013125 per cent.Cash flow hedgingCash flow hedging is used to hedge the interest cash flows of individual floating rate debt securities or other floating rate assets or liabilities. The hedging instruments used include interest rate swaps and cross currency interest rate swaps. Derivative instruments which are designated as hedges and are effective as such, in accordance with IAS 39, are measured at fair value. The effective part of the change in fair value is recognised in other comprehensive income. The remaining ineffective part is recognised in profit or loss.The cumulative change in fair value is transferred from equity and recognised in profit or loss in the same period that the hedged cash flows affect profit or loss.When a hedging instrument expires, is sold, terminated, or the hedge no longer meets the criteria for hedge accounting, the cumulative change in fair value remains in equity until the hedged cash flows affect profit or loss.Fair value hedgingIn accordance with the Group\u2019s risk management principles, fair value hedging is used to hedge changes in fair values resulting from changes in price, interest rate or exchange rate levels. The hedging instruments used include foreign exchange forwards, interest rate swaps, cross-currency interest rate swaps and options, approved by the managements of the Group companies.Changes in the fair value of derivative instruments that are documented as fair value hedges and are effective in relation to the hedged risk are recognised in profit or loss. In addition, the hedged assets and liabilities are measured at fair value during the period for which the hedge was designated, with changes in fair value recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "LeasesGroup as lessorLeases are included in \u2019Investment property\u2019 in the balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment, and the impairment losses are recognised on the same basis as these items. Rental income is recognised on a straight-line basis over the lease term in profit or loss.Group as lesseeAll lease contracts are primarily recognised in the balance sheet in accordance with IFRS 16 Leases. The only optional exemptions include certain short-term contracts with a duration under 12 months or low-value contracts for which the lease payments can be recognised as an expense on a straight-line basis over the lease term.Right-of-use assets related to lease contracts (right to use an underlying asset) are recognised in the asset side as part of Property, Plant and Equipment and the corresponding lease liabilities in the liability side as part of Other liabilities. A right-of-use asset is recognised at the commencement date of the lease and measured at cost that includes the amount of the initial measurement of the liability and potential prepaid rents to the lessor. Right-of-use assets are amortised on a straight-line basis over the lease period. Lease liability is also recognised at the commencement date and measured at the present value of the lease payments.Depreciations on right-of-use assets and interests on the lease liabilities are recognised in the p/l.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-3": {
"value": "Intangible assetsOther intangible assetsIT software and other intangible assets, whether procured externally or internally generated, are recognised in the balance sheet as intangible assets with finite useful lives if it is probable that the expected future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The cost of internally generated intangible assets is determined as the sum of all costs directly attributable to the assets. Research costs are recognised as expenses in profit or loss as they are incurred. Costs arising from the development of new IT software or from significant improvement of existing software are recognised only to the extent they meet the above-mentioned requirements for being recognised as assets in the balance sheet.Intangible assets with finite useful lives are measured at historical cost less accumulated amortisation and impairment losses. Intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. The estimated useful lives by asset class are as follows:IT software 3\u201310 yearsOther intangible assets 3\u201310 yearsGoodwillGoodwill represents the excess of the cost of an acquisition (made after 1 January 2004) over the fair value of the Group\u2019s share of the net identifiable assets, liabilities and contingent liabilities of the acquired entity at the date of acquisition. Goodwill on acquisitions before 1 January 2004 is accounted for in accordance with the previous accounting standards and the carrying amount is used as the deemed cost in accordance with the IFRS.Goodwill is measured at historical cost less accumulated impairment losses. Goodwill is not amortised. Instead, it is tested at least annually for impairment.Intangible assets with an indefinite useful life, such as brands and trademarks acquired in business combinations, are not amortised. Instead they are tested at least annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-4": {
"value": "Other intangible assetsIT software and other intangible assets, whether procured externally or internally generated, are recognised in the balance sheet as intangible assets with finite useful lives if it is probable that the expected future economic benefits that are attributable to the assets will flow to the Group and the cost of the assets can be measured reliably. The cost of internally generated intangible assets is determined as the sum of all costs directly attributable to the assets. Research costs are recognised as expenses in profit or loss as they are incurred. Costs arising from the development of new IT software or from significant improvement of existing software are recognised only to the extent they meet the above-mentioned requirements for being recognised as assets in the balance sheet.Intangible assets with finite useful lives are measured at historical cost less accumulated amortisation and impairment losses. Intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. The estimated useful lives by asset class are as follows:IT software 3\u201310 yearsOther intangible assets 3\u201310 yearsGoodwillGoodwill represents the excess of the cost of an acquisition (made after 1 January 2004) over the fair value of the Group\u2019s share of the net identifiable assets, liabilities and contingent liabilities of the acquired entity at the date of acquisition. Goodwill on acquisitions before 1 January 2004 is accounted for in accordance with the previous accounting standards and the carrying amount is used as the deemed cost in accordance with the IFRS.Goodwill is measured at historical cost less accumulated impairment losses. Goodwill is not amortised. Instead, it is tested at least annually for impairment.Intangible assets with an indefinite useful life, such as brands and trademarks acquired in business combinations, are not amortised. Instead they are tested at least annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "Property, plant and equipmentProperty, plant and equipment comprise properties occupied for Sampo\u2019s own activities, office equipment, fixtures and fittings, and furniture. Classification of properties as those occupied for own activities and those for investment activities is based on the square metres in use. If the proportion of a property in Sampo\u2019s use is no more than 10 per cent, the property is classified as an investment property.Property, plant and equipment are measured at historical cost less accumulated depreciation and impairment losses.Improvement costs are added to the carrying amount of a property when it is probable that the future economic benefits that are attributable to the asset will flow to the entity. Costs for repairs and maintenance are recognised as expenses in the period in which they were incurred.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful life. In most cases, the residual value is estimated at zero. Land is not depreciated. Estimates of useful life are reviewed at financial year-ends and the useful life is adjusted if the estimates change significantly. The estimated useful lives by asset class are as follows:Buildings 20\u201350 yearsComponents of buildings 15\u201320 yearsProperty and leasehold improvements 4\u201310 yearsIT equipment and motor vehicles 2\u20135 yearsOther equipment 3\u201315 yearsDepreciation of property, plant or equipment will be discontinued, if the asset in question is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-4": {
"value": "Impairment of intangible assets and property, plant and equipmentAt each reporting date, the Group assesses whether there is any indication that an intangible asset or an item of property, plant or equipment may be impaired. If any such indication exists, the Group will estimate the recoverable amount of the asset. In addition, goodwill, intangible assets not yet available for use and intangible assets with an indefinite useful life will be tested for impairment annually, independent of any indication of impairment. For impairment testing the goodwill is allocated to the cash-generating units of the Group from the date of acquisition. In the test the carrying amount of the cash-generating unit, including the goodwill, is compared with its recoverable amount.The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. The value in use is calculated by estimating future net cash flows expected to be derived from an asset or a cash-generating unit, and by discounting them to their present value using a pre-tax discount rate. If the carrying amount of an asset is higher than its recoverable amount, an impairment loss is recognised in profit or loss. In conjunction with this, the impaired asset\u2019s useful life will be re-determined.The impairment loss is reversed if there has been a change in circumstances and the recoverable amount has changed after the recognition of the impairment loss, but no more than to the carrying amount which it would have been without recognition of the impairment loss. Impairment losses recognised for goodwill are not reversed.Impairment testsGoodwill, intangible assets not yet available for use, and intangible assets with an indefinite useful life are tested for impairment at least annually. The recoverable amounts from cash-generating units have mainly been determined using calculations based on the value in use. These require management estimates on matters such as future cash flows, the discount rate, and general economic growth and inflation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-3": {
"value": "Investment propertyInvestment property is held to earn rentals and for capital appreciation. The investment property is measured at fair value. The accounting principle was changed from an acquisition model to a fair value model in the financial year 2021 in order to align the Group accounting principles.The Group assessed that the change had an immaterial effect on the consolidated financial statements. The fair value of investment property is estimated using methods based on estimates of future cash flows and market-based return expectations (cash flow models used for present value calculation) and comparison methods based on information from actual sales in the market. The valuation considers the characteristics of the prop-erty with respect to location, condition, lease situation and comparable market information regarding rents, yield requirements and unit prices. During the financial year, the valuations were conducted by using both the Group\u2019s internal resources and external independent surveyors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-3": {
"value": "ProvisionsA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the Group can reliably estimate the amount of the obligation. If it is expected that some or all of the expend-iture required to settle the provision will be reimbursed by another party, the reimbursement will be treated as a separate asset only when it is virtually certain that the Group will receive it.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-4": {
"value": "Reinsurance contractsA reinsurance contract is a contract which meets the IFRS 4 requirements for insurance contracts and on the basis of which Sampo Group (the cedant) may receive compensation from another insurer (the reinsurer) if it becomes liable for paying compensation based on other insurance contracts it has issued. Such compensation received on the basis of reinsurance contracts is included in the balance sheet under \u2019Reinsurers\u2019 share of insurance liabilities\u2019 and \u2019Other assets\u2019. The former item includes the reinsurers\u2019 share of the provisions for unearned premiums and claims outstanding in the Group\u2019s reinsured insurance contracts, while the latter includes short-term receivables from reinsurers.When the Group itself has to pay compensation to another insurer on the basis of a reinsurance contract, the liability is recognised in the item \u2019Other liabilities\u2019. Receivables and liabilities related to reinsurance are measured uniformly with the cedant\u2019s receivables and liabilities. Reinsurance receivables are tested annually for impairment. Impairment losses are recognised through profit or loss if there is objective evidence indicating that the Group (as the cedant) will not receive all amounts of money it is entitled to on a contractual basis.In addition, the Group companies have contracts where they share the insurance risk with a co-insurance partner. Where the Group is the secondary co-insurer, the Group only recognises its share of the premium as an insurance receivable and related claims liability. Where the Group acts as the lead co-insurer, the gross premium is recognised as an insurance receivable, with a related co-insurance payable to the co-insurer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-3": {
"value": "Employee benefitsPost-employment benefitsPost-employment benefits include pensions and life insurance.Sampo has defined benefit plans in Sweden and Norway, and defined contribution plans in other countries. The most significant defined contribution plan is that arranged through the Employees\u2019 Pensions Act (TyEL) in Finland.In the defined contribution plans, the Group pays fixed contributions to a pension insurance company and has no legal or constructive obligation to pay further contribu-tions. The obligations arising from a defined contribution plan are recognised as an expense in the period to which the obligation relates.In the defined benefit plans, the company still has obligations after paying the contributions for the financial period and bears their actuarial and/or investment risk. The obligation is calculated separately for each plan using the projected unit credit method. In calculating the amount of the obligation, actuarial assumptions are used. The pension costs are recognised as an expense for the service period of employees. Defined benefit plans are both funded and unfunded. The amounts reported as pension costs during a financial year consist of the actuarially calculated earnings of old-age pensions during the year, calculated straight-line, based on pensionable income at the time of retirement. The calculated effects in the form of interest expense for crediting/appreciating the preceding years\u2019 established pension obligations are then added. The calculation of pension costs during the financial year starts at the begin-ning of the year and is based on assumptions about such factors as salary growth and price inflation throughout the duration of the obligation and on the current market interest rate adjusted to take into account the duration of the pension obligations.The current year pension cost and the net interest of the net liability is recognised through p/l in pension costs. The actuarial gains and losses and the return of the plan assets (excl. net interest) are recognised as a separate item in other comprehensive income.The fair value of the plan assets covered by the plan is deducted from the present value of future pension obligations and the remaining net liability (net asset) is recognised separately in the balance sheet.The Group has also certain voluntary defined benefit plans. These are intra-Group and have no material significance.Termination benefitsAn obligation based on termination of employment is recognised as a liability when the Group is verifiably committed to terminate the employment of one or more persons before the normal retirement date or to grant benefits payable upon termination as a result of an offer to promote voluntary redundancy. As no economic benefit is expected to flow to the employer from these benefits in the future, they are recognised immediately as an expense. Obligations maturing more than 12 months later than the balance sheet date are discounted. The benefits payable upon termination at Sampo are the monetary and pension packages related to redundancy.Share-based paymentsDuring the financial year, Sampo had five valid share-based incentive schemes settled in cash (the long-term incentive schemes 2017 I, 2017 II, 2020 I, 2020 II and 2020 III for the management and key employees). Topdanmark had one mainly share-settled incentive scheme for the executive board and senior executives during the financial year. Hastings had also a share-based incentive scheme settled in cash during the financial year.More information on the different incentive schemes of the Group companies can be found in note 30 Incentive schemes.The schemes have been measured at fair value at the grant date and at every reporting date thereafter.In the schemes settled in cash, the valuation is recognised as a liability and changes are recognised through profit or loss.In the schemes settled in shares, the strike amounts received on the exercise of the options are recognised in the shareholder\u2019s equity.The fair value of the schemes has to a large extent been determined using the Black-Scholes-pricing model. The fair value of the market-based part of the incentive takes into consideration the model\u2019s forecast concerning the number of incentive units to be paid as a reward. The effects of non-market based terms are not included in the fair value of the incentive; instead, they are taken into account in the number of those incentive units that are expected to be exercised during the vesting period. In this respect, the Group will update the assumption on the estimated final number of incentive units at every interim or annual balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-4": {
"value": "Post-employment benefitsPost-employment benefits include pensions and life insurance.Sampo has defined benefit plans in Sweden and Norway, and defined contribution plans in other countries. The most significant defined contribution plan is that arranged through the Employees\u2019 Pensions Act (TyEL) in Finland.In the defined contribution plans, the Group pays fixed contributions to a pension insurance company and has no legal or constructive obligation to pay further contribu-tions. The obligations arising from a defined contribution plan are recognised as an expense in the period to which the obligation relates.In the defined benefit plans, the company still has obligations after paying the contributions for the financial period and bears their actuarial and/or investment risk. The obligation is calculated separately for each plan using the projected unit credit method. In calculating the amount of the obligation, actuarial assumptions are used. The pension costs are recognised as an expense for the service period of employees. Defined benefit plans are both funded and unfunded. The amounts reported as pension costs during a financial year consist of the actuarially calculated earnings of old-age pensions during the year, calculated straight-line, based on pensionable income at the time of retirement. The calculated effects in the form of interest expense for crediting/appreciating the preceding years\u2019 established pension obligations are then added. The calculation of pension costs during the financial year starts at the begin-ning of the year and is based on assumptions about such factors as salary growth and price inflation throughout the duration of the obligation and on the current market interest rate adjusted to take into account the duration of the pension obligations.The current year pension cost and the net interest of the net liability is recognised through p/l in pension costs. The actuarial gains and losses and the return of the plan assets (excl. net interest) are recognised as a separate item in other comprehensive income.The fair value of the plan assets covered by the plan is deducted from the present value of future pension obligations and the remaining net liability (net asset) is recognised separately in the balance sheet.The Group has also certain voluntary defined benefit plans. These are intra-Group and have no material significance.Termination benefitsAn obligation based on termination of employment is recognised as a liability when the Group is verifiably committed to terminate the employment of one or more persons before the normal retirement date or to grant benefits payable upon termination as a result of an offer to promote voluntary redundancy. As no economic benefit is expected to flow to the employer from these benefits in the future, they are recognised immediately as an expense. Obligations maturing more than 12 months later than the balance sheet date are discounted. The benefits payable upon termination at Sampo are the monetary and pension packages related to redundancy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-4": {
"value": "Share-based paymentsDuring the financial year, Sampo had five valid share-based incentive schemes settled in cash (the long-term incentive schemes 2017 I, 2017 II, 2020 I, 2020 II and 2020 III for the management and key employees). Topdanmark had one mainly share-settled incentive scheme for the executive board and senior executives during the financial year. Hastings had also a share-based incentive scheme settled in cash during the financial year.More information on the different incentive schemes of the Group companies can be found in note 30 Incentive schemes.The schemes have been measured at fair value at the grant date and at every reporting date thereafter.In the schemes settled in cash, the valuation is recognised as a liability and changes are recognised through profit or loss.In the schemes settled in shares, the strike amounts received on the exercise of the options are recognised in the shareholder\u2019s equity.The fair value of the schemes has to a large extent been determined using the Black-Scholes-pricing model. The fair value of the market-based part of the incentive takes into consideration the model\u2019s forecast concerning the number of incentive units to be paid as a reward. The effects of non-market based terms are not included in the fair value of the incentive; instead, they are taken into account in the number of those incentive units that are expected to be exercised during the vesting period. In this respect, the Group will update the assumption on the estimated final number of incentive units at every interim or annual balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-3": {
"value": "Income taxesItem Tax expenses in the income statement comprise current and deferred tax. Tax expenses are recognised through profit or loss, except for items recognised directly in equity or other comprehensive income, in which case the tax effect will also be recognised for those items. Current tax is calculated based on the valid tax rate of each country. Tax is adjusted by any tax related to previous periods.Deferred tax is calculated on all temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Deferred tax is not recognised on non-deductible goodwill impairment, nor is it recognised on the undistributed profits of subsidiaries to the extent that it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax liabilities and assets are offset in the individual companies if, and only if, they relate to income taxes levied by the same taxation authority and the company has a legally enforceable right of offset them. Deferred tax is calculated by using the enacted tax rates prior to the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable income will be available against which a tempo-rary difference can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-3": {
"value": "Share capitalThe incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are included in equity as a deduction, net of tax, from the proceeds.Dividends are recognised in equity in the period when they are approved by the Annual General Meeting. When the parent company or other Group companies purchase the parent company\u2019s equity shares, the consideration paid is deducted from the equity as treasury shares until they are cancelled. If such shares are subsequently sold or reissued, any consideration received is included in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-3": {
"value": "Treasury sharesThe purchase price paid for buy-back of treasury shares (own shares) is directly deducted from equity. No gains or losses are recognised from purchase, sale or cancellation of own shares. If own shares are re-issued, the difference between purchase price and consideration received is recognised in the premium reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-3": {
"value": "Cash and cash equivalentsCash and cash equivalents comprise cash and short-term deposits (3 months).Sampo presents cash flows from operating activities using the indirect method in which the profit (loss) before taxation is adjusted for the effects of transactions of a non-cash nature, deferrals and accruals, and income and expense associated with investing or financing cash flows.In the cash flow statement, interest received and paid is presented in cash flows from operating activities. In addition, the dividends received, from other than associated companies, are included in cash flows from operating activities. Dividends received from associates are presented in cash flows from investments. Dividends paid are presented in cash flows from financing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-2": {
"value": "Accounting policies requiring management judgement and key sources of estimation uncertaintiesPreparation of the accounts in accordance with the IFRS requires management estimates and assumptions that affect the revenue, expenses, assets, liabilities and contingent liabilities presented in the financial statements. Judgement is needed also in the application of accounting policies. The estimates made are based on the best information available at the balance sheet date. The estimation is based on historical experiences and the most probable assumptions concerning the future at the balance sheet date. The actual outcome may deviate from results based on estimates and assumptions. Any changes in the estimates will be recognised in the financial year during which the estimate is reviewed and in all subse-quent periods.Sampo\u2019s main assumptions concerning the future and the key uncertainties related to balance sheet estimates are related, for example, to assumptions used in actuarial calculations, the determination of fair values of non-quoted financial assets and liabilities and investment property, and the determination of the impairment of financial assets and intangible assets. From Sampo\u2019s perspective, accounting policies concerning these areas require the most significant use of estimates and assumptions. Actuarial assumptionsEvaluation of insurance liabilities always involves uncer-tainty, as technical provisions are based on estimates and assumptions concerning future claims costs. The esti-mates are based on statistics on historical claims available to the Group on the balance sheet date. The uncertainty related to the estimates is generally greater when esti-mating new insurance portfolios or portfolios where the clarification of a loss takes a long time because complete claims statistics are not yet available. In addition to the historical data, estimates of insurance liabilities take into consideration other matters such as claims development, the amount of unpaid claims, legislative changes, court rulings and the general economic situation.A substantial part of the Group\u2019s P&C insurance liabilities concerns statutory accident and traffic insurance. The most significant uncertainties related to the evaluation of these liabilities are assumptions about inflation, mortal-ity, discount rates and the effects of legislative revisions and legal practices.The actuarial assumptions applied to life insurance liabilities are discussed in more detail under \u2019Insurance and investment contract liabilities and reinsurance assets\u2019.Defined benefit plans as intended in IAS 19 are also estimated in accordance with actuarial principles. As the calculation of a pension plan reserve is based on expected future pensions, assumptions must be made not only about discount rates, but also about matters such as mortality, employee turnover, price inflation and future salaries. Determination of fair valueThe fair value of any non-quoted financial assets is determined using valuation methods that are generally accepted in the market. These methods are discussed in more detail above under \u2019Fair value\u2019.During the financial year, fair values of investment property have partially been determined by using internal resources on the basis of comparative information derived from the market. They include management assumptions concerning market return requirements and the discount rate applied.Impairment testsGoodwill, intangible assets not yet available for use, and intangible assets with an indefinite useful life are tested for impairment at least annually. The recoverable amounts from cash-generating units have mainly been determined using calculations based on the value in use. These require management estimates on matters such as future cash flows, the discount rate, and general economic growth and inflation.Consolidating Topdanmark as a subsidiaryAccording to IFRS 10 Consolidated Financial Statements an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.On 30 September 2017 Sampo\u2019s ownership of Topdanmark AS\u2019s shares was 44.2 per cent and 49.1 per cent of votes. Then Sampo\u2019s management considered thoroughly all facts and circumstances required by the standard in assessing whether Sampo controlled Topdanmark and concluded that it should consolidate Topdanmark as a subsidiary in the consolidated financial statements. Considerations included, among other things, the fact that Sampo was the biggest individual investor and Sampo was not aware of any agreements between the other investors. In addition, it was considered that Sampo had the power to direct Topdanmark\u2019s relevant activities, i.e. the activities that significantly affect the investee\u2019s returns. At the time of assessment, Sampo had three members in Topdanmark\u2019s Board of Directors, one of them being the Chairman. In total, there are 9 members on Topdanmark\u2019s Board and a vote of 50 per cent is required for decision making according to the Articles of Association. However, Sampo has the right, at its discretion, to convene an extraordinary general meeting to change the composition of the board of directors and therefore gain the majority of voting rights on the Board of Directors.The divestment of Topdanmark Forsikring\u2019s life and pension business In March 2022, Sampo\u2019s subsidiary Topdanmark Forsikring announced an intention to sell Topdanmark Forsikring\u2019s life and pension business (Topdanmark Liv Holding A/S, \u2019Topdanmark Life\u2019) to Nordea. In Sampo Group, assets and liabilities related to Topdanmark Life\u2019s operations were reclassified as non-current assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. The divestment of Topdanmark Life was completed on 1 December 2022 after regulatory approvals. The sale of Topdanmark Life ended the classification of operations as non-current assets held for sale. Additional information on the divestment of Topdanmark Life is included in note 33 Divestment of Topdanmark Life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-4": {
"value": "Consolidating Topdanmark as a subsidiaryAccording to IFRS 10 Consolidated Financial Statements an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.On 30 September 2017 Sampo\u2019s ownership of Topdanmark AS\u2019s shares was 44.2 per cent and 49.1 per cent of votes. Then Sampo\u2019s management considered thoroughly all facts and circumstances required by the standard in assessing whether Sampo controlled Topdanmark and concluded that it should consolidate Topdanmark as a subsidiary in the consolidated financial statements. Considerations included, among other things, the fact that Sampo was the biggest individual investor and Sampo was not aware of any agreements between the other investors. In addition, it was considered that Sampo had the power to direct Topdanmark\u2019s relevant activities, i.e. the activities that significantly affect the investee\u2019s returns. At the time of assessment, Sampo had three members in Topdanmark\u2019s Board of Directors, one of them being the Chairman. In total, there are 9 members on Topdanmark\u2019s Board and a vote of 50 per cent is required for decision making according to the Articles of Association. However, Sampo has the right, at its discretion, to convene an extraordinary general meeting to change the composition of the board of directors and therefore gain the majority of voting rights on the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-4": {
"value": "The divestment of Topdanmark Forsikring\u2019s life and pension business In March 2022, Sampo\u2019s subsidiary Topdanmark Forsikring announced an intention to sell Topdanmark Forsikring\u2019s life and pension business (Topdanmark Liv Holding A/S, \u2019Topdanmark Life\u2019) to Nordea. In Sampo Group, assets and liabilities related to Topdanmark Life\u2019s operations were reclassified as non-current assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. The divestment of Topdanmark Life was completed on 1 December 2022 after regulatory approvals. The sale of Topdanmark Life ended the classification of operations as non-current assets held for sale. Additional information on the divestment of Topdanmark Life is included in note 33 Divestment of Topdanmark Life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-127-2": {
"value": "Segment informationGeographical information has been disclosed about income from external customers and non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, UK and the Baltic countries.Consolidated comprehensive income statement by business segment for the year ended 31 December 2022EURm If Topdanmark Hastings Mandatum Holding Elimination GroupInsurance premiums written 5,103 2,511 727 1,390 \u2014 \u2014 9,732 Net income from investments 242 -1,119 16 -821 177 -6 -1,511Other operating income 138 76 416 36 132 -35 763Claims incurred -2,963 -1,778 -497 -883 \u2014 5 -6,115Change in liabilities for insurance and investment contracts -101 1,004 -133 680 \u2014 -7 1,443Staff costs -672 -296 -154 -74 -29 \u2014 -1,226Other operating expenses -529 -163 -312 -110 -19 35 -1,097Finance costs -10 -19 10 -12 -96 8 -119Share of associates\u2019 profit/loss 9 4 \u2014 \u2014 -19 \u2014 -6Profit for the financial year before taxes 1,217 220 73 207 146 0 1,863Taxes -253 -22 -10 -44 8 \u2014 -322Profit for the financial year 963 199 62 163 153 0 1,541Segment information has been produced in accordance with the accounting policies adopted for preparing and presenting the consolidated financial statements. The segment revenue, expense, assets and liabilities, either directly attributable or reasonably allocable, have been allocated to the segments. Inter-segment pricing is based on market prices. The transactions, assets and liabilities between the segments are eliminated in the consolidated financial statements on a line-by-line basis. There was no significant income between segments during the financial periods.Depreciation and amortisation by segment are disclosed in notes 10\u201312 and investments in associates in note 13.EURm If Topdanmark Hastings Mandatum Holding Elimination GroupOther comprehensive income for the financial yearItems re-classifiable to profit or lossExchange differences -153 1 -109 \u2014 8 \u2014 -253 Available-for-sale financial assets -823 \u2014 -58 -549 -240 \u2014 -1,670Taxes 169 \u2014 \u2014 121 40 \u2014 331Total items re-classifiable to profit or loss, net of tax -807 1 -167 -428 -192 \u2014 -1,592Items not re-classifiable to profit or lossActuarial gains and losses from defined pension plans 32 \u2014 \u2014 \u2014 \u2014 \u2014 32Taxes -7 \u2014 \u2014 \u2014 \u2014 \u2014 -7Total items not re-classifiable to profit or loss, net of tax 26 \u2014 \u2014 \u2014 \u2014 \u2014 26TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 182 200 -105 -264 -39 \u2014 -26Profit attributable toOwners of the parent 1,427Non-controlling interests 114Total comprehensive income attributable toOwners of the parent -139Non-controlling interests 114Consolidated comprehensive income statement by business segment for the year ended 31 December 2021EURm If Topdanmark Hastings Mandatum Holding Elimination GroupInsurance premiums written 4,855 2,694 495 1,367 \u2014 \u2014 9,411 Net income from investments 215 1,359 10 1,831 146 -12 3,549 Other operating income 121 1 331 40 12 -14 491Claims incurred -2,860 -1,947 -310 -1,127 \u2014 5 -6,239Change in liabilities for insurance and investment contracts -83 -1,398 4 -1,642 \u2014 -4 -3,123Staff costs -635 -294 -159 -65 -25 \u2014 -1,179Other operating expenses -511 -138 -237 -100 -5 14 -976Finance costs -18 -11 -7 -14 -107 12 -146Share of associates\u2019 profit/loss -7 79 \u2014 1 328 \u2014 401Valuation difference on disposal of Nordea shares \u2014 \u2014 \u2014 \u2014 84 \u2014 84Reversal of impairment losses on Nordea shares \u2014 \u2014 \u2014 \u2014 899 \u2014 899 Profit for the financial year before taxes 1,077 346 127 291 1,331 0 3,171Taxes -227 -76 -37 -60 -23 \u2014 -423Profit for the financial year 850 270 89 231 1,308 0 2,748EURm If Topdanmark Hastings Mandatum Holding Elimination GroupOther comprehensive income for the financial yearItems re-classifiable to profit or lossExchange differences -11 2 101 \u2014 -12 \u2014 80 Available-for-sale financial assets 242 \u2014 -18 132 104 \u2014 460Share of other comprehensive income of associates \u2014 \u2014 \u2014 \u2014 186 \u2014 186Taxes -49 \u2014 \u2014 -25 -9 \u2014 -83Total items re-classifiable to profit or loss, net of tax 182 2 83 106 269 \u2014 643Items not re-classifiable to profit or lossActuarial gains and losses from defined pension plans 73 \u2014 \u2014 \u2014 \u2014 \u2014 73Taxes -15 \u2014 \u2014 \u2014 \u2014 \u2014 -15Total items not re-classifiable to profit or loss, net of tax 58 \u2014 \u2014 \u2014 \u2014 \u2014 58TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 1,090 272 172 338 1,577 \u2014 3,448Profit attributable toOwners of the parent 2,567Non-controlling interests 181Total comprehensive income attributable toOwners of the parent 3,272Non-controlling interests 176Consolidated balance sheet by business segment at 31 December 2022EURm If Topdanmark Hastings Mandatum Holding Elimination GroupAssetsProperty, plant and equipment 190 112 23 26 4 \u2014 355 Investment property 1 \u2014 \u2014 166 \u2014 \u2014 166Intangible assets 588 1,232 1,501 172 1 \u2014 3,494Investments in associates 4 7 \u2014 4 \u2014 \u2014 16Financial assets 10,451 2,562 1,074 3,776 8,250 -6,644 19,469Investments related to unit-linked insurance contracts \u2014 \u2014 \u2014 9,934 \u2014 -4 9,930Deferred tax assets 9 12 \u2014 \u2014 \u2014 -4 17Reinsurers\u2019 share of insurance liabilities 326 71 1,874 1 \u2014 \u2014 2,272Other assets 1,987 176 858 196 60 -34 3,242Cash and cash equivalents 296 8 246 761 1,762 \u2014 3,073Total assets 13,852 4,179 5,575 15,036 10,077 -6,686 42,033LiabilitiesLiabilities for insurance and investment contracts 8,798 1,786 3,014 2,969 \u2014 \u2014 16,567Liabilities for unit-linked insurance and investment contracts \u2014 \u2014 \u2014 9,912 \u2014 -4 9,908Subordinated debt 224 148 \u2014 350 1,489 -228 1,983Other financial liabilities 7 55 73 3 1,320 \u2014 1,457Deferred tax liabilities 200 135 111 68 \u2014 \u2014 514Provisions 6 \u2014 \u2014 \u2014 \u2014 \u2014 6Employee benefits 25 \u2014 \u2014 \u2014 \u2014 \u2014 25Other liabilities 1,103 185 490 224 64 -34 2,031Total liabilities 10,363 2,308 3,688 13,525 2,873 -266 32,490EURm GroupEquityShare capital 98 Reserves 1,530Retained earnings 7,784Other components of equity -443Equity attributable to parent company\u2019s equity holders 8,969Non-controlling interests 574Total equity 9,543Total equity and liabilities 42,033Consolidated balance sheet by business segment at 31 December 2021EURm If Topdanmark Hastings Mandatum Holding Elimination GroupAssetsProperty, plant and equipment 196 121 26 28 4 \u2014 375 Investment property 1 394 \u2014 173 \u2014 \u2014 568Intangible assets 629 1,387 1,606 171 1 \u2014 3,794Investments in associates 17 313 \u2014 1 447 \u2014 777Financial assets 11,088 5,493 966 4,427 7,654 -6,308 23,321Investments related to unit- linked insurance contracts \u2014 9,164 \u2014 10,558 \u2014 -11 19,711Deferred tax assets 4 12 27 \u2014 \u2014 -4 39Reinsurers\u2019 share of insurance liabilities 322 91 1,880 1 \u2014 \u2014 2,295Other assets 1,873 258 639 157 55 -4 2,977Cash and cash equivalents 521 153 159 954 3,031 \u2014 4,819Non-current assets held for sale \u2014 \u2014 \u2014 196 2,189 \u2014 2,385Total assets 14,651 17,385 5,305 16,668 13,380 -6,328 61,061LiabilitiesLiabilities for insurance and investment contracts 9,034 5,311 2,787 3,236 \u2014 \u2014 20,369Liabilities for unit-linked insurance and investment contracts \u2014 9,036 \u2014 10,525 \u2014 -11 19,550Subordinated debt 243 255 \u2014 349 1,487 -320 2,016Other financial liabilities 8 83 329 29 1,881 \u2014 2,330Deferred tax liabilities 353 151 143 167 40 \u2014 855Provisions 9 \u2014 \u2014 \u2014 \u2014 \u2014 9Employee benefits 26 \u2014 \u2014 \u2014 \u2014 \u2014 26Other liabilities 1,018 452 447 237 96 -4 2,246Non-current liabilities related to assets held for sale \u2014 \u2014 \u2014 196 \u2014 \u2014 196Total liabilities 10,690 15,289 3,706 14,741 3,505 -335 47,5 97EURm GroupEquityShare capital 98 Reserves 1,530Retained earnings 9,952Other components of equity 1,208Equity attributable to parent company\u2019s equity holders 12,788Non-controlling interests 676Total equity 13,464Total equity and liabilities 61,061Geographical informationEURm Finland Sweden Norway Denmark UK Baltic Total2022Revenue from external customers 2,695 1,677 1,651 3,106 1,027 197 10,352Non-current assets 481 457 208 1,354 1,523 7 4,0302021Revenue from external customers 2,485 1,684 1,518 3,211 841 183 9,922Non-current assets 493 944 211 2,228 1,632 7 5,515The revenue includes insurance premiums according to the underwriting country, consisting of premiums earned for P&C insurance and premiums written for life insurance. Holding includes net investment income and other operating income. For Hastings, income from broker activities has been included as well.Non-current assets comprise of intangible assets, investments in associates, property, plant and equipment, and investment property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-2": {
"value": "Material partly-owned subsidiariesEquity interest held by non-controlling interestsName Country 2022 2021Topdanmark A/S Denmark 50.7 50.6 Accumulated balances of materialnon-controlling interestsTopdanmark A/S 574 676The summarised financial informationOn 8 December 2021, Sampo plc announced that it had signed an agreement with Rand Merchant Investment Holdings Limited (RMI) to acquire its ownership in Hastings, therefore the comparison year includes the non-controlling interests\u2019 share of the income statement until 8 December 2021.Amounts before the separation of non-controlling interests can be seen in the Group\u2019s segment income statement and balance sheet. Non-controlling interests\u2019 share of the income statement1\u201312/2022 1\u201312/20221EURm Topdanmark Hastings TopdanmarkInsurance premiums written 1,272 148 1,362 Net income from investments -567 3 687Other operating income 48 99 1Claims incurred -901 -93 -985Change in liabilities for insurance andinvestment contracts 509 1 -707Staff costs -150 -48 -148Other operating expenses -77 -60 -56Finance costs -9 -2 -6Share of associates\u2019 profit/loss \u2014 \u2014 40Profit for the financial year before taxes 124 48 189Taxes -10 -13 -42Profit for the financial year attributable tonon-controlling interests 114 34 147Non-controlling interests\u2019 share of the balance sheet2022 2021EURm Topdanmark TopdanmarkAssetsProperty, plant and equipment 57 61 Investment property \u2014 199Intangible assets 249 272Investments in associates 4 158Financial assets 1,298 2,777Investments related to unit-linked insurance \u2014 4,634Tax assets 6 6Reinsurers\u2019 share of insurance liabilities 36 46Other assets 89 131Cash and cash equivalents 4 77Total assets 1,743 8,361LiabilitiesLiabilities for insurance and investment contracts 905 2,686Liabilities for unit-linked insurance and investment contracts \u2014 4,569Subordinated debt 75 129Other financial liabilities 28 42Tax liabilities 68 31Other liabilities 94 228Total liabilities 1,169 7,685Total equity attributable to non-controlling interests 574 6762022 2021Topdanmark Hastings TopdanmarkDividends paid to non-controlling interests 207 14 123Cash flows allocated to non-controlling interests -73 -15 20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-140-2": {
"value": "1 Insurance premiums writtenEURm 1\u201312/2022 1\u201312/2021P&C insurance 8,136 7,644 Life insuranceInsurance contracts 1,543 1,765Investment contracts 1,066 1,004Insurance premiums written, gross 10,745 10,412Reinsurers\u2019 shareP&C insurance -1,004 -993Life insurance, insurance contracts -9 -9Reinsurers\u2019 share, total -1,013 -1,002Group insurance premiums written total, net 9,732 9,411The change in unearned premiums is presented in note 5, Change in liabilities for insurance and investment contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-2": {
"value": "2 Net income from investmentsEURm 1\u201312/2022 1\u201312/2021Financial assetDerivative financial instrumentsInterest income/ expense 25 10Gains/ losses -341 -113Other -19 -40Derivative financial instruments, total -335 -143EURm 1\u201312/2022 1\u201312/2021Financial assets at fair valueDebt securities Interest income/ expense 86 89Gains/ losses -329 -94Equity securities Gains/ losses -94 120Dividend income 14 34Financial assets at fair value, total -323 148Loans and receivablesInterest income/ expense 39 18Gains/ losses 16 1Exchange differences \u2014 3Other -19 -24Loans and receivables, total 36 -2Financial assets available for saleDebt securities Interest income/ expense 326 223Gains/ losses 6 42Impairment losses 4 8Exchange differences 2 1Other -2 15Equity securities Gains/ losses 105 334Impairment losses -43 -13Dividend income 126 192Financial assets available for sale, total 523 804EURm 1\u201312/2022 1\u201312/2021Investments related to unit linked contractsDebt securities -216 185Equity securities -1,137 2,240Derivatives -424 298Loans and receivables 2 -6Other financial assets 13 92Investments related to unit linked contracts, total -1,763 2,808Financial asset, total -1,862 3,614Other income and expensesFees and commissions, net -7 -12Expenses from other than financial liabilities -12 1Effect of discounting in P&C operations 144 46Net income from investment property 0 104Pension tax return 68 -205Dividend income 157 \u2014Other income and expenses, total 350 -65Group investment income, total -1,511 3,549Included in gains/losses from financial assets available for-sale is a net gain of EURm 96 (333) transferred from the fair value reserve.Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales and unrealised and realised changes in fair values. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The changes in the fair value reserve are disclosed in the Statement of changes in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-3": {
"value": "2 Net income from investmentsEURm 1\u201312/2022 1\u201312/2021Financial assetDerivative financial instrumentsInterest income/ expense 25 10Gains/ losses -341 -113Other -19 -40Derivative financial instruments, total -335 -143EURm 1\u201312/2022 1\u201312/2021Financial assets at fair valueDebt securities Interest income/ expense 86 89Gains/ losses -329 -94Equity securities Gains/ losses -94 120Dividend income 14 34Financial assets at fair value, total -323 148Loans and receivablesInterest income/ expense 39 18Gains/ losses 16 1Exchange differences \u2014 3Other -19 -24Loans and receivables, total 36 -2Financial assets available for saleDebt securities Interest income/ expense 326 223Gains/ losses 6 42Impairment losses 4 8Exchange differences 2 1Other -2 15Equity securities Gains/ losses 105 334Impairment losses -43 -13Dividend income 126 192Financial assets available for sale, total 523 804EURm 1\u201312/2022 1\u201312/2021Investments related to unit linked contractsDebt securities -216 185Equity securities -1,137 2,240Derivatives -424 298Loans and receivables 2 -6Other financial assets 13 92Investments related to unit linked contracts, total -1,763 2,808Financial asset, total -1,862 3,614Other income and expensesFees and commissions, net -7 -12Expenses from other than financial liabilities -12 1Effect of discounting in P&C operations 144 46Net income from investment property 0 104Pension tax return 68 -205Dividend income 157 \u2014Other income and expenses, total 350 -65Group investment income, total -1,511 3,549Included in gains/losses from financial assets available for-sale is a net gain of EURm 96 (333) transferred from the fair value reserve.Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales and unrealised and realised changes in fair values. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The changes in the fair value reserve are disclosed in the Statement of changes in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-4": {
"value": "2 Net income from investmentsEURm 1\u201312/2022 1\u201312/2021Financial assetDerivative financial instrumentsInterest income/ expense 25 10Gains/ losses -341 -113Other -19 -40Derivative financial instruments, total -335 -143EURm 1\u201312/2022 1\u201312/2021Financial assets at fair valueDebt securities Interest income/ expense 86 89Gains/ losses -329 -94Equity securities Gains/ losses -94 120Dividend income 14 34Financial assets at fair value, total -323 148Loans and receivablesInterest income/ expense 39 18Gains/ losses 16 1Exchange differences \u2014 3Other -19 -24Loans and receivables, total 36 -2Financial assets available for saleDebt securities Interest income/ expense 326 223Gains/ losses 6 42Impairment losses 4 8Exchange differences 2 1Other -2 15Equity securities Gains/ losses 105 334Impairment losses -43 -13Dividend income 126 192Financial assets available for sale, total 523 804EURm 1\u201312/2022 1\u201312/2021Investments related to unit linked contractsDebt securities -216 185Equity securities -1,137 2,240Derivatives -424 298Loans and receivables 2 -6Other financial assets 13 92Investments related to unit linked contracts, total -1,763 2,808Financial asset, total -1,862 3,614Other income and expensesFees and commissions, net -7 -12Expenses from other than financial liabilities -12 1Effect of discounting in P&C operations 144 46Net income from investment property 0 104Pension tax return 68 -205Dividend income 157 \u2014Other income and expenses, total 350 -65Group investment income, total -1,511 3,549Included in gains/losses from financial assets available for-sale is a net gain of EURm 96 (333) transferred from the fair value reserve.Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales and unrealised and realised changes in fair values. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The changes in the fair value reserve are disclosed in the Statement of changes in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-5": {
"value": "2 Net income from investmentsEURm 1\u201312/2022 1\u201312/2021Financial assetDerivative financial instrumentsInterest income/ expense 25 10Gains/ losses -341 -113Other -19 -40Derivative financial instruments, total -335 -143EURm 1\u201312/2022 1\u201312/2021Financial assets at fair valueDebt securities Interest income/ expense 86 89Gains/ losses -329 -94Equity securities Gains/ losses -94 120Dividend income 14 34Financial assets at fair value, total -323 148Loans and receivablesInterest income/ expense 39 18Gains/ losses 16 1Exchange differences \u2014 3Other -19 -24Loans and receivables, total 36 -2Financial assets available for saleDebt securities Interest income/ expense 326 223Gains/ losses 6 42Impairment losses 4 8Exchange differences 2 1Other -2 15Equity securities Gains/ losses 105 334Impairment losses -43 -13Dividend income 126 192Financial assets available for sale, total 523 804EURm 1\u201312/2022 1\u201312/2021Investments related to unit linked contractsDebt securities -216 185Equity securities -1,137 2,240Derivatives -424 298Loans and receivables 2 -6Other financial assets 13 92Investments related to unit linked contracts, total -1,763 2,808Financial asset, total -1,862 3,614Other income and expensesFees and commissions, net -7 -12Expenses from other than financial liabilities -12 1Effect of discounting in P&C operations 144 46Net income from investment property 0 104Pension tax return 68 -205Dividend income 157 \u2014Other income and expenses, total 350 -65Group investment income, total -1,511 3,549Included in gains/losses from financial assets available for-sale is a net gain of EURm 96 (333) transferred from the fair value reserve.Other income and expenses comprise rental income, maintenance expenses and depreciation of investment property. All the income and expenses arising from investments are included in Net income from investments. Gains/losses include realised gains/losses on sales and unrealised and realised changes in fair values. Unrealised fair value changes for financial assets available-for-sale are recorded in other comprehensive income and presented in the fair value reserve in equity. The changes in the fair value reserve are disclosed in the Statement of changes in equity. The effect of discounting annuities in P&C insurance is disclosed separately. The provision for annuities is calculated in accordance with actuarial principles taking anticipated inflation and mortality into consideration, and discounted to take the anticipated future return on investments into account. To cover the costs for upward adjustment of annuity provisions required for the gradual reversal of such discounting, an anticipated return on investments is added to annuity results.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-2": {
"value": "3 Other operating incomeEURm 1\u201312/2022 1\u201312/2021Other income 513 259 Other technical income 138 121Income related to broker-activities 112 110Group other operating income, total 763 491If\u2019s other operating income includes approximately EUR 138 million (121) income from insurance operations without a transfer of insurance risk. Such income is primarily attributable, e.g. to sales commission and services for administration and claims settlement in insurance contracts on behalf of other parties. This operating income is accounted for under IFRS 15 Revenue from Contracts with Customers. In addition, other operating income includes income from roadside assistance services provided by If\u2019s subsidiary Viking Assistance Group AS, recognised when roadside assistance has been provided.Hastings\u2019 other operating income includes total of EUR 213 million (199) revenue recognised under IFRS 15 and consisting of fees and commission on panel providers, ancillary product income and other retail income. Income from broker activities is also recognised under IFRS 15.Mandatum\u2019s other operating income includes EUR 9 million (9) revenue from, e.g incentive and pension services, and EUR 16 million (15) revenue from asset management. This income is also accounted for under IFRS 15.Other income includes also the gain from the sale of Topdanmark Life amounting to EUR 72 million.7 Other operating expensesEURm 1\u201312/2022 1\u201312/2021IT costs -241 -217 Other staff costs -68 -56Marketing expenses -65 -63Depreciation and amortisation -134 -135Depreciation on RoU assets -34 -24Rental expenses* -43 -41Change in deferred acquisition costs 5 0Direct insurance commissions -180 -159Commissions on reinsurance ceded 40 35Other -377 -316Group other operating expenses, total -1,097 -976* From leases on which exemptions for not recognising lease liabilities in the balance sheet is applied in accordance with IFRS 16.Item Other includes e.g. expenses related to communication, external services and other administrative expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-3": {
"value": "3 Other operating incomeEURm 1\u201312/2022 1\u201312/2021Other income 513 259 Other technical income 138 121Income related to broker-activities 112 110Group other operating income, total 763 491If\u2019s other operating income includes approximately EUR 138 million (121) income from insurance operations without a transfer of insurance risk. Such income is primarily attributable, e.g. to sales commission and services for administration and claims settlement in insurance contracts on behalf of other parties. This operating income is accounted for under IFRS 15 Revenue from Contracts with Customers. In addition, other operating income includes income from roadside assistance services provided by If\u2019s subsidiary Viking Assistance Group AS, recognised when roadside assistance has been provided.Hastings\u2019 other operating income includes total of EUR 213 million (199) revenue recognised under IFRS 15 and consisting of fees and commission on panel providers, ancillary product income and other retail income. Income from broker activities is also recognised under IFRS 15.Mandatum\u2019s other operating income includes EUR 9 million (9) revenue from, e.g incentive and pension services, and EUR 16 million (15) revenue from asset management. This income is also accounted for under IFRS 15.Other income includes also the gain from the sale of Topdanmark Life amounting to EUR 72 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-2": {
"value": "4 Claims incurredEURm 1\u201312/2022 1\u201312/2021Claims paidP&C insurance -4,842 -4,444 Life insuranceInsurance contracts -1,610 -1,780Investment contracts -527 -519Claims paid, gross -6,979 -6,742Reinsurers\u2019 shareP&C insurance 657 591Life insurance, insurance contracts 1 1Reinsurers\u2019s share, total 658 593Claims paid total, net -6,321 -6,149Change in claims provisionP&C insurance -102 -346Life insurance, insurance contracts 242 -30Change in claims provision, gross 139 -376Reinsurers\u2019 shareP&C insurance 67 286Reinsurers\u2019s share, total 67 286Change in claims provision, net 206 -90Group claims incurred, total -6,115 -6,239",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-2": {
"value": "5 Change in liabilities for insurance and investment contractsEURm 1\u201312/2022 1\u201312/2021Change in unearned premium provisionP&C insurance -188 -108 Life insuranceInsurance contracts 2,011 -1,736Investment contracts -372 -1,303Total change in liabilities, gross 1,451 -3,147Reinsurers\u2019 shareP&C insurance -9 24Group change in liabilities for insurance andinvestment contracts total, net 1,443 -3,123Group\u2019s change in life insurance liabilities is positive and includes the impact of Topdanmark Life until the sale on 1 December 2022 amounting to approximately EUR 980 million.21 Liabilities from insurance and investment contractsP&C liabilities from insurance contracts2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiums 3,398 390 3,008 3,340 412 2,928Provision for claims outstanding 10,200 1,881 8,319 10,781 1,881 8,900Incurred and reported losses 4,666 1,409 3,257 4,336 1,324 3,012Incurred but not reported losses (IBNR) 3,115 471 2,644 3,080 551 2,529Provisions for claims adjustment costs 272 \u2014 272 247 \u2014 247Provisions for annuities and sickness benefits 2,147 0 2,146 3,118 6 3,112P&C insurance total 13,598 2,271 11,328 14,121 2,293 11,828As the P&C companies, especially If, are exposed to various exchange rates, comparing the balance sheet data from year to year can be misleading.Change in P&C insurance liabilities2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiumsAt 1 January 3,340 412 2,928 3,169 365 2,803Business transactions -36 \u2014 -36 \u2014 \u2014 \u2014Change in provision 209 -9 218 115 24 90Exchange differences -115 -14 -101 57 23 34At 31 December 3,398 390 3,008 3,340 412 2,9282022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for claims outstandingAt 1 January 10,781 1,881 8,900 10,140 1,454 8,685Business transactions -384 -5 -379 \u2014 \u2014 \u2014Unwinding of discounted annuities -121 -2 -118 -41 -1 -41Change in provision 201 90 112 464 327 137Exchange differences -278 -83 -195 219 100 119At 31 December 10,200 1,881 8,319 10,781 1,881 8,900The tables below show the cost trend for the claims for different years. The upper part of the tables shows how an estimate of the total claims costs per claims year evolves annually.The lower section shows how large a share of this is presented in the balance sheet. More information on insurance liabilities is in the risk management note 35.IfClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 27,892 2,581 2,559 2,581 2,624 2,657 2,796 2,909 3,060 3,033 3,272One year later 27,838 2,604 2,551 2,598 2,655 2,694 2,893 2,954 3,098 3,163Two years later 27,801 2,607 2,557 2,586 2,653 2,689 2,923 2,969 3,125Three years later 27,884 2,612 2,570 2,563 2,614 2,694 2,940 2,992Four years later 27,737 2,618 2,575 2,538 2,604 2,669 2,930Five years later 27,632 2,607 2,546 2,535 2,615 2,658Six years later 27,454 2,596 2,520 2,520 2,599Seven years later 27,314 2,581 2,510 2,507Eight years later 27,123 2,573 2,490Nine years later 26,969 2,553Ten years later 26,576Current estimate of total claims costs 26,576 2,553 2,490 2,507 2,599 2,658 2,930 2,992 3,125 3,163 3,272 54,865Total disbursed 24,555 2,406 2,344 2,346 2,405 2,445 2,649 2,674 2,664 2,458 1,748 48,694Provision reported in the balance sheet 2,021 148 146 161 194 213 281 318 461 705 1,523 6,171of which established vested annuities 22,534 2,258 2,198 2,185 2,210 2,233 2,368 2,356 2,203 1,753 225 42,523Provision for claims adjustment costs 245Total provision reported in the BS of If 6,415IfClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 23,897 2,537 2,523 2,539 2,570 2,601 2,745 2,849 2,878 2,910 3,186One year later 23,785 2,560 2,513 2,553 2,579 2,642 2,824 2,883 2,897 3,007Two years later 23,738 2,564 2,505 2,539 2,576 2,633 2,854 2,895 2,924Three years later 23,708 2,571 2,517 2,524 2,546 2,638 2,872 2,919Four years later 23,785 2,574 2,518 2,497 2,536 2,613 2,859Five years later 23,669 2,565 2,487 2,493 2,542 2,614Six years later 23,598 2,552 2,461 2,479 2,527Seven years later 23,438 2,537 2,450 2,467Eight years later 23,302 2,530 2,430Nine years later 23,125 2,507Ten years later 22,979Current estimate of total claims costs 22,979 2,507 2,430 2,467 2,527 2,614 2,859 2,919 2,924 3,007 3,186 50,419Total disbursed 20,982 2,363 2,287 2,309 2,352 2,408 2,584 2,614 2,501 2,359 1,735 44,494Provision reported in the balance sheet 1,997 145 143 158 175 206 275 305 423 648 1,451 5,926of which established vested annuities 1,352 59 53 54 47 48 69 48 36 22 4 1,790Provision for claims adjustment costs 245Total provision reported in the BS of If 6,171TopdanmarkClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 953 829 817 795 722 780 787 819 841 867One year later 977 838 827 793 737 799 812 792 820Two years later 980 832 814 782 736 811 810 768Three years later 975 825 814 776 748 814 798Four years later 965 810 813 761 740 804Five years later 959 796 796 763 734Six years later 946 786 789 758Seven years later 941 784 786Eight years later 944 783Nine years later 937Current estimate of total claims costs 937 783 786 758 734 804 798 768 820 867 8,055Total disbursed 898 741 741 714 677 724 703 641 600 449 6,889Discounting 0 -1 0 -1 -1 -2 -2 -3 -7 -12 -29Provision reported in the balance sheet 39 41 44 43 55 78 93 124 214 407 1,138Discounting of previous years 288Total provision reported in the BS of Topdanmark 1,426TopdanmarkClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 802 780 767 737 697 728 754 781 783 822One year later 807 787 775 739 710 746 777 754 763Two years later 810 783 763 727 709 758 774 732Three years later 805 776 762 721 721 761 762Four years later 795 761 756 706 713 750Five years later 789 746 750 704 707Six years later 775 736 744 701Seven years later 770 738 741Eight years later 773 737Nine years later 766Current estimate of total claims costs 766 737 741 701 707 750 762 732 763 822 7,481Total disbursed 728 695 696 660 651 673 669 610 563 431 6,375Discounting 0 -1 0 -1 -1 -1 -2 -3 -6 -11 -26Provision reported in the balance sheet 38 41 45 40 55 76 92 119 194 380 1,080Discounting of previous years 288Total provision reported in the BS of Topdanmark 1,368HastingsClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 1,344 368 426 540 675 754 822 898 794 997 1,221 8,840One year later 1,339 369 431 548 697 779 854 953 814 1,036Two years later 1,320 355 428 539 684 791 880 964 921Three years later 1,356 362 443 557 754 802 876 1,007Four years later 1,363 368 462 559 733 795 890Five years later 1,334 358 436 565 759 845Six years later 1,328 368 433 554 727Seven years later 1,329 352 417 509Eight years later 1,329 343 416Nine years later 1,336 345Ten years later 1,314Payments to date -1,296 -339 -419 -521 -620 -684 -706 -676 -466 -485 -446 -6,658Gross outstanding claims liabilities, netof salvage and subrogation recoveries 48 29 7 20 55 70 116 222 328 512 776 2,182Reconciliation to net outstanding claims liabilitiesAnticipated salvage and subrogation recoveries 189IFRS 3 fair value acquisition adjustment -27Total provision reported in the BS of Hastings 2,344HastingsClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 945 142 196 235 296 326 363 378 294 347 554 4,077One year later 944 142 196 236 296 329 369 386 319 381Two years later 946 142 196 236 297 330 373 391 386Three years later 944 141 196 234 297 329 368 406Four years later 942 141 196 235 290 324 378Five years later 942 141 193 230 285 341Six years later 944 141 191 229 289Seven years later 948 141 187 226Eight years later 952 147 184Nine years later 958 154Ten years later 967Payments to date -941 -142 -194 -231 -291 -311 -335 -321 -219 -211 -220 -3,417Net outstanding claims liabilities, net of salvage and subrogation recoveries 4 1 2 4 5 15 28 56 75 136 334 660Reconciliation to net outstanding claims liabilities Anticipated salvage and subrogation recoveries 189Reinsurers\u2019 share of salvage and subrogation recoveries -80IFRS 3 fair value acquisition adjustment -3Net outstanding claims liability 766Reinsurers\u2019 share of outstanding claims liabilities 1,578Total provision reported in the BS of Hastings 2,344Life insurance liabilities from insurance and investment contracts2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiumsInsurance contracts 1,369 \u2014 1,369 4,471 0 4,471Investment contracts 25 \u2014 25 28 \u2014 28Provision for claims outstanding 1,575 1 1,573 1,759 1 1,758Group liabilities from insurance and investment contracts, total 2,969 1 2,967 6,258 2 6,257Liabilities related to non-current assets held for sale in Mandatum -10Group\u2019s liabilities for insurance and investment contracts, total 2,967 6,246Change in liabilities from insurance contractsGross Contracts with discretionary EURmparticipation featuresAt 1 January 2022 6,231Premiums 130Claims paid -420Expense charge -34Guaranteed interest 89Bonuses -74Other -2,977Total life insurance liabilities at 31 December 2022 2,944Line item Other includes EUR -2,812 million related to the sale of Topdanmark Life.Gross Contracts with discretionaryEURmparticipation featuresAt 1 January 2021 6,622Premiums 187Claims paid -611Expense charge -41Guaranteed interest 115Bonuses 182Other -224Total life insurance liabilities at 31 December 2021 6,231Liabilities related to non-current assets held for sale in Mandatum -10Total life insurance liabilities at 31 December 2021 6,220Life insurance liabilities from investment contractsEURm 2022 2021Investment contracts with discretionary participation features 25 28The change between financial years is mainly due to the claims paid.Investment contracts do not include a provision for claims outstanding. The liability adequacy test does not give rise to supplementary claims.As a result of the sale of Topdanmark Life, life insurance liabilities were derecognised from the balance sheet. Exemption allowed in IFRS 4 Insurance contracts has been applied to investment contracts with DPF or contracts with a right to trade-off for an investment contract with DPF. These investment contracts have been valued like insurance contracts.Reconciliation to the consolidated insurance and investment contract liabilitiesMilj. e 2022 2021P&C Insurance 13,598 14,121Life insurance 2,969 6,258Group consolidated insurance and investment contracts, gross, total 16,567 20,379Liabilities related to non-current assets held for sale in Mandatum \u2014 -10Group consolidated insurance and investment contracts, gross, total 16,567 20,36922 Liabilities from unit-linked insurance and investment contractsEURm 2022 2021Unit-linked insurance contracts 4,892 5,925Unit-linked investment contracts 5,015 4,775Life insurance liabilities \u2014 9,036Group liabilities from unit-linked insurance and investment contracts, total 9,908 19,550As a result of the sale of Topdanmark Life, life insurance liabilities were derecognised from the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-147-2": {
"value": "6 Staff costsEURm 1\u201312/2022 1\u201312/2021Wages and salaries -879 -843 Cash-settled share-based payments -43 -44Share-settled share-based payments -10 -10Pension costsdefined contribution plans -98 -100defined benefit plans (note 25) -20 -13Other social security costs -176 -168Group staff costs, total -1,226 -1,179More information on share-based payments is in note 30 Incentive schemes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-147-3": {
"value": "6 Staff costsEURm 1\u201312/2022 1\u201312/2021Wages and salaries -879 -843 Cash-settled share-based payments -43 -44Share-settled share-based payments -10 -10Pension costsdefined contribution plans -98 -100defined benefit plans (note 25) -20 -13Other social security costs -176 -168Group staff costs, total -1,226 -1,179More information on share-based payments is in note 30 Incentive schemes.25 Employee benefitsEmployee benefitsDuring the financial year 2022, Sampo had defined benefit plans in P&C insurance business in Sweden and Norway.In addition to statutory retirement pension insurance, the Group has certain voluntary defined benefit plans. The voluntary defined benefit plans are intra-Group and included in the insurance liabilities of Mandatum Life. The amount is negligible, and they have no material impact on the Group profit or loss or equity.For the defined-contribution pension plans, If pays fixed contributions and has no further payment obligations once the contributions have been paid. The pension expense for the defined-contribution plans is equal to the premiums paid by If for the fiscal year.Employee benefit obligations of IfEURm 2022 2021Defined benefit pension obligations, including social costs etc. 210 294Fair value of plan assets 220 268Net liability (asset) recognised in the balance sheet -9 26of which recognised as Net pension assets 34 \u2014of which included in the item Other provisions 25 26The main Swedish defined-benefit pension plan, FTP2, is a multiemployer plan and is closed to new employees born in 1972 or later. The main Norwegian defined-benefit pension plan consists solely of active people employed prior to 2006 and born 1957 and earlier. As only a few individuals covered by the plan remain employed in If, the plan has been closed for accounting purposes during the year.The pension benefits referred to are old-age pension and survivors\u2019 pension. A common feature of the defined-benefit plans is that the employees and survivors encompassed by the plans are entitled to a guaranteed pension that depends on the employees\u2019 service period and pensionable salary at the time of retirement. The dominating benefit is the old-age pension, referring to a life-long pension after the anticipated retirement age.The anticipated retirement age for Sweden in connection with life-long pension is 65 years. Life-long old-age pension following a complete service period is payable at a rate of 10% of the pensionable salary between 0 and 7.5 income base amounts, 65% of salary between 7.5 and 20 income base amounts and 32.5% between 20 and 30 income base amounts. Paid-up policies and pension payments from the Swedish plans are normally indexed annually with an amount corresponding to the change in the consumer price index. However, there is no agreement guaranteeing the value and future supplements, in addition to the contractual pension benefit, could either rise or fall. In addition to the closed pension plan, there are also unfunded pension benefits in Norway for which If is responsible for ongoing payments. All employees in Norway born in 1957 or earlier and who were employed by If in 2013 are entitled to a temporary pension before the anticipated retirement age. The retirement age for receiving early retirement pension is normally 65 years. Following a complete service period the early retirement pension is payable at a rate of 70% of the pensionable salary. A few individuals also have a top-hat arrangement on salary above 12G or an individual pension agreement. The pensions in Sweden are primarily funded through insurance whereby the insurers establish the premiums and disburse the benefits. If\u2019s obligation is primarily fulfilled through payment of the premiums. Should the assets that are attributable to the pension benefits not be sufficient to enable the insurers to cover the guaranteed pension benefits, If could be forced to pay supplementary insurance premiums or secure the pension obligations in some other way.However, given the insurers\u2019 high consolidation ratio, the risk that If will be forced to take any such action is low. To cover the insured pension benefits, the related capital is managed as part of the insurers\u2019 management portfolios. New and existing asset categories are evaluated on an ongoing basis in order to diversify the asset portfolios with a view to optimise the anticipated risk-adjusted return. Any surplus that arises from the management of the assets normally accrues to If and/or the insured and there is no form of transfer of the asset value to other members of the insurance collective.The insurers and If are jointly responsible for monitoring the pension plans, including investment decisions and contributions. The pension plans are essentially exposed to similar material risks regarding the final amount of the benefits, longevity, the investment risk associated with the plan assets and the fact that the choice of discount interest rate affects the valuation in the financial statements.When applying IAS 19, the pension obligation and the pension cost attributed to the fiscal period are calculated annually using the Projected Unit Credit method. The calculation of the defined benefit obligation is based on future expected pension payments and includes yearly updated actuarial assumptions such as salary growth, inflation, mortality and employee turnover. The expected pension payments are then discounted to a present value using a discount rate set with reference to AAA and AA corporate bonds issued in local currency, including mortgage-backed bonds, as at mid December. The discount rates chosen in Sweden and Norway take into account the duration of the company\u2019s pension obligations in each respective country. After a deduction for the plan assets, a net asset or a net liability is recognised in the balance sheet.The following tables contain a number of material assumptions, specifications of pension costs, assets and liabilities and a sensitivity analysis showing the potential effect on the obligations of reasonable changes in those assumptions as at the end of the fiscal year.The carrying amounts have been stated including a special payroll tax in Sweden (24.26%) and a corresponding fee in Norway (14.1%\u201319.1%).In addition to the defined benefit plan in Norway that was closed during the year, two small plans in Sweden have also been closed for accounting purposes. This has been reported as a settlement under IAS 19 as of 31 December 2022.Specification of employee benefit obligations by country2022 2021EURm Sweden Norway Total Sweden Norway TotalRecognised in income statement and other comprehensive incomeCurrent service cost 4 0 4 6 1 7Past service cost and settlements 0 1 1 \u2014 \u2014 \u2014Interest expense on net pension liability 0 0 0 1 \u2014 1Total in income statement 4 1 5 7 1 8Remeasurement of the net pension liability -31 -2 -32 -73 \u2014 -73Total in comprehensive income statement -26 0 -27 -66 1 -65Recognised in balance sheetDefined benefit pension obligations, including social costs etc. 184 27 210 245 48 294Fair value of plan assets 218 2 220 250 18 268Net liability (net assets) recognised in balance sheet -34 25 -9 -5 30 26Distribution by asset classBonds 42% \u2014 41% 55%Equities 20% \u2014 27% 12%Properties 10% \u2014 9% 13%Other 28% \u2014 23% 20%The following actuarial assumptions have been used for the calculation of defined benefit pension plans in Norway and Sweden:Sweden Sweden Norway Norway31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021Discount rate 3.50% 1.75% 3.25% 2.00%Future salary increases 2.75% 2.50% 3.00% 3.00%Price inflation 2.00% 1.75% 2.00% 2.00%Mortality table DUS21 DUS14 K2013 K2012Average duration of pension liabilities 18 years 20 years 10 years 12 yearsExpected contributions to the defined benefit plans during 2023 and 2022 6 7 \u2014 12022 2021Sensitivity analysis of effect of reasonably possible changesSweden Norway Total Sweden Norway TotalDiscount rate, +0.50% -15 -1 -16 -29 -3 -32 Discount rate, -0.50% 17 1 18 33 3 36 Future salary increases, +0.25% 4 0 4 8 0 8 Future salary increases, -0.25% -3 0 -3 -7 0 -7 Expected longevity, +1 year 6 1 7 12 1 13 2022 2021EURm Funded plans Unfunded plans Total Funded plans Unfunded plans TotalDistribution of obligations on funded and unfunded plansDefined benefit pension obligations, including social costs etc. 186 24 210 264 30 294 Fair value of plan assets 220 \u2014 220 268 \u2014 268 Net pension liability (net assets) recognised in the balance sheet-34 24 -9 -4 30 26Analysis of the change in net liability recognised in the balance sheetEURm 2022 2021Pension liabilities:At the beginning of the year 288 318 Current cost 4 6Interest cost 5 4Actuarial gains (-)/losses (+) on financial assumptions -66 -28Actuarial gains (-)/losses (+) on demographic assumptions -6 \u2014Actuarial gains (-)/losses (+), experience adjustments 25 4Exchange differences on foreign plans -19 -3Benefits paid -20 -13Settlements -7 \u2014Defined benefit pension obligations on Dec 31,excl. social security costs etc. 204 288Social security costs 7 6Defined benefit plans on Dec 31, incl. social security costs etc. 210 294Reconciliation of plan assets:At the beginning of the year 268 239Interest income 5 3Difference between actual return and calculated interest income -16 35Contributions paid 10 7Exchange differences on foreign plans -19 -4Benefits paid -20 -13Settlements -7 \u2014Plan assets at 31 December 220 268Other short-term employee benefitsThere are other short-term employee incentive programmes in the Group, the terms of which vary according to country, business area or company. Benefits are recognised in the profit or loss for the year they arise from. An estimated amount of these short-term incentives, social security costs included, for 2022 is EUR 110 million.",
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"value": "7 Other operating expensesEURm 1\u201312/2022 1\u201312/2021IT costs -241 -217 Other staff costs -68 -56Marketing expenses -65 -63Depreciation and amortisation -134 -135Depreciation on RoU assets -34 -24Rental expenses* -43 -41Change in deferred acquisition costs 5 0Direct insurance commissions -180 -159Commissions on reinsurance ceded 40 35Other -377 -316Group other operating expenses, total -1,097 -976* From leases on which exemptions for not recognising lease liabilities in the balance sheet is applied in accordance with IFRS 16.Item Other includes e.g. expenses related to communication, external services and other administrative expenses.",
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"value": "8 Earnings per shareEURm 1\u201312/2022 1\u201312/2021Earnings per shareProfit or loss attributable to the equity holders of the parent company 1,427 2,567 Weighted average number of shares outstanding during the financial year* 530 554Earnings per share (EUR per share) 2.69 4.63* The weighted average number of treasury shares during the financial year has been taken into account in the number of shares. There were no other share-related transactions during the financial year.",
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"pp-value-149-2": {
"value": "9 Components of other comprehensive incomeEURm 1\u201312/2022 1\u201312/2021Other comprehensive income:Items reclassifiable to profit or lossExchange differences -253 80Available-for-sale financial assetsGains/losses arising during the year -330 871Reclassification adjustments (IAS 1.93) -1,396 -417The share segregated Suomi portfolio 57 5Share of associates\u2019 other comprehensive income \u2014 186Taxes 331 -83Total items reclassifiable to profit or loss, net of tax -1,592 643Items not reclassifiable to profit or lossActuarial gains and losses from defined pension plans 32 73Taxes -7 -15Total items not reclassifiable to profit or loss, net of tax 26 58",
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"value": "10 Property, plant and equipment2022Right-of-use Land and Plant and 12EURmassetsbuildingsequipmentTotalAt 1 JanuaryCost 276 127 162 566 Accumulated depreciation -70 -8 -113 -191 Net carrying amount at 1 January 207 119 50 375 Carrying amount at 1 January 207 119 50 375 Additions 33 \u2014 18 50 Disposals -3 \u2014 -13 -17 Depreciation -34 -1 -8 -43 Exchange differences -6 -7 0 -12 Carrying amount at 31 December 197 111 47 355 At 31 DecemberCost 294 120 163 577 Accumulated depreciation -97 -9 -116 -222 Net carrying amount at31 December 197 111 47 355 2021Right-of-use Land and Plant and 1) 2)EURmassetsbuildingsequipmentTotalAt 1 JanuaryCost 242 131 156 530 Accumulated depreciation -46 -6 -106 -158 Net carrying amount at 1 January 196 125 51 371 Net carrying amount at 1 January 196 125 51 371 Additions 42 0 18 60 Disposals -11 -1 -13 -25 Depreciation -24 -2 -7 -33 Exchange differences 3 -3 2 2 Net carrying amount at31 December 207 119 50 375 At 31 DecemberCost 276 127 162 566 Accumulated depreciation -70 -8 -113 -191 Net carrying amount at31 December 207 119 50 375 ",
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"pp-value-152-2": {
"value": "1 The Group acts as a lessee in various leases of office premises, vehicles and office equipment. Right-of-use assets relate to lease contracts for large office premises. The Group leases premises mainly for its own use. The expected lease term varies from 2 to 12 years. Most contracts include an option to extend the contract at the term end. Some lease contracts have an option to terminate the contract before the term end. Variable lease payments are generally linked to consumer price indexes.More information on leases is in note 26 Other liabilities.2 Equipment in different segments comprise IT equipment and furniture.",
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"pp-value-153-2": {
"value": "11 Investment propertyEURm 2022 2021Net carrying amount at 1 January 568 666Additions 17 47Disposals -375 -8Net gains and losses from fair value adjustments 5 133Other changes -49 -270Exchange differences 0 0Net carrying amount at 31 December 166 568Rental income from investment property 25 53Property rented out under operating leaseNon-cancellable minimum rental\u2013 not later than one year 7 45\u2013 later than one year and not later than five years 10 46\u2013 later than five years 1 16Total 18 106EURm 2022 2021Expenses arising from investment property- direct operating expenses arising from investment property generating rental income during the period -10 -15 - direct operating expenses arising from investment propertynot generating rental income during the period -3 -3Total -13 -17Fair values for the Group\u2019s investment property are described in the accounting policies of the Group. In the hierarchy of fair values the investment property falls under level 3.The premises in investment property for different segments are leased on market-based, irrevocable contracts. The lengths of the contracts vary from those for the time being to those for several years.",
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"pp-value-154-2": {
"value": "12 Intangible assets2022Other Customer Trade-Work in intangible EURm Goodwillrelations markprogressassets TotalAt 1 JanuaryCost 2,490 716 277 36 681 4,200Accumulated amortisation \u2014 -157 \u2014 \u2014 -249 -406Net carrying amountat 1 January 2,490 560 277 36 432 3,794Net carrying amountat 1 January 2,490 560 277 36 432 3,794Business acquisitions \u2014 5 \u2014 1 2 7Additions 3 1 \u2014 102 7 114Disposals -12 -28 -43 -6 -72 -162Amortisation \u2014 -65 \u2014 \u2014 -60 -125Transfers from WIP \u2014 \u2014 \u2014 -41 41 \u2014Other changes -4 1 \u2014 -19 16 -5Exchange differences -92 -11 -10 -1 -15 -129Net carrying amountat 31 December 2,385 463 224 72 350 3,494At 31 DecemberCost 2,385 680 224 72 626 3,988Accumulated amortisation \u2014 -218 \u2014 \u2014 -276 -494Net carrying amountat 31 December 2,385 463 224 72 350 3,4942021Other Customer Trade-Work in intangible EURm Goodwillrelations markprogressassets TotalAt 1 JanuaryCost 2,425 730 268 60 559 4,041 Accumulated amortisation \u2014 -91 -2 \u2014 -187 -280Net carrying amountat 1 January 2,425 638 265 60 373 3,761Net carrying amountat 1 January 2,425 638 265 60 373 3,761Business acquisitions 10 -2 \u2014 \u2014 \u2014 9Additions \u2014 3 \u2014 89 7 99Disposals \u2014 -33 \u2014 -1 -18 -51Amortisation \u2014 -65 \u2014 \u2014 -62 -126Transfers from WIP \u2014 \u2014 \u2014 -113 113 \u2014Exchange differences 54 17 12 1 19 103Net carrying amountat 31 December 2,490 560 277 36 432 3,794At 31 DecemberCost 2,490 716 279 36 681 4,202Accumulated amortisation \u2014 -157 -2 \u2014 -249 -408Net carrying amountat 31 December 2,490 560 277 36 432 3,794Goodwill is split between the segments as follows: 2022 2021If 562 606 Topdanmark 802 814Hastings 858 906Mandatum 163 164Total 2,385 2,490The useful life for customer relations in the Group is 3\u201310 years. They are amortised using the straight-line method. The useful life of trademark is deemed indefinite and it will not be amortised. Other intangible assets in all segments comprise mainly IT software. Amortisations and impairment losses are included in the income statement item Other operating expenses.Testing goodwill for impairmentGoodwill is tested for impairment in accordance with IAS 36 Impairment of assets. No impairment losses have been recognised based on these tests.For the purpose of testing goodwill for impairment, Sampo determines the recoverable amount of its cash-generating units, to which goodwill has been allocated, on the basis of value in use. Sampo has defined these cash-generating units as If Group, Topdanmark Group, Hastings Group and Mandatum Group.The recoverable amounts for If, Hastings and Mandatum have been determined by using a discounted cash flow model. The model is based on the best estimates of companies\u2019 management of both historical evidence and financial conditions such as premiums, claims, reinsurance, margins, interest rates, capital structure and income and cost development. The first three years of the forecast period are based on the budgets of the companies, which reflect management\u2019s view of future development. The value-in-use model for Mandatum is greatly influenced by the long-term development of insurance liabilities, affecting e.g., the required solvency capital and thus the recoverable amount. That is why the forecast period is longer for Mandatum, at 10 years. The derived cash flows were discounted at the pre-tax rates of the cost of equity which for If was 10.0 per cent, for Hastings 11.2 per cent and for Mandatum Life 12.5 per cent. The cost of capital is defined based on the CAPM model from external sources to reflect the risk of each company relative to the market.Forecasts for If, approved by the management, cover the years 2023\u20132025. The cash flows beyond that have been extrapolated using a 2 per cent growth rate. Mandatum\u2019s growth rate for years beyond 2032 is also 2 per cent, as it is believed to be close to expected inflation in both cases. Hastings\u2019 long-term growth rate for years beyond 2027 is 0.7 per cent.For Mandatum, the recoverable amount exceeds its carrying amount by some EUR 600 million. With the calculation method used, e.g. an increase of about 3.5 per cent points in the cost of equity combined with a long term 1 per cent growth rate could lead to a situation where the recoverable amount of the entity would equal its carrying amount. For Hastings, the recoverable amount exceeds its carrying amount by some EUR 420 million. With the calculation method used, e.g., an increase of about 2 per centage points in the cost of equity could lead to a situation where the recoverable amount of the entity would equal its carrying amount.As for the If Group, the management believes that any reasonably possible change in any of these key assumptions would not cause the aggregate carrying amount to exceed the aggregate recoverable amount.IAS 36 permits determining the recoverable amount by using the fair value less costs to sell. For Topdanmark, the valuation of goodwill has been tested on the balance sheet date by using that method. The fair value of Topdanmark of EUR 2,146 million on the balance sheet date exceeds its carrying amount in the Group.As a result of Topdanmark\u2019s disposal of its Life operations on 1 December 2022, Sampo Group has assessed the goodwill of EUR 12 million associated with the life operations. Sampo Group has concluded that the original PPA calculation reflects the facts and circumstances related to the goodwill most appropriately and therefore the allocation of goodwill to disposed operations should be based on this original PPA.Sensitivity analysisImpact on the present value from the following changes (EUR bn): 2022If:Long-term Combined ratio +2.5 p.p. -1.4 Long-term Combined ratio -2.5 p.p. 1.4 Long-term growth rate -1 p.p. -1.7 Long-term growth rate +1 p.p. 2.3 Cost of equity +1 p.p. -1.8 Cost of equity -1 p.p. 2.4 Mandatum:Long-term growth rate -1 p.p. -0.1 Long-term growth rate +1 p.p. 0.1 Cost of Equity +1 p.p. -0.2 Cost of Equity -1 p.p. 0.3 Hastings:Long-term growth rate -1 p.p. -0.2 Long-term growth rate +1 p.p. 0.3 Cost of Equity +1 p.p. -0.2 Cost of Equity -1 p.p. 0.3 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-158-2": {
"value": "13 Investments in associates and joint ventures Associates and joint ventures that have been accounted for by the equity method at 31 December 2022EURmCarrying Interest Name Domicileamountheld %AssociatesPrecast Holding Oy Finland 4 24.43CAP Group AB Sweden 3 21.98Rogaland Forsikring AS Norway 1 33.00Bornholms Brandforsikring A/S Denmark 7 27.00Associates and joint ventures that have been accounted for by the equity method at 31 December 2021EURmCarrying Interest Name Domicileamountheld %AssociatesNordax Holding AB Sweden 447 19.07Precast Holding Oy Finland 3 24.43CAP Group AB Sweden 3 22.00SOS International A/S Denmark 10 25.80Bornholms Brandforsikring A/S Denmark 10 27.00P/S Ejendomsholding Banemarksvej Denmark 12 40.00Carlsberg Byen P/S Denmark 106 22.51Joint ventures Margretheholm P/S Denmark 59 50.00Havneholmen P/S Denmark 85 50.00P/S Ottilia Kobenhavn Denmark 39 50.00Changes in investments in associates and in joint ventures2022 2021Other Other associates associates and joint and joint EURmventures Total Nordeaventures TotalAt 1 January 777 777 4,822 548 5,370Share of loss/profit 22 22 317 77 393Reversal of impairment loss on Nordea shares \u2014 \u2014 899 \u2014 899Additions 1 1 \u2014 133 133Disposals -313 -313 -2,564 \u2014 -2,564Changes in the equity of associates -12 -12 -1,284 28 -1,256Exchange differences -33 -33 \u2014 -9 -9Reclassification as non-current assets held for sale \u2014 \u2014 -2,189 \u2014 -2,189Reclassification as an investment at fair value through p/l -425 -425 \u2014 \u2014 \u2014At 31 December 16 16 \u2014 777 777In the comparison year, Nordea was consolidated with the equity method until 25 October 2021, after which the shares were reclassified in accordance with IFRS 5 to non-current assets held for sale. The carrying amount of investments in associates included goodwill of EUR 4 million (76).Changes in holding of associate shares in 2022NordaxSampo\u2019s management assessed that the requirements for significant influence, as set out in IAS 28 Investments in Associates and Joint Ventures, were no longer met in associate Nordax at the end of the financial year 2022. As a result, the associate shares were reclassified to equity securities at fair value through p/l at the balance sheet date, in accordance with IAS 39 Financial Instruments: Recognition and Measurement. The valuation difference between the book value and fair value was recognised in the income statement in other operating income.Until the reclassification date, Nordax was accounted for under IAS 28 Investments in associates and joint ventures. Other comprehensive income of EUR -37 million, recognised in earlier periods and remaining, was recycled to the income statement at the reclassifcation.NordeaIn April 2022, Sampo sold its remaining Nordea holding through an accelerated bookbuild offering of 200 million shares. Before the bookbuild offering, Sampo had already sold 19 million shares in the open market in the first quarter and 27 million shares in the second quarter of 2022. The sale of Nordea shares ended the classification of shares as non-current assets held for sale. The transactions generated total gross proceeds of EUR 2.3 billion, of which EUR 2.1 billion was raised in the second quarter. The positive accounting effect from the transactions on Sampo\u2019s consolidated statement of profit and loss was EUR 103 million, of which EUR 75 million was booked for the second quarter. Changes in holding of Nordea shares in 2021In February 2021, Sampo\u2019s Board of Directors announced an intention statement to materially reduce Sampo\u2019s holding in Nordea over the following 18 months. In May, Sampo sold 162 million Nordea shares at a price of EUR 8.50 per share. Gross proceeds were EUR 1,377 million. A sales gain of EUR 93 million from the transaction was recognised as a reversal of previously made impairment losses. After the transaction, Sampo held 480,924,782 Nordea shares, corresponding to 11.87 per cent of all shares and voting rights in Nordea.In September, Sampo sold 73 million Nordea shares at a price of EUR 10.20 per share. Gross proceeds were EUR 745 million. A sales gain of EUR 144 million from the transaction was recognised as a reversal of previously made impairment losses. After the transaction, Sampo held 407,924,782 Nordea shares, corresponding to 10.07 per cent of all shares and voting rights in Nordea.In October 2021, Sampo\u2019s management expressed its commitment to sell the remaining shares, and on 24 October 2021 an advanced bookbuild offer for an additional sell of shares was initiated. On 25 October, Sampo sold 162 million Nordea shares at a price of EUR 10.65 per share. Gross proceeds were EUR 1 725 million. A sales gain of EUR 368 million from the transaction was recognised as a reversal of previously made impairment losses. After the transaction, Sampo holds 245,924,782 Nordea shares, corresponding immediately after the transaction to 6.07 per cent of all shares and voting rights in Nordea. The remaining Nordea shares were reclassified under IFRS 5 Non-current assets held for sale and discontinued operations in the financial statements for 2021. In accordance with the standard, the shares were reclassified in the balance sheet as its own line item \u2019Non-current assets held for sale\u2019 and measured at the consolidated book value at the reclassification date. Immediately before the reclassification, the reversal of remaining impairment losses of EUR 311 million was recognised in the income statement, as well as a recycling of remaining other comprehensive income of EUR -90 million. Until the reclassification date, Nordea was accounted for under IAS 28 Investments in associates and joint ventures. ",
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"pp-value-162-2": {
"value": "14 Financial assetsThe Group\u2019s financial assets comprise investments in derivatives, financial assets at fair value through p/l, loans and receivables and available-for-sale financial assets.The Group uses derivative instruments for trading and for hedging purposes. The derivatives used are foreign exchange, interest rate and equity derivatives. During the financial year, fair value hedging has been applied in Mandatum and cash flow hedges in Hastings.EURm 2022 2021Derivative financial instruments 79 45 Financial assets at fair value through p/lDebt securities 1,941 4,494Equity securities 560 686Deposits 544 352Total 3,045 5,533Loans and receivables 296 387Financial assets available-for-saleDebt securities 12,815 12,901Equity securities 3,233 4,464Total 16,048 17,365Group\u2019s financial assets, total 19,469 23,331Assets held for sale \u2014 -10Group\u2019s financial assets, total 19,469 23,321Financial assets available-for-sale include impairment losses of EUR 170 million (221).",
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"pp-value-163-2": {
"value": "2022 2021 Derivative financial instrumentsFair valueFair valueContract/Contract/EURmNotional Amount Assets LiabilitiesNotional Amount Assets LiabilitiesDerivatives held for tradingInterest rate derivativesOTC derivativesInterest rate swaps 394 5 45 1,716 23 13Inflation cover 274 \u2014 3 382 \u2014 36Total interest rate derivatives 668 5 48 2,098 23 49Foreign exchange derivativesOTC derivativesCurrency forwards 5,092 58 6 9,301 22 58Currency options, bought and sold 31 4 2 3 0 \u2014Total foreign exchange derivatives 5,123 62 7 9,303 22 58Equity derivativesOTC derivativesEquity futures \u2014 \u2014 \u2014 91 \u2014 \u2014Other \u2014 \u2014 \u2014 110 0 2Total equity derivatives \u2014 \u2014 \u2014 201 0 2Total derivatives held for trading 5,791 67 55 11,603 45 109Derivatives held for hedgingFair value hedgesCurrency forwards 328 12 \u2014 423 \u2014 12Total derivatives held for fair value hedging 328 12 \u2014 423 0 12Cash flow hedgesCurrency forwards 6 0 \u2014 9 \u2014 0Total cash flow hedges 6 0 \u2014 9 \u2014 0Total derivatives held for hedging 334 12 \u2014 433 0 13Group financial derivatives, total 6,124 79 55 12,035 45 121Fair value hedgesIn Mandatum, fair value hedging is used to hedge a proportion of foreign exchange risk in available-for-sale financial assets. The interest elements of foreign exchange forward contracts have been excluded from hedging relationships in foreign exchange hedges. The net result from exchange derivatives designated as fair value hedges amounted to EUR -32 million (32). The net result from hedged risks in fair value hedges of available-for-sale financial assets amounted to EUR 32 million (-32). ",
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"pp-value-164-2": {
"value": "15 Change in fair values of financial assetsFair value Fair value EURm20222021 ChangeFinancial assetFinancial assets measured at amortised costLoans and receivables 296 387 -91Total 296 387 -91Financial assets measured at fair value Equity securities 2,141 3,123 -982Debt securities 14,757 17,395 -2,639Funds 1,652 2,027 -375Derivatives 79 45 34Loans guaranteed by mortgages and other loans \u2014 1 -1Deposits 544 352 192Total 19,173 22,944 -3,771Financial assets at fair value through p/lrelated to unit-linked insuranceEquity securities 676 4,223 -3,547Debt securities 941 6,072 -5,131Funds 7,883 8,675 -793Derivative financial instruments 18 11 7Other 412 915 -503Total 9,930 19,897 -9,967Group financial assets, total 29,399 43,227 -13,829Financial assets measured at amortised costTo determine the appropriate classification of financial assets under IFRS 9, the entity assesses the contractual cash flows\u2019 characteristics of any financial asset. Financial assets of which the contractual cash flows give rise to solely payments of principal and interest (SPPI criteria, solely payments of principle and interest) on the principal amount outstanding, pass the SPPI test. IFRS 9 defines the terms \"principal\" as being the fair value of the financial asset at initial recognition and the \"interest\" as being compensation for the time value of money and the credit risk associated with the principal amount outstanding during a particular period of time. All assets classified currently as available for sale, including both equity and debt instruments, are anticipated to be classified as at fair value through profit or loss. Of the financial assets classified currently as loans and receivables, including deposits, totalling EUR 840 million (740), EUR 294 million passed the SPPI test as of 31 December 2022 (476 EURm).Based on an analysis, there are no significant credit risk concentrations related to financial instruments that meet the SPPI criterion.Financial assets measured at amortised cost, meeting the SPPI test, are presented by credit rating in the following table: 2022AA+A+BBB+BB+B+- - - - - EURmAA-A-BBB-BB-B- TotalLoans and receivables 13 106 52 71 52 294Total 13 106 52 71 52 2942021AA+BB+B+- - - No credit EURmAA-BB-B-rating TotalLoans and receivables 214 86 \u2014 176 476Total 214 86 \u2014 176 476The table has been prepared based on a preliminary analysis on business models likely to be applied under IFRS 9. Since the amount of financial assets meeting the SPPI criterion, EUR 294 million (476) is minor of the total financial assets EUR 22,542 million (28,140), the credit risk is considered not to be significant. Their carrying amount is assessed to be best estimate of their fair value. In 2021 main part of the financial assets meeting the SPPI criterion was unrated, so it was not possible to assess whether they had low credit risk or not.Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFINANCIAL ASSETS AT 31 DECEMBER 2022Financial assets at fair valueDerivative financial instrumentsInterest rate swaps 5 \u2014 5 \u2014 5Foreign exchange derivatives 74 0 74 \u2014 74Total 79 0 79 \u2014 79Financial assets at fair value through profit or lossEquity securities 560 111 24 425 560Debt securities 1,881 1,718 159 5 1,881Total 2,441 1,829 183 430 2,441Financial assets designated as at fair value through profit or lossDeposits 544 \u2014 544 \u2014 544Debt securities (unit-trusts) 60 43 16 \u2014 60Total 604 43 561 \u2014 604Financial assets related to unit-linked insuranceEquity securities 676 643 2 31 676Debt securities 941 90 757 94 941Funds 7,883 4,880 676 2,327 7,883Derivative financial instruments 18 \u2014 18 \u2014 18Other assets 412 \u2014 412 \u2014 412Total 9,930 5,612 1,865 2,453 9,930Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFINANCIAL LIABILITIES AT31 DECEMBER 2022Financial liabilities at fair valueDerivative financial instrumentsInterest derivatives 45 \u2014 45 \u2014 45Equity derivatives \u2014 \u2014 \u2014 \u2014 \u2014Foreign exchange derivatives 7 \u2014 7 \u2014 7Other derivatives 3 \u2014 3 \u2014 3Total 55 \u2014 55 \u2014 55Total financial liabilities atfair value 55 \u2014 55 \u2014 55Other financial liabilitiesSubordinated debt securitiesSubordinated loans 1,983 1,409 478 \u2014 1,887Debt securities in issueBonds 1,306 1,126 110 \u2014 1,236OtherBorrowings on Revolving Credit Facility 73 \u2014 \u2014 73 73Amounts owed to credit institutions 23 23 \u2014 \u2014 23Total other financial liabilities 3,384 2,558 588 73 3,219Group financial liabilities, total 3,439 2,558 643 73 3,274Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFinancial assetsavailable-for-saleEquity securities 1,581 1,224 2 354 1,581Debt securities 12,815 7,941 4,832 43 12,815Other assets 1,652 775 72 806 1,652Total 16,048 9,940 4,906 1,203 16,048Total financial assets atfair value 29,103 17,425 7,593 4,086 29,103Other financial assetsFinancial assets at amortised costLoans and receivables 296 \u2014 \u2014 296 296Total 29,399 17,425 7,593 4,381 29,399Group\u2019s financial assets, total 29,399Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFinancial assets available-for-saleEquity securities 2,439 2,043 2 394 2,439Debt securities 12,901 7,032 5,796 73 12,901Other assets 2,025 913 34 1,078 2,025Total 17,365 9,987 5,832 1,545 17,365Total financial assets at fair value 42,841 28,517 10,181 4,143 42,841Other financial assetsFinancial assets at amortised costLoans and receivables 387 \u2014 \u2014 387 387Total 43,228 28,517 10,181 4,529 43,227Assets held for sale in Mandatum -196Group financial assets, total 43,031Fair valueCarrying EURmamount Level 1 Level 2 Level 3 Total31 December 2021Financial assets at fair valueDerivative financial instrumentsInterest rate swaps 23 \u2014 23 \u2014 23Foreign exchange derivatives 22 \u2014 22 \u2014 22Total 45 \u2014 45 \u2014 45Financial assets at fair value through profit or lossEquity securities 684 478 206 \u2014 684Debt securities 4,437 3,923 503 11 4,437Investment funds 2 \u2014 2 \u2014 2Total 5,123 4,401 711 11 5,123Financial assets designated as at fair value through profit or lossDeposits 352 \u2014 352 \u2014 352Debt securities 1 \u2014 1 \u2014 1Debt securities (unit-trusts) 58 43 15 \u2014 58Total 411 43 368 \u2014 411Financial assets related tounit-linked insuranceEquity securities 4,222 4,200 2 20 4,222Debt securities 6,072 4,081 1,930 61 6,072Funds 8,676 5,805 807 2,065 8,676Derivative financial instruments 11 \u2014 11 \u2014 11Other assets 915 \u2014 474 441 915Total 19,897 14,086 3,225 2,587 19,897Transfers between levels 1 and 21\u201312/2022 1\u201312/2021Transfers Transfers Transfers Transfers from level 2from level 1from level 2from level 1EURmto level 1to level 2to level 1to level 2Financial assets related tounit-linked insuranceDebt securities 13 6 3 12Financial assetsavailable-for-saleDebt securities 632 500 595 349Transfers are based mainly on the changes in trading volume information provided by an external service provider.Fair valueCarrying EURmamount Level 1 Level 2 Level 3 TotalFINANCIAL LIABILITIES AT31 DECEMBER 2021Financial liabilities at fair valueDerivative financial instrumentsInterest derivatives 13 \u2014 13 \u2014 13Equity derivatives 2 \u2014 2 \u2014 2Foreign exchange derivatives 71 8 63 \u2014 71Other derivatives 36 \u2014 36 \u2014 36Total 121 8 114 \u2014 121Financial liabilities designated as at fair value through p/lDeposits 1 \u2014 1 \u2014 1Total financial liabilities atfair value 123 8 115 \u2014 123Other financial liabilitiesSubordinated debt securitiesSubordinated loans 2,016 1,850 611 \u2014 2,461Debt securities in issueBonds 2,195 1,868 466 \u2014 2,334OtherBorrowings on RevolvingCredit Facility 12 \u2014 \u2014 12 12Total other financial liabilities 4,223 3,718 1,077 12 4,806Group financial liabilities, total 4,345 3,726 1,192 12 4,929Sensitivity analysis of level 3 financial instruments measured at fair value1\u201312/2022 1\u201312/2021Effect of Effect of reasonably reasonably possible possible alternative alternative Carrying assumptions Carrying assumptions EURmamount(+/-)amount(+/-)Financial assetsFinancial assetsavailable-for-saleEquity securities 354 -71 394 -79Debt securities 43 -1 73 -2Funds 806 -161 1,078 -216Total 1,203 -233 1,545 -296The 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. Sampo Group bears no investment risks related to unit-linked insurance, so a change in assumptions regarding these assets does not affect profit or loss. On the basis of these alternative assumptions, a possible change in interest levels would cause a decrease of EUR -1 million (-2) for the debt instruments and EUR -232 million (-294) valuation loss for other instruments in the Group\u2019s other comprehensive income. The reasonably possible effect, proportionate to the Group\u2019s equity, would thus be 2.6 per cent (2.3).Sensitivity analysis of fair valuesThe sensitivity of financial assets and liabilities to changes in exchange rates is assessed on business area level due to different base currencies. In If, a 10 percentage point depreciation of all other currencies against SEK would result in an increase recognised in profit/loss of EUR 13 million (34) and in an increase recognised directly in equity of EUR 2 million (-24). In Topdanmark, a 10 percentage point depreciation of all other currencies against DKK would result in a decrease recognised in profit/loss of EUR -11 million (-4), but would not have an impact on equity. In Mandatum, a 10 percentage point depreciation of all other currencies against EUR would result in an increase recognised in profit/loss of EUR 36 million (32) and in a decrease recognised directly in equity of EUR -41 million (-45). In Holding, a 10 percentage point depreciation of all other currencies against EUR would have no impact on profit/loss, but a decrease recognised in equity of EUR -109 million (-65). In Hastings, the changes in exchange rates would not have an impact either in p/l or equity.The sensitivity analysis of the Group\u2019s fair values of financial assets and liabilities in different market risk scenarios is presented below. The effects represent the instantaneous effects of a one-off change in the underlying market variable on the fair values on 31 December 2022.The sensitivity analysis includes the effects of derivative positions. All sensitivities are calculated before taxes.The debt issued by Sampo plc is not included. Other financial Interest rate Equityassets1% parallel 1% parallel 20% fall20% fall shift downshift upin pricesin pricesEffect recognised in profit/loss 68 -60 -22 -22Effect recognised directly in equity 276 -265 -470 -178Total effect 344 -325 -492 -200Maximum exposure to credit riskThe carrying amount of financial assets in the balance sheet of EUR 19,469 million (23,321) added by the amount of guarantees and investment commitments totalling EUR 2 078 million (1,820) represents the maximum exposure to credit risk.",
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"pp-value-166-2": {
"value": "16 Determination and hierarchy of fair valuesA large majority of Sampo Group\u2019s 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 fair value of the derivative instruments is assessed using quoted market prices in active markets, the discounting method or option pricing models.The fair value of loans and other financial instruments which have no quoted price in active markets is based on discounted cash flows, using quoted market rates. The market\u2019s yield curve is adjusted by other components of the instrument, e.g. by credit risk.Fair values are \"clean\" fair values, i.e. less interest accruals.On level 1, the measurement of the instrument is based on quoted prices in active markets for identical assets or liabilities.On level 2, inputs for the measurement of the instrument also include other than quoted prices observable for the asset or liability, either directly or indirectly by using valuation techniques.In level 3, the measurement is based on other inputs rather than observable market data.Sampo Group\u2019s level 3 assets consist mainly of few larger equity investments and investments in private equity and alternative funds.In level 3, the two most prominent equity investments are valued by using the excess return model, in which the value of a company is the sum of capital invested currently in the company and the present value of excess returns that the company expects to make in the future.For private equity funds, the valuation of the underlying investments is conducted by the fund manager who has all the relevant information required in the valuation process. The valuation is usually updated quarterly based on the value of the underlying assets and the amount of debt in the fund. There are several valuation methods, which can be based on, for example, the acquisition value of the investments, the value of publicly traded peer companies, the multiple based valuation or the cash flows of the underlying investments.Most private equity funds follow the International Private Equity and Venture Capital (IPEV) guidelines, which give detailed instructions on the valuation of private equity funds.For alternative funds the valuation is also conducted by the fund managers. Alternative funds often have complicated structures and the valuation is dependent on the nature of the underlying investments. There are many different valuation methods that can be used; for example, the method based on the cash flows of the underlying investments. The operations and valuation of alternative funds are regulated for example by the Alternative Investment Fund Managers Directive (AIFMD), which determines the principles and documentation requirements of the valuation process.17 Movements in level 3 financial instruments measured at fair valueGains/losses Total gains/ included in Total gains/ losses recorded p/l for losses in in other Purchases Transfers Transfers financial income comprehensive and re-from level 1 to levels 1 31 Dec assets EURm At 1 Janstatementincomeclassifications Sales Settlementsand 2and 2202231 Dec 2022FINANCIAL ASSETS 2022Financial assets at fair value through p/lEquity securities \u2014 \u2014 \u2014 425 \u2014 \u2014 \u2014 \u2014 425 \u2014Debt securities 11 0 \u2014 \u2014 -6 \u2014 \u2014 \u2014 5 1Total 11 0 \u2014 425 -6 \u2014 \u2014 \u2014 430 1Financial assets related to unit-linked insurance contractsEquity securities 20 1 \u2014 15 -5 \u2014 \u2014 \u2014 31 1Debt securities 61 -8 \u2014 108 -81 -23 40 -3 94 -8Funds 2,065 -16 \u2014 598 -315 \u2014 \u2014 -5 2,327 -23Total 2,145 -22 \u2014 721 -401 -23 40 -7 2,453 -30Financial assets available-for-saleEquity securities 394 6 -41 2 -7 \u2014 \u2014 \u2014 354 -41Debt securities 73 0 0 17 -18 \u2014 \u2014 -30 43 2Funds 1,078 11 -226 44 -101 \u2014 \u2014 \u2014 806 -216Total 1,545 16 -267 64 -125 \u2014 \u2014 -30 1,203 -255Total financial assets measured at fair value 3,702 -6 -267 1,210 -533 -23 40 -37 4,086 -284Purchases and reclassifications include the reclassification of Nordax associate shares of EUR 425 million to equity securities at fair value through p/l.1\u201312/2022EURm Realised gains and losses Fair value gains and losses TotalTotal gains or losses included in profit or loss for the financial year -6 -267 -273Total gains or losses included in profit or loss for assets held at the end of the financial year -17 -267 -284Total gains/ Gains/losses losses recorded included in p/l Total gains/ in other for financial losses in income comprehensive Transfers to assets EURm At 1 Janstatementincome Purchases Saleslevels 1 and 2 31 Dec 202131 Dec 2021FINANCIAL ASSETS 2021Financial assets at fair value through p/lDebt securities 193 11 \u2014 1 -37 -157 11 1Total 193 11 \u2014 1 -37 -157 11 1Financial assets related to unit-linked insurance contractsEquity securities 18 4 \u2014 2 -4 \u2014 20 3Debt securities 804 29 \u2014 169 -96 -846 61 1Funds 1,297 478 \u2014 636 -346 \u2014 2,065 481Total 2,119 511 \u2014 806 -445 -846 2,145 485Financial assets available-for-saleEquity securities 342 0 63 4 -9 -7 394 63Debt securities 60 3 1 68 -58 \u2014 73 4Funds 951 18 228 95 -215 \u2014 1,078 243Total 1,353 20 292 167 -282 -7 1,545 310Total financial assets measured at fair value 3,666 543 292 974 -764 -1,010 3,702 796In 2021, EUR 1,004 million of the transfers relate to Topdanmark\u2019s structured credit products (CLOs) for which the market could be defined as active again, in accordance with IFRS 13, and which therefore have been transferred back to level 2 from level 3.1\u201312/2021EURm Realised gains and losses Fair value gains and losses TotalTotal gains or losses included in profit or loss for the financial year 504 329 833Total gains or losses included in profit or loss for assets held at the end of the financial year 503 292 796Gains and losses are included either in the consolidated income statement\u2019s net investment income or other comprehensive income statements\u2019s exchange differences and fair value changes of available-for-sale financial assets.",
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"pp-value-178-2": {
"value": "18 Deferred tax assets and liabilitiesChanges in deferred tax during the financial year 2022Business Recognised in acquisitions/comprehensive Recognised Exchange EURm 1 Jandisposalsincome statementin equitydifferences 31 DecDeferred tax assetsTax losses carried forward 2 \u2014 -1 0 0 1Changes in fair values 14 \u2014 -4 -6 0 3Pension liabilities 8 \u2014 -1 1 -1 7Other deductible temporary differences 42 1 -10 0 -1 31Total 66 1 -17 -6 -2 42Netting of deferred taxes -26Deferred tax assets in the balance sheet, total 17Deferred tax liabilitiesDepreciation differences and untaxed reserves 219 0 0 0 -10 209Changes in fair values 512 7 -63 -271 -19 166Pension assets \u2014 \u2014 0 7 \u2014 7Other taxable temporary differences 151 -18 26 0 -1 158Total 881 -11 -36 -264 -30 540Netting of deferred taxes -26Deferred tax liabilities in the balance sheet, total 881 -11 -36 -264 -30 514Changes in deferred tax during the financial period 2021Recognised in comprehensive Recognised Exchange EURm 1 Janincome statementin equitydifferences 31 DecDeferred tax assetsTax losses carried forward 18 -16 \u2014 0 2Changes in fair values 15 -1 -1 1 14Pension liabilities 26 -2 -15 0 8Other deductible temporary differences 28 15 -1 1 42Total 86 -5 -17 1 66Netting of deferred taxes -27Deferred tax assets in the balance sheet, total 39Deferred tax liabilitiesDepreciation differences and untaxed reserves 219 -2 \u2014 1 219Changes in fair values 383 26 98 6 512Other taxable temporary differences 152 -2 0 1 151Total 754 22 98 8 881Netting of deferred taxes -27Deferred tax liabilities in the balance sheet, total 855The line items within deferred tax assets and liabilities for the comparison year 2021 have been restated.In Sampo plc, EUR 34 million of deferred tax assets have not been recognised on unused tax losses. The first losses will expire at the end of fiscal year 2022.In Mandatum, EUR 1 million of deferred tax assets have not been recognised on unused tax losses.",
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"value": "19 TaxesEURm 2022 2021Profit before tax 1,863 3,171 Tax calculated at parent company\u2019s tax rate -373 -634Different tax rates in foreign jurisdictions -12 -4Income from associates not subject to tax 21 259Income not subject to tax 81 13Non-deductible expenses -17 -11Tax losses for which no deferred tax asset has been recognised -28 -12Changes in tax rates 2 -24Tax from previous years 4 -11Total -322 -423",
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"value": "20 Other assetsEURm 2022 2021Interests 113 128Assets arising from direct insurance operations 2,261 2,067Assets arising from reinsurance operations 113 85Settlement receivables 83 45Deferred acquisition costs* 182 185Assets related to Patient Insurance Pool 69 67Other 422 399Group other assets, total 3,242 2,977Item Other comprise, e.g. assets held for resale, asset management fee receivables and prepaid pensions.Other assets include non-current assets EUR 99 million (139).",
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"value": "* Change in deferred acquisition costs in the periodEURm 2022 2021At 1 January 185 147Net change in the period 4 36Exchange differences -7 3At 31 December 182 185",
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"pp-value-183-3": {
"value": "21 Liabilities from insurance and investment contractsP&C liabilities from insurance contracts2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiums 3,398 390 3,008 3,340 412 2,928Provision for claims outstanding 10,200 1,881 8,319 10,781 1,881 8,900Incurred and reported losses 4,666 1,409 3,257 4,336 1,324 3,012Incurred but not reported losses (IBNR) 3,115 471 2,644 3,080 551 2,529Provisions for claims adjustment costs 272 \u2014 272 247 \u2014 247Provisions for annuities and sickness benefits 2,147 0 2,146 3,118 6 3,112P&C insurance total 13,598 2,271 11,328 14,121 2,293 11,828As the P&C companies, especially If, are exposed to various exchange rates, comparing the balance sheet data from year to year can be misleading.Change in P&C insurance liabilities2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiumsAt 1 January 3,340 412 2,928 3,169 365 2,803Business transactions -36 \u2014 -36 \u2014 \u2014 \u2014Change in provision 209 -9 218 115 24 90Exchange differences -115 -14 -101 57 23 34At 31 December 3,398 390 3,008 3,340 412 2,9282022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for claims outstandingAt 1 January 10,781 1,881 8,900 10,140 1,454 8,685Business transactions -384 -5 -379 \u2014 \u2014 \u2014Unwinding of discounted annuities -121 -2 -118 -41 -1 -41Change in provision 201 90 112 464 327 137Exchange differences -278 -83 -195 219 100 119At 31 December 10,200 1,881 8,319 10,781 1,881 8,900The tables below show the cost trend for the claims for different years. The upper part of the tables shows how an estimate of the total claims costs per claims year evolves annually.The lower section shows how large a share of this is presented in the balance sheet. More information on insurance liabilities is in the risk management note 35.IfClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 27,892 2,581 2,559 2,581 2,624 2,657 2,796 2,909 3,060 3,033 3,272One year later 27,838 2,604 2,551 2,598 2,655 2,694 2,893 2,954 3,098 3,163Two years later 27,801 2,607 2,557 2,586 2,653 2,689 2,923 2,969 3,125Three years later 27,884 2,612 2,570 2,563 2,614 2,694 2,940 2,992Four years later 27,737 2,618 2,575 2,538 2,604 2,669 2,930Five years later 27,632 2,607 2,546 2,535 2,615 2,658Six years later 27,454 2,596 2,520 2,520 2,599Seven years later 27,314 2,581 2,510 2,507Eight years later 27,123 2,573 2,490Nine years later 26,969 2,553Ten years later 26,576Current estimate of total claims costs 26,576 2,553 2,490 2,507 2,599 2,658 2,930 2,992 3,125 3,163 3,272 54,865Total disbursed 24,555 2,406 2,344 2,346 2,405 2,445 2,649 2,674 2,664 2,458 1,748 48,694Provision reported in the balance sheet 2,021 148 146 161 194 213 281 318 461 705 1,523 6,171of which established vested annuities 22,534 2,258 2,198 2,185 2,210 2,233 2,368 2,356 2,203 1,753 225 42,523Provision for claims adjustment costs 245Total provision reported in the BS of If 6,415IfClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 23,897 2,537 2,523 2,539 2,570 2,601 2,745 2,849 2,878 2,910 3,186One year later 23,785 2,560 2,513 2,553 2,579 2,642 2,824 2,883 2,897 3,007Two years later 23,738 2,564 2,505 2,539 2,576 2,633 2,854 2,895 2,924Three years later 23,708 2,571 2,517 2,524 2,546 2,638 2,872 2,919Four years later 23,785 2,574 2,518 2,497 2,536 2,613 2,859Five years later 23,669 2,565 2,487 2,493 2,542 2,614Six years later 23,598 2,552 2,461 2,479 2,527Seven years later 23,438 2,537 2,450 2,467Eight years later 23,302 2,530 2,430Nine years later 23,125 2,507Ten years later 22,979Current estimate of total claims costs 22,979 2,507 2,430 2,467 2,527 2,614 2,859 2,919 2,924 3,007 3,186 50,419Total disbursed 20,982 2,363 2,287 2,309 2,352 2,408 2,584 2,614 2,501 2,359 1,735 44,494Provision reported in the balance sheet 1,997 145 143 158 175 206 275 305 423 648 1,451 5,926of which established vested annuities 1,352 59 53 54 47 48 69 48 36 22 4 1,790Provision for claims adjustment costs 245Total provision reported in the BS of If 6,171TopdanmarkClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 953 829 817 795 722 780 787 819 841 867One year later 977 838 827 793 737 799 812 792 820Two years later 980 832 814 782 736 811 810 768Three years later 975 825 814 776 748 814 798Four years later 965 810 813 761 740 804Five years later 959 796 796 763 734Six years later 946 786 789 758Seven years later 941 784 786Eight years later 944 783Nine years later 937Current estimate of total claims costs 937 783 786 758 734 804 798 768 820 867 8,055Total disbursed 898 741 741 714 677 724 703 641 600 449 6,889Discounting 0 -1 0 -1 -1 -2 -2 -3 -7 -12 -29Provision reported in the balance sheet 39 41 44 43 55 78 93 124 214 407 1,138Discounting of previous years 288Total provision reported in the BS of Topdanmark 1,426TopdanmarkClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 802 780 767 737 697 728 754 781 783 822One year later 807 787 775 739 710 746 777 754 763Two years later 810 783 763 727 709 758 774 732Three years later 805 776 762 721 721 761 762Four years later 795 761 756 706 713 750Five years later 789 746 750 704 707Six years later 775 736 744 701Seven years later 770 738 741Eight years later 773 737Nine years later 766Current estimate of total claims costs 766 737 741 701 707 750 762 732 763 822 7,481Total disbursed 728 695 696 660 651 673 669 610 563 431 6,375Discounting 0 -1 0 -1 -1 -1 -2 -3 -6 -11 -26Provision reported in the balance sheet 38 41 45 40 55 76 92 119 194 380 1,080Discounting of previous years 288Total provision reported in the BS of Topdanmark 1,368HastingsClaims cost trend of P&C insuranceClaims costs before reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 1,344 368 426 540 675 754 822 898 794 997 1,221 8,840One year later 1,339 369 431 548 697 779 854 953 814 1,036Two years later 1,320 355 428 539 684 791 880 964 921Three years later 1,356 362 443 557 754 802 876 1,007Four years later 1,363 368 462 559 733 795 890Five years later 1,334 358 436 565 759 845Six years later 1,328 368 433 554 727Seven years later 1,329 352 417 509Eight years later 1,329 343 416Nine years later 1,336 345Ten years later 1,314Payments to date -1,296 -339 -419 -521 -620 -684 -706 -676 -466 -485 -446 -6,658Gross outstanding claims liabilities, netof salvage and subrogation recoveries 48 29 7 20 55 70 116 222 328 512 776 2,182Reconciliation to net outstanding claims liabilitiesAnticipated salvage and subrogation recoveries 189IFRS 3 fair value acquisition adjustment -27Total provision reported in the BS of Hastings 2,344HastingsClaims cost trend of P&C insuranceClaims costs after reinsuranceEstimated claims costEURm < 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TotalAt the close of the claims year 945 142 196 235 296 326 363 378 294 347 554 4,077One year later 944 142 196 236 296 329 369 386 319 381Two years later 946 142 196 236 297 330 373 391 386Three years later 944 141 196 234 297 329 368 406Four years later 942 141 196 235 290 324 378Five years later 942 141 193 230 285 341Six years later 944 141 191 229 289Seven years later 948 141 187 226Eight years later 952 147 184Nine years later 958 154Ten years later 967Payments to date -941 -142 -194 -231 -291 -311 -335 -321 -219 -211 -220 -3,417Net outstanding claims liabilities, net of salvage and subrogation recoveries 4 1 2 4 5 15 28 56 75 136 334 660Reconciliation to net outstanding claims liabilities Anticipated salvage and subrogation recoveries 189Reinsurers\u2019 share of salvage and subrogation recoveries -80IFRS 3 fair value acquisition adjustment -3Net outstanding claims liability 766Reinsurers\u2019 share of outstanding claims liabilities 1,578Total provision reported in the BS of Hastings 2,344Life insurance liabilities from insurance and investment contracts2022 2021EURm Gross Reinsurance Net Gross Reinsurance NetProvision for unearned premiumsInsurance contracts 1,369 \u2014 1,369 4,471 0 4,471Investment contracts 25 \u2014 25 28 \u2014 28Provision for claims outstanding 1,575 1 1,573 1,759 1 1,758Group liabilities from insurance and investment contracts, total 2,969 1 2,967 6,258 2 6,257Liabilities related to non-current assets held for sale in Mandatum -10Group\u2019s liabilities for insurance and investment contracts, total 2,967 6,246Change in liabilities from insurance contractsGross Contracts with discretionary EURmparticipation featuresAt 1 January 2022 6,231Premiums 130Claims paid -420Expense charge -34Guaranteed interest 89Bonuses -74Other -2,977Total life insurance liabilities at 31 December 2022 2,944Line item Other includes EUR -2,812 million related to the sale of Topdanmark Life.Gross Contracts with discretionaryEURmparticipation featuresAt 1 January 2021 6,622Premiums 187Claims paid -611Expense charge -41Guaranteed interest 115Bonuses 182Other -224Total life insurance liabilities at 31 December 2021 6,231Liabilities related to non-current assets held for sale in Mandatum -10Total life insurance liabilities at 31 December 2021 6,220Life insurance liabilities from investment contractsEURm 2022 2021Investment contracts with discretionary participation features 25 28The change between financial years is mainly due to the claims paid.Investment contracts do not include a provision for claims outstanding. The liability adequacy test does not give rise to supplementary claims.As a result of the sale of Topdanmark Life, life insurance liabilities were derecognised from the balance sheet. Exemption allowed in IFRS 4 Insurance contracts has been applied to investment contracts with DPF or contracts with a right to trade-off for an investment contract with DPF. These investment contracts have been valued like insurance contracts.Reconciliation to the consolidated insurance and investment contract liabilitiesMilj. e 2022 2021P&C Insurance 13,598 14,121Life insurance 2,969 6,258Group consolidated insurance and investment contracts, gross, total 16,567 20,379Liabilities related to non-current assets held for sale in Mandatum \u2014 -10Group consolidated insurance and investment contracts, gross, total 16,567 20,369",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-2": {
"value": "23 Subordinated debts and other financial liabilities EURm 2022 2021Subordinated debt securitiesSubordinated loans 1,983 2,016 Subordinated debt liabilities, total 1,983 2,016 Other financial liabilities Derivative financial instruments 55 121 Debt securities in issueBonds 1,306 2,195OtherBorrowings on Revolving Credit Facility 73 12Amounts owed to credit institutions 23 \u2014Group other financial liabilities, total 1,457 2,330Group financial liabilities, total 3,439 4,345The segment financial liabilities include subordinated debts, derivatives, debt securities in issue and other financial liabilities.During the financial year 2022 bonds decreased by EUR 890 million. Hastings redeemed its GBP 250 million (approximately EUR 290 million) bond in full, at par. Sampo Plc announced tender offers for its outstanding senior notes maturing in 2023, 2025, 2028 and 2030. The amount of nominal debt purchased across all the targeted maturities amounted to EUR 500 million. TopdanmarkEURm 2022 2021Derivative financial instruments 32 81Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan tier 1, 2022 3 month Cibor (nominal value 400 MDKK) perpetual+ 4.75% 54 \u2014Subordinated loan, 20213 month Cibor (nominal value 700 MDKK) 12/2031+ 1.25% 94 134Subordinated loan, 20203 month Cibor (nominal value 500 MDKK) 12/2030+1.60% \u2014 67Subordinated loan, 20173 month Cibor (nominal value 400 MDKK) bullet+2.75% \u2014 54Total subordinated debt securities 148 255Other financial liabilities 23 1Topdanmark, total financial liabilities 203 338Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately 128 (220) million euro (DKK 950 million) of the subordinated loans are subscribed by If.Hastings EURm 2022 2021Debt securities in issueBonds 0 317Other financial liabilities 73 12Hastings, total financial liabilities 73 329During the financial period Hastings has signed a revolving credit facility with financial institution totalling EUR 85 million of which at the end of the reporting period EUR 12 million is undrawn. The revolving credit facility is terminating on 23 November 2023, but the contract contains an extension option. In addition, Hastings has an undrawn credit facility with Sampo Plc totallingEUR 89 million with a maturity date of 29 October 2026.IfEURm 2022 2021Derivative financial instruments 7 8Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 20213 month Stibor (nominal value 1,500 MSEK) 30 years+ 1.30% 134 146Subordinated loan, 20183 month Stibor (nominal value 1,000 MSEK) perpetual+ 2.75% 90 97Total subordinated debt securities 224 243If, total financial liabilities 231 250The loan of SEK 1,000 million was issued in 2018 with variable interest rate terms. The loan includes terms stating the right of redemption after five years and at any interest payment date thereafter. The loan is listed on the Luxembourg Stock Exchange (BdL Market).The loan of SEK 1,500 million was issued in 2021 with variable interest rate terms. The loan includes terms stating the right of redemption after five years, at any date for a three-month period after the first five years and thereafter at any interest payment date. The loan is listed on the Luxembourg Stock Exchange (BdL Market).HoldingEURm 2022 2021Derivative financial instruments 14 3Debt securities in issue Maturity InterestBond 2016,(nominal value EURm 750) 7 years 1.00% 318 429Bond 2017,(nominal value EURm 500) 8 years 1.25% 161 273Bond 2018,(nominal value EURm 500) 10 years 1.625% 311 496Bond 2018,(nominal value EURm 500) 12 years 2.25% 400 497Bond 2018,(nominal value NOKm 1,000) 10 years 3.10% 95 100Others 21 83Total bonds 1,306 1,878Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 2020(nominal value EURm 1,000) 32 years 2.50% 993 992Subordinated loan, 2019(nominal value EURm 500) 30 years 3.38% 496 495Total subordinated debt securities 1,489 1,487Omistusyhteis\u00f6n rahoitusvelat yhteens\u00e4 2,808 3,369The subordinated loan of 2019 has a fixed interest rate for the first ten years, the 2020 loan for the first 12 years. After that, the loans become subject to a variable interest rate but they also include terms stating the right of redemption at this point in time or at any interest payment date thereafter. The loans are listed on the London Stock Exchange.The determination and hierarchy of fair values of financial assets and liabilities measured at acquisition cost is disclosed in note 17. According to this determination, the subordinated debt securities and bonds are categorised either on level 1 or 2.EURm 2022 2021Elimination items between segments -228 -320Group, total financial liabilities 3,439 4,345MandatumEURm 2022 2021Derivative financial instruments 3 29Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 201912 months (nominal value EURm 250) 30 yearsEuribor + 4.5% 250 249Subordinated loan, 2002(nominal value EURm 100) perpetual 1.88% 100 100Total subordinated debt securities 350 349Mandatum, total financial liabilities 352 378Mandatum Life issued in 2002 EUR 100 million Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Financial Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loan is wholly subscribed by Sampo Plc.In 2019 Mandatum Life issued a Solvency II Tier 2 loan of EUR 250 million. The loan matures on4 October, 2049. The loan has a fixed interest rate until the first possible redemption date on 4 October, 2024, whereafter it becomes subject to variable interest rates.Change in liabilities from financing activitiesEURm 1 Jan 2022 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2022Subordinated debt 2,016 54 -161 74 1 1,983Bonds 2,195 \u2014 -859 -6 -24 1,306Borrowings on RCF (only Hastings) 12 69 \u2014 -8 \u2014 73EURm 1 Jan 2021 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2021Subordinated debt 2,158 281 -423 -2 0 2,016Bonds 2,747 \u2014 -571 17 2 2,195Borrowings on RCF (only Hastings) \u2014 12 \u2014 0 \u2014 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-3": {
"value": "23 Subordinated debts and other financial liabilities EURm 2022 2021Subordinated debt securitiesSubordinated loans 1,983 2,016 Subordinated debt liabilities, total 1,983 2,016 Other financial liabilities Derivative financial instruments 55 121 Debt securities in issueBonds 1,306 2,195OtherBorrowings on Revolving Credit Facility 73 12Amounts owed to credit institutions 23 \u2014Group other financial liabilities, total 1,457 2,330Group financial liabilities, total 3,439 4,345The segment financial liabilities include subordinated debts, derivatives, debt securities in issue and other financial liabilities.During the financial year 2022 bonds decreased by EUR 890 million. Hastings redeemed its GBP 250 million (approximately EUR 290 million) bond in full, at par. Sampo Plc announced tender offers for its outstanding senior notes maturing in 2023, 2025, 2028 and 2030. The amount of nominal debt purchased across all the targeted maturities amounted to EUR 500 million. TopdanmarkEURm 2022 2021Derivative financial instruments 32 81Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan tier 1, 2022 3 month Cibor (nominal value 400 MDKK) perpetual+ 4.75% 54 \u2014Subordinated loan, 20213 month Cibor (nominal value 700 MDKK) 12/2031+ 1.25% 94 134Subordinated loan, 20203 month Cibor (nominal value 500 MDKK) 12/2030+1.60% \u2014 67Subordinated loan, 20173 month Cibor (nominal value 400 MDKK) bullet+2.75% \u2014 54Total subordinated debt securities 148 255Other financial liabilities 23 1Topdanmark, total financial liabilities 203 338Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately 128 (220) million euro (DKK 950 million) of the subordinated loans are subscribed by If.Hastings EURm 2022 2021Debt securities in issueBonds 0 317Other financial liabilities 73 12Hastings, total financial liabilities 73 329During the financial period Hastings has signed a revolving credit facility with financial institution totalling EUR 85 million of which at the end of the reporting period EUR 12 million is undrawn. The revolving credit facility is terminating on 23 November 2023, but the contract contains an extension option. In addition, Hastings has an undrawn credit facility with Sampo Plc totallingEUR 89 million with a maturity date of 29 October 2026.IfEURm 2022 2021Derivative financial instruments 7 8Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 20213 month Stibor (nominal value 1,500 MSEK) 30 years+ 1.30% 134 146Subordinated loan, 20183 month Stibor (nominal value 1,000 MSEK) perpetual+ 2.75% 90 97Total subordinated debt securities 224 243If, total financial liabilities 231 250The loan of SEK 1,000 million was issued in 2018 with variable interest rate terms. The loan includes terms stating the right of redemption after five years and at any interest payment date thereafter. The loan is listed on the Luxembourg Stock Exchange (BdL Market).The loan of SEK 1,500 million was issued in 2021 with variable interest rate terms. The loan includes terms stating the right of redemption after five years, at any date for a three-month period after the first five years and thereafter at any interest payment date. The loan is listed on the Luxembourg Stock Exchange (BdL Market).HoldingEURm 2022 2021Derivative financial instruments 14 3Debt securities in issue Maturity InterestBond 2016,(nominal value EURm 750) 7 years 1.00% 318 429Bond 2017,(nominal value EURm 500) 8 years 1.25% 161 273Bond 2018,(nominal value EURm 500) 10 years 1.625% 311 496Bond 2018,(nominal value EURm 500) 12 years 2.25% 400 497Bond 2018,(nominal value NOKm 1,000) 10 years 3.10% 95 100Others 21 83Total bonds 1,306 1,878Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 2020(nominal value EURm 1,000) 32 years 2.50% 993 992Subordinated loan, 2019(nominal value EURm 500) 30 years 3.38% 496 495Total subordinated debt securities 1,489 1,487Omistusyhteis\u00f6n rahoitusvelat yhteens\u00e4 2,808 3,369The subordinated loan of 2019 has a fixed interest rate for the first ten years, the 2020 loan for the first 12 years. After that, the loans become subject to a variable interest rate but they also include terms stating the right of redemption at this point in time or at any interest payment date thereafter. The loans are listed on the London Stock Exchange.The determination and hierarchy of fair values of financial assets and liabilities measured at acquisition cost is disclosed in note 17. According to this determination, the subordinated debt securities and bonds are categorised either on level 1 or 2.EURm 2022 2021Elimination items between segments -228 -320Group, total financial liabilities 3,439 4,345MandatumEURm 2022 2021Derivative financial instruments 3 29Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 201912 months (nominal value EURm 250) 30 yearsEuribor + 4.5% 250 249Subordinated loan, 2002(nominal value EURm 100) perpetual 1.88% 100 100Total subordinated debt securities 350 349Mandatum, total financial liabilities 352 378Mandatum Life issued in 2002 EUR 100 million Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Financial Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loan is wholly subscribed by Sampo Plc.In 2019 Mandatum Life issued a Solvency II Tier 2 loan of EUR 250 million. The loan matures on4 October, 2049. The loan has a fixed interest rate until the first possible redemption date on 4 October, 2024, whereafter it becomes subject to variable interest rates.Change in liabilities from financing activitiesEURm 1 Jan 2022 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2022Subordinated debt 2,016 54 -161 74 1 1,983Bonds 2,195 \u2014 -859 -6 -24 1,306Borrowings on RCF (only Hastings) 12 69 \u2014 -8 \u2014 73EURm 1 Jan 2021 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2021Subordinated debt 2,158 281 -423 -2 0 2,016Bonds 2,747 \u2014 -571 17 2 2,195Borrowings on RCF (only Hastings) \u2014 12 \u2014 0 \u2014 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-4": {
"value": "23 Subordinated debts and other financial liabilities EURm 2022 2021Subordinated debt securitiesSubordinated loans 1,983 2,016 Subordinated debt liabilities, total 1,983 2,016 Other financial liabilities Derivative financial instruments 55 121 Debt securities in issueBonds 1,306 2,195OtherBorrowings on Revolving Credit Facility 73 12Amounts owed to credit institutions 23 \u2014Group other financial liabilities, total 1,457 2,330Group financial liabilities, total 3,439 4,345The segment financial liabilities include subordinated debts, derivatives, debt securities in issue and other financial liabilities.During the financial year 2022 bonds decreased by EUR 890 million. Hastings redeemed its GBP 250 million (approximately EUR 290 million) bond in full, at par. Sampo Plc announced tender offers for its outstanding senior notes maturing in 2023, 2025, 2028 and 2030. The amount of nominal debt purchased across all the targeted maturities amounted to EUR 500 million. TopdanmarkEURm 2022 2021Derivative financial instruments 32 81Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan tier 1, 2022 3 month Cibor (nominal value 400 MDKK) perpetual+ 4.75% 54 \u2014Subordinated loan, 20213 month Cibor (nominal value 700 MDKK) 12/2031+ 1.25% 94 134Subordinated loan, 20203 month Cibor (nominal value 500 MDKK) 12/2030+1.60% \u2014 67Subordinated loan, 20173 month Cibor (nominal value 400 MDKK) bullet+2.75% \u2014 54Total subordinated debt securities 148 255Other financial liabilities 23 1Topdanmark, total financial liabilities 203 338Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately 128 (220) million euro (DKK 950 million) of the subordinated loans are subscribed by If.Hastings EURm 2022 2021Debt securities in issueBonds 0 317Other financial liabilities 73 12Hastings, total financial liabilities 73 329During the financial period Hastings has signed a revolving credit facility with financial institution totalling EUR 85 million of which at the end of the reporting period EUR 12 million is undrawn. The revolving credit facility is terminating on 23 November 2023, but the contract contains an extension option. In addition, Hastings has an undrawn credit facility with Sampo Plc totallingEUR 89 million with a maturity date of 29 October 2026.IfEURm 2022 2021Derivative financial instruments 7 8Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 20213 month Stibor (nominal value 1,500 MSEK) 30 years+ 1.30% 134 146Subordinated loan, 20183 month Stibor (nominal value 1,000 MSEK) perpetual+ 2.75% 90 97Total subordinated debt securities 224 243If, total financial liabilities 231 250The loan of SEK 1,000 million was issued in 2018 with variable interest rate terms. The loan includes terms stating the right of redemption after five years and at any interest payment date thereafter. The loan is listed on the Luxembourg Stock Exchange (BdL Market).The loan of SEK 1,500 million was issued in 2021 with variable interest rate terms. The loan includes terms stating the right of redemption after five years, at any date for a three-month period after the first five years and thereafter at any interest payment date. The loan is listed on the Luxembourg Stock Exchange (BdL Market).HoldingEURm 2022 2021Derivative financial instruments 14 3Debt securities in issue Maturity InterestBond 2016,(nominal value EURm 750) 7 years 1.00% 318 429Bond 2017,(nominal value EURm 500) 8 years 1.25% 161 273Bond 2018,(nominal value EURm 500) 10 years 1.625% 311 496Bond 2018,(nominal value EURm 500) 12 years 2.25% 400 497Bond 2018,(nominal value NOKm 1,000) 10 years 3.10% 95 100Others 21 83Total bonds 1,306 1,878Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 2020(nominal value EURm 1,000) 32 years 2.50% 993 992Subordinated loan, 2019(nominal value EURm 500) 30 years 3.38% 496 495Total subordinated debt securities 1,489 1,487Omistusyhteis\u00f6n rahoitusvelat yhteens\u00e4 2,808 3,369The subordinated loan of 2019 has a fixed interest rate for the first ten years, the 2020 loan for the first 12 years. After that, the loans become subject to a variable interest rate but they also include terms stating the right of redemption at this point in time or at any interest payment date thereafter. The loans are listed on the London Stock Exchange.The determination and hierarchy of fair values of financial assets and liabilities measured at acquisition cost is disclosed in note 17. According to this determination, the subordinated debt securities and bonds are categorised either on level 1 or 2.EURm 2022 2021Elimination items between segments -228 -320Group, total financial liabilities 3,439 4,345MandatumEURm 2022 2021Derivative financial instruments 3 29Subordinated debt securitiesSubordinated loans Maturity InterestSubordinated loan, 201912 months (nominal value EURm 250) 30 yearsEuribor + 4.5% 250 249Subordinated loan, 2002(nominal value EURm 100) perpetual 1.88% 100 100Total subordinated debt securities 350 349Mandatum, total financial liabilities 352 378Mandatum Life issued in 2002 EUR 100 million Capital Notes. The loan is perpetual and pays floating rate interest. The interest is payable only from distributable capital. The loan is repayable only with the consent of the Financial Supervisory Authority and at the earliest on 2012 or any interest payment date after that. The loan is wholly subscribed by Sampo Plc.In 2019 Mandatum Life issued a Solvency II Tier 2 loan of EUR 250 million. The loan matures on4 October, 2049. The loan has a fixed interest rate until the first possible redemption date on 4 October, 2024, whereafter it becomes subject to variable interest rates.Change in liabilities from financing activitiesEURm 1 Jan 2022 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2022Subordinated debt 2,016 54 -161 74 1 1,983Bonds 2,195 \u2014 -859 -6 -24 1,306Borrowings on RCF (only Hastings) 12 69 \u2014 -8 \u2014 73EURm 1 Jan 2021 Incoming cash flows Outgoing cash flows Exchange differences Other 31 Dec 2021Subordinated debt 2,158 281 -423 -2 0 2,016Bonds 2,747 \u2014 -571 17 2 2,195Borrowings on RCF (only Hastings) \u2014 12 \u2014 0 \u2014 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-201-2": {
"value": "24 ProvisionsEURm 2022At 1 January 2022 9Additions 2Amounts used during the period -4Unused amounts reversed during the period -2Exchange rate differences 0At 31 December 2022 6Current (less than 1 year) 2Non-current (more than 1 year) 4Total 6EUR 3 million (3) of the provision consist of funds reserved for futures expenses for previously implemented or planned development of efficient administrative and claims adjustment processes and structural changes in distribution channels, resulting in organisational changes that affect all business areas. In addition, the item includes a provision of about EUR 3 million (6) for lawsuits and other uncertain liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-207-2": {
"value": "26 Other liabilitiesEURm 2022 2021Liabilities arising out of direct insurance operations 252 248Liabilities arising out of reinsurance operations 360 293Liabilities related to Patient Insurance Pool 67 66Pension return tax \u2014 204Tax liabilities 105 100Premium taxes 176 185Settlement liabilities 61 131Interests 9 40Leases* 197 205Prepayments and accrued income 311 285Other 495 488Group other liabilities, total 2,031 2,246Item Other includes, e.g. withholding taxes, social expenses related to Workers\u2019 Compensation insurance policies and employee benefits.The non-current share of other liabilities is EUR 134 million (128).* The total effect of leases on the statement of cash flows was EUR -15 million (-34). Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 32 million (41).EURm 1\u201312/2022 1\u201312/2021Items recognised in the p/l from lease liabilitiesInterest expenses -3 -2Expenses from short-term and low-value lease liabilities -7 -7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-208-2": {
"value": "27 Contingent liabilities, commitments and legal proceedings EURm 2022 2021Off-balance sheet itemsGuarantees 9 2Investment commitments 2,069 1,818IT acquisitions 11 15Other 2 48Total 2,091 1,883Assets pledged as collateral for liabilities or contingent liabilities2022 2021Assets Liabilities/Assets Liabilities/EURmpledgedcommitmentspledgedcommitmentsAssets pledged as collateralInvestments 362 169 482 162Subsidiary shares 94 28 94 30Cash and cash equivalents 19 32 3 \u2014Total 476 230 579 192EURm 2022 2021Assets pledged as security for derivative contracts, carrying valueInvestment securities 8 173Cash and cash equivalents 60 186Total 68 358Assets pledged as security for insurance undertakings, carrying valueInvestment securities 354 420Assets pledged as security for loans, carrying valueSubsidiary shares 94 94Assets pledged for other commitments, carrying valueCash and cash equivalents 0 1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:743700UF3RL386WIDA22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-209-2": {
"value": "Other financial commitmentsThe subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings within the Nordic Nuclear Insurance Pool, Norwegian Natural Perils\u2019 Pool and the Dutch Terror Pool.In connection with the transfer of property and casualty insurance business from the Skandia Group to the If Group as of March 1, 1999, If P&C Holding Ltd and If P&C Insurance Ltd issued a guarantee for the benefit of F\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) whereby the aforementioned companies in the If Group mutually guarantee that companies in the Skandia group will be indemnified against any claims or actions due to guarantees or similar commitments made by companies in the Skandia Group within the property and casualty insurance business transferred to the If Group.If P&C Insurance Holding Ltd and If P&C Insurance Ltd have separately entered into agreements with F\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) and Tryg-Baltica Forsikrings AS whereby Skandia and Tryg-Baltica will be indemnified against any claims attributable to guarantees issued by F\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) and Vesta Forsikring AS, on behalf of Skandia Marine Insurance Company (U.K.) Ltd. (changed name to Marlon Insurance Company Ltd., company dissolved in July 2017) in favour of the Institute of London Underwriters. Marlon was sold during 2007, and the purchaser issued a guarantee in favour of the aforementioned companies in the If Group for the full amount that they may be required to pay under these guarantees.If P&C Insurance Company Ltd has outstanding commitments to private equity funds totalling EUR 3 million, which is the maximum amount that the company has committed to invest in the funds. Capital will be called to these funds over several years as the funds make investments.With respect to certain IT systems If and Sampo use jointly, If P&C Insurance Holding Ltd has undertaken to indemnify Sampo for any costs caused by If that Sampo may incur in relation to the owners of the systems.Sampo Group\u2019s Danish companies and Topdanmark Group\u2019s companies are jointly taxed, with Topdanmark A/S being the management company. Pursuant to the specific rules on corporation taxes etc. in the Danish Companies Act, the companies are liable for the jointly taxed companies and for any obligations to withhold tax from interests, royalties and dividend for companies concerned.In connection with implementation of a new customer and core system, Topdanmark Forsikring A/S has undertaken to provide support towards specific suppliers to fulfil Topdanmark EDB IV ApS\u2019 obligations in accordance with the contracts.Contingent liabilityEntities within Hastings Group are subject to review by tax authorities in the UK and Gibraltar. The Hastings Group commenced discussion with HMRC in December 2016 regarding aspects of its business model and the allocation of certain elements of its profit between the Group\u2019s operating subsidiaries, Hastings Insurance Services Limited (\u2019HISL\u2019) in the UK and Advantage Insurance Company Limited (\u2019AICL\u2019) in Gibraltar. During the year, management has engaged in correspondence and meetings with HMRC. Management has reviewed current and previous tax filings and considered the nature of the ongoing enquiries and does not consider it appropriate to provide for any additional tax due. Hastings Group provides for potential tax liabilities that may arise on the basis of the amount expected to be paid to the tax authorities, having taken into consideration any ongoing enquiries or reviews and based on guidance from professional firms. The final amounts paid may differ from the amounts provided depending on the ultimate resolution of such matters and any changes to the estimates or amounts payable in respect of prior periods are reported through adjustments relating to prior periods. In the event that the tax authorities do not ultimately accept the filed tax position, it is possible that the Hastings Group will have an additional tax liability. However the ongoing nature of the enquiry means that it is inherently difficult to predict a range of potential outcomes with certainty. Based on the information received from HMRC to date, management does not believe that it is probable that any additional amounts will ultimately become payable. Further information in respect of the enquiries has therefore not been provided in accordance with IAS 37 on the grounds it is not practicable to do so.Legal proceedingsThere are a number of legal proceedings against the Group companies outstanding on 31 December 2022, arising in the ordinary course of business. The companies estimate it unlikely that any significant loss will arise from these proceedings.",
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"value": "28 Equity and reservesEquity (1,000 shares)2022 2021Equity (1,000 shares) 514,369 546,812The shares are divided into A and B classes, with the number of A shares being 179,000,000 at minimum and 711,200,000 at maximum, and the number of B shares being 0 at minimum and 4,800,000 at maximum. Each A share entitles its holder to one vote and each B share entitles its holder to five votes at a General Meeting of Shareholders. The shares have no nominal value.At the end of financial year 2022, the number of A shares amounted to 514,169,315 and B shares to 200,000 shares.",
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"value": "Treasury Shares (1,000 shares)2022 2021Own shares held by Sampo Plc (1,000 shares) 2,141 8,540",
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"value": "Reserves and retained earningsLegal reserveThe legal reserve comprises the amounts to be transferred from the distributable equity accordinto the Articles of Association or on the basis of the decision of the AGM.Invested unrestricted equityThe reserve includes other investments of equity nature, as well as the issue price of shares to the extent it is not recorded in the share capital by an express decision.Other components of equityOther components of equity include fair value changes of financial assets available for sale and derivatives used in cash flow hedges, and exchange differences.Changes in the reserves and retained earnings are presented in the Group\u2019s statement of changes in equity.",
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"value": "29 Related party disclosuresThe related parties of Sampo Group include subsidiaries, associates and joint ventures. In addition, related parties include, as mentioned below, key management personnel and their related parties. The Group\u2019s subsidiaries are included in note 32 and significant associates and joint ventures in note 13.All intra-group transactions and balances are eliminated upon consolidation. The related party transaction disclosed in the note include transactions with related parties that are not eliminated in the preparation of consolidated financial statements. Transactions with related parties are on an arm\u2019s length basis. ",
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"value": "Key management personnel and their related parties The key management personnel in Sampo Group consists of the members of the Board of Directors of Sampo plc, the Chief Executive Officer (CEO) and Sampo Group\u2019s Executive Committee. Their related parties include close family members and the entities over which the members of the key management personnel or their close family members have control or significant influence.Key management compensationEURm 2022 2021Short-term employee benefits -10 -8Post employment benefits -3 -3Other long-term benefits -6 -4Total -19 -15Short-term employee benefits comprise salaries and other short-terms benefits, including profit- sharing bonuses accounted for the year, and social security costs.Post employment benefits include pension benefits under the Employees\u2019 Pensions Act (TyEL) in Finland and voluntary supplementary pension benefits.Other long-term benefits consist of the benefits under long-term incentive schemes accounted for the year (see note 30).Related party transactions of the key managementThe key management does not have any loans from the Group companies.AssociatesOutstanding balances with related parties/Associates Nordea and NordaxEURm 2022 2021Assets \u2014 2,941Liabilities \u2014 54In the comparison period, the Group\u2019s receivables from Nordea comprised mainly long-term investments in bonds and deposits. In addition, the Group had several on-going derivative contracts related to the Group\u2019s risk management of investments and liabilities. At the end of financial year 2022, these companies are no longer associates of the Group.",
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"value": "30 Incentive schemesLong-term incentive schemes 2017 I\u20132020 IThe Board of Directors of Sampo plc has decided on the long-term incentive schemes 2017:1 and 2020:1 for the key employees of Sampo Group. The Board of Directors of Sampo plc has authorised the Group CEO to decide on the allocation of incentive units, which are used to determine the incentive reward. The Board of Directors of Sampo plc decides on the number of incentive units allocated to the Group CEO and the Group Executive Committee members. Some 130 persons were included in the long-term incentive schemes at the end of 2022.The amount of the incentive reward is based on the share price development of the Sampo A share, the If P&C insurance margin (IM) and/or Sampo Group\u2019s return on capital at risk (RoCaR). The value of one calculated incentive unit is the trade-weighted average price of the Sampo A share at the time period specified in the terms of the incentive scheme, reduced by the dividend-adjusted starting price. The starting price of the incentive schemes varies between EUR 32.94\u201344.74. The maximum value of one incentive unit varies between EUR 56.94\u201368.74. In the 2017:1 incentive scheme, the calculation of the incentive reward furthermore takes into account the outcome of two performance indicators. If the IM is at least 6 per cent, 60 per cent of the incentive reward is paid. If the IM is between 4\u20135.99 per cent, 30 per cent of the incentive reward is paid. If the RoCaR is at least risk-free return + 4 per cent, 40 per cent of the incentive reward is paid. If the RoCaR is at least risk-free return + 2 per cent but less than risk-free return + 4 per cent, 20 per cent of the incentive reward is paid. In the 2020:1 incentive scheme, the calculation of the incentive reward furthermore takes into account the RoCaR. If the RoCaR is at least risk-free return + 5 per cent, the reward is paid out in full. If the RoCaR is at least risk-free return + 3 per cent but less than risk-free return + 5 per cent, the payout is 50 per cent. If the RoCaR is below risk-free return + 3 per cent, no incentive reward will be paid.Each plan has three performance periods and incentive rewards are paid in cash in three instalments. Identified staff shall buy Sampo A shares with 50 per cent of the amount of the instalment after deducting income tax and other comparable charges. The shares are subject to disposal restrictions for three years from the date when the instalment was paid. A premature payment of the incentive reward may occur in the event of changes in the group structure. The fair value of the incentive schemes is estimated by using the Black-Scholes pricing model 2017:I 2017:I/2 2020:I 2020:I/2 2020:I/314 Sep 14 Sep 5 Aug 5 Aug 5 Aug Terms approve*20172017202020202020Granted (1,000) 31 Dec 2019 3,948 85 \u2014 \u2014 \u2014Granted (1,000) 31 Dec 2020 2,638 85 3,877 \u2014 \u2014Granted (1,000) 31 Dec 2021 1,292 60 3,815 220 \u2014Granted (1,000) 31 Dec 2022 \u2014 30 3,805 220 208End of performance period I 30% Q2-2020 Q2-2021 Q2-2023 Q2-2024 Q2-2025End of performance period II 35% Q2-2021 Q2-2022 Q2-2024 Q2-2025 Q2-2026End of performance period III 35% Q2-2022 Q2-2023 Q2-2025 Q2-2026 Q2-2027Payment I 30% 9-2020 9-2021 9-2023 9-2024 9-2025Payment II 35% 9-2021 9-2022 9-2024 9-2025 9-2026Payment III 35% 9-2022 9-2023 9-2025 9-2026 9-2027Price of Sampo A at terms approval date EUR* 44.02 44.02 30.30 30.30 30.30Starting price EUR** 43.81 44.10 32.94 43.49 43.49Dividend-adjusted starting price EUR at 31 December 2022 30.49 33.38 27.14 39.39 44.74Sampo A closing price EUR at31 December 2022 48.82Total intrinsic value, EURm 0 47 1 0Total debt 49Total cost for the financial period, EURm (incl. social cost) 43*Grant dates vary**In the 2017:1 incentive scheme, the trade-weighted average price of the Sampo A share during ten trading days from the adoption of the scheme and in the 2020:1 incentive scheme, the trade-weighted average price of the Sampo A share during twenty-five trading days commencing the day after Sampo plc\u2019s publication of its Half-Year Financial Report in 2020. Long-term incentive scheme of TopdanmarkTopdanmark\u2019s long-term option-based scheme is for its Executive Board and senior executives. The strike price has been fixed at 110% of the market price on the last trading date in the prior financial year (average of all trades). The options may be exercised 3-5 years subsequent to the granting. The scheme is settled by shares.Strike price Executive board Senior executives Resigned TotalTotal number of options (1,000)At 1 January 2022 36 108 765 249 1,121Granted 54 38 180 0 218Transferred -53 -414 467 0Exercised 28 -8 -105 -239 -352Forfeited 37 0 0 -7 -7At 31 December 2022 37 85 425 470 981At 1 January 2021 35 224 598 308 1,130Granted 39 78 228 \u2014 306Transferred -171 103 67 -1Exercised 23 -23 -165 -115 -303Forfeited 38 \u2014 \u2014 -12 -12At 31 December 2021 36 108 765 249 1,121Per granting2018, exercise period January 2021\u20132023 27 1 25 72 992019, exercise period January 2022\u20132024 34 17 74 101 1912020, exercise period January 2023\u20132025 40 17 106 103 2272021, exercise period January 2024\u20132026 32 23 102 122 2472021, exercise period January 2025\u20132027 50 27 118 71 216The only earnings conditions to the option scheme requires employment during the whole year ofthe allocation. Options are allocated at the beginning of the year and, in connection with resignationsin the year of allocation, a proportional deduction in the number of allocated options is made.The tables below show option holder\u2019s standing at the year end.The fair value of the granting for the year has been calculated using the Black and Scholes model, assuming a share price of EUR 49 (36). The interest rate corresponds to the zero-coupon rate based on the swap curve on 31 December of the previous year. Future volatility is assumed to be 22 per cent (22) p.a and the average life of the options approximately 4 years. The volatility based on previous years\u2019 volatility is still management\u2019s best estimate of the future volatility. The strike prices are adjusted by dividend distribution for outstanding options.At 31 December 2022, there were 290,000 options (324,000) which could be exercised.Long-term incentive scheme of HastingsThe total charge for the share-based payments recognised in the profit or loss during 2022 was EUR 2 million (15) with a share-based payment liability of EUR 15 million (25) held at 31 December 2022.Long term incentive plan Certain management personnel of Hastings Group participate in the Group\u2019s Long Term Incentive Plan (\u2019LTIP\u2019), which is a cash settled scheme. Vesting is subject to a three-year service period and the achievement of certain performance conditions. For the 2021 tranche, the performance conditions were in respect of adjusted operating profit and live customer policies over a three year period. For the 2022 tranche, adjusted operating profit was changed to profit before tax, while live customer policies remained unchanged as a condition.Cash awards totalling EUR 12 million (12) were granted in 2022 and EUR 2 million (1) of cash awards were forfeited. The expected life is the contractual life of the award adjusted to reflect management\u2019s best estimate of holder behaviour. There were cash awards with a value of EUR 38 million (39) outstanding at 31 December 2022.Executive board Senior executives Resigned TotalAverage market price on date of exercise 2022 50Average market price on date of exercise 2021 41Fair value of granting 2022 0 1 0 1Fair value of granting 2021 0 1 0 1Fair value at 31 December 2022 1 6 7 14Fair value at 31 December 2021 1 10 4 15Restricted stock awards Restricted Stock Awards are whereby certain individuals are granted cash awards conditional upon their continued employment with the Group. The expected life is the contractual life of the award adjusted to reflect management\u2019s best estimate of holder behaviour. During 2022, certain key management personnel were granted cash awards with a value of EUR 0.5 million (0.3) conditional upon continued employment with the Group. There were cash awards with a value of EUR 0.8 million (3) outstanding at 31 December 2022. Capital appreciation planIn the year ended 31 December 2021, certain key management personnel were invited to participate in the Hastings Group\u2019s Capital Appreciation Plan (\u2019CAP\u2019) under which they may be awarded up to five free B Ordinary Shares in HGCL, for every B Ordinary Share they purchase, subject to performance thresholds based upon total shareholder return (\u2019TSR\u2019). The total number of B Ordinary Shares purchased and allotted under the scheme in 2022 was 0 million (1). Potential matching awards of B Ordinary Shares have the potential to vest in two tranches, with 50% being conditional upon a TSR measured over a four-year period, and 50% being conditional upon TSR measured over a five-year period, with the number of awards dependent upon the level of return between a minimum and maximum target. At the end of each performance period, one half of shares will vest immediately, and one half will be deferred for 12 months before becoming exercisable. The vesting is dependent on continuing service by the participant over the period of any deferment, so ranges from three to six years. The TSR measure for these awards is calculated using the Monte Carlo valuation model. The fair value of the matching shares was EUR 3 million, or approximately EUR 4 per matching share. ",
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"value": "31 Auditors\u2019 feesEURm 2022 2021Auditing fees -4 -3Deloitte -4 -3KPMG 0 0Other fees 1 \u2014Deloitte -1 \u2014KPMG 0 0Total -5 -3",
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"value": "32 Investments in subsidiariesName Group holding % Carrying amountIf P&C Insurance Holding Ltd 100 1,886If P&C Insurance Ltd 100 1,485If P&C Insurance AS 100 40Vertikal Helseassistanse AS 100 31Viking Assistance Group AS 100 83Topdanmark Forsikring A/S* 49 1,474Hastings Group (Consolidated) Ltd 49.3 831Hastings Group Holdings Limited 100 2,517Hastings Group (Finance) plc 100 1,831Hastings Group Limited 100 946Advantage Global Holdings Limited 100 251Hastings (Holdings) Limited 100 174Mandatum Holding Oy 100 23Mandatum Holding Oy 100 539* The Group\u2019s ownership of votes.The table excludes dormant companies in Great Britain as well as property and housing companies accounted for in the consolidated accounts, and other companies that are insignificant to the consolidated financial statements.Sampo Group owns 50 per cent of the guarantee capital of Kaleva Mutual Insurance Company but the company is not consolidated in the Group\u2019s financial statements due to limitations on controlling interest and distribution of profits. Changes in the subsidiary shares during reporting period 2022Topdanmark Forsikring A/S sold Topdanmark Liv Holding to Nordea Life Holding AB on 1 December 2022.Mandatum Life sold their Baltic life insurance business to Invalda INVL-Group. The transaction was completed on 30 June 2022 and the control for the life business was transferred on 1 July 2022.Sampo plc made an additional investment of approximately EUR 9 million in Topdanmark A/S.Interests in unconsolidated structured entitiesMandatum Fund Management S.A. and Mandatum AM AIFM Ltd, which are part of Mandatum Group, manage Mandatum\u2019s funds and investments in limited partnership companies. Mandatum Fund Management S.A. has outsourced the portfolio management of the investments it manages to Mandatum Asset Management Ltd and Mandatum AM AIFM Ltd has its own portfolio management and other operations. Mandatum Group receives management fees from the unconsolidated investments and these fees are treated as commission income in the financial statements. In addition, as an investor Mandatum Group receives investment profits from the unconsolidated investments and these profits are booked as investment profits to the asset class in which the investment is included on the balance sheet. Mandatum Group\u2019s investments in these funds were in total EUR 1,766 million (1,915) as of 31 December 2022. These investments are included in the investment assets on the balance sheet.",
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"value": "33 The divestment of Topdanmark Life businessOn 18 March 2022, Sampo\u2019s subsidiary Topdanmark Forsikring A/S signed an agreement to divest of Topdanmark Liv Holding A/S and all its subsidiaries to Nordea Life Holding AB. Illness and Accident in the Liv Holding Group were included in the operations divested. The transaction was approved by regulatory authorities and the transaction was completed on 1 December 2022. In Sampo Group, Topdanmark Life\u2019s operations have been reported as part of the Topdanmark segment. As Topdanmark\u2019s life business did not represent a major line of business or geographic area of operations for Sampo Group, assets and liabilities related to Topdanmark Life\u2019s operations were classified to non-current assets held for sale, in accordance with IFRS 5 Non-current assets held for sale and discontinued operations.Sampo Group recognised a sales gain on the disposal of Topdanmark Life, amounting to EUR 72 million, in the other operating income.Topdanmark recognised a net profit of EUR 146 million, including a sales gain of EUR 127 million, from divested operations.At the date of the sale, the balance sheet total of Topdanmark\u2019s life business amounted approximately to EUR 12.5 billion. The balance sheet consisted mainly of financial assets and liabilities for insurance and investment contracts, including those related to unit-linked contracts.",
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"value": "34 Events after the balance sheet dateDividend proposal to the AGMIn the meeting of 10 Feb 2023, the Board of Directors decided to propose at the Annual General Meeting on 17 May 2023 a divided distribution of EUR 2.60 per share (totalling approx. EUR 1,337 million based on the number of outstanding shares at the balance sheet date). The dividends to be paid will be accounted for in the equity in 2023 as a deduction of retained earnings.Acquisition of own sharesSampo\u2019s share buyback programme of EUR 1 billion announced on 9 June 2022 continued after the end of the reporting period. The buyback programme was completed on 8 February 2023, when at market close, the company held in total 5.4 million Sampo A shares representing 1.05 per cent of the total number of shares in Sampo plc. Sampo bought altogether 22.1 million A shares under the share buyback programme from 10 June 2022 to 8 February 2023, of which 16.7 million shares were cancelled on 8 December 2022. Further information on the buyback programme is available on www.sampo.com/sharebuyback.",
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"value": "34 Events after the balance sheet dateDividend proposal to the AGMIn the meeting of 10 Feb 2023, the Board of Directors decided to propose at the Annual General Meeting on 17 May 2023 a divided distribution of EUR 2.60 per share (totalling approx. EUR 1,337 million based on the number of outstanding shares at the balance sheet date). The dividends to be paid will be accounted for in the equity in 2023 as a deduction of retained earnings.Acquisition of own sharesSampo\u2019s share buyback programme of EUR 1 billion announced on 9 June 2022 continued after the end of the reporting period. The buyback programme was completed on 8 February 2023, when at market close, the company held in total 5.4 million Sampo A shares representing 1.05 per cent of the total number of shares in Sampo plc. Sampo bought altogether 22.1 million A shares under the share buyback programme from 10 June 2022 to 8 February 2023, of which 16.7 million shares were cancelled on 8 December 2022. Further information on the buyback programme is available on www.sampo.com/sharebuyback.",
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"value": "35 Risk Management Disclosure Sampo Group and Sampo plcSampo Group companies operate in business areas where specific features of value creation are the pricing of risks and the active management of risk portfolios in addition to sound client services. Hence common risk definitions are needed as a basis for business activities. Classification of risksIn Sampo Group, the risks associated with business activities fall into three main categories as shown in the picture Classification of Risks in Sampo Group: business risks, reputational risk and risks inherent in the business operations. The first two risk classes are only briefly described in this Risk Management Disclosure as the focus is on the third risk class.Business risksBusiness risk is the risk of losses due to changes in the competitive environment and/or lack of internal opera-tional flexibility. Unexpected abrupt changes or already identified but internally neglected trends can cause larger than expected fluctuations in profitability when volumes, margins, costs, and capital charges change, and in the long run, they may also endanger the existence of Sampo Group\u2019s business models. External drivers behind such changes are varied, including for instance general economic development, changes in commonly shared values, developments in the institutional and physical environment, and technological innovations. Because external drivers are inter-connected, the customer preferences and demand can change unpredictably and there may be a need to change regulations as well. If the company\u2019s understanding of changes or its willingness and ability to act accordingly is inadequate and competitors are more able to meet clients\u2019 and regulation\u2019s altered expectations, the company is highly exposed to business risk.Due to the predominantly external nature of the drivers and development in the competitive environment, man-aging business risks is the responsibility of the executive level senior management. Proactive strategic decision making is the central tool in managing business risks that relate to competitive advantage. The maintenance of internal operational flexibility \u2013 i.e., the ability to adjust the business model and cost structure when needed \u2013 is also an efficient tool in managing business risks. Business risks do not have a regulatory capital charge, although they may be a material source of earnings volatility. Because of this, business risks may influence the amount and structure of the actual capital base, if deemed prudent in the existing business environment. Sustainability as a business risk driverIssues related to sustainability are changing the preferences and values of the Sampo Group companies\u2019 stakeholders and, as a result, creating a shift in the operating and competitive environment. For example, investors and authorities are putting an increasing focus on sustainability, but consumers and employees also pay attention to these topics when choosing a brand or an employer. The Group companies operate mainly in countries that are characterised by an inherent respect for human rights, high transparency, and low levels of corruption and bribery. In addition, the compliance requirements for labour rights, health and environmental legislation, and freedom of speech and association are high. These themes are also inherent in the operations of all Sampo Group companies.The key sustainability-related business risk drivers for Sampo Group can be divided into five main categories:Sustainable business management and practices are fundamental to the Sampo Group companies\u2019 operations. Good governance in Sampo Group means effective policies, management practices, and training that provide assurance that the Group companies and their personnel, suppliers, and other business partners comply with laws, regulations and generally accepted principles on human rights, labour rights, the environment and climate, anti-money laundering, counter-terrorist financing, and anti-corruption and bribery. Further, they include comprehensive information security and cybersecurity governance systems, and data protection activities. Sustainable corporate culture includes factors relating to the work environment, diversity, equity and inclusion, employee health and well-being, competence develop-ment, remuneration, and talent attraction and retention. The Sampo Group companies want to provide customers with the best service in all situations. Here, skilled, and motivated employees are an essential success factor. Losing talent or being perceived as an unattractive employer would pose large risks for the businesses. There-fore, the Sampo Group companies strive to ensure a sound work environment, not only because it is stipulated by law, but also because it lays the foundation for sustainable business performance. Diversity, equity, and inclusion are key focus areas for the Sampo Group companies, which are committed to providing a non-discriminatory, open, and agreeable working environment where everyone is treated fairly and equally. Risks related to these themes are managed, for example, by having strong internal policies and governance structures, conducting organisa-tional development programmes, and offering employees training, interesting career opportunities and attractive remuneration packages. Sustainable investment management and operations are important in managing investment risks and in mitigat-ing potential adverse impacts on the Group\u2019s reputation. Therefore, the Sampo Group companies take environ-mental (including climate change), social and governance (\u201cESG\u201d) issues into account when assessing the security, quality, liquidity, and profitability of investments. Investment opportunities are carefully analysed before any investments are made and ESG issues are considered along with other factors that might affect the risk-return ratio of individual investments. Depending on the asset class, the Group companies use different ESG strategies to ensure the effective consideration and management of investment risks arising from ESG issues. The strategies used include, for example, ESG integration, sector-based screening, norms-based screening, and engagement with investee companies. Sustainable product and service offering is important in meeting the evolving needs of all customers and in mitigating potential adverse impacts on the Group\u2019s reputation. Therefore, the Sampo Group companies aim to take ESG issues, including climate change, into account in product and service development, insurance under-writing, and supply chain management. Additionally, sustainable product and service offering requires being attentive to the risks relating to inappropriate customer advice and product sales, lack of clarity on conditions, prices and fees, and errors in claims handling and complaint processes. The focus in sales and marketing practices is on meeting the demands and needs of the customer and providing the customer with the informa-tion necessary for them to make well-informed decisions on their insurance coverage. The Sampo Group compa-nies manage risks related to these themes, for example, by having effective internal policies and governance structures, and offering employees training. Environmental issues and climate change are factors that are expected to have a mid and long-term effect on Sampo Group\u2019s businesses. Climate-related risks can be cate-gorised into physical risks and transition risks. Physical risks can be further classified into long-term weather changes (chronic risks) and extreme weather events such as storms, floods, or droughts (acute risks). Transition risks refer to risks arising from the shift to a low carbon economy, for example changes in technology, legislation, and consumer sentiment. The strength of the risks depends on the trajectory of global warming. A scenario in line with the Paris Climate Agreement, limiting the temperature rise to 1.5\u00b0C, would have moderate consequences, whereas 3\u20135\u00b0C scenarios would have severe consequences for industry, infrastruc-ture, and public health. Especially in geographically vulnerable regions, abandonment of low-lying coastal areas due to rising sea levels and food and water shortages can lead to large-scale migration and outbreaks of diseases. Physical risks are risk factors affecting especially the financial position and results of the Group\u2019s non-life insurers. The increasing likelihood of extreme weather conditions and natural disasters is included in internal risk models. Climate-related risks are also managed effec-tively with reinsurance programs and price assessments. Since climate change could increase the frequency and/or severity of physical risks, the Sampo Group companies conduct sensitivity analyses using scenarios in which the severity of natural catastrophes is assumed to increase.The Sampo Group companies also help their corporate and private customers to manage climate-related risks. Extreme weather events can, for example, damage properties, lead to crop failure and business interruption. Loss prevention is an essential part of insurance services, as it helps customers to reduce economic losses and mitigates the impacts of climate change.The Sampo Group companies\u2019 investments can be exposed to both physical risks and transition risks, depending on the investment in question. Investments are particularly exposed to physical risks in the form of losses incurred from extreme weather events. The transition to a low-carbon society with potentially increasing environmental and climate regulation, more stringent emission requirements, and changes in market preferences, could in turn cause transition risks for the Group\u2019s investments and possible revaluation of assets as operating models in carbon intense sectors change. To manage physical risks and transition risks, investment opportunities are carefully analysed before any invest-ments are made and climate-related risks are considered along with other factors affecting the risk-return ratio of individual investments. The methods used by Sampo Group companies include, for example, annual analysis of the carbon footprint and climate impact of investments, sector-based screening and ESG integration, monitoring the geographical distribution of investments, and engagement with investee companies.In terms of scenario analysis, Sampo has analysed the Group investment portfolio\u2019s exposure to systemic economic and financial climate risks in three different climate scenarios over the period from 2022 to 2060. The analysis is based on the investment allocation as at 31 at December 2021. The three scenarios analysed are the following:\u2022 Orderly transition: This scenario describes an easy and smooth transition where political and social organisa-tions act quickly and predictably to achieve net-zero carbon emissions by 2050. This scenario is most closely corresponding to the \u2019very low emissions\u2019 IPCC scenario SSP1-RCP1.9;\u2022 Disorderly transition: In this scenario, transition to a greener economy happens, but in a disorderly manner. Sudden divestments in 2025 to align portfolios to the goals of the Paris Climate Agreement have disruptive effects on financial markets with sudden repricing followed by stranded assets and a sentiment shock. This scenario is most closely corresponding to the same \u2019very low emissions\u2019 IPCC scenario SSP1-RCP1.9 as the orderly transition scenario; and\u2022 Failed transition: In this scenario the world fails to meet the goals of the Paris Climate Agreement and global warming reaches 4.3\u00b0C above pre-industrial levels by 2100. Physical climate impacts cause large reductions in economic productivity and increasing impacts from extreme weather events. This scenario focuses on physical risk as transition does not happen and is most closely corresponding to the \u2019high emissions\u2019 IPCC scenario SSP3-RCP7.0.According to the modelled results, Sampo\u2019s current investment portfolio is relatively resilient to climate risk in all three scenarios. This is due to the significant allocation to fixed income instruments, which tends to be less affected than equities, as well as the geographical allocation towards mainly the Nordics and other countries in Europe where the effects of climate change is expected to be lower than other parts of the world. In the short run, the main risk is related to the pricing-in shock in the Net zero disorderly scenario. In the long run, there will always be a negative impact on the returns in all scenarios, due to increased physical risks. In addition, returns from \u201cbrown\u201d sectors are particularly affected in both Net zero pathways.Further information on corporate responsibility in Sampo Group is available in the Sustainability Report 2022 published in May 2023 www.sampo.com/year2022.Reputational riskManaging stakeholder relationships means satisfied customers, professional staff, good co-operation with authorities and the trust and approval of the environ-ment. These contribute to a key success factor of the company, its reputation.Reputational risk refers to the risk that adverse publicity regarding the company\u2019s business practices or associa-tions, whether accurate or not, causes a loss of confidence in the integrity of the institution. Reputational risk is often a consequence of a materialised operational or compliance risk and often manifests as a deterioration of reputation amongst customers and other stakeholders. Reputational risk is related to all activities shown in the graph Classification of Risks in Sampo Group. As the roots of reputational risk are varied, the tools to prevent it must be diverse and embedded within the corporate culture. These are reflected in the way in which Sampo Group deals with ESG issues and with key stakeholders (i.e. customers, personnel, investors, co-operation partners and authorities) and how Sampo Group has organised its corporate governance system.Risks inherent in business operationsIn its underwriting and investment operations, Sampo Group is consciously taking certain risks to generate earnings. These earnings risks are carefully selected and actively managed. Underwriting risks are priced to reflect their inherent risk levels and the expected return of investments is compared to the related risks. Furthermore, earnings-related risk exposures are adjusted continuously and their impact on the capital need is assessed regularly.The successful management of underwriting risks and investment portfolio market risks is the main source of earnings for Sampo Group companies. Day-to-day management of these risks, i.e. maintaining them within given limits and authorisations, is the responsibility of the business areas and the investment units. Some risks, such as counterparty default risks and operational risks presented in the graph Classification of Risks in Sampo Group are indirect repercussions of Sampo\u2019s normal business activities. They are one-sided risks, which in principle have no related earnings potential. Accordingly, the risk management objective is to mitigate these risks efficiently rather than actively manage them. Mitigation of consequential risks is the responsibility of the business areas and the investment units. The capital need for these risks is measured by independent risk management functions. It must be noted that the categorisation of risks between earnings and consequential risks varies depending on the industry. For Sampo Group\u2019s clients, for instance, the events that are subject to insurance policies are consequential risks and for Sampo Group these same risks are earnings risks. Some risks such as interest rate, currency and liquidity risks are by their nature simultaneously linked to various activities. To manage these risks efficiently, Sampo Group companies must have a detailed understanding of expected cash flows and their variance within each of the company\u2019s activities. In addition, a thorough understand-ing of how the market values of assets and liabilities may fluctuate at the total balance sheet level under different scenarios is needed. These balance sheet level risks are commonly defined as Asset and Liability Management (\u201cALM\u201d) risks. In addition to interest rate, currency and liquidity risk, inflation risk and risks relating to GDP growth rates are central ALM risks in Sampo Group. The ALM risks are one of the focus areas of senior manage-ment because of their relevance to risks and earnings in the long run.In general, concentration risk arises when the company\u2019s risk exposures are not diversified enough. When this is the case, an individual extremely unfavourable claim or financial market event, for instance, could threaten the solvency of the company. Concentrations can evolve within separate activities \u2013 large single name or industry specific insurance or investment exposures \u2013 or across activities when a single name or an industry is contributing widely to the profit-ability and risks of the company through both insurance and investment activities. Concentration risk may also materialise indirectly when profitability and the capital position react similarly to general economic developments or to structural changes in the institutional environment in different areas of business. Core risk management activitiesTo create value for all stakeholders in the long run, Sampo Group companies must have the following forms of capital in place:\u2022 Financial flexibility in the form of adequate capital and liquidity.\u2022 Good technological infrastructure.\u2022 Intellectual capital in the form of comprehensive proprietary actuarial data and analytical tools to convert this data into information.\u2022 Human capital in the form of skilful and motivated employees.\u2022 Social and relationship capital in the form of good relationships with society and clients to understand the changing needs of different stakeholders. These resources are being continuously developed in Sampo Group companies. They are in use when the following core activities related to risk pricing, risk taking, and active management of risk portfolios are conducted. Appropriate selection and pricing of underwriting risks \u2022 Underwriting risks are carefully selected and are priced to reflect their inherent risk levels.\u2022 Insurance products are developed proactively to meet clients\u2019 changing needs and preferences.Effective management of underwriting exposures \u2022 Diversification is actively sought.\u2022 Reinsurance is used effectively to reduce largest exposures.Careful selection and execution of investment transactions\u2022 Risk return ratios and sustainability issues of separate investments opportunities are carefully analysed.\u2022 Transactions are executed effectively.Effective mitigation of consequential risks\u2022 Counterparty default risks are mitigated by carefully selecting counterparties, applying collateral agree-ments, and assuring adequate diversification.\u2022 High quality and cost-efficient business processes are maintained.\u2022 Continuity and recovery plans are continuously developed to secure business continuity.Effective management of investment portfolios and the balance sheet \u2022 Balance between expected returns and risks in invest-ment portfolios and the balance sheet is optimised, considering the features of insurance liabilities, internally assessed capital needs, regulatory solvency rules and rating requirements.\u2022 Liquidity risks are managed by having an adequate portion of investments in liquid instruments. The portion is mainly dependent on the features of the liabilities.At the Group level, the risk management focus is on capitalisation, leverage, and liquidity. It is also essential to identify potential risk concentrations and to have a thorough understanding of how solvency and reported profits of Group companies would develop under different scenarios. These concentrations and correlations may influence Group level capitalisation, leverage, and liquidity as well as Group level management actions.When the above-mentioned core activities are success-fully implemented, a balance between profits, risks and capitalisation can be achieved and shareholder value can be created. Sampo Group risk profileSampo\u2019s strategy is to create long-term value from its non-life insurance operations. The Group\u2019s focus within non-life insurance is on the private and SME business in the Nordic countries and the digital distribution market in the United Kingdom. Sampo Group is first and fore-most exposed to the general performance of the Nordic economies. However, the Nordic economies typically are at any given time in different stages of their economic cycles, because of reasons such as different economic structures and separate currencies. Also the Nordics as a geographically large area is more a source of underwriting diversification than concentration. Hence the Nordic area is inherently a good basis for a diversified business. Geographic diversification is extended also outside of the Nordics into the United Kingdom via Hastings.To further maintain diversification of businesses Sampo Group proactively prevents concentrations, to the extent possible, by segregating the duties of separate business areas. As a result, separate companies have very few overlapping areas in their underwriting and investment activities. Despite proactive strategic decisions on the segregation of duties, concentrations in underwriting and investments may appear, and hence, liabilities and assets are monitored at the Group level to identify potential concentrations at a single company or risk factor level. It is regarded that the current business model where all companies have their own operational processes and agreements with counterparties is preventing accumula-tion of counterparty default risks and operational risks. Hence, these risks are mainly managed at company level. The number of intragroup exposures between the Group companies is small and the parent company is the main source of internal liquidity and capital within the Group. This effectively prevents the contagion risk, and hence potential problems of one company will not directly affect the other Group companies. Underwriting and market risk concentrations and their management are described in the next sections as well as the parent company\u2019s role as a risk manager of group-wide risks and as a source of liquidity.Underwriting risks at Sampo Group With respect to the underwriting businesses carried out in the subsidiary companies, it has been established that If, Topdanmark and Mandatum all operate within the Nordic countries, but mostly in different geographical areas and in different lines of business and hence their under-writing risks are different by nature. There are, however, some common risk factors such as the life expectancy in Finland. Also, in Denmark If and Topdanmark have some overlapping areas. However, there are no material underwriting risk concentrations in the normal course of business. Hastings operates solely in the United Kingdom, and hence its underwriting risks are geographically distinct from the Nordics. Consequently, business lines as such are contributing diversification benefits rather than a concentration of risks. Market risks at Sampo Group levelFor all subsidiaries, their insurance liabilities and the company specific risk appetite are the starting points for their investment activities. The insurance liabilities including loss absorbing buffers as well as the risk appetite of If, Topdanmark, Hastings and Mandatum differ, and as a result the structures and risks of the investment portfolios and the balance sheets of the four companies differ respectively. Sampo Group\u2019s investment assets presented in the tables and graphs in this section do not include investments in the shares of subsidiaries.The total amount of Sampo Group\u2019s investment assets as at 31 December 2022 was EUR 22,346 million (28,672) as presented in the following graph. Mandatum\u2019s investment assets presented here do not include assets which cover unit-linked contracts. Investment activities and market risk taking are arranged pro-actively in such a way that there is no significant over-lap between the wholly owned subsidiaries\u2019 single name risks except with regards to Nordic banks where the com-panies have their extra funds in short-term money market assets and cash. From the diversification of the assets of the balance sheet perspective, Topdanmark is a positive factor because the role of Danish assets is dominant in its portfolios and especially the role of Danish covered bonds is central. In Sampo Group\u2019s other insurance companies\u2019 portfolios, the weight of Danish investments has been immaterial. Even though Hastings\u2019 investment portfolio is smaller than other Group companies\u2019 portfolios, it has had a positive impact on the diversification of Sampo Group\u2019s investments. Most Hastings\u2019 assets are British investments, denominated in pound sterling, which is a market that other Sampo Group companies have very limited exposure to. Moreover, Hastings\u2019 investment portfolio consists mainly of investment-grade fixed income investments.In the next paragraphs, concentrations by homogenous risk groups and by single names are presented first and after that balance sheet level risks are discussed. Holdings by sector, geographical area and asset classRegarding fixed income and equity exposures, financial institutions and covered bonds have a material weight in the group-wide portfolios, whereas the role of public sector investments is quite limited. Most of these assets are issued by Nordic corporates and institutions, although Hastings brings some diversification in this respect. Most corporate issuers, although being based in the Nordic countries, are operating at global markets and hence their performance is not that dependent on the Nordic markets. Exposures by sector, asset class and rating are presented in the following table. Sampo considers that the balance sheet values describe the maximum exposure amount exposed to credit risk.Exposures by sector, asset class and ratingSampo Group, 31 December 2022AA+ A+ BBB+ BB+ Fixed Change - - - - income Listed Counter-from 31 EURm AAAAA-A-BBB-C D Non-ratedtotalequities Otherparty risk TotalDec 2021Basic industry 0 0 22 245 50 0 70 388 134 0 0 522 97Capital goods 0 0 141 138 88 0 151 519 585 0 0 1,103 -223Consumer products 1 29 270 413 105 0 118 935 227 0 0 1,162 -298Energy 0 12 75 0 0 0 99 186 12 0 0 199 -33Financial institutions 32 2,059 3,021 1,055 162 0 88 6,417 741 26 506 7,690 -1,235Governments 422 71 0 0 0 0 0 493 0 0 0 493 -20Government guaranteed 52 34 0 0 0 0 0 87 0 0 0 87 6Health care 0 0 18 92 139 0 56 305 35 0 0 340 -157Insurance 14 9 65 186 8 0 178 459 0 15 0 473 -144Media 0 0 0 0 0 3 30 33 0 0 0 33 -54Packaging 0 0 0 0 47 0 0 47 5 0 0 52 -20Public sector, other 651 37 0 0 0 0 0 687 0 0 0 687 -250Real estate 0 39 146 318 32 0 287 822 0 170 0 992 -1,487Services 0 0 17 85 291 0 62 455 103 5 0 563 -152Technology and electronics 0 12 29 29 5 0 80 155 110 1 0 266 -140Telecommunications 0 0 18 177 27 0 19 242 39 0 0 280 -135Transportation 0 70 57 20 18 0 118 283 7 0 0 290 -126Utilities 0 1 99 201 172 0 78 550 0 0 0 550 -168Others 0 6 0 6 13 0 121 145 0 12 0 158 44Asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 0 0Covered bonds 4,082 0 118 0 0 0 118 4,318 0 0 0 4,318 -1,618Funds 0 0 0 0 0 0 214 214 885 1,005 0 2,104 -28Clearing house 0 0 0 0 0 0 0 0 0 38 11 49 -40Total 5,253 2,378 4,097 2,966 1,158 3 1,887 17,741 2,884 1,272 517 22,413 -6,181Change from 31 Dec 2021 -1,532 10 -1,319 -401 -129 3 -1,251 -4,619 -928 -1,001 368 -6,181In the table, both fixed income instruments and listed equities include direct and indirect investments.Total assets differ from the graph Development of investments due to derivatives.Topdanmark Liv is not included in the year 2022 figures.Fixed income investments in the financial sectorSampo Group, 31 December 2022Cash and money Long-term Long-term EURm Covered bondsmarket securitiessenior debtsubordinated debt Total %Denmark 1,813 869 156 2,839 24.3%Finland 1,729 157 552 165 2,603 22.3%Sweden 44 2,028 291 127 2,490 21.3%France 520 515 283 1,318 11.3%Norway 179 328 264 771 6.6%United States 2 346 2 350 3.0%United Kingdom 62 176 2 240 2.1%Canada 32 197 230 2.0%Netherlands 161 50 211 1.8%Ireland 138 27 24 188 1.6%Iceland 56 33 89 0.8%Germany 1 81 82 0.7%Spain 40 40 0.3%Gibraltar 40 40 0.3%Switzerland 26 13 40 0.3%Luxembourg 6 34 39 0.3%New Zealand 25 25 0.2%Australia 25 25 0.2%Austria 18 18 0.2%Bermuda 16 16 0.1%Belgium 14 14 0.1%Estonia 8 8 0.1%Cayman Islands 5 5 0.0%Jersey 0 0 0.0%Total 4,318 3,302 3,087 971 11,679 100.0%Most of the financial institutions and covered bonds are in the Nordic countries, which can be seen in the table Fixed income investments in the financial sector, Sampo Group, 31 December 2022 and 31 December 2021.Fixed income investments in the financial sectorSampo Group, 31 December 2021 Cash and money Long-term Long-term EURm Covered bondsmarket securitiessenior debtsubordinated debt Total %Denmark 4,380 145 322 259 5,105 34.7%Finland 71 2,697 436 116 3,320 22.5%Sweden 822 34 600 151 1,607 10.9%France 1,197 221 14 1,432 9.7%Norway 630 427 273 1,330 9.0%United States 2 336 10 348 2.4%Ireland 72 64 168 304 2.1%United Kingdom 41 224 33 297 2.0%Canada 33 193 226 1.5%Netherlands 178 42 220 1.5%Other 76 21 97 0.7%Iceland 49 43 91 0.6%Germany \u2014 54 16 70 0.5%Spain 57 57 0.4%Gibraltar 44 44 0.3%Australia 44 44 0.3%Switzerland 40 40 0.3%Bermuda 15 10 25 0.2%New Zealand 23 23 0.2%Austria 12 12 0.1%Belgium 10 10 0.1%Estonia 8 8 0.1%Guernsey 8 8 0.1%Luxembourg 2 1 3 0.0%Italy 3 3 0.0%Cayman Islands 1 1 0.0%Total 5,937 4,309 3,346 1,134 14,726 100.0%Fixed income investments in the public sectorSampo Group, 31 December 2022Governments Public sector, EURm Governmentsguaranteedother TotalSweden 404 184 588Norway 369 369Finland 19 24 42Supranationals 135 135United Kingdom 71 71Germany 52 52France 10 10Total 493 87 687 1,267Sampo Group, 31 December 2021Governments Public sector, EURm Governmentsguaranteedother TotalSweden 496 256 752Norway 353 353Finland 20 27 234 281Supranationals 101 101Germany 45 45France 12 12Greece 0 0Total 517 84 944 1,544The public-sector exposure includes government bonds, government guaranteed bonds and other public-sector investments as shown in the tables Fixed income invest-ments in the public sector, Sampo Group, 31 December 2022 and 31 December 2021. The public sector has had a relatively minor role in Sampo Group\u2019s portfolios and these exposures have been mainly in the Nordic countries. The listed equity investments of Sampo Group totalled EUR 2,884 million at the end of year 2022 (3,812). The geographical core of Sampo Group\u2019s equity investments is in the Nordic companies. The proportion of Nordic companies\u2019 equities corresponds to 57 per cent of the total equity portfolio. This is in line with Sampo Group\u2019s investment strategy of focusing on Nordic companies. However, these Nordic companies are mainly competing in global markets, and only a few are operationally purely domestic companies. Hence, the ultimate risk is not highly dependent on the Nordic economies. A breakdown of the listed equity exposures of Sampo Group is shown in the graph Breakdown of listed equity investments by geographical regions, Sampo Group, 31 December 2022 and 31 December 2021. Largest exposures by issuer and asset classSampo Group, 31 December 2022Long-term Long-term Un- % of total Cash & short-Long-term fixed income: Long-term Long-term fixed income: collateralised investment term fixed fixed income, Government fixed income: fixed income: Tier 1 and part of Issuer Total, EURmassetsincometotalguaranteedCovered bondsSenior bondsTier 2 EquitiesderivativesNordea Bank 1,416 6% 715 699 0 496 130 73 0 2Skandinaviska Enskilda Banken 818 4% 639 178 0 65 93 20 0 1Danske Bank 801 4% 516 286 0 119 137 29 0 0Nykredit Realkredit A/S 645 3% 0 645 0 645 0 0 0 0BNP Paribas 601 3% 541 60 0 0 60 0 0 0Sweden 588 3% 0 588 0 0 588 0 0 0Realkredit Danmark 514 2% 0 514 0 514 0 0 0 0Nordax 425 2% 0 0 0 0 0 0 425 0Norway 369 2% 0 369 0 0 369 0 0 0Saxo Bank 345 2% 0 31 0 0 13 17 314 0Total top 10 exposures 6,522 29% 2,411 3,368 0 1,840 1,389 140 739 3Other 15,824 71%Total investment assets 22,346 100%Largest holdings by single nameThe largest exposures by individual issuers and counter-parties are presented in the table Largest exposures by issuer and asset class, Sampo Group, 31 December 2022 and 31 December 2021.Largest exposures by issuer and asset classSampo Group, 31 December 2021Long-term Long-term Un- % of total Cash & short-Long-term fixed income: Long-term Long-term fixed income: collateralised investment term fixed fixed income, Government fixed income: fixed income: Tier 1 and part of Issuer Total, EURmassetsincometotalguaranteedCovered bondsSenior bondsTier 2 EquitiesderivativesNykredit Realkredit 1,601 6% 966 632 0 379 191 63 0 3Nordea Bank 1,359 5% 0 1,359 0 1,354 5 0 0 0Realkredit Danmark 1,270 4% 1,197 74 0 0 71 3 0 0Jyske Realkredit 1,088 4% 813 263 0 135 104 24 6 6Danske Bank 999 3% 924 74 0 50 7 17 0 1DLR Kredit 939 3% 0 939 0 939 0 0 0 0BNP Paribas 801 3% 0 801 0 801 0 0 0 0Skandinaviska Enskilda Banken 737 3% 0 737 0 0 737 0 0 0Nordea Kredit 509 2% 0 509 0 509 0 0 0 0Sweden 387 1% 0 387 0 177 142 68 0 0Total top 10 exposures 9,689 34% 3,899 5,774 0 4,342 1,257 175 6 9Other 18,974 66%Total investment assets 28,663 100%Ten largest direct high-yield and non-rated fixed income investments and direct listed equity investmentsSampo Group, 31 December 2022Ten largest direct high-yield and non-rated% of total direct fixed fixed income investments Rating Total, EURmincome investmentsEllevio Holding 1 AB NR 60 0.4%Teollisuuden Voima BB+ 54 0.3%Saab NR 53 0.3%Granite Debtco 9 Limited NR 49 0.3%Granite Debtco 10 Limited NR 45 0.3%Huhtamaki BB+ 44 0.3%ALM Equity NR 43 0.3%Pohjolan Voima NR 41 0.3%Visma Group Holding NR 36 0.2%Schibsted NR 35 0.2%Total top 10 exposures 459 2.8%Other direct fixed income investments 15,790 97.2%Total direct fixed income investments 16,249 100.0%% of total direct Ten largest direct listed equity investments Total, EURmequity investmentsNordax* 425 21.3%Saxo Bank* 314 15.7%Volvo 131 6.6%ABB 114 5.7%Enento Group 62 3.1%Volvo Car 55 2.8%Nederman Holding 54 2.7%Husqvarna 52 2.6%Vaisala 50 2.5%Yara International 48 2.4%Total top 10 exposures 1,306 65.5%Other direct equity investments 689 34.5%Total direct equity investments 1,995 100.0%*Although Nordax and Saxo Bank are not listed companies, they are major equity investments in Sampo plc\u2019s portfolio and are therefore included in the table.Topdanmark Liv is not included in the year 2022 figures.The largest high-yield and non-rated fixed income investment single-name exposures are presented in the table Ten largest direct high-yield and non-rated fixed income investments, Sampo Group, 31 December 2022. Furthermore, the largest direct listed equity exposures are presented in the table Ten largest direct listed equity investments, Sampo Group, 31 December 2022 and 31 December 2021.The exposures in fixed income instruments issued by non-investment grade issuers are significant because a relatively small number of Nordic companies are rated. Furthermore, many of the Nordic rated companies have a high-yield rating.The role of Sampo plcSampo plc is as the Group\u2019s holding company responsible for the group\u2019s capital management activities. These actions are guided by targets set for group level solvency and financial leverage and include decisions on group level investment exposures, business growth and performance targets, reinsurance strategies, capital distributions and capital instrument issuances. In addition, group level risk accumulations and concentra-tions are monitored regularly and managed by adjusting aggregated risks where necessary. Ten largest direct high-yield and non-rated fixed income investments and direct listed equity investmentsSampo Group, 31 December 2021Ten largest direct high-yield and non-rated% of total direct fixed fixed income investments Rating Total, EURmincome investmentsHigh Street Shopping NR 151 0.7%Nykredit Realkredit NR 116 0.6%TDC B 91 0.4%Trevian Finland Properties I NR 82 0.4%Danmarks Skibskredit NR 73 0.4%Realkredit Danmark NR 64 0.3%Sponda NR 63 0.3%GN Store Nord NR 62 0.3%Saab NR 59 0.3%Ellevio Holding NR 57 0.3%Total top 10 exposures 818 4.0%Other direct fixed income investments 19,847 96.0%Total direct fixed income investments 20,664 100.0%% of total direct Ten largest direct listed equity investments Total, EURmequity investmentsSaxo Bank* 343 11.8%Volvo 158 5.4%Volvo Car 142 4.9%ABB 135 4.7%Husqvarna 112 3.9%Nobia 97 3.3%Enento Group 96 3.3% Vaisala 78 2.7%Nederman Holding 74 2.6%Veidekke 67 2.3%Total top 10 exposures 1,301 44.8%Other direct equity investments 1,601 55.2%Total direct equity investments 2,902 100.0%* Although Saxo Bank is not a listed company, it is a major equity investment in Sampo plc\u2019s portfolio and is therefore included in the table.Balance sheet concentrationsIn general, Sampo Group is structurally dependent on the performance of the Nordic economies as already described earlier. Sampo Group is also economically exposed to a fall in interest rates. This follows from the duration of insurance liabilities being longer than fixed income asset duration in If and Mandatum Life. This is being partially mitigated by Mandatum receiving fixed interest rate swaps to hedge some of the long-dated interest rate risk inherent in its technical provisions. In Topdanmark and Hastings the interest rate risk of the balance sheet is being actively hedged and hence Topdanmark or Hastings are not increasing interest rate risk materially at the Group level. Sampo Group benefits when interest rates rise, as the economic value of insurance liabilities decreases more than the value of assets backing them.The parent company Sampo plc is also a source of liquidity within the Group. Hence, the healthy funding structure and the capacity to generate funds if needed are under continuous focus. Sampo plc needs liquidity to manage the group\u2019s financing needs, enable dividend security and to finance potential transactions. Sampo plc funding is mainly limited to internal dividends and investment returns but can periodically be complemented with new debt and capital or asset sales. Hence, holding company liquidity needs to be managed holistically together with the dividend policy, strategic ambitions, and balance sheet targets.As at 31 December 2022 Sampo had long-term strategic holdings of EUR 6,066 million in the subsidiary and associated companies and they were funded mainly by capital of EUR 6,814 million, senior debt of EUR 1,306 million and subordinated debt of EUR 1,489 million. Average remaining maturity of senior debt was 4.5 years and EUR 806 million of it had a maturity longer than 5 years. Senior debt is used to fund other financial assets as well. The average maturity of subordinated loans and fixed income instruments of EUR 127 million was 1.7 years. The funding structure of strategic holdings and other holdings can be considered strong.The capacity to generate funds is dependent on leverage and liquidity buffers, which can be inferred from the table Balance sheet structure, Sampo plc, 31 December 2022 and 31 December 2021.The leverage of Sampo plc was moderate at year end according to, for example, these measures: \u2022 The financial leverage measured as the portion of debt within all liabilities was 29 per cent (28).\u2022 Sampo\u2019s net debt is EUR 201 million (-505) and can be considered as low.Regarding liquidity, Sampo plc held EUR 2,467 million (3,732) in bank account balances and short-term money market investments. Liquidity is mainly affected by received and paid dividends as well as changes in issued debt instruments and changes in investments. Sampo\u2019s dividend payment takes place in May and it will significantly lower the liquidity position of the holding Balance sheet structureSampo plc, 31 December 2022 and 31 December 2021EURm 31 Dec 2022 31 Dec 2021Assets total 9,685 12,327Liquidity 2,467 3,732Investment assets 990 836Other investments 2 2Fixed income 27 39Equity & private equity 961 795Subordinated loans 100 100Equity holdings 6,066 7,596Subsidiaries 6,066 5,639Associated 0 1,956Other assets 62 63EURm 31 Dec 2022 31 Dec 2021Liabilities total 9,685 12,327CPs issued \u2014 \u2014Long-term senior debt 1,306 1,878Private placements 21 47Bonds issued 1,285 1,831Subordinated debt 1,489 1,487Capital 6,814 8,823Undistributable capital 98 98Distributable capital 6,716 8,725Other liabilities 77 138company. A part of the investment assets (990) can be sold in case liquidity is needed. Short-term liquidity can be considered adequate.All in all, Sampo plc is in a good position to refinance its current debt and even issue more debt. This capacity, together with the tradable financial assets, means that Sampo plc can generate liquid funds.Currently, Sampo Group has a capital buffer in excess of the Solvency Capital Requirement. The subordinated Cash flows according to contractual maturity Sampo plc, 31 December 2022Carrying amount total Cash flowsCarrying Carrying amount without amount with Carrying contractual contractual 2028\u2013EURmamount totalmaturitymaturity 2023 2024 2025 2026 20272037 2038\u2013Financial assets 3,596 2,799 797 688 24 8 8 8 77 183Financial assets (non-derivatives) 3,596 2,799 797 688 24 8 8 8 77 183Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX forwards 0 0 0 0 0 0 0 0 0 0Financial liabilities 2,816 0 2,816 -416 -65 -224 -60 -60 -2,513 0Financial liabilities (non-derivatives) 2,802 0 2,802 -416 -63 -223 -59 -59 -2,504 0Interest rate swaps 14 0 14 0 -2 -1 -1 -1 -9 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 2 0 2 -1 -1 0 0 0 0 0Net technical provisions 0 0 0 0 0 0 0 0 0 0loans presented in the table Balance sheet structure, Sampo plc, 31 December 2022 and 31 December 2021 are currently all issued by Mandatum and eliminated from the Group\u2019s own funds. In case these assets would be sold, in addition to liquidity in Sampo plc, also own funds and Sampo Group solvency ratio would increase. Sampo plc is able to balance risks within Sampo Group. When Sampo plc is managing its funding, capital structure and liquidity, it takes into account that some of its operative companies have other base currencies (the Swedish krona, the Danish krone, pound sterling) than the euro, and are exposed to lower interest rates. These risks may affect Sampo\u2019s decisions on the issuance of debt instruments and the composition of the liquidity portfolio.The maturities of financial assets and liabilities and lease liabilities are presented in the table Cash flows according to contractual maturity, Sampo plc, 31 December 2022 and 31 December 2021.Cash flows according to contractual maturity Sampo plc, 31 December 2021Carrying amount total Cash flowsCarrying Carrying amount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity 2022 2023 2024 2025 20262036 2037\u2013Financial assets 4,697 3,885 812 687 8 28 7 5 52 172Financial assets (non-derivatives) 4,690 3,885 804 684 7 27 5 5 52 172Interest rate swaps 7 0 7 3 2 1 2 0 0 0FX forwards 0 0 0 0 0 0 0 0 0 0Financial liabilities 3,406 0 3,406 -132 -518 -68 -340 -62 -2,868 0Financial liabilities (non-derivatives) 3,404 0 3,404 -135 -520 -70 -342 -64 -2,868 0Interest rate swaps 2 0 2 3 3 2 2 2 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 2 0 2 -1 -1 0 0 0 0 0Net technical provisions 0 0 0 0 0 0 0 0 0 0Sampo Group capitalisationCapitalisation at the Group levelSampo\u2019s core business competences are skilful pricing of risks inherent in business operations and high-quality management of arising risk-exposures and capital needed to cover these risks. A balance between earnings, risks and capital contributes positively to return on equity and to stakeholder confidence, facilitating the creation of shareholder value.Sampo plc is responsible for the group\u2019s capital manage-ment activities. These actions are guided by targets set for group level solvency and financial leverage and they include decisions on group level investment exposures, business growth and performance targets, reinsurance strategies, capital distributions and capital instrument issuances.Group level capitalisation is managed within Sampo\u2019s capital management framework, which sets targets for solvency and informs potential risk management actions. Group level capitalisation and the factors affecting it are illustrated in the graph Sampo Group\u2019s capitalisation framework.The Group\u2019s capital requirement is dependent mainly on the capital requirements of the sub-groups and investments in the Nordic financial service companies on Sampo plc\u2019s balance sheet. Otherwise, the parent company\u2019s contribution to the Group capital need is relatively small because Sampo plc does not have any business activities of its own other than the management of its capital structure and liquidity portfolio. Diversification benefit exists at two levels, within the companies and between the companies. The former is included in the companies\u2019 solvency capital requirement (SCR).Conceptually, the Group\u2019s own funds is the difference between the market value of assets and liabilities plus the subordinated liabilities. This difference has accrued during the lifetime of the Group and it includes the following main components: \u2022 Accrued profits that have not been paid as dividends over the years.\u2022 Market value adjustment to the book values of assets and liabilities.\u2022 Issued capital and subordinated liabilities meeting Solvency II requirements.At the Group level, the capital requirement and own funds are both exposed to foreign currency translation risk. The actual capital and the capital needs of If, Topdanmark and Hastings are converted from their reporting cur-rencies to the euro. When the reporting currencies of If, Topdanmark and Hastings depreciate, the actual amount of the Group\u2019s capital in euros decreases and the capital requirements of If, Topdanmark and Hastings will be lower in euro terms. Translation currency risk is moni-tored internally and its effect on Sampo Group\u2019s solvency on a going concern basis is analysed regularly. However, no capital need is set internally for translation risk because it is realised only when a sub-group is divested.The Group level buffers equal in total to the difference between the amount of the Group\u2019s own funds and the Group capital requirement. In addition to sub-group level factors \u2013 expected profits and their volatility, business growth prospects, the volatility of the balance sheet due to fluctuations in the market value of investments and insurance liabilities, and the ability to issue Solvency II compliant capital instruments \u2013 there are factors that are additionally relevant when considering the size of the Group level buffers. The most material of them are the correlation of sub-groups\u2019 profits, the parent company\u2019s capacity to generate liquidity, the probability of business arrangements and shareholders\u2019 dividend expectations.If GroupUnderwriting risksAs shown in the graph Breakdown of gross written premiums by business area, country, and line of business, If, 31 December 2022, the If insurance portfolio is well diversified across business areas, countries, and lines of business. The six lines of business are segmented in accordance with the insurance class segmentation used in IFRS.There are minor differences between the figures reported by Sampo Group and If due to differences in foreign exchange rates used in the consolidation.Premium and catastrophe risk and their management and controlGiven the inherent uncertainty of P&C insurance business, there is a risk of losses due to unexpectedly high claims costs. Examples of what could lead to high claims costs include large fires and natural catastrophes or an unforeseen increase in the frequency of claims or the average size of small and medium-sized claims.The principal methods for mitigating premium risks are reinsurance, diversification, prudent underwriting and regular follow-ups linked to the strategy and financial planning process.The sensitivity of the underwriting result and hence the underwriting risk is presented by changes in certain key figures in the table Sensitivity test of underwriting result, If, 31 December 2022 and 31 December 2021. The Underwriting Committee is an advisory and pre-paratory body to the CEOs in the respective companies. In accordance with the instructions for the Underwriting Committee, the Committee monitors compliance with the established underwriting principles. The Chairman of the Underwriting Committee is, among other things, responsible for the approval of underwriting deviations defined in the Underwriting Policy. The Underwriting Policy, approved by the Boards of Direc-tors, sets general principles, restrictions, and directions for the underwriting activities. The Underwriting Policy Sensitivity test of underwriting resultIf, 31 December 2022 and 31 December 2021Effect on pre-tax profit, (EURm)Current level Change inKey Figures(2022)current level2022 2021Combined ratio, business area Private 82% +/- 1 percentage point +/- 29 +/- 29Combined ratio, business area Commercial 75% +/- 1 percentage point +/- 13 +/- 13Combined ratio, business area Industrial 86% +/- 1 percentage point +/- 6 +/- 5Combined ratio, business area Baltics 90% +/- 1 percentage point +/- 2 +/- 2Net premiums earned (EURm) 5,002 +/- 1 per cent +/- 50 +/- 48Net claims incurred (EURm) 3,245 +/- 1 per cent +/- 32 +/- 31Ceded written premiums (EURm) 329 +/- 10 per cent +/- 33 +/- 28is supplemented by guidelines outlining how to conduct underwriting within each business area in greater detail. The business areas manage the underwriting risk on a day-to-day basis. A crucial factor affecting the profitability and risk of non-life insurance operations is the ability to accurately estimate future claims and expenses and thereby price insurance contracts correctly. The premiums are set through tariffs within the business area Private and for smaller risks within the business area Commercial. The underwriting of risks in the business area Industrial and of more complex risks within the business area Commercial is to a greater extent based on principles and individual underwriting than on tariffs. The risk related to pricing is mitigated by continuous monitoring of the risk ratio and claims cost as well as the development of systems to support tariff analysis. Pricing is in general based on statistical analyses of historical claims data and assessments of future claims frequency and claims inflation.If\u2019s reinsurance policy stipulates guidelines for the pur-chase of reinsurance. The optimal choice of reinsurance is evaluated by considering the expected cost versus the benefit of the reinsurance, the impact on result volatility and capital requirements. The main evaluation tool is If\u2019s internal model in which frequency claims, large claims and natural catastrophes are modelled.A group-wide reinsurance program is in place in If since 2003. In 2022, retention levels were between SEK 100 million (approximately EUR 9.0 million) and SEK 250 million (approximately EUR 22.5 million) per risk and SEK 250 million (approximately EUR 22.5 million) per event.Reserve risk and its management and controlThe main reserve risks for If are stemming from uncer-tainty in the claim amounts caused by higher-than-ex-pected claims inflation, increased retirement age and increased life expectancy. Reserves, especially in long tailed business, are sensitive to assumptions of future claims inflation since they affect the future claim amount. An increased retirement age, through for instance a political decision, will increase the duration and present value of annuities as these decrease, Technical provisions by line of business and major geographical areaIf, 31 December 2022 and 31 December 2021Sweden Norway Finland Denmark Baltics TotalEURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm DurationMotor other and MTPL 1,597 6.8 565 1.3 866 10.3 171 2.4 146 3.4 3,345 6.4Workers\u2019 compensation 0 0.0 170 3.6 897 11.3 309 8.1 0 0.0 1,375 9.7Liability 339 3.6 149 1.5 125 2.9 93 3.0 25 2.3 731 2.9Accident 422 6.7 473 4.9 236 5.7 111 1.9 10 0.5 1,253 5.4Property 500 0.9 614 1.0 301 1.0 203 0.7 49 0.7 1,667 0.9Marine, aviation, transport 27 0.9 27 0.8 13 1.2 33 0.6 3 1.0 102 0.8Total 2,885 5.3 1,997 2.3 2,439 8.7 920 3.8 233 2.6 8,473 5.3Sweden Norway Finland Denmark Baltics TotalEURm Duration EURm Duration EURm Duration EURm Duration EURm Duration EURm DurationMotor other and MTPL 1,771 8.0 538 1.5 1,046 13.6 146 1.6 124 5.7 3,626 8.3Workers\u2019 compensation 0 0.0 171 7.7 1,139 12.9 282 10.5 0 0.0 1,592 12.0Liability 311 3.8 123 1.1 109 3.6 79 3.1 27 2.4 649 3.1Accident 438 7.2 448 7.1 198 6.6 105 1.8 8 0.5 1,196 6.6Property 533 1.0 569 0.9 265 1.1 153 0.7 43 1.7 1,563 1.0Marine, aviation, transport 21 1.0 22 0.8 11 1.2 28 0.6 3 0.9 85 0.8Total 3,074 6.2 1,871 3.1 2,769 11.2 793 4.7 205 4.1 8,712 7.0or expire at retirement. An increase in life expectancy will likewise increase the duration and present value of annuities. The present value of discounted reserves is sensitive to decreasing interest rates, especially in Sweden and Finland, due to the longer duration of the technical provisions.The duration of the provisions, and thus the sensitivity to changes in discount rates, varies with each product portfolio. The weighted average duration for 2022 across the product portfolios was 5.3 years.For lines of businesses such as Motor third-party liability and Workers\u2019 compensation, legislation differs signif-icantly between countries. Some of the provisions for these lines include annuities that are sensitive to changes in inflation, retirement age, mortality assumptions and discount rates. The proportion of technical provisions related to Motor third-party liability and Workers\u2019 compensation was 44 (48) per cent.In the tables Net technical provisions by line of business and major geographical area, If, 31 December 2022 and 31 December 2021, the size and duration of If\u2019s technical provisions are presented by line of business and major geographical area. The sensitivity of If\u2019s technical provisions to an increase in inflation, an increase in life expectancy and a decrease in the discount rate is presented in the table Sensitivities of technical provisions, If, 31 December 2022.The technical provisions are further analysed by claims years. The output from this analysis is illustrated both before and after reinsurance in the claims cost trend tables. These are disclosed in the note 21.The If Boards of Directors approve the policies governing the calculation of technical provisions. The Chief Actuary is responsible for the Actuarial function and reports to the Boards of Directors and the CEOs and advises on actuarial matters. The Actuarial function is responsible for ensuring compliance with the steering documents and that local rules and regulations are reflected in guidelines and working routines. The Chief Actuary issues a quar-terly report on the adequacy of If\u2019s technical provisions. The Actuarial Committee is a preparatory and advisory board for If\u2019s Chief Actuary. The committee secures a comprehensive view over reserve risk, discusses, and gives recommendations on policies and guidelines for calculating technical provisions. The calculation of technical provisions according to IFRS is carried out by actuaries within each business area. The premium and claims provisions according to the Solvency II regulations are based on parameters from each business area and the Chief Actuary unit. The actuaries also develop methods and systems to support these processes. The actuarial estimates consider factors such as loss development trends, the level of unpaid claims, changes in legislation, case law and economic conditions. Sensitivities of technical provisionsIf, 31 December 2022 and 31 December 2021Change in EffectEffectTechnical provision item Risk factorrisk parameter CountryEURm 2021EURm 2021Sweden 110.4 134.7Increase byDenmark 21.3 19.3Nominal provisions (IFRS 4) Inflation increase1 percentage pointNorway 35.5 63.3Finland 49.4 41.1Sweden 15.3 15.4Annuities and estimated share Decrease in Life expectancyof claims provisions to future Denmark 0.8 1.0mortalityincrease by 1 yearannuitiesFinland 50.5 76.9Sweden 75.4 97.8Discounted provisionsDecrease in Decrease by(annuities and part of Finnish Denmark 17.6 21.2discount rate1 percentage pointIBNR, IFRS 4)190.1 313.1Market risksThe total market value of If\u2019s investment portfolio at 31 December 2022 was EUR 10,719 million (11,610). A large part of the fixed income portfolio was concentrated to Financials.Corporate bonds issued by financial institutions and bank account balances amounted to 28.7 per cent of the fixed income portfolio. When including covered bonds, the concentration to financial institutions was 55.3 per cent. The remainder consists of real estate and private equity.The composition of the If investment portfolios by asset class at year end 2022 and at year end 2021, as well as average maturities of fixed income investments, are shown in the table Investment allocation, If, 31 December 2022 and 31 December 2021.If\u2019s investment management strategy is conservative, with a low equity share and low fixed-income duration. The Investment Policy is the principal document for managing market risk. Starting from January 2023, If has a separate Responsible Investment Policy, expanding the scope of the responsible investment processes and increasing alignment across the Sampo Group. Both investment performance and market risk are actively monitored and controlled by the Investment Control Committee monthly and reported to the Own Risk and Solvency Assessment Committee (\u201cORSA Committee\u201d) on a regular basis. Other limits, such as the allocation limits, issuer and counterparty limits, sensitivity limits for interest rates and credit spreads as well as the regulatory capital requirements are regularly monitored.Investment allocationIf, 31 December 2022 and 31 December 20212022 2021Market value,Average maturity, Market value, Average maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 9,541 89% 2.9 9,949 86% 2.3Money market securities and cash 272 3% 0.0 1,166 10% 0.1Government bonds 1,030 10% 3.5 1,190 10% 4.3Credit bonds, funds and loans 8,239 77% 2.9 7,593 65% 2.4Covered bonds 2,505 23% 3.0 1,803 16% 2.0Investment grade bonds and loans 3,649 34% 2.8 3,130 27% 2.1High-yield bonds and loans 1,088 10% 2.7 1,499 13% 2.7Subordinated / Tier 2 555 5% 2.9 629 5% 3.6Subordinated / Tier 1 442 4% 3.0 532 5% 2.9Hedging swaps 0 0% - 0 0% -Listed equity total 1,169 11% - 1,646 14% -Finland 0 0% - 0 0% -Scandinavia 630 6% - 1,171 10% -Global 539 5% - 475 4% -Alternative investments total 5 0% - 15 0% -Real estate 1 0% - 1 0% -Private equity 4 0% - 14 0% -Biometric 0 0% - 0 0% -Commodities 0 0% - 0 0% -Other alternative 0 0% - 0 0% -Trading derivatives 4 0% - 0 0% -Asset classes total 10,719 100% - 11,610 100% -FX Exposure, gross position 73 - - 124 - -Market risks of balance sheetAsset and liability management riskThe ALM risk is considered through the risk appetite framework and its management and governance are based on If\u2019s investment policies. To maintain the ALM risk within the overall risk appetite, the technical provisions may be matched by investing in fixed income instruments and by using currency and interest rate derivatives. Interest rate riskIf is negatively affected when interest rates are decreasing or remaining at low levels, as the duration of liabilities in If is longer than the duration of assets. During 2022, inter-est rates increased considerably compared to the previous year and If invested in instruments with somewhat longer maturities. Interest rate sensitivity in terms of the average duration of fixed income investments was 1.9 years on 31 December 2022 (1.1). The respective duration of insurance liabilities was 5.3 years (7.0). The overall interest rate risk is managed by sensitivity limits for instruments sensitive to interest rate changes.The technical provisions are under IFRS 4 predominantly stated in nominal terms on the balance sheet. However, the economic value of these provisions, meaning the present value of future claims payments, is exposed to changes in interest rates. Furthermore, If is exposed to changes in future inflation. For more information see the table Sensitivities of technical provisions, If, 31 December 2022 and 31 December 2021 in the section Underwriting risks.Currency riskIf writes insurance policies that are mostly denominated in the Scandinavian currencies and in the euro. The currency risk is reduced by matching technical provisions with investment assets in the corresponding currencies or by using currency derivatives. The currency exposure in insurance operations is hedged to the base currency on a regular basis. The currency exposure in investment assets is controlled weekly and hedged when the exposure has reached a specific level, set with respect to cost efficiency and minimum transaction size. An active currency management can be performed within set limits. Transaction risk positionIf, 31 December 2022 and 31 December 2021Base currency, SEKm EUR USD JPY GBP SEK NOK CHF DKK Other Total, netInsurance operations -3,742 -218 0 -34 -11 -2,318 -5 -1,029 -25 -7,381Investments 2,304 297 1 11 108 2,071 4 263 1 5,058Derivatives 1,370 -113 13 16 -78 229 2 760 13 2,211Transaction risk, net position -68 -34 13 -8 19 -18 1 -6 -11 -112Sensitivity: SEK -10% -7 -3 1 -1 2 -2 0 -1 -1 -11Base currency, SEKm EUR USD JPY GBP SEK NOK CHF DKK Other Total, netInsurance operations -3,555 -151 0 -17 -37 -2,197 -2 -932 -19 -6,911Investments 1,925 387 0 4 71 2,289 0 423 1 5,100Derivatives 1,562 -246 0 9 -45 -94 2 489 13 1,692Transaction risk, net position -67 -9 0 -4 -11 -1 1 -21 -5 -119Sensitivity: SEK -10% -7 -1 0 0 -1 0 0 -2 0 -12The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a base currency other than SEK.The transaction risk positions against the Swedish krona are shown in the tables Transaction risk position, If, 31 December 2022 and 31 December 2021. The table shows the net transaction risk exposures and the changes in the value of positions given a 10 per cent decrease in the value of the base currency.In addition to transaction risk, If is also exposed to translation risk which at a Group level stems from foreign operations with other base currencies than SEK.Liquidity riskIf\u2019s liquidity risk is limited since premiums are collected in advance and large claim payments are usually known a long time before they fall due. Liquidity risks are managed by cash management functions which are responsible for liquidity planning. Liquidity risk is also reduced by investing in assets that are readily marketable in liquid markets.Cash flows according to contractual maturityIf, 31 December 2022Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 12,569 1,464 11,105 3,257 2,178 1,811 2,023 2,266 862 0Financial assets (non-derivatives) 12,515 1,464 11,050 3,206 2,177 1,811 2,023 2,266 862 0Interest rate swaps 4 0 4 3 1 0 0 0 0 0FX derivatives 50 0 50 48 0 0 0 0 0 0Financial liabilities 1,065 48 1,017 -874 -8 -35 -138 0 0 0Financial liabilities (non-derivatives) 1,058 48 1,010 -868 -8 -35 -138 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 7 0 7 -6 0 0 0 0 0 0Lease liabilities 160 0 160 -26 -23 -23 -22 -18 -59 0Net technical provisions 8,473 8,473 0 -3,492 -1,047 -585 -423 -341 -1,790 -1,777In the table, financial assets and liabilities are divided into contracts that have an exact contractual maturity profile, and other contracts. The carrying amount is shown for the other contracts. In addition, the table shows expected cash flows for net technical provisions, which by nature, are associated with some uncertainty.The maturities of technical provisions, financial assets and liabilities as well as lease liabilities are presented in the tables Cash flows according to contractual maturity, If, 31 December 2022 and 31 December 2021. The average maturity of fixed income investments was 2.9 years (2.3). The table shows the financing requirements resulting from expected cash inflows and outflows arising from financial assets and liabilities as well as technical provisions.If has a relatively low amount of financial liabilities and thus the refinancing risk is small.Counterparty default risksIn If, the major sources of counterparty risk are reinsur-ance, bank balances, financial derivatives, and other receivables. Counterparty default risk arising from receivables from policyholders and other receivables related to commercial transactions is limited, as non-payment of premiums generally results in cancellation of insurance policies.Reinsurance counterparty risk Reinsurance is used regularly to utilise If\u2019s own funds efficiently, reduce the cost of capital, limit large fluctuations of underwriting results and to have access to reinsurers\u2019 competence base. The Reinsurance Committee is a collaboration forum with the role to secure appropriate reinsurance cover for insurance risk in accordance with If\u2019s risk appetite and provides an opinion as well as proposes actions in respect of such issues. The distribution of reinsurance receivables and reinsurers\u2019 portion of outstanding claims per rating on 31 December 2022 is presented in the table Reinsurance recoverables, If, 31 December 2022 and 31 December 2021.Reinsurance recoverables of EUR 185 million (180) are excluded from the table, which mainly relate to captives and statutory pooled solutions.Cash flows according to contractual maturityIf, 31 December 2021Carrying Cash flowsCarrying amount without Carrying amount amount contractual with contractual 2027\u2013 EURmtotalmaturitymaturity2022 2023 2024 2025 20262036 2037\u2013Financial assets 13,359 2,182 11,177 4,225 1,846 2,128 1,440 1,334 526 0Financial assets (non-derivatives) 13,342 2,182 11,160 4,209 1,845 2,127 1,440 1,334 526 0Interest rate swaps 1 0 1 1 0 1 0 0 0 0FX derivatives 17 0 17 15 0 0 0 0 0 0Financial liabilities 997 44 953 -686 -102 -4 -33 -148 0 0Financial liabilities (non-derivatives) 990 44 946 -678 -102 -4 -33 -148 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 8 0 8 -8 0 0 0 0 0 0Lease liabilities 167 0 167 -24 -22 -21 -20 -19 -71 0Net technical provisions 8,712 8,712 0 -3,326 -989 -524 -361 -289 -1,712 -1,950Reinsurance recoverablesIf, 31 December 2022 and 31 December 202131 Dec 2022 31 Dec 2021Rating Total EURm % of total Total EURm % of totalAAA 0 0% 0 0%AA+ - A- 163 100% 169 100%BBB+ - BBB- 0 0% 0 0%BB+ - C 0 0% 0 0%D 0 0% 0 0%Non-rated 0 0% 1 0%Total 163 100% 170 100%The amount of the recoverables reported above is exposed to counterparty risk, as recoverables are typically not covered by collaterals.If\u2019s Reinsurance Policy sets requirements for the reinsurers\u2019 minimum credit ratings and the maximum exposure to individual reinsurers. In addition, the own credit-analysis plays a central role when counterparties are selected.The Reinsurance Security Committee in If shall give input and suggestions in respect to various issues regarding reinsurance default risk and risk exposure, as well as proposed deviations from the Reinsurance Policy. Most of the reinsurers have ratings between AA+ and A-. The ten largest individual reinsurance recoverables amounted to EUR 199 million, representing 57 per cent of the total reinsurance recoverables including captives and statutory pooled solutions.The total ceded premium related to treaty and facultative reinsurance amounted to EUR 86 million. Counterparty risk related to financial derivativesIn If, the default risk of derivative counterparties is a by-product of managing market risks. The role of long-term interest rate derivatives has been immaterial and counterparty risk mainly stems from short-term FX derivatives. The counterparty risk of bilaterally settled derivatives is mitigated by a careful selection and diversi-fication of counterparties to prevent risk concentrations and by using collateral techniques, e.g., ISDA Master Agreements backed by Credit Support Annexes. If settles interest rate swaps in central clearing houses, which mitigates bilateral counterparty risk but also results in a systemic risk exposure related to centralised clearing parties.Topdanmark GroupUnderwriting risksNon-life underwriting risksAs shown in the graph Breakdown of gross written premiums by business area, country and line of business, Topdanmark Non-Life, 2022, Topdanmark\u2019s insurance portfolio is diversified across Business areas and lines of business.Premium and catastrophe risk and their management and controlThe main underwriting risk that influences the performance is the risk of catastrophe events. However, Topdanmark Forsikring has a very comprehensive reinsurance programme in place contributing to the low level of underwriting risk. The largest retention level of DKK 100 million plus reinstatement for each event is on storm events. The maximum retention on fire events is DKK 30 million and in workers\u2019 compensation risks are covered up to DKK 1 billion with a retention of DKK 50 million.With certain restrictions, acts of terrorism are covered by the reinsurance contracts. The NBCR (nuclear, biological, chemical, radiological) acts of terrorism are covered by a public organisation. This is based on an Act on NBCR acts of terrorism. Under this scheme, the costs from a NBCR attack in Denmark will initially be borne by the State, but those costs will subsequently be recovered from policyholders.Premium risk reduction measures taken at different levels of operations are as follows:\u2022 Collection of data on risk and claims history\u2022 Use of collected and processed data in profitability reporting, risk analyses and in the internal model\u2022 Ongoing follow-up on risk developments as well as quarterly forecasts for future risk development\u2022 Pricing using a statistical model tool including cus-tomer scoring tools\u2022 Reinsurance cover that reduces the risk especially for catastrophe events\u2022 Ongoing follow-up on the risk picture and reinsurance coverage in Topdanmark\u2019s Risk CommitteeTo maintain product and customer profitability, Topdanmark monitors changes in its customer portfolios. Provisions are recalculated, and the profitability reports are updated in the same context on a monthly basis. Based on this reporting, trends in claim levels are carefully assessed and price levels may be adjusted if considered necessary. In the private market segment, customer scoring is used, and customers are divided into groups according to their expected profitability levels. The customer scoring has two roles. First it helps to maintain the balance between the individual customer\u2019s price and risk. Secondly it facilitates the fairness between individual customers by ensuring that no customers are paying premiums too large to cover losses from customers who pay premiums that are too small. The historical profitability of major SME customers with individual insurance schemes is monitored using customer assessment systems. These assessment systems enable Topdanmark to achieve accurate information about income, claims expenses, combined ratio etc. for each customer.In addition to the analysis described above, Topdanmark continuously improves its administration systems to Reserve risk and its management and controlThe insurance lines of business are divided into short-tail, i.e. those lines where the period from notification until settlement is short and long-tail, i.e. those lines where the period from notification until settlement is long. The main short-tail lines in Topdanmark are buildings and other property and comprehensive motor insurance. For Non-life insurance risk scenariosTopdanmark, 31 December 2022 and 31 December 2021EURm after taxCurrent level Change in Key figures(2022)current level2021Combined ratio, business area Private 80.9% +/- 1 percentage point +/- 4.8 +/- 5.5Combined ratio, business area Commercial 82.7% +/- 1 percentage point +/- 5.2 +/- 5.1Net premiums earned (EURm) 1,242 +/- 1 per cent +/- 9.3 +/- 10.1Net claims incurred (EURm) 791 +/- 1 per cent +/- 5.9 +/- 6.7Ceded written premiums (EURm) 89 +/- 10 per cent +/- 6.7 +/- 6.3achieve more detailed data, which in turn enables the company to continuously improve the pricing and gain even better insight into how the different types of claims are composed. The non-life risk scenarios are presented in the table Non-life insurance risk scenarios, Topdanmark, 31 December 2022 and 31 December 2021.the short-tail lines the claims are mainly settled within the first year. Long-tail lines relate to personal injury and liability and consist of the lines Workers\u2019 compensation, Accident, Motor third party insurance and Commercial liability. The composition of non-life provisions for outstanding claims is presented in the following table.Composition of non-life provisions for outstanding claimsTopdanmark, 31 December 2022 and 31 December 20212022 2021Provisions for outstanding claims% Duration % DurationShort-tail 17.3 1.1 13.7 1.1Annuity provisions in workers\u2019 compensation 25.4 10.5 24.2 10.6Other claims provisions in workers\u2019 compensation 29.9 2.0 21.6 1.7Accident 12.3 3.1 30.0 9.3Motor personal liability 8.3 2.1 6.0 2.1Commercial liability 6.8 1.8 4.5 1.9Due to the longer period of claims settlement, the risk profile of the long-tail lines of business is generally more uncertain than that of the short-tail lines. It is not unusual that claims in long-tail lines are settled three to five years after notification and, in rare cases, up to ten to fifteen years. The reserve risk is calculated using Topdanmark\u2019s partial internal model for insurance risk. Workers\u2019 compensation claims provision has by far the biggest risk, followed by the other long-tail lines\u2019 claims provisions.During such a long period of settlement, the levels of compensation could be significantly affected by changes in legislation, case law or practice in the compensation of claim incidents adopted by the Danish Labour Market Insurance which decides on compensation for injury and loss of earnings potential in all cases of serious industrial injuries. The practice adopted by the Danish Labour Market Insurance also has some impact on the levels of compensation for accident and personal injury within motor liability and commercial liability insurance. Supreme court decisions can also influence the provisions for former years especially for Workers\u2019 compensation.The reserve risk represents mostly the ordinary uncer-tainty of calculation and claims inflation, i.e. an increase in the level of compensation due to the annual increase in compensation per policy being higher than the general development in prices or due to a change in judicial practice or legislation. The sufficiency of the provisions is tested in key lines by calculating the provisions using alternative models as well, and then comparing the compensation with information from external sources, primarily statistical material from the Danish Labour Market Insurance and the Danish Road Sector/Road Directorate.Life underwriting performance and risks This section presents the premium development for Topdanmark Life until the divestment was completed on 1 December 2022. The split of premiums between products during the last two years is presented in the table Sources of gross premiums, Topdanmark Life Insurance, 2022 and 2021.Sources of gross premiumsTopdanmark Life Insurance, 31 December 2022 and 31 December 2021EURm 2022 2021With profit schemes 35 48Unit-linked schemes 366 381Group life 33 35Regular premiums 434 464With profit schemes 1 7Unit-linked schemes 775 922Single premiums 776 929Gross premiums 1,210 1,393Until the divestment of Topdanmark Life was completed on 1 December 2022.Market risksIn general, the long-term value creation shall be based mainly on the acceptance of insurance risks. To supple-ment the Group\u2019s profit from its insurance activities, Topdanmark accepts a certain level of financial market risks as well, given its strong liquidity position and stable, high earnings from insurance operations. Hence, in addition to fixed income instruments, Topdanmark has invested, among other things, in equities and properties to improve the average investment return.Market risks are limited to the extent that is considered appropriate, so that the negative P/L effect is limited in very unfavourable financial market scenarios. Large risk exposures or highly correlated risks are covered to prevent unnecessary losses and market risks originating from insurance operations. The investment portfolio shall be managed in a way that market risk taking shall not endanger the normal operations or implementation of planned actions in unfavourable market conditions. To reach the general goals, the investment policy sets the company\u2019s objectives, strategies, organisation, and reporting practices on investments. The investment strategy is more precisely determined in terms of market risk limits and specific requirements for certain types of positions and sub-portfolios (risk appetite). The invest-ment strategy is determined by the Board and revised at least once a year. Appropriate financial risk mitigation techniques are used.When selecting the investment assets, a portfolio compo-sition that matches the risk features of the corresponding liabilities is sought. The purpose of the investment policy is also to ensure that the company has effectively implemented the organisation, systems, and processes necessary to identify, measure, monitor, manage and report on investment risks to which it is exposed.When market risks are measured and managed, all exposures are included, regardless of whether they arise from active portfolio management of investments or from annuities considered to be a market risk. As of 1 December 2022, when the closing deal between Topdanmark Forsikring and Nordea was finalised, the new investment department took over all front office capabilities of Topdanmark Forsikring. The investment policy and thereby the overall risk profile and strategic asset allocation is mainly unchanged. However, the investment strategy has been altered. As part of the closing deal, the co-investing (\u201csaminvestering\u201d) between Topdanmark Forsikring and Topdanmark Livsforsikring has been terminated. The exposures have been shifted to ETFs (Exchange Traded Funds). The original asset classes and geographical exposures are unchanged. The one exception is CLOs which have in part been replaced with a High-Yield ETF (EUR). The main idea of these changes is to keep the risk profile unchanged and use index trackers to get the right exposures that comply with risk limits, ESG policy, etc.Asset allocations and investment performance: Topdanmark ForsikringThe equity portfolios are well diversified and without major single positions when associated companies are disregarded.The main investment assets are government and mortgage bonds, which comprise primarily Danish mortgage bonds. The assets in this asset class are interest Investment allocations Topdanmark, 31 December 2022 and 31 December 2021Topdanmark Non-life Topdanmark Life31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021Market value, Market value, Market value, Market value, Asset classEURm Weight, %EURm Weight, % EURm Weight, %EURm Weight, %Fixed income total 2,422 94% 1,863 89% 2,916 71%Money market securities and cash 544 21% 83 4% 220 5%Government and mortgage bonds 1,722 67% 1,582 76% 2,376 58%Credit bonds 39 2% 5 \u2014% 110 3%Index-linked bonds 91 4% 100 5% 125 3%CLOs 26 1% 93 4% 84 2%Listed equity total 111 4% 120 6% 358 9%Denmark 25 1% 28 1% 85 2%Scandinavia 2 \u2014% 2 \u2014% 5 \u2014%Global 85 3% 91 4% 268 7%Alternative investments total 35 1% 110 5% 816 20%Real estate 0 \u2014% 59 3% 334 8%Unlisted equities and hedge funds 35 1% 50 2% 482 12%Trading derivatives 1 \u2014% 3 \u2014% 14 \u2014%Asset classes total 2,569 100% 2,095 100% 4,104 100%The exposure in equities outside Denmark and credit bonds has been adjusted by the use of derivatives. Unlisted equities and hedge funds include also private equity and direct holdings in non-listed equities.rate-sensitive and to a significant extent equivalent to the total interest rate sensitivity of the non-life insurance provisions. Consequently, the return on government and mortgage bonds should be assessed in connection with return and revaluation of non-life insurance provisions. Credit bonds are composed of a minor share of a well- diversified portfolio, primarily exposed to businesses in Europe.Index-linked bonds comprise bonds \u2013 primarily Danish mortgage bonds \u2013 for which the coupon and principal are index-linked.Market risks of balance sheetInterest rate riskInterest rate risk is calculated for assets, liabilities, and derivative instruments, for which the carrying amount is dependent on the interest rate level. Regarding insurance liabilities, Topdanmark is exposed to interest rate risk due to provisions for outstanding claims.Shifting the market yield curve upwards and downwards or changing its shape leads to changed market values of assets and derivatives and thus to unrealised gains or losses.When assessing the value and sensitivity of insurance provisions Topdanmark has used the Solvency II discount curve that has its basis on a market yield curve with a volatility adjustment (\u201cVA\u201d). The VA component of DKK yield curve comprises a corrective element based on the spreads of Danish mortgage bonds and European credit bonds.Generally, the interest rate risk is limited and controlled by investing in interest-bearing assets in order to reduce the overall interest rate exposure of the assets and liabilities to the desired level. Therefore, the Danish mortgage bonds and government bonds have a central role in the asset portfolios. To further reduce the interest rate sensitivity of the balance sheet, interest rate swaps have been used for hedging purposes. Equity riskThe Danish part of the equity portfolio is composed based on the OMXCCAP index and is approximated by the ETF Xact OMXC25. The rest of the equity holdings are in the foreign equity portfolio that seeks to track the MSCI World DC index by the relevant geographical ETF in USA, Europe and Japan. As a result, Topdanmark\u2019s equity holdings are well-diversified.Real estate riskReal estate risk is limited to properties in own use and located in Ballerup and Viby. The properties are valued in accordance with the rules of the Danish FSA i.e., at market value taking the level of rent and the terms of the tenancy agreements into consideration.Spread riskMost of Topdanmark\u2019s interest-bearing assets comprise of AAA rated Danish mortgage bonds. The risk of losses is minor due to the high credit quality of the issuers and because investments have been made at spreads that are in balance with Topdanmark\u2019s desired risk ratio levels. The portfolio is well diversified both geographically and by issuer type and, therefore, the exposure to concentra-tion risk is insignificant.The investment policy stipulates that the portfolio must be well diversified by the number of counterparties and by the amount of exposure to individual counterparties. The main source of spread risk is the mortgage bonds. Due to high allocation of these investments in the portfolios, spread risk is the most material source of market risk SCR. Currency riskIn practice, the investment assets are the only source of currency risk while the insurance liabilities are in Danish krones. The currency risk is mitigated by derivatives, and net exposures in different currencies are minor except in the euro.The currency risk is assessed based on SCR. The value of the base currency is shocked by 25 per cent against most of the currencies except against the euro where the largest exposure exists, and the shock is 0.39 per cent, because the Danish krone is pegged to the euro. Inflation riskFuture inflation is implicitly included in the models Top-danmark uses to calculate its provisions. The provisions are calculated based on the expected future indexation of wages and salaries.An expected higher future inflation rate would generally be included in the provisions with a certain time delay, while at the same time the result would be impacted by higher future indexation of premiums. To reduce the risk of inflation within Workers\u2019 compensation, Topdanmark uses index-linked bonds and derivatives to hedge a significant proportion of the expected cash flows sensitive to future inflation.Liquidity riskTopdanmark Group has a strong liquidity position. Firstly, as premiums are paid in the beginning of the coverage period the liquidity risk related to customers\u2019 payments is very limited. Secondly, the combination of insurance businesses is of a character in which it is highly unlikely that a liquidity shock could occur, as insurance liabilities are by their nature stable liabilities and money market investments in asset portfolios are complemented by a large portfolio of liquid listed Danish government and mortgage bonds. Experience from quite significant and sudden movements in long-term interest rates have confirmed that the liquidity of these assets is not significantly affected by market shocks. The maturity structure of technical provisions and the bond portfolio is presented in the following table.Expected cash flows for provisions and the bond portfolioTopdanmark, 31 December 2022 and 31 December 2021Cash flow yearsCarrying EURmamount 1 2\u20136 7\u201316 17\u201326 27\u201336 >36Provisions for claims2021 1,882 -601 -735 -400 -155 -60 -142022 1,426 -563 -648 -250 -102 -53 -12Life insurance provisions guarantees and profit sharing2021 3,001 -285 -988 -1,268 -500 -140 -382022 0 0 0 0 0 0 0Bond portfolio including interest rate derivatives2021 4,176 1,550 1,483 1,894 501 0 02022* 1,818 1,092 1,046 342 76 5 0* Excludes Topdanmark Life\u2019s bond portfolio.The expected cash flows of the bond portfolio are calculated based on option-adjusted durations that are used to measure the duration of the bond portfolio. The option adjustment relates primarily to Danish mortgage bonds and reflects the expected duration capturing the shortening effect of the borrower\u2019s option to have the bond be redeemed through the mortgage institution at any point in time.Counterparty default risksTopdanmark is exposed to counterparty risk in both its insurance and investment activities. The default risk related to fixed income and equity investments is covered by spread-risk and equity-risk models in SCR calculations and hence they are not discussed in this context.The main sources of counterparty risk are deposits made to individual banks, derivative contracts with banks and current receivables from reinsurance companies with the addition of potential receivables that will arise in case of a 1-in-200-year catastrophe event. Topdanmark\u2019s counter-party risk is assessed by the SCR standard formula.ReinsuranceWithin insurance activities the reinsurance companies\u2019 ability to pay is the most important counterparty risk factor. Topdanmark minimises this risk by primarily buying reinsurance cover from reinsurance companies with a minimum rating of A- and by spreading reinsur-ance cover over many reinsurers.For reinsurance counterparties, the Board approves security guidelines which determine the maximum size of reinsurance contract cover per a separate reinsurer. This portion is dependent on the reinsurer\u2019s rating as well as on Topdanmark\u2019s own assessment of the reinsurer. The largest risk concentrations may occur in case of major catastrophe events, including storms and cloudbursts.InvestmentsTopdanmark may suffer losses due to their counterpar-ties\u2019 inability to meet their obligations on bonds, loans and other contracts including derivatives. The majority of Topdanmark\u2019s interest-bearing assets comprise Danish mortgage bonds. In order to minimise the risk to a single debtor, Topdanmark strives to always have a well-diver-sified portfolio of bonds not only regarding a debtor but also geographically.To limit the counterparty risk of financial contracts, including derivative contracts, the choice of counterparties is restrictive, and collateral is required when the value of the financial contracts exceeds the predetermined limits. The size of the limits depends on the counterparty\u2019s credit rating and the terms of the contract.Hastings GroupUnderwriting risksHastings provides motor and home insurance products to the United Kingdom (UK) market via its Gibraltar-based general insurance underwriting company Advantage.For Solvency II reporting purposes the lines of business are:\u2022 Motor vehicle liability insurance (Motor liability)\u2022 Other motor insurance (Motor other)\u2022 Fire and other damage to property insurancePricing riskAdvantage\u2019s risk appetite requires management to maintain rates that are projected to achieve loss ratios within the target loss ratio range. As a response to market conditions, rates were regularly adjusted, after review by management, to remain competitive and provide custom-er-focused benefits to policyholders. The rate changes were regularly reviewed and amended in keeping with an agile approach to pricing and appropriately factoring in ongoing claims inflation risk. The Department for Travel data shows that traffic levels have returned back to pre-pandemic levels but with different peak trends. The FCA\u2019s General Insurance Pricing Practices (\u201cGIPP\u201d) changes went live at the start of 2022; all motor and household insurance products were GIPP-compliant ahead of implementation with continuous assurance processes in place. Despite market-wide new business demand decreasing as a result of GIPP, net written premiums saw an increase in H1 of 2022 because of timely pricing rate actions. Weekly governance arrangements approve changes to the rate plan and review account performance. The Rating Analysis Committee (\u201cRAC\u201d) approves decisions for segment-level rate changes and book-level rate changes. The goal is to ensure that the business being written will be profitable. Audits are conducted on a regular basis to ensure that all underwriting and rating rules are being applied correctly. Advantage maintains a control log to identify, report, and act on errors made by the outsourced service provider. Gross technical provisions by line of business Hastings, 31 December 2022 and 31 December 202131 Dec 2022 31 Dec 2021EURm Duration EURm DurationMotor vehicle liability insurance 2,145 2.2 2,075 4.6Other motor insurance 834 -0.2 692 0Fire and other damage to property insurance 35 1.2 20 1Total 3,014 1.5 2,787 3.4Reserve riskAdvantage does not take significant reserve risk and holds an internal risk margin to a 75 per cent confidence level versus the internal best estimate. Since reserving is subject to expert judgment, the Chief Actuary calculates the best estimate, the Hastings Group Senior Actuary verifies the data, the appropriateness of the techniques utilised, and the assumptions used to create the best estimate and an additional best estimate is created by a fully independent third party. Advantage has a series of monthly, quarterly, and semi-annual controls to ensure reserve adequacy. Hastings\u2019 Gross Written Premiums (GWP) for 2022 amounted to EUR 1,313 million.Advantage maintained a disciplined approach to pricing despite continued market competition. Live customer policies grew year on year. This disciplined but agile underwriting and pricing approach led to many selective rate adjustments during 2022. Graph 26, 2, 3Claims cost inflation had a large influence on the risk profile for 2022. A combination of repairer delays, parts shortages, residual COVID-19 impacts to the economy, alongside the Russia/Ukraine conflict and the cost of living crisis, all needed to be considered during the year. Effective pricing claims management and frequency experience has resulted in profits and capital solvency with the solvency ratio within or above Advantage\u2019s target range during the year.Sensitivities of technical provisionsHastings, 31 December 2022 and 31 December 2021Effect EURm Effect EURm Technical provision item Risk factor Change in risk parameter20222021Nominal provisions (IFRS 4) Inflation increase Increase by 1 percentage point 16.9 22.8Life expectancy increase by 1 Periodic Payment Orders (PPOs) Decrease in mortalityyear 0.2 0.1Discounted provisions (IFRS 4) Decrease in discount rate Decrease by 1 percentage point 3.2 3.9Market risksRising yields have reduced market value in line with expectation \u2013 losses recognised through reserves in the balance sheet and Solvency II impact offset by reduction in claims. The fixed income portfolio is held to maturity and had no realised losses incurred. The book yield has increased significantly during the year, supporting profitability. 2022 also saw an increased focus on ESG initiatives within Hastings Group; Advantage became a signatory to the UN Principles of Investment, and in Q3 2022 Hastings Group committed to the Science based Target initiative (SBTi). The Advantage investment portfolio maintains an ESG rating of AA, exceeding the ESG rating requirement of A defined in the Responsible Investment Framework. The ESG overall score for the investment portfolio increased to 7.6, above the benchmark by 0.6. The Hastings Board are committed to decarbonisation of the core investment portfolio, reducing carbon intensity by 50 per cent by 2030 with the aim to be net zero by 2050.Hastings\u2019 investment portfolio has been designed to generate a targeted return whilst operating within the conservative risk appetite parameters set by the Board. Management aims to prudently operate within its risk appetite. The risk appetite includes a low appetite for losses arising from the volatility of market prices affecting values of assets and liabilities and for assets not matching the profile of liabilities. As a result, the investment strategy includes a limited amount of equity exposure.The core investment portfolio of debt securities, supplemented by a diversified portfolio of holdings in collective investment schemes, is held by Advantage. The Advantage Board works with the investment managers and investment consultants to maximise return whilst minimising risk and preserving capital. The criteria for Investment allocationHastings, 31 December 2022 and 31 December 20212022 2021Market Average Market Average value, maturity,value, maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 1,287 98% 3.3 1,095 97% 3.6Money market securities and cash 246 19% 159 14% 0.0Government bonds 71 5% 0.1 0 0% 0.0Credit bonds, funds and loans 970 74% 4.3 936 83% 4.2Covered bonds 0 0% 0.0 0 0% 0.0Investment grade bonds and loans 954 72% 4.4 921 82% 4.1High-yield bonds and loans 16 1% 4.0 15 1% 4.5Subordinated / Tier 2 0 0% \u2014 0 0% \u2014Subordinated / Tier 1 0 0% \u2014 0 0% \u2014Hedging swaps 0 0% \u2014 0 0% \u2014Listed equity total 0 0% \u2014 0 0% \u2014UK 0 0% \u2014 0 0% \u2014Global 0 0% \u2014 0 0% \u2014Alternative investments total 32 2% \u2014 30 3% \u2014Real estate 0 0% \u2014 0 0% \u2014Private equity 0 0% \u2014 0 0% \u2014Biometric 0 0% \u2014 0 0% \u2014Commodities 0 0% \u2014 0 0% \u2014Other alternative 32 2% \u2014 30 3% \u2014Trading derivatives 0 0% \u2014 0 0% \u2014Asset classes total 1,320 100% \u2014 1,125 100% \u2014FX Exposure, gross position 0 0% \u2014 0 0% \u2014the portfolio structure, classes of holdings and individual limits are consistent with a very low risk appetite. These investment rules are monitored on a quarterly basis inter-nally and using an external consultancy. The monitoring outputs are provided to the Investment Committee and Risk & Compliance Committee quarterly. Advantage made no direct use of derivatives during the period. Derivatives are, however, utilised within Investment Funds in which Advantage has a share, both for hedging purposes and to generate additional return.Interest rate riskAdvantage manages balance sheet interest rate risk prin-cipally through matched duration of assets and liabilities, meaning that interest rates are aligned as far as possible, and interest rate risk is reduced. This is monitored in the quarterly Investment Committee meeting and includes adherence to tight duration mismatch tolerances, which form part of the relevant risk appetite statement.Liquidity risksAdvantage maintains a short duration and highly liquid portfolio. Cash and cash equivalent balances are held in current accounts or short-term money market instruments. These are generally less than 60 days in duration, with low sensitivity to movements in interest rates compared to longer duration assets. The liquidity profile and cashflow of investments is monitored at the quarterly Investment Committee to ensure Advantage can meet its liabilities into the future.Cash flows according to contractual maturityHastings, 31 December 2022Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 1,320 306 1,014 249 138 301 247 79 0 0Financial assets (non-derivatives) 1,320 306 1,014 249 138 301 247 79 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Financial liabilities 73 0 73 -29 -46 0 0 0 0 0Financial liabilities (non-derivatives) 73 0 73 -29 -46 0 0 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 14 0 14 -5 -5 -2 -1 0 0 0Net technical provisions 1,060 1,060 0 -451 -225 -149 -81 -53 -58 -44Advantage\u2019s investment managers actively manage liquidity risk in the portfolio to ensure that bonds can be sold efficiently to meet cash needs. Informed by market data, they look to purchase bonds with less than 5 years since the issue date, larger issue sizes and which trade regularly. Liquidity scoring is conducted by Advantage\u2019s investment managers, based on time since issue, issue size, traded volumes and observed bid-ask spreads. Cash flows according to contractual maturityHastings, 31 December 2021Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity2022 2023 2024 2025 20262036 2037\u2013Financial assets 1,125 217 908 253 187 121 201 143 3 0Financial assets (non-derivatives) 1,125 217 908 253 187 121 201 143 3 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Financial liabilities 329 0 329 -10 -21 -9 -302 0 0 0Financial liabilities (non-derivatives) 329 0 329 -10 -21 -9 -302 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 15 0 15 -4 -4 -4 -2 -1 -1 0Net technical provisions 840 840 0 -345 -191 -121 -57 -39 -47 -40Counterparty default risksCounterparty risk is the risk that a counterparty will be unable to pay amounts in full as they fall due. Hastings is exposed to counterparty risk through reinsurance assets, financial assets and cash and cash equivalents. A number of controls exist within the Hastings Group to mitigate against counterparty default, such as annual reviews of reinsurance panels, credit rating tolerances in line with a low-risk appetite, and a low-risk, diversified investment portfolio.Reinsurance counterparty riskA key component of risk mitigation is reinsurance. Advantage\u2019s reinsurance programme includes both Excess of Loss (\u201cXoL\u201d) and Quota Share (\u201cQS\u201d) protection. Under the 2022 arrangements, the Motor exposure risk to Advantage is capped at GBP 1 million per loss, net of XoL reinsurance, and Household exposure is capped at GBP 5.0 million (approximately EUR 5.6 million) per event loss. In 2022, the AICL Board reduced the motor QS participa-Reinsurance recoverables Hastings, 31 December 2022 and 31 December 20212022 2021Rating Total, EURm % of total Total, EURm % of totalAAA 0 0% 0 0%AA 1,221 65% 1,224 65%A 649 35% 653 35%BBB 3 0% 3 0%Less than BBB 0 0% 0 0%Unrated 0 0% 0 0%Total 1,874 100% 1,880 100%tion from 50 per cent to 35 per cent, driven principally by a change in risk appetite. AICL\u2019s reinsurance strategy will continue to be reviewed in line with risk appetite.To mitigate the inherent counterparty and credit risk posed by the reinsurance programme to Advantage\u2019s balance sheet, Advantage has set criteria for the minimum credit quality of the reinsurance counterparties and for concentration limits. To better protect itself, and where possible, Advantage aims to:\u2022 place with parent entities within reinsurance groups to mitigate counterparty risk in accepting reinsurance from small regional branches;\u2022 introduce collateralisation or cut through terms and/or parental guarantees to mitigate counterparty risk;\u2022 ensure special termination clauses are in place in the event of a rating downgrade or reorganisation of reinsurance groups to which Advantage is exposed.Mandatum GroupUnderwriting risksThe development of insurance liabilities during 2022 is shown in the table Analysis of the change in provisions before reinsurance, Mandatum Life, 31 December 2022. Analysis of the change in provisions before reinsuranceMandatum Life, 31 December 2022Expense Guaranteed EURm Liability 2021 Premiums Claims paidchargesinterest Bonus Other Liability 2022 Share %Unit-linked, excl. Baltic 10,526 1,285 -734 -104 0 0 -1,061 9,912 77Individual pension insurance 1,778 52 -24 -20 0 0 -308 1,478 11Individual life 2,495 73 -146 -19 0 0 -342 2,062 16Capital redemption operations 4,721 1,065 -510 -41 0 0 -220 5,015 39Group pension 1,532 95 -54 -24 0 0 -192 1,357 11With profit and others, excl. Baltic 3,236 104 -364 -31 80 4 -61 2,969 23Group pension insurance, segregated portfolio 751 2 -45 -1 16 4 -12 715 6Basic liabilities. guaranteed rate 3.5% 485 2 -45 -1 16 4 -10 451 4Reserve for decreased discount rate (3.5% -> 0.0%) 183 0 0 0 0 0 -15 169 1Future bonus reserves 82 0 0 0 0 0 13 96 1Group pension 1,397 32 -168 -4 41 0 12 1,309 10Guaranteed rate 3.5% 1,129 0 -133 -2 37 0 13 1,044 8Guaranteed rate 2.5%, 1.5% or 0.0% 268 32 -35 -2 4 0 -2 265 2Individual pension insurance 550 4 -123 -3 19 0 43 490 4Guaranteed rate 4.5% 377 2 -56 -2 15 0 -5 331 3Guaranteed rate 3.5% 112 1 -35 -1 4 0 23 104 1Guaranteed rate 2.5% or 0.0% 61 0 -32 0 1 0 26 56 \u2014Individual life insurance 130 30 -19 -9 5 0 -14 122 1Guaranteed rate 4.5% 49 4 -2 -1 2 0 -1 51 \u2014Guaranteed rate 3.5% 63 8 -9 -3 2 0 -5 57 \u2014Guaranteed rate 2.5% or 0.0% 18 18 -8 -5 0 0 -8 15 \u2014Capital redemption operations 28 0 0 0 0 0 -3 25 \u2014Guaranteed rate 3.5% 0 0 0 0 0 0 0 0 \u2014Guaranteed rate 2.5% or 0.0% 28 0 0 0 0 0 -3 25 \u2014Future bonus reserves 0 0 0 0 0 0 0 0 \u2014Reserve for decreased discount rate 274 0 0 0 0 0 -63 211 2Longevity reserve 71 0 0 0 0 0 -8 63 \u2014Assumed reinsurance 1 0 -1 0 0 0 0 0 \u2014Other liabilities 35 37 -8 -15 0 0 -17 32 \u2014Total, excl. Baltic 13,762 1,390 -1,098 -135 80 4 -1,123 12,881 100Baltic 196 10 -27 -3 0 0 -176 0 \u2014Unit-linked liabilities 186 9 -26 -3 0 0 -166 0 \u2014Other liabilities 10 1 -1 0 0 0 -10 0 \u2014Mandatum Life Group total 13,958 1,399 -1,125 -138 81 4 -1,299 12,881 100Biometric risksMandatum Life\u2019s main biometric risks are longevity, mortality, and disability. In general, the long duration of policies and Mandatum Life\u2019s restricted right to change policy terms and conditions and tariffs increase biometric risks. If the premiums turn out to be inadequate and cannot be increased, technical provisions must be supplemented by an amount corresponding to the increase in expected losses.Longevity risk is the most critical biometric risk in Mandatum Life. The Solvency Capital Requirement of longevity risk is also highly dependent on the interest rate level, which in practice means that the lower the applied discount rate is, the higher the longevity SCR would be and vice versa. Most of the longevity risk arises from the with-profit group pension portfolio. With profit group pension policies have mostly been closed for new Claims ratios after reinsuranceMandatum Life, 31 December 2022 and 31 December 20212022 2021EURm Risk income Claims expense Claims ratio Risk income Claims expense Claims ratioLife insurance 46.5 22.2 48% 47.3 17.3 37%Mortality 27.4 17.2 63% 28.2 12.1 43%Morbidity and disability 19.1 5.0 26% 19.1 5.3 28%Pension 80.1 72.9 91% 83.5 72.1 86%Individual pension 13.9 14.6 105% 14.0 14.6 104%Group pension 66.2 58.3 88% 69.4 57.4 83%Mortality (longevity) 64.9 57.2 88% 67.9 56.6 83%Disability 1.2 1.1 94% 1.6 0.9 54%Total 126.6 95.1 75% 130.8 89.4 68%members for years and due to this the average age of members is relatively high, at almost 70 years. In the unit-linked group pension and individual pension portfolio, the longevity risk is less significant because most of these policies are fixed-term annuities including death cover compensating the longevity risk.The annual longevity risk result and longevity trend are analysed regularly. For the segregated group pension portfolio, the assumed life expectancy related to the technical provisions was revised in 2014 and for the other group pension portfolios in 2002 and 2007. In total, these changes increased the 2022 technical provision by EUR 63 million (71), including a EUR 52 million longevity reserve for the segregated group pension portfolio. The cumulative longevity risk result has been positive since these revisions. The longevity risk result of group pension for the year 2022 was EUR 7.8 million (11.3) after a EUR 7.6 million release from the longevity reserve. The mortality risk result in life insurance was positive. A possible pandemic is seen as the most significant risk that could adversely affect the mortality risk result. However, during the years 2020 to 2022, COVID-19 did not have any significant effect on the mortality risk result. The reason for this is that COVID-19 has had the most significant incremental effect on the mortality of elder people and the insured are generally younger.The insurance risk result of other biometric risks has been profitable overall, although the different risk results vary considerably. In the longer term, disability and morbidity risks are mitigated by the company\u2019s right to raise insurance premiums for existing policies in case there is an unfavourable change in the claims development. The table Claims ratios after reinsurance, Mandatum Life, 31 December 2022, and 31 December 2021 shows the insurance risk result in Mandatum Life\u2019s insurance policies, excluding Baltic operations. The ratio of the actual-to-expected claims costs was 75 per cent in 2022 (68). The sensitivity of the insurance risk result can also be assessed based on the information in the table. For instance, an increase of mortality by 100 per cent would increase the amount of benefit payments from EUR 17 million to EUR 34 million.The underwriting portfolio of Mandatum Life is relatively well diversified and does not include any major concentration of biometric risks. To further mitigate the effects of possible risk concentrations, Mandatum Life has catastrophe reinsurance in place.In general, biometric risks are managed by careful risk selection, by setting prices to reflect the risks and costs, by setting upper limits for the protection granted and by the use of reinsurance. Mandatum Life\u2019s Underwriting Policy sets principles for risk selection and limits for sums insured. The Reinsurance Policy governs the use of Reinsurance. The Board approves the Underwriting policy, Reinsurance Policy, pricing guidelines and the central principles for the calculation of the insurance liabilities and the technical provisions. The Insurance Risk Committee is responsible for maintaining the Underwriting Policy and monitoring the functioning of the risk selection and claims processes. The Committee also reports all deviations from the Underwriting Policy to the Risk Management Committee. The Insurance Risk Committee is chaired by the Chief Actuary who is responsible for ensuring that the principles for pricing policies and for the calculation of technical provisions are adequate and in line with the underwriting and claims management processes. Reinsurance is used to limit the amount of individual mortality and disability risks. The Board of Directors annually approves the Reinsurance Policy and determines the maximum amount of risk to be retained on the com-pany\u2019s own account. The highest retention of Mandatum Life is EUR 1.5 million per insured. The risk result is actively followed and thoroughly analysed on an annual basis. Mandatum Life measures the efficiency of risk selection and the adequacy of tariffs by collecting information about the actual claims\u2019 expenditure for each product line and each type of risk and comparing it to the claims expenditure assumed in the insurance premiums of every risk cover.Technical provisions are analysed, and the possible supplemental needs are assessed regularly. Assumptions related to technical provisions are reviewed annually. The adequacy of the technical provisions is tested quarterly. Tariffs for new policies are set and the Underwriting Policy and assumptions used in calculating technical provisions are updated based on adequacy tests and risk result analysis. Policyholder behaviour and expense risksFrom an Asset and Liability Management point of view, surrender risk is not material because in Mandatum Life around 85 per cent of with profit technical provisions consists of pension policies in which surrender is possible only in exceptional cases. Surrender risk is therefore only relevant in individual life and capital redemption policies, of which the related technical provisions amount to around 5 per cent (around EUR 150 million) of the total with profit technical provisions. Furthermore, the supplements to technical provisions are not paid out at surrender which also reduces the surrender risk related to the with-profit policies. Due to the limited surrender risk, the future cash flows of Mandatum Life\u2019s insurance liabilities are quite predictable. Policy terms and tariffs cannot usually be changed materially during the lifetime of the insurance, which increases the expense risk. The behaviour of financial markets has also an influence on expense risk since normally the company\u2019s fee income is linked to policy reserves in unit-linked policies. The main challenge is to keep the expenses related to insurance administrative processes and complex IT infrastructure at an effective and competitive level.Market risksThis section covers market risk related to Mandatum Life\u2019s with-profit business, i.e. that part of the business where Mandatum Life carries the investment risk. As mentioned earlier, the behaviour of financial markets has also an influence on unit-linked business since normally the company\u2019s fee income is linked to policy reserves in unit-linked policies. This risk is considered as part of expense risk.In Mandatum Life, the approach to market risk management is based on an analysis of technical provisions\u2019 expected cash flows, the interest rate level and the current solvency position, i.e. active Asset and Liability Management. A common feature for all with-profit technical provisions is the guaranteed rate and bonuses. The cash flows of life insurance technical provisions are generally predictable because in most of the company\u2019s with-profit policies, surrenders and additional investments are not possible.Mandatum Life\u2019s market risks arise mainly from equity investments, the credit risk of fixed income investments and interest rate risk related to assets and insurance liabilities with a guaranteed interest rate. The most significant interest rate risk in the life insurance business is that fixed income investments and hedging derivatives will not, over a long period of time, generate a return at least equal to the guaranteed interest rate of technical provisions. The probability of this risk increases when market interest rates fall and stay at a low level. The duration gap between the balance sheet\u2019s technical provisions and fixed income investments is constantly monitored and managed. Control levels based on an internal risk capacity model are used to manage and ensure adequate capital in different market situations.The majority of the investment portfolio is invested in fixed income and listed equity investments, but the role of alternative investments \u2013 real estate, private equity and private credit funds \u2013 is also material, being 16 per cent of total investments. During the year 2022, Mandatum Life has also established an asset portfolio within the investment portfolio, a so-called ALM hedging portfolio. This portfolio includes hedging instruments, currently interest rate swaps, which are meant to hedge the interest rate risk of technical provisions.Investment allocations and average maturities of fixed income investments as at year end 2022 and 2021 are presented in the table Investment allocation, Mandatum Life, 31 December 2022 and 31 December 2021.Investment allocationMandatum Life, 31 December 2022 and 31 December 202131 Dec 2022 31 Dec 2021Market value,Average maturity, Market value, Average maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 2,869 66 2.6 3,231 62 2.7Money market securities and cash 372 9 0.0 585 11 0.0Government bonds 0 \u2014 0.0 0 \u2014 0.0Credit bonds, funds and loans 2,497 58 2.9 2,645 51 3.2Covered bonds 0 \u2014 0.0 0 \u2014 0.0Investment grade bonds and loans 1,091 25 3.1 1,056 20 3.0High-yield bonds and loans 1,079 25 2.8 1,240 24 3.3Subordinated / Tier 2 173 4 2.4 148 3 3.0Subordinated / Tier 1 156 4 3.5 200 4 4.1Hedging swaps -2 \u2014 \u2014 0 \u2014 0.0Listed equity total 784 18 \u2014 1,233 24 0Finland 329 8 \u2014 543 10 0Scandinavia 0 \u2014 \u2014 0 \u2014 0Global 455 11 \u2014 690 13 0Alternative investments total 673 16 \u2014 770 15 0.0Real estate 172 4 \u2014 191 4 0.0Private equity* 249 6 \u2014 293 6 0.0Private Credit Funds 252 6 \u2014 286 5 0.0Asset classes total 4,327 100 \u2014 5,233 100 0.0FX Exposure, gross position 110 \u2014 \u2014 139 \u2014 0.0The total investment allocation of Mandatum Life is equal to EUR 4,327 million. When EUR 7 million of intra-group assets, EUR 24 million of accrued interest, EUR 372 million of cash, EUR 172 million of real estate and an adjustment of EUR 1 million to the value of loans and receivables are deducted and EUR 25 million of derivatives are added, the total is equal to EUR 3,776 million, which corresponds to the sum of Mandatum\u2019s financial assets on Sampo Group\u2019s balance sheet. By further deducting EUR 0.8 million of financial assets belonging to Mandatum Asset Management Group, the total is equal to EUR 3,775 million, which is equal to Mandatum Life\u2019s financial assets.* Private equity also includes direct holdings in non-listed equities.Balance sheet market riskThe Board of Directors of Mandatum Life approves annually the Investment Policy, which covers both the segregated assets and the company\u2019s other assets that carry investment risk. This policy sets principles and limits for investment portfolio activities and they are based on the features of insurance liabilities, risk taking capacity and shareholders\u2019 return requirements. The Risk Management Policy defines the risk-bearing capacity and the corresponding control levels for the respective portfolio for segregated assets. Since the future bonus reserves of the segregated group pension portfolio is the first buffer against possible investment losses, the risk-bearing capacity is also based on the amount of the future bonus reserve. Different control levels are based on the fixed stress scenarios of assets.The Risk Management Policy also defines the company- level risk-bearing capacity, the control levels for the maximum acceptable risk and the respective measures to manage the risk positions. The control levels are set above the Solvency II SCR and are based on Sampo Group\u2019s risk management principles. The general objective of these control levels and respective guidelines is to maintain the required solvency. If the above-mentioned control levels are breached, the CRO reports to the Board, which then takes the responsibility for decisions regarding capitalisa-tion and market risks on the balance sheet. The cash flows of Mandatum Life\u2019s with-profit technical provisions are relatively predictable, because in most of the company\u2019s with profit products, surrenders and premiums are restricted. In addition, the company\u2019s claims costs do not contain a significant inflation risk element.The long-term target for investments is to provide enough return to cover the guaranteed interest rate plus discretionary bonuses based on the principle of fairness, as well as the shareholder\u2019s return requirement, with an acceptable level of risk. In the long run, the most significant risk is that assets will not generate an adequate return compared to the applied discount rate. As mentioned earlier, one way to mitigate this risk is by hedging the interest rate risk of technical provisions with interest rate swaps.In addition to investment and capitalisation decisions, Mandatum Life has implemented active measures on the liability side to manage the balance sheet-level interest rate risk. The company has reduced the minimum guaranteed interest rate in new contracts, supplemented the technical provisions with discount rate reserves and adjusted policy terms and conditions as well as policy administration processes to enable more efficient interest rate risk management. Interest rate riskMandatum Life is negatively affected when rates are decreasing or staying at low levels, because the duration of insurance liabilities is longer than the duration of assets. A growing part of Mandatum Life\u2019s business, i.e. unit-linked and risk insurance business, is not interest rate sensitive, which mitigates the whole company\u2019s interest rate risk. The average duration of fixed income investments exclud-ing the hedging portfolio was 1.9 years. The respective duration of the insurance liabilities was around 8 years. Interest rate risk is managed at the balance sheet level by changing the duration of assets and by using interest rate derivatives.Currency riskCurrency risk can be divided into transaction and translation risk. Mandatum Life is exposed to transaction risk, which refers to currency risk arising from contractual cash flows in foreign currencies.In Mandatum Life, transaction risk arises mainly from investments in other currencies than the euro as the company\u2019s technical provisions are denominated in the euro. Open FX exposures are managed within limits given in the Investment Policy. Mandatum Group\u2019s transaction risk is mainly composed of Mandatum Life\u2019s transaction risk as Mandatum Asset Management only has a very limited SEK exposure. The transaction risk positions of Mandatum Life against the euro as at year ends 2022 and 2021 are shown in the tables Transaction risk position, Mandatum Life, 31 December 2022 and 31 December 2021. The tables show the net transaction risk exposures and the changes in the value of positions given a 10 per cent decrease in the value of the base currency.Transaction risk positionMandatum Group, 31 December 2022Base currency, EURm EUR USD JPY GBP SEK NOK CHF DKK Muut Total, netTechnical provisions 0 0 0 0 0 0 0 0 0 0 Investments 0 514 1 119 45 10 22 9 147 867 Derivatives 0 -518 0 -125 -49 -9 -29 -14 -68 -812 Transaction risk, net position 0 -4 1 -6 -4 1 -7 -5 79 55 Sensitivity: EUR -10% 0 0 0 -1 0 0 -1 -1 8 6 Base currency, EURm EUR USD JPY GBP SEK NOK CHF DKK Muut Total, netTechnical provisions 0 0 0 0 -1 0 0 0 0 -1 Investments 0 538 0 145 60 11 55 26 214 1,050 Derivatives 0 -518 0 -142 -58 -9 -48 -25 -122 -922 Transaction risk, net position 0 21 0 4 2 2 7 1 92 127 Sensitivity: EUR -10% 0 2 0 0 0 0 1 0 9 13 However, in Mandatum Life, only a relatively small part of the insurance policies can be surrendered, and it is therefore possible to forecast short-term cash flows related to claims payments with very high accuracy.The maturities of technical provisions and financial assets and liabilities as well as lease liabilities are presented in the tables Cash flows according to contractual maturity, Liquidity risksLiquidity risk is relatively immaterial for Mandatum Life\u2019s with-profit business because liability cash flows in most lines of business are stable and predictable and an adequate share of the investment assets is in cash or short-term money market instruments. However, the use of derivatives requires that collateral management is aligned with the liquidity management and appropriate escalation processes are in place.In life insurance companies in general, a large change in surrender rates could influence the liquidity position. Mandatum Group, 31 December 2022 and 31 December 2021. The average maturity of fixed income investments was 2.6 years in Mandatum Life. The tables show the financing requirements resulting from expected cash inflows and outflows arising from financial assets and liabilities as well as technical provisions and lease liabilities.Cash flows according to contractual maturityMandatum Group, 31 December 2022 and 31 December 2021Cash flowsCarrying Carrying amount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 4,610 2,214 2,396 330 640 571 515 427 435 \u2014Financial assets (non-derivatives) 4,587 2,214 2,373 307 640 571 515 427 435 \u2014Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX forwards 23 \u2014 23 23 0 0 0 0 0 \u2014Financial liabilities 405 \u2014 405 -362 -263 -8 -8 -8 -78 -183Financial liabilities (non-derivatives) 402 \u2014 402 -362 -263 -8 -8 -8 -77 -183Interest rate swaps 2 \u2014 2 \u2014 -1 \u2014 \u2014 \u2014 -1 \u2014FX derivatives 0 \u2014 0 0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 21 \u2014 21 -2 -2 -2 -2 -2 -13 \u2014Net technical provisions 2,493 \u2014 2,493 -242 -229 -225 -205 -177 -114 -683Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity2023 2024 2025 20262036 2037\u2013Financial assets 5,431 2,908 2,523 223 301 704 606 419 451 \u2014Financial assets (non-derivatives) 5,427 2,908 2,519 219 301 704 606 419 451 \u2014Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX forwards 4 \u2014 4 4 0 0 0 0 0 \u2014Financial liabilities 459 \u2014 459 -38 -9 -259 -5 -5 -52 -172Financial liabilities (non-derivatives) 428 \u2014 428 -9 -9 -259 -5 -5 -52 -172Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX derivatives 31 \u2014 31 -29 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 23 \u2014 23 -2 -2 -2 -2 -2 -14 \u2014Net technical provisions 2,707 \u2014 2,707 -215 -232 -239 -222 -205 -1,300 -820Cashflows related to assets without contractual maturity are not included in the table, although they are covering the 2023 cashflows, which in the table are negative.Counterparty default risksIn Mandatum Life, the three main sources of counterparty risk are financial derivatives, reinsurance, and other receivables. Counterparty default risk arising from reinsurance or receivables from policyholders and other receivables related to commercial transactions is, however, very limited.Counterparty risk related to financial derivativesIn Mandatum Life, the default risk of derivative counterparties is a by-product of managing market risks. Mandatum Life uses interest rate derivatives and FX forwards and options to manage market risks. The counterparty risk of bilaterally settled derivatives is mitigated by careful selection of counterparties, by diversification of counterparties to prevent risk concen-trations and by using collateral arrangements, e.g. ISDA Master Agreements backed by Credit Support Annexes. Mandatum Life settles interest rate swaps in central coun-terparty clearing houses, which, while further mitigating bilateral counterparty risk, also expose to the systemic risk related to central counterparty clearing houses.Risks related to asset management activitiesMandatum Asset Management Ltd (MAM) is the asset management arm of Sampo Group and an investment firm which forms, together with its subsidiaries Mandatum AM AIFM and Mandatum Fund Management, an investment firm group. MAM offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, alternatives, and equity selection. MAM currently has approximately EUR 27 billion in client and balance sheet assets and employs more than 130 professionals.MAM\u2019s approach to managing clients\u2019 assets is character-ised by jointly investing in products with its own balance sheet, bringing economics of scale and an alignment of interests with its clients. Its investment philosophy focused on investment selection, opportunism, and patience points to its heritage as part of Sampo Group to generate strong returns for its clients.MAM\u2019s risk management follows Sampo Group\u2019s risk management principles and Mandatum Holding\u2019s risk management policy. MAM\u2019s risk management framework is in line with Mandatum Group\u2019s risk management framework. MAM\u2019s Board of Directors is responsible for the adequacy of risk management and internal control within the Company and the CEO has the overall respon-sibility for the implementation of risk management in accordance with the instructions set by the Board.MAM\u2019s most significant risk areas are operational risks, which is why operational risk management is an impor-tant part of the Company\u2019s risk management. In addition to operational risks, MAM is exposed to liquidity risk. MAM\u2019s business is financed by income financing, which consists of commission income from clients and partners. MAM has not financed its activities through external financing, so the Company does not have any related risks such as interest rate risk, exchange rate or refinancing risk. Going forward, MAM\u2019s liquidity strategy remains to seek to finance the business without external loan financing. MAM limits liquidity risk by monitoring its liquidity position on a regular basis and by maintaining a liquidity buffer. MAM also monitors its liquidity position with respect to regulatory liquidity requirements. MAM is also exposed to concentration risk with respect to its clients as most of its business is linked to clients within Sampo Group. Mandatum Life is MAM\u2019s largest client by commission income. This is not, however, considered a significant risk since Mandatum Life and MAM are both Sampo Group companies.MAM does not trade on its own account, and it is not exposed to market risk arising from its own trading book. MAM commission income is, however, strongly tied to the value of the assets it manages and, through its commis-sion income, MAM is exposed to market risk. Nonetheless, the asset portfolios MAM manages are well diversified both by asset class and sector as well as geographically.",
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"value": "Market risks at Sampo Group levelFor all subsidiaries, their insurance liabilities and the company specific risk appetite are the starting points for their investment activities. The insurance liabilities including loss absorbing buffers as well as the risk appetite of If, Topdanmark, Hastings and Mandatum differ, and as a result the structures and risks of the investment portfolios and the balance sheets of the four companies differ respectively. Sampo Group\u2019s investment assets presented in the tables and graphs in this section do not include investments in the shares of subsidiaries.The total amount of Sampo Group\u2019s investment assets as at 31 December 2022 was EUR 22,346 million (28,672) as presented in the following graph. Mandatum\u2019s investment assets presented here do not include assets which cover unit-linked contracts. Investment activities and market risk taking are arranged pro-actively in such a way that there is no significant over-lap between the wholly owned subsidiaries\u2019 single name risks except with regards to Nordic banks where the com-panies have their extra funds in short-term money market assets and cash. From the diversification of the assets of the balance sheet perspective, Topdanmark is a positive factor because the role of Danish assets is dominant in its portfolios and especially the role of Danish covered bonds is central. In Sampo Group\u2019s other insurance companies\u2019 portfolios, the weight of Danish investments has been immaterial. Even though Hastings\u2019 investment portfolio is smaller than other Group companies\u2019 portfolios, it has had a positive impact on the diversification of Sampo Group\u2019s investments. Most Hastings\u2019 assets are British investments, denominated in pound sterling, which is a market that other Sampo Group companies have very limited exposure to. Moreover, Hastings\u2019 investment portfolio consists mainly of investment-grade fixed income investments.In the next paragraphs, concentrations by homogenous risk groups and by single names are presented first and after that balance sheet level risks are discussed. Holdings by sector, geographical area and asset classRegarding fixed income and equity exposures, financial institutions and covered bonds have a material weight in the group-wide portfolios, whereas the role of public sector investments is quite limited. Most of these assets are issued by Nordic corporates and institutions, although Hastings brings some diversification in this respect. Most corporate issuers, although being based in the Nordic countries, are operating at global markets and hence their performance is not that dependent on the Nordic markets. Exposures by sector, asset class and rating are presented in the following table. Sampo considers that the balance sheet values describe the maximum exposure amount exposed to credit risk.Exposures by sector, asset class and ratingSampo Group, 31 December 2022AA+ A+ BBB+ BB+ Fixed Change - - - - income Listed Counter-from 31 EURm AAAAA-A-BBB-C D Non-ratedtotalequities Otherparty risk TotalDec 2021Basic industry 0 0 22 245 50 0 70 388 134 0 0 522 97Capital goods 0 0 141 138 88 0 151 519 585 0 0 1,103 -223Consumer products 1 29 270 413 105 0 118 935 227 0 0 1,162 -298Energy 0 12 75 0 0 0 99 186 12 0 0 199 -33Financial institutions 32 2,059 3,021 1,055 162 0 88 6,417 741 26 506 7,690 -1,235Governments 422 71 0 0 0 0 0 493 0 0 0 493 -20Government guaranteed 52 34 0 0 0 0 0 87 0 0 0 87 6Health care 0 0 18 92 139 0 56 305 35 0 0 340 -157Insurance 14 9 65 186 8 0 178 459 0 15 0 473 -144Media 0 0 0 0 0 3 30 33 0 0 0 33 -54Packaging 0 0 0 0 47 0 0 47 5 0 0 52 -20Public sector, other 651 37 0 0 0 0 0 687 0 0 0 687 -250Real estate 0 39 146 318 32 0 287 822 0 170 0 992 -1,487Services 0 0 17 85 291 0 62 455 103 5 0 563 -152Technology and electronics 0 12 29 29 5 0 80 155 110 1 0 266 -140Telecommunications 0 0 18 177 27 0 19 242 39 0 0 280 -135Transportation 0 70 57 20 18 0 118 283 7 0 0 290 -126Utilities 0 1 99 201 172 0 78 550 0 0 0 550 -168Others 0 6 0 6 13 0 121 145 0 12 0 158 44Asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 0 0Covered bonds 4,082 0 118 0 0 0 118 4,318 0 0 0 4,318 -1,618Funds 0 0 0 0 0 0 214 214 885 1,005 0 2,104 -28Clearing house 0 0 0 0 0 0 0 0 0 38 11 49 -40Total 5,253 2,378 4,097 2,966 1,158 3 1,887 17,741 2,884 1,272 517 22,413 -6,181Change from 31 Dec 2021 -1,532 10 -1,319 -401 -129 3 -1,251 -4,619 -928 -1,001 368 -6,181In the table, both fixed income instruments and listed equities include direct and indirect investments.Total assets differ from the graph Development of investments due to derivatives.Topdanmark Liv is not included in the year 2022 figures.Fixed income investments in the financial sectorSampo Group, 31 December 2022Cash and money Long-term Long-term EURm Covered bondsmarket securitiessenior debtsubordinated debt Total %Denmark 1,813 869 156 2,839 24.3%Finland 1,729 157 552 165 2,603 22.3%Sweden 44 2,028 291 127 2,490 21.3%France 520 515 283 1,318 11.3%Norway 179 328 264 771 6.6%United States 2 346 2 350 3.0%United Kingdom 62 176 2 240 2.1%Canada 32 197 230 2.0%Netherlands 161 50 211 1.8%Ireland 138 27 24 188 1.6%Iceland 56 33 89 0.8%Germany 1 81 82 0.7%Spain 40 40 0.3%Gibraltar 40 40 0.3%Switzerland 26 13 40 0.3%Luxembourg 6 34 39 0.3%New Zealand 25 25 0.2%Australia 25 25 0.2%Austria 18 18 0.2%Bermuda 16 16 0.1%Belgium 14 14 0.1%Estonia 8 8 0.1%Cayman Islands 5 5 0.0%Jersey 0 0 0.0%Total 4,318 3,302 3,087 971 11,679 100.0%Most of the financial institutions and covered bonds are in the Nordic countries, which can be seen in the table Fixed income investments in the financial sector, Sampo Group, 31 December 2022 and 31 December 2021.Fixed income investments in the financial sectorSampo Group, 31 December 2021 Cash and money Long-term Long-term EURm Covered bondsmarket securitiessenior debtsubordinated debt Total %Denmark 4,380 145 322 259 5,105 34.7%Finland 71 2,697 436 116 3,320 22.5%Sweden 822 34 600 151 1,607 10.9%France 1,197 221 14 1,432 9.7%Norway 630 427 273 1,330 9.0%United States 2 336 10 348 2.4%Ireland 72 64 168 304 2.1%United Kingdom 41 224 33 297 2.0%Canada 33 193 226 1.5%Netherlands 178 42 220 1.5%Other 76 21 97 0.7%Iceland 49 43 91 0.6%Germany \u2014 54 16 70 0.5%Spain 57 57 0.4%Gibraltar 44 44 0.3%Australia 44 44 0.3%Switzerland 40 40 0.3%Bermuda 15 10 25 0.2%New Zealand 23 23 0.2%Austria 12 12 0.1%Belgium 10 10 0.1%Estonia 8 8 0.1%Guernsey 8 8 0.1%Luxembourg 2 1 3 0.0%Italy 3 3 0.0%Cayman Islands 1 1 0.0%Total 5,937 4,309 3,346 1,134 14,726 100.0%Fixed income investments in the public sectorSampo Group, 31 December 2022Governments Public sector, EURm Governmentsguaranteedother TotalSweden 404 184 588Norway 369 369Finland 19 24 42Supranationals 135 135United Kingdom 71 71Germany 52 52France 10 10Total 493 87 687 1,267Sampo Group, 31 December 2021Governments Public sector, EURm Governmentsguaranteedother TotalSweden 496 256 752Norway 353 353Finland 20 27 234 281Supranationals 101 101Germany 45 45France 12 12Greece 0 0Total 517 84 944 1,544The public-sector exposure includes government bonds, government guaranteed bonds and other public-sector investments as shown in the tables Fixed income invest-ments in the public sector, Sampo Group, 31 December 2022 and 31 December 2021. The public sector has had a relatively minor role in Sampo Group\u2019s portfolios and these exposures have been mainly in the Nordic countries. The listed equity investments of Sampo Group totalled EUR 2,884 million at the end of year 2022 (3,812). The geographical core of Sampo Group\u2019s equity investments is in the Nordic companies. The proportion of Nordic companies\u2019 equities corresponds to 57 per cent of the total equity portfolio. This is in line with Sampo Group\u2019s investment strategy of focusing on Nordic companies. However, these Nordic companies are mainly competing in global markets, and only a few are operationally purely domestic companies. Hence, the ultimate risk is not highly dependent on the Nordic economies. A breakdown of the listed equity exposures of Sampo Group is shown in the graph Breakdown of listed equity investments by geographical regions, Sampo Group, 31 December 2022 and 31 December 2021. Largest exposures by issuer and asset classSampo Group, 31 December 2022Long-term Long-term Un- % of total Cash & short-Long-term fixed income: Long-term Long-term fixed income: collateralised investment term fixed fixed income, Government fixed income: fixed income: Tier 1 and part of Issuer Total, EURmassetsincometotalguaranteedCovered bondsSenior bondsTier 2 EquitiesderivativesNordea Bank 1,416 6% 715 699 0 496 130 73 0 2Skandinaviska Enskilda Banken 818 4% 639 178 0 65 93 20 0 1Danske Bank 801 4% 516 286 0 119 137 29 0 0Nykredit Realkredit A/S 645 3% 0 645 0 645 0 0 0 0BNP Paribas 601 3% 541 60 0 0 60 0 0 0Sweden 588 3% 0 588 0 0 588 0 0 0Realkredit Danmark 514 2% 0 514 0 514 0 0 0 0Nordax 425 2% 0 0 0 0 0 0 425 0Norway 369 2% 0 369 0 0 369 0 0 0Saxo Bank 345 2% 0 31 0 0 13 17 314 0Total top 10 exposures 6,522 29% 2,411 3,368 0 1,840 1,389 140 739 3Other 15,824 71%Total investment assets 22,346 100%Largest holdings by single nameThe largest exposures by individual issuers and counter-parties are presented in the table Largest exposures by issuer and asset class, Sampo Group, 31 December 2022 and 31 December 2021.Largest exposures by issuer and asset classSampo Group, 31 December 2021Long-term Long-term Un- % of total Cash & short-Long-term fixed income: Long-term Long-term fixed income: collateralised investment term fixed fixed income, Government fixed income: fixed income: Tier 1 and part of Issuer Total, EURmassetsincometotalguaranteedCovered bondsSenior bondsTier 2 EquitiesderivativesNykredit Realkredit 1,601 6% 966 632 0 379 191 63 0 3Nordea Bank 1,359 5% 0 1,359 0 1,354 5 0 0 0Realkredit Danmark 1,270 4% 1,197 74 0 0 71 3 0 0Jyske Realkredit 1,088 4% 813 263 0 135 104 24 6 6Danske Bank 999 3% 924 74 0 50 7 17 0 1DLR Kredit 939 3% 0 939 0 939 0 0 0 0BNP Paribas 801 3% 0 801 0 801 0 0 0 0Skandinaviska Enskilda Banken 737 3% 0 737 0 0 737 0 0 0Nordea Kredit 509 2% 0 509 0 509 0 0 0 0Sweden 387 1% 0 387 0 177 142 68 0 0Total top 10 exposures 9,689 34% 3,899 5,774 0 4,342 1,257 175 6 9Other 18,974 66%Total investment assets 28,663 100%Ten largest direct high-yield and non-rated fixed income investments and direct listed equity investmentsSampo Group, 31 December 2022Ten largest direct high-yield and non-rated% of total direct fixed fixed income investments Rating Total, EURmincome investmentsEllevio Holding 1 AB NR 60 0.4%Teollisuuden Voima BB+ 54 0.3%Saab NR 53 0.3%Granite Debtco 9 Limited NR 49 0.3%Granite Debtco 10 Limited NR 45 0.3%Huhtamaki BB+ 44 0.3%ALM Equity NR 43 0.3%Pohjolan Voima NR 41 0.3%Visma Group Holding NR 36 0.2%Schibsted NR 35 0.2%Total top 10 exposures 459 2.8%Other direct fixed income investments 15,790 97.2%Total direct fixed income investments 16,249 100.0%% of total direct Ten largest direct listed equity investments Total, EURmequity investmentsNordax* 425 21.3%Saxo Bank* 314 15.7%Volvo 131 6.6%ABB 114 5.7%Enento Group 62 3.1%Volvo Car 55 2.8%Nederman Holding 54 2.7%Husqvarna 52 2.6%Vaisala 50 2.5%Yara International 48 2.4%Total top 10 exposures 1,306 65.5%Other direct equity investments 689 34.5%Total direct equity investments 1,995 100.0%*Although Nordax and Saxo Bank are not listed companies, they are major equity investments in Sampo plc\u2019s portfolio and are therefore included in the table.Topdanmark Liv is not included in the year 2022 figures.The largest high-yield and non-rated fixed income investment single-name exposures are presented in the table Ten largest direct high-yield and non-rated fixed income investments, Sampo Group, 31 December 2022. Furthermore, the largest direct listed equity exposures are presented in the table Ten largest direct listed equity investments, Sampo Group, 31 December 2022 and 31 December 2021.The exposures in fixed income instruments issued by non-investment grade issuers are significant because a relatively small number of Nordic companies are rated. Furthermore, many of the Nordic rated companies have a high-yield rating.Ten largest direct high-yield and non-rated fixed income investments and direct listed equity investmentsSampo Group, 31 December 2021Ten largest direct high-yield and non-rated% of total direct fixed fixed income investments Rating Total, EURmincome investmentsHigh Street Shopping NR 151 0.7%Nykredit Realkredit NR 116 0.6%TDC B 91 0.4%Trevian Finland Properties I NR 82 0.4%Danmarks Skibskredit NR 73 0.4%Realkredit Danmark NR 64 0.3%Sponda NR 63 0.3%GN Store Nord NR 62 0.3%Saab NR 59 0.3%Ellevio Holding NR 57 0.3%Total top 10 exposures 818 4.0%Other direct fixed income investments 19,847 96.0%Total direct fixed income investments 20,664 100.0%% of total direct Ten largest direct listed equity investments Total, EURmequity investmentsSaxo Bank* 343 11.8%Volvo 158 5.4%Volvo Car 142 4.9%ABB 135 4.7%Husqvarna 112 3.9%Nobia 97 3.3%Enento Group 96 3.3% Vaisala 78 2.7%Nederman Holding 74 2.6%Veidekke 67 2.3%Total top 10 exposures 1,301 44.8%Other direct equity investments 1,601 55.2%Total direct equity investments 2,902 100.0%* Although Saxo Bank is not a listed company, it is a major equity investment in Sampo plc\u2019s portfolio and is therefore included in the table.Balance sheet concentrationsIn general, Sampo Group is structurally dependent on the performance of the Nordic economies as already described earlier. Sampo Group is also economically exposed to a fall in interest rates. This follows from the duration of insurance liabilities being longer than fixed income asset duration in If and Mandatum Life. This is being partially mitigated by Mandatum receiving fixed interest rate swaps to hedge some of the long-dated interest rate risk inherent in its technical provisions. In Topdanmark and Hastings the interest rate risk of the balance sheet is being actively hedged and hence Topdanmark or Hastings are not increasing interest rate risk materially at the Group level. Sampo Group benefits when interest rates rise, as the economic value of insurance liabilities decreases more than the value of assets backing them.Market risksThe total market value of If\u2019s investment portfolio at 31 December 2022 was EUR 10,719 million (11,610). A large part of the fixed income portfolio was concentrated to Financials.Corporate bonds issued by financial institutions and bank account balances amounted to 28.7 per cent of the fixed income portfolio. When including covered bonds, the concentration to financial institutions was 55.3 per cent. The remainder consists of real estate and private equity.The composition of the If investment portfolios by asset class at year end 2022 and at year end 2021, as well as average maturities of fixed income investments, are shown in the table Investment allocation, If, 31 December 2022 and 31 December 2021.If\u2019s investment management strategy is conservative, with a low equity share and low fixed-income duration. The Investment Policy is the principal document for managing market risk. Starting from January 2023, If has a separate Responsible Investment Policy, expanding the scope of the responsible investment processes and increasing alignment across the Sampo Group. Both investment performance and market risk are actively monitored and controlled by the Investment Control Committee monthly and reported to the Own Risk and Solvency Assessment Committee (\u201cORSA Committee\u201d) on a regular basis. Other limits, such as the allocation limits, issuer and counterparty limits, sensitivity limits for interest rates and credit spreads as well as the regulatory capital requirements are regularly monitored.Investment allocationIf, 31 December 2022 and 31 December 20212022 2021Market value,Average maturity, Market value, Average maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 9,541 89% 2.9 9,949 86% 2.3Money market securities and cash 272 3% 0.0 1,166 10% 0.1Government bonds 1,030 10% 3.5 1,190 10% 4.3Credit bonds, funds and loans 8,239 77% 2.9 7,593 65% 2.4Covered bonds 2,505 23% 3.0 1,803 16% 2.0Investment grade bonds and loans 3,649 34% 2.8 3,130 27% 2.1High-yield bonds and loans 1,088 10% 2.7 1,499 13% 2.7Subordinated / Tier 2 555 5% 2.9 629 5% 3.6Subordinated / Tier 1 442 4% 3.0 532 5% 2.9Hedging swaps 0 0% - 0 0% -Listed equity total 1,169 11% - 1,646 14% -Finland 0 0% - 0 0% -Scandinavia 630 6% - 1,171 10% -Global 539 5% - 475 4% -Alternative investments total 5 0% - 15 0% -Real estate 1 0% - 1 0% -Private equity 4 0% - 14 0% -Biometric 0 0% - 0 0% -Commodities 0 0% - 0 0% -Other alternative 0 0% - 0 0% -Trading derivatives 4 0% - 0 0% -Asset classes total 10,719 100% - 11,610 100% -FX Exposure, gross position 73 - - 124 - -Market risks of balance sheetAsset and liability management riskThe ALM risk is considered through the risk appetite framework and its management and governance are based on If\u2019s investment policies. To maintain the ALM risk within the overall risk appetite, the technical provisions may be matched by investing in fixed income instruments and by using currency and interest rate derivatives. Interest rate riskIf is negatively affected when interest rates are decreasing or remaining at low levels, as the duration of liabilities in If is longer than the duration of assets. During 2022, inter-est rates increased considerably compared to the previous year and If invested in instruments with somewhat longer maturities. Interest rate sensitivity in terms of the average duration of fixed income investments was 1.9 years on 31 December 2022 (1.1). The respective duration of insurance liabilities was 5.3 years (7.0). The overall interest rate risk is managed by sensitivity limits for instruments sensitive to interest rate changes.The technical provisions are under IFRS 4 predominantly stated in nominal terms on the balance sheet. However, the economic value of these provisions, meaning the present value of future claims payments, is exposed to changes in interest rates. Furthermore, If is exposed to changes in future inflation. For more information see the table Sensitivities of technical provisions, If, 31 December 2022 and 31 December 2021 in the section Underwriting risks.Currency riskIf writes insurance policies that are mostly denominated in the Scandinavian currencies and in the euro. The currency risk is reduced by matching technical provisions with investment assets in the corresponding currencies or by using currency derivatives. The currency exposure in insurance operations is hedged to the base currency on a regular basis. The currency exposure in investment assets is controlled weekly and hedged when the exposure has reached a specific level, set with respect to cost efficiency and minimum transaction size. An active currency management can be performed within set limits. Transaction risk positionIf, 31 December 2022 and 31 December 2021Base currency, SEKm EUR USD JPY GBP SEK NOK CHF DKK Other Total, netInsurance operations -3,742 -218 0 -34 -11 -2,318 -5 -1,029 -25 -7,381Investments 2,304 297 1 11 108 2,071 4 263 1 5,058Derivatives 1,370 -113 13 16 -78 229 2 760 13 2,211Transaction risk, net position -68 -34 13 -8 19 -18 1 -6 -11 -112Sensitivity: SEK -10% -7 -3 1 -1 2 -2 0 -1 -1 -11Base currency, SEKm EUR USD JPY GBP SEK NOK CHF DKK Other Total, netInsurance operations -3,555 -151 0 -17 -37 -2,197 -2 -932 -19 -6,911Investments 1,925 387 0 4 71 2,289 0 423 1 5,100Derivatives 1,562 -246 0 9 -45 -94 2 489 13 1,692Transaction risk, net position -67 -9 0 -4 -11 -1 1 -21 -5 -119Sensitivity: SEK -10% -7 -1 0 0 -1 0 0 -2 0 -12The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a base currency other than SEK.The transaction risk positions against the Swedish krona are shown in the tables Transaction risk position, If, 31 December 2022 and 31 December 2021. The table shows the net transaction risk exposures and the changes in the value of positions given a 10 per cent decrease in the value of the base currency.In addition to transaction risk, If is also exposed to translation risk which at a Group level stems from foreign operations with other base currencies than SEK.Market risksIn general, the long-term value creation shall be based mainly on the acceptance of insurance risks. To supple-ment the Group\u2019s profit from its insurance activities, Topdanmark accepts a certain level of financial market risks as well, given its strong liquidity position and stable, high earnings from insurance operations. Hence, in addition to fixed income instruments, Topdanmark has invested, among other things, in equities and properties to improve the average investment return.Market risks are limited to the extent that is considered appropriate, so that the negative P/L effect is limited in very unfavourable financial market scenarios. Large risk exposures or highly correlated risks are covered to prevent unnecessary losses and market risks originating from insurance operations. The investment portfolio shall be managed in a way that market risk taking shall not endanger the normal operations or implementation of planned actions in unfavourable market conditions. To reach the general goals, the investment policy sets the company\u2019s objectives, strategies, organisation, and reporting practices on investments. The investment strategy is more precisely determined in terms of market risk limits and specific requirements for certain types of positions and sub-portfolios (risk appetite). The invest-ment strategy is determined by the Board and revised at least once a year. Appropriate financial risk mitigation techniques are used.When selecting the investment assets, a portfolio compo-sition that matches the risk features of the corresponding liabilities is sought. The purpose of the investment policy is also to ensure that the company has effectively implemented the organisation, systems, and processes necessary to identify, measure, monitor, manage and report on investment risks to which it is exposed.When market risks are measured and managed, all exposures are included, regardless of whether they arise from active portfolio management of investments or from annuities considered to be a market risk. As of 1 December 2022, when the closing deal between Topdanmark Forsikring and Nordea was finalised, the new investment department took over all front office capabilities of Topdanmark Forsikring. The investment policy and thereby the overall risk profile and strategic asset allocation is mainly unchanged. However, the investment strategy has been altered. As part of the closing deal, the co-investing (\u201csaminvestering\u201d) between Topdanmark Forsikring and Topdanmark Livsforsikring has been terminated. The exposures have been shifted to ETFs (Exchange Traded Funds). The original asset classes and geographical exposures are unchanged. The one exception is CLOs which have in part been replaced with a High-Yield ETF (EUR). The main idea of these changes is to keep the risk profile unchanged and use index trackers to get the right exposures that comply with risk limits, ESG policy, etc.Asset allocations and investment performance: Topdanmark ForsikringThe equity portfolios are well diversified and without major single positions when associated companies are disregarded.The main investment assets are government and mortgage bonds, which comprise primarily Danish mortgage bonds. The assets in this asset class are interest Investment allocations Topdanmark, 31 December 2022 and 31 December 2021Topdanmark Non-life Topdanmark Life31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021Market value, Market value, Market value, Market value, Asset classEURm Weight, %EURm Weight, % EURm Weight, %EURm Weight, %Fixed income total 2,422 94% 1,863 89% 2,916 71%Money market securities and cash 544 21% 83 4% 220 5%Government and mortgage bonds 1,722 67% 1,582 76% 2,376 58%Credit bonds 39 2% 5 \u2014% 110 3%Index-linked bonds 91 4% 100 5% 125 3%CLOs 26 1% 93 4% 84 2%Listed equity total 111 4% 120 6% 358 9%Denmark 25 1% 28 1% 85 2%Scandinavia 2 \u2014% 2 \u2014% 5 \u2014%Global 85 3% 91 4% 268 7%Alternative investments total 35 1% 110 5% 816 20%Real estate 0 \u2014% 59 3% 334 8%Unlisted equities and hedge funds 35 1% 50 2% 482 12%Trading derivatives 1 \u2014% 3 \u2014% 14 \u2014%Asset classes total 2,569 100% 2,095 100% 4,104 100%The exposure in equities outside Denmark and credit bonds has been adjusted by the use of derivatives. Unlisted equities and hedge funds include also private equity and direct holdings in non-listed equities.rate-sensitive and to a significant extent equivalent to the total interest rate sensitivity of the non-life insurance provisions. Consequently, the return on government and mortgage bonds should be assessed in connection with return and revaluation of non-life insurance provisions. Credit bonds are composed of a minor share of a well- diversified portfolio, primarily exposed to businesses in Europe.Index-linked bonds comprise bonds \u2013 primarily Danish mortgage bonds \u2013 for which the coupon and principal are index-linked.Market risks of balance sheetInterest rate riskInterest rate risk is calculated for assets, liabilities, and derivative instruments, for which the carrying amount is dependent on the interest rate level. Regarding insurance liabilities, Topdanmark is exposed to interest rate risk due to provisions for outstanding claims.Shifting the market yield curve upwards and downwards or changing its shape leads to changed market values of assets and derivatives and thus to unrealised gains or losses.When assessing the value and sensitivity of insurance provisions Topdanmark has used the Solvency II discount curve that has its basis on a market yield curve with a volatility adjustment (\u201cVA\u201d). The VA component of DKK yield curve comprises a corrective element based on the spreads of Danish mortgage bonds and European credit bonds.Generally, the interest rate risk is limited and controlled by investing in interest-bearing assets in order to reduce the overall interest rate exposure of the assets and liabilities to the desired level. Therefore, the Danish mortgage bonds and government bonds have a central role in the asset portfolios. To further reduce the interest rate sensitivity of the balance sheet, interest rate swaps have been used for hedging purposes. Equity riskThe Danish part of the equity portfolio is composed based on the OMXCCAP index and is approximated by the ETF Xact OMXC25. The rest of the equity holdings are in the foreign equity portfolio that seeks to track the MSCI World DC index by the relevant geographical ETF in USA, Europe and Japan. As a result, Topdanmark\u2019s equity holdings are well-diversified.Real estate riskReal estate risk is limited to properties in own use and located in Ballerup and Viby. The properties are valued in accordance with the rules of the Danish FSA i.e., at market value taking the level of rent and the terms of the tenancy agreements into consideration.Spread riskMost of Topdanmark\u2019s interest-bearing assets comprise of AAA rated Danish mortgage bonds. The risk of losses is minor due to the high credit quality of the issuers and because investments have been made at spreads that are in balance with Topdanmark\u2019s desired risk ratio levels. The portfolio is well diversified both geographically and by issuer type and, therefore, the exposure to concentra-tion risk is insignificant.The investment policy stipulates that the portfolio must be well diversified by the number of counterparties and by the amount of exposure to individual counterparties. The main source of spread risk is the mortgage bonds. Due to high allocation of these investments in the portfolios, spread risk is the most material source of market risk SCR. Currency riskIn practice, the investment assets are the only source of currency risk while the insurance liabilities are in Danish krones. The currency risk is mitigated by derivatives, and net exposures in different currencies are minor except in the euro.The currency risk is assessed based on SCR. The value of the base currency is shocked by 25 per cent against most of the currencies except against the euro where the largest exposure exists, and the shock is 0.39 per cent, because the Danish krone is pegged to the euro. Inflation riskFuture inflation is implicitly included in the models Top-danmark uses to calculate its provisions. The provisions are calculated based on the expected future indexation of wages and salaries.An expected higher future inflation rate would generally be included in the provisions with a certain time delay, while at the same time the result would be impacted by higher future indexation of premiums. To reduce the risk of inflation within Workers\u2019 compensation, Topdanmark uses index-linked bonds and derivatives to hedge a significant proportion of the expected cash flows sensitive to future inflation.Market risksRising yields have reduced market value in line with expectation \u2013 losses recognised through reserves in the balance sheet and Solvency II impact offset by reduction in claims. The fixed income portfolio is held to maturity and had no realised losses incurred. The book yield has increased significantly during the year, supporting profitability. 2022 also saw an increased focus on ESG initiatives within Hastings Group; Advantage became a signatory to the UN Principles of Investment, and in Q3 2022 Hastings Group committed to the Science based Target initiative (SBTi). The Advantage investment portfolio maintains an ESG rating of AA, exceeding the ESG rating requirement of A defined in the Responsible Investment Framework. The ESG overall score for the investment portfolio increased to 7.6, above the benchmark by 0.6. The Hastings Board are committed to decarbonisation of the core investment portfolio, reducing carbon intensity by 50 per cent by 2030 with the aim to be net zero by 2050.Hastings\u2019 investment portfolio has been designed to generate a targeted return whilst operating within the conservative risk appetite parameters set by the Board. Management aims to prudently operate within its risk appetite. The risk appetite includes a low appetite for losses arising from the volatility of market prices affecting values of assets and liabilities and for assets not matching the profile of liabilities. As a result, the investment strategy includes a limited amount of equity exposure.The core investment portfolio of debt securities, supplemented by a diversified portfolio of holdings in collective investment schemes, is held by Advantage. The Advantage Board works with the investment managers and investment consultants to maximise return whilst minimising risk and preserving capital. The criteria for Investment allocationHastings, 31 December 2022 and 31 December 20212022 2021Market Average Market Average value, maturity,value, maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 1,287 98% 3.3 1,095 97% 3.6Money market securities and cash 246 19% 159 14% 0.0Government bonds 71 5% 0.1 0 0% 0.0Credit bonds, funds and loans 970 74% 4.3 936 83% 4.2Covered bonds 0 0% 0.0 0 0% 0.0Investment grade bonds and loans 954 72% 4.4 921 82% 4.1High-yield bonds and loans 16 1% 4.0 15 1% 4.5Subordinated / Tier 2 0 0% \u2014 0 0% \u2014Subordinated / Tier 1 0 0% \u2014 0 0% \u2014Hedging swaps 0 0% \u2014 0 0% \u2014Listed equity total 0 0% \u2014 0 0% \u2014UK 0 0% \u2014 0 0% \u2014Global 0 0% \u2014 0 0% \u2014Alternative investments total 32 2% \u2014 30 3% \u2014Real estate 0 0% \u2014 0 0% \u2014Private equity 0 0% \u2014 0 0% \u2014Biometric 0 0% \u2014 0 0% \u2014Commodities 0 0% \u2014 0 0% \u2014Other alternative 32 2% \u2014 30 3% \u2014Trading derivatives 0 0% \u2014 0 0% \u2014Asset classes total 1,320 100% \u2014 1,125 100% \u2014FX Exposure, gross position 0 0% \u2014 0 0% \u2014the portfolio structure, classes of holdings and individual limits are consistent with a very low risk appetite. These investment rules are monitored on a quarterly basis inter-nally and using an external consultancy. The monitoring outputs are provided to the Investment Committee and Risk & Compliance Committee quarterly. Advantage made no direct use of derivatives during the period. Derivatives are, however, utilised within Investment Funds in which Advantage has a share, both for hedging purposes and to generate additional return.Interest rate riskAdvantage manages balance sheet interest rate risk prin-cipally through matched duration of assets and liabilities, meaning that interest rates are aligned as far as possible, and interest rate risk is reduced. This is monitored in the quarterly Investment Committee meeting and includes adherence to tight duration mismatch tolerances, which form part of the relevant risk appetite statement.Market risksThis section covers market risk related to Mandatum Life\u2019s with-profit business, i.e. that part of the business where Mandatum Life carries the investment risk. As mentioned earlier, the behaviour of financial markets has also an influence on unit-linked business since normally the company\u2019s fee income is linked to policy reserves in unit-linked policies. This risk is considered as part of expense risk.In Mandatum Life, the approach to market risk management is based on an analysis of technical provisions\u2019 expected cash flows, the interest rate level and the current solvency position, i.e. active Asset and Liability Management. A common feature for all with-profit technical provisions is the guaranteed rate and bonuses. The cash flows of life insurance technical provisions are generally predictable because in most of the company\u2019s with-profit policies, surrenders and additional investments are not possible.Mandatum Life\u2019s market risks arise mainly from equity investments, the credit risk of fixed income investments and interest rate risk related to assets and insurance liabilities with a guaranteed interest rate. The most significant interest rate risk in the life insurance business is that fixed income investments and hedging derivatives will not, over a long period of time, generate a return at least equal to the guaranteed interest rate of technical provisions. The probability of this risk increases when market interest rates fall and stay at a low level. The duration gap between the balance sheet\u2019s technical provisions and fixed income investments is constantly monitored and managed. Control levels based on an internal risk capacity model are used to manage and ensure adequate capital in different market situations.The majority of the investment portfolio is invested in fixed income and listed equity investments, but the role of alternative investments \u2013 real estate, private equity and private credit funds \u2013 is also material, being 16 per cent of total investments. During the year 2022, Mandatum Life has also established an asset portfolio within the investment portfolio, a so-called ALM hedging portfolio. This portfolio includes hedging instruments, currently interest rate swaps, which are meant to hedge the interest rate risk of technical provisions.Investment allocations and average maturities of fixed income investments as at year end 2022 and 2021 are presented in the table Investment allocation, Mandatum Life, 31 December 2022 and 31 December 2021.Investment allocationMandatum Life, 31 December 2022 and 31 December 202131 Dec 2022 31 Dec 2021Market value,Average maturity, Market value, Average maturity, Asset classEURm Weight, %yearsEURm Weight, %yearsFixed income total 2,869 66 2.6 3,231 62 2.7Money market securities and cash 372 9 0.0 585 11 0.0Government bonds 0 \u2014 0.0 0 \u2014 0.0Credit bonds, funds and loans 2,497 58 2.9 2,645 51 3.2Covered bonds 0 \u2014 0.0 0 \u2014 0.0Investment grade bonds and loans 1,091 25 3.1 1,056 20 3.0High-yield bonds and loans 1,079 25 2.8 1,240 24 3.3Subordinated / Tier 2 173 4 2.4 148 3 3.0Subordinated / Tier 1 156 4 3.5 200 4 4.1Hedging swaps -2 \u2014 \u2014 0 \u2014 0.0Listed equity total 784 18 \u2014 1,233 24 0Finland 329 8 \u2014 543 10 0Scandinavia 0 \u2014 \u2014 0 \u2014 0Global 455 11 \u2014 690 13 0Alternative investments total 673 16 \u2014 770 15 0.0Real estate 172 4 \u2014 191 4 0.0Private equity* 249 6 \u2014 293 6 0.0Private Credit Funds 252 6 \u2014 286 5 0.0Asset classes total 4,327 100 \u2014 5,233 100 0.0FX Exposure, gross position 110 \u2014 \u2014 139 \u2014 0.0The total investment allocation of Mandatum Life is equal to EUR 4,327 million. When EUR 7 million of intra-group assets, EUR 24 million of accrued interest, EUR 372 million of cash, EUR 172 million of real estate and an adjustment of EUR 1 million to the value of loans and receivables are deducted and EUR 25 million of derivatives are added, the total is equal to EUR 3,776 million, which corresponds to the sum of Mandatum\u2019s financial assets on Sampo Group\u2019s balance sheet. By further deducting EUR 0.8 million of financial assets belonging to Mandatum Asset Management Group, the total is equal to EUR 3,775 million, which is equal to Mandatum Life\u2019s financial assets.* Private equity also includes direct holdings in non-listed equities.Balance sheet market riskThe Board of Directors of Mandatum Life approves annually the Investment Policy, which covers both the segregated assets and the company\u2019s other assets that carry investment risk. This policy sets principles and limits for investment portfolio activities and they are based on the features of insurance liabilities, risk taking capacity and shareholders\u2019 return requirements. The Risk Management Policy defines the risk-bearing capacity and the corresponding control levels for the respective portfolio for segregated assets. Since the future bonus reserves of the segregated group pension portfolio is the first buffer against possible investment losses, the risk-bearing capacity is also based on the amount of the future bonus reserve. Different control levels are based on the fixed stress scenarios of assets.The Risk Management Policy also defines the company- level risk-bearing capacity, the control levels for the maximum acceptable risk and the respective measures to manage the risk positions. The control levels are set above the Solvency II SCR and are based on Sampo Group\u2019s risk management principles. The general objective of these control levels and respective guidelines is to maintain the required solvency. If the above-mentioned control levels are breached, the CRO reports to the Board, which then takes the responsibility for decisions regarding capitalisa-tion and market risks on the balance sheet. The cash flows of Mandatum Life\u2019s with-profit technical provisions are relatively predictable, because in most of the company\u2019s with profit products, surrenders and premiums are restricted. In addition, the company\u2019s claims costs do not contain a significant inflation risk element.The long-term target for investments is to provide enough return to cover the guaranteed interest rate plus discretionary bonuses based on the principle of fairness, as well as the shareholder\u2019s return requirement, with an acceptable level of risk. In the long run, the most significant risk is that assets will not generate an adequate return compared to the applied discount rate. As mentioned earlier, one way to mitigate this risk is by hedging the interest rate risk of technical provisions with interest rate swaps.In addition to investment and capitalisation decisions, Mandatum Life has implemented active measures on the liability side to manage the balance sheet-level interest rate risk. The company has reduced the minimum guaranteed interest rate in new contracts, supplemented the technical provisions with discount rate reserves and adjusted policy terms and conditions as well as policy administration processes to enable more efficient interest rate risk management. Interest rate riskMandatum Life is negatively affected when rates are decreasing or staying at low levels, because the duration of insurance liabilities is longer than the duration of assets. A growing part of Mandatum Life\u2019s business, i.e. unit-linked and risk insurance business, is not interest rate sensitive, which mitigates the whole company\u2019s interest rate risk. The average duration of fixed income investments exclud-ing the hedging portfolio was 1.9 years. The respective duration of the insurance liabilities was around 8 years. Interest rate risk is managed at the balance sheet level by changing the duration of assets and by using interest rate derivatives.Currency riskCurrency risk can be divided into transaction and translation risk. Mandatum Life is exposed to transaction risk, which refers to currency risk arising from contractual cash flows in foreign currencies.In Mandatum Life, transaction risk arises mainly from investments in other currencies than the euro as the company\u2019s technical provisions are denominated in the euro. Open FX exposures are managed within limits given in the Investment Policy. Mandatum Group\u2019s transaction risk is mainly composed of Mandatum Life\u2019s transaction risk as Mandatum Asset Management only has a very limited SEK exposure. The transaction risk positions of Mandatum Life against the euro as at year ends 2022 and 2021 are shown in the tables Transaction risk position, Mandatum Life, 31 December 2022 and 31 December 2021. The tables show the net transaction risk exposures and the changes in the value of positions given a 10 per cent decrease in the value of the base currency.Transaction risk positionMandatum Group, 31 December 2022Base currency, EURm EUR USD JPY GBP SEK NOK CHF DKK Muut Total, netTechnical provisions 0 0 0 0 0 0 0 0 0 0 Investments 0 514 1 119 45 10 22 9 147 867 Derivatives 0 -518 0 -125 -49 -9 -29 -14 -68 -812 Transaction risk, net position 0 -4 1 -6 -4 1 -7 -5 79 55 Sensitivity: EUR -10% 0 0 0 -1 0 0 -1 -1 8 6 Base currency, EURm EUR USD JPY GBP SEK NOK CHF DKK Muut Total, netTechnical provisions 0 0 0 0 -1 0 0 0 0 -1 Investments 0 538 0 145 60 11 55 26 214 1,050 Derivatives 0 -518 0 -142 -58 -9 -48 -25 -122 -922 Transaction risk, net position 0 21 0 4 2 2 7 1 92 127 Sensitivity: EUR -10% 0 2 0 0 0 0 1 0 9 13 ",
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"value": "Liquidity riskIf\u2019s liquidity risk is limited since premiums are collected in advance and large claim payments are usually known a long time before they fall due. Liquidity risks are managed by cash management functions which are responsible for liquidity planning. Liquidity risk is also reduced by investing in assets that are readily marketable in liquid markets.Cash flows according to contractual maturityIf, 31 December 2022Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 12,569 1,464 11,105 3,257 2,178 1,811 2,023 2,266 862 0Financial assets (non-derivatives) 12,515 1,464 11,050 3,206 2,177 1,811 2,023 2,266 862 0Interest rate swaps 4 0 4 3 1 0 0 0 0 0FX derivatives 50 0 50 48 0 0 0 0 0 0Financial liabilities 1,065 48 1,017 -874 -8 -35 -138 0 0 0Financial liabilities (non-derivatives) 1,058 48 1,010 -868 -8 -35 -138 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 7 0 7 -6 0 0 0 0 0 0Lease liabilities 160 0 160 -26 -23 -23 -22 -18 -59 0Net technical provisions 8,473 8,473 0 -3,492 -1,047 -585 -423 -341 -1,790 -1,777In the table, financial assets and liabilities are divided into contracts that have an exact contractual maturity profile, and other contracts. The carrying amount is shown for the other contracts. In addition, the table shows expected cash flows for net technical provisions, which by nature, are associated with some uncertainty.The maturities of technical provisions, financial assets and liabilities as well as lease liabilities are presented in the tables Cash flows according to contractual maturity, If, 31 December 2022 and 31 December 2021. The average maturity of fixed income investments was 2.9 years (2.3). The table shows the financing requirements resulting from expected cash inflows and outflows arising from financial assets and liabilities as well as technical provisions.If has a relatively low amount of financial liabilities and thus the refinancing risk is small.Cash flows according to contractual maturityIf, 31 December 2021Carrying Cash flowsCarrying amount without Carrying amount amount contractual with contractual 2027\u2013 EURmtotalmaturitymaturity2022 2023 2024 2025 20262036 2037\u2013Financial assets 13,359 2,182 11,177 4,225 1,846 2,128 1,440 1,334 526 0Financial assets (non-derivatives) 13,342 2,182 11,160 4,209 1,845 2,127 1,440 1,334 526 0Interest rate swaps 1 0 1 1 0 1 0 0 0 0FX derivatives 17 0 17 15 0 0 0 0 0 0Financial liabilities 997 44 953 -686 -102 -4 -33 -148 0 0Financial liabilities (non-derivatives) 990 44 946 -678 -102 -4 -33 -148 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 8 0 8 -8 0 0 0 0 0 0Lease liabilities 167 0 167 -24 -22 -21 -20 -19 -71 0Net technical provisions 8,712 8,712 0 -3,326 -989 -524 -361 -289 -1,712 -1,950Liquidity riskTopdanmark Group has a strong liquidity position. Firstly, as premiums are paid in the beginning of the coverage period the liquidity risk related to customers\u2019 payments is very limited. Secondly, the combination of insurance businesses is of a character in which it is highly unlikely that a liquidity shock could occur, as insurance liabilities are by their nature stable liabilities and money market investments in asset portfolios are complemented by a large portfolio of liquid listed Danish government and mortgage bonds. Experience from quite significant and sudden movements in long-term interest rates have confirmed that the liquidity of these assets is not significantly affected by market shocks. The maturity structure of technical provisions and the bond portfolio is presented in the following table.Expected cash flows for provisions and the bond portfolioTopdanmark, 31 December 2022 and 31 December 2021Cash flow yearsCarrying EURmamount 1 2\u20136 7\u201316 17\u201326 27\u201336 >36Provisions for claims2021 1,882 -601 -735 -400 -155 -60 -142022 1,426 -563 -648 -250 -102 -53 -12Life insurance provisions guarantees and profit sharing2021 3,001 -285 -988 -1,268 -500 -140 -382022 0 0 0 0 0 0 0Bond portfolio including interest rate derivatives2021 4,176 1,550 1,483 1,894 501 0 02022* 1,818 1,092 1,046 342 76 5 0* Excludes Topdanmark Life\u2019s bond portfolio.The expected cash flows of the bond portfolio are calculated based on option-adjusted durations that are used to measure the duration of the bond portfolio. The option adjustment relates primarily to Danish mortgage bonds and reflects the expected duration capturing the shortening effect of the borrower\u2019s option to have the bond be redeemed through the mortgage institution at any point in time.Liquidity risksAdvantage maintains a short duration and highly liquid portfolio. Cash and cash equivalent balances are held in current accounts or short-term money market instruments. These are generally less than 60 days in duration, with low sensitivity to movements in interest rates compared to longer duration assets. The liquidity profile and cashflow of investments is monitored at the quarterly Investment Committee to ensure Advantage can meet its liabilities into the future.Cash flows according to contractual maturityHastings, 31 December 2022Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 1,320 306 1,014 249 138 301 247 79 0 0Financial assets (non-derivatives) 1,320 306 1,014 249 138 301 247 79 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Financial liabilities 73 0 73 -29 -46 0 0 0 0 0Financial liabilities (non-derivatives) 73 0 73 -29 -46 0 0 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 14 0 14 -5 -5 -2 -1 0 0 0Net technical provisions 1,060 1,060 0 -451 -225 -149 -81 -53 -58 -44Advantage\u2019s investment managers actively manage liquidity risk in the portfolio to ensure that bonds can be sold efficiently to meet cash needs. Informed by market data, they look to purchase bonds with less than 5 years since the issue date, larger issue sizes and which trade regularly. Liquidity scoring is conducted by Advantage\u2019s investment managers, based on time since issue, issue size, traded volumes and observed bid-ask spreads. Cash flows according to contractual maturityHastings, 31 December 2021Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity2022 2023 2024 2025 20262036 2037\u2013Financial assets 1,125 217 908 253 187 121 201 143 3 0Financial assets (non-derivatives) 1,125 217 908 253 187 121 201 143 3 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Financial liabilities 329 0 329 -10 -21 -9 -302 0 0 0Financial liabilities (non-derivatives) 329 0 329 -10 -21 -9 -302 0 0 0Interest rate swaps 0 0 0 0 0 0 0 0 0 0FX derivatives 0 0 0 0 0 0 0 0 0 0Lease liabilities 15 0 15 -4 -4 -4 -2 -1 -1 0Net technical provisions 840 840 0 -345 -191 -121 -57 -39 -47 -40However, in Mandatum Life, only a relatively small part of the insurance policies can be surrendered, and it is therefore possible to forecast short-term cash flows related to claims payments with very high accuracy.The maturities of technical provisions and financial assets and liabilities as well as lease liabilities are presented in the tables Cash flows according to contractual maturity, Liquidity risksLiquidity risk is relatively immaterial for Mandatum Life\u2019s with-profit business because liability cash flows in most lines of business are stable and predictable and an adequate share of the investment assets is in cash or short-term money market instruments. However, the use of derivatives requires that collateral management is aligned with the liquidity management and appropriate escalation processes are in place.In life insurance companies in general, a large change in surrender rates could influence the liquidity position. Mandatum Group, 31 December 2022 and 31 December 2021. The average maturity of fixed income investments was 2.6 years in Mandatum Life. The tables show the financing requirements resulting from expected cash inflows and outflows arising from financial assets and liabilities as well as technical provisions and lease liabilities.Cash flows according to contractual maturityMandatum Group, 31 December 2022 and 31 December 2021Cash flowsCarrying Carrying amount without amount with Carrying contractual contractual 2028\u2013 EURmamount totalmaturitymaturity2024 2025 2026 20272037 2038\u2013Financial assets 4,610 2,214 2,396 330 640 571 515 427 435 \u2014Financial assets (non-derivatives) 4,587 2,214 2,373 307 640 571 515 427 435 \u2014Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX forwards 23 \u2014 23 23 0 0 0 0 0 \u2014Financial liabilities 405 \u2014 405 -362 -263 -8 -8 -8 -78 -183Financial liabilities (non-derivatives) 402 \u2014 402 -362 -263 -8 -8 -8 -77 -183Interest rate swaps 2 \u2014 2 \u2014 -1 \u2014 \u2014 \u2014 -1 \u2014FX derivatives 0 \u2014 0 0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 21 \u2014 21 -2 -2 -2 -2 -2 -13 \u2014Net technical provisions 2,493 \u2014 2,493 -242 -229 -225 -205 -177 -114 -683Carrying Carrying Cash flowsamount without amount with Carrying contractual contractual 2027\u2013 EURmamount totalmaturitymaturity2023 2024 2025 20262036 2037\u2013Financial assets 5,431 2,908 2,523 223 301 704 606 419 451 \u2014Financial assets (non-derivatives) 5,427 2,908 2,519 219 301 704 606 419 451 \u2014Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX forwards 4 \u2014 4 4 0 0 0 0 0 \u2014Financial liabilities 459 \u2014 459 -38 -9 -259 -5 -5 -52 -172Financial liabilities (non-derivatives) 428 \u2014 428 -9 -9 -259 -5 -5 -52 -172Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014FX derivatives 31 \u2014 31 -29 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 23 \u2014 23 -2 -2 -2 -2 -2 -14 \u2014Net technical provisions 2,707 \u2014 2,707 -215 -232 -239 -222 -205 -1,300 -820Cashflows related to assets without contractual maturity are not included in the table, although they are covering the 2023 cashflows, which in the table are negative.",
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