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Summary of material
accounting principles
Sampo 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 2023. The group subsidiaries have insurance
and financing 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 preparation
Sampo Group has prepared the consolidated financial
statements for 2023 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 on 31 December 2023.
In the financial year of 2023, Sampo adopted two new
standards IFRS 17 Insurance Contracts and IFRS 9
Financial Instruments. The impact of these two
standards on the Group\u2019s financial statements reporting
is described in the section IFRS 17 and IFRS 9 transition.
The annual improvements or other amendments to the
standards, adopted at the beginning of 2023, had no
material impact 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 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 6 March 2024. 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.
Consolidation
Subsidiaries
The consolidated financial statements combine the
financial statements of Sampo plc and all its
subsidiaries. Companies in which the Group has control
are consolidated as 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-controlling 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.
Non-controlling interests
The 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 translation
The 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
transactions and monetary balance sheet items
denominated in foreign currencies into functional
currency are recognised as translation gains and losses
in profit or loss. During comparative period, exchange
differences arising from non-monetary financial assets
classified as available-for-sale financial assets were
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.
The following exchange rates were applied in the
consolidated financial statements:
1 euro (EUR) =
Balance sheet
date
Average
exchange rate
Swedish krona (SEK)
11.0960
11.4745
Danish krona (DKK)
7.4529
7.4510
Pound sterling (GBP)
0.8691
0.8697
Segment reporting
The 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, and Holding (including Nordea
in 2022). Mandatum was presented as a segment until it
was reclassified as discontinued operations during the
first quarter of 2023.
Geographical information has been given on income
from external customers and non-current assets. The
reported areas are Finland, Sweden, Norway, Denmark,
United Kingdom, 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 sale
and discontinued operations
Non-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, and 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. The
classification, presentation, and measurement
requirements of non-current assets or disposal groups
held for sale also apply to those that are held for
distribution to owners acting in their capacity as
owners.
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.
Income and expense recognition
principles related to insurance
contracts
The introduction of IFRS 17 changed the structure of the
statement of profit or loss to reflect the key sources of
profit. The insurance service result, comprising of
insurance revenue, insurance service expenses, and
reinsurance result, reflects the result relating to
underwriting and servicing insurance policies. The net
financial result reflects the impacts arising from financial
components of insurance contracts.\u00a0
Insurance revenue
Insurance revenue reflects the compensation that
Sampo receives from the policyholder in return for the
transfer of risk (insurance contract services) on an
earned basis. The insurance revenue recognised in the
reporting period is based on premium receipts and
expected premium receipts allocated linearly over the
underlying terms of the insurance contracts, i.e. based
on the passage of time. The liability for remaining
coverage is reduced with a corresponding amount as
the insurance revenue.
Insurance service expenses
The insurance service expenses comprise of both claims
incurred and operating expenses.
Claims incurred for the reporting period include claims
payments during the period and changes in the liability
for incurred claims. The change in liability for the
incurred claims includes the changes in undiscounted
best estimate, discounted risk adjustment and the
changes in discounting effect due to changes in
underlying best estimate or changes in payment
patterns. The claims incurred also include claims
handling expenses and changes in the loss component.
Operating expenses reported in the insurance service
result relate to administrative expenses arising from the
handling of insurance contracts. Additionally, the
operating expenses include the acquisition cash flows
recognised in profit or loss, where the liability for
remaining coverage changes with a corresponding
amount.
Reinsurance result
Reinsurance result comprises both reinsurance premium
expenses and reinsurer\u2019s share of claims incurred.
Reinsurance premium expenses related to reinsurance
contracts held are recognised similarly to insurance
revenue and reflect the premium payments attributable
to the reporting period for the reinsurance contract
services received. Any commissions received reduce
the reinsurance premium expenses. The reinsurers\u2019
share of claims incurred is reported consistently with
direct insurance expenses, including also changes in the
risk of non-performance.
Insurance finance income or expense
The insurance finance income or expenses included in
the net financial result reflect the impacts arising from
financial components. These include changes in the
liability for incurred claims related to changes in
discount rates and time value of money (unwinding).
Therefore, the effect from changes in interest rates as
well as interest expense is presented in its entirety as
insurance finance income or expenses. The effect of
changes in indexation of annuities is also presented
within insurance finance income or expenses. Amounts
related to reinsurance contracts are presented
separately. The option to present changes in
discounting effect in other comprehensive income is not
applied.
Net investment income
Interest and dividends
Interest income and expenses are recognised in the
income statement using the effective interest rate
method. This method recognises income and expenses
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 commissions
The fees and transaction costs of financial instruments
measured at fair value through profit or loss are
recognised in profit or loss when the instrument is
initially recognised.
Revenue from contracts with
customers
Other income consists of income from insurance-related
services provided, that do not involve a transfer of
significant insurance risk, and are therefore accounted
for under IFRS 15 Revenue from contracts with
customers. Such income is primarily attributable to sales
commission and services for administration, claims
settlement, etc. in insurance contracts on behalf of
other parties.
Furthermore, If Group\u2019s subsidiary Viking Assistance
Group AS provides roadside assistance. Income from
these services is recognised when roadside assistance
has been provided.
The 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 external broker activities are
included in Other income or Other expenses.
Financial assets and liabilities
Sampo Group is applying IFRS 9 Financial Instruments
from 1 January 2023. IFRS 9 superseded IAS 39
Financial Instruments: Recognition and Measurement.
Sampo Group applied the temporary exemption
regarding the adoption of IFRS 9 and implemented
IFRS 9 at the same time as IFRS 17 Insurance Contracts.
The IFRS 9 comparative figures 2022 were not restated.
More details on the IFRS 9 transition are included in the
section Transition to IFRS 17 Insurance Contracts and
IFRS 9 Financial Instruments.
Initial recognition and derecognition
Financial assets and liabilities are measured at the initial
recognition at fair value. If the acquired financial assets
and liabilities are not measured at fair value, transaction
costs directly attributable to acquisition or issue are
added or deducted respectively.
Purchases and sales of financial assets at fair value
through profit or loss 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 other
receivables are recognised when cash is advanced.
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
recognised 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,
cancelled or expired.
IFRS 9 Classification and measurement
principles (applied 1 January 2023 onwards)
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). Under IFRS 9, the
majority of Sampo Group\u2019s financial assets are classified
at fair value through profit or loss and only a limited
amount of financial assets is measured at amortised
cost. No financial assets are classified as FVOCI.
The classification of financial assets into these
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. Business model reflects how the portfolios of
financial assets are managed to achieve business
objectives and to generate cash flows. The factors
considered in determining the portfolio\u2019s business
model include how the financial assets\u2019 performance is
evaluated and reported to management, how risks are
assessed and managed, past experience of how the
cash flows have been collected, and how compensation
is linked to performance.
Financial assets at fair value through profit
or loss
Financial assets classified as at fair value through profit
or loss include mainly investments in equity instruments
and funds, debt instruments, and other loans.
Equity instruments are classified and measured at fair
value through profit or loss.
Debt instruments, such as bonds and other interest-
bearing securities, are classified as measured at fair
value through profit or loss when the business model
reflects the assets being managed and evaluated on a
fair value basis. The instruments are initially recognised
and subsequently measured at fair value. Transaction
costs that are directly attributable to the issue or
acquisition of the assets are expensed in profit or loss.
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 under net investment income.
Derivative instruments that are not designated as
hedges and do not meet the requirements for hedge
accounting are classified as financial assets at fair value
through profit or loss. Derivatives are initially
recognised 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 under net investment income.
Financial assets measured at amortised cost
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 (solely payments of principal and interest -
criteria, SPPI) i.e. it is consistent with basic lending
arrangement. SPPI criteria is met when the financial
instrument\u2019s contractual cash flows are solely payments
of principal and interest on the principal amount
outstanding. Financial assets measured at amortised
cost comprise mainly debt instruments, loans, and
receivables.
Financial assets measured at amortised costs are
initially recognised at their fair value, including
transaction costs directly attributable to the acquisition
of the asset. Loans and other receivables are
subsequently measured at amortised cost using the
effective interest rate method.
Interest revenue is calculated using the effective
interest rate method. Under IFRS 9 financial assets
subsequently measured at amortised cost are subject to
loss allowance, that is, expected credit losses (ECL)
requirements.
Financial liabilities
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. Interest
expenses and gains or losses on derecognition are
recognised in the income statement.
Derivative financial liabilities are measured at fair value
through profit or loss.
If debt securities issued are redeemed before maturity,
they are derecognised and the difference between the
carrying amount and the consideration paid at
redemption is recognised in profit or loss.
IAS 39 Classification and measurement
principles (comparative period 2022)
During the comparative year 2022, based on the
measurement practice, financial assets and liabilities
were 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. Accounting principles
related to classification and measurement principles
under IAS 39 are presented in full in the Financial
Statements 2022.
Fair value
The 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 based on 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.
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.
Impairment of financial assets
Sampo 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 profit or
loss, may be impaired. A financial asset is impaired and
impairment losses are recognised based 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.
There is objective evidence of impairment, if, for
example, an issuer or debtor 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. 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. In Sampo Group the
impairment is assessed individually for each asset.
Financial assets measured at amortised cost
IFRS 9 introduced a forward-looking ECL model, which
in Sampo Group 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 staged model is used to determine the
ECL at each reporting date. In stage 1, the credit risk has
not increased significantly. Loss allowance is measured
at an amount equal to 12-month expected credit losses.
In stages 2 and 3, the credit risk has increased
significantly since initial recognition and the loss
allowance is measured at an amount equal to the
lifetime expected credit losses. In stage 3, the financial
asset is assessed to be credit-impaired (at default) and
the interest is calculated on the credit-impaired amount
instead of gross carrying amount.
In Sampo Group, the general approach is based on
three components, namely probability of default (PD),
loss given default (LGD), and exposure at default
(EAD).
Derivative financial instruments
and hedge accounting
Derivative 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 trading
Derivative instruments that are not designated as
hedges 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.
Hedge accounting
Sampo 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. During the financial year, cash
flow hedging has been applied in Hastings.
Hedge accounting applies to hedges that are effective
in relation to the hedged risk and meet the hedge
accounting requirements of IFRS 9. 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.
Cash flow hedging
Cash 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 currency forward contracts.
Derivative instruments which are designated as hedges
and are effective as such, are measured at fair value.
The effective part of the change in fair value is
recognised in other comprehensive income.
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.
Leases
Group as lessee
All 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 income
statement.
Intangible assets
Goodwill
Goodwill 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.
Other intangible assets
IT 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:
\u2022 IT software 3-10 years
\u2022 Other intangible assets 3-10 years
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.
Property, plant and equipment
Property, plant and equipment comprise properties
occupied for Sampo\u2019s own activities, office equipment,
fixtures and fittings, and furniture.
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:
\u2022 Buildings 20-50 years
\u2022 Components of buildings 15-20 years
\u2022 Property and leasehold improvements 4-10 years
\u2022 IT equipment and motor vehicles 2-5 years
\u2022 Other equipment 3-15 years
Depreciation 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.
Impairment of intangible assets
and property, plant and equipment
At 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 that it
would have been without recognition of the impairment
loss. Impairment losses recognised for goodwill are not
reversed.
Insurance contracts
Sampo Group is applying IFRS 17 Insurance Contracts
from 1 January 2023 and comparative figures are
restated for 2022. Sampo Group\u2019s operations are
focused on the P&C business and Sampo primarily uses
the premium allocation approach (PAA) under IFRS 17.
More details on IFRS 17 transition are included in the
section Transition to IFRS 17 Insurance Contracts and
IFRS 9 Financial Instruments.
The risks involved in insurance contracts are widely
elaborated in the Group\u2019s note 37.
P&C operations
Scope
In the Group\u2019s P&C insurance contracts, insurance risk is
considered significant. Insurance contracts issued by
third party underwriters (panel underwriters), which do
not transfer any insurance risk to the Group companies,
are not in the scope of IFRS 17 but instead accounted
for under IFRS 15 Revenue from Contracts with
Customers.
Insurance contracts containing one or more
components within the scope of different accounting
standards are accounted for separately. Sampo
evaluates the insurance contracts to identify
components from the contracts. For example, an
insurance contract may include an investment
component or a component for services other than
insurance contract services (or both).
Level of aggregation
Insurance contracts are aggregated into portfolios of
insurance contracts. The portfolios comprise contracts
with similar risks that are managed together. These
portfolios are further divided into annual cohorts, i.e.
contracts not issued more than one year apart.
In Sampo Group's P&C operations, portfolios are
determined based on a segmentation of business, or a
combination of line of business (as defined by the
management), business area and country. Portfolios are
determined separately for each legal entity or based on
product lines.
Sampo Group has identified some onerous contracts,
but all in all their amount is insignificant.
The carrying amount of the portfolios of insurance and
reinsurance contracts determines their presentation as
assets or liabilities in the balance sheet.
Contract boundary
The initial measurement of a 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,
together with applicable laws and regulations, are
considered.
In Sampo Group\u2019s P&C operations, the majority of
contracts have a one-year contract boundary, typically
until the next renewal date, i.e. contract has one-year
coverage period during which there are substantive
rights and obligations.
Measurement
IFRS 17 introduces a general measurement model
(GMM) applicable to all insurance contracts to measure
insurance contract liabilities. Under the general
measurement model insurance contracts are measured
based on future cash flows, adjusted to reflect the time
value of money, including a risk adjustment, and a
contractual service margin (CSM).
When certain eligibility criteria are met, insurers may
apply a simplified approach, the premium allocation
approach (PAA), for the measurement of insurance
contracts. PAA is eligible for insurance contracts with a
coverage period of one year or less. This approach is
also available for contracts where the PAA would not
materially differ from the results of the GMM. In Sampo
Group's P&C operations, PAA is applied to all insurance
contracts, because the coverage period for most of the
insurance contracts is one year or less, and for longer
insurance contracts the qualifying eligibility criteria are
fulfilled.
The measurement of insurance liabilities consists of
liability for remaining coverage (LRC) and acquisition
cash flow asset, and liability for incurred claims (LIC),
the latter including both reported but not settled claims
as well as incurred but not reported claims (IBNR).
On initial recognition of P&C 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.
The acquisition cash flows reducing the carrying
amount of LRC mainly include staff costs related to
sales personnel and commissions, as well as certain
costs related to selling policies through price
comparison websites. Any overhead costs are expensed
immediately. Sampo Group's P&C operations in the
private business area have elected to recognise
acquisition cash flows as an expense at the date when
they are incurred. For other business areas, the
acquisition costs are deferred over the coverage period
of the contracts, generally one year, or longer in case of
expected renewals.
Any acquisition cash flows paid, relating to a group of
insurance contracts not yet recognised, are presented
as a separate acquisition cash flow asset and included in
the related portfolio\u2019s total carrying amount. \u00a0
The liability for remaining coverage relates to the
obligation to investigate and pay valid claims that have
not yet occurred. At subsequent reporting periods, the
carrying amount of LRC is increased by premiums
received during the period and decreased by the
amount recognised as insurance revenue for services
provided in the period, which for most products is
based on the passage of time (straight line basis).
Consequently, any premium receipts pertaining to
insurance services to be provided after the closing date,
remain in this liability. The carrying amount is also
increased for any premiums received in subsequent
periods less additional insurance acquisition cash flows
paid. The carrying amount of LRC is not discounted or
adjusted with the effect of financial risk as the time
between providing services and the related premium
due date generally is no more than a year.
For groups of onerous contracts, a loss component is
part of the liability for remaining coverage. The loss
component is calculated as the difference between the
liability measured with the general measurement model
and with the premium allocation approach.
The liability for incurred claims (LIC) is intended to
cover the future payments of all claims incurred,
including claims not yet reported to the company and
all claims handling expenses. Sampo Group measures
the liability for incurred claims (LIC) for the group of
insurance contracts at the amount of estimated
fulfilment cash flows relating to incurred claims.
Fulfilment cash flows consist of three components,
namely expected cash flows, discounting and risk
adjustment. The estimated future cash flows (best
estimate) are calculated with the aid of statistical
methods or through individual assessments of individual
claims. Both the best estimate and risk adjustment are
discounted to present value using standard actuarial
methods and applying market-based yield curves. The
curves are constructed based on a risk-free rate and an
illiquidity premium for each of the main currencies.
Discounting
Sampo Group's P&C operations have determined the
discount rates based on a bottom-up approach. The
interest rate curve includes a risk-free rate (excluding
credit risk adjustment) and an illiquidity premium for
each currency. The illiquidity premium is mainly derived
based on a portfolio of high-rated bonds for the liquid
part of the interest rate curve. Beyond this, the curve
converges to the ultimate forward rate, consistent with
the EIOPA curves. Discount rates are constructed
separately for the main currencies applied in Sampo
Group\u2019s subsidiaries.
The discounting effect of current year liabilities for
incurred claims and changes in the cash flows are
recognised in the insurance service result. Unwinding of
interest rates, effect of changes in interest rates and
other financial assumptions are presented as insurance
finance income or expense in profit or loss. Sampo
Group has elected not to apply the OCI option allowed
under IFRS 17.
Risk adjustment
IFRS 17 introduces an explicit risk adjustment included
in the measurement of insurance liabilities. The risk
adjustment reflects the cost of uncertainty associated
with the amount and timing of cash flows arising from
non-financial risk and the degree of risk aversion. The
risks typically considered in P&C operations, when
assessing risk adjustment, are reserve risk, longevity
risk, inflation risk, and premium risk.
In Sampo Group, the risk adjustment is derived through
a confidence level technique whereby management
determines the appropriate quantile. The risk
adjustment is calculated at the subsidiary level and
aggregated into the consolidated Sampo Group level
risk adjustment, without any diversification effects
assumed. Under the premium allocation approach, the
risk adjustment is only included in LIC, unless a group of
insurance contracts is onerous.
Reinsurance contracts
The PAA model is applied to reinsurance contracts held.
The corresponding accounting policies as for measuring
the insurance contracts issued are applied when
measuring the reinsurance contracts held. Thus,
correspondingly to insurance liabilities for issued
insurance contracts, the reinsurance assets for
reinsurance contracts held consist of asset for
remaining coverage and asset for incurred claims. The
asset for incurred claims also takes into consideration
the effect of the risk of non-performance by the issuer
of the reinsurance contract.
Life operations
Sampo Group\u2019s life operations were reclassified as
discontinued operations during the first quarter.
Accounting principles related to life operations are
presented in the note 32.
Employee benefits
Post-employment benefits
Post-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
contributions. 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 beginning 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 profit or loss in
pension costs. The actuarial gains and losses and the
return of the plan assets (excluding 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 or net asset is
recognised separately in the balance sheet.
The Group has also certain voluntary defined benefit
plans which have no material significance.
Termination benefits
An 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 payments
During the financial year, Sampo had four valid share-
based incentive schemes settled in cash (the long-term
incentive schemes 2017 II as well as 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 28 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 considered 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 taxes
Item 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
temporary difference can be utilised.
Share capital
The 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.
Treasury shares
The 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.
Cash and cash equivalents
Cash 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.
Accounting policies requiring
management judgement and
key sources of estimation
uncertainties
Preparation of the accounts in accordance with the
IFRS requires management estimates and assumptions
that have affected the revenue, expenses, assets,
liabilities and contingent liabilities presented in the
financial statements. Judgement is required 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 in all subsequent
periods.
Insurance contracts
Sampo Group management applies judgement
regarding the determination of discount rates and risk
adjustment.
The interest rate curve includes a risk-free rate and an
illiquidity premium determined by Management, which
in Sampo Group is mainly based on a portfolio of high-
rated bonds.
Risk adjustment is determined separately for all Sampo
Group\u2019s 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 to risk aversion. The
confidence level approach is applied in the Group
companies. The confidence level applied in calculating
the risk adjustment is varying between group
companies from 75 per cent to 85 per cent.
Actuarial assumptions
Evaluation of insurance liabilities always involves
uncertainty, as technical provisions are based on
estimates and assumptions concerning future claims
costs. The estimates 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 estimating 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, mortality, discount rates and the effects of
legislative revisions and legal practices.
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 value
The fair value of any non-quoted financial assets is
determined using valuation methods that are generally
accepted in the market.
Impairment tests
Goodwill, 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 by 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.
Consolidation of Topdanmark as a
subsidiary
According 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. At that time, Sampo\u2019s management
thoroughly considered all the 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 largest individual investor and Sampo was unaware
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 the 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 over the Board of Directors.
Discontinued operations
Sampo evaluated the reclassification principles set in
IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations and IFRIC 17 Distribution of
Non-cash Assets to Owners. As a result of the analysis,
Sampo concluded that the demerger met the criteria
set for arrangements considered as held for distribution
to owners acting in their capacity as owners on 30
September 2023. Mandatum\u2019s assets and liabilities were
reclassified as a disposal group held for distribution to
owners and related liabilities on 31 March 2023.
The partial demerger was completed as planned on 1
October 2023. The first trading day for Mandatum on
Nasdaq Helsinki was 2 October 2023. In the demerger,
all the shares in Mandatum Holding Ltd (a wholly owned
direct subsidiary of Sampo plc) and the related assets
and liabilities were transferred without a liquidation
procedure to Mandatum plc, a company incorporated in
the demerger on the effective date.
In addition, a part of Sampo's general liabilities not
allocated to any specific business operations were
allocated to Mandatum plc. These liabilities cannot be
legally transferred due to their nature, and therefore
Sampo and Mandatum agreed on forming an equivalent
debt relationship between them, amounting to EUR 102
million on 2 October 2023. Despite the allocation of
general liabilities, Sampo\u2019s original liabilities in the
balance sheet remain unchanged in the arrangement
and Sampo plc will remain as the primary debtor
towards the creditors.
Dividend liability on partial demerger
Sampo analysed the accounting principles set in IFRIC
17 Distribution of Non-cash Assets to Owners regarding
the timing of recognition of liability for dividend
payable. IFRIC 17.10 states that the liability to pay a
dividend is recognised against the equity when the
dividend is appropriately authorised and is no longer at
the discretion of the entity. An entity shall measure a
liability to distribute non-cash assets as a dividend to its
owners at the fair value of the assets to be distributed.
In September 2023, the Board of Directors completed
the final evaluation of the conditions for completing the
demerger. The dividend liability on the partial demerger
of Mandatum was recognised in Sampo Group\u2019s balance
sheet amounting to EUR 1,826 million. Sampo\u2019s
management concluded that Mandatum segment\u2019s net
assets represented the best estimate of Mandatum\u2019s fair
value prior listing at the end of the reporting period
Q3/2023.
The best estimate for the fair value of Mandatum Group
was considered to be the weighted average share price
during the first day of listing on 2 October 2023 in
Nasdaq Helsinki. The average price of Mandatum\u2019s share
was EUR 3.657, resulting in a dividend liability of EUR
1,835 million.
As the dividend liability recognised in September 2023
was EUR 1,826 million, Sampo recognised a difference
of EUR 9 million in the last quarter of 2023. The income
was recognised in the statement of comprehensive
income as a part of the discontinued operations. In
addition, Sampo recognised the loan receivable from
Mandatum plc, both in the financial assets in the
balance sheet and in discontinued operations in the
statement of comprehensive income.
Change in reference point for
disaggregation of IFRS 17
discounting effects in If
IFRS 17 Insurance contracts, implemented on 1 January
2023, requires insurance liability cash flows to be
discounted at rates consistent with observable market
prices, and for the effect of this to be disaggregated
between the insurance service result and insurance
finance income and expense. Following an analysis of
the application of IFRS 17 over 2023, Sampo Group has
decided to change the reference point used in If for
disaggregation from the beginning of year to the
beginning of quarter. This reflects the Group\u2019s practice
of providing financial results for individual quarters, and\u00a0
a desire to align more closely with common market
practise and the approach taken by other group
companies.
The implementation of the new methodology for
disaggregation is considered to be a change in
accounting estimate, in accordance with IAS 8.32
Accounting Policies, Changes in Accounting Estimates
and Errors and not a change in an accounting policy.
Accounting estimates are amounts \u201cthat are subject to
measurement uncertainty\u201d and measurement
techniques and inputs are used to develop an
accounting estimate. Consequently, no restatement of
comparative year (2022) is required (IAS 8.36). For
more information, please see notes 1 and 3.
Application of new or revised
IFRSs and interpretations
The 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 new IFRSs coming into effect in
financial year 2024 will not have any significant
influence on the Group's financial reporting.
Pillar II
Sampo Group is within the scope of Pillar II regulations
(EU Minimum Tax Directive and OECD Safe Harbour
rules). Sampo Group companies have applied a
temporary mandatory relief from deferred tax
accounting for any potential impacts of the top-up tax,
and account for it as a current tax, should it occur.
Sampo Group will, as of fiscal year 2024, be subject to
the global minimum top-up tax rules either at the
ultimate parent entity level, by Sampo plc in Finland, or
domestic top-up tax in the countries where Sampo
Group companies operate, and where such rules are
enacted.
Sampo is in the process of assessing its exposure to the
global minimum top-up tax rules for when it comes into
effect. The assessment does not indicate any material
additional tax to be levied as a consequence of the top-
up tax rules, apart from a possible exception in
Gibraltar. Due to the complexities in applying the
legislation and calculating GloBe income, there may still
be top-up tax effects.
Transition to IFRS 17 Insurance
Contracts and IFRS 9 Financial
Instruments
Summary of high-level impacts in Sampo
Group
Sampo Group is applying IFRS 17 Insurance Contracts
and IFRS 9 Financial Instruments from 1 January 2023.
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.
The application of IFRS 9 did 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.\u00a0
Implementation of IFRS 17 or IFRS 9 did not have an
impact on the Solvency II calculations.
IFRS 17 Insurance Contracts
Transition approaches applied
On 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. A full retrospective approach
was applied in the Group\u2019s non-life companies whereas
all transition methods were applied in the Group\u2019s life
company.
In the full retrospective approach, Sampo Group
identifies, recognises and measures each group of
insurance contracts as if IFRS 17 had always been
applied and derecognised any existing balances that
would not exist if IFRS 17 had always been applied. The
resulting net difference was recognised in retained
earnings.
Sampo Group's life operations applied the modified
retrospective approach and fair value approach, when
application of the full retrospective approach was
impracticable. The choice of transition approach
depended on the type of the product/portfolio, the
issue date, and data availability.
When applying the fair value approach, Sampo Group\u2019s
life operations were 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 the same date. At the end of
the reporting period 2023, Sampo Group does not have
life operations due to the partial demerger and listing of
Mandatum Group on 1 October 2023.
Opening balance sheet 1 January 2022
Sampo Group's 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. Discounting of reserves decreased insurance liabilities, whereas
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 of 1 January 2022.
EURm
1 Jan 2022
Assets
Property, plant and equipment
373
Investment property
236
Intangible assets
3,660
Investments in associates
475
Financial assets
19,862
Financial assets related to unit-linked contracts
10,546
Deferred income tax
53
Insurance contract assets
41
Reinsurance contract assets
2,008
Other assets
712
Cash and cash equivalents
4,690
Non-current assets held for sale*
16,029
Total assets
58,684
Liabilities
Insurance contract liabilities
18,266
Investment contract liabilities
7,239
Subordinated debts
2,016
Other financial liabilities
2,315
Deferred income tax
851
Other liabilities
1,532
Liabilities related to non-current assets held for sale*
13,010
Total liabilities
45,228
Equity
Share capital
98
Reserves
1,530
Retained earnings
9,945
Other components of equity
1,231
Equity attributable to owners of the parent
12,805
Non-controlling interests
651
Total equity
13,456
Total equity and liabilities
58,684
* Topdanmark Life was classified as non-current assets held for sale on 1 January 2022 and the sale
was completed on 1 December 2022. Topdanmark Life is accounted for under IFRS 17 in the
opening balance 1 January 2022. Please see note 33 for further information.
IFRS 17 impacts on Sampo Group\u2019s non-life
operations
The 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 billion. The
main impacts decreasing the insurance contract
liabilities were due to the additional discounting effect
and reclassifications. 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 operations
In the IFRS 17 opening balance, insurance contract
liabilities amounted to EUR 6.6 billion. 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 scope of IFRS 9, expected profits are not
presented as CSM.
At the end of reporting period 2023, Sampo Group
does not have life operations due to the partial
demerger and listing of Mandatum Group on 1 October
2023.
Equity bridge calculation between IFRS 4 and IFRS 17
Sampo Group assessed the impact that the application
of IFRS 17 had 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.
EURm
Share capital
Reserves
Retained
earnings
Other
components of
equity
Non-controlling
interests
Total
Equity 31 Dec 2021
98
1,530
9,952
1,208
676
13,464
IFRS 17 adjustments
non-life companies
9
-32
-23
IFRS 17 adjustments
life company
-18
-18
Tax impact
0
7
7
Other
2
23
25
Equity 1 Jan 2022
98
1,530
9,945
1,231
651
13,456
IFRS 9 Financial Instruments
IFRS 9 Financial Instruments standard superseded IAS 39 Financial Instruments:
Recognition and Measurement. The new standard changed 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 implemented IFRS 9 at the same time as IFRS 17 Insurance
Contracts i.e. on 1 January 2023. The IFRS 9 comparative figures 2022 are not restated.
Classification and measurement under IFRS 9
The table presents the changes in classification and measurement of the main financial
assets and liabilities during the transition to IFRS 9. The implementation of IFRS 9 did
not have a material impact on the measurement of the balance sheet, as the main part
of the financial assets were 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 did not have a material impact on total equity at the transition to IFRS 9
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\u00a09.
Measurement
category under IAS 39
Measurement
category under
IFRS 9
Carrying
amount 31 Dec
2022\u00a0 (IAS 39)
Transfer
Carrying
amount 1 Jan
2023 (IFRS 9)
EURm
EURm
Derivative financial
instruments
Derivative
financial
instruments
79
\u2014
79
Financial assets at fair
value
Financial assets
at fair value
through profit
or loss
3,045
\u2014
3,045
Financial assets
available for sale
Financial assets
at fair value
through profit
or loss
16,048
\u2014
16,048
Loans and receivables
Financial assets
at amortised
cost
296
\u2014
296
The 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 information
At the end of the reporting period, Sampo Group\u2019s
business segments are If, Topdanmark, Hastings and
Holding. At the end of comparative period, Mandatum
has been presented as a business segment.
Segment information has been produced in accordance\u00a0
with the accounting policies adopted for preparing and
presenting the consolidated financial statements. The\u00a0
segment revenue, expense, assets and liabilities, either\u00a0
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "value": "
Summary of material
accounting principles
Sampo 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 2023. The group subsidiaries have insurance
and financing 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 preparation
Sampo Group has prepared the consolidated financial
statements for 2023 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 on 31 December 2023.
In the financial year of 2023, Sampo adopted two new
standards IFRS 17 Insurance Contracts and IFRS 9
Financial Instruments. The impact of these two
standards on the Group\u2019s financial statements reporting
is described in the section IFRS 17 and IFRS 9 transition.
The annual improvements or other amendments to the
standards, adopted at the beginning of 2023, had no
material impact 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 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 6 March 2024. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "value": "
Basis of preparation
Sampo Group has prepared the consolidated financial
statements for 2023 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 on 31 December 2023.
In the financial year of 2023, Sampo adopted two new
standards IFRS 17 Insurance Contracts and IFRS 9
Financial Instruments. The impact of these two
standards on the Group\u2019s financial statements reporting
is described in the section IFRS 17 and IFRS 9 transition.
The annual improvements or other amendments to the
standards, adopted at the beginning of 2023, had no
material impact 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 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 6 March 2024. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "
Sampo Group has prepared the consolidated financial
statements for 2023 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 on 31 December 2023.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": "
In the financial year of 2023, Sampo adopted two new
standards IFRS 17 Insurance Contracts and IFRS 9
Financial Instruments. The impact of these two
standards on the Group\u2019s financial statements reporting
is described in the section IFRS 17 and IFRS 9 transition.
Application of new or revised
IFRSs and interpretations
The 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 new IFRSs coming into effect in
financial year 2024 will not have any significant
influence on the Group's financial reporting.
Pillar II
Sampo Group is within the scope of Pillar II regulations
(EU Minimum Tax Directive and OECD Safe Harbour
rules). Sampo Group companies have applied a
temporary mandatory relief from deferred tax
accounting for any potential impacts of the top-up tax,
and account for it as a current tax, should it occur.
Sampo Group will, as of fiscal year 2024, be subject to
the global minimum top-up tax rules either at the
ultimate parent entity level, by Sampo plc in Finland, or
domestic top-up tax in the countries where Sampo
Group companies operate, and where such rules are
enacted.
Sampo is in the process of assessing its exposure to the
global minimum top-up tax rules for when it comes into
effect. The assessment does not indicate any material
additional tax to be levied as a consequence of the top-
up tax rules, apart from a possible exception in
Gibraltar. Due to the complexities in applying the
legislation and calculating GloBe income, there may still
be top-up tax effects.
Transition to IFRS 17 Insurance
Contracts and IFRS 9 Financial
Instruments
Summary of high-level impacts in Sampo
Group
Sampo Group is applying IFRS 17 Insurance Contracts
and IFRS 9 Financial Instruments from 1 January 2023.
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.
The application of IFRS 9 did 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.\u00a0
Implementation of IFRS 17 or IFRS 9 did not have an
impact on the Solvency II calculations.
IFRS 17 Insurance Contracts
Transition approaches applied
On 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. A full retrospective approach
was applied in the Group\u2019s non-life companies whereas
all transition methods were applied in the Group\u2019s life
company.
In the full retrospective approach, Sampo Group
identifies, recognises and measures each group of
insurance contracts as if IFRS 17 had always been
applied and derecognised any existing balances that
would not exist if IFRS 17 had always been applied. The
resulting net difference was recognised in retained
earnings.
Sampo Group's life operations applied the modified
retrospective approach and fair value approach, when
application of the full retrospective approach was
impracticable. The choice of transition approach
depended on the type of the product/portfolio, the
issue date, and data availability.
When applying the fair value approach, Sampo Group\u2019s
life operations were 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 the same date. At the end of
the reporting period 2023, Sampo Group does not have
life operations due to the partial demerger and listing of
Mandatum Group on 1 October 2023.
Opening balance sheet 1 January 2022
Sampo Group's 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. Discounting of reserves decreased insurance liabilities, whereas
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 of 1 January 2022.
EURm
1 Jan 2022
Assets
Property, plant and equipment
373
Investment property
236
Intangible assets
3,660
Investments in associates
475
Financial assets
19,862
Financial assets related to unit-linked contracts
10,546
Deferred income tax
53
Insurance contract assets
41
Reinsurance contract assets
2,008
Other assets
712
Cash and cash equivalents
4,690
Non-current assets held for sale*
16,029
Total assets
58,684
Liabilities
Insurance contract liabilities
18,266
Investment contract liabilities
7,239
Subordinated debts
2,016
Other financial liabilities
2,315
Deferred income tax
851
Other liabilities
1,532
Liabilities related to non-current assets held for sale*
13,010
Total liabilities
45,228
Equity
Share capital
98
Reserves
1,530
Retained earnings
9,945
Other components of equity
1,231
Equity attributable to owners of the parent
12,805
Non-controlling interests
651
Total equity
13,456
Total equity and liabilities
58,684
* Topdanmark Life was classified as non-current assets held for sale on 1 January 2022 and the sale
was completed on 1 December 2022. Topdanmark Life is accounted for under IFRS 17 in the
opening balance 1 January 2022. Please see note 33 for further information.
IFRS 17 impacts on Sampo Group\u2019s non-life
operations
The 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 billion. The
main impacts decreasing the insurance contract
liabilities were due to the additional discounting effect
and reclassifications. 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 operations
In the IFRS 17 opening balance, insurance contract
liabilities amounted to EUR 6.6 billion. 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 scope of IFRS 9, expected profits are not
presented as CSM.
At the end of reporting period 2023, Sampo Group
does not have life operations due to the partial
demerger and listing of Mandatum Group on 1 October
2023.
Equity bridge calculation between IFRS 4 and IFRS 17
Sampo Group assessed the impact that the application
of IFRS 17 had 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.
EURm
Share capital
Reserves
Retained
earnings
Other
components of
equity
Non-controlling
interests
Total
Equity 31 Dec 2021
98
1,530
9,952
1,208
676
13,464
IFRS 17 adjustments
non-life companies
9
-32
-23
IFRS 17 adjustments
life company
-18
-18
Tax impact
0
7
7
Other
2
23
25
Equity 1 Jan 2022
98
1,530
9,945
1,231
651
13,456
IFRS 9 Financial Instruments
IFRS 9 Financial Instruments standard superseded IAS 39 Financial Instruments:
Recognition and Measurement. The new standard changed 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 implemented IFRS 9 at the same time as IFRS 17 Insurance
Contracts i.e. on 1 January 2023. The IFRS 9 comparative figures 2022 are not restated.
Classification and measurement under IFRS 9
The table presents the changes in classification and measurement of the main financial
assets and liabilities during the transition to IFRS 9. The implementation of IFRS 9 did
not have a material impact on the measurement of the balance sheet, as the main part
of the financial assets were 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 did not have a material impact on total equity at the transition to IFRS 9
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\u00a09.
Measurement
category under IAS 39
Measurement
category under
IFRS 9
Carrying
amount 31 Dec
2022\u00a0 (IAS 39)
Transfer
Carrying
amount 1 Jan
2023 (IFRS 9)
EURm
EURm
Derivative financial
instruments
Derivative
financial
instruments
79
\u2014
79
Financial assets at fair
value
Financial assets
at fair value
through profit
or loss
3,045
\u2014
3,045
Financial assets
available for sale
Financial assets
at fair value
through profit
or loss
16,048
\u2014
16,048
Loans and receivables
Financial assets
at amortised
cost
296
\u2014
296
The 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:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "value": "
Subsidiaries
The consolidated financial statements combine the
financial statements of Sampo plc and all its
subsidiaries. Companies in which the Group has control
are consolidated as 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-controlling 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:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": "
Subsidiaries
The consolidated financial statements combine the
financial statements of Sampo plc and all its
subsidiaries. Companies in which the Group has control
are consolidated as 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-controlling 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "value": "
Non-controlling interests
The 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-501": { "value": "
Foreign currency translation
The 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
transactions and monetary balance sheet items
denominated in foreign currencies into functional
currency are recognised as translation gains and losses
in profit or loss. During comparative period, exchange
differences arising from non-monetary financial assets
classified as available-for-sale financial assets were
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.
The following exchange rates were applied in the
consolidated financial statements:
1 euro (EUR) =
Balance sheet
date
Average
exchange rate
Swedish krona (SEK)
11.0960
11.4745
Danish krona (DKK)
7.4529
7.4510
Pound sterling (GBP)
0.8691
0.8697
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": "
Segment reporting
The 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, and Holding (including Nordea
in 2022). Mandatum was presented as a segment until it
was reclassified as discontinued operations during the
first quarter of 2023.
Geographical information has been given on income
from external customers and non-current assets. The
reported areas are Finland, Sweden, Norway, Denmark,
United Kingdom, 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 information
At the end of the reporting period, Sampo Group\u2019s
business segments are If, Topdanmark, Hastings and
Holding. At the end of comparative period, Mandatum
has been presented as a business segment.
Segment information has been produced in accordance\u00a0
with the accounting policies adopted for preparing and
presenting the consolidated financial statements. The\u00a0
segment revenue, expense, assets and liabilities, either\u00a0
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-505": { "value": "
Non-current assets held for sale
and discontinued operations
Non-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, and 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. The
classification, presentation, and measurement
requirements of non-current assets or disposal groups
held for sale also apply to those that are held for
distribution to owners acting in their capacity as
owners.
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.
Discontinued operations
Sampo evaluated the reclassification principles set in
IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations and IFRIC 17 Distribution of
Non-cash Assets to Owners. As a result of the analysis,
Sampo concluded that the demerger met the criteria
set for arrangements considered as held for distribution
to owners acting in their capacity as owners on 30
September 2023. Mandatum\u2019s assets and liabilities were
reclassified as a disposal group held for distribution to
owners and related liabilities on 31 March 2023.
The partial demerger was completed as planned on 1
October 2023. The first trading day for Mandatum on
Nasdaq Helsinki was 2 October 2023. In the demerger,
all the shares in Mandatum Holding Ltd (a wholly owned
direct subsidiary of Sampo plc) and the related assets
and liabilities were transferred without a liquidation
procedure to Mandatum plc, a company incorporated in
the demerger on the effective date.
In addition, a part of Sampo's general liabilities not
allocated to any specific business operations were
allocated to Mandatum plc. These liabilities cannot be
legally transferred due to their nature, and therefore
Sampo and Mandatum agreed on forming an equivalent
debt relationship between them, amounting to EUR 102
million on 2 October 2023. Despite the allocation of
general liabilities, Sampo\u2019s original liabilities in the
balance sheet remain unchanged in the arrangement
and Sampo plc will remain as the primary debtor
towards the creditors.
Dividend liability on partial demerger
Sampo analysed the accounting principles set in IFRIC
17 Distribution of Non-cash Assets to Owners regarding
the timing of recognition of liability for dividend
payable. IFRIC 17.10 states that the liability to pay a
dividend is recognised against the equity when the
dividend is appropriately authorised and is no longer at
the discretion of the entity. An entity shall measure a
liability to distribute non-cash assets as a dividend to its
owners at the fair value of the assets to be distributed.
In September 2023, the Board of Directors completed
the final evaluation of the conditions for completing the
demerger. The dividend liability on the partial demerger
of Mandatum was recognised in Sampo Group\u2019s balance
sheet amounting to EUR 1,826 million. Sampo\u2019s
management concluded that Mandatum segment\u2019s net
assets represented the best estimate of Mandatum\u2019s fair
value prior listing at the end of the reporting period
Q3/2023.
The best estimate for the fair value of Mandatum Group
was considered to be the weighted average share price
during the first day of listing on 2 October 2023 in
Nasdaq Helsinki. The average price of Mandatum\u2019s share
was EUR 3.657, resulting in a dividend liability of EUR
1,835 million.
As the dividend liability recognised in September 2023
was EUR 1,826 million, Sampo recognised a difference
of EUR 9 million in the last quarter of 2023. The income
was recognised in the statement of comprehensive
income as a part of the discontinued operations. In
addition, Sampo recognised the loan receivable from
Mandatum plc, both in the financial assets in the
balance sheet and in discontinued operations in the
statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": "
Non-current assets held for sale
and discontinued operations
Non-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, and 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. The
classification, presentation, and measurement
requirements of non-current assets or disposal groups
held for sale also apply to those that are held for
distribution to owners acting in their capacity as
owners.
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.
Discontinued operations
Sampo evaluated the reclassification principles set in
IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations and IFRIC 17 Distribution of
Non-cash Assets to Owners. As a result of the analysis,
Sampo concluded that the demerger met the criteria
set for arrangements considered as held for distribution
to owners acting in their capacity as owners on 30
September 2023. Mandatum\u2019s assets and liabilities were
reclassified as a disposal group held for distribution to
owners and related liabilities on 31 March 2023.
The partial demerger was completed as planned on 1
October 2023. The first trading day for Mandatum on
Nasdaq Helsinki was 2 October 2023. In the demerger,
all the shares in Mandatum Holding Ltd (a wholly owned
direct subsidiary of Sampo plc) and the related assets
and liabilities were transferred without a liquidation
procedure to Mandatum plc, a company incorporated in
the demerger on the effective date.
In addition, a part of Sampo's general liabilities not
allocated to any specific business operations were
allocated to Mandatum plc. These liabilities cannot be
legally transferred due to their nature, and therefore
Sampo and Mandatum agreed on forming an equivalent
debt relationship between them, amounting to EUR 102
million on 2 October 2023. Despite the allocation of
general liabilities, Sampo\u2019s original liabilities in the
balance sheet remain unchanged in the arrangement
and Sampo plc will remain as the primary debtor
towards the creditors.
Dividend liability on partial demerger
Sampo analysed the accounting principles set in IFRIC
17 Distribution of Non-cash Assets to Owners regarding
the timing of recognition of liability for dividend
payable. IFRIC 17.10 states that the liability to pay a
dividend is recognised against the equity when the
dividend is appropriately authorised and is no longer at
the discretion of the entity. An entity shall measure a
liability to distribute non-cash assets as a dividend to its
owners at the fair value of the assets to be distributed.
In September 2023, the Board of Directors completed
the final evaluation of the conditions for completing the
demerger. The dividend liability on the partial demerger
of Mandatum was recognised in Sampo Group\u2019s balance
sheet amounting to EUR 1,826 million. Sampo\u2019s
management concluded that Mandatum segment\u2019s net
assets represented the best estimate of Mandatum\u2019s fair
value prior listing at the end of the reporting period
Q3/2023.
The best estimate for the fair value of Mandatum Group
was considered to be the weighted average share price
during the first day of listing on 2 October 2023 in
Nasdaq Helsinki. The average price of Mandatum\u2019s share
was EUR 3.657, resulting in a dividend liability of EUR
1,835 million.
As the dividend liability recognised in September 2023
was EUR 1,826 million, Sampo recognised a difference
of EUR 9 million in the last quarter of 2023. The income
was recognised in the statement of comprehensive
income as a part of the discontinued operations. In
addition, Sampo recognised the loan receivable from
Mandatum plc, both in the financial assets in the
balance sheet and in discontinued operations in the
statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": "
Non-current assets held for sale
and discontinued operations
Non-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, and 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. The
classification, presentation, and measurement
requirements of non-current assets or disposal groups
held for sale also apply to those that are held for
distribution to owners acting in their capacity as
owners.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "value": "
Income and expense recognition
principles related to insurance
contracts
The introduction of IFRS 17 changed the structure of the
statement of profit or loss to reflect the key sources of
profit. The insurance service result, comprising of
insurance revenue, insurance service expenses, and
reinsurance result, reflects the result relating to
underwriting and servicing insurance policies. The net
financial result reflects the impacts arising from financial
components of insurance contracts.\u00a0
Insurance revenue
Insurance revenue reflects the compensation that
Sampo receives from the policyholder in return for the
transfer of risk (insurance contract services) on an
earned basis. The insurance revenue recognised in the
reporting period is based on premium receipts and
expected premium receipts allocated linearly over the
underlying terms of the insurance contracts, i.e. based
on the passage of time. The liability for remaining
coverage is reduced with a corresponding amount as
the insurance revenue.
Insurance service expenses
The insurance service expenses comprise of both claims
incurred and operating expenses.
Claims incurred for the reporting period include claims
payments during the period and changes in the liability
for incurred claims. The change in liability for the
incurred claims includes the changes in undiscounted
best estimate, discounted risk adjustment and the
changes in discounting effect due to changes in
underlying best estimate or changes in payment
patterns. The claims incurred also include claims
handling expenses and changes in the loss component.
Operating expenses reported in the insurance service
result relate to administrative expenses arising from the
handling of insurance contracts. Additionally, the
operating expenses include the acquisition cash flows
recognised in profit or loss, where the liability for
remaining coverage changes with a corresponding
amount.
Reinsurance result
Reinsurance result comprises both reinsurance premium
expenses and reinsurer\u2019s share of claims incurred.
Reinsurance premium expenses related to reinsurance
contracts held are recognised similarly to insurance
revenue and reflect the premium payments attributable
to the reporting period for the reinsurance contract
services received. Any commissions received reduce
the reinsurance premium expenses. The reinsurers\u2019
share of claims incurred is reported consistently with
direct insurance expenses, including also changes in the
risk of non-performance.
Insurance finance income or expense
The insurance finance income or expenses included in
the net financial result reflect the impacts arising from
financial components. These include changes in the
liability for incurred claims related to changes in
discount rates and time value of money (unwinding).
Therefore, the effect from changes in interest rates as
well as interest expense is presented in its entirety as
insurance finance income or expenses. The effect of
changes in indexation of annuities is also presented
within insurance finance income or expenses. Amounts
related to reinsurance contracts are presented
separately. The option to present changes in
discounting effect in other comprehensive income is not
applied.
Net investment income
Interest and dividends
Interest income and expenses are recognised in the
income statement using the effective interest rate
method. This method recognises income and expenses
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 commissions
The fees and transaction costs of financial instruments
measured at fair value through profit or loss are
recognised in profit or loss when the instrument is
initially recognised.
Revenue from contracts with
customers
Other income consists of income from insurance-related
services provided, that do not involve a transfer of
significant insurance risk, and are therefore accounted
for under IFRS 15 Revenue from contracts with
customers. Such income is primarily attributable to sales
commission and services for administration, claims
settlement, etc. in insurance contracts on behalf of
other parties.
Furthermore, If Group\u2019s subsidiary Viking Assistance
Group AS provides roadside assistance. Income from
these services is recognised when roadside assistance
has been provided.
The 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 external broker activities are
included in Other income or Other expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-506": { "value": "
Income and expense recognition
principles related to insurance
contracts
The introduction of IFRS 17 changed the structure of the
statement of profit or loss to reflect the key sources of
profit. The insurance service result, comprising of
insurance revenue, insurance service expenses, and
reinsurance result, reflects the result relating to
underwriting and servicing insurance policies. The net
financial result reflects the impacts arising from financial
components of insurance contracts.\u00a0
Insurance revenue
Insurance revenue reflects the compensation that
Sampo receives from the policyholder in return for the
transfer of risk (insurance contract services) on an
earned basis. The insurance revenue recognised in the
reporting period is based on premium receipts and
expected premium receipts allocated linearly over the
underlying terms of the insurance contracts, i.e. based
on the passage of time. The liability for remaining
coverage is reduced with a corresponding amount as
the insurance revenue.
Insurance service expenses
The insurance service expenses comprise of both claims
incurred and operating expenses.
Claims incurred for the reporting period include claims
payments during the period and changes in the liability
for incurred claims. The change in liability for the
incurred claims includes the changes in undiscounted
best estimate, discounted risk adjustment and the
changes in discounting effect due to changes in
underlying best estimate or changes in payment
patterns. The claims incurred also include claims
handling expenses and changes in the loss component.
Operating expenses reported in the insurance service
result relate to administrative expenses arising from the
handling of insurance contracts. Additionally, the
operating expenses include the acquisition cash flows
recognised in profit or loss, where the liability for
remaining coverage changes with a corresponding
amount.
Reinsurance result
Reinsurance result comprises both reinsurance premium
expenses and reinsurer\u2019s share of claims incurred.
Reinsurance premium expenses related to reinsurance
contracts held are recognised similarly to insurance
revenue and reflect the premium payments attributable
to the reporting period for the reinsurance contract
services received. Any commissions received reduce
the reinsurance premium expenses. The reinsurers\u2019
share of claims incurred is reported consistently with
direct insurance expenses, including also changes in the
risk of non-performance.
Insurance finance income or expense
The insurance finance income or expenses included in
the net financial result reflect the impacts arising from
financial components. These include changes in the
liability for incurred claims related to changes in
discount rates and time value of money (unwinding).
Therefore, the effect from changes in interest rates as
well as interest expense is presented in its entirety as
insurance finance income or expenses. The effect of
changes in indexation of annuities is also presented
within insurance finance income or expenses. Amounts
related to reinsurance contracts are presented
separately. The option to present changes in
discounting effect in other comprehensive income is not
applied.
Net investment income
Interest and dividends
Interest income and expenses are recognised in the
income statement using the effective interest rate
method. This method recognises income and expenses
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 commissions
The fees and transaction costs of financial instruments
measured at fair value through profit or loss are
recognised in profit or loss when the instrument is
initially recognised.
Revenue from contracts with
customers
Other income consists of income from insurance-related
services provided, that do not involve a transfer of
significant insurance risk, and are therefore accounted
for under IFRS 15 Revenue from contracts with
customers. Such income is primarily attributable to sales
commission and services for administration, claims
settlement, etc. in insurance contracts on behalf of
other parties.
Furthermore, If Group\u2019s subsidiary Viking Assistance
Group AS provides roadside assistance. Income from
these services is recognised when roadside assistance
has been provided.
The 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 external broker activities are
included in Other income or Other expenses.
Insurance contracts
Sampo Group is applying IFRS 17 Insurance Contracts
from 1 January 2023 and comparative figures are
restated for 2022. Sampo Group\u2019s operations are
focused on the P&C business and Sampo primarily uses
the premium allocation approach (PAA) under IFRS 17.
More details on IFRS 17 transition are included in the
section Transition to IFRS 17 Insurance Contracts and
IFRS 9 Financial Instruments.
The risks involved in insurance contracts are widely
elaborated in the Group\u2019s note 37.
P&C operations
Scope
In the Group\u2019s P&C insurance contracts, insurance risk is
considered significant. Insurance contracts issued by
third party underwriters (panel underwriters), which do
not transfer any insurance risk to the Group companies,
are not in the scope of IFRS 17 but instead accounted
for under IFRS 15 Revenue from Contracts with
Customers.
Insurance contracts containing one or more
components within the scope of different accounting
standards are accounted for separately. Sampo
evaluates the insurance contracts to identify
components from the contracts. For example, an
insurance contract may include an investment
component or a component for services other than
insurance contract services (or both).
Level of aggregation
Insurance contracts are aggregated into portfolios of
insurance contracts. The portfolios comprise contracts
with similar risks that are managed together. These
portfolios are further divided into annual cohorts, i.e.
contracts not issued more than one year apart.
In Sampo Group's P&C operations, portfolios are
determined based on a segmentation of business, or a
combination of line of business (as defined by the
management), business area and country. Portfolios are
determined separately for each legal entity or based on
product lines.
Sampo Group has identified some onerous contracts,
but all in all their amount is insignificant.
The carrying amount of the portfolios of insurance and
reinsurance contracts determines their presentation as
assets or liabilities in the balance sheet.
Contract boundary
The initial measurement of a 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,
together with applicable laws and regulations, are
considered.
In Sampo Group\u2019s P&C operations, the majority of
contracts have a one-year contract boundary, typically
until the next renewal date, i.e. contract has one-year
coverage period during which there are substantive
rights and obligations.
Measurement
IFRS 17 introduces a general measurement model
(GMM) applicable to all insurance contracts to measure
insurance contract liabilities. Under the general
measurement model insurance contracts are measured
based on future cash flows, adjusted to reflect the time
value of money, including a risk adjustment, and a
contractual service margin (CSM).
When certain eligibility criteria are met, insurers may
apply a simplified approach, the premium allocation
approach (PAA), for the measurement of insurance
contracts. PAA is eligible for insurance contracts with a
coverage period of one year or less. This approach is
also available for contracts where the PAA would not
materially differ from the results of the GMM. In Sampo
Group's P&C operations, PAA is applied to all insurance
contracts, because the coverage period for most of the
insurance contracts is one year or less, and for longer
insurance contracts the qualifying eligibility criteria are
fulfilled.
The measurement of insurance liabilities consists of
liability for remaining coverage (LRC) and acquisition
cash flow asset, and liability for incurred claims (LIC),
the latter including both reported but not settled claims
as well as incurred but not reported claims (IBNR).
On initial recognition of P&C 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.
The acquisition cash flows reducing the carrying
amount of LRC mainly include staff costs related to
sales personnel and commissions, as well as certain
costs related to selling policies through price
comparison websites. Any overhead costs are expensed
immediately. Sampo Group's P&C operations in the
private business area have elected to recognise
acquisition cash flows as an expense at the date when
they are incurred. For other business areas, the
acquisition costs are deferred over the coverage period
of the contracts, generally one year, or longer in case of
expected renewals.
Any acquisition cash flows paid, relating to a group of
insurance contracts not yet recognised, are presented
as a separate acquisition cash flow asset and included in
the related portfolio\u2019s total carrying amount. \u00a0
The liability for remaining coverage relates to the
obligation to investigate and pay valid claims that have
not yet occurred. At subsequent reporting periods, the
carrying amount of LRC is increased by premiums
received during the period and decreased by the
amount recognised as insurance revenue for services
provided in the period, which for most products is
based on the passage of time (straight line basis).
Consequently, any premium receipts pertaining to
insurance services to be provided after the closing date,
remain in this liability. The carrying amount is also
increased for any premiums received in subsequent
periods less additional insurance acquisition cash flows
paid. The carrying amount of LRC is not discounted or
adjusted with the effect of financial risk as the time
between providing services and the related premium
due date generally is no more than a year.
For groups of onerous contracts, a loss component is
part of the liability for remaining coverage. The loss
component is calculated as the difference between the
liability measured with the general measurement model
and with the premium allocation approach.
The liability for incurred claims (LIC) is intended to
cover the future payments of all claims incurred,
including claims not yet reported to the company and
all claims handling expenses. Sampo Group measures
the liability for incurred claims (LIC) for the group of
insurance contracts at the amount of estimated
fulfilment cash flows relating to incurred claims.
Fulfilment cash flows consist of three components,
namely expected cash flows, discounting and risk
adjustment. The estimated future cash flows (best
estimate) are calculated with the aid of statistical
methods or through individual assessments of individual
claims. Both the best estimate and risk adjustment are
discounted to present value using standard actuarial
methods and applying market-based yield curves. The
curves are constructed based on a risk-free rate and an
illiquidity premium for each of the main currencies.
Discounting
Sampo Group's P&C operations have determined the
discount rates based on a bottom-up approach. The
interest rate curve includes a risk-free rate (excluding
credit risk adjustment) and an illiquidity premium for
each currency. The illiquidity premium is mainly derived
based on a portfolio of high-rated bonds for the liquid
part of the interest rate curve. Beyond this, the curve
converges to the ultimate forward rate, consistent with
the EIOPA curves. Discount rates are constructed
separately for the main currencies applied in Sampo
Group\u2019s subsidiaries.
The discounting effect of current year liabilities for
incurred claims and changes in the cash flows are
recognised in the insurance service result. Unwinding of
interest rates, effect of changes in interest rates and
other financial assumptions are presented as insurance
finance income or expense in profit or loss. Sampo
Group has elected not to apply the OCI option allowed
under IFRS 17.
Risk adjustment
IFRS 17 introduces an explicit risk adjustment included
in the measurement of insurance liabilities. The risk
adjustment reflects the cost of uncertainty associated
with the amount and timing of cash flows arising from
non-financial risk and the degree of risk aversion. The
risks typically considered in P&C operations, when
assessing risk adjustment, are reserve risk, longevity
risk, inflation risk, and premium risk.
In Sampo Group, the risk adjustment is derived through
a confidence level technique whereby management
determines the appropriate quantile. The risk
adjustment is calculated at the subsidiary level and
aggregated into the consolidated Sampo Group level
risk adjustment, without any diversification effects
assumed. Under the premium allocation approach, the
risk adjustment is only included in LIC, unless a group of
insurance contracts is onerous.
Reinsurance contracts
The PAA model is applied to reinsurance contracts held.
The corresponding accounting policies as for measuring
the insurance contracts issued are applied when
measuring the reinsurance contracts held. Thus,
correspondingly to insurance liabilities for issued
insurance contracts, the reinsurance assets for
reinsurance contracts held consist of asset for
remaining coverage and asset for incurred claims. The
asset for incurred claims also takes into consideration
the effect of the risk of non-performance by the issuer
of the reinsurance contract.
Life operations
Sampo Group\u2019s life operations were reclassified as
discontinued operations during the first quarter.
Accounting principles related to life operations are
presented in the note 32.
Insurance contracts
Sampo Group management applies judgement
regarding the determination of discount rates and risk
adjustment.
The interest rate curve includes a risk-free rate and an
illiquidity premium determined by Management, which
in Sampo Group is mainly based on a portfolio of high-
rated bonds.
Risk adjustment is determined separately for all Sampo
Group\u2019s 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 to risk aversion. The
confidence level approach is applied in the Group
companies. The confidence level applied in calculating
the risk adjustment is varying between group
companies from 75 per cent to 85 per cent.
Actuarial assumptions
Evaluation of insurance liabilities always involves
uncertainty, as technical provisions are based on
estimates and assumptions concerning future claims
costs. The estimates 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 estimating 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, mortality, discount rates and the effects of
legislative revisions and legal practices.
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.
Change in reference point for
disaggregation of IFRS 17
discounting effects in If
IFRS 17 Insurance contracts, implemented on 1 January
2023, requires insurance liability cash flows to be
discounted at rates consistent with observable market
prices, and for the effect of this to be disaggregated
between the insurance service result and insurance
finance income and expense. Following an analysis of
the application of IFRS 17 over 2023, Sampo Group has
decided to change the reference point used in If for
disaggregation from the beginning of year to the
beginning of quarter. This reflects the Group\u2019s practice
of providing financial results for individual quarters, and\u00a0
a desire to align more closely with common market
practise and the approach taken by other group
companies.
The implementation of the new methodology for
disaggregation is considered to be a change in
accounting estimate, in accordance with IAS 8.32
Accounting Policies, Changes in Accounting Estimates
and Errors and not a change in an accounting policy.
Accounting estimates are amounts \u201cthat are subject to
measurement uncertainty\u201d and measurement
techniques and inputs are used to develop an
accounting estimate. Consequently, no restatement of
comparative year (2022) is required (IAS 8.36). For
more information, please see notes 1 and 3.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-508": { "value": "
Interest and dividends
Interest income and expenses are recognised in the
income statement using the effective interest rate
method. This method recognises income and expenses
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-509": { "value": "
Fees and commissions
The fees and transaction costs of financial instruments
measured at fair value through profit or loss are
recognised in profit or loss when the instrument is
initially recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-510": { "value": "
Financial assets and liabilities
Sampo Group is applying IFRS 9 Financial Instruments
from 1 January 2023. IFRS 9 superseded IAS 39
Financial Instruments: Recognition and Measurement.
Sampo Group applied the temporary exemption
regarding the adoption of IFRS 9 and implemented
IFRS 9 at the same time as IFRS 17 Insurance Contracts.
The IFRS 9 comparative figures 2022 were not restated.
More details on the IFRS 9 transition are included in the
section Transition to IFRS 17 Insurance Contracts and
IFRS 9 Financial Instruments.
Initial recognition and derecognition
Financial assets and liabilities are measured at the initial
recognition at fair value. If the acquired financial assets
and liabilities are not measured at fair value, transaction
costs directly attributable to acquisition or issue are
added or deducted respectively.
Purchases and sales of financial assets at fair value
through profit or loss 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 other
receivables are recognised when cash is advanced.
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
recognised 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,
cancelled or expired.
IFRS 9 Classification and measurement
principles (applied 1 January 2023 onwards)
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). Under IFRS 9, the
majority of Sampo Group\u2019s financial assets are classified
at fair value through profit or loss and only a limited
amount of financial assets is measured at amortised
cost. No financial assets are classified as FVOCI.
The classification of financial assets into these
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. Business model reflects how the portfolios of
financial assets are managed to achieve business
objectives and to generate cash flows. The factors
considered in determining the portfolio\u2019s business
model include how the financial assets\u2019 performance is
evaluated and reported to management, how risks are
assessed and managed, past experience of how the
cash flows have been collected, and how compensation
is linked to performance.
Financial assets at fair value through profit
or loss
Financial assets classified as at fair value through profit
or loss include mainly investments in equity instruments
and funds, debt instruments, and other loans.
Equity instruments are classified and measured at fair
value through profit or loss.
Debt instruments, such as bonds and other interest-
bearing securities, are classified as measured at fair
value through profit or loss when the business model
reflects the assets being managed and evaluated on a
fair value basis. The instruments are initially recognised
and subsequently measured at fair value. Transaction
costs that are directly attributable to the issue or
acquisition of the assets are expensed in profit or loss.
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 under net investment income.
Derivative instruments that are not designated as
hedges and do not meet the requirements for hedge
accounting are classified as financial assets at fair value
through profit or loss. Derivatives are initially
recognised 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 under net investment income.
Financial assets measured at amortised cost
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 (solely payments of principal and interest -
criteria, SPPI) i.e. it is consistent with basic lending
arrangement. SPPI criteria is met when the financial
instrument\u2019s contractual cash flows are solely payments
of principal and interest on the principal amount
outstanding. Financial assets measured at amortised
cost comprise mainly debt instruments, loans, and
receivables.
Financial assets measured at amortised costs are
initially recognised at their fair value, including
transaction costs directly attributable to the acquisition
of the asset. Loans and other receivables are
subsequently measured at amortised cost using the
effective interest rate method.
Interest revenue is calculated using the effective
interest rate method. Under IFRS 9 financial assets
subsequently measured at amortised cost are subject to
loss allowance, that is, expected credit losses (ECL)
requirements.
Financial liabilities
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. Interest
expenses and gains or losses on derecognition are
recognised in the income statement.
Derivative financial liabilities are measured at fair value
through profit or loss.
If debt securities issued are redeemed before maturity,
they are derecognised and the difference between the
carrying amount and the consideration paid at
redemption is recognised in profit or loss.
IAS 39 Classification and measurement
principles (comparative period 2022)
During the comparative year 2022, based on the
measurement practice, financial assets and liabilities
were 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. Accounting principles
related to classification and measurement principles
under IAS 39 are presented in full in the Financial
Statements 2022.
Fair value
The 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 based on 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.
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.
Impairment of financial assets
Sampo 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 profit or
loss, may be impaired. A financial asset is impaired and
impairment losses are recognised based 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.
There is objective evidence of impairment, if, for
example, an issuer or debtor 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. 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. In Sampo Group the
impairment is assessed individually for each asset.
Financial assets measured at amortised cost
IFRS 9 introduced a forward-looking ECL model, which
in Sampo Group 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 staged model is used to determine the
ECL at each reporting date. In stage 1, the credit risk has
not increased significantly. Loss allowance is measured
at an amount equal to 12-month expected credit losses.
In stages 2 and 3, the credit risk has increased
significantly since initial recognition and the loss
allowance is measured at an amount equal to the
lifetime expected credit losses. In stage 3, the financial
asset is assessed to be credit-impaired (at default) and
the interest is calculated on the credit-impaired amount
instead of gross carrying amount.
In Sampo Group, the general approach is based on
three components, namely probability of default (PD),
loss given default (LGD), and exposure at default
(EAD).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "value": "
Initial recognition and derecognition
Financial assets and liabilities are measured at the initial
recognition at fair value. If the acquired financial assets
and liabilities are not measured at fair value, transaction
costs directly attributable to acquisition or issue are
added or deducted respectively.
Purchases and sales of financial assets at fair value
through profit or loss 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 other
receivables are recognised when cash is advanced.
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
recognised 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,
cancelled or expired.
Derivative financial instruments
and hedge accounting
Derivative 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 trading
Derivative instruments that are not designated as
hedges 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.
Hedge accounting
Sampo 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. During the financial year, cash
flow hedging has been applied in Hastings.
Hedge accounting applies to hedges that are effective
in relation to the hedged risk and meet the hedge
accounting requirements of IFRS 9. 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.
Cash flow hedging
Cash 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 currency forward contracts.
Derivative instruments which are designated as hedges
and are effective as such, are measured at fair value.
The effective part of the change in fair value is
recognised in other comprehensive income.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "value": "
Financial assets at fair value through profit
or loss
Financial assets classified as at fair value through profit
or loss include mainly investments in equity instruments
and funds, debt instruments, and other loans.
Equity instruments are classified and measured at fair
value through profit or loss.
Debt instruments, such as bonds and other interest-
bearing securities, are classified as measured at fair
value through profit or loss when the business model
reflects the assets being managed and evaluated on a
fair value basis. The instruments are initially recognised
and subsequently measured at fair value. Transaction
costs that are directly attributable to the issue or
acquisition of the assets are expensed in profit or loss.
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 under net investment income.
Derivative instruments that are not designated as
hedges and do not meet the requirements for hedge
accounting are classified as financial assets at fair value
through profit or loss. Derivatives are initially
recognised 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 under net investment income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "value": "
Financial liabilities
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. Interest
expenses and gains or losses on derecognition are
recognised in the income statement.
Derivative financial liabilities are measured at fair value
through profit or loss.
If debt securities issued are redeemed before maturity,
they are derecognised and the difference between the
carrying amount and the consideration paid at
redemption is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "value": "
Financial liabilities
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. Interest
expenses and gains or losses on derecognition are
recognised in the income statement.
Derivative financial liabilities are measured at fair value
through profit or loss.
If debt securities issued are redeemed before maturity,
they are derecognised and the difference between the
carrying amount and the consideration paid at
redemption is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "value": "
Fair value
The 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 based on 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.
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 value
The fair value of any non-quoted financial assets is
determined using valuation methods that are generally
accepted in the market.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-517": { "value": "
Impairment of financial assets
Sampo 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 profit or
loss, may be impaired. A financial asset is impaired and
impairment losses are recognised based 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.
There is objective evidence of impairment, if, for
example, an issuer or debtor 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. 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. In Sampo Group the
impairment is assessed individually for each asset.
Financial assets measured at amortised cost
IFRS 9 introduced a forward-looking ECL model, which
in Sampo Group 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 staged model is used to determine the
ECL at each reporting date. In stage 1, the credit risk has
not increased significantly. Loss allowance is measured
at an amount equal to 12-month expected credit losses.
In stages 2 and 3, the credit risk has increased
significantly since initial recognition and the loss
allowance is measured at an amount equal to the
lifetime expected credit losses. In stage 3, the financial
asset is assessed to be credit-impaired (at default) and
the interest is calculated on the credit-impaired amount
instead of gross carrying amount.
In Sampo Group, the general approach is based on
three components, namely probability of default (PD),
loss given default (LGD), and exposure at default
(EAD).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-516": { "value": "
Impairment of financial assets
Sampo 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 profit or
loss, may be impaired. A financial asset is impaired and
impairment losses are recognised based 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.
There is objective evidence of impairment, if, for
example, an issuer or debtor 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. 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. In Sampo Group the
impairment is assessed individually for each asset.
Financial assets measured at amortised cost
IFRS 9 introduced a forward-looking ECL model, which
in Sampo Group 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 staged model is used to determine the
ECL at each reporting date. In stage 1, the credit risk has
not increased significantly. Loss allowance is measured
at an amount equal to 12-month expected credit losses.
In stages 2 and 3, the credit risk has increased
significantly since initial recognition and the loss
allowance is measured at an amount equal to the
lifetime expected credit losses. In stage 3, the financial
asset is assessed to be credit-impaired (at default) and
the interest is calculated on the credit-impaired amount
instead of gross carrying amount.
In Sampo Group, the general approach is based on
three components, namely probability of default (PD),
loss given default (LGD), and exposure at default
(EAD).
Impairment of intangible assets
and property, plant and equipment
At 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 that it
would have been without recognition of the impairment
loss. Impairment losses recognised for goodwill are not
reversed.
Impairment tests
Goodwill, 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 by 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "value": "
Derivatives held for trading
Derivative instruments that are not designated as
hedges 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-519": { "value": "
Hedge accounting
Sampo 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. During the financial year, cash
flow hedging has been applied in Hastings.
Hedge accounting applies to hedges that are effective
in relation to the hedged risk and meet the hedge
accounting requirements of IFRS 9. 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.
Cash flow hedging
Cash 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 currency forward contracts.
Derivative instruments which are designated as hedges
and are effective as such, are measured at fair value.
The effective part of the change in fair value is
recognised in other comprehensive income.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-520": { "value": "
Leases
Group as lessee
All 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 income
statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "value": "
Intangible assets
Goodwill
Goodwill 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.
Other intangible assets
IT 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:
\u2022 IT software 3-10 years
\u2022 Other intangible assets 3-10 years
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "value": "
Goodwill
Goodwill 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-523": { "value": "
Other intangible assets
IT 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:
\u2022 IT software 3-10 years
\u2022 Other intangible assets 3-10 years
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:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-524": { "value": "
Property, plant and equipment
Property, plant and equipment comprise properties
occupied for Sampo\u2019s own activities, office equipment,
fixtures and fittings, and furniture.
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:
\u2022 Buildings 20-50 years
\u2022 Components of buildings 15-20 years
\u2022 Property and leasehold improvements 4-10 years
\u2022 IT equipment and motor vehicles 2-5 years
\u2022 Other equipment 3-15 years
Depreciation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-525": { "value": "
Impairment of intangible assets
and property, plant and equipment
At 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 that it
would have been without recognition of the impairment
loss. Impairment losses recognised for goodwill are not
reversed.
Impairment tests
Goodwill, 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 by 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-526": { "value": "
Reinsurance contracts
The PAA model is applied to reinsurance contracts held.
The corresponding accounting policies as for measuring
the insurance contracts issued are applied when
measuring the reinsurance contracts held. Thus,
correspondingly to insurance liabilities for issued
insurance contracts, the reinsurance assets for
reinsurance contracts held consist of asset for
remaining coverage and asset for incurred claims. The
asset for incurred claims also takes into consideration
the effect of the risk of non-performance by the issuer
of the reinsurance contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-527": { "value": "
Employee benefits
Post-employment benefits
Post-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
contributions. 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 beginning 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 profit or loss in
pension costs. The actuarial gains and losses and the
return of the plan assets (excluding 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 or net asset is
recognised separately in the balance sheet.
The Group has also certain voluntary defined benefit
plans which have no material significance.
Termination benefits
An 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 payments
During the financial year, Sampo had four valid share-
based incentive schemes settled in cash (the long-term
incentive schemes 2017 II as well as 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 28 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 considered 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "value": "
Post-employment benefits
Post-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
contributions. 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 beginning 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 profit or loss in
pension costs. The actuarial gains and losses and the
return of the plan assets (excluding 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 or net asset is
recognised separately in the balance sheet.
The Group has also certain voluntary defined benefit
plans which have no material significance.
Termination benefits
An 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-529": { "value": "
Share-based payments
During the financial year, Sampo had four valid share-
based incentive schemes settled in cash (the long-term
incentive schemes 2017 II as well as 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 28 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 considered 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-530": { "value": "
Income taxes
Item 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
temporary difference can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-531": { "value": "
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
temporary difference can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-532": { "value": "
Share capital
The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-533": { "value": "
Treasury shares
The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-534": { "value": "
Cash and cash equivalents
Cash 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-535": { "value": "
Accounting policies requiring
management judgement and
key sources of estimation
uncertainties
Preparation of the accounts in accordance with the
IFRS requires management estimates and assumptions
that have affected the revenue, expenses, assets,
liabilities and contingent liabilities presented in the
financial statements. Judgement is required 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 in all subsequent
periods.
Insurance contracts
Sampo Group management applies judgement
regarding the determination of discount rates and risk
adjustment.
The interest rate curve includes a risk-free rate and an
illiquidity premium determined by Management, which
in Sampo Group is mainly based on a portfolio of high-
rated bonds.
Risk adjustment is determined separately for all Sampo
Group\u2019s 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 to risk aversion. The
confidence level approach is applied in the Group
companies. The confidence level applied in calculating
the risk adjustment is varying between group
companies from 75 per cent to 85 per cent.
Actuarial assumptions
Evaluation of insurance liabilities always involves
uncertainty, as technical provisions are based on
estimates and assumptions concerning future claims
costs. The estimates 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 estimating 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, mortality, discount rates and the effects of
legislative revisions and legal practices.
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 value
The fair value of any non-quoted financial assets is
determined using valuation methods that are generally
accepted in the market.
Impairment tests
Goodwill, 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 by 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.
Consolidation of Topdanmark as a
subsidiary
According 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. At that time, Sampo\u2019s management
thoroughly considered all the 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 largest individual investor and Sampo was unaware
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 the 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 over the Board of Directors.
Discontinued operations
Sampo evaluated the reclassification principles set in
IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations and IFRIC 17 Distribution of
Non-cash Assets to Owners. As a result of the analysis,
Sampo concluded that the demerger met the criteria
set for arrangements considered as held for distribution
to owners acting in their capacity as owners on 30
September 2023. Mandatum\u2019s assets and liabilities were
reclassified as a disposal group held for distribution to
owners and related liabilities on 31 March 2023.
The partial demerger was completed as planned on 1
October 2023. The first trading day for Mandatum on
Nasdaq Helsinki was 2 October 2023. In the demerger,
all the shares in Mandatum Holding Ltd (a wholly owned
direct subsidiary of Sampo plc) and the related assets
and liabilities were transferred without a liquidation
procedure to Mandatum plc, a company incorporated in
the demerger on the effective date.
In addition, a part of Sampo's general liabilities not
allocated to any specific business operations were
allocated to Mandatum plc. These liabilities cannot be
legally transferred due to their nature, and therefore
Sampo and Mandatum agreed on forming an equivalent
debt relationship between them, amounting to EUR 102
million on 2 October 2023. Despite the allocation of
general liabilities, Sampo\u2019s original liabilities in the
balance sheet remain unchanged in the arrangement
and Sampo plc will remain as the primary debtor
towards the creditors.
Dividend liability on partial demerger
Sampo analysed the accounting principles set in IFRIC
17 Distribution of Non-cash Assets to Owners regarding
the timing of recognition of liability for dividend
payable. IFRIC 17.10 states that the liability to pay a
dividend is recognised against the equity when the
dividend is appropriately authorised and is no longer at
the discretion of the entity. An entity shall measure a
liability to distribute non-cash assets as a dividend to its
owners at the fair value of the assets to be distributed.
In September 2023, the Board of Directors completed
the final evaluation of the conditions for completing the
demerger. The dividend liability on the partial demerger
of Mandatum was recognised in Sampo Group\u2019s balance
sheet amounting to EUR 1,826 million. Sampo\u2019s
management concluded that Mandatum segment\u2019s net
assets represented the best estimate of Mandatum\u2019s fair
value prior listing at the end of the reporting period
Q3/2023.
The best estimate for the fair value of Mandatum Group
was considered to be the weighted average share price
during the first day of listing on 2 October 2023 in
Nasdaq Helsinki. The average price of Mandatum\u2019s share
was EUR 3.657, resulting in a dividend liability of EUR
1,835 million.
As the dividend liability recognised in September 2023
was EUR 1,826 million, Sampo recognised a difference
of EUR 9 million in the last quarter of 2023. The income
was recognised in the statement of comprehensive
income as a part of the discontinued operations. In
addition, Sampo recognised the loan receivable from
Mandatum plc, both in the financial assets in the
balance sheet and in discontinued operations in the
statement of comprehensive income.
Change in reference point for
disaggregation of IFRS 17
discounting effects in If
IFRS 17 Insurance contracts, implemented on 1 January
2023, requires insurance liability cash flows to be
discounted at rates consistent with observable market
prices, and for the effect of this to be disaggregated
between the insurance service result and insurance
finance income and expense. Following an analysis of
the application of IFRS 17 over 2023, Sampo Group has
decided to change the reference point used in If for
disaggregation from the beginning of year to the
beginning of quarter. This reflects the Group\u2019s practice
of providing financial results for individual quarters, and\u00a0
a desire to align more closely with common market
practise and the approach taken by other group
companies.
The implementation of the new methodology for
disaggregation is considered to be a change in
accounting estimate, in accordance with IAS 8.32
Accounting Policies, Changes in Accounting Estimates
and Errors and not a change in an accounting policy.
Accounting estimates are amounts \u201cthat are subject to
measurement uncertainty\u201d and measurement
techniques and inputs are used to develop an
accounting estimate. Consequently, no restatement of
comparative year (2022) is required (IAS 8.36). For
more information, please see notes 1 and 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-536": { "value": "
Consolidation of Topdanmark as a
subsidiary
According 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. At that time, Sampo\u2019s management
thoroughly considered all the 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 largest individual investor and Sampo was unaware
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 the 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 over the Board of Directors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-537": { "value": "
Application of new or revised
IFRSs and interpretations
The 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 new IFRSs coming into effect in
financial year 2024 will not have any significant
influence on the Group's financial reporting.
Pillar II
Sampo Group is within the scope of Pillar II regulations
(EU Minimum Tax Directive and OECD Safe Harbour
rules). Sampo Group companies have applied a
temporary mandatory relief from deferred tax
accounting for any potential impacts of the top-up tax,
and account for it as a current tax, should it occur.
Sampo Group will, as of fiscal year 2024, be subject to
the global minimum top-up tax rules either at the
ultimate parent entity level, by Sampo plc in Finland, or
domestic top-up tax in the countries where Sampo
Group companies operate, and where such rules are
enacted.
Sampo is in the process of assessing its exposure to the
global minimum top-up tax rules for when it comes into
effect. The assessment does not indicate any material
additional tax to be levied as a consequence of the top-
up tax rules, apart from a possible exception in
Gibraltar. Due to the complexities in applying the
legislation and calculating GloBe income, there may still
be top-up tax effects.
Transition to IFRS 17 Insurance
Contracts and IFRS 9 Financial
Instruments
Summary of high-level impacts in Sampo
Group
Sampo Group is applying IFRS 17 Insurance Contracts
and IFRS 9 Financial Instruments from 1 January 2023.
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.
The application of IFRS 9 did 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.\u00a0
Implementation of IFRS 17 or IFRS 9 did not have an
impact on the Solvency II calculations.
IFRS 17 Insurance Contracts
Transition approaches applied
On 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. A full retrospective approach
was applied in the Group\u2019s non-life companies whereas
all transition methods were applied in the Group\u2019s life
company.
In the full retrospective approach, Sampo Group
identifies, recognises and measures each group of
insurance contracts as if IFRS 17 had always been
applied and derecognised any existing balances that
would not exist if IFRS 17 had always been applied. The
resulting net difference was recognised in retained
earnings.
Sampo Group's life operations applied the modified
retrospective approach and fair value approach, when
application of the full retrospective approach was
impracticable. The choice of transition approach
depended on the type of the product/portfolio, the
issue date, and data availability.
When applying the fair value approach, Sampo Group\u2019s
life operations were 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 the same date. At the end of
the reporting period 2023, Sampo Group does not have
life operations due to the partial demerger and listing of
Mandatum Group on 1 October 2023.
Opening balance sheet 1 January 2022
Sampo Group's 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. Discounting of reserves decreased insurance liabilities, whereas
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 of 1 January 2022.
EURm
1 Jan 2022
Assets
Property, plant and equipment
373
Investment property
236
Intangible assets
3,660
Investments in associates
475
Financial assets
19,862
Financial assets related to unit-linked contracts
10,546
Deferred income tax
53
Insurance contract assets
41
Reinsurance contract assets
2,008
Other assets
712
Cash and cash equivalents
4,690
Non-current assets held for sale*
16,029
Total assets
58,684
Liabilities
Insurance contract liabilities
18,266
Investment contract liabilities
7,239
Subordinated debts
2,016
Other financial liabilities
2,315
Deferred income tax
851
Other liabilities
1,532
Liabilities related to non-current assets held for sale*
13,010
Total liabilities
45,228
Equity
Share capital
98
Reserves
1,530
Retained earnings
9,945
Other components of equity
1,231
Equity attributable to owners of the parent
12,805
Non-controlling interests
651
Total equity
13,456
Total equity and liabilities
58,684
* Topdanmark Life was classified as non-current assets held for sale on 1 January 2022 and the sale
was completed on 1 December 2022. Topdanmark Life is accounted for under IFRS 17 in the
opening balance 1 January 2022. Please see note 33 for further information.
IFRS 17 impacts on Sampo Group\u2019s non-life
operations
The 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 billion. The
main impacts decreasing the insurance contract
liabilities were due to the additional discounting effect
and reclassifications. 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 operations
In the IFRS 17 opening balance, insurance contract
liabilities amounted to EUR 6.6 billion. 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 scope of IFRS 9, expected profits are not
presented as CSM.
At the end of reporting period 2023, Sampo Group
does not have life operations due to the partial
demerger and listing of Mandatum Group on 1 October
2023.
Equity bridge calculation between IFRS 4 and IFRS 17
Sampo Group assessed the impact that the application
of IFRS 17 had 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.
EURm
Share capital
Reserves
Retained
earnings
Other
components of
equity
Non-controlling
interests
Total
Equity 31 Dec 2021
98
1,530
9,952
1,208
676
13,464
IFRS 17 adjustments
non-life companies
9
-32
-23
IFRS 17 adjustments
life company
-18
-18
Tax impact
0
7
7
Other
2
23
25
Equity 1 Jan 2022
98
1,530
9,945
1,231
651
13,456
IFRS 9 Financial Instruments
IFRS 9 Financial Instruments standard superseded IAS 39 Financial Instruments:
Recognition and Measurement. The new standard changed 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 implemented IFRS 9 at the same time as IFRS 17 Insurance
Contracts i.e. on 1 January 2023. The IFRS 9 comparative figures 2022 are not restated.
Classification and measurement under IFRS 9
The table presents the changes in classification and measurement of the main financial
assets and liabilities during the transition to IFRS 9. The implementation of IFRS 9 did
not have a material impact on the measurement of the balance sheet, as the main part
of the financial assets were 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 did not have a material impact on total equity at the transition to IFRS 9
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\u00a09.
Measurement
category under IAS 39
Measurement
category under
IFRS 9
Carrying
amount 31 Dec
2022\u00a0 (IAS 39)
Transfer
Carrying
amount 1 Jan
2023 (IFRS 9)
EURm
EURm
Derivative financial
instruments
Derivative
financial
instruments
79
\u2014
79
Financial assets at fair
value
Financial assets
at fair value
through profit
or loss
3,045
\u2014
3,045
Financial assets
available for sale
Financial assets
at fair value
through profit
or loss
16,048
\u2014
16,048
Loans and receivables
Financial assets
at amortised
cost
296
\u2014
296
The 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:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-538": { "value": "
Segment information
At the end of the reporting period, Sampo Group\u2019s
business segments are If, Topdanmark, Hastings and
Holding. At the end of comparative period, Mandatum
has been presented as a business segment.
Segment information has been produced in accordance\u00a0
with the accounting policies adopted for preparing and
presenting the consolidated financial statements. The\u00a0
segment revenue, expense, assets and liabilities, either\u00a0
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.
Result by segment for twelve months ended 31\u00a0December 2023
EURm
If
Topdan-
mark
Hastings
Holding
Elim.
Sampo
Group
GWP & brokerage income
5,468
1,339
2,063
\u2014
\u2014
8,870
Insurance revenue, net
(incl. brokerage)
4,996
1,288
1,251
\u2014
\u2014
7,535
Claims incurred, net
-3,377
-862
-714
\u2014
\u2014
-4,953
Operating expenses
-777
-233
-409
\u2014
\u2014
-1,419
Underwriting result
842
194
128
\u2014
\u2014
1,164
Net investment income
871
107
79
-37
-13
1,006
Insurance finance income
or expense, net
-331
-79
-35
\u2014
\u2014
-446
Net financial result
539
27
44
-37
-13
560
Other items
-24
-59
-42
-122
4
-243
Profit before taxes
1,358
162
129
-160
-9
1,481
Income taxes
-285
-43
-11
0
\u2014
-339
Profit from the continuing
operations
1,073
119
118
-160
-9
1,142
Discontinued operations,
net of tax*
\u2014
\u2014
\u2014
\u2014
9
251
Net profit
1,393
Other comprehensive
income
Items reclassifiable to
profit or loss
Exchange differences
-23
-3
24
\u2014
\u2014
-1
Cash flow hedges
\u2014
\u2014
-1
\u2014
\u2014
-1
Total items reclassifiable
to profit or loss, net of tax
-23
-3
23
\u2014
\u2014
-3
EURm
If
Topdan-
mark
Hastings
Holding
Elim.
Sampo
Group
Items not reclassifiable to
profit or loss
Actuarial gains and losses
from defined pension plans
-6
\u2014
\u2014
\u2014
\u2014
-6
Taxes
1
\u2014
\u2014
\u2014
\u2014
1
Total items not
reclassifiable to profit or
loss, net of tax
-5
\u2014
\u2014
\u2014
\u2014
-5
Total other comprehensive
income for the continuing
operations, net of tax
-28
-3
23
\u2014
\u2014
-8
Total comprehensive
income
1,045
117
141
-160
-9
1,386
Profit attributable to
Owners of the parent
1,323
Non-controlling interests
70
Total comprehensive
income attributable to
Owners of the parent
1,316
Non-controlling interests
70
Mandatum segment has been presented in the table on a single line as a discontinued operation,
and therefore the Group\u2019s net profit by lines do not reconcile to the segment totals.
* The elimination totalling EUR 9 million is related to intra-segment operations between the
reportable segments and discontinued operation.
The segment result formula has been adjusted in Q4/2023 to align the presentation with the
management\u2019s follow-up and ratio calculation. Hastings\u2019 income and expenses previously included
in line-item Other P&C other insurance related income/expense are now split into Insurance
revenue, net (incl. brokerage) and Operating expenses.
Result by segment for twelve months ended 31\u00a0December 2022
EURm
If
Topdan-
mark
Hastings
Holding
Elim.
Sampo
Group
GWP & brokerage income
5,432
1,308
1,636
\u2014
\u2014
8,375
Insurance revenue, net
(incl. brokerage)
5,024
1,255
998
\u2014
\u2014
7,277
Claims incurred, net
-3,550
-809
-509
\u2014
\u2014
-4,867
Operating expenses
-801
-216
-361
\u2014
\u2014
-1,379
Underwriting result
673
230
128
\u2014
\u2014
1,031
Net investment income
278
-142
16
177
-8
320
Insurance finance income
or expense, net
610
115
11
\u2014
\u2014
736
Net financial result
888
-28
27
177
-8
1,056
Other items
-11
-45
-49
-31
-28
-163
Profit before taxes
1,550
158
107
146
-36
1,924
Income taxes
-325
-40
-8
8
\u2014
-366
Profit from the continuing
operations
1,225
117
98
153
-36
1,559
Discontinued operations,
net of tax
\u2014
\u2014
\u2014
\u2014
36
579
Divested operations, net of
tax
\u2014
102
\u2014
\u2014
\u2014
102
Net profit
2,240
Other comprehensive
income
Items reclassifiable to
profit or loss
Exchange differences
-169
-1
-106
8
\u2014
-268
Available-for-sale financial
assets
-823
\u2014
-58
-240
\u2014
-1,121
Taxes
169
\u2014
\u2014
40
\u2014
209
Total items reclassifiable
to profit or loss, net of tax
-823
-1
-164
-192
\u2014
-1,180
EURm
If
Topdan-
mark
Hastings
Holding
Elim.
Sampo
Group
Items not reclassifiable
to profit or loss
Actuarial gains and
losses from defined
pension plans
32
\u2014
\u2014
\u2014
\u2014
32
Taxes
-7
\u2014
\u2014
\u2014
\u2014
-7
Total items not
reclassifiable to profit
or loss, net of tax
26
\u2014
\u2014
\u2014
\u2014
26
Total other
comprehensive income
for the continuing
operations, net of tax
-797
-1
-164
-192
\u2014
-1,154
Other comprehensive
income for the
discontinued operations,
net of tax
-484
Other comprehensive
income, total net of tax
-1,639
Total comprehensive
income
428
117
-66
-39
-36
601
Profit attributable to
Owners of the parent
2,107
Non-controlling interests
133
Total comprehensive
income attributable to
Owners of the parent
468
Non-controlling interests
133
Mandatum\u2019s segment has been presented in the table on a single line as a discontinued operation,
and therefore the Group total by lines do not reconcile to the segment totals.
Balance sheet by segment at 31\u00a0December 2023
EURm
If
Topdanmark
Hastings
Holding
Elim.
Sampo Group
Assets
Property, plant and equipment
177
117
19
4
\u2014
318
Intangible assets
579
1,545
1,512
1
\u2014
3,637
Investments in associates
4
8
\u2014
\u2014
\u2014
12
Financial assets
10,838
2,060
1,407
7,564
-6,112
15,757
Deferred income tax
4
4
\u2014
\u2014
-4
3
Reinsurance contract assets
563
79
1,640
\u2014
\u2014
2,282
Other assets
553
89
136
23
\u2014
800
Cash and cash equivalents
197
24
448
747
\u2014
1,415
Total assets
12,915
3,926
5,162
8,339
-6,117
24,225
Liabilities
Insurance contract liabilities
7,134
1,855
2,726
\u2014
\u2014
11,716
Subordinated debts
135
148
\u2014
1,490
-127
1,645
Other financial liabilities
58
46
186
979
\u2014
1,269
Deferred income tax
352
139
76
0
\u2014
567
Other liabilities
1,011
162
112
58
\u2014
1,342
Total liabilities
8,689
2,350
3,100
2,527
-128
16,538
Equity
Share capital
98
Reserves
1,530
Retained earnings
6,378
Other components of equity
-743
Equity attributable to owners of the parent
7,263
Non-controlling interests
424
Total equity
7,687
Total equity and liabilities
24,225
Balance sheet by segment at 31\u00a0December 2022
EURm
If
Topdanmark
Hastings
Mandatum
Holding
Elim.
Sampo Group
Assets
Property, plant and equipment
190
112
23
26
4
\u2014
355
Investment property
1
\u2014
\u2014
166
\u2014
\u2014
166
Intangible assets
588
1,232
1,501
172
1
\u2014
3,494
Investments in associates
4
7
\u2014
4
\u2014
\u2014
16
Financial assets
10,451
2,584
1,149
3,776
8,250
-6,644
19,565
Financial assets related to unit-linked contracts
\u2014
\u2014
\u2014
9,930
\u2014
\u2014
9,930
Deferred income tax
9
7
\u2014
\u2014
\u2014
-4
11
Insurance contract assets
\u2014
\u2014
\u2014
6
\u2014
\u2014
6
Reinsurance contract assets
264
79
1,477
1
\u2014
\u2014
1,821
Other assets
394
66
127
162
60
-34
775
Cash and cash equivalents
296
8
246
761
1,762
\u2014
3,073
Total assets
12,197
4,094
4,521
15,004
10,077
-6,682
39,212
Liabilities
Insurance contract liabilities
6,693
1,763
2,434
5,321
\u2014
\u2014
16,210
Investment contract liabilities
\u2014
\u2014
\u2014
7,103
\u2014
\u2014
7,103
Subordinated debts
224
148
\u2014
350
1,489
-228
1,983
Other financial liabilities
7
55
73
3
1,320
\u2014
1,457
Deferred income tax
306
120
79
160
0
\u2014
666
Other liabilities
1,079
166
118
224
64
-34
1,617
Total liabilities
8,309
2,252
2,704
13,159
2,873
-262
29,035
Equity
Share capital
98
Reserves
1,530
Retained earnings
8,482
Other components of equity
-492
Equity attributable to owners of the parent
9,618
Non-controlling interests
560
Equity
10,178
Total equity and liabilities
39,212
Geographical information
EURm
2023
Finland
Sweden
Norway
Denmark
UK
Baltic
Total
Revenue from external customers
1,343\u00a0
1,801\u00a0
1,654\u00a0
1,897\u00a0
1,308\u00a0
223\u00a0
8,225\u00a0
Non-current assets
111\u00a0
454\u00a0
189\u00a0
1,675\u00a0
1,531\u00a0
7\u00a0
3,968\u00a0
EURm
2022
Finland
Sweden
Norway
Denmark
UK
Baltic
Total
Revenue from external customers
1,682\u00a0
1,840\u00a0
1,730\u00a0
1,848\u00a0
1,030\u00a0
189\u00a0
8,319\u00a0
Non-current assets
481\u00a0
457\u00a0
208\u00a0
1,354\u00a0
1,523\u00a0
7\u00a0
4,030\u00a0
Geographical information has been disclosed on income from external customers and
non-current assets. The reported areas are Finland, Sweden, Norway, Denmark, UK and
the Baltic countries.
The revenue includes insurance revenue according to the underwriting country.
Holding includes net investment income and other operating income. For Hastings,
income from broker activities has been included as well. Revenue from external
customers during the reporting period 2023 includes Mandatum\u2019s revenue until the
date of demerger i.e. 1 October 2023.
Non-current assets comprise of intangible assets, investments in associates, property,
plant and equipment, and investment property. At the end of the reporting period,
non-current assets no longer include Mandatum\u2019s assets or liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-540": { "value": "
1 Insurance service result
EURm
1-12/2023
1-12/2022
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
8,513
8,053
Change in liability for remaining coverage
-329
-204
Brokerage revenue
233
213
Total insurance revenue from contracts measured under PAA
8,417
8,062
Total insurance revenue
8,417
8,062
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,292
-4,844
Claims handling expenses
-468
-481
Change in liability for incurred claims
-29
-220
Change in risk adjustment
-9
13
Change in loss component
-12
12
Insurance service expenses related to claims incurred
-5,810
-5,519
Operating expenses
-1,266
-1,239
Total insurance service expenses
-7,076
-6,759
Reinsurance result
Premiums
-1,005
-894
Claims recovered
857
652
Total reinsurance result
-148
-242
Total insurance service result
1,193
1,062
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
During Q4/2023 Sampo decided to change the reference point in discounting used in
If for disaggregation from the beginning of year to the beginning of quarter. The
change in reference point had an impact on the split of discounting effects between
the insurance service result and insurance finance income and expenses. Under the
new methodology, current year discounting effects identified in If\u2019s insurance service
result are estimated at EUR 168 million for the full-year 2023.
3 Net finance income or expense from
insurance contracts
EURm
1-12/2023
1-12/2022
Insurance contracts
Unwinding of discount rate
-322\u00a0
-132\u00a0
Effect of changes in interest rates and other financial
assumptions
-207\u00a0
959\u00a0
Total finance income or expenses from insurance contracts
-529\u00a0
827\u00a0
Reinsurance contracts
Unwinding of discount rate
74\u00a0
39\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
9\u00a0
-130\u00a0
Total finance income or expenses from reinsurance contracts
83\u00a0
-90\u00a0
Net finance result insurance and reinsurance contracts
-446\u00a0
736\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Due to the change in reference point in discounting in If, the unwind of discount rate
included in finance income or expense was EUR -180 million for the full year.
20 Insurance contract liabilities
Insurance liabilities reflect the liability the Group has for its insurance undertakings,
meaning the insurance contracts underwritten. The liability consists of two parts, the
liability for remaining coverage and acquisition cash flow assets as well as the liability
for incurred claims.
The liability for remaining coverage relates to the obligation to investigate and pay
valid claims that have not yet occurred. The liability consists of the premium payments
received for insurance services to be provided after the closing date, i.e. relating to the
unexpired portion of the insurance coverage, and adjusted for acquisition cash flows.
The liability for incurred claims relates to the obligation to investigate and pay valid
claims that have occurred. The liability is designed to cover anticipated future
payments for all claims incurred, including claims not yet reported.
For further information on accounting principles related to insurance contract
liabilities, please see the section Accounting principles.
EURm
12/2023
12/2022
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage
1,709
1,514
Liability for incurred claims
10,007
9,376
Insurance contract liability - contracts measured under GMM
and VFA
Liability for remaining coverage
\u2014
5,299
Liability for incurred claims
\u2014
22
Total insurance contract liabilities
11,716\u00a0
16,210\u00a0
Reinsurance contract assets
Assets for remaining coverage
258
221
Assets for incurred claims
2,024
1,600
Reinsurance contract assets, total
2,282\u00a0
1,821\u00a0
Total insurance contracts, net of reinsurance
9,434\u00a0
14,389\u00a0
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
21 Reconciliation of insurance contract liabilities
Insurance contracts
The first table presents the reconciliation of the carrying
amounts of the liability for remaining coverage and the
liability for incurred claims for issued insurance
contracts during the reporting period as a result of
amounts recognized in the statement of total
comprehensive income and cash flows.
Reinsurance contracts
Following table presents\u00a0 the reconciliation of the
carrying amounts of the asset for remaining coverage
and the asset for incurred claims for reinsurance
contracts during the reporting period as a result of
amounts recognized in the statement of profit and
other comprehensive income and cash flows.
Information is presented on Sampo Group level and on
the reporting segment level. Information regarding
insurance contract liability is presented on contracts
measured under PAA model.
Mandatum Group\u2019s figures are not included in the
reconciliation tables as Mandatum is reported as
disposal group held for distribution to owners.\u00a0
Sampo Group - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance
1,499
14
8,931
444
10,889
1,504
28
9,686
477
11,695
Changes in the statement of comprehensive income
Insurance revenue
-8,417
\u2014
\u2014
\u2014
-8,417
-8,062
\u2014
\u2014
\u2014
-8,062
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
6,503
154
6,657
\u2014
\u2014
5,897
151
6,047
Amortisation of insurance acquisition cash flows
223
\u2014
\u2014
\u2014
223
213
\u2014
\u2014
\u2014
213
Changes that relate to past service (LIC)
\u2014
\u2014
-395
-145
-540
\u2014
\u2014
-71
-163
-234
Changes that relate to future service (LRC)
\u2014
12
\u2014
\u2014
12
\u2014
-12
\u2014
\u2014
-12
Total insurance service expenses
223
12
6,108
9
6,351
213
-12
5,826
-13
6,014
Insurance service result
-8,195
12
6,108
9
-2,066
-7,849
-12
5,826
-13
-2,048
Insurance finance income or expense
\u2014
\u2014
529
\u2014
529
-1
\u2014
-826
\u2014
-827
Other items (including FX effects)
-185
\u2014
91
4
-89
244
-1
-475
-20
-252
Total changes in the statement of comprehensive
income
-8,379
12
6,728
13
-1,626
-7,606
-14
4,525
-32
-3,127
Cash flows during the period
Premiums received\u00a0
8,785
\u2014
\u2014
\u2014
8,785
7,808
\u2014
\u2014
\u2014
7,808
Claims and other insurance service expenses paid
\u2014
\u2014
-6,111
\u2014
-6,111
\u2014
\u2014
-5,280
\u2014
-5,280
Insurance acquisition cash flows paid
-221
\u2014
\u2014
\u2014
-221
-207
\u2014
\u2014
\u2014
-207
Total cash flows during the period
8,564
\u2014
-6,111
\u2014
2,453
7,601
\u2014
-5,280
\u2014
2,321
Transfer to other items in the balance sheet
17
\u2014
\u2014
1
18
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
1,701
27
9,547
459
11,734
1,499
14
8,931
444
10,889
Acquisition cash flow asset
-18
\u2014
Closing balance
11,716
10,889
Sampo Group - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
221
1,384
215
1,820
251
1,523
232
2,007
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-1,005
\u2014
\u2014
-1,005
-894
\u2014
\u2014
-894
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses
\u2014
935
72
1,007
\u2014
600
67
667
Adjustments to assets for incurred claims
\u2014
-80
-70
-150
\u2014
155
-73
82
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-1,005
855
2
-148
-894
756
-6
-144
Insurance finance income or expenses from reinsurance contracts
\u2014
83
\u2014
83
\u2014
-90
\u2014
-90
Effect of movements in exchange rates
-8
31
4
26
22
-85
-11
-75
Total changes in the statement of comprehensive income
-1,014
969
6
-39
-872
580
-17
-310
Cash flows
Premiums paid
1,051
\u2014
\u2014
1,051
842
\u2014
\u2014
842
Amounts received
\u2014
-550
\u2014
-550
\u2014
-719
\u2014
-719
Total cash flows
1,051
-550
\u2014
501
842
-719
\u2014
123
Closing assets
258
1,803
220
2,282
221
1,384
215
1,820
If\u00a0 - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance - liabilities relating to insurance contracts
868
7
5,655
162
6,693
873
25
6,230
172
7,301
Changes in the statement of comprehensive income
Insurance revenue
-5,330
\u2014
\u2014
\u2014
-5,330
-5,322
\u2014
\u2014
\u2014
-5,322
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
3,924
58
3,981
\u2014
\u2014
3,570
52
3,621
Amortisation of insurance acquisition cash flows
100
\u2014
\u2014
\u2014
100
102
\u2014
\u2014
\u2014
102
Changes that relate to past service (LIC)
\u2014
\u2014
-184
-43
-228
\u2014
\u2014
118
-56
62
Changes that relate to future service (LRC)
\u2014
10
\u2014
\u2014
10
\u2014
-17
\u2014
\u2014
-17
Total insurance service expenses
100
10
3,739
14
3,863
102
-17
3,688
-4
3,769
Insurance service result
-5,230
10
3,739
14
-1,467
-5,220
-17
3,688
-4
-1,553
Insurance finance income or expense
\u2014
\u2014
340
\u2014
340
\u2014
\u2014
-619
\u2014
-619
Other items (including FX effects)
-191
\u2014
57
-2
-135
211
-1
-333
-6
-130
Total changes in the statement of comprehensive income
-5,420
10
4,136
13
-1,261
-5,009
-18
2,735
-10
-2,302
Cash flows during the period
Premiums received\u00a0
5,572
\u2014
\u2014
\u2014
5,572
5,102
\u2014
\u2014
\u2014
5,102
Claims and other insurance service expenses paid
\u2014
\u2014
-3,754
\u2014
-3,754
\u2014
\u2014
-3,311
\u2014
-3,311
Insurance acquisition cash flows paid
-108
\u2014
\u2014
\u2014
-108
-98
\u2014
\u2014
\u2014
-98
Total cash flows during the period
5,463
\u2014
-3,754
\u2014
1,710
5,004
\u2014
-3,311
\u2014
1,693
Transfer to other items in the balance sheet
Closing balance - liabilities relating to insurance contracts
911
17
6,038
175
7,141
868
7
5,655
162
6,693
Acquisition cash flow asset
-7
\u2014
Closing balance -
Insurance contract liabilities
7,134
6,693
If\u00a0 - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
28
226
10
264
23
242
11
276
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-334
\u2014
\u2014
-334
-299
\u2014
\u2014
-298
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
339
10
348
\u2014
84
3
87
Adjustments to assets for incurred claims
\u2014
41
-3
38
\u2014
34
-4
30
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-334
380
7
52
-299
118
-1
-181
Insurance finance income or expenses from reinsurance contracts
\u2014
8
\u2014
8
\u2014
-9
\u2014
-9
Effect of movements in exchange rates
-12
8
0
-4
13
-2
0
11
Total changes in the statement of comprehensive income
-346
396
7
57
-285
107
-1
-179
Cash flows
Premiums paid
354
\u2014
\u2014
354
291
\u2014
\u2014
291
Amounts received
\u2014
-112
\u2014
-112
0
-123
\u2014
-123
Total cash flows
354
-112
\u2014
242
291
-123
\u2014
167
Closing assets
36
510
17
563
28
226
10
264
Topdanmark - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance - liabilities relating to insurance contracts
285
2
1,441
35
1,763
303
1
1,529
40
1,872
Changes in the statement of comprehensive income
Insurance revenue
-1,369
\u2014
\u2014
\u2014
-1,369
-1,330
\u2014
\u2014
\u2014
-1,330
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,093
15
1,108
\u2014
\u2014
1,015
17
1,031
Amortisation of insurance acquisition cash flows
31
\u2014
\u2014
\u2014
31
33
\u2014
\u2014
\u2014
33
Changes that relate to past service (LIC)
\u2014
\u2014
-27
-16
-43
\u2014
\u2014
-25
-21
-46
Changes that relate to future service (LRC)
0
1
0
\u2014
1
0
1
0
0
1
Total insurance service expenses
31
1
1,066
-1
1,097
33
1
989
-5
1,018
Insurance service result
-1,337
1
1,066
-1
-272
-1,298
1
989
-5
-312
Insurance finance income or expense
\u2014
\u2014
81
\u2014
81
-1
\u2014
-116
\u2014
-117
Other items (including FX effects)
\u2014
\u2014
-5
1
-4
-1
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-1,337
1
1,142
\u2014
-194
-1,299
1
874
-5
-429
Cash flows during the period
Premiums received\u00a0
1,336
\u2014
\u2014
\u2014
1,336
1,314
\u2014
\u2014
\u2014
1,314
Claims and other insurance service expenses paid
\u2014
\u2014
-1,038
\u2014
-1,038
\u2014
\u2014
-961
\u2014
-961
Insurance acquisition cash flows paid
-18
\u2014
\u2014
\u2014
-18
-33
\u2014
\u2014
\u2014
-33
Total cash flows during the period
1,318
\u2014
-1,038
\u2014
280
1,281
\u2014
-961
\u2014
320
Transfer to other items in the balance sheet
17
\u2014
\u2014
1
18
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
282
2
1,546
37
1,867
285
2
1,441
35
1,763
Acquisition cash flow asset
-12
\u2014
Closing balance -
liabilities relating to insurance contracts
1,855
1,763
Topdanmark\u00a0 - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future
cash flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future
cash flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
-2
80
1
79
3
83
2
88
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-80
\u2014
\u2014
-80
-75
\u2014
\u2014
-75
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
49
\u2014
49
\u2014
44
\u2014
44
Adjustments to assets for incurred claims
\u2014
1
\u2014
1
\u2014
-5
\u2014
-5
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-80
49
\u2014
-31
-75
39
\u2014
-37
Insurance finance income or expenses from reinsurance contracts
\u2014
2
\u2014
2
0
-2
\u2014
-2
Effect of movements in exchange rates
\u2014
\u2014
\u2014
0
0
0
\u2014
0
Total changes in the statement of comprehensive income
-80
51
0
-29
-75
37
\u2014
-39
Cash flows
Premiums paid
82
\u2014
\u2014
82
70
\u2014
\u2014
70
Amounts received
0
-54
0
-54
0
-39
\u2014
-39
Total cash flows
82
-54
0
28
70
-39
\u2014
30
Closing assets
-1
78
1
79
-2
80
1
79
Hastings - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
componen
t
Loss
componen
t
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
componen
t
Loss
componen
t
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance - liabilities relating to insurance contracts
347
5
1,835
247
2,434
328
3
1,927
265
2,522
Changes in the statement of profit or loss
Insurance revenue
-1,719
\u2014
\u2014
\u2014
-1,719
-1,409
\u2014
\u2014
\u2014
-1,409
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,486
81
1,568
\u2014
\u2014
1,312
82
1,394
Amortisation of insurance acquisition cash flows
92
\u2014
\u2014
\u2014
92
79
\u2014
\u2014
\u2014
79
Changes that relate to past service (LIC)
\u2014
\u2014
-184
-86
-269
\u2014
\u2014
-163
-86
-250
Changes that relate to future service (LRC)
0
2
0
0
2
0
3
0
0
3
Total insurance service expenses
92
2
1,303
-4
1,391
79
3
1,149
-4
1,226
Insurance service result
-1,628
2
1,303
-4
-328
-1,331
3
1,149
-4
-183
Insurance finance income or expense
\u2014
\u2014
108
\u2014
108
\u2014
\u2014
-91
\u2014
-91
Other items (including FX effects)
6
\u2014
39
5
50
34
\u2014
-142
-14
-122
Total changes in the statement of profit or loss
-1,622
2
1,449
1
-170
-1,297
3
916
-18
-396
Cash flows during the period
Premiums received\u00a0
1,877
\u2014
\u2014
\u2014
1,877
1,393
\u2014
\u2014
\u2014
1,393
Claims and other insurance service expenses paid
\u2014
\u2014
-1,320
\u2014
-1,320
\u2014
\u2014
-1,008
\u2014
-1,008
Insurance acquisition cash flows paid
-95
\u2014
\u2014
\u2014
-95
-77
\u2014
\u2014
\u2014
-77
Total cash flows during the period
1,782
\u2014
-1,320
0
462
1,316
\u2014
-1,008
\u2014
308
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance contracts
508
7
1,964
247
2,726
347
5
1,835
247
2,434
Closing balance -
liabilities relating to insurance contracts
2,726
2,434
Hastings - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
195
1,078
203
1,477
225
1,198
219
1,643
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-591
\u2014
\u2014
-591
-520
\u2014
\u2014
-520
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
548
62
610
\u2014
473
64
537
Adjustments to assets for incurred claims
\u2014
-121
-67
-188
\u2014
126
-69
57
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-591
426
-5
-170
-520
599
-5
73
Insurance finance income or expenses from reinsurance
contracts
\u2014
73
\u2014
73
\u2014
-80
\u2014
-80
Effect of movements in exchange rates
4
22
4
30
8
-83
-11
-86
Total changes in the statement of comprehensive income
-588
521
-1
-68
-512
436
-16
-92
Cash flows
Premiums paid
615
\u2014
\u2014
615
482
\u2014
\u2014
482
Amounts received
\u2014
-384
\u2014
-384
\u2014
-556
\u2014
-556
Total cash flows
615
-384
\u2014
231
482
-556
\u2014
-74
Closing assets
223
1,215
202
1,640
195
1,078
203
1,477
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-541": { "value": "
1 Insurance service result
EURm
1-12/2023
1-12/2022
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
8,513
8,053
Change in liability for remaining coverage
-329
-204
Brokerage revenue
233
213
Total insurance revenue from contracts measured under PAA
8,417
8,062
Total insurance revenue
8,417
8,062
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,292
-4,844
Claims handling expenses
-468
-481
Change in liability for incurred claims
-29
-220
Change in risk adjustment
-9
13
Change in loss component
-12
12
Insurance service expenses related to claims incurred
-5,810
-5,519
Operating expenses
-1,266
-1,239
Total insurance service expenses
-7,076
-6,759
Reinsurance result
Premiums
-1,005
-894
Claims recovered
857
652
Total reinsurance result
-148
-242
Total insurance service result
1,193
1,062
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
During Q4/2023 Sampo decided to change the reference point in discounting used in
If for disaggregation from the beginning of year to the beginning of quarter. The
change in reference point had an impact on the split of discounting effects between
the insurance service result and insurance finance income and expenses. Under the
new methodology, current year discounting effects identified in If\u2019s insurance service
result are estimated at EUR 168 million for the full-year 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-539": { "value": "
1 Insurance service result
EURm
1-12/2023
1-12/2022
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
8,513
8,053
Change in liability for remaining coverage
-329
-204
Brokerage revenue
233
213
Total insurance revenue from contracts measured under PAA
8,417
8,062
Total insurance revenue
8,417
8,062
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,292
-4,844
Claims handling expenses
-468
-481
Change in liability for incurred claims
-29
-220
Change in risk adjustment
-9
13
Change in loss component
-12
12
Insurance service expenses related to claims incurred
-5,810
-5,519
Operating expenses
-1,266
-1,239
Total insurance service expenses
-7,076
-6,759
Reinsurance result
Premiums
-1,005
-894
Claims recovered
857
652
Total reinsurance result
-148
-242
Total insurance service result
1,193
1,062
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32
23 Non-life claims development
Prior-year estimates of the claims expense for individual
claims years also represent a measure of Sampo
Group\u2019s and its reporting segment\u2019s ability to foresee
final claims expenses. The following tables present the
expense trend for the claims for individual claims in the
years before and after reinsurance. For accident years
2013 and earlier, the information is aggregated to one
row. Information is presented on Sampo Group level
and on the reporting segment level.
The upper part of the table shows how an estimate of
the total claims expense per accident year evolves
annually relating to the undiscounted fulfilment cash
flows (i.e. consisting of both best estimate and risk
adjustment). 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 37.
Since Sampo Group\u2019s group companies have operations
in various countries, their portfolios are exposed to a
number of currencies. To adjust for currency effects, the
local reporting currency has been translated to EUR at
the closing rate on 31 December 2023. Consequently,
the table is not directly comparable with the
corresponding tables reported in previous years, since
all accident years include translated information and
closing rates are used throughout. The table is not
directly comparable with the income statement either
where average rates throughout the year are applied,
and since the effect is partially presented in claims
incurred and partially within insurance finance income
or expense when relating to changes in indexation of
annuities.
Sampo Group - Claims development before reinsurance
EURm
Claims expense, gross
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
3,838
3,928
4,072
4,192
4,424
4,667
4,748
4,914
5,451
6,412
one year later
3,837
3,995
4,131
4,188
4,508
4,683
4,692
5,006
5,480
two years later
3,851
3,970
4,086
4,178
4,547
4,729
4,687
4,912
three years later
3,857
3,937
4,052
4,177
4,583
4,717
4,615
four years later
3,868
3,899
3,950
4,152
4,562
4,674
five years later
3,793
3,858
3,992
4,127
4,505
six years later
3,735
3,853
3,967
4,102
seven years later
3,736
3,860
3,950
eight years later
3,732
3,827
nine years later
3,708
ten years later
Current estimate of total claims expense
3,708
3,827
3,950
4,102
4,505
4,674
4,615
4,912
5,480
6,412
Total disbursed
3,516
3,612
3,671
3,801
4,095
4,117
3,889
3,831
3,907
3,017
Liability (gross) reported in the balance
sheet
192
215
279
301
410
558
725
1,081
1,572
3,394
8,727
Liability (gross) relating to 2013 and
prior years
2,933
Discounting effect, gross
-2,034
Liability for claims handling expenses and
other items
380
Total liability for incurred claims
10,007
Sampo Group - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
3,509
3,544
3,515
3,597
3,805
4,002
3,999
4,089
4,657
5,287
one year later
3,508
3,571
3,527
3,620
3,866
3,998
3,916
4,094
4,675
two years later
3,501
3,546
3,511
3,603
3,907
4,023
3,901
4,038
three years later
3,509
3,532
3,474
3,617
3,950
4,053
3,875
four years later
3,494
3,485
3,445
3,601
3,948
4,033
five years later
3,434
3,472
3,462
3,610
3,911
six years later
3,393
3,463
3,462
3,584
seven years later
3,392
3,480
3,431
eight years later
3,396
3,453
nine years later
3,371
ten years later
Current estimate of total claims expense
3,371
3,453
3,431
3,584
3,911
4,033
3,875
4,038
4,675
5,287
Total disbursed
3,187
3,250
3,224
3,341
3,564
3,614
3,348
3,310
3,519
2,823
Liability (net) reported in the balance
sheet
184
203
206
243
347
419
528
728
1,156
2,464
6,478
Liability (net) relating to 2013 and prior
years
2,768
Discounting effect, gross
-1,626
Liability for claims handling expenses
349
Risk of non-performance by reinsurer
15
Total liability for incurred claims
7,983
If - Claims development before reinsurance
EURm
Claims expense, gross
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
2,580
2,583
2,534
2,608
2,743
2,869
3,005
2,991
3,293
3,945
one year later
2,568
2,597
2,565
2,645
2,836
2,912
3,043
3,128
3,383
two years later
2,573
2,581
2,559
2,631
2,864
2,926
3,083
3,099
three years later
2,585
2,555
2,515
2,634
2,881
2,969
3,048
four years later
2,588
2,523
2,502
2,605
2,897
2,959
five years later
2,552
2,517
2,511
2,613
2,865
six years later
2,522
2,501
2,515
2,587
seven years later
2,511
2,510
2,484
eight years later
2,508
2,490
nine years later
2,488
ten years later
Current estimate of total claims expense
2,488
2,490
2,484
2,587
2,865
2,959
3,048
3,099
3,383
3,945
Total disbursed
2,345
2,330
2,306
2,397
2,601
2,659
2,682
2,591
2,577
1,905
Liability (gross) reported in the balance
sheet
144
160
178
190
264
300
367
508
807
2,040
4,958
Liability (gross) relating to 2013 and
prior years
2,474
Discounting effect, gross
-1,471
Liability for claims handling expenses
252
Total liability for incurred claims
6,213
If - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
2,544
2,542
2,481
2,553
2,693
2,810
2,829
2,868
3,205
3,571
one year later
2,529
2,553
2,491
2,594
2,768
2,842
2,848
2,973
3,270
two years later
2,520
2,534
2,484
2,576
2,796
2,853
2,889
2,926
three years later
2,532
2,516
2,447
2,579
2,814
2,898
2,857
four years later
2,530
2,483
2,434
2,550
2,827
2,891
five years later
2,492
2,476
2,439
2,569
2,796
six years later
2,462
2,461
2,443
2,543
seven years later
2,451
2,471
2,412
eight years later
2,449
2,451
nine years later
2,429
ten years later
Current estimate of total claims expense
2,429
2,451
2,412
2,543
2,796
2,891
2,857
2,926
3,270
3,571
Total disbursed
2,287
2,294
2,253
2,360
2,537
2,599
2,501
2,453
2,527
1,916
Liability (net) reported in the balance
sheet
141
157
159
183
259
291
356
473
743
1,655
4,417
Liability (net) relating to 2013 and prior
years
2,460
Discounting effect, gross
-1,445
Liability for claims handling expenses
239
Risk of non-performance by reinsurer
15
Total liability for incurred claims
5,686
Topdanmark - Claims development before reinsurance
EURm
Claims expense, gross
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
839
827
800
728
787
790
820
843
883
974
one year later
849
836
800
744
799
810
802
835
876
two years later
841
821
786
735
807
816
780
844
three years later
833
819
774
744
815
817
793
four years later
815
813
757
737
813
815
five years later
795
793
760
735
816
six years later
783
788
755
741
seven years later
782
795
757
eight years later
788
789
nine years later
784
ten years later
Current estimate of total claims expense
784
789
757
741
816
815
793
844
876
974
Total disbursed
743
746
717
686
738
725
681
681
638
484
Liability (gross) reported in the balance
sheet
42
44
40
55
79
90
112
163
238
490
1,351
Liability (gross) relating to 2013 and
prior years
303
Discounting effect, gross
-119
Other items
48
Total liability for incurred claims
1,583
Topdanmark - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
791
776
742
703
735
757
782
785
837
923
one year later
798
784
746
716
746
774
764
777
830
two years later
792
770
731
708
754
780
744
785
three years later
784
768
720
717
762
781
758
four years later
766
756
702
711
759
779
five years later
745
747
701
708
763
six years later
733
742
698
715
seven years later
736
751
701
eight years later
742
745
nine years later
738
ten years later
Current estimate of total claims expense
738
745
701
715
763
779
758
785
830
923
Total disbursed
697
701
662
660
686
691
648
633
604
466
Liability (net) reported in the balance
sheet
41
44
38
55
77
88
109
152
226
457
1,288
Liability (net) relating to 2013 and prior
years
301
Discounting effect, gross
-117
Liability for claims handling expenses
30
Total liability for incurred claims
1,503
Hastings - Claims development before reinsurance
EURm
Claims expense, gross
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
419
518
738
857
893
1,008
923
1,079
1,275
1,493
one year later
420
562
765
800
873
962
847
1,043
1,221
two years later
437
568
741
812
876
988
825
969
three years later
439
563
763
799
887
931
773
four years later
465
562
691
810
852
900
five years later
445
548
721
780
824
six years later
430
564
697
774
seven years later
443
555
710
eight years later
436
547
nine years later
435
ten years later
Current estimate of total claims expense
435
547
710
774
824
900
773
969
1,221
1,493
Total disbursed
428
536
649
717
757
732
526
559
693
629
Liability (gross) reported in the balance
sheet
7
11
61
56
67
167
247
410
528
864
2,418
Liability (gross) relating to 2013 and
prior years
156
Discounting effect, gross
-443
Liability for claims handling expenses
80
Total liability for incurred claims
2,211
Hastings - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
Estimated claims expense
at the close of the claims year
175
225
292
341
377
436
388
436
614
794
one year later
181
234
290
310
351
382
303
345
575
two years later
189
241
296
320
357
391
267
327
three years later
193
248
307
321
374
374
260
four years later
197
247
309
339
362
364
five years later
197
250
323
333
353
six years later
197
261
321
327
seven years later
205
259
318
eight years later
205
258
nine years later
204
ten years later
Current estimate of total claims expense
204
258
318
327
353
364
260
327
575
794
Total disbursed
203
256
309
322
342
324
198
224
388
441
Liability (net) reported in the balance
sheet
1
2
9
5
11
39
62
103
187
353
772
Liability (net) relating to 2013 and prior
years
6
Discounting effect, gross
-64
Liability for claims handling expenses
80
Total liability for incurred claims
794
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-543": { "value": "
2 Net investment income
The net investment income consists of investment income and expenses from financial
assets and liabilities held by the group companies. Figures for the comparative year
are presented in accordance with IAS 39 Financial Instruments: Recognition and
Measurement.
EURm
1-12/2023
1-12/2022
Derivative financial instruments
Interest income
6
1
Interest expense
-23
-12
Net gains or losses
5
136
Derivative financial instruments, total
-12
126
Financial assets at fair value through profit or loss
Debt securities
Interest income
447
43
Net gains or losses
364
-147
Equity securities
Dividend income
59
32
Net gains or losses
64
-26
Funds
Distributions
5
\u2014
Interest income
11
2
Net gains or losses
60
-1
Financial assets at fair value through profit or loss, total
1,010
-97
Financial assets available-for-sale (IAS 39)
Debt securities
n/a
255
Equity securities
n/a
45
Funds
n/a
6
Financial assets available-for-sale, total
n/a
305
Financial assets at amortised cost
23
n/a
Loans and receivables
n/a
-4
Total income or expenses from financial assets
1,021
330
EURm
1-12/2023
1-12/2022
Other
Dividend income from associates
\u2014
157
Expenses from asset management
-19
-23
Other income
34
16
Other expenses
-26
-153
Fee expenses
-1
0
Expenses from investment property
-4
-7
Total other
-15
-10
Total net investment income
1,006
320
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Net gains or losses for debt securities include exchange differences of EUR -3 million
(2).
The amount of expected credit losses on financial assets measured at amortised cost is
presented in the note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-542": { "value": "
2 Net investment income
The net investment income consists of investment income and expenses from financial
assets and liabilities held by the group companies. Figures for the comparative year
are presented in accordance with IAS 39 Financial Instruments: Recognition and
Measurement.
EURm
1-12/2023
1-12/2022
Derivative financial instruments
Interest income
6
1
Interest expense
-23
-12
Net gains or losses
5
136
Derivative financial instruments, total
-12
126
Financial assets at fair value through profit or loss
Debt securities
Interest income
447
43
Net gains or losses
364
-147
Equity securities
Dividend income
59
32
Net gains or losses
64
-26
Funds
Distributions
5
\u2014
Interest income
11
2
Net gains or losses
60
-1
Financial assets at fair value through profit or loss, total
1,010
-97
Financial assets available-for-sale (IAS 39)
Debt securities
n/a
255
Equity securities
n/a
45
Funds
n/a
6
Financial assets available-for-sale, total
n/a
305
Financial assets at amortised cost
23
n/a
Loans and receivables
n/a
-4
Total income or expenses from financial assets
1,021
330
EURm
1-12/2023
1-12/2022
Other
Dividend income from associates
\u2014
157
Expenses from asset management
-19
-23
Other income
34
16
Other expenses
-26
-153
Fee expenses
-1
0
Expenses from investment property
-4
-7
Total other
-15
-10
Total net investment income
1,006
320
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Net gains or losses for debt securities include exchange differences of EUR -3 million
(2).
The amount of expected credit losses on financial assets measured at amortised cost is
presented in the note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-547": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2023
1-12/2022
Insurance contracts
Unwinding of discount rate
-322\u00a0
-132\u00a0
Effect of changes in interest rates and other financial
assumptions
-207\u00a0
959\u00a0
Total finance income or expenses from insurance contracts
-529\u00a0
827\u00a0
Reinsurance contracts
Unwinding of discount rate
74\u00a0
39\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
9\u00a0
-130\u00a0
Total finance income or expenses from reinsurance contracts
83\u00a0
-90\u00a0
Net finance result insurance and reinsurance contracts
-446\u00a0
736\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Due to the change in reference point in discounting in If, the unwind of discount rate
included in finance income or expense was EUR -180 million for the full year.
7 Finance expenses
EURm
1-12/2023
1-12/2022
Interest expense on financial liabilities
-24\u00a0
-32\u00a0
Interest expense on subordinated loans
-48\u00a0
-49\u00a0
Other items
-22\u00a0
-17\u00a0
Total finance expenses
-93\u00a0
-98\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-545": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2023
1-12/2022
Insurance contracts
Unwinding of discount rate
-322\u00a0
-132\u00a0
Effect of changes in interest rates and other financial
assumptions
-207\u00a0
959\u00a0
Total finance income or expenses from insurance contracts
-529\u00a0
827\u00a0
Reinsurance contracts
Unwinding of discount rate
74\u00a0
39\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
9\u00a0
-130\u00a0
Total finance income or expenses from reinsurance contracts
83\u00a0
-90\u00a0
Net finance result insurance and reinsurance contracts
-446\u00a0
736\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Due to the change in reference point in discounting in If, the unwind of discount rate
included in finance income or expense was EUR -180 million for the full year.
20 Insurance contract liabilities
Insurance liabilities reflect the liability the Group has for its insurance undertakings,
meaning the insurance contracts underwritten. The liability consists of two parts, the
liability for remaining coverage and acquisition cash flow assets as well as the liability
for incurred claims.
The liability for remaining coverage relates to the obligation to investigate and pay
valid claims that have not yet occurred. The liability consists of the premium payments
received for insurance services to be provided after the closing date, i.e. relating to the
unexpired portion of the insurance coverage, and adjusted for acquisition cash flows.
The liability for incurred claims relates to the obligation to investigate and pay valid
claims that have occurred. The liability is designed to cover anticipated future
payments for all claims incurred, including claims not yet reported.
For further information on accounting principles related to insurance contract
liabilities, please see the section Accounting principles.
EURm
12/2023
12/2022
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage
1,709
1,514
Liability for incurred claims
10,007
9,376
Insurance contract liability - contracts measured under GMM
and VFA
Liability for remaining coverage
\u2014
5,299
Liability for incurred claims
\u2014
22
Total insurance contract liabilities
11,716\u00a0
16,210\u00a0
Reinsurance contract assets
Assets for remaining coverage
258
221
Assets for incurred claims
2,024
1,600
Reinsurance contract assets, total
2,282\u00a0
1,821\u00a0
Total insurance contracts, net of reinsurance
9,434\u00a0
14,389\u00a0
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
21 Reconciliation of insurance contract liabilities
Insurance contracts
The first table presents the reconciliation of the carrying
amounts of the liability for remaining coverage and the
liability for incurred claims for issued insurance
contracts during the reporting period as a result of
amounts recognized in the statement of total
comprehensive income and cash flows.
Reinsurance contracts
Following table presents\u00a0 the reconciliation of the
carrying amounts of the asset for remaining coverage
and the asset for incurred claims for reinsurance
contracts during the reporting period as a result of
amounts recognized in the statement of profit and
other comprehensive income and cash flows.
Information is presented on Sampo Group level and on
the reporting segment level. Information regarding
insurance contract liability is presented on contracts
measured under PAA model.
Mandatum Group\u2019s figures are not included in the
reconciliation tables as Mandatum is reported as
disposal group held for distribution to owners.\u00a0
Sampo Group - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance
1,499
14
8,931
444
10,889
1,504
28
9,686
477
11,695
Changes in the statement of comprehensive income
Insurance revenue
-8,417
\u2014
\u2014
\u2014
-8,417
-8,062
\u2014
\u2014
\u2014
-8,062
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
6,503
154
6,657
\u2014
\u2014
5,897
151
6,047
Amortisation of insurance acquisition cash flows
223
\u2014
\u2014
\u2014
223
213
\u2014
\u2014
\u2014
213
Changes that relate to past service (LIC)
\u2014
\u2014
-395
-145
-540
\u2014
\u2014
-71
-163
-234
Changes that relate to future service (LRC)
\u2014
12
\u2014
\u2014
12
\u2014
-12
\u2014
\u2014
-12
Total insurance service expenses
223
12
6,108
9
6,351
213
-12
5,826
-13
6,014
Insurance service result
-8,195
12
6,108
9
-2,066
-7,849
-12
5,826
-13
-2,048
Insurance finance income or expense
\u2014
\u2014
529
\u2014
529
-1
\u2014
-826
\u2014
-827
Other items (including FX effects)
-185
\u2014
91
4
-89
244
-1
-475
-20
-252
Total changes in the statement of comprehensive
income
-8,379
12
6,728
13
-1,626
-7,606
-14
4,525
-32
-3,127
Cash flows during the period
Premiums received\u00a0
8,785
\u2014
\u2014
\u2014
8,785
7,808
\u2014
\u2014
\u2014
7,808
Claims and other insurance service expenses paid
\u2014
\u2014
-6,111
\u2014
-6,111
\u2014
\u2014
-5,280
\u2014
-5,280
Insurance acquisition cash flows paid
-221
\u2014
\u2014
\u2014
-221
-207
\u2014
\u2014
\u2014
-207
Total cash flows during the period
8,564
\u2014
-6,111
\u2014
2,453
7,601
\u2014
-5,280
\u2014
2,321
Transfer to other items in the balance sheet
17
\u2014
\u2014
1
18
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
1,701
27
9,547
459
11,734
1,499
14
8,931
444
10,889
Acquisition cash flow asset
-18
\u2014
Closing balance
11,716
10,889
Sampo Group - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
221
1,384
215
1,820
251
1,523
232
2,007
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-1,005
\u2014
\u2014
-1,005
-894
\u2014
\u2014
-894
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses
\u2014
935
72
1,007
\u2014
600
67
667
Adjustments to assets for incurred claims
\u2014
-80
-70
-150
\u2014
155
-73
82
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-1,005
855
2
-148
-894
756
-6
-144
Insurance finance income or expenses from reinsurance contracts
\u2014
83
\u2014
83
\u2014
-90
\u2014
-90
Effect of movements in exchange rates
-8
31
4
26
22
-85
-11
-75
Total changes in the statement of comprehensive income
-1,014
969
6
-39
-872
580
-17
-310
Cash flows
Premiums paid
1,051
\u2014
\u2014
1,051
842
\u2014
\u2014
842
Amounts received
\u2014
-550
\u2014
-550
\u2014
-719
\u2014
-719
Total cash flows
1,051
-550
\u2014
501
842
-719
\u2014
123
Closing assets
258
1,803
220
2,282
221
1,384
215
1,820
If\u00a0 - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance - liabilities relating to insurance contracts
868
7
5,655
162
6,693
873
25
6,230
172
7,301
Changes in the statement of comprehensive income
Insurance revenue
-5,330
\u2014
\u2014
\u2014
-5,330
-5,322
\u2014
\u2014
\u2014
-5,322
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
3,924
58
3,981
\u2014
\u2014
3,570
52
3,621
Amortisation of insurance acquisition cash flows
100
\u2014
\u2014
\u2014
100
102
\u2014
\u2014
\u2014
102
Changes that relate to past service (LIC)
\u2014
\u2014
-184
-43
-228
\u2014
\u2014
118
-56
62
Changes that relate to future service (LRC)
\u2014
10
\u2014
\u2014
10
\u2014
-17
\u2014
\u2014
-17
Total insurance service expenses
100
10
3,739
14
3,863
102
-17
3,688
-4
3,769
Insurance service result
-5,230
10
3,739
14
-1,467
-5,220
-17
3,688
-4
-1,553
Insurance finance income or expense
\u2014
\u2014
340
\u2014
340
\u2014
\u2014
-619
\u2014
-619
Other items (including FX effects)
-191
\u2014
57
-2
-135
211
-1
-333
-6
-130
Total changes in the statement of comprehensive income
-5,420
10
4,136
13
-1,261
-5,009
-18
2,735
-10
-2,302
Cash flows during the period
Premiums received\u00a0
5,572
\u2014
\u2014
\u2014
5,572
5,102
\u2014
\u2014
\u2014
5,102
Claims and other insurance service expenses paid
\u2014
\u2014
-3,754
\u2014
-3,754
\u2014
\u2014
-3,311
\u2014
-3,311
Insurance acquisition cash flows paid
-108
\u2014
\u2014
\u2014
-108
-98
\u2014
\u2014
\u2014
-98
Total cash flows during the period
5,463
\u2014
-3,754
\u2014
1,710
5,004
\u2014
-3,311
\u2014
1,693
Transfer to other items in the balance sheet
Closing balance - liabilities relating to insurance contracts
911
17
6,038
175
7,141
868
7
5,655
162
6,693
Acquisition cash flow asset
-7
\u2014
Closing balance -
Insurance contract liabilities
7,134
6,693
If\u00a0 - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
28
226
10
264
23
242
11
276
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-334
\u2014
\u2014
-334
-299
\u2014
\u2014
-298
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
339
10
348
\u2014
84
3
87
Adjustments to assets for incurred claims
\u2014
41
-3
38
\u2014
34
-4
30
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-334
380
7
52
-299
118
-1
-181
Insurance finance income or expenses from reinsurance contracts
\u2014
8
\u2014
8
\u2014
-9
\u2014
-9
Effect of movements in exchange rates
-12
8
0
-4
13
-2
0
11
Total changes in the statement of comprehensive income
-346
396
7
57
-285
107
-1
-179
Cash flows
Premiums paid
354
\u2014
\u2014
354
291
\u2014
\u2014
291
Amounts received
\u2014
-112
\u2014
-112
0
-123
\u2014
-123
Total cash flows
354
-112
\u2014
242
291
-123
\u2014
167
Closing assets
36
510
17
563
28
226
10
264
Topdanmark - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
component
Loss
component
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance - liabilities relating to insurance contracts
285
2
1,441
35
1,763
303
1
1,529
40
1,872
Changes in the statement of comprehensive income
Insurance revenue
-1,369
\u2014
\u2014
\u2014
-1,369
-1,330
\u2014
\u2014
\u2014
-1,330
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,093
15
1,108
\u2014
\u2014
1,015
17
1,031
Amortisation of insurance acquisition cash flows
31
\u2014
\u2014
\u2014
31
33
\u2014
\u2014
\u2014
33
Changes that relate to past service (LIC)
\u2014
\u2014
-27
-16
-43
\u2014
\u2014
-25
-21
-46
Changes that relate to future service (LRC)
0
1
0
\u2014
1
0
1
0
0
1
Total insurance service expenses
31
1
1,066
-1
1,097
33
1
989
-5
1,018
Insurance service result
-1,337
1
1,066
-1
-272
-1,298
1
989
-5
-312
Insurance finance income or expense
\u2014
\u2014
81
\u2014
81
-1
\u2014
-116
\u2014
-117
Other items (including FX effects)
\u2014
\u2014
-5
1
-4
-1
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-1,337
1
1,142
\u2014
-194
-1,299
1
874
-5
-429
Cash flows during the period
Premiums received\u00a0
1,336
\u2014
\u2014
\u2014
1,336
1,314
\u2014
\u2014
\u2014
1,314
Claims and other insurance service expenses paid
\u2014
\u2014
-1,038
\u2014
-1,038
\u2014
\u2014
-961
\u2014
-961
Insurance acquisition cash flows paid
-18
\u2014
\u2014
\u2014
-18
-33
\u2014
\u2014
\u2014
-33
Total cash flows during the period
1,318
\u2014
-1,038
\u2014
280
1,281
\u2014
-961
\u2014
320
Transfer to other items in the balance sheet
17
\u2014
\u2014
1
18
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
282
2
1,546
37
1,867
285
2
1,441
35
1,763
Acquisition cash flow asset
-12
\u2014
Closing balance -
liabilities relating to insurance contracts
1,855
1,763
Topdanmark\u00a0 - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future
cash flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future
cash flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
-2
80
1
79
3
83
2
88
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-80
\u2014
\u2014
-80
-75
\u2014
\u2014
-75
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
49
\u2014
49
\u2014
44
\u2014
44
Adjustments to assets for incurred claims
\u2014
1
\u2014
1
\u2014
-5
\u2014
-5
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-80
49
\u2014
-31
-75
39
\u2014
-37
Insurance finance income or expenses from reinsurance contracts
\u2014
2
\u2014
2
0
-2
\u2014
-2
Effect of movements in exchange rates
\u2014
\u2014
\u2014
0
0
0
\u2014
0
Total changes in the statement of comprehensive income
-80
51
0
-29
-75
37
\u2014
-39
Cash flows
Premiums paid
82
\u2014
\u2014
82
70
\u2014
\u2014
70
Amounts received
0
-54
0
-54
0
-39
\u2014
-39
Total cash flows
82
-54
0
28
70
-39
\u2014
30
Closing assets
-1
78
1
79
-2
80
1
79
Hastings - Insurance contract liabilities, gross at 31 December 2023 and 31 December 2022
2023
2022
Liabilities for remaining
coverage
Liabilities for incurred
claims
Liabilities for remaining
coverage
Liabilities for incurred
claims
EURm
Excluding
loss
componen
t
Loss
componen
t
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Excluding
loss
componen
t
Loss
componen
t
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Total
Opening balance - liabilities relating to insurance contracts
347
5
1,835
247
2,434
328
3
1,927
265
2,522
Changes in the statement of profit or loss
Insurance revenue
-1,719
\u2014
\u2014
\u2014
-1,719
-1,409
\u2014
\u2014
\u2014
-1,409
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,486
81
1,568
\u2014
\u2014
1,312
82
1,394
Amortisation of insurance acquisition cash flows
92
\u2014
\u2014
\u2014
92
79
\u2014
\u2014
\u2014
79
Changes that relate to past service (LIC)
\u2014
\u2014
-184
-86
-269
\u2014
\u2014
-163
-86
-250
Changes that relate to future service (LRC)
0
2
0
0
2
0
3
0
0
3
Total insurance service expenses
92
2
1,303
-4
1,391
79
3
1,149
-4
1,226
Insurance service result
-1,628
2
1,303
-4
-328
-1,331
3
1,149
-4
-183
Insurance finance income or expense
\u2014
\u2014
108
\u2014
108
\u2014
\u2014
-91
\u2014
-91
Other items (including FX effects)
6
\u2014
39
5
50
34
\u2014
-142
-14
-122
Total changes in the statement of profit or loss
-1,622
2
1,449
1
-170
-1,297
3
916
-18
-396
Cash flows during the period
Premiums received\u00a0
1,877
\u2014
\u2014
\u2014
1,877
1,393
\u2014
\u2014
\u2014
1,393
Claims and other insurance service expenses paid
\u2014
\u2014
-1,320
\u2014
-1,320
\u2014
\u2014
-1,008
\u2014
-1,008
Insurance acquisition cash flows paid
-95
\u2014
\u2014
\u2014
-95
-77
\u2014
\u2014
\u2014
-77
Total cash flows during the period
1,782
\u2014
-1,320
0
462
1,316
\u2014
-1,008
\u2014
308
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance contracts
508
7
1,964
247
2,726
347
5
1,835
247
2,434
Closing balance -
liabilities relating to insurance contracts
2,726
2,434
Hastings - Reinsurance contracts at 31 December 2023 and 31 December 2022
2023
2022
Assets for
remaining
coverage
Assets for incurred claims
Assets for
remaining
coverage
Assets for incurred claims
EURm
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Estimates of
present value
of future cash
flows
Risk
adjustment
for non-
financial risk
Total
Opening assets
195
1,078
203
1,477
225
1,198
219
1,643
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-591
\u2014
\u2014
-591
-520
\u2014
\u2014
-520
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
548
62
610
\u2014
473
64
537
Adjustments to assets for incurred claims
\u2014
-121
-67
-188
\u2014
126
-69
57
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-591
426
-5
-170
-520
599
-5
73
Insurance finance income or expenses from reinsurance
contracts
\u2014
73
\u2014
73
\u2014
-80
\u2014
-80
Effect of movements in exchange rates
4
22
4
30
8
-83
-11
-86
Total changes in the statement of comprehensive income
-588
521
-1
-68
-512
436
-16
-92
Cash flows
Premiums paid
615
\u2014
\u2014
615
482
\u2014
\u2014
482
Amounts received
\u2014
-384
\u2014
-384
\u2014
-556
\u2014
-556
Total cash flows
615
-384
\u2014
231
482
-556
\u2014
-74
Closing assets
223
1,215
202
1,640
195
1,078
203
1,477
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-544": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2023
1-12/2022
Insurance contracts
Unwinding of discount rate
-322\u00a0
-132\u00a0
Effect of changes in interest rates and other financial
assumptions
-207\u00a0
959\u00a0
Total finance income or expenses from insurance contracts
-529\u00a0
827\u00a0
Reinsurance contracts
Unwinding of discount rate
74\u00a0
39\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
9\u00a0
-130\u00a0
Total finance income or expenses from reinsurance contracts
83\u00a0
-90\u00a0
Net finance result insurance and reinsurance contracts
-446\u00a0
736\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Due to the change in reference point in discounting in If, the unwind of discount rate
included in finance income or expense was EUR -180 million for the full year.
7 Finance expenses
EURm
1-12/2023
1-12/2022
Interest expense on financial liabilities
-24\u00a0
-32\u00a0
Interest expense on subordinated loans
-48\u00a0
-49\u00a0
Other items
-22\u00a0
-17\u00a0
Total finance expenses
-93\u00a0
-98\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-546": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2023
1-12/2022
Insurance contracts
Unwinding of discount rate
-322\u00a0
-132\u00a0
Effect of changes in interest rates and other financial
assumptions
-207\u00a0
959\u00a0
Total finance income or expenses from insurance contracts
-529\u00a0
827\u00a0
Reinsurance contracts
Unwinding of discount rate
74\u00a0
39\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
9\u00a0
-130\u00a0
Total finance income or expenses from reinsurance contracts
83\u00a0
-90\u00a0
Net finance result insurance and reinsurance contracts
-446\u00a0
736\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Due to the change in reference point in discounting in If, the unwind of discount rate
included in finance income or expense was EUR -180 million for the full year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-549": { "value": "
4 Other income
EURm
1-12/2023
1-12/2022
Other income
265\u00a0
345\u00a0
Income related to broker activities
12\u00a0
6\u00a0
Total other income
277\u00a0
350\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
If\u2019s other operating income includes approximately EUR 144 million (138) 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 operating income includes total of EUR 115 million (106) revenue recognised
under IFRS 15 and consisting of fees and commission on panel providers, ancillary
product income and other retail income. Income related to broker activities is also
accounted for under IFRS 15 if there is no insurance risk transferred to Hastings.
5 Other expenses
EURm
1-12/2023
1-12/2022
Other expenses
-300\u00a0
-127\u00a0
Depreciation and amortisation
-99\u00a0
-117\u00a0
Salaries and other staff costs
-57\u00a0
-192\u00a0
Total other expenses
-457\u00a0
-436\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the
following table provides additional information on the nature of the expenses including
the total of depreciation, amortisation and employee benefit expense.
EURm
1-12/2023
1-12/2022
Staff costs
Salaries and wages
-893
-892
Cash-settled share-based payments
-4
-34
Share-settled share-based payments
-2
-2
Pension costs
Pension expenses - defined contribution plans
-99
-101
Pension expenses - defined benefit plans
-15
-17
Other social security costs
-168
-176
Depreciations
Depreciation on plant and equipment
-15
-8
Depreciation IFRS 16
-33
-34
Amortisations
Amortisation on customer relations
-64
-65
Amortisation on other intangibles
-46
-62
Rental expenses
-34
-36
IT costs
-244
-250
Marketing expenses
-62
-65
Other
-654
-594
Total expenses split by nature
-2,335\u00a0
-2,337\u00a0
The table includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 138 million (157), other
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78),
and levies EUR 48 million (42).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-550": { "value": "
4 Other income
EURm
1-12/2023
1-12/2022
Other income
265\u00a0
345\u00a0
Income related to broker activities
12\u00a0
6\u00a0
Total other income
277\u00a0
350\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
If\u2019s other operating income includes approximately EUR 144 million (138) 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 operating income includes total of EUR 115 million (106) revenue recognised
under IFRS 15 and consisting of fees and commission on panel providers, ancillary
product income and other retail income. Income related to broker activities is also
accounted for under IFRS 15 if there is no insurance risk transferred to Hastings.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-548": { "value": "
4 Other income
EURm
1-12/2023
1-12/2022
Other income
265\u00a0
345\u00a0
Income related to broker activities
12\u00a0
6\u00a0
Total other income
277\u00a0
350\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
If\u2019s other operating income includes approximately EUR 144 million (138) 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 operating income includes total of EUR 115 million (106) revenue recognised
under IFRS 15 and consisting of fees and commission on panel providers, ancillary
product income and other retail income. Income related to broker activities is also
accounted for under IFRS 15 if there is no insurance risk transferred to Hastings.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-556": { "value": "
5 Other expenses
EURm
1-12/2023
1-12/2022
Other expenses
-300\u00a0
-127\u00a0
Depreciation and amortisation
-99\u00a0
-117\u00a0
Salaries and other staff costs
-57\u00a0
-192\u00a0
Total other expenses
-457\u00a0
-436\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the
following table provides additional information on the nature of the expenses including
the total of depreciation, amortisation and employee benefit expense.
EURm
1-12/2023
1-12/2022
Staff costs
Salaries and wages
-893
-892
Cash-settled share-based payments
-4
-34
Share-settled share-based payments
-2
-2
Pension costs
Pension expenses - defined contribution plans
-99
-101
Pension expenses - defined benefit plans
-15
-17
Other social security costs
-168
-176
Depreciations
Depreciation on plant and equipment
-15
-8
Depreciation IFRS 16
-33
-34
Amortisations
Amortisation on customer relations
-64
-65
Amortisation on other intangibles
-46
-62
Rental expenses
-34
-36
IT costs
-244
-250
Marketing expenses
-62
-65
Other
-654
-594
Total expenses split by nature
-2,335\u00a0
-2,337\u00a0
The table includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 138 million (157), other
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78),
and levies EUR 48 million (42).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-555": { "value": "
5 Other expenses
EURm
1-12/2023
1-12/2022
Other expenses
-300\u00a0
-127\u00a0
Depreciation and amortisation
-99\u00a0
-117\u00a0
Salaries and other staff costs
-57\u00a0
-192\u00a0
Total other expenses
-457\u00a0
-436\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the
following table provides additional information on the nature of the expenses including
the total of depreciation, amortisation and employee benefit expense.
EURm
1-12/2023
1-12/2022
Staff costs
Salaries and wages
-893
-892
Cash-settled share-based payments
-4
-34
Share-settled share-based payments
-2
-2
Pension costs
Pension expenses - defined contribution plans
-99
-101
Pension expenses - defined benefit plans
-15
-17
Other social security costs
-168
-176
Depreciations
Depreciation on plant and equipment
-15
-8
Depreciation IFRS 16
-33
-34
Amortisations
Amortisation on customer relations
-64
-65
Amortisation on other intangibles
-46
-62
Rental expenses
-34
-36
IT costs
-244
-250
Marketing expenses
-62
-65
Other
-654
-594
Total expenses split by nature
-2,335\u00a0
-2,337\u00a0
The table includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 138 million (157), other
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78),
and levies EUR 48 million (42).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "
5 Other expenses
EURm
1-12/2023
1-12/2022
Other expenses
-300\u00a0
-127\u00a0
Depreciation and amortisation
-99\u00a0
-117\u00a0
Salaries and other staff costs
-57\u00a0
-192\u00a0
Total other expenses
-457\u00a0
-436\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the
following table provides additional information on the nature of the expenses including
the total of depreciation, amortisation and employee benefit expense.
EURm
1-12/2023
1-12/2022
Staff costs
Salaries and wages
-893
-892
Cash-settled share-based payments
-4
-34
Share-settled share-based payments
-2
-2
Pension costs
Pension expenses - defined contribution plans
-99
-101
Pension expenses - defined benefit plans
-15
-17
Other social security costs
-168
-176
Depreciations
Depreciation on plant and equipment
-15
-8
Depreciation IFRS 16
-33
-34
Amortisations
Amortisation on customer relations
-64
-65
Amortisation on other intangibles
-46
-62
Rental expenses
-34
-36
IT costs
-244
-250
Marketing expenses
-62
-65
Other
-654
-594
Total expenses split by nature
-2,335\u00a0
-2,337\u00a0
The table includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 138 million (157), other
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78),
and levies EUR 48 million (42).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-553": { "value": "
5 Other expenses
EURm
1-12/2023
1-12/2022
Other expenses
-300\u00a0
-127\u00a0
Depreciation and amortisation
-99\u00a0
-117\u00a0
Salaries and other staff costs
-57\u00a0
-192\u00a0
Total other expenses
-457\u00a0
-436\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the
following table provides additional information on the nature of the expenses including
the total of depreciation, amortisation and employee benefit expense.
EURm
1-12/2023
1-12/2022
Staff costs
Salaries and wages
-893
-892
Cash-settled share-based payments
-4
-34
Share-settled share-based payments
-2
-2
Pension costs
Pension expenses - defined contribution plans
-99
-101
Pension expenses - defined benefit plans
-15
-17
Other social security costs
-168
-176
Depreciations
Depreciation on plant and equipment
-15
-8
Depreciation IFRS 16
-33
-34
Amortisations
Amortisation on customer relations
-64
-65
Amortisation on other intangibles
-46
-62
Rental expenses
-34
-36
IT costs
-244
-250
Marketing expenses
-62
-65
Other
-654
-594
Total expenses split by nature
-2,335\u00a0
-2,337\u00a0
The table includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 138 million (157), other
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78),
and levies EUR 48 million (42).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-552": { "value": "
5 Other expenses
EURm
1-12/2023
1-12/2022
Other expenses
-300\u00a0
-127\u00a0
Depreciation and amortisation
-99\u00a0
-117\u00a0
Salaries and other staff costs
-57\u00a0
-192\u00a0
Total other expenses
-457\u00a0
-436\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the
following table provides additional information on the nature of the expenses including
the total of depreciation, amortisation and employee benefit expense.
EURm
1-12/2023
1-12/2022
Staff costs
Salaries and wages
-893
-892
Cash-settled share-based payments
-4
-34
Share-settled share-based payments
-2
-2
Pension costs
Pension expenses - defined contribution plans
-99
-101
Pension expenses - defined benefit plans
-15
-17
Other social security costs
-168
-176
Depreciations
Depreciation on plant and equipment
-15
-8
Depreciation IFRS 16
-33
-34
Amortisations
Amortisation on customer relations
-64
-65
Amortisation on other intangibles
-46
-62
Rental expenses
-34
-36
IT costs
-244
-250
Marketing expenses
-62
-65
Other
-654
-594
Total expenses split by nature
-2,335\u00a0
-2,337\u00a0
The table includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 138 million (157), other
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78),
and levies EUR 48 million (42).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-551": { "value": "
5 Other expenses
EURm
1-12/2023
1-12/2022
Other expenses
-300\u00a0
-127\u00a0
Depreciation and amortisation
-99\u00a0
-117\u00a0
Salaries and other staff costs
-57\u00a0
-192\u00a0
Total other expenses
-457\u00a0
-436\u00a0
The table does not include Mandatum Group\u2019s figures. For further information, please see note 32.
Expenses by nature
As Sampo presents expenses by function in the statement of profit or loss, the
following table provides additional information on the nature of the expenses including
the total of depreciation, amortisation and employee benefit expense.
EURm
1-12/2023
1-12/2022
Staff costs
Salaries and wages
-893
-892
Cash-settled share-based payments
-4
-34
Share-settled share-based payments
-2
-2
Pension costs
Pension expenses - defined contribution plans
-99
-101
Pension expenses - defined benefit plans
-15
-17
Other social security costs
-168
-176
Depreciations
Depreciation on plant and equipment
-15
-8
Depreciation IFRS 16
-33
-34
Amortisations
Amortisation on customer relations
-64
-65
Amortisation on other intangibles
-46
-62
Rental expenses
-34
-36
IT costs
-244
-250
Marketing expenses
-62
-65
Other
-654
-594
Total expenses split by nature
-2,335\u00a0
-2,337\u00a0
The table includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 138 million (157), other
technical expenses of EUR 132 million (20), acquisition costs of EUR 92 million (78),
and levies EUR 48 million (42).
26 Employee benefits
Sampo Group\u2019s subsidiary If had defined benefit plans in Sweden and Norway during
the financial year 2023.
If applies IAS 19 Employee Benefits and recognizes defined-benefit pension plans in
Sweden and Norway. Other pension plans existing in the Group have either been
classified as defined-contribution plans or have been classified as defined-benefit
plans, but recognized as defined-contribution plans. This occurs because If lacks the
information necessary to recognize them as defined-benefit plans or they have been
deemed as insignificant.
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 If
EURm
2023
2022
Defined benefit pension obligations, including social costs
209
210
Fair value of plan assets
220
220
Net liability (asset) recognised in the balance sheet
-11
-9
of which recognised as Net pension assets in Other assets
32
34
of which recognised as Net pension liabilities in Other liabilities
21
25
The Swedish defined-benefit pension plan, FTP2, is a multiemployer plan and is closed
to new employees born in 1972 or later. In Norway, there are a few smaller pension
plans, mainly unfunded pension plans, for which If is responsible for ongoing payments.
These include an early retirement plan, covering all employees born in 1957 or earlier
and who were employed by If in 2013, as well as a small number of pension obligations
on salary above 12G or individual pension agreements.
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, which could either
rise or fall.
The pensions in Sweden are primarily funded through insurance whereby the insurer
establishes 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 insurer 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 insurer\u2019s high
consolidation ratio, the risk that If will be forced to take any such action is low.
To cover the insured pension benefits in Sweden, as well as for a small plan in Norway,
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 optimize the anticipated risk-adjusted return. Any
surplus that arises from 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 of
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 recognized 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 of the end of
the fiscal year.
The carrying amounts have been stated, including special payroll tax in Sweden
(24.26%) and a corresponding fee in Norway (14.1%-19.1%).
During 2022, the main defined benefit plan in Norway was closed for accounting
purposes, as only a few individuals remain in the plan, as well as two small plans in
Sweden. This has been reported as a settlement under IAS 19 as of December 31 2022.
Specification of employee benefit obligations by country
2023
2022
EURm
Sweden
Norway
Total
Sweden
Norway
Total
Recognised in income statement and other comprehensive income
Current service cost
3
0
3
4
0
4
Past service cost and settlements
\u2014
\u2014
\u2014
0
1
1
Total defined benefit pensions costs in insurance service result
3
0
3
4
1
5
Interest expense on net pension liability
-1
1
-1
0
0
0
Remeasurement of the net pension liability
6
0
6
-31
-2
-32
Total net cost (income) in comprehensive income statement
8
1
8
-26
0
-27
Recognised in balance sheet
Defined benefit pension obligations, including social costs
186
23
209
184
27
210
Fair value of plan assets
218
2
220
218
2
220
Net liability (net assets) recognised in balance sheet
-32
21
-11
-34
25
-9
Distribution by asset class
Bonds
42%
\u2014
42%
\u2014
Equities
20%
\u2014
20%
\u2014
Properties
10%
\u2014
10%
\u2014
Other
28%
\u2014
28%
\u2014
The following actuarial assumptions have been used for the calculation of defined benefit pension plans in Norway and Sweden:
Sweden
Sweden
Norway
Norway
31 Dec 2023
31 Dec 2022
31 Dec 2023
31 Dec 2022
Discount rate
3.50%
3.50%
3.75%
3.25%
Future salary increases
3.00%
2.75%
3.25%
3.00%
Price inflation
2.00%
2.00%
2.25%
2.00%
Mortality table
DUS23
DUS21
K2013
K2013
Average duration of pension liabilities
17 years
18 years
11 years
10 years
Expected contributions to the defined benefit plans during 2023 and 2022
6
6
-
-
2023
2022
Sensitivity analysis of effect of reasonably possible changes
Sweden
Norway
Total
Sweden
Norway
Total
Discount rate, +0.50%
-15
-1
-15
-15
-1
-16
Discount rate, -0.50%
16
1
17
17
1
18
Future salary increases, +0.25%
4
0
4
4
0
4
Future salary increases, -0.25%
-3
0
-3
-3
0
-3
Expected longevity, +1 year
6
1
6
6
1
7
2023
2022
EURm
Funded plans
Unfunded plans
Total
Funded plans
Unfunded plans
Total
Distribution of obligations on funded and unfunded plans
Defined benefit pension obligations, including social costs
188
20
209
186
24
210
Fair value of plan assets
220
\u2014
220
220
\u2014
220
Net pension liability (net assets) recognised in the balance sheet
-31
20
-11
-34
24
-9
Analysis of the change in net liability recognised in the
balance sheet
EURm
2023
2022
Pension liabilities
At the beginning of the year
204
288
Current cost
3
4
Interest cost
7
5
Actuarial gains (-) / losses (+) on financial assumptions
\u2014
-66
Actuarial gains (-) / losses (+) on demographic assumptions
0
-6
Actuarial gains (-) / losses (+), experience adjustments
-3
25
Exchange differences on foreign plans
-1
-19
Benefits paid
-7
-20
Settlements
\u2014
-7
Defined benefit pension obligations on Dec 31, excl. social
security costs
203
204
Social security costs
6
7
Defined benefit plans\u00a0 on Dec 31, incl. social security costs
209
210
Reconciliation of plan assets
At the beginning of the year
220
268
Interest income
7
5
Difference between actual return and calculated interest income
-9
-16
Contributions paid
5
10
Exchange differences on foreign plans
0
-19
Benefits paid
-4
-20
Settlements
\u2014
-7
Plan assets at 31 December
220
220
Other short-term employee benefits
There 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. An estimated amount of these short-term
incentives, social security costs included, for 2023 is EUR 62 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-557": { "value": "
6 Auditor's fees
EUR thousand
1-12/2023
1-12/2022
Auditing fees
-4,666\u00a0
-4,300\u00a0
Deloitte
-4,032\u00a0
-4,000\u00a0
KPMG
-634\u00a0
-300\u00a0
Other fees
-612\u00a0
-1,000\u00a0
Deloitte
-460\u00a0
-700\u00a0
KPMG
-152\u00a0
-300\u00a0
Total
-5,278\u00a0
-5,300\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-558": { "value": "
8 Components of other comprehensive
income
EURm
1-12/2023
1-12/2022
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences
-1
-268
Available-for-sale financial assets
Gains/losses arising during the year
n/a
-1,102
Reclassification adjustments (IAS 1.93)
n/a
-19
Cashflow hedges
-1
0
Taxes
\u2014
209
Total items reclassifiable to profit or loss, net of tax
-3
-1,180
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans
-6
32
Taxes
1
-7
Total items not reclassifiable to profit or loss, net of tax
-5
26
Total other comprehensive income for the continuing
operations, net of tax
-8
-1,154
Other comprehensive income for the discontinued operations,
net of tax
n/a
-484
Other comprehensive income total, net of tax
-8
-1,639
The table does not include Mandatum Group\u2019s figures in 2023 . For further information, please see
note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-559": { "value": "
9 Earnings per share
EURm
1-12/2023
1-12/2022
Profit or loss attributable to the equity holders of the parent
company
1,323\u00a0
2,107\u00a0
Weighted average number of shares outstanding during the
financial year*
506\u00a0
530\u00a0
Earnings per share (EUR per share)
2.62\u00a0
3.97\u00a0
Earnings per share, continuing operations
2.12\u00a0
2.88\u00a0
Earning per share, discontinuing operations
0.50\u00a0
1.09\u00a0
* 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-560": { "value": "
10 Property, plant and equipment
2023
EURm
Right-of-
use assets1
Land and
buildings
Plant and
equipment2
Total
At 1 January
Cost
289
119
162
570
Accumulated depreciation
-92
-8
-115
-216
Net carrying amount at 1 January
197
111
47
355
Carrying amount at 1 January
Business acquisitions
\u2014
1
0
1
Additions
19
1
25
45
Disposals
-20
-4
-5
-29
Depreciation
-32
0
-14
-46
Exchange differences
-4
0
-1
-4
Other changes
\u2014
-3
\u2014
-3
Carrying amount at 31 December
160
106
52
318
At 31 December
Cost
286
114
182
582
Accumulated depreciation
-126
-9
-130
-264
Net carrying amount at 31
December
160
106
52
318
The disposals in the financial year include the PP&E of Mandatum Group, separated
from Sampo on 1 October 2023. For further information, please see note 32.
2022
EURm
Right-of-
use assets1
Land and
buildings
Plant and
equipment2
Total
At 1 January
Cost
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
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 December
Cost
294
120
163
577
Accumulated depreciation
-97
-9
-116
-222
Net carrying amount at 31
December
197
111
47
355
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 25 Other liabilities.
2 Equipment in different segments comprise IT equipment and furniture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-561": { "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 25 Other liabilities.
2 Equipment in different segments comprise IT equipment and furniture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-564": { "value": "
11 Intangible assets
2023
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,385
679
224
72
625
3,985
Accumulated
amortisation
\u2014
-216
\u2014
\u2014
-275
-492
Net carrying amount at
1 January
2,385
463
224
72
350
3,494
Net carrying amount at
1 January
Business acquisitions
238
72
7
\u2014
8
325
Additions
\u2014
\u2014
\u2014
102
4
106
Disposals
-163
-31
\u2014
-2
-4
-200
Amortisation
\u2014
-65
0
-1
-44
-109
Transfers from WIP
\u2014
\u2014
\u2014
-81
81
\u2014
Exchange differences
10
3
3
\u2014
5
21
Net carrying amount at
31 December
2,469
443
233
90
401
3,637
At 31 December
Cost
2,469
726
233
91
722
4,241
Accumulated
amortisation
\u2014
-282
0
-1
-321
-604
Net carrying amount at
31 December
2,469
443
233
90
401
3,637
The disposals in the financial year include the intangibles of Mandatum Group,
separated from Sampo on 1 October 2023.\u00a0 For further information, please see note 32.
2022
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,490
716
277
36
681
4,200
Accumulated
amortisation
\u2014
-157
\u2014
\u2014
-249
-406
Net carrying amount
at 1 January
2,490
560
277
36
432
3,794
Net carrying amount
at 1 January
Business acquisitions
\u2014
5
\u2014
1
2
7
Additions
3
1
\u2014
102
7
114
Disposals
-12
-28
-43
-6
-72
-162
Amortisation
\u2014
-65
\u2014
\u2014
-60
-125
Transfers from WIP
\u2014
\u2014
\u2014
-41
41
\u2014
Other changes
-4
1
\u2014
-19
16
-5
Exchange differences
-92
-11
-10
-1
-15
-129
Net carrying amount
at 31 December
2,385
463
224
72
350
3,494
At 31 December
Cost
2,385
680
224
72
626
3,988
Accumulated
amortisation
\u2014
-218
\u2014
\u2014
-276
-494
Net carrying amount
at 31 December
2,385
463
224
72
350
3,494
The comparison year includes Mandatum. For further information, please see note 32.
Goodwill is split between the segments as follows:
2023
2022
If
556\u00a0
562\u00a0
Topdanmark
1,038\u00a0
802\u00a0
Hastings
876\u00a0
858\u00a0
Mandatum
\u2014\u00a0
163\u00a0
Total
2,469\u00a0
2,385\u00a0
The 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 expenses.
Testing goodwill for impairment
Goodwill 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, and Hastings Group.
The recoverable amounts for If and Hastings 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 derived cash flows were discounted at the pre-tax rate of the cost
of equity which for both If and Hastings was 10.1 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 2024\u20132026. The cash
flows beyond that have been extrapolated using a 2 per cent growth rate. Hastings\u2019
long-term growth rate for years beyond 2028 is 2.0 per cent.
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 700
million. With the calculation method used, e.g. an increase of about 2 percentage
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 1,904 million on
the balance sheet date exceeds its carrying amount in the Group.
Sensitivity analysis
Impact on the present value from the following changes (EURbn)
2023
If
Long-term Combined ratio +2.5 p.p.
-1.7
Long-term Combined ratio -2.5 p.p.
1.7
Long-term growth rate -1 p.p.
-1.8
Long-term growth rate +1 p.p.
2.6
Cost of equity +1 p.p.
-2.1
Cost of equity -1 p.p.
3.0
Hastings
Long-term growth rate -1 p.p.
-0.3
Long-term growth rate +1 p.p.
0.4
Cost of Equity +1 p.p.
-0.4
Cost of Equity -1 p.p.
0.5
Acquisition of Oona Health AS, impairment testing of goodwill
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S.
The purchase price includes goodwill of EUR 237 million (DKK 1,770 million). For
further information on the acquisition, please see note 34.
Calculation of value in use is based on 10 years expected cash flows as approved by
the management. The pre-tax discount rate is 13.8%, and the post-tax rate 10.2%.
2023
Assumptions
Earned premiums, CAGR, 0-10 years
8.9%
Earned premiums CAGR >10 years (terminal growth)
3.0%
Long-term combined ratio
84.2%
Sensitivities (EURm)
Earned premiums CAGR >10 years (terminal growth) -1pp
-25
Long-term combined ratio +1pp
-10
Post-tax discount rate +1pp
-41
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-563": { "value": "
11 Intangible assets
2023
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,385
679
224
72
625
3,985
Accumulated
amortisation
\u2014
-216
\u2014
\u2014
-275
-492
Net carrying amount at
1 January
2,385
463
224
72
350
3,494
Net carrying amount at
1 January
Business acquisitions
238
72
7
\u2014
8
325
Additions
\u2014
\u2014
\u2014
102
4
106
Disposals
-163
-31
\u2014
-2
-4
-200
Amortisation
\u2014
-65
0
-1
-44
-109
Transfers from WIP
\u2014
\u2014
\u2014
-81
81
\u2014
Exchange differences
10
3
3
\u2014
5
21
Net carrying amount at
31 December
2,469
443
233
90
401
3,637
At 31 December
Cost
2,469
726
233
91
722
4,241
Accumulated
amortisation
\u2014
-282
0
-1
-321
-604
Net carrying amount at
31 December
2,469
443
233
90
401
3,637
The disposals in the financial year include the intangibles of Mandatum Group,
separated from Sampo on 1 October 2023.\u00a0 For further information, please see note 32.
2022
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,490
716
277
36
681
4,200
Accumulated
amortisation
\u2014
-157
\u2014
\u2014
-249
-406
Net carrying amount
at 1 January
2,490
560
277
36
432
3,794
Net carrying amount
at 1 January
Business acquisitions
\u2014
5
\u2014
1
2
7
Additions
3
1
\u2014
102
7
114
Disposals
-12
-28
-43
-6
-72
-162
Amortisation
\u2014
-65
\u2014
\u2014
-60
-125
Transfers from WIP
\u2014
\u2014
\u2014
-41
41
\u2014
Other changes
-4
1
\u2014
-19
16
-5
Exchange differences
-92
-11
-10
-1
-15
-129
Net carrying amount
at 31 December
2,385
463
224
72
350
3,494
At 31 December
Cost
2,385
680
224
72
626
3,988
Accumulated
amortisation
\u2014
-218
\u2014
\u2014
-276
-494
Net carrying amount
at 31 December
2,385
463
224
72
350
3,494
The comparison year includes Mandatum. For further information, please see note 32.
Goodwill is split between the segments as follows:
2023
2022
If
556\u00a0
562\u00a0
Topdanmark
1,038\u00a0
802\u00a0
Hastings
876\u00a0
858\u00a0
Mandatum
\u2014\u00a0
163\u00a0
Total
2,469\u00a0
2,385\u00a0
The 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 expenses.
Testing goodwill for impairment
Goodwill 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, and Hastings Group.
The recoverable amounts for If and Hastings 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 derived cash flows were discounted at the pre-tax rate of the cost
of equity which for both If and Hastings was 10.1 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 2024\u20132026. The cash
flows beyond that have been extrapolated using a 2 per cent growth rate. Hastings\u2019
long-term growth rate for years beyond 2028 is 2.0 per cent.
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 700
million. With the calculation method used, e.g. an increase of about 2 percentage
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 1,904 million on
the balance sheet date exceeds its carrying amount in the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-562": { "value": "
11 Intangible assets
2023
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,385
679
224
72
625
3,985
Accumulated
amortisation
\u2014
-216
\u2014
\u2014
-275
-492
Net carrying amount at
1 January
2,385
463
224
72
350
3,494
Net carrying amount at
1 January
Business acquisitions
238
72
7
\u2014
8
325
Additions
\u2014
\u2014
\u2014
102
4
106
Disposals
-163
-31
\u2014
-2
-4
-200
Amortisation
\u2014
-65
0
-1
-44
-109
Transfers from WIP
\u2014
\u2014
\u2014
-81
81
\u2014
Exchange differences
10
3
3
\u2014
5
21
Net carrying amount at
31 December
2,469
443
233
90
401
3,637
At 31 December
Cost
2,469
726
233
91
722
4,241
Accumulated
amortisation
\u2014
-282
0
-1
-321
-604
Net carrying amount at
31 December
2,469
443
233
90
401
3,637
The disposals in the financial year include the intangibles of Mandatum Group,
separated from Sampo on 1 October 2023.\u00a0 For further information, please see note 32.
2022
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,490
716
277
36
681
4,200
Accumulated
amortisation
\u2014
-157
\u2014
\u2014
-249
-406
Net carrying amount
at 1 January
2,490
560
277
36
432
3,794
Net carrying amount
at 1 January
Business acquisitions
\u2014
5
\u2014
1
2
7
Additions
3
1
\u2014
102
7
114
Disposals
-12
-28
-43
-6
-72
-162
Amortisation
\u2014
-65
\u2014
\u2014
-60
-125
Transfers from WIP
\u2014
\u2014
\u2014
-41
41
\u2014
Other changes
-4
1
\u2014
-19
16
-5
Exchange differences
-92
-11
-10
-1
-15
-129
Net carrying amount
at 31 December
2,385
463
224
72
350
3,494
At 31 December
Cost
2,385
680
224
72
626
3,988
Accumulated
amortisation
\u2014
-218
\u2014
\u2014
-276
-494
Net carrying amount
at 31 December
2,385
463
224
72
350
3,494
The comparison year includes Mandatum. For further information, please see note 32.
The 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 expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-565": { "value": "
Testing goodwill for impairment
Goodwill 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, and Hastings Group.
The recoverable amounts for If and Hastings 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 derived cash flows were discounted at the pre-tax rate of the cost
of equity which for both If and Hastings was 10.1 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 2024\u20132026. The cash
flows beyond that have been extrapolated using a 2 per cent growth rate. Hastings\u2019
long-term growth rate for years beyond 2028 is 2.0 per cent.
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 700
million. With the calculation method used, e.g. an increase of about 2 percentage
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 1,904 million on
the balance sheet date exceeds its carrying amount in the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-566": { "value": "
Acquisition of Oona Health AS, impairment testing of goodwill
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S.
The purchase price includes goodwill of EUR 237 million (DKK 1,770 million). For
further information on the acquisition, please see note 34.
Calculation of value in use is based on 10 years expected cash flows as approved by
the management. The pre-tax discount rate is 13.8%, and the post-tax rate 10.2%.
2023
Assumptions
Earned premiums, CAGR, 0-10 years
8.9%
Earned premiums CAGR >10 years (terminal growth)
3.0%
Long-term combined ratio
84.2%
Sensitivities (EURm)
Earned premiums CAGR >10 years (terminal growth) -1pp
-25
Long-term combined ratio +1pp
-10
Post-tax discount rate +1pp
-41
34 Business combinations
On 1 December 2023, Topdanmark acquired 100% of the shares of Oona Health A/S,
owner of Dansk Sundhedssikring A/S (DSS), PrimaCare A/S and DSS H\u00e4lsa AB. DSS is
an insurance company that offers health insurance to companies and private
individuals. PrimaCare A/S is a network healthcare company, providing physiotherapy,
chiropractic and psychology services to insurance companies. DSS H\u00e4lsa AB is an
insurance agency in Sweden, providing health insurance products and administration in
connection with the insurance policies.
The purchase price includes goodwill of EUR 237 million (DKK 1,770 million) which
relates to the unique business model and operational setup of DSS. Goodwill will not
be deductible for income tax purposes. The following table summarises the
consideration paid for Oona Health, and the assets acquired and liabilities assumed at
the acquisition date.
EURm
1 Dec 2023
Cash
257
Contingent consideration
12
Total purchase price
269
Acquisition related costs
5
Identified assets acquired and liabilities assumed
Financial assets
39
Cash and cash equivalents
8
Intangible asset
87
Other assets
11
Total assets
146
Insurance contract liabilities
18
Other liabilities
96
Total liabilities
114
Total identifiable net assets
31
Goodwill
237
Purchase price
269
In accordance with the purchase agreement Topdanmark A/S took over 97% of the
shares of Oona Health A/S at closing and will acquire the remaining 3% at a purchase
price which is variable and dependent on profit after tax in 2026.
The intangible assets include customer relationships EUR 72 million (DKK 535 million)
and trade names EUR 7 million (DKK 50 million). The revenue included in the
statement of comprehensive income since 1 December 2023 contributed by Oona
Health A/S was EUR 12 million (DKK 93 million) and profit EUR 2 million (DKK 14
million).
The following table summarises the acquired assets and assumed liabilities:
EURm
12/2023
Assets and liabilities
Tangible and intangible assets
326
Financial assets
39
Other assets
9
Cash and cash equivalents
8
Total assets
383
Insurance contract liabilities
18
Other liabilities
108
Total liabilities
126
Total consideration paid in cash
257
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-567": { "value": "
12 Investment property
EURm
12/2023
12/2022
Net carrying amount at 1 January
166
568
Additions
\u2014
17
Disposals
-166
-375
Net gains and losses from fair value adjustments
\u2014
5
Other changes
0
-49
Exchange differences
0
0
Net carrying amount at 31 December
0
166
The disposals in the financial year include the investment property of Mandatum
Group, separated from Sampo on 1 October 2023.\u00a0 For further information, please see
note 32.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-569": { "value": "
13 Investments in associates and joint ventures
Associates and joint ventures that have been
accounted for by the equity method at 31 December
2023
EURm
Name
Domicile
Carrying
amount
Interest held
%
Associates
CAB Group AB
Sweden
3
21.98
Rogaland Forsikring AS
Norway
1
33.00
Bornholms Brandforsikring A/S
Denmark
8
27.00
Associates and joint ventures that have been accounted
for by the equity method at 31 December 2022
EURm
Name
Domicile
Carrying
amount
Interest held
%
Associates
Precast Holding Oy
Finland
4
24.43
CAB Group AB
Sweden
3
21.98
Rogaland Forsikring AS
Norway
1
33.00
Bornholms Brandforsikring A/S
Denmark
7
27.00
Changes in investments in associates and in joint
ventures
EURm
2023
2022
At 1 January
16
777
Share of profit or loss
1
22
Additions
\u2014
1
Disposals
-4
-313
Changes in the equity of associates
\u2014
-12
Exchange differences
\u2014
-33
Reclassification as an investment at fair value through p/l
\u2014
-425
At 31 December
12
16
The carrying amount of investments in associates included goodwill of EUR - million (4).
The disposals in the financial year include the investments in associates of Mandatum
Group, separated from Sampo on 1 October 2023.\u00a0 For further information, please see
note 32.
Changes in holding of associate shares in 2022
NOBA Holding AB (former Nordax)
At the end of the financial year 2022 the associate shares in NOBA Holding were
reclassified to equity securities at fair value through profit or loss 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, NOBA Holding 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.
Nordea
In April 2022, Sampo sold its remaining Nordea holding through an accelerated
bookbuild offering of 200 million shares. The sale of Nordea shares ended the
classification of shares as non-current assets held for sale.
The transactions in 2022 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-568": { "value": "
13 Investments in associates and joint ventures
Associates and joint ventures that have been
accounted for by the equity method at 31 December
2023
EURm
Name
Domicile
Carrying
amount
Interest held
%
Associates
CAB Group AB
Sweden
3
21.98
Rogaland Forsikring AS
Norway
1
33.00
Bornholms Brandforsikring A/S
Denmark
8
27.00
Associates and joint ventures that have been accounted
for by the equity method at 31 December 2022
EURm
Name
Domicile
Carrying
amount
Interest held
%
Associates
Precast Holding Oy
Finland
4
24.43
CAB Group AB
Sweden
3
21.98
Rogaland Forsikring AS
Norway
1
33.00
Bornholms Brandforsikring A/S
Denmark
7
27.00
Changes in investments in associates and in joint
ventures
EURm
2023
2022
At 1 January
16
777
Share of profit or loss
1
22
Additions
\u2014
1
Disposals
-4
-313
Changes in the equity of associates
\u2014
-12
Exchange differences
\u2014
-33
Reclassification as an investment at fair value through p/l
\u2014
-425
At 31 December
12
16
The carrying amount of investments in associates included goodwill of EUR - million (4).
The disposals in the financial year include the investments in associates of Mandatum
Group, separated from Sampo on 1 October 2023.\u00a0 For further information, please see
note 32.
Changes in holding of associate shares in 2022
NOBA Holding AB (former Nordax)
At the end of the financial year 2022 the associate shares in NOBA Holding were
reclassified to equity securities at fair value through profit or loss 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, NOBA Holding 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.
Nordea
In April 2022, Sampo sold its remaining Nordea holding through an accelerated
bookbuild offering of 200 million shares. The sale of Nordea shares ended the
classification of shares as non-current assets held for sale.
The transactions in 2022 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-574": { "value": "
14 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9
Financial Instruments. Figures for comparative year are presented in accordance with
IAS 39 Financial Instruments: Recognition and Measurement.
EURm
12/2023
12/2022
Financial assets
Derivative financial instruments
38
101
Financial assets at fair value through profit or loss
Debt securities
12,925
1,941
Equity securities
1,640
560
Funds
662
\u2014
Deposits and other
40
544
Total financial assets at fair value through profit or loss
15,267
3,045
Financial assets available-for-sale (IAS 39)
Debt securities
n/a
12,815
Equity securities
n/a
1,581
Funds
n/a
1,652
Total financial assets available-for-sale
n/a
16,048
Financial assets measured at amortised cost
Loans
451
n/a
Other
1
n/a
Total financial assets measured at amortised cost
452
n/a
Loans and receivables (IAS 39)
n/a
371
Total financial assets
15,757
19,565
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
Due to the demerger on 1 October 2023, Sampo recognised the loan receivable from
Mandatum plc amounting to EUR 102 million in order to allocate general liabilities. Loan
receivable is measured at amortised cost. In connection with the demerger, Sampo
sold certain financial assets to Mandatum at fair market value. These assets included
holdings in Enento Group, guarantee shares of Kaleva Mutual Insurance Company, and
other smaller equity, debt and alternative investments. In addition, Sampo and
Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is subject to
approvals from authorities. For more information regarding the sale of Saxo, please see
note 35.\u00a0
Loans measured at amortised cost include Hastings\u2019 loans to customers amounting to
EUR 186 million (75).
Financial assets measured at amortised cost by stages
The financial assets measured at amortised cost are in the scope of impairment. The
impairment model is based on a forward-looking expected credit loss model (ECL).
The expected credit loss\u00a0 model has a three-stage approach based on changes in
credit risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant
increase in credit risk since initial recognition. For items where there is a significant
increase in credit risk (Stage 2), or in default (Stage 3), lifetime ECL applies.
The determination of expected credit losses is described in detail in the section
Accounting principles. The next table presents the gross amounts of financial assets
measured at amortised cost and loss allowance by stages.
12/2023
EURm
Stage 1 -
12-month
ECL
Stage 2 -
Lifetime
ECL - not
credit-
impaired
Stage 3 -
Lifetime
ECL -
credit-
impaired
Total
Financial assets at amortised cost
Loans
451
8
7
466
Deposits
1
\u2014
\u2014
1
Loss allowance
-9
-1
-5
-16
Total
442
6
2
451
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 468 million and loss allowance was EUR 16 million on 31 December 2023. During
the reporting period, the expected credit losses recognised in P&L was EUR 10 million.
15 Determination and hierarchy of fair values
A majority of Sampo Group's financial assets are valued
at fair value. The valuation is based on either published
price quotations or valuation techniques based on
market observable inputs, where available. For a limited
amount of assets the value needs to be determined
using other techniques. The financial instruments
measured at fair value have been classified into three
hierarchy levels in the notes, depending on, for example,
whether the market for the instrument is active, or if the
inputs used in the valuation technique are observable.
The classification of financial assets in hierarchy levels is
assessed quarterly.
The fair value of the derivative instruments is assessed
using quoted market prices in active markets,
discounting method or option pricing models.
The fair value of loans and other financial instruments
which have no quoted price in active markets is based
on discounted cash flows, using quoted market rates.
The market\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. Quoted prices in active markets are
considered to represent the best estimate of fair value
for related financial assets. On an active market quoted
prices\u00a0 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
In 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 a 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 excess return model, in which the
value of a company is sum of capital invested currently
in the company and the present value of excess returns
that the company expects to make in the future.
For private equity funds the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple based
valuation or the cash flows of the underlying
investments.
The carrying amounts and fair values of financial assets
and financial liabilities, including their fair value
hierarchy levels, are presented in the following table.
Fair value information of financial assets and financial
liabilities not measured at fair value is not presented in
the table, if the carrying amount is a reasonable
estimate of the fair value. Reporting period figures are
presented in accordance with IFRS 9 Financial
Instruments.\u00a0
EURm
31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
3
\u2014
3
\u2014
3
Foreign exchange derivatives
20
\u2014
20
\u2014
20
Other derivatives
16
\u2014
16
\u2014
16
Total
38
\u2014
38
\u2014
38
Financial assets at fair value
through profit or loss
Debt securities
12,925
8,476
4,430
19
12,925
Equity securities
1,640
886
24
730
1,640
Funds
662
480
31
151
662
Deposits and other
40
\u2014
40
\u2014
40
Total
15,267
9,842
4,525
900
15,267
Total financial assets measured
at fair value
15,305
9,842
4,563
900
15,305
Financial assets measured at
amortised cost
Loans
451
\u2014
\u2014
451
451
Other
1
\u2014
\u2014
1
1
Total
452
\u2014
\u2014
452
452
Total financial assets
15,757
9,842
4,563
1,352
15,756
EURm
31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
46
2
44
\u2014
46
Foreign exchange derivatives
58
\u2014
58
\u2014
58
Other derivatives
12
\u2014
12
\u2014
12
Total financial liabilities at fair
value
116
2
114
\u2014
116
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,645
1,448
148
\u2014
1,596
Debt securities in issue
Bonds
959
936
\u2014
\u2014
936
Amounts owed to credit
institutions
194
\u2014
9
184
194
Financial liabilities measured at
amortised cost total
2,798
2,385
157
184
2,726
Group financial liabilities, total
2,914
2,387
271
184
2,842
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
5
\u2014
5
\u2014
5
Foreign exchange derivatives
74
\u2014
74
\u2014
74
Other derivatives
22
\u2014
22
\u2014
22
Total
101
\u2014
101
\u2014
101
Financial assets at fair value
through profit or loss
Equity securities
560
111
24
425
560
Debt securities
1,881
1,718
159
5
1,881
Total
2,441
1,829
183
430
2,441
Financial assets designated as
at fair value through profit or
loss
Deposits
544
\u2014
544
\u2014
544
Debt securities
1
\u2014
1
\u2014
1
Debt securities (unit-trusts)
60
43
16
\u2014
60
Total
604
43
561
\u2014
604
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets related to unit-
linked insurance
Equity securities
676
643
2
31
676
Debt securities
941
90
757
94
941
Funds
7,883
4,880
676
2,327
7,883
Derivative financial instruments
18
\u2014
18
\u2014
18
Other assets
412
\u2014
412
\u2014
412
Total
9,930
5,612
1,865
2,453
9,930
Financial assets available-for-
sale
Equity securities
1,581
1,224
2
354
1,581
Debt securities
12,815
7,941
4,832
43
12,815
Other assets
1,652
775
72
806
1,652
Total
16,048
9,940
4,906
1,203
16,048
Total financial assets at fair
value
29,125
17,425
7,614
4,086
29,125
Other financial assets
Financial assets at amortised
cost
Loans and receivables
371
\u2014
\u2014
370
370
Total
371
\u2014
\u2014
370
370
Group's financial assets, total
29,495
17,425
7,614
4,456
29,495
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest rate derivatives
45
\u2014
45
\u2014
45
Foreign exchange derivatives
7
\u2014
7
\u2014
7
Other derivatives
3
\u2014
3
\u2014
3
Total
55
\u2014
55
\u2014
55
Total financial liabilities at fair
value
55
\u2014
55
\u2014
55
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,983
1,409
478
\u2014
1,887
Debt securities in issue
Bonds
1,306
1,126
110
\u2014
1,236
Borrowings on Revolving Credit
Facility
73
\u2014
\u2014
73
73
Amounts owed to credit
institutions
23
23
\u2014
\u2014
23
Financial liabilities measured at
amortised cost total
3,384
2,558
588
73
3,219
Group financial liabilities, total
3,439
2,558
643
73
3,274
Comparative year figures are presented in accordance with IAS 39 Financial
Instruments: Recognition and Measurement. The comparative period includes
Mandatum Group\u2019s figures. For further information, please see note 32.
Transfers between levels 1 and 2
EURm
1-12/2023
1-12/2022
Transfers between levels 1 and 2
Transfers
from level 2
to level 1
Transfers
from level 1
to level 2
Transfers
from level
2
to level 1
Transfers
from level 1
to level 2
Financial assets at fair value
through profit or loss
Debt securities
378
334
\u2014
\u2014
Total
378
334
\u2014
\u2014
Financial assets related to unit-
linked insurance
Debt securities
\u2014
\u2014
13\u00a0
6\u00a0
Total
13\u00a0
6\u00a0
Financial assets available-for-sale
Debt securities
\u2014
\u2014
632\u00a0
500\u00a0
Total
632\u00a0
500\u00a0
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Comparative year figures are presented in accordance with IAS 39 Financial
Instruments: Recognition and Measurement. The comparative period includes
Mandatum Group\u2019s figures. For further information, please see note 32.
Sensitivity analysis of fair values
Sensitivities presented for the reporting period do not include Mandatum\u2019s figures. The
sensitivity of financial assets and liabilities to changes in exchange rates is assessed on
business area level due to different base currencies.
12/2023
12/2022
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
Recognised
in equity
If
10 percentage point depreciation of all other
currencies against SEK
4
13
2
Topdanmark
10 percentage point depreciation of all other
currencies against DKK
-1
-11
No impact
Hastings
10 percentage point depreciation of all other
currencies against GBP
\u2014
n/a
n/a
Holding
10 percentage point depreciation of all other
currencies against EUR
-73
No impact
-109
The sensitivity analysis of the Group\u2019s fair values of financial assets and liabilities in
different market risk scenarios is presented in the following table. The effects represent
the instantaneous effects of a one-off change in the underlying market variable on the
fair values on 31 December 2023. The sensitivity analysis includes the effects of
derivative positions. All sensitivities are calculated before taxes.
Interest
rate
Interest
rate
Equity
Other
financial
assets
EURm
1% parallel
shift down
1% parallel
shift up
20% fall in
prices
20% fall in
prices
Effect in profit/loss
358
-340
-266
-166
Total effect
358
-340
-266
-166
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-573": { "value": "
14 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9
Financial Instruments. Figures for comparative year are presented in accordance with
IAS 39 Financial Instruments: Recognition and Measurement.
EURm
12/2023
12/2022
Financial assets
Derivative financial instruments
38
101
Financial assets at fair value through profit or loss
Debt securities
12,925
1,941
Equity securities
1,640
560
Funds
662
\u2014
Deposits and other
40
544
Total financial assets at fair value through profit or loss
15,267
3,045
Financial assets available-for-sale (IAS 39)
Debt securities
n/a
12,815
Equity securities
n/a
1,581
Funds
n/a
1,652
Total financial assets available-for-sale
n/a
16,048
Financial assets measured at amortised cost
Loans
451
n/a
Other
1
n/a
Total financial assets measured at amortised cost
452
n/a
Loans and receivables (IAS 39)
n/a
371
Total financial assets
15,757
19,565
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
Due to the demerger on 1 October 2023, Sampo recognised the loan receivable from
Mandatum plc amounting to EUR 102 million in order to allocate general liabilities. Loan
receivable is measured at amortised cost. In connection with the demerger, Sampo
sold certain financial assets to Mandatum at fair market value. These assets included
holdings in Enento Group, guarantee shares of Kaleva Mutual Insurance Company, and
other smaller equity, debt and alternative investments. In addition, Sampo and
Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is subject to
approvals from authorities. For more information regarding the sale of Saxo, please see
note 35.\u00a0
Loans measured at amortised cost include Hastings\u2019 loans to customers amounting to
EUR 186 million (75).
Financial assets measured at amortised cost by stages
The financial assets measured at amortised cost are in the scope of impairment. The
impairment model is based on a forward-looking expected credit loss model (ECL).
The expected credit loss\u00a0 model has a three-stage approach based on changes in
credit risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant
increase in credit risk since initial recognition. For items where there is a significant
increase in credit risk (Stage 2), or in default (Stage 3), lifetime ECL applies.
The determination of expected credit losses is described in detail in the section
Accounting principles. The next table presents the gross amounts of financial assets
measured at amortised cost and loss allowance by stages.
12/2023
EURm
Stage 1 -
12-month
ECL
Stage 2 -
Lifetime
ECL - not
credit-
impaired
Stage 3 -
Lifetime
ECL -
credit-
impaired
Total
Financial assets at amortised cost
Loans
451
8
7
466
Deposits
1
\u2014
\u2014
1
Loss allowance
-9
-1
-5
-16
Total
442
6
2
451
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 468 million and loss allowance was EUR 16 million on 31 December 2023. During
the reporting period, the expected credit losses recognised in P&L was EUR 10 million.
Derivative financial instruments
2023
Fair value
2022
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
trading
Interest rate
derivatives
OTC derivatives
Interest rate swaps
340
3
44
394
5
45
Inflation cover
211
16
12
274
22
3
Total interest rate
derivatives
551
18
56
668
27
48
Foreign exchange
derivatives
OTC derivatives
Currency forwards
3,032
18
57
5,092
58
6
Currency options,
bought and sold
53
1
1
31
4
2
Total foreign exchange
derivatives
3,085
20
58
5,123
62
7
Total derivatives held
for trading
3,636
38
114
5,791
89
55
2023
Fair value
2022
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Fair value hedges
Currency forwards
\u2014
\u2014
\u2014
328
12
\u2014
Total derivatives held
for fair value hedging
\u2014
\u2014
\u2014
328
12
\u2014
Cash flow hedges
Currency forwards
\u2014
\u2014
\u2014
6
\u2014
\u2014
Interest rate swaps
228
\u2014
2
\u2014
\u2014
\u2014
Total cash flow hedges
228
\u2014
2
6
\u2014
\u2014
Total derivatives held
for hedging
228
\u2014
2
334
12
\u2014
Group financial
derivatives, total
3,864
38
116
6,124
101
55
Fair value hedges
During comparative period 2022 in Mandatum, fair value hedging was applied to
hedge a proportion of foreign exchange risk in available-for-sale financial assets. The
interest elements of foreign exchange forward contracts were excluded from hedging
relationships.
15 Determination and hierarchy of fair values
A majority of Sampo Group's financial assets are valued
at fair value. The valuation is based on either published
price quotations or valuation techniques based on
market observable inputs, where available. For a limited
amount of assets the value needs to be determined
using other techniques. The financial instruments
measured at fair value have been classified into three
hierarchy levels in the notes, depending on, for example,
whether the market for the instrument is active, or if the
inputs used in the valuation technique are observable.
The classification of financial assets in hierarchy levels is
assessed quarterly.
The fair value of the derivative instruments is assessed
using quoted market prices in active markets,
discounting method or option pricing models.
The fair value of loans and other financial instruments
which have no quoted price in active markets is based
on discounted cash flows, using quoted market rates.
The market\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. Quoted prices in active markets are
considered to represent the best estimate of fair value
for related financial assets. On an active market quoted
prices\u00a0 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
In 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 a 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 excess return model, in which the
value of a company is sum of capital invested currently
in the company and the present value of excess returns
that the company expects to make in the future.
For private equity funds the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple based
valuation or the cash flows of the underlying
investments.
The carrying amounts and fair values of financial assets
and financial liabilities, including their fair value
hierarchy levels, are presented in the following table.
Fair value information of financial assets and financial
liabilities not measured at fair value is not presented in
the table, if the carrying amount is a reasonable
estimate of the fair value. Reporting period figures are
presented in accordance with IFRS 9 Financial
Instruments.\u00a0
EURm
31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
3
\u2014
3
\u2014
3
Foreign exchange derivatives
20
\u2014
20
\u2014
20
Other derivatives
16
\u2014
16
\u2014
16
Total
38
\u2014
38
\u2014
38
Financial assets at fair value
through profit or loss
Debt securities
12,925
8,476
4,430
19
12,925
Equity securities
1,640
886
24
730
1,640
Funds
662
480
31
151
662
Deposits and other
40
\u2014
40
\u2014
40
Total
15,267
9,842
4,525
900
15,267
Total financial assets measured
at fair value
15,305
9,842
4,563
900
15,305
Financial assets measured at
amortised cost
Loans
451
\u2014
\u2014
451
451
Other
1
\u2014
\u2014
1
1
Total
452
\u2014
\u2014
452
452
Total financial assets
15,757
9,842
4,563
1,352
15,756
EURm
31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
46
2
44
\u2014
46
Foreign exchange derivatives
58
\u2014
58
\u2014
58
Other derivatives
12
\u2014
12
\u2014
12
Total financial liabilities at fair
value
116
2
114
\u2014
116
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,645
1,448
148
\u2014
1,596
Debt securities in issue
Bonds
959
936
\u2014
\u2014
936
Amounts owed to credit
institutions
194
\u2014
9
184
194
Financial liabilities measured at
amortised cost total
2,798
2,385
157
184
2,726
Group financial liabilities, total
2,914
2,387
271
184
2,842
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
5
\u2014
5
\u2014
5
Foreign exchange derivatives
74
\u2014
74
\u2014
74
Other derivatives
22
\u2014
22
\u2014
22
Total
101
\u2014
101
\u2014
101
Financial assets at fair value
through profit or loss
Equity securities
560
111
24
425
560
Debt securities
1,881
1,718
159
5
1,881
Total
2,441
1,829
183
430
2,441
Financial assets designated as
at fair value through profit or
loss
Deposits
544
\u2014
544
\u2014
544
Debt securities
1
\u2014
1
\u2014
1
Debt securities (unit-trusts)
60
43
16
\u2014
60
Total
604
43
561
\u2014
604
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets related to unit-
linked insurance
Equity securities
676
643
2
31
676
Debt securities
941
90
757
94
941
Funds
7,883
4,880
676
2,327
7,883
Derivative financial instruments
18
\u2014
18
\u2014
18
Other assets
412
\u2014
412
\u2014
412
Total
9,930
5,612
1,865
2,453
9,930
Financial assets available-for-
sale
Equity securities
1,581
1,224
2
354
1,581
Debt securities
12,815
7,941
4,832
43
12,815
Other assets
1,652
775
72
806
1,652
Total
16,048
9,940
4,906
1,203
16,048
Total financial assets at fair
value
29,125
17,425
7,614
4,086
29,125
Other financial assets
Financial assets at amortised
cost
Loans and receivables
371
\u2014
\u2014
370
370
Total
371
\u2014
\u2014
370
370
Group's financial assets, total
29,495
17,425
7,614
4,456
29,495
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest rate derivatives
45
\u2014
45
\u2014
45
Foreign exchange derivatives
7
\u2014
7
\u2014
7
Other derivatives
3
\u2014
3
\u2014
3
Total
55
\u2014
55
\u2014
55
Total financial liabilities at fair
value
55
\u2014
55
\u2014
55
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,983
1,409
478
\u2014
1,887
Debt securities in issue
Bonds
1,306
1,126
110
\u2014
1,236
Borrowings on Revolving Credit
Facility
73
\u2014
\u2014
73
73
Amounts owed to credit
institutions
23
23
\u2014
\u2014
23
Financial liabilities measured at
amortised cost total
3,384
2,558
588
73
3,219
Group financial liabilities, total
3,439
2,558
643
73
3,274
Comparative year figures are presented in accordance with IAS 39 Financial
Instruments: Recognition and Measurement. The comparative period includes
Mandatum Group\u2019s figures. For further information, please see note 32.
Transfers between levels 1 and 2
EURm
1-12/2023
1-12/2022
Transfers between levels 1 and 2
Transfers
from level 2
to level 1
Transfers
from level 1
to level 2
Transfers
from level
2
to level 1
Transfers
from level 1
to level 2
Financial assets at fair value
through profit or loss
Debt securities
378
334
\u2014
\u2014
Total
378
334
\u2014
\u2014
Financial assets related to unit-
linked insurance
Debt securities
\u2014
\u2014
13\u00a0
6\u00a0
Total
13\u00a0
6\u00a0
Financial assets available-for-sale
Debt securities
\u2014
\u2014
632\u00a0
500\u00a0
Total
632\u00a0
500\u00a0
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Comparative year figures are presented in accordance with IAS 39 Financial
Instruments: Recognition and Measurement. The comparative period includes
Mandatum Group\u2019s figures. For further information, please see note 32.
Sensitivity analysis of fair values
Sensitivities presented for the reporting period do not include Mandatum\u2019s figures. The
sensitivity of financial assets and liabilities to changes in exchange rates is assessed on
business area level due to different base currencies.
12/2023
12/2022
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
Recognised
in equity
If
10 percentage point depreciation of all other
currencies against SEK
4
13
2
Topdanmark
10 percentage point depreciation of all other
currencies against DKK
-1
-11
No impact
Hastings
10 percentage point depreciation of all other
currencies against GBP
\u2014
n/a
n/a
Holding
10 percentage point depreciation of all other
currencies against EUR
-73
No impact
-109
The sensitivity analysis of the Group\u2019s fair values of financial assets and liabilities in
different market risk scenarios is presented in the following table. The effects represent
the instantaneous effects of a one-off change in the underlying market variable on the
fair values on 31 December 2023. The sensitivity analysis includes the effects of
derivative positions. All sensitivities are calculated before taxes.
Interest
rate
Interest
rate
Equity
Other
financial
assets
EURm
1% parallel
shift down
1% parallel
shift up
20% fall in
prices
20% fall in
prices
Effect in profit/loss
358
-340
-266
-166
Total effect
358
-340
-266
-166
16 Movements in level 3 financial instruments measured at fair value
EURm
Financial assets
At 1 Jan
Total gains/
losses in income
statement
Purchases and
re-classifi-
cations
Sales
At 31 December
2023
Financial assets at fair value through profit or loss
Debt securities
134
1
11
-126
19
Equity securities
763
-14
9
-28
730
Funds
212
-61
\u2014
\u2014
151
Total
1,109
-74
20
-155
900
Mandatum Group\u2019s financial instruments on level 3 are not included in the opening balance 1 January 2023. For further information on classification of Mandatum Group as
discontinued operation, please see note 32.
EURm
Financial assets
At 1 Jan
Total gains/
losses in
income
statement
Total gains/
losses
recorded in
other
compre-
hensive
income
Purchases
and re-
classifi-
cations
Sales
Settlements
Transfers
from level 1
and 2
Transfers to
levels 1 and 2
At 31 Dec
2022
Gains/ losses
included in
p/l for
financial
assets
1-12/2022
Financial assets at fair value
through profit or loss
Equity securities
\u2014
\u2014
\u2014
425
\u2014
\u2014
\u2014
\u2014
425
\u2014
Debt securities
11
0
\u2014
\u2014
-6
\u2014
\u2014
\u2014
5
1
Total
11
0
\u2014
425
-6
\u2014
\u2014
\u2014
430
1
Financial assets related to unit-
linked insurance contracts
Equity securities
20
1
\u2014
15
-5
\u2014
\u2014
\u2014
31
1
Debt securities
61
-8
\u2014
108
-81
-23
40
-3
94
-8
Funds
2,065
-16
\u2014
598
-315
\u2014
\u2014
-5
2,327
-23
Total
2,145
-22
\u2014
721
-401
-23
40
-7
2,453
-30
Financial assets available-for-sale
Equity securities
394
6
-41
2
-7
\u2014
\u2014
\u2014
354
-41
Debt securities
73
0
0
17
-18
\u2014
\u2014
-30
43
2
Funds
1,078
11
-226
44
-101
\u2014
\u2014
\u2014
806
-216
Total
1,545
16
-267
64
-125
\u2014
\u2014
-30
1,203
-255
Total financial assets measured at
fair value
3,702
-6
-267
1,210
-533
-23
40
-37
4,086
-284
Purchases and reclassifications include the reclassification of Nordax associate shares EUR 425 million to equity securities at fair value through profit or loss. The comparative
period includes Mandatum Group\u2019s figures. For further information, please see note 32.
1\u201312/2022
EURm
Realised gains and
losses
Fair value gains and
losses
Total
Total gains or losses included in profit or loss for the financial year
-6
-267
-273
Total gains or losses included in profit or loss for assets held at the end of the financial year
-17
-267
-284
Sensitivity analysis of level 3 financial instruments
measured at fair value
12/2023
12/2022
EURm
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
(+/-)
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
(+/-)
Financial assets at fair value through
profit or loss (IFRS 9)
Debt securities
19
0
\u2014
\u2014
Equity securities
730
-146
\u2014
\u2014
Funds
151
-30
\u2014
\u2014
Total
900
-176
\u2014
\u2014
Financial assets available-for-sale
(IAS 39)
Debt securities
\u2014
\u2014
43
-1
Equity securities
\u2014
\u2014
354
-71
Funds
\u2014
\u2014
806
-161
Total
\u2014
\u2014
1,203
-233
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
The value of financial assets regarding the debt security instruments has been tested
by assuming a rise of 1 per cent in interest rate level in all maturities. For other financial
assets, the prices were assumed to go down by 20 per cent.
During the reporting period, on the basis of these alternative assumptions, a possible
change in interest levels would cause a reduction of EUR -0 million for the debt
instruments, and EUR -176 million valuation loss for other instruments in the Group\u2019s
statement of profit or loss. The reasonably possible effect, proportionate to the
Group\u2019s equity, would thus be 2.4 per cent.
During the comparison period, Sampo Group carried no investment risks related to
unit-linked insurance, so a change in assumptions regarding these assets did not affect
profit or loss. On the basis of these alternative assumptions, a possible change in
interest levels would have caused a reduction of EUR -1 million for the debt
instruments, and EUR -232 million valuation loss for other instruments in the Group\u2019s
other comprehensive income. The reasonably possible effect, proportionate to the
Group\u2019s equity, would have been 2.6 per cent.
24 Financial liabilities
EURm
12/2023
12/2022
Subordinated debt liabilities
Subordinated loans
1,645
1,983
Total subordinated debt liabilities
1,645
1,983
Other financial liabilities
Derivative financial instruments
116
55
Financial liabilities measured at amortised cost
Debt securities in issue
959
1,306
Amounts owed to credit institutions
194
96
Total financial liabilities measured at amortised cost
1,153
1,402
Total other financial liabilities
1,269
1,457
Total financial liabilities
2,914
3,439
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
135
134
Subordinated loan, 2018
(nominal value SEKm 1,000)
perpetual
3 month
Stibor
+ 2.75%
-
90
Total subordinated debt securities
135
224
Other financial liabilities
Derivative financial instruments
58
7
Total financial liabilities
193
231
The loan of 2018 was issued with floating interest rate terms. The loan included terms
stating the right of redemption after five years and at any interest payment date
thereafter. The loan was redeemed in March 2023.
The loan of 2021 was issued with floating 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).
Topdanmark
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
54
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
94
94
Total subordinated debt securities
148
148
Other financial liabilities
Derivative financial instruments
36
32
Amounts owed to credit institutions
9
23
Total financial liabilities
193
203
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (128) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2023
12/2022
Other financial liabilities
Amounts owed to credit institutions
184
73
Total financial liabilities
186
73
Hastings has a revolving credit facility with a financial institution totalling EUR 98
million, of which EUR 56 million was undrawn at the end of the reporting period. The
revolving credit facility matures on 23 November 2024, after which the contract has an
extension option of one more year. Hastings has an undrawn credit facility also with
Sampo plc totalling EUR 86 million with a maturity date of 29 October 2026.
Mandatum
Table presents Mandatum segment\u2019s financial liabilities for the comparative period
2022.
EURm
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2019
(nominal value EURm 250)
30 years
12 month
Euribor +
4.5 %
250
Subordinated loan, 2002
(nominal value EURm 100)
perpetual
\u2014
100
Total subordinated debt securities
350
Other financial liabilities
Derivative financial instruments
3
Total financial liabilities
352
Mandatum Life issued in 2002 EUR 100 million Capital Notes, which were wholly
subscribed by Sampo plc.\u00a0 At the time of the partial demerger, with the consent of the
Financial Supervisory Authority, Mandatum redeemed the loan.\u00a0
Holding
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
993
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
496
496
Total subordinated debt securities
1,490
1,489
Other financial liabilities
Derivative financial instruments
20
14
Debt securities in issue
Maturity
Interest
Bond 2016, (nominal value EURm 750)
7 years
1.00 %
\u2014
318
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
161
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
311
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
400
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
89
95
Other
2
21
Total bonds
959
1,306
Total financial liabilities
2,469
2,808
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and 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 15. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2023
12/2022
Eliminations between segments
-127
-228
Group financial liabilities total
2,914
3,439
Change in liabilities from financing activities
EURm
1
January
2023
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2023
Subordinated debt
1,983
\u2014
-87
-3
-248
1,645
Bonds
1,306
\u2014
-340
-7
\u2014
959
Other loans
96
143
-46
2
\u2014
194
Total
3,384
143
-473
-8
-248
2,798
EURm
1
January
2022
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2022
Subordinated debt
2,016
54
-69
-19
2
1,983
Bonds
2,200
\u2014
-859
-10
-25
1,306
Other loans
43
69
-13
-3
\u2014
96
Total
4,259
122
-942
-32
-24
3,384
Item Other for the reporting period 2023 is mainly related to the separation of
Mandatum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-572": { "value": "
14 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9
Financial Instruments. Figures for comparative year are presented in accordance with
IAS 39 Financial Instruments: Recognition and Measurement.
EURm
12/2023
12/2022
Financial assets
Derivative financial instruments
38
101
Financial assets at fair value through profit or loss
Debt securities
12,925
1,941
Equity securities
1,640
560
Funds
662
\u2014
Deposits and other
40
544
Total financial assets at fair value through profit or loss
15,267
3,045
Financial assets available-for-sale (IAS 39)
Debt securities
n/a
12,815
Equity securities
n/a
1,581
Funds
n/a
1,652
Total financial assets available-for-sale
n/a
16,048
Financial assets measured at amortised cost
Loans
451
n/a
Other
1
n/a
Total financial assets measured at amortised cost
452
n/a
Loans and receivables (IAS 39)
n/a
371
Total financial assets
15,757
19,565
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
Due to the demerger on 1 October 2023, Sampo recognised the loan receivable from
Mandatum plc amounting to EUR 102 million in order to allocate general liabilities. Loan
receivable is measured at amortised cost. In connection with the demerger, Sampo
sold certain financial assets to Mandatum at fair market value. These assets included
holdings in Enento Group, guarantee shares of Kaleva Mutual Insurance Company, and
other smaller equity, debt and alternative investments. In addition, Sampo and
Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is subject to
approvals from authorities. For more information regarding the sale of Saxo, please see
note 35.\u00a0
Loans measured at amortised cost include Hastings\u2019 loans to customers amounting to
EUR 186 million (75).
Financial assets measured at amortised cost by stages
The financial assets measured at amortised cost are in the scope of impairment. The
impairment model is based on a forward-looking expected credit loss model (ECL).
The expected credit loss\u00a0 model has a three-stage approach based on changes in
credit risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant
increase in credit risk since initial recognition. For items where there is a significant
increase in credit risk (Stage 2), or in default (Stage 3), lifetime ECL applies.
The determination of expected credit losses is described in detail in the section
Accounting principles. The next table presents the gross amounts of financial assets
measured at amortised cost and loss allowance by stages.
12/2023
EURm
Stage 1 -
12-month
ECL
Stage 2 -
Lifetime
ECL - not
credit-
impaired
Stage 3 -
Lifetime
ECL -
credit-
impaired
Total
Financial assets at amortised cost
Loans
451
8
7
466
Deposits
1
\u2014
\u2014
1
Loss allowance
-9
-1
-5
-16
Total
442
6
2
451
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 468 million and loss allowance was EUR 16 million on 31 December 2023. During
the reporting period, the expected credit losses recognised in P&L was EUR 10 million.
Derivative financial instruments
2023
Fair value
2022
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
trading
Interest rate
derivatives
OTC derivatives
Interest rate swaps
340
3
44
394
5
45
Inflation cover
211
16
12
274
22
3
Total interest rate
derivatives
551
18
56
668
27
48
Foreign exchange
derivatives
OTC derivatives
Currency forwards
3,032
18
57
5,092
58
6
Currency options,
bought and sold
53
1
1
31
4
2
Total foreign exchange
derivatives
3,085
20
58
5,123
62
7
Total derivatives held
for trading
3,636
38
114
5,791
89
55
2023
Fair value
2022
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Fair value hedges
Currency forwards
\u2014
\u2014
\u2014
328
12
\u2014
Total derivatives held
for fair value hedging
\u2014
\u2014
\u2014
328
12
\u2014
Cash flow hedges
Currency forwards
\u2014
\u2014
\u2014
6
\u2014
\u2014
Interest rate swaps
228
\u2014
2
\u2014
\u2014
\u2014
Total cash flow hedges
228
\u2014
2
6
\u2014
\u2014
Total derivatives held
for hedging
228
\u2014
2
334
12
\u2014
Group financial
derivatives, total
3,864
38
116
6,124
101
55
Fair value hedges
During comparative period 2022 in Mandatum, fair value hedging was applied to
hedge a proportion of foreign exchange risk in available-for-sale financial assets. The
interest elements of foreign exchange forward contracts were excluded from hedging
relationships.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-570": { "value": "
14 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9
Financial Instruments. Figures for comparative year are presented in accordance with
IAS 39 Financial Instruments: Recognition and Measurement.
EURm
12/2023
12/2022
Financial assets
Derivative financial instruments
38
101
Financial assets at fair value through profit or loss
Debt securities
12,925
1,941
Equity securities
1,640
560
Funds
662
\u2014
Deposits and other
40
544
Total financial assets at fair value through profit or loss
15,267
3,045
Financial assets available-for-sale (IAS 39)
Debt securities
n/a
12,815
Equity securities
n/a
1,581
Funds
n/a
1,652
Total financial assets available-for-sale
n/a
16,048
Financial assets measured at amortised cost
Loans
451
n/a
Other
1
n/a
Total financial assets measured at amortised cost
452
n/a
Loans and receivables (IAS 39)
n/a
371
Total financial assets
15,757
19,565
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
Due to the demerger on 1 October 2023, Sampo recognised the loan receivable from
Mandatum plc amounting to EUR 102 million in order to allocate general liabilities. Loan
receivable is measured at amortised cost. In connection with the demerger, Sampo
sold certain financial assets to Mandatum at fair market value. These assets included
holdings in Enento Group, guarantee shares of Kaleva Mutual Insurance Company, and
other smaller equity, debt and alternative investments. In addition, Sampo and
Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is subject to
approvals from authorities. For more information regarding the sale of Saxo, please see
note 35.\u00a0
Loans measured at amortised cost include Hastings\u2019 loans to customers amounting to
EUR 186 million (75).
15 Determination and hierarchy of fair values
A majority of Sampo Group's financial assets are valued
at fair value. The valuation is based on either published
price quotations or valuation techniques based on
market observable inputs, where available. For a limited
amount of assets the value needs to be determined
using other techniques. The financial instruments
measured at fair value have been classified into three
hierarchy levels in the notes, depending on, for example,
whether the market for the instrument is active, or if the
inputs used in the valuation technique are observable.
The classification of financial assets in hierarchy levels is
assessed quarterly.
The fair value of the derivative instruments is assessed
using quoted market prices in active markets,
discounting method or option pricing models.
The fair value of loans and other financial instruments
which have no quoted price in active markets is based
on discounted cash flows, using quoted market rates.
The market\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. Quoted prices in active markets are
considered to represent the best estimate of fair value
for related financial assets. On an active market quoted
prices\u00a0 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
In 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 a 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 excess return model, in which the
value of a company is sum of capital invested currently
in the company and the present value of excess returns
that the company expects to make in the future.
For private equity funds the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple based
valuation or the cash flows of the underlying
investments.
The carrying amounts and fair values of financial assets
and financial liabilities, including their fair value
hierarchy levels, are presented in the following table.
Fair value information of financial assets and financial
liabilities not measured at fair value is not presented in
the table, if the carrying amount is a reasonable
estimate of the fair value. Reporting period figures are
presented in accordance with IFRS 9 Financial
Instruments.\u00a0
EURm
31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
3
\u2014
3
\u2014
3
Foreign exchange derivatives
20
\u2014
20
\u2014
20
Other derivatives
16
\u2014
16
\u2014
16
Total
38
\u2014
38
\u2014
38
Financial assets at fair value
through profit or loss
Debt securities
12,925
8,476
4,430
19
12,925
Equity securities
1,640
886
24
730
1,640
Funds
662
480
31
151
662
Deposits and other
40
\u2014
40
\u2014
40
Total
15,267
9,842
4,525
900
15,267
Total financial assets measured
at fair value
15,305
9,842
4,563
900
15,305
Financial assets measured at
amortised cost
Loans
451
\u2014
\u2014
451
451
Other
1
\u2014
\u2014
1
1
Total
452
\u2014
\u2014
452
452
Total financial assets
15,757
9,842
4,563
1,352
15,756
EURm
31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
46
2
44
\u2014
46
Foreign exchange derivatives
58
\u2014
58
\u2014
58
Other derivatives
12
\u2014
12
\u2014
12
Total financial liabilities at fair
value
116
2
114
\u2014
116
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,645
1,448
148
\u2014
1,596
Debt securities in issue
Bonds
959
936
\u2014
\u2014
936
Amounts owed to credit
institutions
194
\u2014
9
184
194
Financial liabilities measured at
amortised cost total
2,798
2,385
157
184
2,726
Group financial liabilities, total
2,914
2,387
271
184
2,842
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
5
\u2014
5
\u2014
5
Foreign exchange derivatives
74
\u2014
74
\u2014
74
Other derivatives
22
\u2014
22
\u2014
22
Total
101
\u2014
101
\u2014
101
Financial assets at fair value
through profit or loss
Equity securities
560
111
24
425
560
Debt securities
1,881
1,718
159
5
1,881
Total
2,441
1,829
183
430
2,441
Financial assets designated as
at fair value through profit or
loss
Deposits
544
\u2014
544
\u2014
544
Debt securities
1
\u2014
1
\u2014
1
Debt securities (unit-trusts)
60
43
16
\u2014
60
Total
604
43
561
\u2014
604
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets related to unit-
linked insurance
Equity securities
676
643
2
31
676
Debt securities
941
90
757
94
941
Funds
7,883
4,880
676
2,327
7,883
Derivative financial instruments
18
\u2014
18
\u2014
18
Other assets
412
\u2014
412
\u2014
412
Total
9,930
5,612
1,865
2,453
9,930
Financial assets available-for-
sale
Equity securities
1,581
1,224
2
354
1,581
Debt securities
12,815
7,941
4,832
43
12,815
Other assets
1,652
775
72
806
1,652
Total
16,048
9,940
4,906
1,203
16,048
Total financial assets at fair
value
29,125
17,425
7,614
4,086
29,125
Other financial assets
Financial assets at amortised
cost
Loans and receivables
371
\u2014
\u2014
370
370
Total
371
\u2014
\u2014
370
370
Group's financial assets, total
29,495
17,425
7,614
4,456
29,495
EURm
31 December 2022
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest rate derivatives
45
\u2014
45
\u2014
45
Foreign exchange derivatives
7
\u2014
7
\u2014
7
Other derivatives
3
\u2014
3
\u2014
3
Total
55
\u2014
55
\u2014
55
Total financial liabilities at fair
value
55
\u2014
55
\u2014
55
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,983
1,409
478
\u2014
1,887
Debt securities in issue
Bonds
1,306
1,126
110
\u2014
1,236
Borrowings on Revolving Credit
Facility
73
\u2014
\u2014
73
73
Amounts owed to credit
institutions
23
23
\u2014
\u2014
23
Financial liabilities measured at
amortised cost total
3,384
2,558
588
73
3,219
Group financial liabilities, total
3,439
2,558
643
73
3,274
Comparative year figures are presented in accordance with IAS 39 Financial
Instruments: Recognition and Measurement. The comparative period includes
Mandatum Group\u2019s figures. For further information, please see note 32.
Transfers between levels 1 and 2
EURm
1-12/2023
1-12/2022
Transfers between levels 1 and 2
Transfers
from level 2
to level 1
Transfers
from level 1
to level 2
Transfers
from level
2
to level 1
Transfers
from level 1
to level 2
Financial assets at fair value
through profit or loss
Debt securities
378
334
\u2014
\u2014
Total
378
334
\u2014
\u2014
Financial assets related to unit-
linked insurance
Debt securities
\u2014
\u2014
13\u00a0
6\u00a0
Total
13\u00a0
6\u00a0
Financial assets available-for-sale
Debt securities
\u2014
\u2014
632\u00a0
500\u00a0
Total
632\u00a0
500\u00a0
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Comparative year figures are presented in accordance with IAS 39 Financial
Instruments: Recognition and Measurement. The comparative period includes
Mandatum Group\u2019s figures. For further information, please see note 32.
Sensitivity analysis of fair values
Sensitivities presented for the reporting period do not include Mandatum\u2019s figures. The
sensitivity of financial assets and liabilities to changes in exchange rates is assessed on
business area level due to different base currencies.
12/2023
12/2022
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
Recognised
in equity
If
10 percentage point depreciation of all other
currencies against SEK
4
13
2
Topdanmark
10 percentage point depreciation of all other
currencies against DKK
-1
-11
No impact
Hastings
10 percentage point depreciation of all other
currencies against GBP
\u2014
n/a
n/a
Holding
10 percentage point depreciation of all other
currencies against EUR
-73
No impact
-109
The sensitivity analysis of the Group\u2019s fair values of financial assets and liabilities in
different market risk scenarios is presented in the following table. The effects represent
the instantaneous effects of a one-off change in the underlying market variable on the
fair values on 31 December 2023. The sensitivity analysis includes the effects of
derivative positions. All sensitivities are calculated before taxes.
Interest
rate
Interest
rate
Equity
Other
financial
assets
EURm
1% parallel
shift down
1% parallel
shift up
20% fall in
prices
20% fall in
prices
Effect in profit/loss
358
-340
-266
-166
Total effect
358
-340
-266
-166
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-571": { "value": "
14 Financial assets
The financial assets for the reporting period are presented in accordance with IFRS 9
Financial Instruments. Figures for comparative year are presented in accordance with
IAS 39 Financial Instruments: Recognition and Measurement.
EURm
12/2023
12/2022
Financial assets
Derivative financial instruments
38
101
Financial assets at fair value through profit or loss
Debt securities
12,925
1,941
Equity securities
1,640
560
Funds
662
\u2014
Deposits and other
40
544
Total financial assets at fair value through profit or loss
15,267
3,045
Financial assets available-for-sale (IAS 39)
Debt securities
n/a
12,815
Equity securities
n/a
1,581
Funds
n/a
1,652
Total financial assets available-for-sale
n/a
16,048
Financial assets measured at amortised cost
Loans
451
n/a
Other
1
n/a
Total financial assets measured at amortised cost
452
n/a
Loans and receivables (IAS 39)
n/a
371
Total financial assets
15,757
19,565
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-575": { "value": "
The financial assets measured at amortised cost are in the scope of impairment. The
impairment model is based on a forward-looking expected credit loss model (ECL).
The expected credit loss\u00a0 model has a three-stage approach based on changes in
credit risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant
increase in credit risk since initial recognition. For items where there is a significant
increase in credit risk (Stage 2), or in default (Stage 3), lifetime ECL applies.
The determination of expected credit losses is described in detail in the section
Accounting principles. The next table presents the gross amounts of financial assets
measured at amortised cost and loss allowance by stages.
12/2023
EURm
Stage 1 -
12-month
ECL
Stage 2 -
Lifetime
ECL - not
credit-
impaired
Stage 3 -
Lifetime
ECL -
credit-
impaired
Total
Financial assets at amortised cost
Loans
451
8
7
466
Deposits
1
\u2014
\u2014
1
Loss allowance
-9
-1
-5
-16
Total
442
6
2
451
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 468 million and loss allowance was EUR 16 million on 31 December 2023. During
the reporting period, the expected credit losses recognised in P&L was EUR 10 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-576": { "value": "
Derivative financial instruments
2023
Fair value
2022
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
trading
Interest rate
derivatives
OTC derivatives
Interest rate swaps
340
3
44
394
5
45
Inflation cover
211
16
12
274
22
3
Total interest rate
derivatives
551
18
56
668
27
48
Foreign exchange
derivatives
OTC derivatives
Currency forwards
3,032
18
57
5,092
58
6
Currency options,
bought and sold
53
1
1
31
4
2
Total foreign exchange
derivatives
3,085
20
58
5,123
62
7
Total derivatives held
for trading
3,636
38
114
5,791
89
55
2023
Fair value
2022
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Fair value hedges
Currency forwards
\u2014
\u2014
\u2014
328
12
\u2014
Total derivatives held
for fair value hedging
\u2014
\u2014
\u2014
328
12
\u2014
Cash flow hedges
Currency forwards
\u2014
\u2014
\u2014
6
\u2014
\u2014
Interest rate swaps
228
\u2014
2
\u2014
\u2014
\u2014
Total cash flow hedges
228
\u2014
2
6
\u2014
\u2014
Total derivatives held
for hedging
228
\u2014
2
334
12
\u2014
Group financial
derivatives, total
3,864
38
116
6,124
101
55
Fair value hedges
During comparative period 2022 in Mandatum, fair value hedging was applied to
hedge a proportion of foreign exchange risk in available-for-sale financial assets. The
interest elements of foreign exchange forward contracts were excluded from hedging
relationships.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-577": { "value": "
15 Determination and hierarchy of fair values
A majority of Sampo Group's financial assets are valued
at fair value. The valuation is based on either published
price quotations or valuation techniques based on
market observable inputs, where available. For a limited
amount of assets the value needs to be determined
using other techniques. The financial instruments
measured at fair value have been classified into three
hierarchy levels in the notes, depending on, for example,
whether the market for the instrument is active, or if the
inputs used in the valuation technique are observable.
The classification of financial assets in hierarchy levels is
assessed quarterly.
The fair value of the derivative instruments is assessed
using quoted market prices in active markets,
discounting method or option pricing models.
The fair value of loans and other financial instruments
which have no quoted price in active markets is based
on discounted cash flows, using quoted market rates.
The market\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. Quoted prices in active markets are
considered to represent the best estimate of fair value
for related financial assets. On an active market quoted
prices\u00a0 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
In 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 a 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 excess return model, in which the
value of a company is sum of capital invested currently
in the company and the present value of excess returns
that the company expects to make in the future.
For private equity funds the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple based
valuation or the cash flows of the underlying
investments.
The carrying amounts and fair values of financial assets
and financial liabilities, including their fair value
hierarchy levels, are presented in the following table.
Fair value information of financial assets and financial
liabilities not measured at fair value is not presented in
the table, if the carrying amount is a reasonable
estimate of the fair value. Reporting period figures are
presented in accordance with IFRS 9 Financial
Instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-578": { "value": "
17 Deferred tax assets and liabilities
Changes in deferred tax during the financial year 2023
EURm
1 Jan
Business
acquisitions/
disposals
Recognised in
comprehensive
income statement
Recognised in
equity
Exchange
differences
31 Dec
Deferred tax assets
Tax losses carried forward
2
0
-1
\u2014
0
1
Changes in fair values
5
\u2014
-5
\u2014
0
0
Other deductible temporary differences
128
-3
-11
0
2
116
Total
135
-3
-17
\u2014
2
117
Netting of deferred taxes
-114
Deferred tax assets in the balance sheet, total
135
-3
-17
0
2
3
Deferred tax liabilities
Depreciation differences and untaxed reserves
209
-2
21
\u2014
-4
224
Changes in fair values
194
-70
67
0
2
194
Pension assets
7
\u2014
-1
\u2014
\u2014
7
Other taxable temporary differences
379
-93
-32
0
1
255
Total
790
-164
56
0
-1
680
Netting of deferred taxes
-114
Deferred tax liabilities in the balance sheet, total
790
-164
56
0
-1
567
The disposals include the deferred tax assets and liabilities of Mandatum Group, separated from Sampo on 1 October 2023. For further information, please see note 32.
Changes in deferred tax during the financial year 2022
EURm
1 Jan
Business
acquisitions/
disposals
Recognised in
comprehensive
income statement
Recognised in
equity
Exchange
differences
31 Dec
Deferred tax assets
Tax losses carried forward
2
\u2014
0
0
0
2
Changes in fair values
6
\u2014
0
\u2014
0
5
Other deductible temporary differences
141
1
-6
0
-7
128
Total
148
1
-6
0
-8
135
Netting of deferred taxes
-124
Deferred tax assets in the balance sheet, total
148
1
-6
0
-8
11
Deferred tax liabilities
Depreciation differences and untaxed reserves
219
0
-7
7
-10
209
Changes in fair values
513
7
-307
\u2014
-18
194
Pension assets
\u2014
\u2014
7
\u2014
\u2014
7
Other taxable temporary differences
226
-19
175
1
-4
379
Total
957
-12
-131
9
-33
790
Netting of deferred taxes
-124
Deferred tax liabilities in the balance sheet, total
957
-12
-131
9
-33
666
The line items in deferred tax assets and liabilities for the comparison year 2022 have been restated due to the transition to IFRS 17.
Pillar II - tax losses
Sampo Group companies have applied a temporary mandatory relief from deferred tax accounting for any impacts of the top-up tax and accounts for it as a current tax should it
occur.
EURm
Tax losses carried forward
2023
Country
Tax losses
carried forward
in local currency
Tax losses
carried forward
Of which no
deferred tax
asset has been
recognised
Of which
deferred tax
asset has been
recognised
Recognised
deferred tax
asset
Applicable tax
rate
Potential
deferred tax
asset not
recognised
Sampo Plc
Finland
EURm 267
267
267
\u2014
\u2014
20.00%
53
If P&C Insurance Holding Ltd
(publ)
Norway
NOKm 83
7
7
\u2014
\u2014
22.00%
-*
If P&C Insurance Ltd (publ)
Germany
EURm 2
2
2
\u2014
\u2014
27.38%
-*
If P&C Insurance Ltd (publ)
France
EURm 16
16
16
\u2014
\u2014
25.83%
-*
If P&C Insurance Ltd (publ)
UK
GBPm 20
23
23
\u2014
\u2014
25.00%
-*
If P&C Insurance AS
Latvia
\u2014
\u2014
\u2014
\u2014
\u2014
20.00%
-
Insrt AB
Sweden
SEKm 6
1
1
\u2014
\u2014
20.60%
\u2014
Viking Sverige AB
Sweden
SEKm 42
4
\u2014
4
1
20.60%
\u2014
Viking Assistance A/S
Denmark
DKKm 33
4
4
\u2014
\u2014
22.00%
1
Viking Nordic Assistance S.L
Spain
\u2014
\u2014
\u2014
\u2014
\u2014
25.00%
\u2014
Hastings Group Finance plc
UK
GBPm 7
8
8
\u2014
\u2014
25.00%
2
Total
1
56
* Loss has occurred in a foreign branch and has been deducted in the head office. Utilisation of the loss locally in the foreign branch would not affect the tax expense for the company as a whole. Therefore,
no deferred tax asset can be recognised relating to the foreign branch.
MEUR
Tax losses carried forward
2022
Country
Tax losses
carried forward
in local currency
Tax losses
carried forward
Of which no
deferred tax
asset has been
recognised
Of which
deferred tax
asset has been
recognised
Recognised
deferred tax
asset
Applicable tax
rate
Potential
deferred tax
asset not
recognised
Sampo Plc
Finland
EURm 172
172
172
\u2014
\u2014
20.00%
34
If P&C Insurance Holding Ltd
(publ)
Norway
\u2014
\u2014
\u2014
\u2014
\u2014
22.00%
-*
If P&C Insurance Ltd (publ)
Germany
EURm 5
5
5
\u2014
\u2014
27.38%
-*
If P&C Insurance Ltd (publ)
France
EURm 24
24
24
\u2014
\u2014
25.83%
-*
If P&C Insurance Ltd (publ)
UK
GBPm 25
28
28
\u2014
\u2014
25.00%
-*
If P&C Insurance AS
Latvia
EURm 3
3
3
\u2014
\u2014
20.00%
1
Insrt AB
Sweden
SEKm 6
1
1
\u2014
\u2014
20.60%
\u2014
Viking Sverige AB
Sweden
SEKm 22
2
\u2014
2
\u2014
20.60%
\u2014
Viking Assistance A/S
Denmark
DKKm 33
4
4
\u2014
\u2014
22.00%
1
Viking Nordic Assistance S.L
Spain
EURm 0
\u2014
\u2014
\u2014
\u2014
25.00%
\u2014
Hastings Group Finance plc
UK
GBPm 7
8
8
\u2014
\u2014
25.00%
2
Total
\u2014
38
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-579": { "value": "
18 Taxes
EURm
2023
2022
Profit before tax
1,481
1,924
Tax calculated at parent company's tax rate
-296
-385
Different tax rates in foreign jurisdictions
-40
-153
Income from associates not subject to tax
0
21
Income not subject to tax
46
49
Non-deductible expenses
-40
-17
Tax losses for which no deferred tax asset has been recognised
-36
-28
Changes in tax rates
-8
2
Tax from previous years
2
5
Total
-372\u00a0
-505\u00a0
The taxes include the tax from the discontinued operations EUR -33 million (-139).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-582": { "value": "
19 Other assets
EURm
12/2023
12/2022
Assets arising from direct insurance operations
245
213
Assets arising from reinsurance operations
92
22
Settlement receivables
5
83
Accrued interest
130
113
Net pension asset
32
34
Other
296
310
Total other asset
800
775
Item Other includes, e.g. assets related to patient insurance pool EUR 63 million (68),\u00a0
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 61 million (65).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-581": { "value": "
19 Other assets
EURm
12/2023
12/2022
Assets arising from direct insurance operations
245
213
Assets arising from reinsurance operations
92
22
Settlement receivables
5
83
Accrued interest
130
113
Net pension asset
32
34
Other
296
310
Total other asset
800
775
Item Other includes, e.g. assets related to patient insurance pool EUR 63 million (68),\u00a0
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 61 million (65).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-580": { "value": "
19 Other assets
EURm
12/2023
12/2022
Assets arising from direct insurance operations
245
213
Assets arising from reinsurance operations
92
22
Settlement receivables
5
83
Accrued interest
130
113
Net pension asset
32
34
Other
296
310
Total other asset
800
775
Item Other includes, e.g. assets related to patient insurance pool EUR 63 million (68),\u00a0
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 61 million (65).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-583": { "value": "
22 Assets for insurance acquisition cash flows
The table presents the reconciliation from opening to closing balances of the carrying
amount of the acquisition cash flow asset during the reporting periods.\u00a0
EURm
2023
Reconciliation of acquisition cash flow asset
Opening balance
10
Cash flows recognised as an asset
36
Amounts transferred to liability for remaining coverage
-28
Closing balance
18
The table does not include Mandatum Group\u2019s figures.
The following table presents the expected timing of when the acquisition cash flow
asset will be derecognised and instead be included in the liability for remaining
coverage of the group of insurance contracts to which they are allocated.
Time bands: Assets for insurance acquisition cash flows
2023
Expected timing of derecognition
EURm
2024
2025-2026
2027-2028
Total
Acquisition cash flow asset
12
4
2
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-587": { "value": "
24 Financial liabilities
EURm
12/2023
12/2022
Subordinated debt liabilities
Subordinated loans
1,645
1,983
Total subordinated debt liabilities
1,645
1,983
Other financial liabilities
Derivative financial instruments
116
55
Financial liabilities measured at amortised cost
Debt securities in issue
959
1,306
Amounts owed to credit institutions
194
96
Total financial liabilities measured at amortised cost
1,153
1,402
Total other financial liabilities
1,269
1,457
Total financial liabilities
2,914
3,439
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
135
134
Subordinated loan, 2018
(nominal value SEKm 1,000)
perpetual
3 month
Stibor
+ 2.75%
-
90
Total subordinated debt securities
135
224
Other financial liabilities
Derivative financial instruments
58
7
Total financial liabilities
193
231
The loan of 2018 was issued with floating interest rate terms. The loan included terms
stating the right of redemption after five years and at any interest payment date
thereafter. The loan was redeemed in March 2023.
The loan of 2021 was issued with floating 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).
Topdanmark
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
54
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
94
94
Total subordinated debt securities
148
148
Other financial liabilities
Derivative financial instruments
36
32
Amounts owed to credit institutions
9
23
Total financial liabilities
193
203
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (128) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2023
12/2022
Other financial liabilities
Amounts owed to credit institutions
184
73
Total financial liabilities
186
73
Hastings has a revolving credit facility with a financial institution totalling EUR 98
million, of which EUR 56 million was undrawn at the end of the reporting period. The
revolving credit facility matures on 23 November 2024, after which the contract has an
extension option of one more year. Hastings has an undrawn credit facility also with
Sampo plc totalling EUR 86 million with a maturity date of 29 October 2026.
Mandatum
Table presents Mandatum segment\u2019s financial liabilities for the comparative period
2022.
EURm
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2019
(nominal value EURm 250)
30 years
12 month
Euribor +
4.5 %
250
Subordinated loan, 2002
(nominal value EURm 100)
perpetual
\u2014
100
Total subordinated debt securities
350
Other financial liabilities
Derivative financial instruments
3
Total financial liabilities
352
Mandatum Life issued in 2002 EUR 100 million Capital Notes, which were wholly
subscribed by Sampo plc.\u00a0 At the time of the partial demerger, with the consent of the
Financial Supervisory Authority, Mandatum redeemed the loan.\u00a0
Holding
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
993
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
496
496
Total subordinated debt securities
1,490
1,489
Other financial liabilities
Derivative financial instruments
20
14
Debt securities in issue
Maturity
Interest
Bond 2016, (nominal value EURm 750)
7 years
1.00 %
\u2014
318
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
161
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
311
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
400
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
89
95
Other
2
21
Total bonds
959
1,306
Total financial liabilities
2,469
2,808
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and 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 15. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2023
12/2022
Eliminations between segments
-127
-228
Group financial liabilities total
2,914
3,439
Change in liabilities from financing activities
EURm
1
January
2023
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2023
Subordinated debt
1,983
\u2014
-87
-3
-248
1,645
Bonds
1,306
\u2014
-340
-7
\u2014
959
Other loans
96
143
-46
2
\u2014
194
Total
3,384
143
-473
-8
-248
2,798
EURm
1
January
2022
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2022
Subordinated debt
2,016
54
-69
-19
2
1,983
Bonds
2,200
\u2014
-859
-10
-25
1,306
Other loans
43
69
-13
-3
\u2014
96
Total
4,259
122
-942
-32
-24
3,384
Item Other for the reporting period 2023 is mainly related to the separation of
Mandatum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-586": { "value": "
24 Financial liabilities
EURm
12/2023
12/2022
Subordinated debt liabilities
Subordinated loans
1,645
1,983
Total subordinated debt liabilities
1,645
1,983
Other financial liabilities
Derivative financial instruments
116
55
Financial liabilities measured at amortised cost
Debt securities in issue
959
1,306
Amounts owed to credit institutions
194
96
Total financial liabilities measured at amortised cost
1,153
1,402
Total other financial liabilities
1,269
1,457
Total financial liabilities
2,914
3,439
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
135
134
Subordinated loan, 2018
(nominal value SEKm 1,000)
perpetual
3 month
Stibor
+ 2.75%
-
90
Total subordinated debt securities
135
224
Other financial liabilities
Derivative financial instruments
58
7
Total financial liabilities
193
231
The loan of 2018 was issued with floating interest rate terms. The loan included terms
stating the right of redemption after five years and at any interest payment date
thereafter. The loan was redeemed in March 2023.
The loan of 2021 was issued with floating 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).
Topdanmark
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
54
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
94
94
Total subordinated debt securities
148
148
Other financial liabilities
Derivative financial instruments
36
32
Amounts owed to credit institutions
9
23
Total financial liabilities
193
203
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (128) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2023
12/2022
Other financial liabilities
Amounts owed to credit institutions
184
73
Total financial liabilities
186
73
Hastings has a revolving credit facility with a financial institution totalling EUR 98
million, of which EUR 56 million was undrawn at the end of the reporting period. The
revolving credit facility matures on 23 November 2024, after which the contract has an
extension option of one more year. Hastings has an undrawn credit facility also with
Sampo plc totalling EUR 86 million with a maturity date of 29 October 2026.
Mandatum
Table presents Mandatum segment\u2019s financial liabilities for the comparative period
2022.
EURm
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2019
(nominal value EURm 250)
30 years
12 month
Euribor +
4.5 %
250
Subordinated loan, 2002
(nominal value EURm 100)
perpetual
\u2014
100
Total subordinated debt securities
350
Other financial liabilities
Derivative financial instruments
3
Total financial liabilities
352
Mandatum Life issued in 2002 EUR 100 million Capital Notes, which were wholly
subscribed by Sampo plc.\u00a0 At the time of the partial demerger, with the consent of the
Financial Supervisory Authority, Mandatum redeemed the loan.\u00a0
Holding
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
993
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
496
496
Total subordinated debt securities
1,490
1,489
Other financial liabilities
Derivative financial instruments
20
14
Debt securities in issue
Maturity
Interest
Bond 2016, (nominal value EURm 750)
7 years
1.00 %
\u2014
318
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
161
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
311
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
400
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
89
95
Other
2
21
Total bonds
959
1,306
Total financial liabilities
2,469
2,808
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and 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 15. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2023
12/2022
Eliminations between segments
-127
-228
Group financial liabilities total
2,914
3,439
Change in liabilities from financing activities
EURm
1
January
2023
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2023
Subordinated debt
1,983
\u2014
-87
-3
-248
1,645
Bonds
1,306
\u2014
-340
-7
\u2014
959
Other loans
96
143
-46
2
\u2014
194
Total
3,384
143
-473
-8
-248
2,798
EURm
1
January
2022
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2022
Subordinated debt
2,016
54
-69
-19
2
1,983
Bonds
2,200
\u2014
-859
-10
-25
1,306
Other loans
43
69
-13
-3
\u2014
96
Total
4,259
122
-942
-32
-24
3,384
Item Other for the reporting period 2023 is mainly related to the separation of
Mandatum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-585": { "value": "
24 Financial liabilities
EURm
12/2023
12/2022
Subordinated debt liabilities
Subordinated loans
1,645
1,983
Total subordinated debt liabilities
1,645
1,983
Other financial liabilities
Derivative financial instruments
116
55
Financial liabilities measured at amortised cost
Debt securities in issue
959
1,306
Amounts owed to credit institutions
194
96
Total financial liabilities measured at amortised cost
1,153
1,402
Total other financial liabilities
1,269
1,457
Total financial liabilities
2,914
3,439
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
135
134
Subordinated loan, 2018
(nominal value SEKm 1,000)
perpetual
3 month
Stibor
+ 2.75%
-
90
Total subordinated debt securities
135
224
Other financial liabilities
Derivative financial instruments
58
7
Total financial liabilities
193
231
The loan of 2018 was issued with floating interest rate terms. The loan included terms
stating the right of redemption after five years and at any interest payment date
thereafter. The loan was redeemed in March 2023.
The loan of 2021 was issued with floating 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).
Topdanmark
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
54
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
94
94
Total subordinated debt securities
148
148
Other financial liabilities
Derivative financial instruments
36
32
Amounts owed to credit institutions
9
23
Total financial liabilities
193
203
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (128) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2023
12/2022
Other financial liabilities
Amounts owed to credit institutions
184
73
Total financial liabilities
186
73
Hastings has a revolving credit facility with a financial institution totalling EUR 98
million, of which EUR 56 million was undrawn at the end of the reporting period. The
revolving credit facility matures on 23 November 2024, after which the contract has an
extension option of one more year. Hastings has an undrawn credit facility also with
Sampo plc totalling EUR 86 million with a maturity date of 29 October 2026.
Mandatum
Table presents Mandatum segment\u2019s financial liabilities for the comparative period
2022.
EURm
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2019
(nominal value EURm 250)
30 years
12 month
Euribor +
4.5 %
250
Subordinated loan, 2002
(nominal value EURm 100)
perpetual
\u2014
100
Total subordinated debt securities
350
Other financial liabilities
Derivative financial instruments
3
Total financial liabilities
352
Mandatum Life issued in 2002 EUR 100 million Capital Notes, which were wholly
subscribed by Sampo plc.\u00a0 At the time of the partial demerger, with the consent of the
Financial Supervisory Authority, Mandatum redeemed the loan.\u00a0
Holding
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
993
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
496
496
Total subordinated debt securities
1,490
1,489
Other financial liabilities
Derivative financial instruments
20
14
Debt securities in issue
Maturity
Interest
Bond 2016, (nominal value EURm 750)
7 years
1.00 %
\u2014
318
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
161
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
311
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
400
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
89
95
Other
2
21
Total bonds
959
1,306
Total financial liabilities
2,469
2,808
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and 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 15. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2023
12/2022
Eliminations between segments
-127
-228
Group financial liabilities total
2,914
3,439
Change in liabilities from financing activities
EURm
1
January
2023
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2023
Subordinated debt
1,983
\u2014
-87
-3
-248
1,645
Bonds
1,306
\u2014
-340
-7
\u2014
959
Other loans
96
143
-46
2
\u2014
194
Total
3,384
143
-473
-8
-248
2,798
EURm
1
January
2022
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2022
Subordinated debt
2,016
54
-69
-19
2
1,983
Bonds
2,200
\u2014
-859
-10
-25
1,306
Other loans
43
69
-13
-3
\u2014
96
Total
4,259
122
-942
-32
-24
3,384
Item Other for the reporting period 2023 is mainly related to the separation of
Mandatum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-584": { "value": "
24 Financial liabilities
EURm
12/2023
12/2022
Subordinated debt liabilities
Subordinated loans
1,645
1,983
Total subordinated debt liabilities
1,645
1,983
Other financial liabilities
Derivative financial instruments
116
55
Financial liabilities measured at amortised cost
Debt securities in issue
959
1,306
Amounts owed to credit institutions
194
96
Total financial liabilities measured at amortised cost
1,153
1,402
Total other financial liabilities
1,269
1,457
Total financial liabilities
2,914
3,439
The comparative period includes Mandatum Group\u2019s figures. For further information, please see
note 32.
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
135
134
Subordinated loan, 2018
(nominal value SEKm 1,000)
perpetual
3 month
Stibor
+ 2.75%
-
90
Total subordinated debt securities
135
224
Other financial liabilities
Derivative financial instruments
58
7
Total financial liabilities
193
231
The loan of 2018 was issued with floating interest rate terms. The loan included terms
stating the right of redemption after five years and at any interest payment date
thereafter. The loan was redeemed in March 2023.
The loan of 2021 was issued with floating 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).
Topdanmark
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
54
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
94
94
Total subordinated debt securities
148
148
Other financial liabilities
Derivative financial instruments
36
32
Amounts owed to credit institutions
9
23
Total financial liabilities
193
203
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (128) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2023
12/2022
Other financial liabilities
Amounts owed to credit institutions
184
73
Total financial liabilities
186
73
Hastings has a revolving credit facility with a financial institution totalling EUR 98
million, of which EUR 56 million was undrawn at the end of the reporting period. The
revolving credit facility matures on 23 November 2024, after which the contract has an
extension option of one more year. Hastings has an undrawn credit facility also with
Sampo plc totalling EUR 86 million with a maturity date of 29 October 2026.
Mandatum
Table presents Mandatum segment\u2019s financial liabilities for the comparative period
2022.
EURm
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2019
(nominal value EURm 250)
30 years
12 month
Euribor +
4.5 %
250
Subordinated loan, 2002
(nominal value EURm 100)
perpetual
\u2014
100
Total subordinated debt securities
350
Other financial liabilities
Derivative financial instruments
3
Total financial liabilities
352
Mandatum Life issued in 2002 EUR 100 million Capital Notes, which were wholly
subscribed by Sampo plc.\u00a0 At the time of the partial demerger, with the consent of the
Financial Supervisory Authority, Mandatum redeemed the loan.\u00a0
Holding
EURm
12/2023
12/2022
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
993
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
496
496
Total subordinated debt securities
1,490
1,489
Other financial liabilities
Derivative financial instruments
20
14
Debt securities in issue
Maturity
Interest
Bond 2016, (nominal value EURm 750)
7 years
1.00 %
\u2014
318
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
161
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
311
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
400
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
89
95
Other
2
21
Total bonds
959
1,306
Total financial liabilities
2,469
2,808
The subordinated loan of 2019 has a fixed interest rate for the first ten years, and 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 15. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2023
12/2022
Eliminations between segments
-127
-228
Group financial liabilities total
2,914
3,439
Change in liabilities from financing activities
EURm
1
January
2023
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2023
Subordinated debt
1,983
\u2014
-87
-3
-248
1,645
Bonds
1,306
\u2014
-340
-7
\u2014
959
Other loans
96
143
-46
2
\u2014
194
Total
3,384
143
-473
-8
-248
2,798
EURm
1
January
2022
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2022
Subordinated debt
2,016
54
-69
-19
2
1,983
Bonds
2,200
\u2014
-859
-10
-25
1,306
Other loans
43
69
-13
-3
\u2014
96
Total
4,259
122
-942
-32
-24
3,384
Item Other for the reporting period 2023 is mainly related to the separation of
Mandatum.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-591": { "value": "
25 Other liabilities
EURm
12/2023
12/2022
Liabilities arising out of direct insurance operations
227
252
Liabilities arising out of reinsurance operations
69
10
Settlement liabilities
5
61
Provisions
6
6
Interests
29
9
Tax liabilities
2
20
Lease liabilities
160
197
Employee benefit liability
21
\u2014
Prepayments and accrued income
241
287
Other
581
776
Total other liabilities
1,342
1,617
Item Other includes, e.g. premium taxes EUR 164 million (176), other tax liabilities,
employee withholding taxes, and liabilities related with patient insurance pool.
In the provisions, EUR 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 approximately EUR 4 million (3) for lawsuits and other
uncertain liabilities.
The non-current share of other liabilities is EUR 82 million (95).
Leases
The total effect of leases on the statement of cash flows was EUR -33 million (-15).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 15
million (32).
EURm
1-12/2023
1-12/2022
Items recognised in the p/l from lease liabilities
Interest expenses
-2
-3
Expenses from short-term and low-value lease liabilities
-4
-7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-589": { "value": "
25 Other liabilities
EURm
12/2023
12/2022
Liabilities arising out of direct insurance operations
227
252
Liabilities arising out of reinsurance operations
69
10
Settlement liabilities
5
61
Provisions
6
6
Interests
29
9
Tax liabilities
2
20
Lease liabilities
160
197
Employee benefit liability
21
\u2014
Prepayments and accrued income
241
287
Other
581
776
Total other liabilities
1,342
1,617
Item Other includes, e.g. premium taxes EUR 164 million (176), other tax liabilities,
employee withholding taxes, and liabilities related with patient insurance pool.
In the provisions, EUR 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 approximately EUR 4 million (3) for lawsuits and other
uncertain liabilities.
The non-current share of other liabilities is EUR 82 million (95).
Leases
The total effect of leases on the statement of cash flows was EUR -33 million (-15).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 15
million (32).
EURm
1-12/2023
1-12/2022
Items recognised in the p/l from lease liabilities
Interest expenses
-2
-3
Expenses from short-term and low-value lease liabilities
-4
-7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-588": { "value": "
25 Other liabilities
EURm
12/2023
12/2022
Liabilities arising out of direct insurance operations
227
252
Liabilities arising out of reinsurance operations
69
10
Settlement liabilities
5
61
Provisions
6
6
Interests
29
9
Tax liabilities
2
20
Lease liabilities
160
197
Employee benefit liability
21
\u2014
Prepayments and accrued income
241
287
Other
581
776
Total other liabilities
1,342
1,617
Item Other includes, e.g. premium taxes EUR 164 million (176), other tax liabilities,
employee withholding taxes, and liabilities related with patient insurance pool.
In the provisions, EUR 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 approximately EUR 4 million (3) for lawsuits and other
uncertain liabilities.
The non-current share of other liabilities is EUR 82 million (95).
Leases
The total effect of leases on the statement of cash flows was EUR -33 million (-15).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 15
million (32).
EURm
1-12/2023
1-12/2022
Items recognised in the p/l from lease liabilities
Interest expenses
-2
-3
Expenses from short-term and low-value lease liabilities
-4
-7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-590": { "value": "
25 Other liabilities
EURm
12/2023
12/2022
Liabilities arising out of direct insurance operations
227
252
Liabilities arising out of reinsurance operations
69
10
Settlement liabilities
5
61
Provisions
6
6
Interests
29
9
Tax liabilities
2
20
Lease liabilities
160
197
Employee benefit liability
21
\u2014
Prepayments and accrued income
241
287
Other
581
776
Total other liabilities
1,342
1,617
Item Other includes, e.g. premium taxes EUR 164 million (176), other tax liabilities,
employee withholding taxes, and liabilities related with patient insurance pool.
In the provisions, EUR 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 approximately EUR 4 million (3) for lawsuits and other
uncertain liabilities.
The non-current share of other liabilities is EUR 82 million (95).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-592": { "value": "
27 Equity and reserves
Equity (1,000 shares)
12/2023
12/2022
Equity (1,000 shares)
501,797
514,369
The 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 the financial year 2023, the number of A shares amounted to 501,596,752
and B shares to 200,000 shares.
Treasury shares (1,000 shares)
12/2023
12/2022
Own shares held by Sampo plc (1,000 shares)
\u2014
2,141
Reserves and retained earnings
Legal reserve
The legal reserve comprises the amounts to be transferred from the distributable
equity, according to the Articles of Association or on the basis of the decision of the
AGM.
Invested unrestricted equity
The 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 equity
Other components of equity include derivatives used in cash flow hedges and
exchange differences. In the comparison year, fair value changes of financial assets
available for sale were also included in other components of equity.
Changes in the reserves and retained earnings are presented in the Group\u2019s statement
of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-593": { "value": "
Equity (1,000 shares)
12/2023
12/2022
Equity (1,000 shares)
501,797
514,369
The 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 the financial year 2023, the number of A shares amounted to 501,596,752
and B shares to 200,000 shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-594": { "value": "
Treasury shares (1,000 shares)
12/2023
12/2022
Own shares held by Sampo plc (1,000 shares)
\u2014
2,141
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-595": { "value": "
Reserves and retained earnings
Legal reserve
The legal reserve comprises the amounts to be transferred from the distributable
equity, according to the Articles of Association or on the basis of the decision of the
AGM.
Invested unrestricted equity
The 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 equity
Other components of equity include derivatives used in cash flow hedges and
exchange differences. In the comparison year, fair value changes of financial assets
available for sale were also included in other components of equity.
Changes in the reserves and retained earnings are presented in the Group\u2019s statement
of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-596": { "value": "
28 Incentive schemes
Long-term incentive schemes 2017 I\u20132020 I
The 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 decides on the number
of incentive units allocated to the Group CEO and the Group Executive Committee
members. Some 90 persons in Sampo plc and If were included in the long-term
incentive schemes at the end of 2023.
The amount of the incentive reward is based on the share price development of the
Sampo A share and Sampo Group\u2019s return on capital at risk (RoCaR). In addition, in
accordance with the terms updated in September 2023, the amount of the incentive
paid in 2024 is partly based on the share price development of Mandatum plc. The
value of one calculated incentive unit is the trade-weighted average price of the
Sampo A share (and for rewards paid in 2024 Mandatum share price) 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 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/2
2020:I
2020:I/2
2020:I/3
Terms approved*
14 Sep
2017
5 Aug
2020
5 Aug
2020
5 Aug
2020
Granted\u00a0 (1,000)\u00a0 31 Dec 2020
85
3,877
\u2014
\u2014
Granted\u00a0 (1,000)\u00a0 31 Dec 2021
60
3,815
220
\u2014
Granted\u00a0 (1,000)\u00a0 31 Dec 2022
30
3,805
220
208
Granted\u00a0 (1,000)\u00a0 31 Dec 2023**
\u2014
2,124
170
158
End of performance period I 30%
Q2-2021
Q2-2023
Q2-2024
Q2-2025
End of performance period II\u00a0 35%
Q2-2022
Q2-2024
Q2-2025
Q2-2026
End of performance period III 35%
Q2-2023
Q2-2025
Q2-2026
Q2-2027
Payment I\u00a0 30%
09/2021
09/2023
09/2024
09/2025
Payment II\u00a0 35%
09/2022
09/2024
09/2025
09/2026
Payment III 35%
09/2023
09/2025
09/2026
09/2027
Price of Sampo A at terms approval
date EUR*
44.02
30.30
30.30
30.30
Starting price EUR***
44.10
32.94
43.49
44.74
Dividend-adjusted starting price EUR
at 31 December 2023
\u2014
24.54
36.79
42.14
Sampo A closing price EUR at 31
December 2023
39.61
Mandatum closing price EUR at 31
December 2023
4.07
Total intrinsic value, EURm
31
1
\u2014
Total debt
32
Total cost for the financial period,
EURm (incl. social cost)
10
* Grant dates vary
** Without Mandatum
** 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 Topdanmark
Topdanmark\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.
The only earnings conditions to the option scheme requires employment during the
whole year of the allocation. Options are allocated at the beginning of the year and, in
connection with resignations in 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.
Strike price
Executive board
Senior executives
Resigned
Total
Total number of options (1,000)
At 1 January 2023
38
85
425
470
981
Granted
54
25
101
\u2014
126
Transferred
\u2014
\u2014
-56
56
\u2014
Exercised
30
-12
-73
-131
-216
Forfeited
46
\u2014
\u2014
-16
-16
At 31 December 2023
167
98
397
379
874
At 1 January 2022
36
108
765
249
1,121
Granted
54
38
180
\u2014
218
Transferred
\u2014
-53
-414
467
\u2014
Exercised
28
-8
-105
-239
-352
Forfeited
37
\u2014
\u2014
-7
-7
At 31 December 2022
155
85
425
470
981
Per granting
2019, exercise period January 2022\u20132024
30
6
31
72
108
2020, exercise period January 2023\u20132025
36
17
72
103
192
2021, exercise period January 2024\u20132026
28
23
100
122
245
2022, exercise period January 2025\u20132027
45
27
104
75
206
2023, exercise period January 2026\u20132028
50
25
90
7
122
Executive board
Senior executives
Resigned
Total
Average market price on date of exercise 2023
47
Fair value of granting 2023
\u2014
1
\u2014
1
Fair value at 31 December 2023
1
3
4
8
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 (49). 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.
On 31 December 2023, there were 300,000 options (290,000), which could be
exercised.
Long-term incentive scheme of Hastings
The total charge for the share-based payments recognised in the profit or loss during
2023 was EUR 7 million (2) with a share-based payment liability of EUR 8 million (15)
held at 31 December 2023.
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. The
performance conditions for the LTIP are profit before tax and live customer policies.
Cash awards totalling EUR 13 million (12) were granted in 2023 and EUR 6 million (2) 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 32 million (38) outstanding on 31 December 2023.
Restricted 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 2023, certain key management personnel were granted cash awards
with a value of EUR 0.7 million (0.5) conditional upon continued employment within
the Group. There were cash awards with a value of EUR 0.9 million (0.8) outstanding at
31 December 2023.
Capital appreciation plan
At the year end, 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 2023 was zero (-). 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, ranging 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 4 million, or approximately EUR
4 per matching share.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-597": { "value": "
29 Investments in subsidiaries
Name
Group holding
%
Carrying
amount
If P&C Insurance Holding Ltd
100
1,886\u00a0
If P&C Insurance Ltd
100
1,488\u00a0
If P&C Insurance AS
100
40\u00a0
Vertikal Helseassistanse AS
100
31\u00a0
Viking Assistance Group AS
100
83\u00a0
Topdanmark A/S*
49.6
1,488\u00a0
Topdanmark Forsikring A/S
49.6
559\u00a0
Topdanmark EDB A/S
49.6
40\u00a0
Topdanmark BidCo A/S**
48.4
265\u00a0
Oona Health A/S
48.4
31\u00a0
Forsikringsselskabet Dansk Sundhedssikring A/S
48.4
38\u00a0
Daytona Midco Ltd**
48.4
249\u00a0
Daytona Acquisitions Ltd
48.4
249\u00a0
Hastings Group (Consolidated) Ltd
100
2,611\u00a0
Hastings Group Holdings Limited
100
1,961\u00a0
Hastings Group (Finance) plc
100
1,058\u00a0
Hastings Group Limited
100
348\u00a0
Advantage Global Holdings Limited
100
270\u00a0
Hastings (Holdings) Limited
100
23\u00a0
* The Group\u2019s ownership of votes.
** Topdanmark BidCo A/S and Daytona Midco Ltd are related to the acquisition of Oona Health A/S.
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.
Changes in the subsidiary shares in 2023
Topdanmark A/S acquired 100% of the shares of Oona Health A/S on 1 December
2023.
Sampo plc made an additional investment of approximately EUR 14 million in
Topdanmark A/S in the third quarter of 2023.
Mandatum Group was separated from the Group due to a partial demerger in October
2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-598": { "value": "
30 Material partly-owned subsidiaries\u00a0
Equity interest held by
non-controlling interests
Subsidiary
Country
2023
2022
Topdanmark A/S
Denmark
50.4
50.7
Accumulated balances of material non-
controlling interests
Topdanmark A/S
424\u00a0
560
The summarised financial information
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 statement
EURm
2023
2022
Insurance revenue
690
674
Insurance service expenses
-577\u00a0
-541\u00a0
Reinsurance result
-15\u00a0
-19\u00a0
Insurance service result
98\u00a0
114\u00a0
Net investment result
54\u00a0
-72\u00a0
Net finance income or expense from insurance contracts
-40\u00a0
58\u00a0
Net financial result
14\u00a0
-14\u00a0
Other income
1\u00a0
11\u00a0
Other expenses
-12\u00a0
-4\u00a0
Finance expenses
-6\u00a0
-3\u00a0
Profit before taxes
95\u00a0
104\u00a0
Income taxes
-25\u00a0
-23\u00a0
Share of discontinued operations
-
52\u00a0
Net profit attributable to the non-controlling interests
70
133
Non-controlling interests\u2019 share of the balance sheet
EURm
2023
2022
Assets
Property, plant and equipment
59\u00a0
57\u00a0
Intangible assets
406\u00a0
249\u00a0
Investments in associates
4\u00a0
4\u00a0
Financial assets
1,038\u00a0
1,309\u00a0
Deferred income tax
2\u00a0
3\u00a0
Reinsurance contract assets
40\u00a0
40
Other assets
45\u00a0
33\u00a0
Cash and cash equivalents
12\u00a0
4\u00a0
Total assets
1,608\u00a0
1,700\u00a0
Liabilities
Insurance contract liabilities
935\u00a0
893\u00a0
Subordinated debts
74\u00a0
75\u00a0
Other financial liabilities
23\u00a0
28
Deferred income tax
70\u00a0
61\u00a0
Other liabilities
82\u00a0
84\u00a0
Total liabilities
1,184\u00a0
1,141\u00a0
Total equity attributable to non-controlling interests
424
560
EURm
2023
2022
Dividends paid to non-controlling interests
187
207
Cash flows allocated to non-controlling interests
4\u00a0
-73\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-599": { "value": "
31 Related party disclosures
The 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 29 and
significant associates in note 13.
All intra-group transactions and balances are eliminated upon consolidation. The
related party transactions 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 compensation
EURm
2023
2022
Short-term employee benefits
-8
-10
Post employment benefits
-3\u00a0
-3
Other long-term benefits
-6\u00a0
-6
Total
-17\u00a0
-19
Short-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 28).
Related party transactions of the key management
The key management does not have any loans from the Group companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-600": { "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 compensation
EURm
2023
2022
Short-term employee benefits
-8
-10
Post employment benefits
-3\u00a0
-3
Other long-term benefits
-6\u00a0
-6
Total
-17\u00a0
-19
Short-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 28).
Related party transactions of the key management
The key management does not have any loans from the Group companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-601": { "value": "
32 Discontinued operations
Mandatum Group\u2019s business
Mandatum is a major financial services provider that combines expertise in money and
life and offers customers a wide array of services covering asset and wealth
management, savings and investment, compensation and rewards, pension plans and
personal risk insurance. Mandatum offers services to three customer segments:
corporate customers, retail customers as well as institutional and wealth management
customers.
Mandatum was a wholly-owned direct subsidiary of Sampo plc. In Sampo Group
financial reporting, it constituted a reporting segment in accordance with IFRS 8
Operating Segments. Mandatum Group was presented as a discontinued operation, in
accordance with IFRS 5 Non-current assets held for sale and discontinued operations
until the demerger on 1 October 2023. For more information related to classification of
Mandatum, please see section Accounting principles.
Key accounting principles
Sampo Group applies IFRS 17 Insurance Contracts from 1 January 2023 and the
comparative information for the year 2022 is restated. Sampo Group applied the
temporary exemption regarding the adoption of IFRS 9 Financial Instruments and
implemented IFRS 9 at the same time as IFRS 17 Insurance Contracts i.e. on 1 January
2023. The IFRS 9 comparative figures 2022 are not restated. As the new standards,
IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments, are applied from 1
January 2023 in Sampo Group, Mandatum\u2019s reporting is done in accordance with these
standards as well.
In the following chapters the key accounting principles related to IFRS 17 Insurance
Contracts of Mandatum Group, are presented in short. New accounting principles
related to IFRS 9 Financial Instruments are included in section Accounting principles.
IFRS 17 Insurance Contracts
General measurement model (GMM)
IFRS 17 introduces a general measurement model
(GMM) applicable to all insurance contracts to measure
insurance contract liabilities. In Mandatum, GMM is
applied to with profit policies and risk policies.
Under the general measurement model insurance
contracts are measured based on future cash flows,
adjusted to reflect the time value of money, including a
risk adjustment, and a contractual service margin
(CSM). CSM represents the unearned profit that will be
recognised when insurance contract services are
provided in the future.
On initial recognition, life operations measure a group of
insurance contracts as the total of the fulfilment cash
flows, comprising of estimates of future cash flows,
discounting and risk adjustment for non-financial risk. In
addition, the measurement includes the contractual
service margin, which is measured at initial recognition
on the group of the insurance contracts.
For insurance contracts related to life operations,
estimates of future cash flows are based on cash flow
projections and are estimated until the maturity of the
contract. Only risk policies with no death benefit or
permanent disability cover are short term (yearly)
contracts. Cash flows are estimated for every reporting
period and assumptions are updated yearly or more
often, if needed.
Insurance acquisition cash flows are determined at
inception of the group of insurance contracts. Insurance
acquisition cash flows are considered directly
attributable to a portfolio and are allocated to individual
contracts.\u00a0 Where actual and expected acquisition cash
flows are not equal at the end of the reporting period,
an experience adjustment is recognized in the
statement of profit or loss.
Mandatum has determined the discount rates based on
a top-down approach where a theoretical reference
portfolio of assets is used to define the applicable
discount curve, consisting of risk-free rate and illiquidity
premium. For insurance contracts without a direct
participation feature, a so called locked-in rate is
applied, meaning that the discount rate is determined at
the initial recognition and is applied in the accretion of
CSM.
IFRS 17 introduces an explicit risk adjustment included
in the measurement of insurance liabilities. The risk
adjustment reflects the cost of uncertainty associated
with the amount and timing of cash flows arising from
non-financial risk and the degree of risk aversion. In
Sampo Group the risk adjustment will be derived
through a confidence level technique whereby
management determines the appropriate quantile. The
risk adjustment is calculated at the subsidiary level and
aggregated into the consolidated Sampo Group level
risk adjustment, without any diversification effects
assumed. Under the general measurement model, the
risk adjustment is included in the calculation of both
LRC and LIC. In regards to the risk adjustment, the
following risks are considered in life operations:
mortality, longevity, disability (including permanent
disability), lapse and expense risk.
At the subsequent reporting periods, the amount of
insurance liabilities is a sum of the LRC consisting of the
present value of future cash flows for services that will
be provided during future periods, risk adjustment,
remaining CSM at that date and LIC. LIC includes
reported but not settled claims and incurred but not
reported claims.
Variable fee approach (VFA)
Under IFRS 17, the variable fee approach (VFA) is to be
applied to direct participating insurance contracts. The
variable fee approach represents a modification from
the general measurement model where the treatment of
contractual service margin is modified. The CSM is
adjusted to reflect the variable nature of the fees, which
represent the amount of the entity\u2019s share of the fair
value of underlying items. In Mandatum VFA is applied
to unit-linked insurance contracts measured under IFRS
17.
In addition,\u00a0 a significant part of life insurance liabilities
is under the scope of IFRS 9. Mandatum recognises
these investment contract liabilities (unit-linked
policies) at fair value through profit or loss. The fair
value is based on the financial assets underlying these
policies and recognised at FVPL.
Result of discontinued operations
EURm
1-9/2023
1-12/2022
Insurance revenue
255
328
Insurance service expenses
-213
-292
Reinsurance result
-1
-2
Insurance service result
41
34
Net investment result
658
-829
Net finance income or expense from insurance contracts
-161
920
Net result from investment contracts
-369
577
Net financial result
127
668
Other income
22
80
Other expenses
-12
-59
Finance expenses
-4
-6
Share of associates' profit or loss
-1
0
Profit before taxes
173
718
Income taxes
-33
-139
Discontinued operations, net of tax
140
579
Other comprehensive income from discontinued operations,
net of tax
\u2014
-484
Total comprehensive income from discontinued operations
140
94
The profit from the discontinued operations and total comprehensive income for the
discontinued operations is attributable entirely to the owners of the parent.
The profit from discontinued operations, amounting to 251 million, includes
Mandatum\u2019s result until 30 September 2023 amounting to 140 million, the difference
from the derecognition of the dividend liability amounting to 9 million and the
recognition of loan receivable from Mandatum, amounting to 102 million. Earning per
share from discontinued operations was EUR 0.5.
Effect on the financial position of the Group
EURm
9/2023
Assets
Property, plant and equipment
24
Investment property
132
Intangible assets
172
Investments in associates
3
Financial assets
3,555
Financial assets related to unit-linked contracts\u00a0
10,979
Insurance contract assets
9
Reinsurance contract assets
1
Other assets
188
Cash and cash equivalents
673
Assets
15,736
Liabilities
Insurance contract liabilities
5,290
Investment contract liabilities
7,972
Subordinated debts
250
Other financial liabilities
22
Deferred income tax
133
Other liabilities
244
Liabilities
13,910
Cash flows from discontinued operations
EURm
1-9/2023
1-9/2022
Net cash flows from operating activities
173
-129
Net cash flows from investing activities
20
-8
Net cash flows from financing activities
-280
-166
Total cash flows
-88
-303
Cash flows from financing activities include an internal dividend of EUR 150 million (150) and a
group contribution of EUR 29 million (15) to Sampo plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-602": { "value": "
33 Business operations divested
Topdanmark Forsikring's life and pension business
On 18 March 2022, Sampo's subsidiary Topdanmark Forsikring A/S signed an
agreement to divest of Topdanmark Liv Holding A/S and all its subsidiaries to Nordea
Life Holding AB. Illness and Accident in the Liv Holding Group were included in the
divested operations. The transaction was approved by regulatory authorities\u00a0 and the
transaction was completed on 1 December 2022.
In Sampo Group, Topdanmark Life\u2019s operations had been reported as part of
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.
Results of divested operation
EURm
1-11/2022
Insurance revenue
244
Insurance service expenses
-194
Reinsurance result
2
Insurance service result
52
Net investment result
-1,114
Net finance income or expense from insurance contracts
1,106
Net financial result
-9
Other income
3
Other expenses
-13
Profit before taxes
32
Income taxes
-2
Divested operations, net of tax
31
Sales gain
117
Net profit from the divested operations
148
Due to the disposal, trademark related to Topdanmark Life was derecognised in the
statement of profit in the Group, totalling net EUR -46 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-603": { "value": "
35 Contingent liabilities, commitments and legal proceedings
EURm
12/2023
12/2022
Off-balance sheet items
Guarantees
9
9
Investment commitments
15
2,069
IT acquisitions
1
11
Other
2
2
Total
27
2,091
The comparative period includes Mandatum Group\u2019s figures. The investment commitments in the
above table in 2022 were for the most part Mandatum\u2019s commitments to private equity and credit
funds. For further information, please see note 32.
Assets pledged as collateral for liabilities or contingent liabilities
12/2023
12/2022
EURm
Assets
pledged
Liabilities/
commitments
Assets
pledged
Liabilities/
commitments
Assets pledged as collateral
Investment securities
408
293
362
169
Subsidiary shares
91
27
94
28
Cash and cash equivalents
63
36
19
32
Total
561
356
476
230
Assets pledged as security
for derivative contracts
Investment securities
9
8
Cash and cash equivalents
42
60
Assets pledged as security
for insurance undertakings
Investment securities
399
354
Assets pledged as security
for loans
Shares in subsidiaries
91
94
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Policyholder's beneficiary rights
EURm
2023
2022
Assets covered by policyholders' beneficiary rights
10,034
9,644
Technical provisions, net
-6,171
-6,082
Surplus of registered securities
3,863
3,562
The assets are registered as assets covering technical provisions (Solvency II). In the
event of an insolvency situation, policyholders have a beneficiary right to assets
registered for coverage of technical provisions.
Other financial commitments
Sampo and Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is
subject to approvals from authorities. Sampo has granted a loan amounting to EUR
280 million to Mandatum, which still remains undrawn at the end of reporting period.
The loan is expected to be repaid within a period of 4 years from its issuance.\u00a0
The subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings
within several pools, such as\u00a0 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
byF\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) and Vesta
Forsikring AS, on behalf of Skandia Marine Insurance
Company (U.K.) Ltd. (renamed 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 the 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 liability
Entities 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 proceedings
There are a number of legal proceedings against the
Group companies outstanding on 31 December 2023,
arising in the ordinary course of business. The
companies estimate it unlikely that any significant loss
will arise from these proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-604": { "value": "
35 Contingent liabilities, commitments and legal proceedings
EURm
12/2023
12/2022
Off-balance sheet items
Guarantees
9
9
Investment commitments
15
2,069
IT acquisitions
1
11
Other
2
2
Total
27
2,091
The comparative period includes Mandatum Group\u2019s figures. The investment commitments in the
above table in 2022 were for the most part Mandatum\u2019s commitments to private equity and credit
funds. For further information, please see note 32.
Assets pledged as collateral for liabilities or contingent liabilities
12/2023
12/2022
EURm
Assets
pledged
Liabilities/
commitments
Assets
pledged
Liabilities/
commitments
Assets pledged as collateral
Investment securities
408
293
362
169
Subsidiary shares
91
27
94
28
Cash and cash equivalents
63
36
19
32
Total
561
356
476
230
Assets pledged as security
for derivative contracts
Investment securities
9
8
Cash and cash equivalents
42
60
Assets pledged as security
for insurance undertakings
Investment securities
399
354
Assets pledged as security
for loans
Shares in subsidiaries
91
94
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Policyholder's beneficiary rights
EURm
2023
2022
Assets covered by policyholders' beneficiary rights
10,034
9,644
Technical provisions, net
-6,171
-6,082
Surplus of registered securities
3,863
3,562
The assets are registered as assets covering technical provisions (Solvency II). In the
event of an insolvency situation, policyholders have a beneficiary right to assets
registered for coverage of technical provisions.
Contingent liability
Entities 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-605": { "value": "
Other financial commitments
Sampo and Mandatum have agreed on the sale of shares in Saxo Bank, but the sale is
subject to approvals from authorities. Sampo has granted a loan amounting to EUR
280 million to Mandatum, which still remains undrawn at the end of reporting period.
The loan is expected to be repaid within a period of 4 years from its issuance.\u00a0
The subsidiary If P&C Insurance Ltd provides insurance with mutual undertakings
within several pools, such as\u00a0 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
byF\u00f6rs\u00e4kringsaktiebolaget Skandia (publ.) and Vesta
Forsikring AS, on behalf of Skandia Marine Insurance
Company (U.K.) Ltd. (renamed 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 the 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-606": { "value": "
Contingent liability
Entities 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 proceedings
There are a number of legal proceedings against the
Group companies outstanding on 31 December 2023,
arising in the ordinary course of business. The
companies estimate it unlikely that any significant loss
will arise from these proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-607": { "value": "
36 Subsequent events after the balance sheet date
Change in reference point for
disaggregation of IFRS 17
discounting effects in If
On 18 January 2024, Sampo published a press release
regarding technical changes in the calculation
methodology for discounting effects in If. Following an
analysis of the application of IFRS 17 over 2023, the
reference point used in If P&C for disaggregation of
IFRS 17 discounting effects has been changed from the
beginning of year to the beginning of quarter. The
change in reference point impacts on the split of
discounting effects between the insurance service result
(ISR) and insurance finance income or expenses (IFIE),
but not profit before taxes. This reflects the Group\u2019s
practice of providing financial results for individual
quarters, and a desire to align more closely with
common market practice and the approach taken by
other Group companies. For more information, please
see accounting principles.
Dividend proposal to the AGM
In the meeting of 8 February 2024, the Board of
Directors decided to proposet, at the Annual General
Meeting on 25 April 2024, a divided distribution of EUR
1.80 per share (totalling approx. EUR 903\u00a0million based
on the number the number of outstanding shares at the
balance sheet date).\u00a0 The dividends to be paid will be
accounted for in the equity in 2024 as a deduction of
retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-608": { "value": "
Dividend proposal to the AGM
In the meeting of 8 February 2024, the Board of
Directors decided to proposet, at the Annual General
Meeting on 25 April 2024, a divided distribution of EUR
1.80 per share (totalling approx. EUR 903\u00a0million based
on the number the number of outstanding shares at the
balance sheet date).\u00a0 The dividends to be paid will be
accounted for in the equity in 2024 as a deduction of
retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-609": { "value": "1.80", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-610": { "value": "903000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-611": { "value": "
37 Risk Management disclosure
Sampo Group business and risk
strategy
Sampo\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
foremost exposed to the general performance of the
Nordic economies. However, the Nordic economies
typically are at any given time at different stages of
their economic cycles, because of reasons such as
different economic structures and separate currencies.
Also, geographically the Nordics as a large area is more
a source of underwriting diversification than
concentration. Hence, inherently the Nordic area is 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
investments activities. Despite proactive strategic
decisions on 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 mitigates accumulation
of counterparty default risks and operational risks.
Hence, these risks are mainly managed at company
level.\u00a0
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 contagion risk, and
hence potential problems of one company will not
directly affect the other Group companies.\u00a0
Underwriting and market risk concentrations and their
management are described in the later sections as well
as the parent company\u2019s role as a risk manager of
group-wide risks and as a source of liquidity.
Sampo's risk management strategy is to:
\u2022 Ensure that risks affecting the profit and loss account
and the balance sheet are identified, assessed,
managed, monitored and reported in all business
activities and at the Group level;
\u2022 Ensure cost-efficient customer business that is
soundly priced in terms of risks and adding value to
our clients;
\u2022 Ensure the overall efficiency, security and continuity
of operations;
\u2022 Ensure that risk buffers \u2013 in the form of capital and
foreseeable profitability \u2013 are adequate in relation to
the current risks inherent in business activities and
existing market environment;
\u2022 Limit M&A transactions to bolt-ons in non-life
insurance;
\u2022 Dispose non-strategic or otherwise unnecessary
balance sheet items and distribute the released
capital and reserves to the parent company as
appropriate; and
\u2022 Arrange its activities in ways that safeguard the
Group\u2019s reputation, since in addition to the ability to
provide value-adding services for its clients and
sound capitalisation, the confidence of the clients and
other stakeholders is among the most significant
assets of Sampo Group.
Sampo Group risk management
system
The purpose of risk management is the creation and
protection of value. The risk management system is part
of the larger internal control system, and it integrates
risk management into the governance of the Group and
into its significant activities and functions, including
decision making. The risk management system includes
the risk management principles and the corresponding
policies, in addition to the organisational structures and
processes by which risks are being managed.
The central tasks in the risk management process are as
follows:
\u2022 Identification of risks: The risks involved in business
operations and business environment, are monitored
continuously together with earnings potential. In
particular, when new services are launched or
business environment is changing, earnings potential
and risks including reputational risks shall be
thoroughly analysed.
\u2022 Assessment of capital need: The capital need to cover
measured risks, risk-based capital, is assessed and
analysed regularly by risk types and over risks and
business areas. In addition, management considers
the size of the buffers over risk-based capital to get
actual amount of capital.
\u2022 Pricing of risks: Sound pricing of customer
transactions and careful risk/return consideration of
investments is the prerequisite for achieving the
targeted financial performance and profitability over
time. In general, the starting points of insurance policy
pricing and investment decisions are (i) adequate
expected return on allocated capital and (ii) operating
costs.
\u2022 Managing risk exposures, capital positions and
operational processes: The risks of insurance
liabilities, investment portfolios and operative
processes and capital positions are adjusted to
maintain a sound risk to return ratio and return on
capital.\u00a0
\u2022 Measuring and reporting of risks: Results, risks,
profitability and needed capitalisation are measured,
analysed and reported by Finance and Risk
Management functions, which are independent from
business activities
Classification of risks
In Sampo Group, the risks associated with business
activities fall into the categories shown in the picture
Classification of risks in Sampo Group.
Classification of risks in Sampo Group
\"Classification_of_risks_in_Sampo_Group_141223.jpg\"
Risks inherent in business
operations
In 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.
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
understanding 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 management 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
profitability 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.
Sustainability approach
Sampo Group has a sustainability programme, which
drives Group level sustainability work. The programme
consists of five strategic sustainability themes: Business
management and practices, Corporate culture,
Investment management and operations, Products and
services, and Communities. In addition, the Group is
committed to protecting the environment and
combatting climate change.
Climate-related risks and opportunities at Sampo Group
are identified, assessed, and managed primarily in the
insurance subsidiaries, where the actual business
operations are being carried out.
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 categorised 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,
infrastructure, 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 Sampo Group. The
increasing likelihood of extreme weather conditions and
natural disasters is included in internal risk models.
Climate-related risks are also managed effectively 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.
Sampo Group\u2019s 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 investments 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 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.
Core risk management activities
To create value for all stakeholders in the long run,
Sampo Group 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. They are in use when the following core
activities related to risk pricing, risk taking, and active
management of risk portfolios are conducted. \u00a0
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
agreements, 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
investment 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 on Group level
management actions.
When the above-mentioned core activities are
successfully implemented, a balance between profits,
risks and capitalisation can be achieved and shareholder
value can be created.
Accounting principles
Sampo Group applies IFRS 17 Insurance Contracts and
IFRS 9 Financial Instruments from 1 January 2023.
Comparative information (IFRS 17) for the year 2022
has been restated, and IAS 39 is applied. For more
information on the implementation, please see note on
accounting principles section IFRS 17 and IFRS 9
transition impacts.
Underwriting risks at Sampo Group
With respect to the underwriting businesses carried out in the subsidiary companies, it
has been established that If and Topdanmark operate within the Nordic countries, but
mostly in different geographical areas and in different lines of business and hence their
underwriting risks are different by nature. There are some overlapping areas in
Denmark in If and Topdanmark. 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.\u00a0
Key sensitivities
Effects from instant change on profit or loss in year 2023
EURm
Shock
2023
UW profit
Discount rate\u00a0 +100 bps
45
UW profit
Discount rate\u00a0 -100 bps
-50
Insurance finance income and expense, net
Discount rate\u00a0 +100 bps
315
Insurance finance income and expense, net
Discount rate\u00a0 -100 bps
-360
Net investment income
Interest rates\u00a0 +100 bps
-335
Net investment income
Interest rates\u00a0 -100 bps
355
Net investment income
Spreads +100 bps
-330
Net investment income
Equities\u00a0 -10%
-220
Underwriting risks at If Group
As shown in the graph Breakdown of gross written premiums by business area,
country, and line of business, If, 31 December 2023, 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.
Breakdown of gross written premiums by business area, country, and line of business
If, 31\u00a0December 2023, total EUR 5,468 million (5,432)
\"Breakdown_of_gross_written_premiums_a_If_19-2-24.svg\"
\"Breakdown_of_gross_written_premiums_b_If_15-2-24.svg\"
\"Breakdown_of_gross_written_premiums_c_If_15-2-24.svg\"
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 control
The main factors affecting If\u2019s premium risk are claims
volatility, claims inflation, and pricing methodology.
Given the inherent uncertainty of P&C insurance
operations, there is a risk of losses due to unexpectedly
high claims expenses. Examples of what could lead to
high claims expenses include large fires, natural
catastrophes or an unforeseen increase in the frequency
or the average size of small and medium-sized claims.
The principal methods for mitigating premium risks are
by reinsurance, diversification, prudent underwriting,
and regular follow-ups linked to the strategy and
financial planning process.
An analysis of how changes in the combined ratio,
insurance revenue (net of reinsurance premium
expense) and claims incurred affect the result before
tax is presented in the table Sensitivity analysis,
premium risk, If, 31 December 2023 and 31 December
2022.
Sensitivity analysis, premium risk
If, 31\u00a0December 2023 and 31\u00a0December 2022
Level 2023
Change in current
level
Effect on result before tax (Gross)
Effect on result before tax (Net)
(Gross)
(Net)
2023
2022
2023
2022
Combined ratio, business area Private
83.5%
83.1%
+/- 1 percentage point
+/ 28.7
+/ 29.5
+/ 28.4
+/ 29.3
Combined ratio, business area Commercial
82.1%
81.9%
+/- 1 percentage point
+/ 13.2
+/ 13.4
+/ 13.1
+/ 13.2
Combined ratio, business area Industrial
96.5%
87.3%
+/- 1 percentage point
+/ 9.2
+/ 8.5
+/ 6.3
+/ 5.9
Combined ratio, business area Baltics
85.6%
85.9%
+/- 1 percentage point
+/ 2.3
+/ 1.9
+/ 2.2
+/ 1.9
Insurance revenue (net of reinsurance premium
expenses EURm)
5,330
4,996
+/- 1 per cent
+/ 53.3
+/ 53.3
+/ 49.9
+/ 50.2
Claims incurred (EURm)
3,763
3,377
+/- 1 per cent
+/ 37.6
+/ 36.7
+/ 33.7
+/ 35.5
The Underwriting Committee is an advisory and
preparatory 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 sets general principles,
restrictions, and directions for the underwriting
activities. The Underwriting Policy is supplemented by
guidelines outlining in greater detail how to conduct
underwriting within each business area.
The Reinsurance Policy stipulates guidelines for the
purchase of reinsurance. The optimal choice of
reinsurance program is evaluated by comparing the
expected cost with the benefit of the reinsurance, the
impact on result volatility and capital requirements. The
main tool for this evaluation is If\u2019s internal model in
which small claims, large claims and natural
catastrophes are modelled.
The Reinsurance Policy includes limitations on
permitted reinsurers and their rating for each line of
business. In addition, limits relating to concentration risk
and exposure to reinsurance risk are included. The
reinsurers are continuously assessed and evaluated
through in-house financial and qualitative pre-defined
analyses.
A group-wide reinsurance program is in place in If since
2003. In 2023, retention levels were between SEK 100
million (approximately EUR 9.0 million) and SEK 300
million (approximately EUR 27.0 million) per risk and
SEK 300 million (approximately EUR 27.0 million) per
event.
Reserve risk and its management and control
If's main reserve risks are claims inflation and increased
retirement age.
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
they decrease, or expire, at retirement. An increase in
life expectancy will likewise increase the duration and
present value of annuities.
Valuation of the liability for incurred claims always
includes a degree of uncertainty since it is based on
estimates of the size and the frequency of future claims
payments. The uncertainty in the valuation is normally
greater for new portfolios for which complete run-off
statistics are not yet available, and for portfolios
including claims that take a long time to settle. Workers\u2019
compensation, motor third party liability (MTPL),
personal accident and liability insurance are products
with the latter characteristics.
The value of the net liability for incurred claims is in
addition to risk factors relating to reserve risk also
impacted by changes in discount rates and exchange
rates. These market risks are described in sections for
interest rate risk and currency risk. The reserve risk
differs from interest rate risk since it relates to the size
of future cash flows, while the interest rate risk only
impacts the present value of future cash flows.
The duration of the provisions, and thus the sensitivity
to changes in discount rates, varies with each product
portfolio. The weighted average duration for 2023
across the product portfolios was 6.2 (6.0) years.
A large part of the exposure relates to lines of business
MTPL and workers\u2019 compensation, where a part of the
liability for these lines includes annuities. In 2023 the
proportion of liability for incurred claims related to
MTPL and workers\u2019 compensation was 52 (54) per cent.
In the tables Net liability for incurred claims by line of
business and major geographical area, If, 31 December
2023 and 31 December 2022, the size and duration of
If\u2019s IFRS net liability for incurred claims are presented
by line of business and major geographical area.
Net liabilities for incurred claims by line of business and major geographical area
If, 31\u00a0December 2023
Sweden
Norway
Finland
Denmark
Baltics
Total
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
Motor other and MTPL
868
9.2
226
1.7
669
10.8
103
3.0
107
4.0
1,972
8.2
- whereof MTPL
774
10.2
159
2.3
647
11.1
89
3.1
93
4.5
1,762
9.2
Workers' compensation
0
0.0
116
2.9
805
10.4
300
8.2
0
0.0
1,220
9.1
Liability
249
4.0
120
1.5
117
3.3
74
2.9
20
2.0
580
3.1
Accident
283
6.4
319
6.1
163
7.0
80
1.7
3
0.3
847
5.9
Property
330
1.0
364
0.8
175
0.7
101
0.4
26
0.6
996
0.8
Marine, aviation, transport
17
0.7
16
0.7
9
1.1
26
0.6
3
0.7
70
0.7
Total
1,747
6.3
1,162
2.7
1,938
8.9
681
4.7
158
3.1
5,686
6.2
Net liabilities for incurred claims by line of business and major geographical area
If, 31\u00a0December 2022
Sweden
Norway
Finland
Denmark
Baltics
Total
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
Motor other and MTPL
845
8.2
270
1.7
642
11.4
106
2.9
94
4.2
1,957
7.9
- whereof MTPL
761
9.0
209
2.1
621
11.7
94
3.0
82
4.8
1,767
8.7
Workers' compensation
0
0.0
140
3.0
846
10.5
279
7.7
0
0.0
1,264
9.0
Liability
245
4.0
113
1.4
108
2.7
70
2.7
21
2.2
557
3.0
Accident
291
5.3
310
5.2
146
6.8
82
1.7
2
0.2
831
5.2
Property
261
1.0
356
0.8
161
0.7
98
0.4
26
0.6
902
0.8
Marine, aviation, transport
16
0.7
17
0.7
10
1.1
26
0.3
2
0.8
70
0.6
Total
1,657
5.8
1,206
2.5
1,913
9.2
661
4.3
144
3.2
5,582
6.0
A sensitivity analysis of the reserve risk is presented in
the table below as well as the interest rate risk relating
to insurance contracts. The effects represent the
immediate impact on the liability\u2019s values as a result of
changes in the different risk factors as per December 31
each year. The sensitivity analysis is calculated before
tax. Change in the liability for incurred claims, net will
result in a corresponding change in result before
income taxes. The effect in the income statement is
presented in either the insurance service result or the
net financial result.
Sensitivity analysis, reserve risk
If, 31\u00a0December 2023 and 31 December 2022
Insurance liabilities item
Risk factor
Change in risk parameter
Country
Effect EURm
2023 Gross
Effect EURm
2023 Net
Effect EURm
2022 Gross
Effect EURm
2022 Net
Discounted estimated future cash
flows
Inflation increase
Increase by 1 percentage point
Sweden
124.5
120.1
114.9
112.1
Denmark
33.6
33.0
30.6
29.9
Finland
25.5
25.2
27.6
27.4
Norway
21.5
20.2
20.3
19.9
Annuities and reated INBR
Decrease in mortality
Life expectancy increase
by 1 year
Sweden
15.1
15.1
12.8
12.8
Denmark
1.0
1.0
0.8
0.8
Finland
49.2
49.2
46.4
46.4
Norway
0.2
0.2
0.1
0.1
Discounted liability for incurred
claims
Decrease in discount rate
Decrease by 1 percentage point to
liquid part of yield curve
Sweden
87.0
82.6
79.0
76.4
Denmark
33.5
32.9
29.8
29.2
Finland
171.6
171.3
172.8
172.6
Norway
31.4
30.1
29.0
28.6
The IFRS Insurance liabilities 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 23.
The Boards of Directors decide on the guidelines
governing the calculation of insurance liabilities. The
Chief Actuary is responsible for developing and
presenting guidelines on how the insurance liabilities
are to be calculated and for assessing whether the level
of total liability is sufficient. 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.\u00a0
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 insurance liabilities.
The calculation of liabilities for incurred claims
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 actuarial estimates are based on
historical claims data and exposures that are available
at the closing date. Factors that are considered include
loss development trends, the level of unpaid claims,
changes in legislation, case law and economic
conditions. When estimating the liability, established
actuarial methods are generally used, combined with
projections of the number of claims and average claims
costs.
Underwriting risks in Topdanmark Group
As shown in the graph Breakdown of gross written
premiums by business area, country and line of
business, Topdanmark, 31 December 2023,
Topdanmark\u2019s insurance portfolio is diversified across
Business areas and lines of business.
Breakdown of gross written premiums by business area, country and line of business
Topdanmark, 31\u00a0December 2023, Total EUR 1,339 million (1,308)
\"Breakdown_of_gross_written_premiums_a_Topdanmark_15-2-24.svg\"
\"Breakdown_of_gross_written_premiums_b_Topdanmark_15-2-24.svg\"
\"Breakdown_of_gross_written_premiums_c_Topdanmark_15-2-24.svg\"
Premium and catastrophe risk and their
management and control
The main underwriting risk that influences the
performance is the risk of catastrophe events. However,
the insurance risk of Topdanmark Forsikring is
mitigated by a comprehensive reinsurance program.
The reinsurance program focuses on catastrophe risks
such as storm, cloudburst, fire and other cumulative
risks, where several policyholders are affected by the
same event. The biggest retentions are on storm with
DKK 150 million plus reinstatement for each event, while
the biggest retention on fire is DKK 30 million with a
maximum capacity of DKK 1,245 billion. In workers'
compensation risks are covered up to DKK 1 billion with
a retention of DKK 50 million.
Nearly all insurance risks in Topdanmark Forsikring are
measured by a partial internal model instead of the
Solvency ll standard model. The partial internal model
has been approved by the Danish Supervisory
Authorities for solvency calculations. The efficiency of
the reinsurance programme is assessed by the partial
internal model.
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
customer scoring tools
\u2022 Reinsurance cover that reduces the risk especially for
catastrophe events
\u2022 Ongoing follow-up on the risk overview and
reinsurance coverage in Topdanmark's Risk
Committee.
To 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's price and
risk. Secondly it facilitates the fairness between
individual customers by ensuring that no customers are
paying too large premiums to cover losses from
customers who pay too small premiums.
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 achieve 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 insurance risk scenarios are presented in the table
Sensitivity analysis, premium risk, Topdanmark, 31
December 2023 and 31 December 2022.
Sensitivity analysis, premium risk
Topdanmark, 31\u00a0December 2023 and 31\u00a0December 2022
Key figures
Current level 2023
(Gross)
Current level 2023
(Net)
Change in current
level
Effect on result before tax (Gross)
Effect on result before tax (Net)
2023
2022
2023
2022
Combined ratio, business area
Private
82.6%
81.5%
+/- 1 percentage
point
+/- 7.6
+/- 6.4
+/- 6.4
+/- 6.3
Combined ratio, business area
Commercial
88.5%
85.2%
+/- 1 percentage
point
+/- 7
+/- 6.9
+/- 6.4
+/- 6.2
Insurance revenue (net of
insurance premium expense,
EURm)
1,460
+/- 1 per cent
+/- 13.8
+/- 12.5
Claims incurred (EURm)
953
912
+/- 1 per cent
+/- 9.5
+/- 8.5
+/- 9.1
+/- 8.1
Reserve risk and its management and control
The 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, other property, motor other and health
products registered via Oona A/S. For 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' compensation, Accident,
Motor third party insurance and Commercial liability.
Composition of non-life provisions for outstanding
claims is presented in the following table.
Net liability for incurred claims by line of business
Topdanmark, 31\u00a0December 2023 and 31\u00a0December 2022
2023
2022
EURm
Duration
EURm
Duration
Motor other and MTPL
159
1.8
156
1.1
- whereof MTPL
133
2.3
133
2.3
Workers' compensation
813
7.4
773
7.0
Liability
105
2.0
99
2.3
Accident
179
2.1
173
1.7
Property
209
1.3
167
1.5
Marine, aviation, transport
1
1.0
2
1.2
Travel insurance
4
0.8
4
0.9
Income protection
23
0.9
21
0.9
Other
11
0.8
0
0.0
Total
1,503
4.4
1,395
4.2
Due to the longer period of claims settlement, the risk
profile of the long-tail lines of business are 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
uncertainty 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.
Sensitivity analysis, reserve risk
Topdanmark, 31\u00a0December 2023 and 31 December 2022
Insurance liabilities item
Risk factor
Change in risk parameter
Country
Effect
EURm
2023
Effect
EURm
2023 Net
Effect
EURm
2022
Effect
EURm
2022 Net
Discounted estimated future cash flows
Inflation increase
Increase by 1 percentage point
Denmark
50.7
50.7
46.5
46.5
Annuities and reated INBR
Decrease in mortality
Life expectancy increase by 1 year
Denmark
0.9
0.9
0.9
0.9
Discounted insurance liabilities, net
Decrease in discount rate
Decrease by 1 percentage point
Denmark
62.4
61.7
57.3
56.6
Underwriting risks in Hastings Group
Hastings provides motor, home insurance products, and
is a provider of regulated consumer credit in the current
for of personal loans. To the United Kingdom (UK)
market the motor and home insurance products are
provided through 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 insurance
Net liability for incurred claims by line of business
Hastings, 31\u00a0December 2023 and 31\u00a0December 2022
31 Dec 2023
31 Dec 2022
EURm
Duration
EURm
Duration
Motor
755
2.2
763
2.1
Workers' compensation
0
0
0
0
Liability
0
0
0
0
Accident
0
0
0
0
Property
40
1.8
37
1.2
Marine, aviation, transport
0
0
0
0
Other
Total
794
2.2
800
2.1
Sensitivity analysis, premium risk
Hastings, 31 December 2023 and 31 December 2022
Key figure
Level, 2023
(Gross)
Level, 2023
(Net)
Change
Effect on pre-tax profit (Gross), EURm
Effect on pre-tax profit (Net), EURm
2023
2022
2023
2022
Operating ratio
90%
+/- 1 percentage point
+/- 12.5
+/- 9.9
Insurance revenue (net of reinsurance
premium expense)
1719
1128
+/- 1 per cent
+/- 17.2
+/- 14.1
+/- 11.3
+/- 8.8
Claims incurred
1135
714
+/- 1 per cent
+/- 11.4
+/- 10.1
+/- 7.1
+/- 4.9
Pricing risk
Advantage's risk appetite require 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 customer-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 cost inflation
risk. Robust technical product pricing with strong
governance controls for both Motor and Household
products is the principal way Advantage manages
insurance risk exposures in order to mitigate the risk of
pricing ineffectively.\u00a0
Changes to technical rates are constructed based upon
the analysis of current and future predicted frequency
and severity patterns, new business acquisition and
existing case models to ensure an appropriate risk
spread and balance. Competitor monitoring also feeds
into the development of pricing and product
segmentation.
Weekly governance arrangements approve changes to
rate plan and review account performance. The Rating
Analysis Committee 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.
Reserve risk
Advantage does not take significant reserve risk and
holds an internal risk margin to a 75 per cent confidence
level versus internal best estimate.\u00a0 Since reserving is
subject to expert judgment the Group Chief Actuary
calculates the best estimate, the Hastings Group Senior
Actuary verifies the data, appropriateness of techniques
utilised, and 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 2023
amounted to EUR 1,706 million.
Breakdown of Gross Written Premiums
Hastings, 31\u00a0December 2023, Total EUR 1,706 million (1,313)
\"Breakdown_of_gross_written_premiums_a_Hastings_15-2-24.svg\"
\"Breakdown_of_gross_written_premiums_b_Hastings_15-2-24.svg\"
\"Breakdown_of_gross_written_premiums_c_Hastings_15-2-24.svg\"
Advantage maintained a disciplined approach to pricing
despite continued market competition. Live customer
policies grew year on year in 2023. This disciplined but
agile underwriting and pricing approach led to many
selective rate adjustments during 2023.
Claims cost inflation had a large influence on the risk
profile for 2023.\u00a0 Advantage implemented a number of
standard monthly rate increases over the year to
mitigate the impact of this. Effective pricing, claims
management and frequency experience has resulted in
profits and capital with the solvency ratio within or
above of Advantage\u2019s target range during the year.
Sensitivity analysis, reserve risk
Hastings, 31\u00a0December 2023 and 31 December 2022
Insurance liabilities item
Risk factor
Change in risk parameter
Effect Gross
EURm
2023
Effect Net
EURm
2023
Effect Gross
EURm
2022
Effect Net
EURm
2022
Discounted estimated future cash
flows
Inflation increase
Increase by 1 percentage point
63.0
10.1
56.3
8.9
Periodic Payment Orders (PPOs)
Decrease in mortality
Life expectancy increase by 1 year
3.1
0.1
3.2
0.1
Discounted insurance liabilities, net
Decrease in discount rate
Decrease by 1 percentage point
37.4
10.2
33.4
9.0
Market risks at Sampo Group
For 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, and Hastings differ, and as a
result the structures and risks of the investment
portfolios and the balance sheets of the three
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 2023 was EUR 17,160 million (22,346)
as presented in the following graph.
Development of investments
If, Topdanmark, Hastings, and Sampo plc, 31\u00a0December 2023 and 31\u00a0December 2022
\"Development_of_investments_19-2-24.svg\"
The content of the figures in this graph is different compared to financial asset line presented in the balance sheet.
Sampo plc figures do not include intragroup items.
* For 2023 private equity also includes direct holdings in non-
listed equities.
Investment activities and market risk taking are
arranged pro-actively in such a way that there is no
significant overlap between the wholly owned
subsidiaries\u2019 single name risks except with regards to
Nordic banks where the companies 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 class
Regarding 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 rating
Sampo Group, 31\u00a0December 2023
EURm
AAA
AA+
-
AA-
A+
-
A-
BBB+
-
BBB-
BB+
-
C
D
Non-
rated
Fixed
income
total
Listed
equities
Other
Counter-
party risk
Total
Change
from 31
Dec 2022
Basic industry
0
0
42
198
31
0
35
307
40
0
0
346
-33
Capital goods
0
14
147
143
34
0
140
478
520
0
0
998
105
Consumer products
1
40
232
388
23
0
92
776
191
0
0
967
-45
Energy
0
19
19
0
0
0
63
100
18
0
0
119
-110
Financial institutions
33
1,420
2,339
773
51
0
45
4,661
0
728
67
5,456
-1,304
Governments
427
46
0
0
0
0
0
473
0
0
0
473
-21
Government guaranteed
46
25
0
0
0
0
0
71
0
0
0
71
-17
Health care
0
1
15
125
9
0
46
196
1
0
0
197
-20
Insurance
9
10
51
109
7
0
234
420
0
112
0
532
117
Media
0
0
0
0
0
0
15
15
0
0
0
15
-14
Packaging
0
0
0
0
25
0
0
25
0
0
0
25
1
Public sector, other
504
18
0
0
0
0
0
523
0
0
0
523
-190
Real estate
0
58
140
221
20
0
184
623
0
14
0
637
-122
Services
0
0
41
183
108
0
26
358
0
2
0
360
214
Supranationals
197
0
0
0
0
0
0
197
0
0
0
197
-30
Technology and electronics
0
12
27
51
0
0
65
155
0
1
0
156
4
Telecommunications
0
0
12
213
0
0
24
248
37
0
0
285
37
Transportation
0
49
73
15
0
0
80
217
0
0
0
217
-55
Utilities
0
0
72
207
60
0
65
404
0
0
0
404
-3
Others
0
0
16
17
0
0
31
64
4
22
0
90
74
Asset-backed securities
0
0
0
0
0
0
0
0
0
0
0
0
0
Covered bonds
3,895
0
32
0
0
0
95
4,022
0
0
0
4,022
-292
Funds
0
0
0
11
0
0
40
51
663
516
0
1,230
7
Clearing house
0
0
0
0
0
0
0
0
0
0
2
2
-33
Total
5,113
1,712
3,257
2,652
368
0
1,280
14,382
1,475
1,395
69
17,321
-1,731
Change from 31 Dec 2022
-141
-417
-204
251
-153
3
-208
-870
-1,074
692
-429
-1,681
In 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.
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 2023 and 31 December 2022.
Fixed income investments in the financial sector
Sampo Group, 31\u00a0December 2023
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated debt
Total
%
Sweden
1,776
191
566
169
2,702
32,1 %
Denmark
1,863
79
315
162
2,419
28,7 %
Finland
52
750
275
125
1,202
14,3 %
Norway
338
0
384
319
1,041
12,4 %
France
0
249
133
5
388
4,6 %
United States
0
2
179
0
181
2,2 %
Netherlands
0
0
92
21
113
1,3 %
Iceland
0
0
60
2
62
0,7 %
Switzerland
0
0
52
0
52
0,6 %
Canada
0
0
51
0
51
0,6 %
Ireland
0
0
47
0
47
0,6 %
United Kingdom
0
0
41
0
41
0,5 %
Australia
0
0
36
0
36
0,4 %
Austria
0
0
20
0
20
0,2 %
Germany
0
0
18
0
18
0,2 %
Spain
0
0
15
0
15
0,2 %
Belgium
0
0
15
0
15
0,2 %
New Zealand
0
0
11
0
11
0,1 %
Bermuda
0
0
0
7
7
0,1 %
Total
4,028
1,271
2,310
811
8,420
100,0 %
Fixed income investments in the financial sector
Sampo Group, 31 December 2022
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated 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 %
The public-sector exposure includes government bonds,
government guaranteed bonds and other public-sector
investments as shown in the tables Fixed income
investments in the public sector, Sampo Group 31
December 2023 and 31 December 2022. The public
sector has had a relatively minor role in Sampo Group\u2019s
portfolios and these exposures have been mainly in the
Nordic countries.
Fixed income investments in the public sector
Sampo Group, 31\u00a0December 2023
EURm
Governments
Government
guaranteed
Public sector,
other
Total
Sweden
421
0
131
552
Norway
0
0
391
391
Supranationals
0
6
191
197
United States
46
0
0
46
Germany
0
46
0
46
Finland
0
25
0
25
Denmark
7
0
0
7
Total
473
77
713
1,264
Sampo Group, 31\u00a0December 2022
EURm
Governments
Governments
guaranteed
Public sector,
other
Total
Sweden
404
184
588
Norway
369
369
Finland
19
24
42
Supranationals
135
135
United Kingdom
71
71
Germany
52
52
France
10
10
Total
493
87
687
1,267
The listed equity investments of Sampo Group totalled
EUR 1,474 million at the end of year 2023 (2,884).
The geographical core of Sampo Group\u2019s equity
investments is in the Nordic companies. The proportion
of Nordic companies\u2019 equities corresponds to 50 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, 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 2023 and 31 December
2022.
Breakdown of listed equity investments by geographical regions
Sampo Group, 31\u00a0December 2023 and 31\u00a0December 2022
\"Breakdown_of_listed_equity_investments_by_geographical_regions_a_Sampo_Group_19-2-24.svg\"
\"Breakdown_of_listed_equity_investments_by_geographical_regions_b_Sampo_Group_19-2-24.svg\"
Largest holdings by single name
The largest exposures by individual issuers and
counterparties are presented in the tables Largest
exposures by issuer and asset class, Sampo Group 31
December 2023 and 31 December 2022.
Largest exposures by issuer and asset class
Sampo Group, 31\u00a0December 2023
Issuer
Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income,
total
Long-term
fixed income:
Government
guaranteed
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Senior bonds
Long-term
fixed income:
Tier 1 and Tier
2
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
959
6%
284
672
0
489
125
57
0
2
Svenska Handelsbanken
814
5%
108
705
0
622
44
39
0
0
Swedbank
713
4%
0
713
0
589
99
25
0
0
Nykredit Realkredit A/S
598
3%
0
598
0
598
0
0
0
0
Realcredit Danmark
592
3%
0
592
0
592
0
0
0
0
Sweden
552
3%
0
552
0
0
552
0
0
0
NOBA
471
3%
0
46
0
0
34
12
425
0
Skandinaviska Enskilda Banken
439
3%
252
186
0
22
133
31
0
2
Danske Bank
429
2%
251
176
0
24
133
20
0
1
Norway
391
2%
0
391
0
0
391
0
0
0
Total top 10 exposures
5,958
35%
896
4,631
0
2,936
1,512
183
425
5
Other
11,202
65%
Total investment assets
17,160
100%
Largest exposures by issuer and asset class
Sampo Group, 31\u00a0December 2022
Issuer
Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income,
total
Long-term
fixed income:
Government
guaranteed
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Senior bonds
Long-term
fixed income:
Tier 1 and Tier
2
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
1,416
6%
715
699
0
496
130
73
0
2
Skandinaviska Enskilda Banken
818
4%
639
178
0
65
93
20
0
1
Danske Bank
801
4%
516
286
0
119
137
29
0
0
Nykredit Realkredit A/S
645
3%
0
645
0
645
0
0
0
0
BNP Paribas
601
3%
541
60
0
0
60
0
0
0
Sweden
588
3%
0
588
0
0
588
0
0
0
Realkredit Danmark
514
2%
0
514
0
514
0
0
0
0
Nordax
425
2%
0
0
0
0
0
0
425
0
Norway
369
2%
0
369
0
0
369
0
0
0
Saxo Bank
345
2%
0
31
0
0
13
17
314
0
Total top 10 exposures
6,522
29%
2,411
3,368
0
1,840
1,389
140
739
3
Other
15,824
71%
Total investment assets
22,346
100%
The largest high-yield and non-rated fixed income
investment single-name exposures are presented in the
tables Ten largest direct high yield and non-rated fixed
income investments, Sampo Group, 31 December 2023
and 31 December 2022. Furthermore, the largest direct
listed equity exposures are presented in the tables Ten
largest direct listed equity investments, Sampo Group,
31 December 2023 and 31 December 2022.
Ten largest direct high yield and non-rated fixed income investments and direct listed equity investments
Sampo Group, 31\u00a0December 2023
Ten largest direct high yield and non-rated fixed
income investments
Rating
Total, EURm
% of total
direct fixed
income
investments
Ten largest direct listed equity investments
Total, EURm
% of total
direct equity
investments
Saab
NR
56
0,4 %
NOBA*
425
19,3 %
NOBA
NR
46
0,3 %
Saxo Bank*
302
13,7 %
ALM Equity
NR
38
0,3 %
Volvo
180
8,2 %
Ellevio Holding 1 AB
NR
35
0,2 %
Nexi S.p.A.**
149
6,8 %
Visma Group Holding
NR
35
0,2 %
ABB
86
3,9 %
Altera Infrastructure Holdings LLC
NR
30
0,2 %
Autoliv Inc
64
2,9 %
Swedavia
NR
30
0,2 %
Husqvarna
59
2,7 %
Campus Byen A/S
NR
29
0,2 %
Nederman Holding
56
2,6 %
Resource Group TRG
NR
27
0,2 %
Veidekke
46
2,1 %
Huhtamaki
BB+
25
0,2 %
Volvo Cars
38
1,7 %
Total top 10 exposures
351
2,4 %
Total top 10 exposures
1,405
63,8 %
Other direct fixed income investments
13,980
97,6 %
Other direct equity investments
797
36,2 %
Total direct fixed income investments
14,331
100,0 %
Total direct equity investments
2,202
100,0 %
* Although NOBA and Saxo Bank are not listed companies, they are major equity investments in Sampo plc's portfolio and are therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood
partners.
Ten largest direct high yield and non-rated fixed income investments and direct listed equity investments
Sampo Group, 31\u00a0December 2022
Ten largest direct high yield and non-rated fixed
income investments
Rating
Total, EURm
% of total
direct fixed
income
investments
Ten largest direct listed equity investments
Total, EURm
% of total
direct equity
investments
Ellevio Holding 1 AB
NR
60
0,4 %
Nordax*
425
21,3 %
Teollisuuden Voima
BB+
54
0,3 %
Saxo Bank*
314
15,7 %
Saab
NR
53
0,3 %
Volvo
131
6,6 %
Granite Debtco 9 Limited
NR
49
0,3 %
ABB
114
5,7 %
Granite Debtco 10 Limited
NR
45
0,3 %
Enento Group
62
3,1 %
Huhtamaki
BB+
44
0,3 %
Volvo Car
55
2,8 %
ALM Equity
NR
43
0,3 %
Nederman Holding
54
2,7 %
Pohjolan Voima
NR
41
0,3 %
Husqvarna
52
2,6 %
Visma Group Holding
NR
36
0,2 %
Vaisala
50
2,5 %
Schibsted
NR
35
0,2 %
Yara International
48
2,4 %
Total top 10 exposures
459
2,8 %
Total top 10 exposures
1,306
65,5 %
Other direct fixed income investments
15,790
97,2 %
Other direct equity investments
689
34,5 %
Total direct fixed income investments
16,249
100,0 %
Total direct equity investments
1,995
100,0 %
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.
Balance sheet concentrations
In 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. In Topdanmark and Hastings
interest rate risk of the balance sheet is limited 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 risks at If Group
The total market value of If\u2019s investment portfolio at 31
December 2023 was EUR 11,156 million (10,719). A large
part of the fixed income portfolio was concentrated to
corporate bonds issued by financial institutions and
bank account balances amounted to 29.6 per cent of
the fixed income portfolio. When including covered
bonds, the concentration to financial institutions was
52.0 per cent. The remainder of the fixed income
portfolio consists of exposure to other sectors with real
estate representing the second largest concentration of
6.3 per cent.
The composition of the If investment portfolios by asset
class at year end 2023 and at year end 2022 as well as
average maturities of fixed income investments, are
shown in the table Investment allocation, If, 31
December 2023 and 31 December 2022.
Investment allocation
If, 31\u00a0December 2023 and 31\u00a0December 2022
2023
2022
Asset class
Market value,
EURm
Weight, %
Average maturity,
years
Market value,
EURm
Weight, %
Average maturity,
years
Fixed income total
9,905
89%
3.1
9,541
89%
2.9
Money market securities and cash
240
2%
0.0
272
3%
0.0
Government bonds
1,065
10%
3.7
1,030
10%
3.5
Credit bonds, funds and loans
8,600
77%
3.2
8,239
77%
2.9
Covered bonds
2,181
20%
2.8
2,505
23%
3.0
Investment grade bonds and loans
4,327
39%
3.5
3,649
34%
2.8
High-yield bonds and loans
1,137
10%
2.8
1,088
10%
2.7
Subordinated / Tier 2
490
4%
3.0
555
5%
2.9
Subordinated / Tier 1
466
4%
2.9
442
4%
3.0
Hedging swaps
0
0%
-
0
0%
-
Listed equity total
1,244
11%
-
1,169
11%
-
Finland
0
0%
-
0
0%
-
Scandinavia
718
6%
-
630
6%
-
Global
526
5%
-
539
5%
-
Alternative investments total
5
0%
-
5
0%
-
Real estate
0
0%
-
1
0%
-
Private equity
4
0%
-
4
0%
-
Biometric
0
0%
-
0
0%
-
Commodities
0
0%
-
0
0%
-
Other alternative
0
0%
-
0
0%
-
Trading derivatives
2
0%
-
4
0%
-
Asset classes total
11,156
100%
-
10,719
100%
-
FX Exposure, gross position
134
-
-
73
-
-
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. If also 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. 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.
Market risks of balance sheet
Asset and liability management risk
If's exposure to ALM risk arises mainly from changes in
interest rates, inflation, and currency movements. The
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 insurance
liabilities may be matched by investing in appropriate
fixed income instruments and by using currency and
interest rate derivatives.
Interest rate risk
If's exposure to interest rate risk from insurance
contracts issued and reinsurance contracts held arises
from the net liability for incurred claims, where future
claims payments are discounted to a present value and
therefore impacted by changes in discount rates. The
duration sensitivity to changes in interest rates in the
net liability for incurred claims is analysed in the
Reserve risk section. For more information see the
tables Sensitivity analysis, reserve risk, If, 2023 and
2022 in the section Underwriting risks.
If\u2019s exposure to interest rate risk from financial
instruments arises primarily from fixed income
investments.
If is negatively affected when interest rates are
decreasing, as the duration of insurance liabilities is
longer than the duration of investment assets. During
2023 interest rates maintained their higher level
compared to recent history and If invested in
instruments with somewhat longer maturities. Interest
rate sensitivity in terms of the average duration of fixed
income investments was 2.4 years on 31 December
2023 (1.9). The respective duration of insurance
liabilities was 6.2 years (6.0). However, the fixed income
portfolio is significantly larger than the amount of
insurance liabilities which mitigates the duration
mismatch respectively.
Interest rate risk relating to insurance liabilities is, in
accordance with the Investment Policy, considered in
the composition of investment assets. The overall
interest rate risk is managed by sensitivity limits for
instruments sensitive to interest rate changes.
Currency risk
If writes insurance policies that are mostly denominated
in the Scandinavian currencies and in euro. Currency
risk is reduced by matching insurance liabilities with
investment assets in 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 monitored 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. The transaction risk positions against the
Swedish krona are shown in the tables Transaction risk
position, If, 31 December 2023 and 31 December 2022.
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 functional currency
Transaction risk position
If, 31\u00a0December 2023
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,255
-180
0
-49
37
-2,233
-1,114
-29
-6,823
Investments
3,091
319
0
24
113
1,869
187
0
5,604
Derivatives
117
-123
5
22
-168
350
916
22
1,141
Transaction risk, net position
-47
15
5
-4
-18
-13
-11
-7
-79
Sensitivity: SEK -10%
-5
2
0
0
-2
-1
-1
-1
-8
Transaction risk position
If, 31\u00a0December 2022
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,739
-185
0
-33
-11
-2,318
-1,029
-28
-7,342
Investments
2,304
297
1
11
108
2,071
263
5
5,058
Derivatives
1,370
-113
13
16
-78
229
760
15
2,211
Transaction risk, net position
-66
-1
13
-7
19
-18
-6
-8
-73
Sensitivity: SEK -10%
-7
0
1
-1
2
-2
-1
-1
-7
The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a functional currency other than SEK.
In addition to transaction risk, If is also exposed to
translation risk which at a Group level stems from
foreign operations with other functional currencies than
SEK.
Liquidity risk
If\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. The Cash Management
unit is responsible for liquidity planning. To identify
liquidity risk, expected cash flows from investment
assets and insurance liabilities are analysed regularly,
taking both normal market conditions and stressed
conditions into consideration. Liquidity risk is reduced
by investing in assets that are traded in liquid markets.
The maturities of cash flows from financial instruments,
insurance liabilities and reinsurance contracts are
presented in the tables Cash flows according to
contractual maturity, If, 31 December 2023 and 31
December 2022. The average maturity of fixed income
investments was 3.2 years (2.9). In the table, financial
assets and liabilities are divided into contracts with a
contractual maturity profile, and other contracts. Only
the carrying amount is shown for the other contracts.
The table also shows expected future cash flows for
insurance liabilities and reinsurance assets, which by
nature are inherently associated with a degree of
uncertainty.
Cash flows according to contractual maturity
If, 31\u00a0December 2023
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2024
2025
2026
2027
2028
2029-
2038
2039-
Financial assets
11,296
1,485
9,812
1,605
1,835
2,142
2,561
1,400
1,487
0
Financial assets
(non-derivatives)
11,275
1,485
9,791
1,585
1,835
2,142
2,561
1,400
1,487
0
Interest rate swaps
2
0
2
2
FX derivatives
19
0
19
19
Asset for incurred claims
527
0
527
328
108
44
19
11
18
1
Financial liabilities
-550
0
-550
-402
-31
-137
0
0
0
0
Financial liabilities
(non-derivatives)
-492
-492
-344
-31
-137
0
0
0
0
Interest rate swaps
FX derivatives
-58
0
-58
-58
0
0
0
0
0
0
Lease liabilities
-148
0
-148
-27
-26
-23
-20
-14
-47
0
Liability for incurred claims and
other insurance related payables
-6,443
0
-6,443
-2,483
-794
-471
-339
-262
-1,301
-795
Cash flows according to contractual maturity
If, 31\u00a0December 2022
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2023
2024
2025
2026
2027
2028-
2037
2038-
Financial assets
10,943
1,464
9,479
1,647
2,178
1,811
2,023
2,266
862
0
Financial assets
(non-derivatives)
10,888
1,464
9,424
1,596
2,177
1,811
2,023
2,266
862
0
Interest rate swaps
4
0
4
3
1
0
0
0
0
0
FX derivatives
50
0
50
48
0
0
0
0
0
0
Asset for incurred claims
236
0
236
127
48
24
13
8
15
1
Financial liabilities
-628
-48
-580
-436
-8
-35
-138
0
0
0
Financial liabilities
(non-derivatives)
-621
-48
-573
-429
-8
-35
-138
0
0
0
Interest rate swaps
FX derivatives
-7
0
-7
-6
0
0
0
0
0
0
Lease liabilities
-160
0
-160
-26
-23
-23
-22
-18
-59
0
Liability for incurred claims and
other insurance related payables
-6,014
0
-6,014
-2,215
-734
-469
-334
-271
-1,248
-743
In the table, financial assets and liabilities are divided
into contracts that have an exact contractual maturity
profile, and other contracts. Only the carrying amount is
shown for the other contracts. In addition, the table
shows expected cash flows for net technical provisions,
which by their nature, are associated with a certain
degree of uncertainty. Cashflows 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..
Market risks at Topdanmark Group
In general, long-term value creation shall be based
mainly on the acceptance of insurance risks. To
supplement the profit from insurance activities,\u00a0
Topdanmark accepts a certain level of market risks,
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 fixed income assets
to improve the average investment return.
Market risks are kept on an appropriate level in order to
limit negative profit and loss effects to very
unfavourable financial market scenarios. The investment
portfolio shall be managed to ensure that market risks
will not endanger the insurance operations even in
unfavourable market conditions.\u00a0
To achieve company level targets, the investment policy
sets the company's 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
investments and sub-portfolios (risk appetite). The
investment 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
composition 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, which are considered 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 for 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 arrangement 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
CLO-portfolio has been sold. The credit exposure is
managed through a High Yield ETF (EUR).
The purpose of these changes is to keep the risk profile
unchanged and use index trackers to have the right
exposures that comply with the set risk limits, ESG
policy etc.
Investment allocation
Topdanmark, 31\u00a0December 2023 and 31\u00a0December 2022
Topdanmark
31 Dec 2023
31 Dec 2022
Asset class
Market
value,
EURm
Weight, %
Market
value,
EURm
Weight,%
Fixed income total
1,898
94%
2,422
94%
Money market securities and cash
1
0%
544
21%
Government and mortgage bonds
1,766
88%
1,722
67%
Credit bonds
43
2%
39
2%
Index-linked bonds
88
4%
91
4%
CLOs
0
0%
26
1%
Listed equity total
81
4%
111
4%
Denmark
15
1%
25
1%
Scandinavia
2
0%
2
0%
Global
64
3%
85
3%
Alternative investments total
34
2%
35
1%
Real estate
0
0%
0
0%
Unlisted equities and hedge funds
34
2%
35
1%
Trading derivatives
1
0%
1
0%
Asset classes total
2,014
100%
2,569
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
The equity portfolios, excluding associated companies,
are well-diversified and without large concentrations.
Investment assets are mostly comprised of government
and Danish mortgage bonds. These assets are interest
rate sensitive and to a significant extent equivalent to
the total interest rate sensitivity of the non-life
insurance liabilities. Consequently, the return on
government and mortgage bonds should be assessed in
connection with return and revaluation of non-life
insurance liabilities.
The small allocation to credit bonds is primarily exposed
to European issuers.
Index-linked bonds comprise primarily Danish mortgage
bonds for which the coupon and principal are index-
linked.
Market risks of balance sheet
Interest rate risk
Interest 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 is based on the market yield curve.
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 risk
The Danish part of the equity portfolio is 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 both in terms of
geographical and company-specific risks.
Real estate risk
Real 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 risk
Most of Topdanmark's interest-bearing assets comprise
of AAA rated Danish mortgage bonds. The risk of credit
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 by
issuer, issuer type and capital centres, and therefore, the
exposure to concentration 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 risk
In 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 the 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 risk
Future inflation is implicitly included in the models
Topdanmark uses to calculate its insurance liabilities.
The insurance liabilities are calculated based on the
expected future indexation of wages and salaries.
An expected higher future inflation rate would generally
be included in the insurance liabilities 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'
compensation, Topdanmark uses index-linked bonds
and inflation derivatives to hedge a proportion of the
expected cash flows sensitive to future inflation. The
inflation sensitivity of capitalisation factors is not
hedged.
Liquidity risk
Topdanmark Group has a strong liquidity position.
Firstly, as premiums are paid in the beginning of the
coverage period, liquidity risk related to customers\u2019
payments is very limited. Secondly, the nature of a
diversified insurance business means that it is highly
unlikely that a liquidity shock could occur. Insurance
liabilities are quite stable and on the investment side
money market investments are complemented by a
large portfolio of liquid listed Danish government and
mortgage bonds.
The maturities of cash flows from financial instruments,
insurance liabilities and reinsurance contracts are
presented in the table Cash flows according to
contractual maturity, Topdanmark, 31 December 2023. .
Cash flows according to contractual maturity
Topdanmark, 31\u00a0December 2023
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2024
2025
2026
2027
2028
2029-
2038
2039-
Financial assets
1,861
1,861
420
424
321
170
166
505
113
Financial assets
(non-derivatives)
1,859
1,859
420
424
321
170
166
504
113
Interest rate swaps
1
1
0
0
0
0
0
1
0
FX forwards
0
0
0
Asset for incurred claims
79
79
58
9
4
3
2
4
Financial liabilities
299
128
172
10
9
102
59
1
21
1
Financial liabilities
(non-derivatives)
275
128
148
9
7
101
57
Interest rate swaps
24
24
1
2
1
1
1
21
1
FX derivatives
0
0
0
Lease liabilities
Liability for incurred claims and
other insurance related payables
1,582
1,582
603
249
183
118
87
303
184
Market risks at Hastings Group
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 volatility of market prices affecting
values of assets and liabilities and for assets not
matching the profile of liabilities. As a result,
the\u00a0investment strategy includes only a very limited
amount of equity exposure.
The total market value of Hastings' investment portfolio
at 31 December 2023 was EUR 1,680 million (1,320). The
investment portfolio was dominated by investment
grade fixed income investments, which comprised 69
per cent of total investment assets. The rest was
invested in money market securities and cash
amounting to 27 per cent, and high yield and alternative
investments with a combined allocation of 4 per cent.
The composition of the Hastings investment portfolios
by asset class at year end 2023 and at year end 2022 as
well as average maturities of fixed income investments,
are shown in the table Investment allocation, Hastings,
31 December 2023 and 31 December 2022.
Investment allocation
Hastings, 31\u00a0December 2023 and 31\u00a0December 2022
2023
2022
Asset class
Market value,
EURm
Weight, %
Average
maturity, years
Market value,
EURm
Weight, %
Average
maturity, years
Fixed income total
1,646
98%
2.2
1,287
98%
3.3
Money market securities and cash
448
27%
0.0
246
19%
0.0
Government bonds
0
0%
3.9
71
5%
0.1
Credit bonds, funds, and loans
1,198
71%
3.0
970
74%
4.3
Covered bonds
0
0%
0.0
0
0%
0.0
Investment grade bonds and loans
1,164
69%
5.0
954
72%
4.4
High-yield bonds and loans
27
2%
4.9
16
1%
4.0
Subordinated / Tier 2
7
0%
\u2014
0
0%
\u2014
Subordinated / Tier 1
0
0%
\u2014
0
0%
\u2014
Hedging swaps
0
0%
\u2014
0
0%
\u2014
Listed equity total
0
0%
\u2014
0
0%
\u2014
UK
0
0%
\u2014
0
0%
\u2014
Global
0
0%
\u2014
0
0%
\u2014
Alternative investments total
34
2%
\u2014
32
2%
\u2014
Real estate
0
0%
\u2014
0
0%
\u2014
Private equity
0
0%
\u2014
0
0%
\u2014
Biometric
0
0%
\u2014
0
0%
\u2014
Commodities
0
0%
\u2014
0
0%
\u2014
Other alternative
34
2%
\u2014
32
2%
\u2014
Trading derivatives
0
0%
\u2014
0
0%
\u2014
Asset classes total
1,680
100%
\u2014
1,320
100%
\u2014
FX Exposure, gross position
0
\u2014%
0
\u2014%
\u2014
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 the 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 internally 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 risk
Hastings manages balance sheet interest rate risk
principally 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
meetings and includes adherence to tight duration
mismatch tolerances which form part of the relevant
risk appetite statement.
Liquidity risks
Hastings maintains a short duration and highly liquid
portfolio, in line with its low risk appetite. Liquidity Risk
is largely managed at Advantage. 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.
Advantage\u2019s investment managers actively manage
liquidity risk in the portfolio to ensure that bonds can be
sold efficiently to meet cash needs.\u00a0 Informed by market
data, they look to purchase bonds with less than 5 years
since issue date, larger issue sizes and which trade
regularly.\u00a0 Liquidity scoring is conducted by
Advantage\u2019s investment managers, based on time since
issue, issue size, traded volumes and observed bid-ask
spreads.\u00a0
Cash flows according to contractual maturity
Hastings, 31\u00a0December 2023
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2024
2025
2026
2027
2028
2029-
2038
2039-
Financial assets
1,869
704
1,165
143
341
349
179
154
0
0
Financial assets
(non-derivatives)
1,869
704
1,165
143
341
349
179
154
0
0
Interest rate swaps
0
0
0
0
0
0
0
0
0
0
FX forwards
0
0
0
0
0
0
0
0
0
0
Asset for incurred claims
1,333
1,333
0
349
236
183
61
96
169
240
Financial liabilities
187
0
187
73
71
43
0
0
0
0
Financial liabilities
(non-derivatives)
185
0
185
71
71
43
0
0
0
0
Interest rate swaps
2
0
2
2
0
0
0
0
0
0
FX derivatives
0
0
0
0
0
0
0
0
0
0
Lease liabilities
10
0
10
6
3
1
0
0
0
0
Liability for incurred claims and
other insurance related payables
2,125
2,125
0
670
404
302
127
137
211
275
Counterparty risks at If Group
In If, the major sources of counterparty risk stem from
reinsurance recoverables, 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 distribution of reinsurance recoverables and pooled
solutions is presented in the table below. In the table,
EUR 206 (151) million is excluded, which mainly relates
to captives and statutory pool solutions.
Reinsurance recoverables and pooled solutions
If, 31\u00a0December 2023 and 31\u00a0December 2022
31 Dec 2023
31 Dec 2022
Rating
Total EURm
% of total
Total EURm
% of total
AAA
0
0%
0
0%
AA+ - A-
450
100%
134
100%
BBB+ - BBB-
0
0%
0
0%
BB+ - C
0
0%
0
0%
D
0
0%
0
0%
Non-rated
0
0%
0
0%
Total
450
100%
135
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 financial strength rating and the
maximum exposure limits to individual reinsurers. In
addition, internal credit risk analysis plays a central role
when counterparties are approved.
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 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.
Reinsurance assets for incurred claims for the ten
largest reinsurer counterparties amounted to EUR 272
(144) million, representing 52 (61) per cent of the total
reinsurance assets for incurred claims. Out of the ten
largest reinsurer counterparties, 59 (32) per cent of the
reinsurers had an A rating or higher, while the rest were
from non-rated captives.
The total ceded written premium related to treaty and
facultative reinsurance agreements amounted to EUR
89 (82) million.
Counterparty risk related to financial derivatives
In 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
diversification 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.
Counterparty risks at Topdanmark Group
Topdanmark 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's counterparty risk is assessed by
the SCR standard formula
Reinsurance
Within insurance activities the reinsurance companies'
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
reinsurance 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's 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.
Investments
Topdanmark may suffer losses due to their
counterparties\u2019 inability to meet their obligations on
bonds, loans, and other contracts including derivatives.
The majority of Topdanmark\u2019s interest bearing assets
comprise of Danish mortgage bonds.
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's credit rating and the terms of the
contract.
Counterparty risks at Hastings Group
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 risk
A key component of risk mitigation is reinsurance.
Advantage manages the tender of the reinsurance
programme, which consists of both non-capitalised
Excess of Loss (\u201cXoL\u201d) and Quota Share (\u201cQS\u201d)
protection.\u00a0 Under the 2023 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 16.0 million (approximately
EUR 18.4 million)\u00a0 per event loss. In 2023, the
Advantage Board reduced the motor QS participation
from 35 per cent to 30 per cent, driven principally by a
change in risk appetite. Advantage\u2019s reinsurance
strategy will continue to be reviewed in line with risk
appetite.\u00a0
Reinsurance recoverables
Hastings, 31\u00a0December 2023 and 31\u00a0December 2022
2023
2022
Rating
Total, EURm
% of total
Total, EURm
% of total
AAA
0
0%
0
0%
AA
1,031
63%
962
65%
A
608
37%
512
35%
BBB
2
0%
3
0%
Less than BBB
0
0%
0
0%
Unrated
0
0%
0
0%
Total
1,640
100%
1,477
100%
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. These
tolerances are monitored and mitigated on a continual
basis, with line of sight to the Board quarterly, or ad-hoc
as needed.
To better protect itself 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 rating downgrade or reorganisation of
reinsurance groups to which Advantage is exposed
Capitalisation
Sampo\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
management 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.
Sampo Group\u2019s capitalisation framework
\"Sampo_Groups_capitalisation_framework_141223.jpg\"
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's 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 equals 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 valuation differences between IFRS and Solvency II
\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 currencies 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 monitored internally and its
effect on Sampo Group\u2019s solvency on a going concern
basis is analysed regularly. However, internally no
capital need is set 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, volatility of the balance
sheet due to fluctuations in the market value of
investments and insurance liabilities, and 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 correlation of sub-groups\u2019 profits, parent
company\u2019s capacity to generate liquidity, probability of
business arrangements and shareholders\u2019 dividend
expectations.
The role of Sampo plc
As the Group\u2019s holding company, Sampo plc is
responsible for the Group\u2019s capital management
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. In addition, group-level risk accumulations
and concentrations are monitored regularly and
managed by adjusting aggregated risks where
necessary.
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 a 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 2023, Sampo had long-term
strategic holdings of EUR 5,635 million in the subsidiary
companies and they were funded mainly by capital of
EUR 5,465 million. Sampo plc had outstanding senior
debt of EUR 959 million and subordinated debt of EUR
1,490 million. Average remaining maturity of senior debt
was 4.8 years and EUR 395 million of it had a maturity
longer than five years. 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 2023 and 31 December 2022.
Balance sheet structure
Sampo plc, 31\u00a0December 2023 and 31\u00a0December
2022
EURm
31 Dec 2023
31 Dec 2022
Assets total
7,990
9,685
Liquidity
1,352
2,467
Investment assets
979
990
Other investments
2
2
Fixed income
101
27
Equity & private equity
876
961
Subordinated loans
0
100
Equity holdings
5,635
6,066
Subsidiaries
5,635
6,066
Associated
0
0
Other assets
24
62
EURm
31 Dec 2023
31 Dec 2022
Liabilities total
7,990
9,685
CPs issued
0
0
Long-term senior debt
959
1,306
Private placements
2
21
Bonds issued
957
1,285
Subordinated debt
1,490
1,489
Capital
5,465
6,814
Undistributable capital
98
98
Distributable capital
5,367
6,716
Other liabilities
76
77
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 31 (29) per cent.
\u2022 Sampo\u2019s net debt is EUR 996 (201) million.
Regarding liquidity, Sampo plc held EUR 1,352 (2,467)
million 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
company. A part of the investment assets (979) 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.
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
than the euro (the Swedish krona, the Danish krone,
pound sterling), 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 202 3 and 31 December 2022.
Cash flows according to contractual maturity
Sampo plc, 31\u00a0December 2023 and 31 December 2022
31 Dec 2023
Carrying amount total
Cash flows
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount
with contractual
maturity
2024
2025
2026
2027
2028
2029-
2038
2039-
Financial assets
2,325
1,623
702
617
14
2
2
30
65
0
Financial assets (non-derivatives)
2,325
1,623
702
617
14
2
2
30
65
0
Interest rate swaps
0
0
0
0
0
0
0
0
0
0
FX forwards
0
0
0
0
0
0
0
0
0
0
Asset for incurred claims
0
0
0
0
0
0
0
0
0
0
Financial liabilities
2,527
0
2,527
-72
-223
-59
-59
-475
-2,032
0
Financial liabilities (non-derivatives)
2,507
0
2,507
-70
-223
-59
-59
-461
-2,032
0
Interest rate swaps
20
0
20
-2
0
0
0
-14
0
0
FX derivatives
0
0
0
0
0
0
0
0
0
0
Lease liabilities
2
0
2
-1
1
0
0
0
0
0
Liability for incurred claims and other
insurance related payables
0
0
0
0
0
0
0
0
0
0
31 Dec 2022
Carrying amount total
Cash flows
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount
with contractual
maturity
2023
2024
2025
2026
2027
2028-
2037
2038-
Financial assets
3,596
2,799
797
688
24
8
8
8
77
183
Financial assets (non-derivatives)\u00a0
3,596
2,799
797
688
24
8
8
8
77
183
Interest rate swaps
0
0
0
0
0
0
0
0
0
0
FX forwards
0
0
0
0
0
0
0
0
0
0
Asset for incurred claims
0
0
0
0
0
0
0
0
0
0
Financial liabilities
2,816
0
2,816
-416
-65
-224
-60
-60
-2,513
0
Financial liabilities (non-derivatives)
2,802
0
2,802
-416
-63
-223
-59
-59
-2,504
0
Interest rate swaps
14
0
14
0
-2
-1
-1
-1
-9
0
FX derivatives
0
0
0
0
0
0
0
0
0
0
Lease liabilities
2
0
2
-1
-1
0
0
0
0
0
Liability for incurred claims and other
insurance related payables
0
0
0
0
0
0
0
0
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-612": { "value": "
Market risks at Sampo Group
For 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, and Hastings differ, and as a
result the structures and risks of the investment
portfolios and the balance sheets of the three
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 2023 was EUR 17,160 million (22,346)
as presented in the following graph.
Development of investments
If, Topdanmark, Hastings, and Sampo plc, 31\u00a0December 2023 and 31\u00a0December 2022
\"Development_of_investments_19-2-24.svg\"
The content of the figures in this graph is different compared to financial asset line presented in the balance sheet.
Sampo plc figures do not include intragroup items.
* For 2023 private equity also includes direct holdings in non-
listed equities.
Investment activities and market risk taking are
arranged pro-actively in such a way that there is no
significant overlap between the wholly owned
subsidiaries\u2019 single name risks except with regards to
Nordic banks where the companies 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 class
Regarding 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 rating
Sampo Group, 31\u00a0December 2023
EURm
AAA
AA+
-
AA-
A+
-
A-
BBB+
-
BBB-
BB+
-
C
D
Non-
rated
Fixed
income
total
Listed
equities
Other
Counter-
party risk
Total
Change
from 31
Dec 2022
Basic industry
0
0
42
198
31
0
35
307
40
0
0
346
-33
Capital goods
0
14
147
143
34
0
140
478
520
0
0
998
105
Consumer products
1
40
232
388
23
0
92
776
191
0
0
967
-45
Energy
0
19
19
0
0
0
63
100
18
0
0
119
-110
Financial institutions
33
1,420
2,339
773
51
0
45
4,661
0
728
67
5,456
-1,304
Governments
427
46
0
0
0
0
0
473
0
0
0
473
-21
Government guaranteed
46
25
0
0
0
0
0
71
0
0
0
71
-17
Health care
0
1
15
125
9
0
46
196
1
0
0
197
-20
Insurance
9
10
51
109
7
0
234
420
0
112
0
532
117
Media
0
0
0
0
0
0
15
15
0
0
0
15
-14
Packaging
0
0
0
0
25
0
0
25
0
0
0
25
1
Public sector, other
504
18
0
0
0
0
0
523
0
0
0
523
-190
Real estate
0
58
140
221
20
0
184
623
0
14
0
637
-122
Services
0
0
41
183
108
0
26
358
0
2
0
360
214
Supranationals
197
0
0
0
0
0
0
197
0
0
0
197
-30
Technology and electronics
0
12
27
51
0
0
65
155
0
1
0
156
4
Telecommunications
0
0
12
213
0
0
24
248
37
0
0
285
37
Transportation
0
49
73
15
0
0
80
217
0
0
0
217
-55
Utilities
0
0
72
207
60
0
65
404
0
0
0
404
-3
Others
0
0
16
17
0
0
31
64
4
22
0
90
74
Asset-backed securities
0
0
0
0
0
0
0
0
0
0
0
0
0
Covered bonds
3,895
0
32
0
0
0
95
4,022
0
0
0
4,022
-292
Funds
0
0
0
11
0
0
40
51
663
516
0
1,230
7
Clearing house
0
0
0
0
0
0
0
0
0
0
2
2
-33
Total
5,113
1,712
3,257
2,652
368
0
1,280
14,382
1,475
1,395
69
17,321
-1,731
Change from 31 Dec 2022
-141
-417
-204
251
-153
3
-208
-870
-1,074
692
-429
-1,681
In 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.
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 2023 and 31 December 2022.
Fixed income investments in the financial sector
Sampo Group, 31\u00a0December 2023
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated debt
Total
%
Sweden
1,776
191
566
169
2,702
32,1 %
Denmark
1,863
79
315
162
2,419
28,7 %
Finland
52
750
275
125
1,202
14,3 %
Norway
338
0
384
319
1,041
12,4 %
France
0
249
133
5
388
4,6 %
United States
0
2
179
0
181
2,2 %
Netherlands
0
0
92
21
113
1,3 %
Iceland
0
0
60
2
62
0,7 %
Switzerland
0
0
52
0
52
0,6 %
Canada
0
0
51
0
51
0,6 %
Ireland
0
0
47
0
47
0,6 %
United Kingdom
0
0
41
0
41
0,5 %
Australia
0
0
36
0
36
0,4 %
Austria
0
0
20
0
20
0,2 %
Germany
0
0
18
0
18
0,2 %
Spain
0
0
15
0
15
0,2 %
Belgium
0
0
15
0
15
0,2 %
New Zealand
0
0
11
0
11
0,1 %
Bermuda
0
0
0
7
7
0,1 %
Total
4,028
1,271
2,310
811
8,420
100,0 %
Fixed income investments in the financial sector
Sampo Group, 31 December 2022
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated 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 %
The public-sector exposure includes government bonds,
government guaranteed bonds and other public-sector
investments as shown in the tables Fixed income
investments in the public sector, Sampo Group 31
December 2023 and 31 December 2022. The public
sector has had a relatively minor role in Sampo Group\u2019s
portfolios and these exposures have been mainly in the
Nordic countries.
Fixed income investments in the public sector
Sampo Group, 31\u00a0December 2023
EURm
Governments
Government
guaranteed
Public sector,
other
Total
Sweden
421
0
131
552
Norway
0
0
391
391
Supranationals
0
6
191
197
United States
46
0
0
46
Germany
0
46
0
46
Finland
0
25
0
25
Denmark
7
0
0
7
Total
473
77
713
1,264
Sampo Group, 31\u00a0December 2022
EURm
Governments
Governments
guaranteed
Public sector,
other
Total
Sweden
404
184
588
Norway
369
369
Finland
19
24
42
Supranationals
135
135
United Kingdom
71
71
Germany
52
52
France
10
10
Total
493
87
687
1,267
The listed equity investments of Sampo Group totalled
EUR 1,474 million at the end of year 2023 (2,884).
The geographical core of Sampo Group\u2019s equity
investments is in the Nordic companies. The proportion
of Nordic companies\u2019 equities corresponds to 50 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, 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 2023 and 31 December
2022.
Breakdown of listed equity investments by geographical regions
Sampo Group, 31\u00a0December 2023 and 31\u00a0December 2022
\"Breakdown_of_listed_equity_investments_by_geographical_regions_a_Sampo_Group_19-2-24.svg\"
\"Breakdown_of_listed_equity_investments_by_geographical_regions_b_Sampo_Group_19-2-24.svg\"
Largest holdings by single name
The largest exposures by individual issuers and
counterparties are presented in the tables Largest
exposures by issuer and asset class, Sampo Group 31
December 2023 and 31 December 2022.
Largest exposures by issuer and asset class
Sampo Group, 31\u00a0December 2023
Issuer
Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income,
total
Long-term
fixed income:
Government
guaranteed
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Senior bonds
Long-term
fixed income:
Tier 1 and Tier
2
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
959
6%
284
672
0
489
125
57
0
2
Svenska Handelsbanken
814
5%
108
705
0
622
44
39
0
0
Swedbank
713
4%
0
713
0
589
99
25
0
0
Nykredit Realkredit A/S
598
3%
0
598
0
598
0
0
0
0
Realcredit Danmark
592
3%
0
592
0
592
0
0
0
0
Sweden
552
3%
0
552
0
0
552
0
0
0
NOBA
471
3%
0
46
0
0
34
12
425
0
Skandinaviska Enskilda Banken
439
3%
252
186
0
22
133
31
0
2
Danske Bank
429
2%
251
176
0
24
133
20
0
1
Norway
391
2%
0
391
0
0
391
0
0
0
Total top 10 exposures
5,958
35%
896
4,631
0
2,936
1,512
183
425
5
Other
11,202
65%
Total investment assets
17,160
100%
Largest exposures by issuer and asset class
Sampo Group, 31\u00a0December 2022
Issuer
Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income,
total
Long-term
fixed income:
Government
guaranteed
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Senior bonds
Long-term
fixed income:
Tier 1 and Tier
2
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
1,416
6%
715
699
0
496
130
73
0
2
Skandinaviska Enskilda Banken
818
4%
639
178
0
65
93
20
0
1
Danske Bank
801
4%
516
286
0
119
137
29
0
0
Nykredit Realkredit A/S
645
3%
0
645
0
645
0
0
0
0
BNP Paribas
601
3%
541
60
0
0
60
0
0
0
Sweden
588
3%
0
588
0
0
588
0
0
0
Realkredit Danmark
514
2%
0
514
0
514
0
0
0
0
Nordax
425
2%
0
0
0
0
0
0
425
0
Norway
369
2%
0
369
0
0
369
0
0
0
Saxo Bank
345
2%
0
31
0
0
13
17
314
0
Total top 10 exposures
6,522
29%
2,411
3,368
0
1,840
1,389
140
739
3
Other
15,824
71%
Total investment assets
22,346
100%
The largest high-yield and non-rated fixed income
investment single-name exposures are presented in the
tables Ten largest direct high yield and non-rated fixed
income investments, Sampo Group, 31 December 2023
and 31 December 2022. Furthermore, the largest direct
listed equity exposures are presented in the tables Ten
largest direct listed equity investments, Sampo Group,
31 December 2023 and 31 December 2022.
Ten largest direct high yield and non-rated fixed income investments and direct listed equity investments
Sampo Group, 31\u00a0December 2023
Ten largest direct high yield and non-rated fixed
income investments
Rating
Total, EURm
% of total
direct fixed
income
investments
Ten largest direct listed equity investments
Total, EURm
% of total
direct equity
investments
Saab
NR
56
0,4 %
NOBA*
425
19,3 %
NOBA
NR
46
0,3 %
Saxo Bank*
302
13,7 %
ALM Equity
NR
38
0,3 %
Volvo
180
8,2 %
Ellevio Holding 1 AB
NR
35
0,2 %
Nexi S.p.A.**
149
6,8 %
Visma Group Holding
NR
35
0,2 %
ABB
86
3,9 %
Altera Infrastructure Holdings LLC
NR
30
0,2 %
Autoliv Inc
64
2,9 %
Swedavia
NR
30
0,2 %
Husqvarna
59
2,7 %
Campus Byen A/S
NR
29
0,2 %
Nederman Holding
56
2,6 %
Resource Group TRG
NR
27
0,2 %
Veidekke
46
2,1 %
Huhtamaki
BB+
25
0,2 %
Volvo Cars
38
1,7 %
Total top 10 exposures
351
2,4 %
Total top 10 exposures
1,405
63,8 %
Other direct fixed income investments
13,980
97,6 %
Other direct equity investments
797
36,2 %
Total direct fixed income investments
14,331
100,0 %
Total direct equity investments
2,202
100,0 %
* Although NOBA and Saxo Bank are not listed companies, they are major equity investments in Sampo plc's portfolio and are therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood
partners.
Ten largest direct high yield and non-rated fixed income investments and direct listed equity investments
Sampo Group, 31\u00a0December 2022
Ten largest direct high yield and non-rated fixed
income investments
Rating
Total, EURm
% of total
direct fixed
income
investments
Ten largest direct listed equity investments
Total, EURm
% of total
direct equity
investments
Ellevio Holding 1 AB
NR
60
0,4 %
Nordax*
425
21,3 %
Teollisuuden Voima
BB+
54
0,3 %
Saxo Bank*
314
15,7 %
Saab
NR
53
0,3 %
Volvo
131
6,6 %
Granite Debtco 9 Limited
NR
49
0,3 %
ABB
114
5,7 %
Granite Debtco 10 Limited
NR
45
0,3 %
Enento Group
62
3,1 %
Huhtamaki
BB+
44
0,3 %
Volvo Car
55
2,8 %
ALM Equity
NR
43
0,3 %
Nederman Holding
54
2,7 %
Pohjolan Voima
NR
41
0,3 %
Husqvarna
52
2,6 %
Visma Group Holding
NR
36
0,2 %
Vaisala
50
2,5 %
Schibsted
NR
35
0,2 %
Yara International
48
2,4 %
Total top 10 exposures
459
2,8 %
Total top 10 exposures
1,306
65,5 %
Other direct fixed income investments
15,790
97,2 %
Other direct equity investments
689
34,5 %
Total direct fixed income investments
16,249
100,0 %
Total direct equity investments
1,995
100,0 %
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.
Balance sheet concentrations
In 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. In Topdanmark and Hastings
interest rate risk of the balance sheet is limited 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 risks at If Group
The total market value of If\u2019s investment portfolio at 31
December 2023 was EUR 11,156 million (10,719). A large
part of the fixed income portfolio was concentrated to
corporate bonds issued by financial institutions and
bank account balances amounted to 29.6 per cent of
the fixed income portfolio. When including covered
bonds, the concentration to financial institutions was
52.0 per cent. The remainder of the fixed income
portfolio consists of exposure to other sectors with real
estate representing the second largest concentration of
6.3 per cent.
The composition of the If investment portfolios by asset
class at year end 2023 and at year end 2022 as well as
average maturities of fixed income investments, are
shown in the table Investment allocation, If, 31
December 2023 and 31 December 2022.
Investment allocation
If, 31\u00a0December 2023 and 31\u00a0December 2022
2023
2022
Asset class
Market value,
EURm
Weight, %
Average maturity,
years
Market value,
EURm
Weight, %
Average maturity,
years
Fixed income total
9,905
89%
3.1
9,541
89%
2.9
Money market securities and cash
240
2%
0.0
272
3%
0.0
Government bonds
1,065
10%
3.7
1,030
10%
3.5
Credit bonds, funds and loans
8,600
77%
3.2
8,239
77%
2.9
Covered bonds
2,181
20%
2.8
2,505
23%
3.0
Investment grade bonds and loans
4,327
39%
3.5
3,649
34%
2.8
High-yield bonds and loans
1,137
10%
2.8
1,088
10%
2.7
Subordinated / Tier 2
490
4%
3.0
555
5%
2.9
Subordinated / Tier 1
466
4%
2.9
442
4%
3.0
Hedging swaps
0
0%
-
0
0%
-
Listed equity total
1,244
11%
-
1,169
11%
-
Finland
0
0%
-
0
0%
-
Scandinavia
718
6%
-
630
6%
-
Global
526
5%
-
539
5%
-
Alternative investments total
5
0%
-
5
0%
-
Real estate
0
0%
-
1
0%
-
Private equity
4
0%
-
4
0%
-
Biometric
0
0%
-
0
0%
-
Commodities
0
0%
-
0
0%
-
Other alternative
0
0%
-
0
0%
-
Trading derivatives
2
0%
-
4
0%
-
Asset classes total
11,156
100%
-
10,719
100%
-
FX Exposure, gross position
134
-
-
73
-
-
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. If also 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. 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.
Market risks of balance sheet
Asset and liability management risk
If's exposure to ALM risk arises mainly from changes in
interest rates, inflation, and currency movements. The
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 insurance
liabilities may be matched by investing in appropriate
fixed income instruments and by using currency and
interest rate derivatives.
Interest rate risk
If's exposure to interest rate risk from insurance
contracts issued and reinsurance contracts held arises
from the net liability for incurred claims, where future
claims payments are discounted to a present value and
therefore impacted by changes in discount rates. The
duration sensitivity to changes in interest rates in the
net liability for incurred claims is analysed in the
Reserve risk section. For more information see the
tables Sensitivity analysis, reserve risk, If, 2023 and
2022 in the section Underwriting risks.
If\u2019s exposure to interest rate risk from financial
instruments arises primarily from fixed income
investments.
If is negatively affected when interest rates are
decreasing, as the duration of insurance liabilities is
longer than the duration of investment assets. During
2023 interest rates maintained their higher level
compared to recent history and If invested in
instruments with somewhat longer maturities. Interest
rate sensitivity in terms of the average duration of fixed
income investments was 2.4 years on 31 December
2023 (1.9). The respective duration of insurance
liabilities was 6.2 years (6.0). However, the fixed income
portfolio is significantly larger than the amount of
insurance liabilities which mitigates the duration
mismatch respectively.
Interest rate risk relating to insurance liabilities is, in
accordance with the Investment Policy, considered in
the composition of investment assets. The overall
interest rate risk is managed by sensitivity limits for
instruments sensitive to interest rate changes.
Currency risk
If writes insurance policies that are mostly denominated
in the Scandinavian currencies and in euro. Currency
risk is reduced by matching insurance liabilities with
investment assets in 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 monitored 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. The transaction risk positions against the
Swedish krona are shown in the tables Transaction risk
position, If, 31 December 2023 and 31 December 2022.
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 functional currency
Transaction risk position
If, 31\u00a0December 2023
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,255
-180
0
-49
37
-2,233
-1,114
-29
-6,823
Investments
3,091
319
0
24
113
1,869
187
0
5,604
Derivatives
117
-123
5
22
-168
350
916
22
1,141
Transaction risk, net position
-47
15
5
-4
-18
-13
-11
-7
-79
Sensitivity: SEK -10%
-5
2
0
0
-2
-1
-1
-1
-8
Transaction risk position
If, 31\u00a0December 2022
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,739
-185
0
-33
-11
-2,318
-1,029
-28
-7,342
Investments
2,304
297
1
11
108
2,071
263
5
5,058
Derivatives
1,370
-113
13
16
-78
229
760
15
2,211
Transaction risk, net position
-66
-1
13
-7
19
-18
-6
-8
-73
Sensitivity: SEK -10%
-7
0
1
-1
2
-2
-1
-1
-7
The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a functional currency other than SEK.
In addition to transaction risk, If is also exposed to
translation risk which at a Group level stems from
foreign operations with other functional currencies than
SEK.
Market risks at Topdanmark Group
In general, long-term value creation shall be based
mainly on the acceptance of insurance risks. To
supplement the profit from insurance activities,\u00a0
Topdanmark accepts a certain level of market risks,
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 fixed income assets
to improve the average investment return.
Market risks are kept on an appropriate level in order to
limit negative profit and loss effects to very
unfavourable financial market scenarios. The investment
portfolio shall be managed to ensure that market risks
will not endanger the insurance operations even in
unfavourable market conditions.\u00a0
To achieve company level targets, the investment policy
sets the company's 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
investments and sub-portfolios (risk appetite). The
investment 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
composition 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, which are considered 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 for 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 arrangement 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
CLO-portfolio has been sold. The credit exposure is
managed through a High Yield ETF (EUR).
The purpose of these changes is to keep the risk profile
unchanged and use index trackers to have the right
exposures that comply with the set risk limits, ESG
policy etc.
Investment allocation
Topdanmark, 31\u00a0December 2023 and 31\u00a0December 2022
Topdanmark
31 Dec 2023
31 Dec 2022
Asset class
Market
value,
EURm
Weight, %
Market
value,
EURm
Weight,%
Fixed income total
1,898
94%
2,422
94%
Money market securities and cash
1
0%
544
21%
Government and mortgage bonds
1,766
88%
1,722
67%
Credit bonds
43
2%
39
2%
Index-linked bonds
88
4%
91
4%
CLOs
0
0%
26
1%
Listed equity total
81
4%
111
4%
Denmark
15
1%
25
1%
Scandinavia
2
0%
2
0%
Global
64
3%
85
3%
Alternative investments total
34
2%
35
1%
Real estate
0
0%
0
0%
Unlisted equities and hedge funds
34
2%
35
1%
Trading derivatives
1
0%
1
0%
Asset classes total
2,014
100%
2,569
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
The equity portfolios, excluding associated companies,
are well-diversified and without large concentrations.
Investment assets are mostly comprised of government
and Danish mortgage bonds. These assets are interest
rate sensitive and to a significant extent equivalent to
the total interest rate sensitivity of the non-life
insurance liabilities. Consequently, the return on
government and mortgage bonds should be assessed in
connection with return and revaluation of non-life
insurance liabilities.
The small allocation to credit bonds is primarily exposed
to European issuers.
Index-linked bonds comprise primarily Danish mortgage
bonds for which the coupon and principal are index-
linked.
Market risks of balance sheet
Interest rate risk
Interest 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 is based on the market yield curve.
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 risk
The Danish part of the equity portfolio is 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 both in terms of
geographical and company-specific risks.
Real estate risk
Real 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 risk
Most of Topdanmark's interest-bearing assets comprise
of AAA rated Danish mortgage bonds. The risk of credit
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 by
issuer, issuer type and capital centres, and therefore, the
exposure to concentration 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 risk
In 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 the 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 risk
Future inflation is implicitly included in the models
Topdanmark uses to calculate its insurance liabilities.
The insurance liabilities are calculated based on the
expected future indexation of wages and salaries.
An expected higher future inflation rate would generally
be included in the insurance liabilities 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'
compensation, Topdanmark uses index-linked bonds
and inflation derivatives to hedge a proportion of the
expected cash flows sensitive to future inflation. The
inflation sensitivity of capitalisation factors is not
hedged.
Market risks at Hastings Group
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 volatility of market prices affecting
values of assets and liabilities and for assets not
matching the profile of liabilities. As a result,
the\u00a0investment strategy includes only a very limited
amount of equity exposure.
The total market value of Hastings' investment portfolio
at 31 December 2023 was EUR 1,680 million (1,320). The
investment portfolio was dominated by investment
grade fixed income investments, which comprised 69
per cent of total investment assets. The rest was
invested in money market securities and cash
amounting to 27 per cent, and high yield and alternative
investments with a combined allocation of 4 per cent.
The composition of the Hastings investment portfolios
by asset class at year end 2023 and at year end 2022 as
well as average maturities of fixed income investments,
are shown in the table Investment allocation, Hastings,
31 December 2023 and 31 December 2022.
Investment allocation
Hastings, 31\u00a0December 2023 and 31\u00a0December 2022
2023
2022
Asset class
Market value,
EURm
Weight, %
Average
maturity, years
Market value,
EURm
Weight, %
Average
maturity, years
Fixed income total
1,646
98%
2.2
1,287
98%
3.3
Money market securities and cash
448
27%
0.0
246
19%
0.0
Government bonds
0
0%
3.9
71
5%
0.1
Credit bonds, funds, and loans
1,198
71%
3.0
970
74%
4.3
Covered bonds
0
0%
0.0
0
0%
0.0
Investment grade bonds and loans
1,164
69%
5.0
954
72%
4.4
High-yield bonds and loans
27
2%
4.9
16
1%
4.0
Subordinated / Tier 2
7
0%
\u2014
0
0%
\u2014
Subordinated / Tier 1
0
0%
\u2014
0
0%
\u2014
Hedging swaps
0
0%
\u2014
0
0%
\u2014
Listed equity total
0
0%
\u2014
0
0%
\u2014
UK
0
0%
\u2014
0
0%
\u2014
Global
0
0%
\u2014
0
0%
\u2014
Alternative investments total
34
2%
\u2014
32
2%
\u2014
Real estate
0
0%
\u2014
0
0%
\u2014
Private equity
0
0%
\u2014
0
0%
\u2014
Biometric
0
0%
\u2014
0
0%
\u2014
Commodities
0
0%
\u2014
0
0%
\u2014
Other alternative
34
2%
\u2014
32
2%
\u2014
Trading derivatives
0
0%
\u2014
0
0%
\u2014
Asset classes total
1,680
100%
\u2014
1,320
100%
\u2014
FX Exposure, gross position
0
\u2014%
0
\u2014%
\u2014
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 the 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 internally 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 risk
Hastings manages balance sheet interest rate risk
principally 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
meetings and includes adherence to tight duration
mismatch tolerances which form part of the relevant
risk appetite statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-613": { "value": "
Transaction risk position
If, 31\u00a0December 2023
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,255
-180
0
-49
37
-2,233
-1,114
-29
-6,823
Investments
3,091
319
0
24
113
1,869
187
0
5,604
Derivatives
117
-123
5
22
-168
350
916
22
1,141
Transaction risk, net position
-47
15
5
-4
-18
-13
-11
-7
-79
Sensitivity: SEK -10%
-5
2
0
0
-2
-1
-1
-1
-8
Transaction risk position
If, 31\u00a0December 2022
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,739
-185
0
-33
-11
-2,318
-1,029
-28
-7,342
Investments
2,304
297
1
11
108
2,071
263
5
5,058
Derivatives
1,370
-113
13
16
-78
229
760
15
2,211
Transaction risk, net position
-66
-1
13
-7
19
-18
-6
-8
-73
Sensitivity: SEK -10%
-7
0
1
-1
2
-2
-1
-1
-7
The transaction risk position in SEK represents exposure in foreign subsidiaries/branches within If with a functional currency other than SEK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-614": { "value": "
Liquidity risk
If\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. The Cash Management
unit is responsible for liquidity planning. To identify
liquidity risk, expected cash flows from investment
assets and insurance liabilities are analysed regularly,
taking both normal market conditions and stressed
conditions into consideration. Liquidity risk is reduced
by investing in assets that are traded in liquid markets.
The maturities of cash flows from financial instruments,
insurance liabilities and reinsurance contracts are
presented in the tables Cash flows according to
contractual maturity, If, 31 December 2023 and 31
December 2022. The average maturity of fixed income
investments was 3.2 years (2.9). In the table, financial
assets and liabilities are divided into contracts with a
contractual maturity profile, and other contracts. Only
the carrying amount is shown for the other contracts.
The table also shows expected future cash flows for
insurance liabilities and reinsurance assets, which by
nature are inherently associated with a degree of
uncertainty.
Cash flows according to contractual maturity
If, 31\u00a0December 2023
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2024
2025
2026
2027
2028
2029-
2038
2039-
Financial assets
11,296
1,485
9,812
1,605
1,835
2,142
2,561
1,400
1,487
0
Financial assets
(non-derivatives)
11,275
1,485
9,791
1,585
1,835
2,142
2,561
1,400
1,487
0
Interest rate swaps
2
0
2
2
FX derivatives
19
0
19
19
Asset for incurred claims
527
0
527
328
108
44
19
11
18
1
Financial liabilities
-550
0
-550
-402
-31
-137
0
0
0
0
Financial liabilities
(non-derivatives)
-492
-492
-344
-31
-137
0
0
0
0
Interest rate swaps
FX derivatives
-58
0
-58
-58
0
0
0
0
0
0
Lease liabilities
-148
0
-148
-27
-26
-23
-20
-14
-47
0
Liability for incurred claims and
other insurance related payables
-6,443
0
-6,443
-2,483
-794
-471
-339
-262
-1,301
-795
Cash flows according to contractual maturity
If, 31\u00a0December 2022
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2023
2024
2025
2026
2027
2028-
2037
2038-
Financial assets
10,943
1,464
9,479
1,647
2,178
1,811
2,023
2,266
862
0
Financial assets
(non-derivatives)
10,888
1,464
9,424
1,596
2,177
1,811
2,023
2,266
862
0
Interest rate swaps
4
0
4
3
1
0
0
0
0
0
FX derivatives
50
0
50
48
0
0
0
0
0
0
Asset for incurred claims
236
0
236
127
48
24
13
8
15
1
Financial liabilities
-628
-48
-580
-436
-8
-35
-138
0
0
0
Financial liabilities
(non-derivatives)
-621
-48
-573
-429
-8
-35
-138
0
0
0
Interest rate swaps
FX derivatives
-7
0
-7
-6
0
0
0
0
0
0
Lease liabilities
-160
0
-160
-26
-23
-23
-22
-18
-59
0
Liability for incurred claims and
other insurance related payables
-6,014
0
-6,014
-2,215
-734
-469
-334
-271
-1,248
-743
In the table, financial assets and liabilities are divided
into contracts that have an exact contractual maturity
profile, and other contracts. Only the carrying amount is
shown for the other contracts. In addition, the table
shows expected cash flows for net technical provisions,
which by their nature, are associated with a certain
degree of uncertainty. Cashflows 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..
Liquidity risk
Topdanmark Group has a strong liquidity position.
Firstly, as premiums are paid in the beginning of the
coverage period, liquidity risk related to customers\u2019
payments is very limited. Secondly, the nature of a
diversified insurance business means that it is highly
unlikely that a liquidity shock could occur. Insurance
liabilities are quite stable and on the investment side
money market investments are complemented by a
large portfolio of liquid listed Danish government and
mortgage bonds.
The maturities of cash flows from financial instruments,
insurance liabilities and reinsurance contracts are
presented in the table Cash flows according to
contractual maturity, Topdanmark, 31 December 2023. .
Cash flows according to contractual maturity
Topdanmark, 31\u00a0December 2023
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2024
2025
2026
2027
2028
2029-
2038
2039-
Financial assets
1,861
1,861
420
424
321
170
166
505
113
Financial assets
(non-derivatives)
1,859
1,859
420
424
321
170
166
504
113
Interest rate swaps
1
1
0
0
0
0
0
1
0
FX forwards
0
0
0
Asset for incurred claims
79
79
58
9
4
3
2
4
Financial liabilities
299
128
172
10
9
102
59
1
21
1
Financial liabilities
(non-derivatives)
275
128
148
9
7
101
57
Interest rate swaps
24
24
1
2
1
1
1
21
1
FX derivatives
0
0
0
Lease liabilities
Liability for incurred claims and
other insurance related payables
1,582
1,582
603
249
183
118
87
303
184
Liquidity risks
Hastings maintains a short duration and highly liquid
portfolio, in line with its low risk appetite. Liquidity Risk
is largely managed at Advantage. 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.
Advantage\u2019s investment managers actively manage
liquidity risk in the portfolio to ensure that bonds can be
sold efficiently to meet cash needs.\u00a0 Informed by market
data, they look to purchase bonds with less than 5 years
since issue date, larger issue sizes and which trade
regularly.\u00a0 Liquidity scoring is conducted by
Advantage\u2019s investment managers, based on time since
issue, issue size, traded volumes and observed bid-ask
spreads.\u00a0
Cash flows according to contractual maturity
Hastings, 31\u00a0December 2023
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2024
2025
2026
2027
2028
2029-
2038
2039-
Financial assets
1,869
704
1,165
143
341
349
179
154
0
0
Financial assets
(non-derivatives)
1,869
704
1,165
143
341
349
179
154
0
0
Interest rate swaps
0
0
0
0
0
0
0
0
0
0
FX forwards
0
0
0
0
0
0
0
0
0
0
Asset for incurred claims
1,333
1,333
0
349
236
183
61
96
169
240
Financial liabilities
187
0
187
73
71
43
0
0
0
0
Financial liabilities
(non-derivatives)
185
0
185
71
71
43
0
0
0
0
Interest rate swaps
2
0
2
2
0
0
0
0
0
0
FX derivatives
0
0
0
0
0
0
0
0
0
0
Lease liabilities
10
0
10
6
3
1
0
0
0
0
Liability for incurred claims and
other insurance related payables
2,125
2,125
0
670
404
302
127
137
211
275
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