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Summary of material
accounting principles
Sampo plc (business ID 0142213-3) is a Finnish public
company listed in Helsinki Nasdaq. Sampo has a dual
listing in Nasdaq Stockholm and in Nasdaq
Copenhagen. 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 2024.
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 2024 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 2024.
The annual improvements or other amendments to the
standards, adopted at the beginning of 2024, 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 12 March 2025. In
accordance with Limited Liability Companies Act, the
Annual General Meeting has the 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 year, due to the acquisition of
non-controlling interests in Topdanmark, the total
equity of consolidated financial statements did not
include the non-controlling interest share.
At the end of financial year, as the proportion of equity
held by non-controlling interests changed, the carrying
amounts of both the equity owners of the parent and
the non-controlling interests were adjusted to reflect
the changes. The difference between the book value of
the NCI and the consideration paid was recognised
directly in equity (retained earnings), and attributed to
the owners of the parent company.
Going forward, Sampo will allocate all of Topdanmark\u2019s
profits, after the completion of the acquisition, to the
owners of the parent company. During the financial
year, the NCI\u2019s share of the profit was calculated as
weighted average on their remaining share of
ownership.\u00a0
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 Group 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.
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.
Exchange rate differences arising from a monetary item,
accounted for as Sampo\u2019s net investment in a foreign
operation (subsidiary), are recognised in other
comprehensive income.
A monetary item included in the net investment in a
foreign operation may be denominated in the functional
currency of Sampo (reporting entity), in the functional
currency of the foreign operation or in a currency other
than the functional currency of either the reporting
entity or the foreign operation. When a foreign
subsidiary is divested entirely or partially, the
cumulative exchange differences are reclassified from
equity to profit or loss.
The following exchange rates were applied in the
consolidated financial statements:
1 euro (EUR) =
Balance sheet
date
Average
exchange rate
Swedish krona (SEK)
11.4590
11.4345
Danish krona (DKK)
7.4578
7.4589
Pound sterling (GBP)
0.8292
0.8467
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.
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, the Group 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 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.
In 2024, Sampo updated the accounting policy for the
presentation of the change in discounting effect relating
to risk adjustment. The change in discounting effect is
now allocated between the insurance service expenses
and insurance finance income and expense.
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
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.
Classification and measurement principles of
financial assets
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). 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. The Group\u2019s 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 the 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.
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.
In level 3 equity investment is valued by using the
excess return model, in which the value of a company is
the sum of capital currently invested 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.
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
In accordance with IFRS 9, Sampo applies 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.
Sampo applies a general approach for impairment in
which a loss allowance is calculated either for 12-month
expected credit losses or a 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 both 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
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 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.
Amortisations and impairment losses are recognised in
the statement of profit or loss in other expenses.
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 Group. 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
Depreciations and impairment losses are recognised in
the statement of profit or loss in other expenses.
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 has applied IFRS 17 Insurance Contracts
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.
The risks involved in insurance contracts are widely
elaborated in the Group\u2019s note 34.
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. the contract has one-
year coverage period during which there are
substantive rights and obligations.
Measurement
In accordance with IFRS 17, a general measurement
model (GMM) is 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 the
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 the initial recognition of P&C operations\u2019 groups of
insurance contracts, the carrying amount of LRC is
measured as the 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 is
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
In accordance with IFRS 17, an explicit risk adjustment is
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.
Investment components are included in the reinsurance
contracts held for cash flows repaid to a policyholder in
all circumstances, i.e. regardless of whether an insured
event occurs or not. Identified amounts of investment
components are excluded from recognised amounts for
reinsurance result in the statement of profit and other
comprehensive income.
Life operations
Sampo Group\u2019s life operations were reclassified as
discontinued operations during the first quarter of
comparative period 2023.
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 the termination of employment
is recognised as a liability when the Group is verifiably
committed to terminating the employment of one or
more persons before the normal retirement date, or to
granting 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 expenses. 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 2020 I, 2020 II, 2020 III, and 2024 for
the management and key employees).\u00a0
Topdanmark had a share-based incentive scheme that
was converted to a phantom equity plan in the last
quarter of the financial year. Hastings had 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 26 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.
Provisions
A provision is recognised when the Group has a present
legal or constructive obligation as a result of a past
event, and when it is probable that an outflow of
resources embodying economic benefits will be
required to settle the obligation and the Group can
reliably estimate the amount of the obligation.
If it is expected that some or all of the expenditure
required to settle the provision will be reimbursed by
another party, the reimbursement will be treated as a
separate asset only when it is virtually certain that the
Group will receive it.\u00a0 \u00a0
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 for 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 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 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 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 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 the 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 also required 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
experience 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. If Group
applies a confidence level of 85 per cent, and Hastings
75 per cent, respectively.
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 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.
Acquisition of Topdanmark\u2019s non-
controlling interest
On 17 June 2024, Sampo announced that Sampo and
Topdanmark had entered into a combination
agreement, based on which Sampo made\u00a0 a
recommended best and final public exchange offer to
acquire all of the outstanding shares in Topdanmark not
already owned by Sampo. The transaction was
completed by the compulsory acquisition of the
remaining Topdanmark minority shares on 25 October
2024. Following the acquisition of NCI, Sampo plc sold
all the issued shares in Topdanmark A/S to If P&C
Insurance Holding Ltd. For more detailed description of
the acquisition, please see note 28.
In accordance with IFRS 10 Consolidated Financial
Statements, after the control of a subsidiary has been
gained, any subsequent change in the ownership, not
resulting in a loss of control, is treated as an equity
transaction between the non-controlling interests and
the owners of the parent company (IFRS 10.23). The
acquisition of non-controlling interest of Topdanmark
was accounted for as an equity transaction between the
NCI and the owners of the parent. Transaction costs,
which were incremental and directly related to equity
transaction, were deducted directly from equity. The
original purchase price allocation calculation (PPA),
prepared at the time of the original acquisition in 2017,
and including goodwill, remained unchanged.
Measurement of acquired Topdanmark shares
Sampo has determined that the measurement of
acquired Topdanmark A/S shares was based on the
compensation given as an exchange of those shares.
The issue price was determined based on the closing
price of the Sampo class A shares on Nasdaq Helsinki
Ltd on the last full trading day prior to the Sampo
Board resolving upon the directed issuance of shares.
For shares acquired via compulsory acquisition, the
value of acquired shares was determined based on the
compensation paid in cash.
Sale of Topdanmark A/S shares to If P&C Insurance
Holding Ltd
As the sale transaction of Topdanmark\u2019s shares was an
intra-group transaction, all impacts, including the sales
gain of the shares, were eliminated on the Sampo Group
level. The sales gain was due to the previously owned
shares being on balance sheet at historical value. The
transaction was completed at arm\u2019s length basis. The
intra-group sale of shares met the definition of a
common control transaction as both If P&C Insurance
Holding Ltd and Topdanmark A/S are under control of
Sampo plc before and after the acquisition.
As part of the intra-group sales transaction, Sampo
granted If P&C Insurance Holding loans denominated
partly in currencies other than functional currencies
either in Sampo or in If Group. IAS 21 The Effects of
Changes in Foreign Exchange Rates enables to
recognise exchange rate differences arising from a loan
(monetary item) in other comprehensive income when
that loan is included as part of the net investment in a
foreign operation. Sampo has assessed that in its
consolidated accounts, the long-term loan receivable
forms a part of Sampo\u2019s net investment in foreign
operation i.e. investment in subsidiary shares in If P&C
Insurance Holding Ltd.
Segment presentation
At the end of the financial year, Sampo Group\u2019s
business segments were If, Topdanmark, Hastings and
Holding.\u00a0 Topdanmark continued to be presented as a
business segment regardless of the intra-group sale of
Topdanmark A/S shares. As Sampo presents reporting
segments unchanged for the financial year 2024
reporting, no changes have been done to the allocation
of goodwill to Topdanmark segment.
Restructuring reserve
Following the acquisition of non-controlling interests in
Topdanmark, Sampo plc sold the shares of Topdanmark
A/S to If P&C Insurance Holding Ltd for further
integration into If Group\u2019s structure. In connection with
the acquisition and the integration of Topdanmark into
If Group, the one-off restructuring costs incurred
amounted to approximately EUR 150 million. If and
Topdanmark have estimated that requirements set in
the IAS 37 Provisions, Contingent Liabilities and
Contingent Assets for a recognition of a provision were
met at the end of the reporting period. The
restructuring provision is recognised as it is probable
that the restructuring costs will incur while carrying out
the integration. The costs relate mainly to redundancies,
decommissioning and sunsetting of systems as well as
rebranding.
On Sampo Group level, the restructuring provision
amounted to approximately EUR 150 million, of which
EUR 77 million was recognised in If\u2019s segment and EUR
73 million in Topdanmark\u2019s segment. In Sampo Group\u2019s
balance sheet, the restructuring provision is presented
under other liabilities.
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. At the reporting date, Sampo Group has
identified that Hastings\u2019 operations in Gibraltar are
subject to the global minimum top-up tax rules.
Discontinued operations in 2023
In order to segregate the Mandatum subgroup in the
demerger of Sampo plc, Mandatum\u2019s assets and
liabilities were reclassified as a disposal group held for
distribution to owners and related liabilities on 31 March
2023. In the statement of profit and other
comprehensive income, the result of Mandatum is
reported as a single line item as profit from the
discontinued operations.
The partial demerger was completed on 1 October
2023, and 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, EUR 102 million 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
on 2 October 2023.
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 the
financial year 2025 will not have any significant
influence on the Group's financial reporting.
Segment information
At the end of the reporting period, Sampo Group\u2019s
business segments are If, Topdanmark, Hastings and
Holding. Topdanmark continued to be presented as a
business segment regardless of the intra-group sale of
Topdanmark A/S shares to If P&C Holding Ltd.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
Summary of material
accounting principles
Sampo plc (business ID 0142213-3) is a Finnish public
company listed in Helsinki Nasdaq. Sampo has a dual
listing in Nasdaq Stockholm and in Nasdaq
Copenhagen. 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 2024.
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 2024 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 2024.
The annual improvements or other amendments to the
standards, adopted at the beginning of 2024, 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 12 March 2025. In
accordance with Limited Liability Companies Act, the
Annual General Meeting has the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
Basis of preparation
Sampo Group has prepared the consolidated financial
statements for 2024 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 2024.
The annual improvements or other amendments to the
standards, adopted at the beginning of 2024, 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 12 March 2025. In
accordance with Limited Liability Companies Act, the
Annual General Meeting has the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
Sampo Group has prepared the consolidated financial
statements for 2024 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 2024.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-443": { "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 year, due to the acquisition of
non-controlling interests in Topdanmark, the total
equity of consolidated financial statements did not
include the non-controlling interest share.
At the end of financial year, as the proportion of equity
held by non-controlling interests changed, the carrying
amounts of both the equity owners of the parent and
the non-controlling interests were adjusted to reflect
the changes. The difference between the book value of
the NCI and the consideration paid was recognised
directly in equity (retained earnings), and attributed to
the owners of the parent company.
Going forward, Sampo will allocate all of Topdanmark\u2019s
profits, after the completion of the acquisition, to the
owners of the parent company. During the financial
year, the NCI\u2019s share of the profit was calculated as
weighted average on their remaining share of
ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "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 Group 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.
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.
Exchange rate differences arising from a monetary item,
accounted for as Sampo\u2019s net investment in a foreign
operation (subsidiary), are recognised in other
comprehensive income.
A monetary item included in the net investment in a
foreign operation may be denominated in the functional
currency of Sampo (reporting entity), in the functional
currency of the foreign operation or in a currency other
than the functional currency of either the reporting
entity or the foreign operation. When a foreign
subsidiary is divested entirely or partially, the
cumulative exchange differences are reclassified from
equity to profit or loss.
The following exchange rates were applied in the
consolidated financial statements:
1 euro (EUR) =
Balance sheet
date
Average
exchange rate
Swedish krona (SEK)
11.4590
11.4345
Danish krona (DKK)
7.4578
7.4589
Pound sterling (GBP)
0.8292
0.8467
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-445": { "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.
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. Topdanmark continued to be presented as a
business segment regardless of the intra-group sale of
Topdanmark A/S shares to If P&C Holding Ltd.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "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, the Group 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 in 2023
In order to segregate the Mandatum subgroup in the
demerger of Sampo plc, Mandatum\u2019s assets and
liabilities were reclassified as a disposal group held for
distribution to owners and related liabilities on 31 March
2023. In the statement of profit and other
comprehensive income, the result of Mandatum is
reported as a single line item as profit from the
discontinued operations.
The partial demerger was completed on 1 October
2023, and 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, EUR 102 million 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
on 2 October 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-447": { "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, the Group 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 in 2023
In order to segregate the Mandatum subgroup in the
demerger of Sampo plc, Mandatum\u2019s assets and
liabilities were reclassified as a disposal group held for
distribution to owners and related liabilities on 31 March
2023. In the statement of profit and other
comprehensive income, the result of Mandatum is
reported as a single line item as profit from the
discontinued operations.
The partial demerger was completed on 1 October
2023, and 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, EUR 102 million 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
on 2 October 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "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, the Group 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-450": { "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 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.
In 2024, Sampo updated the accounting policy for the
presentation of the change in discounting effect relating
to risk adjustment. The change in discounting effect is
now allocated between the insurance service expenses
and insurance finance income and expense.
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 has applied IFRS 17 Insurance Contracts
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.
The risks involved in insurance contracts are widely
elaborated in the Group\u2019s note 34.
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. the contract has one-
year coverage period during which there are
substantive rights and obligations.
Measurement
In accordance with IFRS 17, a general measurement
model (GMM) is 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 the
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 the initial recognition of P&C operations\u2019 groups of
insurance contracts, the carrying amount of LRC is
measured as the 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 is
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
In accordance with IFRS 17, an explicit risk adjustment is
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.
Investment components are included in the reinsurance
contracts held for cash flows repaid to a policyholder in
all circumstances, i.e. regardless of whether an insured
event occurs or not. Identified amounts of investment
components are excluded from recognised amounts for
reinsurance result in the statement of profit and other
comprehensive income.
Life operations
Sampo Group\u2019s life operations were reclassified as
discontinued operations during the first quarter of
comparative period 2023.
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. If Group
applies a confidence level of 85 per cent, and Hastings
75 per cent, respectively.
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 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-449": { "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 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.
In 2024, Sampo updated the accounting policy for the
presentation of the change in discounting effect relating
to risk adjustment. The change in discounting effect is
now allocated between the insurance service expenses
and insurance finance income and expense.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-451": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-452": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-453": { "value": "
Financial assets and liabilities
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.
Classification and measurement principles of
financial assets
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). 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. The Group\u2019s 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 the 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.
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.
In level 3 equity investment is valued by using the
excess return model, in which the value of a company is
the sum of capital currently invested 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.
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
In accordance with IFRS 9, Sampo applies 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.
Sampo applies a general approach for impairment in
which a loss allowance is calculated either for 12-month
expected credit losses or a 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-454": { "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 both 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-455": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-457": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-456": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-458": { "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.
In level 3 equity investment is valued by using the
excess return model, in which the value of a company is
the sum of capital currently invested 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-460": { "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
In accordance with IFRS 9, Sampo applies 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.
Sampo applies a general approach for impairment in
which a loss allowance is calculated either for 12-month
expected credit losses or a 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-459": { "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
In accordance with IFRS 9, Sampo applies 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.
Sampo applies a general approach for impairment in
which a loss allowance is calculated either for 12-month
expected credit losses or a 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-461": { "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 both 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-462": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-463": { "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
lease liabilities are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-464": { "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 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.
Amortisations and impairment losses are recognised in
the statement of profit or loss in other expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-465": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-466": { "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.
Amortisations and impairment losses are recognised in
the statement of profit or loss in other expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-467": { "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 Group. 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
Depreciations and impairment losses are recognised in
the statement of profit or loss in other expenses.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-468": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-469": { "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.
Investment components are included in the reinsurance
contracts held for cash flows repaid to a policyholder in
all circumstances, i.e. regardless of whether an insured
event occurs or not. Identified amounts of investment
components are excluded from recognised amounts for
reinsurance result in the statement of profit and other
comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-470": { "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 the termination of employment
is recognised as a liability when the Group is verifiably
committed to terminating the employment of one or
more persons before the normal retirement date, or to
granting 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 expenses. 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 2020 I, 2020 II, 2020 III, and 2024 for
the management and key employees).\u00a0
Topdanmark had a share-based incentive scheme that
was converted to a phantom equity plan in the last
quarter of the financial year. Hastings had 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 26 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-471": { "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 the termination of employment
is recognised as a liability when the Group is verifiably
committed to terminating the employment of one or
more persons before the normal retirement date, or to
granting 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 expenses. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-472": { "value": "
Share-based payments
During the financial year, Sampo had four valid share-
based incentive schemes settled in cash (the long-term
incentive schemes 2020 I, 2020 II, 2020 III, and 2024 for
the management and key employees).\u00a0
Topdanmark had a share-based incentive scheme that
was converted to a phantom equity plan in the last
quarter of the financial year. Hastings had 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 26 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-473": { "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 for 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 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 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-474": { "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 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 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-475": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-476": { "value": "
Treasury shares
The purchase price paid for the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-477": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-478": { "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 also required 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
experience 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. If Group
applies a confidence level of 85 per cent, and Hastings
75 per cent, respectively.
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 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.
Acquisition of Topdanmark\u2019s non-
controlling interest
On 17 June 2024, Sampo announced that Sampo and
Topdanmark had entered into a combination
agreement, based on which Sampo made\u00a0 a
recommended best and final public exchange offer to
acquire all of the outstanding shares in Topdanmark not
already owned by Sampo. The transaction was
completed by the compulsory acquisition of the
remaining Topdanmark minority shares on 25 October
2024. Following the acquisition of NCI, Sampo plc sold
all the issued shares in Topdanmark A/S to If P&C
Insurance Holding Ltd. For more detailed description of
the acquisition, please see note 28.
In accordance with IFRS 10 Consolidated Financial
Statements, after the control of a subsidiary has been
gained, any subsequent change in the ownership, not
resulting in a loss of control, is treated as an equity
transaction between the non-controlling interests and
the owners of the parent company (IFRS 10.23). The
acquisition of non-controlling interest of Topdanmark
was accounted for as an equity transaction between the
NCI and the owners of the parent. Transaction costs,
which were incremental and directly related to equity
transaction, were deducted directly from equity. The
original purchase price allocation calculation (PPA),
prepared at the time of the original acquisition in 2017,
and including goodwill, remained unchanged.
Measurement of acquired Topdanmark shares
Sampo has determined that the measurement of
acquired Topdanmark A/S shares was based on the
compensation given as an exchange of those shares.
The issue price was determined based on the closing
price of the Sampo class A shares on Nasdaq Helsinki
Ltd on the last full trading day prior to the Sampo
Board resolving upon the directed issuance of shares.
For shares acquired via compulsory acquisition, the
value of acquired shares was determined based on the
compensation paid in cash.
Sale of Topdanmark A/S shares to If P&C Insurance
Holding Ltd
As the sale transaction of Topdanmark\u2019s shares was an
intra-group transaction, all impacts, including the sales
gain of the shares, were eliminated on the Sampo Group
level. The sales gain was due to the previously owned
shares being on balance sheet at historical value. The
transaction was completed at arm\u2019s length basis. The
intra-group sale of shares met the definition of a
common control transaction as both If P&C Insurance
Holding Ltd and Topdanmark A/S are under control of
Sampo plc before and after the acquisition.
As part of the intra-group sales transaction, Sampo
granted If P&C Insurance Holding loans denominated
partly in currencies other than functional currencies
either in Sampo or in If Group. IAS 21 The Effects of
Changes in Foreign Exchange Rates enables to
recognise exchange rate differences arising from a loan
(monetary item) in other comprehensive income when
that loan is included as part of the net investment in a
foreign operation. Sampo has assessed that in its
consolidated accounts, the long-term loan receivable
forms a part of Sampo\u2019s net investment in foreign
operation i.e. investment in subsidiary shares in If P&C
Insurance Holding Ltd.
Segment presentation
At the end of the financial year, Sampo Group\u2019s
business segments were If, Topdanmark, Hastings and
Holding.\u00a0 Topdanmark continued to be presented as a
business segment regardless of the intra-group sale of
Topdanmark A/S shares. As Sampo presents reporting
segments unchanged for the financial year 2024
reporting, no changes have been done to the allocation
of goodwill to Topdanmark segment.
Restructuring reserve
Following the acquisition of non-controlling interests in
Topdanmark, Sampo plc sold the shares of Topdanmark
A/S to If P&C Insurance Holding Ltd for further
integration into If Group\u2019s structure. In connection with
the acquisition and the integration of Topdanmark into
If Group, the one-off restructuring costs incurred
amounted to approximately EUR 150 million. If and
Topdanmark have estimated that requirements set in
the IAS 37 Provisions, Contingent Liabilities and
Contingent Assets for a recognition of a provision were
met at the end of the reporting period. The
restructuring provision is recognised as it is probable
that the restructuring costs will incur while carrying out
the integration. The costs relate mainly to redundancies,
decommissioning and sunsetting of systems as well as
rebranding.
On Sampo Group level, the restructuring provision
amounted to approximately EUR 150 million, of which
EUR 77 million was recognised in If\u2019s segment and EUR
73 million in Topdanmark\u2019s segment. In Sampo Group\u2019s
balance sheet, the restructuring provision is presented
under other liabilities.
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. At the reporting date, Sampo Group has
identified that Hastings\u2019 operations in Gibraltar are
subject to the global minimum top-up tax rules.
Discontinued operations in 2023
In order to segregate the Mandatum subgroup in the
demerger of Sampo plc, Mandatum\u2019s assets and
liabilities were reclassified as a disposal group held for
distribution to owners and related liabilities on 31 March
2023. In the statement of profit and other
comprehensive income, the result of Mandatum is
reported as a single line item as profit from the
discontinued operations.
The partial demerger was completed on 1 October
2023, and 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, EUR 102 million 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
on 2 October 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-479": { "value": "
Acquisition of Topdanmark\u2019s non-
controlling interest
On 17 June 2024, Sampo announced that Sampo and
Topdanmark had entered into a combination
agreement, based on which Sampo made\u00a0 a
recommended best and final public exchange offer to
acquire all of the outstanding shares in Topdanmark not
already owned by Sampo. The transaction was
completed by the compulsory acquisition of the
remaining Topdanmark minority shares on 25 October
2024. Following the acquisition of NCI, Sampo plc sold
all the issued shares in Topdanmark A/S to If P&C
Insurance Holding Ltd. For more detailed description of
the acquisition, please see note 28.
In accordance with IFRS 10 Consolidated Financial
Statements, after the control of a subsidiary has been
gained, any subsequent change in the ownership, not
resulting in a loss of control, is treated as an equity
transaction between the non-controlling interests and
the owners of the parent company (IFRS 10.23). The
acquisition of non-controlling interest of Topdanmark
was accounted for as an equity transaction between the
NCI and the owners of the parent. Transaction costs,
which were incremental and directly related to equity
transaction, were deducted directly from equity. The
original purchase price allocation calculation (PPA),
prepared at the time of the original acquisition in 2017,
and including goodwill, remained unchanged.
Measurement of acquired Topdanmark shares
Sampo has determined that the measurement of
acquired Topdanmark A/S shares was based on the
compensation given as an exchange of those shares.
The issue price was determined based on the closing
price of the Sampo class A shares on Nasdaq Helsinki
Ltd on the last full trading day prior to the Sampo
Board resolving upon the directed issuance of shares.
For shares acquired via compulsory acquisition, the
value of acquired shares was determined based on the
compensation paid in cash.
Sale of Topdanmark A/S shares to If P&C Insurance
Holding Ltd
As the sale transaction of Topdanmark\u2019s shares was an
intra-group transaction, all impacts, including the sales
gain of the shares, were eliminated on the Sampo Group
level. The sales gain was due to the previously owned
shares being on balance sheet at historical value. The
transaction was completed at arm\u2019s length basis. The
intra-group sale of shares met the definition of a
common control transaction as both If P&C Insurance
Holding Ltd and Topdanmark A/S are under control of
Sampo plc before and after the acquisition.
As part of the intra-group sales transaction, Sampo
granted If P&C Insurance Holding loans denominated
partly in currencies other than functional currencies
either in Sampo or in If Group. IAS 21 The Effects of
Changes in Foreign Exchange Rates enables to
recognise exchange rate differences arising from a loan
(monetary item) in other comprehensive income when
that loan is included as part of the net investment in a
foreign operation. Sampo has assessed that in its
consolidated accounts, the long-term loan receivable
forms a part of Sampo\u2019s net investment in foreign
operation i.e. investment in subsidiary shares in If P&C
Insurance Holding Ltd.
Segment presentation
At the end of the financial year, Sampo Group\u2019s
business segments were If, Topdanmark, Hastings and
Holding.\u00a0 Topdanmark continued to be presented as a
business segment regardless of the intra-group sale of
Topdanmark A/S shares. As Sampo presents reporting
segments unchanged for the financial year 2024
reporting, no changes have been done to the allocation
of goodwill to Topdanmark segment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-480": { "value": "
Restructuring reserve
Following the acquisition of non-controlling interests in
Topdanmark, Sampo plc sold the shares of Topdanmark
A/S to If P&C Insurance Holding Ltd for further
integration into If Group\u2019s structure. In connection with
the acquisition and the integration of Topdanmark into
If Group, the one-off restructuring costs incurred
amounted to approximately EUR 150 million. If and
Topdanmark have estimated that requirements set in
the IAS 37 Provisions, Contingent Liabilities and
Contingent Assets for a recognition of a provision were
met at the end of the reporting period. The
restructuring provision is recognised as it is probable
that the restructuring costs will incur while carrying out
the integration. The costs relate mainly to redundancies,
decommissioning and sunsetting of systems as well as
rebranding.
On Sampo Group level, the restructuring provision
amounted to approximately EUR 150 million, of which
EUR 77 million was recognised in If\u2019s segment and EUR
73 million in Topdanmark\u2019s segment. In Sampo Group\u2019s
balance sheet, the restructuring provision is presented
under other liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-482": { "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 the
financial year 2025 will not have any significant
influence on the Group's financial reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-481": { "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 the
financial year 2025 will not have any significant
influence on the Group's financial reporting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-483": { "value": "
Segment information
At the end of the reporting period, Sampo Group\u2019s
business segments are If, Topdanmark, Hastings and
Holding. Topdanmark continued to be presented as a
business segment regardless of the intra-group sale of
Topdanmark A/S shares to If P&C Holding Ltd.
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 2024
EURm
If
Topdan-
mark
Hastings
Holding
Elim.
Sampo
Group
GWP & brokerage income
5,860
1,553
2,565
\u2014
-47
9,931
Insurance revenue, net (incl.
brokerage)
5,258
1,470
1,659
\u2014
\u2014
8,386
Claims incurred, net
-3,554
-970
-938
\u2014
4
-5,459
Operating expenses
-814
-267
-532
\u2014
\u2014
-1,612
Underwriting result
890
233
190
\u2014
3
1,316
Net investment income
652
93
72
78
-8
888
Insurance finance income or
expense, net
-188
-33
-31
\u2014
\u2014
-252
Net financial result
464
60
41
78
-8
636
Other items
-98
-155
-39
-107
8
-392
Profit before taxes
1,256
137
193
-29
3
1,559
Income taxes
-252
-48
-30
0
\u2014
-330
Profit after taxes
1,003
90
163
-30
3
1,229
Divested operations, net of
tax
\u2014
-26
\u2014
\u2014
\u2014
-26
Net profit
1,203
Other comprehensive income
Items reclassifiable to profit
or loss
Exchange differences
-104
-1
101
\u2014
\u2014
-4
Cash flow hedges
\u2014
\u2014
1
\u2014
\u2014
1
Total items reclassifiable to
profit or loss, net of tax
-104
-1
102
\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
0
\u2014
\u2014
\u2014
\u2014
0
Taxes
0
\u2014
\u2014
\u2014
\u2014
0
Total items not reclassifiable
to profit or loss, net of tax
0
\u2014
\u2014
\u2014
\u2014
0
Total other comprehensive
income, net of tax
-105
-1
102
\u2014
\u2014
-3
Total comprehensive income
899
63
265
-30
3
1,200
Profit attributable to
Owners of the parent
1,154
Non-controlling interests
50
Total comprehensive income
attributable to
Owners of the parent
1,151
Non-controlling interests
50
All intra-group transactions related to the sale of Topdanmark A/S shares to If P&C Insurance
Holding Ltd have been eliminated already from the segment figures. For more information on the
transaction, please see note 28.
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 1
\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 Group has been presented in the comparative year in a single line as discontinued
operations, and therefore the Group total by lines do not reconcile to the segment totals.
1 The elimination totalling EUR 9 million is related to intra-segment operations between the
reportable segments and discontinued operation.
Balance sheet by segment at 31\u00a0December 2024
EURm
If
Topdanmark
Hastings
Holding
Elim.
Sampo Group
Assets
Property, plant and equipment
151
114
15
3
\u2014
284
Intangible assets
560
1,521
1,554
1
\u2014
3,637
Investments in associates
4
\u2014
\u2014
\u2014
\u2014
4
Financial assets
10,454
2,418
2,287
7,645
-6,713
16,090
Deferred income tax
4
1
\u2014
0
-4
2
Reinsurance contract assets
679
73
1,896
\u2014
-30
2,618
Other assets
593
91
167
31
-1
880
Cash and cash equivalents
273
108
333
248
\u2014
962
Total assets
12,720
4,327
6,252
7,927
-6,748
24,478
Liabilities
Insurance contract liabilities
7,049
1,875
3,396
\u2014
-33
12,286
Subordinated debts
131
147
\u2014
1,491
-127
1,642
Other financial liabilities
19
43
353
979
\u2014
1,395
Deferred income tax
358
113
64
\u2014
\u2014
535
Other liabilities
1,113
290
110
51
-1
1,562
Total liabilities
8,670
2,469
3,923
2,520
-162
17,419
Equity
Share capital
98
Reserves
3,531
Retained earnings
4,176
Other components of equity
-746
Equity attributable to owners of the parent
7,059
Non-controlling interests
\u2014
Total equity
7,059
Total equity and liabilities
24,478
All intra-group transactions related to the sale of Topdanmark A/S shares to If P&C Insurance Holding Ltd have been eliminated already from the segment figures. For more information on the transaction,
please see note 28..
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
\u2014
\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
Equity
7,687
Total equity and liabilities
24,225
Geographical information
EURm
2024
Finland
Sweden
Norway
Denmark
UK
Baltic
Total
Revenue from external customers
1,269\u00a0
1,954\u00a0
1,749\u00a0
2,126\u00a0
2,234\u00a0
245\u00a0
9,577\u00a0
Non-current assets
99\u00a0
433\u00a0
179\u00a0
1,639\u00a0
1,570\u00a0
6\u00a0
3,925\u00a0
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
1,977\u00a0
223\u00a0
8,894\u00a0
Non-current assets
111\u00a0
454\u00a0
189\u00a0
1,675\u00a0
1,531\u00a0
7\u00a0
3,968\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. Mandatum\u2019s assets were no longer
included at the end of the comparative period 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-486": { "value": "
1 Insurance service result
EURm
1-12/2024
1-12/2023
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
9,527
8,513
Change in liability for remaining coverage
-343
-329
Brokerage revenue
266
233
Total insurance revenue from contracts measured under PAA
9,450
8,417
Total insurance revenue
9,450
8,417
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,827
-5,292
Claims handling expenses
-518
-468
Change in liability for incurred claims
118
-29
Change in risk adjustment
-80
-9
Change in loss component
21
-12
Insurance service expenses related to claims incurred
-6,287
-5,810
Operating expenses
-1,396
-1,266
Total insurance service expenses
-7,684
-7,076
Reinsurance result
Premiums
-909
-1,005
Claims recovered
537
857
Total reinsurance result
-372
-148
Total insurance service result
1,394
1,193
3 Net finance income or expense from
insurance contracts
EURm
1-12/2024
1-12/2023
Insurance contracts
Unwinding of discount rate
-324\u00a0
-322\u00a0
Effect of changes in interest rates and other financial
assumptions
15\u00a0
-207\u00a0
Total finance income or expenses from insurance contracts
-309\u00a0
-529\u00a0
Reinsurance contracts
Unwinding of discount rate
86\u00a0
74\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
-29\u00a0
9\u00a0
Total finance income or expenses from reinsurance contracts
57\u00a0
83\u00a0
Net finance result insurance and reinsurance contracts
-252\u00a0
-446\u00a0
18 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
12/2024
12/2023
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage
1,877
1,709
Liability for incurred claims
10,409
10,007
Total insurance contract liabilities
12,286\u00a0
11,716\u00a0
Reinsurance contract assets
Assets for remaining coverage
276
258
Assets for incurred claims
2,342
2,024
Reinsurance contract assets, total
2,618\u00a0
2,282\u00a0
Total insurance contracts, net of reinsurance
9,668\u00a0
9,434\u00a0
The table below presents the yield curves by currency as a percentage that have been
used to discount the cash flows of the insurance contract liabilities.
2024
2023
Currency
, %
1 year
5
years
10
years
20
years
30
years
1 year
5
years
10
years
20
years
30
years
DKK
2.23
2.13
2.26
2.25
2.38
3.35
2.31
2.38
2.40
2.53
EUR
2.44
2.34
2.47
2.46
2.55
3.61
2.57
2.64
2.66
2.74
GBP
4.70
4.58
4.92
5.41
5.69
4.83
3.83
4.02
4.51
4.58
NOK
4.82
4.52
4.45
4.23
4.01
4.56
3.87
3.78
3.75
3.70
SEK
2.91
3.07
3.29
3.35
3.33
3.71
2.94
2.93
3.16
3.26
19 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
The following table presents 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.
The information is presented on the Sampo Group level
and on the reporting segment level. Information
regarding insurance contract liability is presented on
contracts measured under PAA model.
If and Hastings entered into an internal reinsurance
arrangement at the beginning of 2024. Reconciliation
calculations of the insurance contract liabilities for the
reported segments are presented, including the internal
amounts. On the Sampo Group level these amounts
have been eliminated.
Mandatum Group\u2019s figures are not included in the
reconciliation tables for the comparative year 2023, as
Mandatum is reported as a disposal group held for
distribution to owners.\u00a0
Sampo Group - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
1,701
27
9,547
459
11,734
1,499
14
8,931
444
10,889
Acquisition cash flow asset
-18
\u2014
11,716
10,889
Changes in the statement of comprehensive income
Insurance revenue
-9,450
\u2014
\u2014
\u2014
-9,450
-8,417
\u2014
\u2014
\u2014
-8,417
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
6,847
186
7,032
\u2014
\u2014
6,503
154
6,657
Amortisation of insurance acquisition cash flows
262
\u2014
\u2014
\u2014
262
223
\u2014
\u2014
\u2014
223
Changes that relate to past service (LIC)
\u2014
\u2014
-174
-100
-274
\u2014
\u2014
-395
-145
-540
Changes that relate to future service (LRC)
\u2014
-21
\u2014
\u2014
-21
\u2014
12
\u2014
\u2014
12
Total insurance service expenses
262
-21
6,673
85
7,000
223
12
6,108
9
6,351
Insurance service result
-9,188
-21
6,673
85
-2,450
-8,195
12
6,108
9
-2,066
Insurance finance income or expense
\u2014
\u2014
307
\u2014
307
\u2014
\u2014
529
\u2014
529
Other items (including FX effects)
-62
0
24
11
-27
-185
0
91
4
-89
Total changes in the statement of comprehensive
income
-9,250
-21
7,004
97
-2,170
-8,379
12
6,728
13
-1,626
Cash flows during the period
Premiums received\u00a0
9,718
\u2014
\u2014
\u2014
9,718
8,785
\u2014
\u2014
\u2014
8,785
Claims and other insurance service expenses paid
\u2014
\u2014
-6,703
\u2014
-6,703
\u2014
\u2014
-6,111
\u2014
-6,111
Insurance acquisition cash flows paid
-283
\u2014
\u2014
\u2014
-283
-221
\u2014
\u2014
\u2014
-221
Total cash flows during the period
9,435
\u2014
-6,703
\u2014
2,732
8,564
\u2014
-6,111
\u2014
2,453
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
17
\u2014
\u2014
1
18
Other
5
\u2014
4
0
9
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
1,891
6
9,853
557
12,305
1,701
27
9,547
459
11,734
Acquisition cash flow asset
-20
-18
Closing balance
12,286
11,716
Sampo Group - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
258
1,803
220
2,282
221
1,384
215
1,820
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-909
\u2014
\u2014
-909
-1,005
\u2014
\u2014
-1,005
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses
\u2014
521
79
600
\u2014
935
72
1,007
Adjustments to assets for incurred claims
0
21
-52
-31
0
-80
-70
-150
Effect of changes in non-performance risk of reinsurers
\u2014
0
\u2014
0
\u2014
0
\u2014
0
Net expenses from reinsurance contracts
-909
542
28
-340
-1,005
855
2
-148
Insurance finance income or expenses from reinsurance contracts
\u2014
57
\u2014
57
\u2014
83
\u2014
83
Effect of movements in exchange rates
-33
29
4
-1
-8
31
4
26
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-943
628
31
-284
-1,014
969
6
-39
Investment component excluded from the net expenses from
reinsurance contracts
-216
216
\u2014
\u2014
Cash flows
Premiums paid
1,176
\u2014
\u2014
1,176
1,051
\u2014
\u2014
1,051
Amounts received
\u2014
-556
\u2014
-556
\u2014
-550
\u2014
-550
Total cash flows
1,176
-556
\u2014
620
1,051
-550
\u2014
501
Closing assets
276
2,090
252
2,618
258
1,803
220
2,282
If\u00a0 - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
911
17
6,038
175
7,141
868
7
5,655
162
6,693
Acquisition cash flow asset
-7
\u2014
7,134
6,693
Changes in the statement of comprehensive income
Insurance revenue
-5,680
\u2014
\u2014
\u2014
-5,680
-5,330
\u2014
\u2014
\u2014
-5,330
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
4,060
65
4,125
\u2014
\u2014
3,924
58
3,981
Amortisation of insurance acquisition cash flows
107
\u2014
\u2014
\u2014
107
100
\u2014
\u2014
\u2014
100
Changes that relate to past service (LIC)
\u2014
\u2014
-191
-50
-241
\u2014
\u2014
-184
-43
-228
Changes that relate to future service (LRC)
\u2014
-11
\u2014
\u2014
-11
\u2014
10
\u2014
\u2014
10
Total insurance service expenses
107
-11
3,869
15
3,980
100
10
3,739
14
3,863
Insurance service result
-5,573
-11
3,869
15
-1,700
-5,230
10
3,739
14
-1,467
Insurance finance income or expense
\u2014
\u2014
208
\u2014
208
\u2014
\u2014
340
\u2014
340
Other items (including FX effects)
-5
-1
-104
-3
-112
-191
0
57
-2
-135
Total changes in the statement of comprehensive income
-5,579
-11
3,973
12
-1,605
-5,420
10
4,136
13
-1,261
Cash flows during the period
Premiums received\u00a0
5,694
\u2014
\u2014
\u2014
5,694
5,572
\u2014
\u2014
\u2014
5,572
Claims and other insurance service expenses paid
\u2014
\u2014
-4,052
\u2014
-4,052
\u2014
\u2014
-3,754
\u2014
-3,754
Insurance acquisition cash flows paid
-125
\u2014
\u2014
\u2014
-125
-108
\u2014
\u2014
\u2014
-108
Total cash flows during the period
5,569
\u2014
-4,052
\u2014
1,517
5,463
\u2014
-3,754
\u2014
1,710
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
5
\u2014
4
\u2014
9
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance contracts
906
6
5,962
188
7,062
911
17
6,038
175
7,141
Acquisition cash flow asset
-14
-7
Closing balance -
Insurance contract liabilities
7,049
7,134
As a consequence of Sampo plc\u2019s partial demerger of Mandatum Holding Ltd in 2023, If Livf\u00f6rs\u00e4kring AB concluded an agreement on the transfer of parts of Mandatum\u2019s life portfolio to If Livf\u00f6rs\u00e4kring AB.
The transfer was completed on 1 October 2024.
If\u00a0 - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
36
510
17
563
28
226
10
264
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-423
\u2014
\u2014
-423
-334
\u2014
\u2014
-334
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
282
11
293
\u2014
339
10
348
Adjustments to assets for incurred claims
\u2014
30
-4
26
\u2014
41
-3
38
Effect of changes in non-performance risk of reinsurers
\u2014
0
\u2014
0
\u2014
0
\u2014
0
Net expenses from reinsurance contracts
-423
312
6
-104
-334
380
7
52
Insurance finance income or expenses from reinsurance contracts
\u2014
20
\u2014
20
\u2014
8
\u2014
8
Effect of movements in exchange rates
1
-7
\u2014
-6
-12
8
0
-4
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-421
325
6
-90
-346
396
7
57
Investment component excluded from the net expenses from
reinsurance contracts
-25
25
\u2014
\u2014
Cash flows
Premiums paid
429
\u2014
\u2014
429
354
\u2014
\u2014
354
Amounts received
\u2014
-223
\u2014
-223
\u2014
-112
\u2014
-112
Total cash flows
429
-223
\u2014
206
354
-112
\u2014
242
Closing assets
20
636
23
679
36
510
17
563
Topdanmark - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
282
2
1,546
37
1,867
285
2
1,441
35
1,763
Acquisition cash flow asset
-12
\u2014
1,855
1,763
Changes in the statement of comprehensive income
Insurance revenue
-1,560
\u2014
\u2014
\u2014
-1,560
-1,369
\u2014
\u2014
\u2014
-1,369
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,287
39
1,326
\u2014
\u2014
1,093
15
1,108
Amortisation of insurance acquisition cash flows
29
\u2014
\u2014
\u2014
29
31
\u2014
\u2014
\u2014
31
Changes that relate to past service (LIC)
\u2014
\u2014
-31
-16
-47
\u2014
\u2014
-27
-16
-43
Changes that relate to future service (LRC)
\u2014
-2
\u2014
\u2014
-2
\u2014
1
\u2014
\u2014
1
Total insurance service expenses
29
-2
1,256
23
1,306
31
1
1,066
-1
1,097
Insurance service result
-1,530
-2
1,256
23
-253
-1,337
1
1,066
-1
-272
Insurance finance income or expense
\u2014
\u2014
32
\u2014
32
\u2014
\u2014
81
\u2014
81
Other items (including FX effects)
1
0
-1
1
1
0
0
-5
1
-4
Total changes in the statement of comprehensive income
-1,530
-2
1,287
25
-220
-1,337
1
1,142
0
-194
Cash flows during the period
Premiums received\u00a0
1,561
\u2014
\u2014
\u2014
1,561
1,336
\u2014
\u2014
\u2014
1,336
Claims and other insurance service expenses paid
\u2014
\u2014
-1,298
\u2014
-1,298
\u2014
\u2014
-1,038
\u2014
-1,038
Insurance acquisition cash flows paid
-29
\u2014
\u2014
\u2014
-29
-18
\u2014
\u2014
\u2014
-18
Total cash flows during the period
1,531
\u2014
-1,298
\u2014
234
1,318
\u2014
-1,038
\u2014
280
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
17
\u2014
\u2014
1
18
Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
284
0
1,535
61
1,881
282
2
1,546
37
1,867
Acquisition cash flow asset
-6
-12
Closing balance -
liabilities relating to insurance contracts
1,875
1,855
Topdanmark\u00a0 - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
-1
78
1
79
-2
80
1
79
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-90
\u2014
\u2014
-90
-80
\u2014
\u2014
-80
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
44
2
46
\u2014
49
\u2014
49
Adjustments to assets for incurred claims
\u2014
2
-1
1
\u2014
1
0
1
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-90
46
1
-43
-80
49
0
-31
Insurance finance income or expenses from reinsurance contracts
\u2014
1
\u2014
1
\u2014
2
\u2014
2
Effect of movements in exchange rates
\u2014
\u2014
\u2014
0
0
0
0
0
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-90
47
1
-42
-80
51
0
-29
Investment component excluded from the net expenses from
reinsurance contracts
\u2014
\u2014
\u2014
\u2014
Cash flows
Premiums paid
90
\u2014
\u2014
90
82
\u2014
\u2014
82
Amounts received
\u2014
-54
\u2014
-54
\u2014
-54
\u2014
-54
Total cash flows
90
-54
\u2014
36
82
-54
\u2014
28
Closing assets
-1
72
2
73
-1
78
1
79
Hastings - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
508
7
1,964
247
2,726
347
5
1,835
247
2,434
Acquisition cash flow asset
\u2014
\u2014
2,726
2,434
Changes in the statement of profit or loss
Insurance revenue
-2,234
\u2014
\u2014
\u2014
-2,234
-1,719
\u2014
\u2014
\u2014
-1,719
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,517
84
1,601
\u2014
\u2014
1,486
81
1,568
Amortisation of insurance acquisition cash flows
125
\u2014
\u2014
\u2014
125
92
\u2014
\u2014
\u2014
92
Changes that relate to past service (LIC)
\u2014
\u2014
48
-34
14
\u2014
\u2014
-184
-86
-269
Changes that relate to future service (LRC)
\u2014
-8
\u2014
\u2014
-8
\u2014
2
\u2014
\u2014
2
Total insurance service expenses
125
-8
1,566
50
1,733
92
2
1,303
-4
1,391
Insurance service result
-2,109
-8
1,566
50
-501
-1,628
2
1,303
-4
-328
Insurance finance income or expense
\u2014
\u2014
67
\u2014
67
\u2014
\u2014
108
\u2014
108
Other items (including FX effects)
-20
0
129
13
122
6
0
39
5
50
Total changes in the statement of profit or loss
-2,129
-7
1,762
63
-312
-1,622
2
1,449
1
-170
Cash flows during the period
Premiums received\u00a0
2,463
\u2014
\u2014
\u2014
2,463
1,877
\u2014
\u2014
\u2014
1,877
Claims and other insurance service expenses paid
\u2014
\u2014
-1,353
\u2014
-1,353
\u2014
\u2014
-1,320
\u2014
-1,320
Insurance acquisition cash flows paid
-129
\u2014
\u2014
\u2014
-129
-95
\u2014
\u2014
\u2014
-95
Total cash flows during the period
2,334
\u2014
-1,353
\u2014
981
1,782
\u2014
-1,320
\u2014
462
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance contracts
713
0
2,373
310
3,396
508
7
1,964
247
2,726
Closing balance -
liabilities relating to insurance contracts
3,396
2,726
Hastings - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
223
1,215
202
1,640
195
1,078
203
1,477
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-420
\u2014
\u2014
-420
-591
\u2014
\u2014
-591
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
181
63
245
\u2014
548
62
610
Adjustments to assets for incurred claims
0
-11
-46
-57
0
-121
-67
-188
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-420
170
17
-232
-591
426
-5
-170
Insurance finance income or expenses from reinsurance
contracts
\u2014
36
\u2014
36
\u2014
73
\u2014
73
Effect of movements in exchange rates
2
63
10
75
4
22
4
30
Total changes in the statement of comprehensive income
-418
269
27
-122
-588
521
-1
-68
Investment component excluded from the net expenses from
reinsurance contracts
-191
191
\u2014
\u2014
Cash flows
Premiums paid
657
\u2014
\u2014
657
615
\u2014
\u2014
615
Amounts received
\u2014
-279
\u2014
-279
\u2014
-384
\u2014
-384
Total cash flows
657
-279
\u2014
378
615
-384
\u2014
231
Closing assets
270
1,396
229
1,896
223
1,215
202
1,640
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-485": { "value": "
1 Insurance service result
EURm
1-12/2024
1-12/2023
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
9,527
8,513
Change in liability for remaining coverage
-343
-329
Brokerage revenue
266
233
Total insurance revenue from contracts measured under PAA
9,450
8,417
Total insurance revenue
9,450
8,417
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,827
-5,292
Claims handling expenses
-518
-468
Change in liability for incurred claims
118
-29
Change in risk adjustment
-80
-9
Change in loss component
21
-12
Insurance service expenses related to claims incurred
-6,287
-5,810
Operating expenses
-1,396
-1,266
Total insurance service expenses
-7,684
-7,076
Reinsurance result
Premiums
-909
-1,005
Claims recovered
537
857
Total reinsurance result
-372
-148
Total insurance service result
1,394
1,193
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-484": { "value": "
1 Insurance service result
EURm
1-12/2024
1-12/2023
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
9,527
8,513
Change in liability for remaining coverage
-343
-329
Brokerage revenue
266
233
Total insurance revenue from contracts measured under PAA
9,450
8,417
Total insurance revenue
9,450
8,417
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,827
-5,292
Claims handling expenses
-518
-468
Change in liability for incurred claims
118
-29
Change in risk adjustment
-80
-9
Change in loss component
21
-12
Insurance service expenses related to claims incurred
-6,287
-5,810
Operating expenses
-1,396
-1,266
Total insurance service expenses
-7,684
-7,076
Reinsurance result
Premiums
-909
-1,005
Claims recovered
537
857
Total reinsurance result
-372
-148
Total insurance service result
1,394
1,193
21 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 for the past ten years, before and after reinsurance. For earlier years, the
information is aggregated into one row. The information is presented at the Sampo
Group level and at the reporting segment level.
The upper part of the table shows how an estimate of the total claims expense per
accident year evolves annually in relation 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 can be found in the risk management note 34.
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
2024. Consequently, the table is not directly comparable with the corresponding tables
reported in previous years, since all accident years include translated information and
amounts are always translated with the closing balance sheet rates of the financial
year. 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
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
3,917
4,034
4,129
4,344
4,529
4,531
4,760
5,321
6,342
6,491
one year later
3,937
4,049
4,136
4,429
4,591
4,574
4,916
5,427
6,403
two years later
3,914
4,015
4,120
4,495
4,642
4,650
4,986
5,426
three years later
3,896
3,985
4,164
4,556
4,747
4,658
4,975
four years later
3,843
3,924
4,118
4,560
4,710
4,696
five years later
3,832
4,012
4,137
4,530
4,719
six years later
3,812
3,988
4,106
4,543
seven years later
3,835
3,986
4,142
eight years later
3,803
3,943
nine years later
3,744
ten years later
Current estimate of total claims expense
3,777
3,930
4,100
4,486
4,606
4,515
4,844
5,372
6,430
6,491
Total disbursed
2,469
2,308
2,301
2,526
2,581
2,787
2,700
2,672
2,833
1,963
Liability (gross) reported in the balance
sheet
184
252
289
351
417
504
781
1,109
1,933
3,245
9,066
Liability (gross) relating to prior years
2,859
Discounting effect, gross
-2,120
Liability for claims handling expenses and
other items
624
Elimination
-20
Total liability for incurred claims
10,409
Sampo Group - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
3,779
3,807
3,929
4,191
4,327
4,244
4,374
4,925
5,529
5,868
one year later
3,797
3,822
3,969
4,258
4,362
4,239
4,465
4,982
5,567
two years later
3,766
3,803
3,949
4,302
4,388
4,270
4,456
4,959
three years later
3,748
3,758
3,968
4,341
4,453
4,295
4,472
four years later
3,692
3,713
3,915
4,334
4,435
4,338
five years later
3,672
3,714
3,930
4,302
4,459
six years later
3,655
3,705
3,902
4,308
seven years later
3,667
3,672
3,916
eight years later
3,634
3,658
nine years later
3,608
ten years later
Current estimate of total claims expense
3,644
3,570
3,698
4,009
4,080
4,030
4,135
4,463
4,929
5,193
Total disbursed
2,435
2,250
2,282
2,419
2,497
2,515
2,475
2,494
2,558
1,861
Liability (net) reported in the balance
sheet
170
171
209
302
306
355
515
761
1,202
2,513
6,504
Liability (net) relating to prior years
2,678
Discounting effect, gross
-1,594
Liability for claims handling expenses
482
Risk of non-performance by reinsurer
1
Elimination
-4
Total liability for incurred claims
8,067
If - Claims development before reinsurance
EURm
Claims expense, gross
Accident year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
2,515
2,474
2,546
2,678
2,797
2,927
2,917
3,157
3,775
3,921
one year later
2,529
2,505
2,582
2,768
2,839
2,962
3,066
3,273
3,870
two years later
2,513
2,499
2,569
2,796
2,851
3,006
3,049
3,223
three years later
2,487
2,456
2,572
2,812
2,896
2,978
2,997
four years later
2,456
2,443
2,543
2,830
2,887
2,938
five years later
2,450
2,452
2,552
2,799
2,846
six years later
2,435
2,457
2,527
2,790
seven years later
2,445
2,427
2,504
eight years later
2,425
2,411
nine years later
2,413
ten years later
Current estimate of total claims expense
2,413
2,411
2,504
2,790
2,846
2,938
2,997
3,223
3,870
3,921
Total disbursed
2,279
2,270
2,361
2,577
2,646
2,694
2,654
2,759
2,943
2,005
Liability (gross) reported in the balance
sheet
134
141
143
212
200
244
343
464
927
1,916
4,725
Liability (gross) relating to prior years
2,332
Discounting effect, gross
-1,374
Liability for claims handling expenses
467
Total liability for incurred claims
6,150
If - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
2,479
2,423
2,491
2,628
2,739
2,757
2,797
3,074
3,424
3,627
one year later
2,490
2,433
2,532
2,702
2,771
2,774
2,914
3,163
3,486
two years later
2,471
2,426
2,515
2,729
2,780
2,818
2,879
3,116
three years later
2,454
2,390
2,518
2,747
2,826
2,791
2,824
four years later
2,421
2,378
2,490
2,761
2,820
2,750
five years later
2,414
2,382
2,509
2,731
2,777
six years later
2,400
2,388
2,484
2,721
seven years later
2,410
2,358
2,460
eight years later
2,391
2,343
nine years later
2,379
ten years later
Current estimate of total claims expense
2,379
2,343
2,460
2,721
2,777
2,750
2,824
3,116
3,486
3,627
Total disbursed
2,248
2,216
2,323
2,514
2,586
2,514
2,511
2,675
2,786
2,027
Liability (net) reported in the balance
sheet
131
127
138
207
191
236
313
442
700
1,600
4,083
Liability (net) relating to prior years
2,317
Discounting effect, gross
-1,345
Liability for claims handling expenses
434
Risk of non-performance by reinsurer
1
Total liability for incurred claims
5,491
Topdanmark - Claims development before reinsurance
EURm
Claims expense, gross
Accident year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
826
800
727
786
789
819
842
882
975
1,087
one year later
836
799
743
798
809
801
834
875
968
two years later
821
785
735
806
815
779
843
868
three years later
818
774
743
814
816
793
847
four years later
812
756
737
812
815
791
five years later
793
759
734
816
817
six years later
787
755
741
817
seven years later
795
756
740
eight years later
789
759
nine years later
788
ten years later
Current estimate of total claims expense
788
759
740
817
817
791
847
868
968
1,087
Total disbursed
752
723
695
753
739
705
727
709
722
600
Liability (gross) reported in the balance
sheet
36
36
45
64
78
86
120
159
246
487
1,357
Liability (gross) relating to prior years
352
Discounting effect, gross
-157
Other items
45
Total liability for incurred claims
1,596
Topdanmark - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
776
742
703
735
756
782
785
837
925
1,042
one year later
783
745
716
746
773
764
777
830
919
two years later
770
731
707
754
780
743
784
823
three years later
767
719
716
761
781
757
787
four years later
756
701
710
759
778
756
five years later
746
700
707
763
779
six years later
742
698
714
763
seven years later
750
700
713
eight years later
744
702
nine years later
741
ten years later
Current estimate of total claims expense
741
702
713
763
779
756
787
823
919
1,042
Total disbursed
707
667
668
701
703
671
671
669
685
581
Liability (net) reported in the balance
sheet
34
35
45
63
76
85
116
154
234
461
1,303
Liability (net) relating to prior years
351
Discounting effect, gross
-155
Liability for claims handling expenses
24
Total liability for incurred claims
1,523
Hastings - Claims development before reinsurance
EURm
Claims expense, gross
Accident year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
576
760
856
880
943
786
1,000
1,282
1,591
1,483
one year later
573
744
811
863
943
811
1,016
1,279
1,564
two years later
581
730
817
893
976
865
1,094
1,336
three years later
591
755
849
930
1,035
888
1,131
four years later
574
724
838
918
1,008
967
five years later
590
800
851
915
1,056
six years later
590
776
838
936
seven years later
595
802
898
eight years later
589
774
nine years later
543
ten years later
Current estimate of total claims expense
576
760
856
880
943
786
1,000
1,282
1,591
1,483
Total disbursed
-562
-685
-754
-805
-804
-612
-681
-795
-832
-641
Liability (gross) reported in the balance
sheet
14
75
101
75
139
174
318
486
759
842
2,985
Liability (gross) relating to prior years
176
Discounting effect, gross
-589
Liability for claims handling expenses
112
Total liability for incurred claims
2,683
Hastings - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Estimated claims expense
at the close of the claims year
524
642
735
828
832
706
792
1,014
1,180
1,199
one year later
523
643
721
810
818
701
774
989
1,162
two years later
525
646
728
819
828
709
792
1,020
three years later
527
648
734
833
846
746
861
four years later
516
634
716
814
837
832
five years later
512
631
714
808
904
six years later
513
620
704
824
seven years later
506
614
742
eight years later
499
613
nine years later
488
ten years later
Current estimate of total claims expense
524
524
524
524
524
524
524
524
524
524
Total disbursed
-520
-633
-709
-796
-792
-671
-706
-849
-912
-747
Liability (net) reported in the balance
sheet
5
9
26
32
40
35
86
165
268
453
1,118
Liability (net) relating to prior years
10
Discounting effect, gross
-93
Liability for claims handling expenses
24
Total liability for incurred claims
1,058
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-488": { "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.
EURm
1-12/2024
1-12/2023
Derivative financial instruments
Interest income
4
6
Interest expense
0
-23
Net gains or losses
13
5
Derivative financial instruments, total
17
-12
Financial assets at fair value through profit or loss
Debt securities
Interest income
493
447
Net gains or losses
147
364
Equity securities
Dividend income
37
59
Net gains or losses
81
64
Funds
Distributions
6
5
Interest income
10
11
Net gains or losses
70
60
Financial assets at fair value through profit or loss, total
844
1,010
Financial assets at amortised cost
32
23
Total income or expenses from financial assets
892
1,021
Other
Expenses from asset management
-21
-19
Other income
57
34
Other expenses
-38
-26
Fee expenses
0
-1
Expenses from investment property
-3
-4
Total other
-4
-15
Total net investment income
888
1,006
Net gains or losses for debt securities include exchange differences of EUR 2 million (-3).
The amount of expected credit losses on financial assets measured at amortised cost is
presented in the note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-487": { "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.
EURm
1-12/2024
1-12/2023
Derivative financial instruments
Interest income
4
6
Interest expense
0
-23
Net gains or losses
13
5
Derivative financial instruments, total
17
-12
Financial assets at fair value through profit or loss
Debt securities
Interest income
493
447
Net gains or losses
147
364
Equity securities
Dividend income
37
59
Net gains or losses
81
64
Funds
Distributions
6
5
Interest income
10
11
Net gains or losses
70
60
Financial assets at fair value through profit or loss, total
844
1,010
Financial assets at amortised cost
32
23
Total income or expenses from financial assets
892
1,021
Other
Expenses from asset management
-21
-19
Other income
57
34
Other expenses
-38
-26
Fee expenses
0
-1
Expenses from investment property
-3
-4
Total other
-4
-15
Total net investment income
888
1,006
Net gains or losses for debt securities include exchange differences of EUR 2 million (-3).
The amount of expected credit losses on financial assets measured at amortised cost is
presented in the note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-492": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2024
1-12/2023
Insurance contracts
Unwinding of discount rate
-324\u00a0
-322\u00a0
Effect of changes in interest rates and other financial
assumptions
15\u00a0
-207\u00a0
Total finance income or expenses from insurance contracts
-309\u00a0
-529\u00a0
Reinsurance contracts
Unwinding of discount rate
86\u00a0
74\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
-29\u00a0
9\u00a0
Total finance income or expenses from reinsurance contracts
57\u00a0
83\u00a0
Net finance result insurance and reinsurance contracts
-252\u00a0
-446\u00a0
7 Finance expenses
EURm
1-12/2024
1-12/2023
Interest expense on financial liabilities
-21\u00a0
-24\u00a0
Interest expense on subordinated loans
-52\u00a0
-48\u00a0
Other items
-30\u00a0
-22\u00a0
Total finance expenses
-103\u00a0
-93\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-491": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2024
1-12/2023
Insurance contracts
Unwinding of discount rate
-324\u00a0
-322\u00a0
Effect of changes in interest rates and other financial
assumptions
15\u00a0
-207\u00a0
Total finance income or expenses from insurance contracts
-309\u00a0
-529\u00a0
Reinsurance contracts
Unwinding of discount rate
86\u00a0
74\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
-29\u00a0
9\u00a0
Total finance income or expenses from reinsurance contracts
57\u00a0
83\u00a0
Net finance result insurance and reinsurance contracts
-252\u00a0
-446\u00a0
18 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
12/2024
12/2023
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage
1,877
1,709
Liability for incurred claims
10,409
10,007
Total insurance contract liabilities
12,286\u00a0
11,716\u00a0
Reinsurance contract assets
Assets for remaining coverage
276
258
Assets for incurred claims
2,342
2,024
Reinsurance contract assets, total
2,618\u00a0
2,282\u00a0
Total insurance contracts, net of reinsurance
9,668\u00a0
9,434\u00a0
The table below presents the yield curves by currency as a percentage that have been
used to discount the cash flows of the insurance contract liabilities.
2024
2023
Currency
, %
1 year
5
years
10
years
20
years
30
years
1 year
5
years
10
years
20
years
30
years
DKK
2.23
2.13
2.26
2.25
2.38
3.35
2.31
2.38
2.40
2.53
EUR
2.44
2.34
2.47
2.46
2.55
3.61
2.57
2.64
2.66
2.74
GBP
4.70
4.58
4.92
5.41
5.69
4.83
3.83
4.02
4.51
4.58
NOK
4.82
4.52
4.45
4.23
4.01
4.56
3.87
3.78
3.75
3.70
SEK
2.91
3.07
3.29
3.35
3.33
3.71
2.94
2.93
3.16
3.26
19 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
The following table presents 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.
The information is presented on the Sampo Group level
and on the reporting segment level. Information
regarding insurance contract liability is presented on
contracts measured under PAA model.
If and Hastings entered into an internal reinsurance
arrangement at the beginning of 2024. Reconciliation
calculations of the insurance contract liabilities for the
reported segments are presented, including the internal
amounts. On the Sampo Group level these amounts
have been eliminated.
Mandatum Group\u2019s figures are not included in the
reconciliation tables for the comparative year 2023, as
Mandatum is reported as a disposal group held for
distribution to owners.\u00a0
Sampo Group - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
1,701
27
9,547
459
11,734
1,499
14
8,931
444
10,889
Acquisition cash flow asset
-18
\u2014
11,716
10,889
Changes in the statement of comprehensive income
Insurance revenue
-9,450
\u2014
\u2014
\u2014
-9,450
-8,417
\u2014
\u2014
\u2014
-8,417
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
6,847
186
7,032
\u2014
\u2014
6,503
154
6,657
Amortisation of insurance acquisition cash flows
262
\u2014
\u2014
\u2014
262
223
\u2014
\u2014
\u2014
223
Changes that relate to past service (LIC)
\u2014
\u2014
-174
-100
-274
\u2014
\u2014
-395
-145
-540
Changes that relate to future service (LRC)
\u2014
-21
\u2014
\u2014
-21
\u2014
12
\u2014
\u2014
12
Total insurance service expenses
262
-21
6,673
85
7,000
223
12
6,108
9
6,351
Insurance service result
-9,188
-21
6,673
85
-2,450
-8,195
12
6,108
9
-2,066
Insurance finance income or expense
\u2014
\u2014
307
\u2014
307
\u2014
\u2014
529
\u2014
529
Other items (including FX effects)
-62
0
24
11
-27
-185
0
91
4
-89
Total changes in the statement of comprehensive
income
-9,250
-21
7,004
97
-2,170
-8,379
12
6,728
13
-1,626
Cash flows during the period
Premiums received\u00a0
9,718
\u2014
\u2014
\u2014
9,718
8,785
\u2014
\u2014
\u2014
8,785
Claims and other insurance service expenses paid
\u2014
\u2014
-6,703
\u2014
-6,703
\u2014
\u2014
-6,111
\u2014
-6,111
Insurance acquisition cash flows paid
-283
\u2014
\u2014
\u2014
-283
-221
\u2014
\u2014
\u2014
-221
Total cash flows during the period
9,435
\u2014
-6,703
\u2014
2,732
8,564
\u2014
-6,111
\u2014
2,453
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
17
\u2014
\u2014
1
18
Other
5
\u2014
4
0
9
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
1,891
6
9,853
557
12,305
1,701
27
9,547
459
11,734
Acquisition cash flow asset
-20
-18
Closing balance
12,286
11,716
Sampo Group - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
258
1,803
220
2,282
221
1,384
215
1,820
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-909
\u2014
\u2014
-909
-1,005
\u2014
\u2014
-1,005
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses
\u2014
521
79
600
\u2014
935
72
1,007
Adjustments to assets for incurred claims
0
21
-52
-31
0
-80
-70
-150
Effect of changes in non-performance risk of reinsurers
\u2014
0
\u2014
0
\u2014
0
\u2014
0
Net expenses from reinsurance contracts
-909
542
28
-340
-1,005
855
2
-148
Insurance finance income or expenses from reinsurance contracts
\u2014
57
\u2014
57
\u2014
83
\u2014
83
Effect of movements in exchange rates
-33
29
4
-1
-8
31
4
26
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-943
628
31
-284
-1,014
969
6
-39
Investment component excluded from the net expenses from
reinsurance contracts
-216
216
\u2014
\u2014
Cash flows
Premiums paid
1,176
\u2014
\u2014
1,176
1,051
\u2014
\u2014
1,051
Amounts received
\u2014
-556
\u2014
-556
\u2014
-550
\u2014
-550
Total cash flows
1,176
-556
\u2014
620
1,051
-550
\u2014
501
Closing assets
276
2,090
252
2,618
258
1,803
220
2,282
If\u00a0 - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
911
17
6,038
175
7,141
868
7
5,655
162
6,693
Acquisition cash flow asset
-7
\u2014
7,134
6,693
Changes in the statement of comprehensive income
Insurance revenue
-5,680
\u2014
\u2014
\u2014
-5,680
-5,330
\u2014
\u2014
\u2014
-5,330
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
4,060
65
4,125
\u2014
\u2014
3,924
58
3,981
Amortisation of insurance acquisition cash flows
107
\u2014
\u2014
\u2014
107
100
\u2014
\u2014
\u2014
100
Changes that relate to past service (LIC)
\u2014
\u2014
-191
-50
-241
\u2014
\u2014
-184
-43
-228
Changes that relate to future service (LRC)
\u2014
-11
\u2014
\u2014
-11
\u2014
10
\u2014
\u2014
10
Total insurance service expenses
107
-11
3,869
15
3,980
100
10
3,739
14
3,863
Insurance service result
-5,573
-11
3,869
15
-1,700
-5,230
10
3,739
14
-1,467
Insurance finance income or expense
\u2014
\u2014
208
\u2014
208
\u2014
\u2014
340
\u2014
340
Other items (including FX effects)
-5
-1
-104
-3
-112
-191
0
57
-2
-135
Total changes in the statement of comprehensive income
-5,579
-11
3,973
12
-1,605
-5,420
10
4,136
13
-1,261
Cash flows during the period
Premiums received\u00a0
5,694
\u2014
\u2014
\u2014
5,694
5,572
\u2014
\u2014
\u2014
5,572
Claims and other insurance service expenses paid
\u2014
\u2014
-4,052
\u2014
-4,052
\u2014
\u2014
-3,754
\u2014
-3,754
Insurance acquisition cash flows paid
-125
\u2014
\u2014
\u2014
-125
-108
\u2014
\u2014
\u2014
-108
Total cash flows during the period
5,569
\u2014
-4,052
\u2014
1,517
5,463
\u2014
-3,754
\u2014
1,710
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
5
\u2014
4
\u2014
9
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance contracts
906
6
5,962
188
7,062
911
17
6,038
175
7,141
Acquisition cash flow asset
-14
-7
Closing balance -
Insurance contract liabilities
7,049
7,134
As a consequence of Sampo plc\u2019s partial demerger of Mandatum Holding Ltd in 2023, If Livf\u00f6rs\u00e4kring AB concluded an agreement on the transfer of parts of Mandatum\u2019s life portfolio to If Livf\u00f6rs\u00e4kring AB.
The transfer was completed on 1 October 2024.
If\u00a0 - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
36
510
17
563
28
226
10
264
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-423
\u2014
\u2014
-423
-334
\u2014
\u2014
-334
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
282
11
293
\u2014
339
10
348
Adjustments to assets for incurred claims
\u2014
30
-4
26
\u2014
41
-3
38
Effect of changes in non-performance risk of reinsurers
\u2014
0
\u2014
0
\u2014
0
\u2014
0
Net expenses from reinsurance contracts
-423
312
6
-104
-334
380
7
52
Insurance finance income or expenses from reinsurance contracts
\u2014
20
\u2014
20
\u2014
8
\u2014
8
Effect of movements in exchange rates
1
-7
\u2014
-6
-12
8
0
-4
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-421
325
6
-90
-346
396
7
57
Investment component excluded from the net expenses from
reinsurance contracts
-25
25
\u2014
\u2014
Cash flows
Premiums paid
429
\u2014
\u2014
429
354
\u2014
\u2014
354
Amounts received
\u2014
-223
\u2014
-223
\u2014
-112
\u2014
-112
Total cash flows
429
-223
\u2014
206
354
-112
\u2014
242
Closing assets
20
636
23
679
36
510
17
563
Topdanmark - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
282
2
1,546
37
1,867
285
2
1,441
35
1,763
Acquisition cash flow asset
-12
\u2014
1,855
1,763
Changes in the statement of comprehensive income
Insurance revenue
-1,560
\u2014
\u2014
\u2014
-1,560
-1,369
\u2014
\u2014
\u2014
-1,369
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,287
39
1,326
\u2014
\u2014
1,093
15
1,108
Amortisation of insurance acquisition cash flows
29
\u2014
\u2014
\u2014
29
31
\u2014
\u2014
\u2014
31
Changes that relate to past service (LIC)
\u2014
\u2014
-31
-16
-47
\u2014
\u2014
-27
-16
-43
Changes that relate to future service (LRC)
\u2014
-2
\u2014
\u2014
-2
\u2014
1
\u2014
\u2014
1
Total insurance service expenses
29
-2
1,256
23
1,306
31
1
1,066
-1
1,097
Insurance service result
-1,530
-2
1,256
23
-253
-1,337
1
1,066
-1
-272
Insurance finance income or expense
\u2014
\u2014
32
\u2014
32
\u2014
\u2014
81
\u2014
81
Other items (including FX effects)
1
0
-1
1
1
0
0
-5
1
-4
Total changes in the statement of comprehensive income
-1,530
-2
1,287
25
-220
-1,337
1
1,142
0
-194
Cash flows during the period
Premiums received\u00a0
1,561
\u2014
\u2014
\u2014
1,561
1,336
\u2014
\u2014
\u2014
1,336
Claims and other insurance service expenses paid
\u2014
\u2014
-1,298
\u2014
-1,298
\u2014
\u2014
-1,038
\u2014
-1,038
Insurance acquisition cash flows paid
-29
\u2014
\u2014
\u2014
-29
-18
\u2014
\u2014
\u2014
-18
Total cash flows during the period
1,531
\u2014
-1,298
\u2014
234
1,318
\u2014
-1,038
\u2014
280
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
17
\u2014
\u2014
1
18
Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance
contracts
284
0
1,535
61
1,881
282
2
1,546
37
1,867
Acquisition cash flow asset
-6
-12
Closing balance -
liabilities relating to insurance contracts
1,875
1,855
Topdanmark\u00a0 - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
-1
78
1
79
-2
80
1
79
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-90
\u2014
\u2014
-90
-80
\u2014
\u2014
-80
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
44
2
46
\u2014
49
\u2014
49
Adjustments to assets for incurred claims
\u2014
2
-1
1
\u2014
1
0
1
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-90
46
1
-43
-80
49
0
-31
Insurance finance income or expenses from reinsurance contracts
\u2014
1
\u2014
1
\u2014
2
\u2014
2
Effect of movements in exchange rates
\u2014
\u2014
\u2014
0
0
0
0
0
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-90
47
1
-42
-80
51
0
-29
Investment component excluded from the net expenses from
reinsurance contracts
\u2014
\u2014
\u2014
\u2014
Cash flows
Premiums paid
90
\u2014
\u2014
90
82
\u2014
\u2014
82
Amounts received
\u2014
-54
\u2014
-54
\u2014
-54
\u2014
-54
Total cash flows
90
-54
\u2014
36
82
-54
\u2014
28
Closing assets
-1
72
2
73
-1
78
1
79
Hastings - Insurance contract liabilities, gross at 31 December 2024 and 31 December 2023
2024
2023
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
508
7
1,964
247
2,726
347
5
1,835
247
2,434
Acquisition cash flow asset
\u2014
\u2014
2,726
2,434
Changes in the statement of profit or loss
Insurance revenue
-2,234
\u2014
\u2014
\u2014
-2,234
-1,719
\u2014
\u2014
\u2014
-1,719
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
1,517
84
1,601
\u2014
\u2014
1,486
81
1,568
Amortisation of insurance acquisition cash flows
125
\u2014
\u2014
\u2014
125
92
\u2014
\u2014
\u2014
92
Changes that relate to past service (LIC)
\u2014
\u2014
48
-34
14
\u2014
\u2014
-184
-86
-269
Changes that relate to future service (LRC)
\u2014
-8
\u2014
\u2014
-8
\u2014
2
\u2014
\u2014
2
Total insurance service expenses
125
-8
1,566
50
1,733
92
2
1,303
-4
1,391
Insurance service result
-2,109
-8
1,566
50
-501
-1,628
2
1,303
-4
-328
Insurance finance income or expense
\u2014
\u2014
67
\u2014
67
\u2014
\u2014
108
\u2014
108
Other items (including FX effects)
-20
0
129
13
122
6
0
39
5
50
Total changes in the statement of profit or loss
-2,129
-7
1,762
63
-312
-1,622
2
1,449
1
-170
Cash flows during the period
Premiums received\u00a0
2,463
\u2014
\u2014
\u2014
2,463
1,877
\u2014
\u2014
\u2014
1,877
Claims and other insurance service expenses paid
\u2014
\u2014
-1,353
\u2014
-1,353
\u2014
\u2014
-1,320
\u2014
-1,320
Insurance acquisition cash flows paid
-129
\u2014
\u2014
\u2014
-129
-95
\u2014
\u2014
\u2014
-95
Total cash flows during the period
2,334
\u2014
-1,353
\u2014
981
1,782
\u2014
-1,320
\u2014
462
Transfer to other items in the balance sheet
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing balance - liabilities relating to insurance contracts
713
0
2,373
310
3,396
508
7
1,964
247
2,726
Closing balance -
liabilities relating to insurance contracts
3,396
2,726
Hastings - Reinsurance contracts at 31 December 2024 and 31 December 2023
2024
2023
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
223
1,215
202
1,640
195
1,078
203
1,477
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-420
\u2014
\u2014
-420
-591
\u2014
\u2014
-591
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service
expenses
\u2014
181
63
245
\u2014
548
62
610
Adjustments to assets for incurred claims
0
-11
-46
-57
0
-121
-67
-188
Effect of changes in non-performance risk of reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
-420
170
17
-232
-591
426
-5
-170
Insurance finance income or expenses from reinsurance
contracts
\u2014
36
\u2014
36
\u2014
73
\u2014
73
Effect of movements in exchange rates
2
63
10
75
4
22
4
30
Total changes in the statement of comprehensive income
-418
269
27
-122
-588
521
-1
-68
Investment component excluded from the net expenses from
reinsurance contracts
-191
191
\u2014
\u2014
Cash flows
Premiums paid
657
\u2014
\u2014
657
615
\u2014
\u2014
615
Amounts received
\u2014
-279
\u2014
-279
\u2014
-384
\u2014
-384
Total cash flows
657
-279
\u2014
378
615
-384
\u2014
231
Closing assets
270
1,396
229
1,896
223
1,215
202
1,640
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-490": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2024
1-12/2023
Insurance contracts
Unwinding of discount rate
-324\u00a0
-322\u00a0
Effect of changes in interest rates and other financial
assumptions
15\u00a0
-207\u00a0
Total finance income or expenses from insurance contracts
-309\u00a0
-529\u00a0
Reinsurance contracts
Unwinding of discount rate
86\u00a0
74\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
-29\u00a0
9\u00a0
Total finance income or expenses from reinsurance contracts
57\u00a0
83\u00a0
Net finance result insurance and reinsurance contracts
-252\u00a0
-446\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-489": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2024
1-12/2023
Insurance contracts
Unwinding of discount rate
-324\u00a0
-322\u00a0
Effect of changes in interest rates and other financial
assumptions
15\u00a0
-207\u00a0
Total finance income or expenses from insurance contracts
-309\u00a0
-529\u00a0
Reinsurance contracts
Unwinding of discount rate
86\u00a0
74\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
-29\u00a0
9\u00a0
Total finance income or expenses from reinsurance contracts
57\u00a0
83\u00a0
Net finance result insurance and reinsurance contracts
-252\u00a0
-446\u00a0
7 Finance expenses
EURm
1-12/2024
1-12/2023
Interest expense on financial liabilities
-21\u00a0
-24\u00a0
Interest expense on subordinated loans
-52\u00a0
-48\u00a0
Other items
-30\u00a0
-22\u00a0
Total finance expenses
-103\u00a0
-93\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-495": { "value": "
4 Other income
EURm
1-12/2024
1-12/2023
Other income
300\u00a0
265\u00a0
Income related to broker activities
12\u00a0
12\u00a0
Total other income
312\u00a0
277\u00a0
If\u2019s other operating income includes approximately EUR 144 million (144) 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 134 million (115) 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
1-12/2024
1-12/2023
Other expenses
-465\u00a0
-300\u00a0
Depreciation and amortisation
-119\u00a0
-99\u00a0
Salaries and other staff costs
-100\u00a0
-57\u00a0
Total other expenses
-685\u00a0
-457\u00a0
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
1-12/2024
1-12/2023
Staff costs
Salaries and wages
-967
-893
Cash-settled share-based payments
-22
-4
Share-settled share-based payments
-7
-2
Pension costs
Pension expenses - defined contribution plans
-101
-99
Pension expenses - defined benefit plans
-9
-15
Other social security costs
-188
-168
Depreciations
Depreciation on plant and equipment
-17
-15
Depreciation IFRS 16
-34
-33
Amortisations
Amortisation on customer relations
-72
-64
Amortisation on other intangibles
-57
-46
Rental expenses
-35
-34
IT costs
-243
-244
Marketing expenses
-75
-62
Other
-824
-654
Total expenses split by nature
-2,653\u00a0
-2,335\u00a0
The comparative year includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 146 million (138), other
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92),
and levies EUR 47 million (48).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-494": { "value": "
4 Other income
EURm
1-12/2024
1-12/2023
Other income
300\u00a0
265\u00a0
Income related to broker activities
12\u00a0
12\u00a0
Total other income
312\u00a0
277\u00a0
If\u2019s other operating income includes approximately EUR 144 million (144) 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 134 million (115) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-493": { "value": "
4 Other income
EURm
1-12/2024
1-12/2023
Other income
300\u00a0
265\u00a0
Income related to broker activities
12\u00a0
12\u00a0
Total other income
312\u00a0
277\u00a0
If\u2019s other operating income includes approximately EUR 144 million (144) 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 134 million (115) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-501": { "value": "
5 Other expenses
EURm
1-12/2024
1-12/2023
Other expenses
-465\u00a0
-300\u00a0
Depreciation and amortisation
-119\u00a0
-99\u00a0
Salaries and other staff costs
-100\u00a0
-57\u00a0
Total other expenses
-685\u00a0
-457\u00a0
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
1-12/2024
1-12/2023
Staff costs
Salaries and wages
-967
-893
Cash-settled share-based payments
-22
-4
Share-settled share-based payments
-7
-2
Pension costs
Pension expenses - defined contribution plans
-101
-99
Pension expenses - defined benefit plans
-9
-15
Other social security costs
-188
-168
Depreciations
Depreciation on plant and equipment
-17
-15
Depreciation IFRS 16
-34
-33
Amortisations
Amortisation on customer relations
-72
-64
Amortisation on other intangibles
-57
-46
Rental expenses
-35
-34
IT costs
-243
-244
Marketing expenses
-75
-62
Other
-824
-654
Total expenses split by nature
-2,653\u00a0
-2,335\u00a0
The comparative year includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 146 million (138), other
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92),
and levies EUR 47 million (48).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-500": { "value": "
5 Other expenses
EURm
1-12/2024
1-12/2023
Other expenses
-465\u00a0
-300\u00a0
Depreciation and amortisation
-119\u00a0
-99\u00a0
Salaries and other staff costs
-100\u00a0
-57\u00a0
Total other expenses
-685\u00a0
-457\u00a0
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
1-12/2024
1-12/2023
Staff costs
Salaries and wages
-967
-893
Cash-settled share-based payments
-22
-4
Share-settled share-based payments
-7
-2
Pension costs
Pension expenses - defined contribution plans
-101
-99
Pension expenses - defined benefit plans
-9
-15
Other social security costs
-188
-168
Depreciations
Depreciation on plant and equipment
-17
-15
Depreciation IFRS 16
-34
-33
Amortisations
Amortisation on customer relations
-72
-64
Amortisation on other intangibles
-57
-46
Rental expenses
-35
-34
IT costs
-243
-244
Marketing expenses
-75
-62
Other
-824
-654
Total expenses split by nature
-2,653\u00a0
-2,335\u00a0
The comparative year includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 146 million (138), other
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92),
and levies EUR 47 million (48).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-499": { "value": "
5 Other expenses
EURm
1-12/2024
1-12/2023
Other expenses
-465\u00a0
-300\u00a0
Depreciation and amortisation
-119\u00a0
-99\u00a0
Salaries and other staff costs
-100\u00a0
-57\u00a0
Total other expenses
-685\u00a0
-457\u00a0
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
1-12/2024
1-12/2023
Staff costs
Salaries and wages
-967
-893
Cash-settled share-based payments
-22
-4
Share-settled share-based payments
-7
-2
Pension costs
Pension expenses - defined contribution plans
-101
-99
Pension expenses - defined benefit plans
-9
-15
Other social security costs
-188
-168
Depreciations
Depreciation on plant and equipment
-17
-15
Depreciation IFRS 16
-34
-33
Amortisations
Amortisation on customer relations
-72
-64
Amortisation on other intangibles
-57
-46
Rental expenses
-35
-34
IT costs
-243
-244
Marketing expenses
-75
-62
Other
-824
-654
Total expenses split by nature
-2,653\u00a0
-2,335\u00a0
The comparative year includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 146 million (138), other
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92),
and levies EUR 47 million (48).
24 Employee benefits
Employee benefit obligations
Sampo Group\u2019s subsidiary, If, had defined benefit plans in Sweden and Norway during
the financial year 2024.
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
financial year.
Employee benefit obligations of If
EURm
2024
2023
Defined benefit pension obligations, including social costs
217
209
Fair value of plan assets
232
220
Net liability (asset) recognised in the balance sheet
-15
-11
of which recognised as Net pension assets in Other assets
36
32
of which recognised as Net pension liabilities in Other liabilities
21
21
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 a small number of pension obligations on salary above 12G (G= National
Insurance basic amount) 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 the
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%).
Specification of employee benefit obligations by country
2024
2023
EURm
Sweden
Norway
Total
Sweden
Norway
Total
Recognised in income statement and other comprehensive income
Current service cost
2
0
3
3
0
3
Total defined benefit pensions costs in insurance service result
2
0
3
3
0
3
Interest expense on net pension liability
-1
1
-1
-1
1
-1
Remeasurement of the net pension liability
-1
1
0
6
0
6
Total net cost (income) in comprehensive income statement
0
2
2
8
1
8
Recognised in balance sheet
Defined benefit pension obligations, including social costs
194
22
217
186
23
209
Fair value of plan assets
230
1
232
218
2
220
Net liability (net assets) recognised in balance sheet
-36
21
-15
-32
21
-11
Distribution by asset class
Bonds
41%
\u2014
42%
\u2014
Equities
22%
\u2014
20%
\u2014
Properties
9%
\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 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
Discount rate
3.25%
3.50%
4.00%
3.75%
Future salary increases
3.00%
3.00%
3.25%
3.25%
Price inflation
2.00%
2.00%
2.25%
2.25%
Mortality table
DUS23
DUS23
K2013
K2013
Average duration of pension liabilities
17 years
17 years
11 years
11 years
Expected contributions to the defined benefit plans during 2025 and 2024
5
6
-
-
2024
2023
Sensitivity analysis of effect of reasonably possible changes
Sweden
Norway
Total
Sweden
Norway
Total
Discount rate, +0.50%
-15
-1
-16
-15
-1
-15
Discount rate, -0.50%
17
1
18
16
1
17
Future salary increases, +0.25%
3
0
4
4
0
4
Future salary increases, -0.25%
-3
0
-3
-3
0
-3
Expected longevity, +1 year
7
1
7
6
1
6
2024
2023
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
196
20
217
188
20
209
Fair value of plan assets
232
\u2014
232
220
\u2014
220
Net pension liability (net assets) recognised in the balance sheet
-36
20
-15
-31
20
-11
Analysis of the change in net liability recognised in the
balance sheet
EURm
2024
2023
Pension liabilities
At the beginning of the year
202
204
Current cost
2
3
Interest cost
7
7
Actuarial gains (-) / losses (+) on financial assumptions
7
\u2014
Actuarial gains (-) / losses (+), experience adjustments
4
-3
Exchange differences on foreign plans
-7
-1
Benefits paid
-6
-7
Defined benefit pension obligations on Dec 31, excl. social
security costs
210
203
Social security costs
7
6
Defined benefit plans\u00a0 on Dec 31, incl. social security costs
217
209
Reconciliation of plan assets
At the beginning of the year
220
220
Interest income
7
7
Difference between actual return and calculated interest income
11
-9
Contributions paid
5
5
Exchange differences on foreign plans
-7
0
Benefits paid
-5
-4
Plan assets at 31 December
232
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 2024 is EUR 81 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-498": { "value": "
5 Other expenses
EURm
1-12/2024
1-12/2023
Other expenses
-465\u00a0
-300\u00a0
Depreciation and amortisation
-119\u00a0
-99\u00a0
Salaries and other staff costs
-100\u00a0
-57\u00a0
Total other expenses
-685\u00a0
-457\u00a0
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
1-12/2024
1-12/2023
Staff costs
Salaries and wages
-967
-893
Cash-settled share-based payments
-22
-4
Share-settled share-based payments
-7
-2
Pension costs
Pension expenses - defined contribution plans
-101
-99
Pension expenses - defined benefit plans
-9
-15
Other social security costs
-188
-168
Depreciations
Depreciation on plant and equipment
-17
-15
Depreciation IFRS 16
-34
-33
Amortisations
Amortisation on customer relations
-72
-64
Amortisation on other intangibles
-57
-46
Rental expenses
-35
-34
IT costs
-243
-244
Marketing expenses
-75
-62
Other
-824
-654
Total expenses split by nature
-2,653\u00a0
-2,335\u00a0
The comparative year includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 146 million (138), other
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92),
and levies EUR 47 million (48).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-497": { "value": "
5 Other expenses
EURm
1-12/2024
1-12/2023
Other expenses
-465\u00a0
-300\u00a0
Depreciation and amortisation
-119\u00a0
-99\u00a0
Salaries and other staff costs
-100\u00a0
-57\u00a0
Total other expenses
-685\u00a0
-457\u00a0
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
1-12/2024
1-12/2023
Staff costs
Salaries and wages
-967
-893
Cash-settled share-based payments
-22
-4
Share-settled share-based payments
-7
-2
Pension costs
Pension expenses - defined contribution plans
-101
-99
Pension expenses - defined benefit plans
-9
-15
Other social security costs
-188
-168
Depreciations
Depreciation on plant and equipment
-17
-15
Depreciation IFRS 16
-34
-33
Amortisations
Amortisation on customer relations
-72
-64
Amortisation on other intangibles
-57
-46
Rental expenses
-35
-34
IT costs
-243
-244
Marketing expenses
-75
-62
Other
-824
-654
Total expenses split by nature
-2,653\u00a0
-2,335\u00a0
The comparative year includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 146 million (138), other
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92),
and levies EUR 47 million (48).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-496": { "value": "
5 Other expenses
EURm
1-12/2024
1-12/2023
Other expenses
-465\u00a0
-300\u00a0
Depreciation and amortisation
-119\u00a0
-99\u00a0
Salaries and other staff costs
-100\u00a0
-57\u00a0
Total other expenses
-685\u00a0
-457\u00a0
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
1-12/2024
1-12/2023
Staff costs
Salaries and wages
-967
-893
Cash-settled share-based payments
-22
-4
Share-settled share-based payments
-7
-2
Pension costs
Pension expenses - defined contribution plans
-101
-99
Pension expenses - defined benefit plans
-9
-15
Other social security costs
-188
-168
Depreciations
Depreciation on plant and equipment
-17
-15
Depreciation IFRS 16
-34
-33
Amortisations
Amortisation on customer relations
-72
-64
Amortisation on other intangibles
-57
-46
Rental expenses
-35
-34
IT costs
-243
-244
Marketing expenses
-75
-62
Other
-824
-654
Total expenses split by nature
-2,653\u00a0
-2,335\u00a0
The comparative year includes Mandatum Group\u2019s figures.
The main items in line Other include commissions of EUR 146 million (138), other
technical expenses of EUR 228 million (132), acquisition costs of EUR 125 million (92),
and levies EUR 47 million (48).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-502": { "value": "
6 Auditor's fees
EUR thousand
1-12/2024
1-12/2023
Auditing fees
-4,322\u00a0
-4,666\u00a0
Deloitte
-4,322\u00a0
-4,032\u00a0
KPMG
\u2014\u00a0
-634\u00a0
Other fees
-712\u00a0
-612\u00a0
Deloitte
-712\u00a0
-460\u00a0
KPMG
\u2014\u00a0
-152\u00a0
Total
-5,034\u00a0
-5,278\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-503": { "value": "
8 Components of other comprehensive
income
EURm
1-12/2024
1-12/2023
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences
-25
-1
Exchange differences arising from net investment in foreign
operation
21
\u2014
Cashflow hedges
1
-1
Total items reclassifiable to profit or loss, net of tax
-3
-3
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans
0
-6
Taxes
0
1
Total items not reclassifiable to profit or loss, net of tax
0
-5
Other comprehensive income total, net of tax
-3
-8
On 1 November 2024, Sampo plc sold all the issued shares in Topdanmark A/S to If
P&C Insurance Holding Ltd. As part of the arrangement, Sampo plc granted a loan to If
P&C Insurance Holding Ltd, amounting to EUR 1,724 million divided in principle
amounts of DKK 6,432 million and EUR 862 million. The loan is considered to form a
part of Sampo\u2019s net investment in a foreign operation (subsidiary) and therefore any
exchange rate gains or losses are recognised in other comprehensive income. The net
exchange rate differences are accumulated in the equity in the translation of foreign
operations reserve.
For more information on the transaction, please see note 28 Acquisition of
Topdanmark\u2019s non-controlling interest and note 29 Related party disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-504": { "value": "
9 Earnings per share
EURm
1-12/2024
1-12/2023
Profit or loss attributable to the equity holders of the parent
company
1,154\u00a0
1,323\u00a0
Weighted average number of shares outstanding during the
financial year*
512\u00a0
506\u00a0
Earnings per share (EUR per share)
2.25\u00a0
2.62\u00a0
Earnings per share, continuing operations
2.25\u00a0
2.12\u00a0
Earning per share, discontinuing operations
\u2014\u00a0
0.50\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-505": { "value": "
10 Property, plant and equipment
2024
EURm
Right-of-
use assets1
Land and
buildings
Plant and
equipment2
Total
At 1 January
Cost
286
114
182
582
Accumulated depreciation
-126
-9
-130
-264
Net carrying amount at 1 January
160
106
52
318
Carrying amount at 1 January
Additions
14
2
17
33
Disposals
-4
-7
-1
-12
Depreciation
-34
0
-17
-51
Exchange differences
-4
0
0
-4
Other changes
1
-1
\u2014
\u2014
Carrying amount at 31 December
134
100
51
284
At 31 December
Cost
294
108
197
599
Accumulated depreciation
-160
-9
-147
-315
Net carrying amount at 31
December
134
100
51
284
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
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 23 Other liabilities.
2 Equipment in different segments comprise IT equipment and furniture.
The disposals in the comparative year include the PP&E of Mandatum Group,
separated from Sampo on 1 October 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-506": { "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 23 Other liabilities.
2 Equipment in different segments comprise IT equipment and furniture.
The disposals in the comparative year include the PP&E of Mandatum Group,
separated from Sampo on 1 October 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-509": { "value": "
11 Intangible assets
2024
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,469
726
233
91
722
4,241
Accumulated
amortisation
\u2014
-282
0
-1
-321
-604
Net carrying amount at
1 January
2,469
443
233
90
401
3,637
Net carrying amount at
1 January
Additions
\u2014
\u2014
\u2014
96
5
101
Disposals
-5
-13
-6
\u2014
-1
-25
Amortisation
\u2014
-72
\u2014
\u2014
-57
-129
Impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Transfers from WIP
\u2014
\u2014
\u2014
-36
36
\u2014
Exchange differences
26
7
6
0
14
54
Net carrying amount at
31 December
2,490
365
233
149
399
3,637
At 31 December
Cost
2,490
719
234
151
777
4,371
Accumulated
amortisation
\u2014
-354
\u2014
-1
-378
-733
Accumulated
impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Net carrying amount at
31 December
2,490
365
233
149
399
3,637
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
0
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 comparative year include the intangibles of Mandatum Group,
separated from Sampo on 1 October 2023.\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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-508": { "value": "
11 Intangible assets
2024
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,469
726
233
91
722
4,241
Accumulated
amortisation
\u2014
-282
0
-1
-321
-604
Net carrying amount at
1 January
2,469
443
233
90
401
3,637
Net carrying amount at
1 January
Additions
\u2014
\u2014
\u2014
96
5
101
Disposals
-5
-13
-6
\u2014
-1
-25
Amortisation
\u2014
-72
\u2014
\u2014
-57
-129
Impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Transfers from WIP
\u2014
\u2014
\u2014
-36
36
\u2014
Exchange differences
26
7
6
0
14
54
Net carrying amount at
31 December
2,490
365
233
149
399
3,637
At 31 December
Cost
2,490
719
234
151
777
4,371
Accumulated
amortisation
\u2014
-354
\u2014
-1
-378
-733
Accumulated
impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Net carrying amount at
31 December
2,490
365
233
149
399
3,637
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
0
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 comparative year include the intangibles of Mandatum Group,
separated from Sampo on 1 October 2023.\u00a0
Goodwill is split between the segments as follows:
2024
2023
If
537\u00a0
556\u00a0
Topdanmark
1,036\u00a0
1,038\u00a0
Hastings
918\u00a0
876\u00a0
Total
2,490\u00a0
2,469\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 annually 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 If was 9.2 per cent and for Hastings 11.1 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.
Financial plans for If and Hastings, approved by the management and the boards,
cover the years 2025\u20132027. The cash flows beyond that have been extrapolated using
a 2 per cent growth rate.
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 600
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 If Group, management believes that any reasonably possible change in any of
the key assumptions would not cause the aggregate carrying amount to exceed the
aggregate recoverable amount.
Sampo acquired the non-controlling interests of Topdanmark at a market price during
H2/2024. Management has not identified any indicators of impairment as per 31
December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-507": { "value": "
11 Intangible assets
2024
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
Cost
2,469
726
233
91
722
4,241
Accumulated
amortisation
\u2014
-282
0
-1
-321
-604
Net carrying amount at
1 January
2,469
443
233
90
401
3,637
Net carrying amount at
1 January
Additions
\u2014
\u2014
\u2014
96
5
101
Disposals
-5
-13
-6
\u2014
-1
-25
Amortisation
\u2014
-72
\u2014
\u2014
-57
-129
Impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Transfers from WIP
\u2014
\u2014
\u2014
-36
36
\u2014
Exchange differences
26
7
6
0
14
54
Net carrying amount at
31 December
2,490
365
233
149
399
3,637
At 31 December
Cost
2,490
719
234
151
777
4,371
Accumulated
amortisation
\u2014
-354
\u2014
-1
-378
-733
Accumulated
impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Net carrying amount at
31 December
2,490
365
233
149
399
3,637
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
0
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 comparative year include the intangibles of Mandatum Group,
separated from Sampo on 1 October 2023.\u00a0
Goodwill is split between the segments as follows:
2024
2023
If
537\u00a0
556\u00a0
Topdanmark
1,036\u00a0
1,038\u00a0
Hastings
918\u00a0
876\u00a0
Total
2,490\u00a0
2,469\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 annually 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 If was 9.2 per cent and for Hastings 11.1 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.
Financial plans for If and Hastings, approved by the management and the boards,
cover the years 2025\u20132027. The cash flows beyond that have been extrapolated using
a 2 per cent growth rate.
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 600
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 If Group, management believes that any reasonably possible change in any of
the key assumptions would not cause the aggregate carrying amount to exceed the
aggregate recoverable amount.
Sampo acquired the non-controlling interests of Topdanmark at a market price during
H2/2024. Management has not identified any indicators of impairment as per 31
December 2024.
Sensitivity analysis
Impact on the present value from the following changes (EURbn)
2024
If
Long-term Combined ratio +2.5 p.p.
-1.4
Long-term Combined ratio -2.5 p.p.
2.0
Long-term growth rate -1 p.p.
-1.9
Long-term growth rate +1 p.p.
2.7
Cost of equity +1 p.p.
-2.3
Cost of equity -1 p.p.
3.2
Hastings
Long-term growth rate -1 p.p.
-0.2
Long-term growth rate +1 p.p.
0.3
Cost of Equity +1 p.p.
-0.4
Cost of Equity -1 p.p.
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-510": { "value": "
Testing goodwill for impairment
Goodwill is annually 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 If was 9.2 per cent and for Hastings 11.1 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.
Financial plans for If and Hastings, approved by the management and the boards,
cover the years 2025\u20132027. The cash flows beyond that have been extrapolated using
a 2 per cent growth rate.
For Hastings, the recoverable amount exceeds its carrying amount by some EUR 600
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 If Group, management believes that any reasonably possible change in any of
the key assumptions would not cause the aggregate carrying amount to exceed the
aggregate recoverable amount.
Sampo acquired the non-controlling interests of Topdanmark at a market price during
H2/2024. Management has not identified any indicators of impairment as per 31
December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-513": { "value": "
12 Financial assets
EURm
12/2024
12/2023
Financial assets
Derivative financial instruments
26
38
Financial assets at fair value through profit or loss
Debt securities
13,325
12,925
Equity securities
1,288
1,640
Funds
823
662
Deposits and other
\u2014
40
Total financial assets at fair value through profit or loss
15,436
15,267
Financial assets measured at amortised cost
Loans
272
276
Loans and advances to customers
356
175
Deposits
1
1
Total financial assets measured at amortised cost
629
452
Total financial assets
16,090
15,757
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 101 million (101 million). The loan receivable was recognised in the
allocation of general liabilities, as part of the partial demerger of 1 October 2023.
During 2024, Sampo completed the sale of its 19.8 per cent stake in Saxo Bank to
Mandatum, as agreed in connection with the partial demerger completed in 2023. The
transaction price was EUR 302 million, representing the price agreed in the demerger,
adjusted for dividends received.
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 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.
2024
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
273
\u2014
\u2014
273
Loans and advances to customers
347
16
14
377
Deposits
1
\u2014
\u2014
1
Loss allowance
-8
-3
-11
-23
Total
613
13
3
629
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
278
\u2014
2
280
Loans and advances to customers
173
8
5
186
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 651 million (EUR
468\u00a0 million) and loss allowance was EUR -23 million
(EUR -16 million).
During the reporting period, the expected credit losses
recognised in the income statement was EUR -7 million
and in the comparative period EUR -10 million.
13 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.\u00a0
The classification of financial assets into 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 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
On level 2, inputs for the measurement of the
instrument also include other than quoted prices
observable for the asset or liability, either directly or
indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs
rather than observable market data. Sampo Group\u2019s
level 3 assets consist mainly of a few larger equity
investments and investments in private equity and
alternative funds.
In level 3 equity investment is valued by using excess
return model, in which value of a company is sum of
capital invested currently in the company and the
present value of excess returns that the company
expects to make in the future.
For private equity funds, the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple-based
valuation or the cash flows of the underlying
investments.
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 on financial assets and financial
liabilities not measured at fair value is not presented in
the table, if the carrying amount is a reasonable
estimate of the fair value.
EURm
31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
2
\u2014
2
\u2014
2
Foreign exchange derivatives
11
\u2014
11
\u2014
11
Inflation cover derivatives
13
\u2014
13
\u2014
13
Total
26
\u2014
26
\u2014
26
Financial assets at fair value
through profit or loss
Debt securities
13,325
8,469
4,839
17
13,325
Equity securities
1,288
837
19
432
1,288
Funds
823
491
176
157
823
Total
15,436
9,796
5,033
606
15,436
Total financial assets measured
at fair value
15,462
9,796
5,059
606
15,462
Financial assets measured at
amortised cost
Loans
272
\u2014
101
171
272
Loans and advances to
customers
356
\u2014
\u2014
356
356
Other
1
\u2014
\u2014
1
1
Total
629
\u2014
101
528
629
Total financial assets
16,090
9,796
5,160
1,134
16,090
EURm
31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
50
\u2014
50
\u2014
50
Foreign exchange derivatives
20
\u2014
20
\u2014
20
Inflation cover derivatives
18
\u2014
18
\u2014
18
Total financial liabilities at fair
value
88
\u2014
88
\u2014
88
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,642
1,535
20
\u2014
1,555
Debt securities in issue
Bonds
954
847
80
\u2014
927
Amounts owed to credit
institutions
353
\u2014
\u2014
353
353
Financial liabilities measured at
amortised cost total
2,948
2,382
100
353
2,835
Group financial liabilities, total
3,036
2,382
188
353
2,923
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
Inflation cover 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
276
\u2014
97
179
276
Loans and advances to
customers
175
\u2014
\u2014
175
175
Other
1
\u2014
\u2014
1
1
Total
452
\u2014
97
354
452
Total financial assets
15,757
9,842
4,660
1,254
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
Inflation cover 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
Transfers between levels 1 and 2
EURm
1-12/2024
1-12/2023
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
192
181
378
334
Total
192
181
378
334
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is
assessed on business area level due to different base currencies.
12/2024
12/2023
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
If
10 percentage point depreciation of all other currencies against
SEK
17
4
Topdanmark
10 percentage point depreciation of all other currencies against
DKK
-1
-1
Hastings
10 percentage point depreciation of all other currencies against
GBP
8
\u2014
Holding
10 percentage point depreciation of all other currencies against
EUR
-68
-73
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 2024. 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
354
-332
-270
-141
Total effect
354
-332
-270
-141
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-512": { "value": "
12 Financial assets
EURm
12/2024
12/2023
Financial assets
Derivative financial instruments
26
38
Financial assets at fair value through profit or loss
Debt securities
13,325
12,925
Equity securities
1,288
1,640
Funds
823
662
Deposits and other
\u2014
40
Total financial assets at fair value through profit or loss
15,436
15,267
Financial assets measured at amortised cost
Loans
272
276
Loans and advances to customers
356
175
Deposits
1
1
Total financial assets measured at amortised cost
629
452
Total financial assets
16,090
15,757
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 101 million (101 million). The loan receivable was recognised in the
allocation of general liabilities, as part of the partial demerger of 1 October 2023.
During 2024, Sampo completed the sale of its 19.8 per cent stake in Saxo Bank to
Mandatum, as agreed in connection with the partial demerger completed in 2023. The
transaction price was EUR 302 million, representing the price agreed in the demerger,
adjusted for dividends received.
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 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.
2024
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
273
\u2014
\u2014
273
Loans and advances to customers
347
16
14
377
Deposits
1
\u2014
\u2014
1
Loss allowance
-8
-3
-11
-23
Total
613
13
3
629
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
278
\u2014
2
280
Loans and advances to customers
173
8
5
186
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 651 million (EUR
468\u00a0 million) and loss allowance was EUR -23 million
(EUR -16 million).
During the reporting period, the expected credit losses
recognised in the income statement was EUR -7 million
and in the comparative period EUR -10 million.
Derivative financial instruments
2024
Fair value
2023
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
456
2
49
340
3
44
Inflation cover
211
13
18
211
16
12
Total interest rate
derivatives
667
15
68
551
18
56
Foreign exchange
derivatives
OTC derivatives
Currency forwards
2,760
10
19
3,032
18
57
Currency options,
bought and sold
24
1
0
53
1
1
Total foreign exchange
derivatives
2,784
11
20
3,085
20
58
Total derivatives held
for trading
3,451
26
87
3,636
38
114
2024
Fair value
2023
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Cash flow hedges
Currency forwards
5
0
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
576
\u2014
1
228
\u2014
2
Total cash flow hedges
581
0
1
228
\u2014
2
Total derivatives held
for hedging
581
0
1
228
\u2014
2
Group financial
derivatives, total
4,032
26
88
3,864
38
116
13 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.\u00a0
The classification of financial assets into 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 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
On level 2, inputs for the measurement of the
instrument also include other than quoted prices
observable for the asset or liability, either directly or
indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs
rather than observable market data. Sampo Group\u2019s
level 3 assets consist mainly of a few larger equity
investments and investments in private equity and
alternative funds.
In level 3 equity investment is valued by using excess
return model, in which value of a company is sum of
capital invested currently in the company and the
present value of excess returns that the company
expects to make in the future.
For private equity funds, the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple-based
valuation or the cash flows of the underlying
investments.
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 on financial assets and financial
liabilities not measured at fair value is not presented in
the table, if the carrying amount is a reasonable
estimate of the fair value.
EURm
31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
2
\u2014
2
\u2014
2
Foreign exchange derivatives
11
\u2014
11
\u2014
11
Inflation cover derivatives
13
\u2014
13
\u2014
13
Total
26
\u2014
26
\u2014
26
Financial assets at fair value
through profit or loss
Debt securities
13,325
8,469
4,839
17
13,325
Equity securities
1,288
837
19
432
1,288
Funds
823
491
176
157
823
Total
15,436
9,796
5,033
606
15,436
Total financial assets measured
at fair value
15,462
9,796
5,059
606
15,462
Financial assets measured at
amortised cost
Loans
272
\u2014
101
171
272
Loans and advances to
customers
356
\u2014
\u2014
356
356
Other
1
\u2014
\u2014
1
1
Total
629
\u2014
101
528
629
Total financial assets
16,090
9,796
5,160
1,134
16,090
EURm
31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
50
\u2014
50
\u2014
50
Foreign exchange derivatives
20
\u2014
20
\u2014
20
Inflation cover derivatives
18
\u2014
18
\u2014
18
Total financial liabilities at fair
value
88
\u2014
88
\u2014
88
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,642
1,535
20
\u2014
1,555
Debt securities in issue
Bonds
954
847
80
\u2014
927
Amounts owed to credit
institutions
353
\u2014
\u2014
353
353
Financial liabilities measured at
amortised cost total
2,948
2,382
100
353
2,835
Group financial liabilities, total
3,036
2,382
188
353
2,923
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
Inflation cover 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
276
\u2014
97
179
276
Loans and advances to
customers
175
\u2014
\u2014
175
175
Other
1
\u2014
\u2014
1
1
Total
452
\u2014
97
354
452
Total financial assets
15,757
9,842
4,660
1,254
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
Inflation cover 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
Transfers between levels 1 and 2
EURm
1-12/2024
1-12/2023
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
192
181
378
334
Total
192
181
378
334
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is
assessed on business area level due to different base currencies.
12/2024
12/2023
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
If
10 percentage point depreciation of all other currencies against
SEK
17
4
Topdanmark
10 percentage point depreciation of all other currencies against
DKK
-1
-1
Hastings
10 percentage point depreciation of all other currencies against
GBP
8
\u2014
Holding
10 percentage point depreciation of all other currencies against
EUR
-68
-73
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 2024. 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
354
-332
-270
-141
Total effect
354
-332
-270
-141
14 Movements in level 3 financial instruments measured at fair value
EURm
Financial assets
At 1 Jan
Total gains/ losses
in income
statement
Purchases and re-
classifi-cations
Sales
Settle-
ments
At 31 Dec 2024
Financial assets at fair value through profit or loss
Debt securities
19
0
\u2014
\u2014
-2
17
Equity securities
730
-1
5
-302
\u2014
432
Funds
151
6
\u2014
\u2014
\u2014
157
Total
900
6
5
-302
-2
606
On 13 May 2024, Sampo completed the sale of its 19.8 per cent stake in Saxo Bank to Mandatum, as agreed in connection with the partial demerger completed in 2023. The
transaction price was EUR 302 million, representing the price agreed in the demerger adjusted for dividends received.
EURm
Financial assets
At 1 Jan
Total gains/ losses in
income statement
Purchases and re-
classifi-cations
Sales
At 31 Dec 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
0
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. Additional information on classification of Mandatum Group into
discontinued operations in note 30.
Sensitivity analysis of level 3 financial instruments
measured at fair value
12/2024
12/2023
EURm
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
(+/-)
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
(+/-)
Financial assets at fair value
through profit or loss
Debt securities
17
-1
19
0
Equity securities
432
-86
730
-146
Funds
157
-31
151
-30
Total
606
-118
900
-176
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 -1 (-0) million for the debt
instruments, and EUR -118 (-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 1.7 (2.4) per cent.
22 Financial liabilities
Group
EURm
12/2024
12/2023
Subordinated debt liabilities
Subordinated loans
1,642
1,645
Total subordinated debt liabilities
1,642
1,645
Other financial liabilities
Derivative financial instruments
88
116
Financial liabilities measured at amortised cost
Debt securities in issue
954
959
Amounts owed to credit institutions
353
194
Total financial liabilities measured at amortised cost
1,307
1,153
Total other financial liabilities
1,395
1,269
Total financial liabilities
3,036
2,914
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
131
135
Total subordinated debt securities
131
135
Other financial liabilities
Derivative financial instruments
19
58
Total financial liabilities
150
193
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
12/2024
12/2023
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
147
148
Other financial liabilities
Derivative financial instruments
43
36
Amounts owed to credit institutions
\u2014
9
Total financial liabilities
191
193
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (127) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2024
12/2023
Other financial liabilities
Derivative financial instruments
1
2
Amounts owed to credit institutions
353
184
Total financial liabilities
353
186
Hastings has a revolving credit facility with a financial institution, totalling EUR 103
million (98), of which EUR 39 million (56) was undrawn at the end of the reporting
period. The revolving credit facility matures on 20 December 2026, after which the
contract has an extension option of two more years.
Related to the RCF above,\u00a0 the applicable covenants for Hastings are leverage ratio
and interest cover, and the related carrying amount of the liability would be EUR 63
million. There are no facts or circumstances that would indicate that Hastings may
have difficulty with complying with the covenants, or that Hastings would not have
complied with the covenants if they were assessed for compliance based on Hastings
circumstances at 31 December 2024.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 332 million (201), of which EUR 42
million (58) was undrawn at the end of reporting period. The arrangement ends in
November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 90 million
with a maturity date of 29 October 2026.
Holding
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
994
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
497
496
Total subordinated debt securities
1,491
1,490
Other financial liabilities
Derivative financial instruments
25
20
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
85
89
Other
2
Total bonds
954
959
Total financial liabilities
2,470
2,469
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 13. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2024
12/2023
Eliminations between segments
-127
-127
Group financial liabilities total
3,036
2,914
Change in liabilities from financing activities
EURm
1
January
2024
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2024
Subordinated debt
1,645
\u2014
\u2014
-3
\u2014
1,642
Bonds
959
\u2014
-2
-3
\u2014
954
Other loans
194
194
-48
13
\u2014
353
Total
2,798
194
-50
7
\u2014
2,948
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-511": { "value": "
12 Financial assets
EURm
12/2024
12/2023
Financial assets
Derivative financial instruments
26
38
Financial assets at fair value through profit or loss
Debt securities
13,325
12,925
Equity securities
1,288
1,640
Funds
823
662
Deposits and other
\u2014
40
Total financial assets at fair value through profit or loss
15,436
15,267
Financial assets measured at amortised cost
Loans
272
276
Loans and advances to customers
356
175
Deposits
1
1
Total financial assets measured at amortised cost
629
452
Total financial assets
16,090
15,757
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 101 million (101 million). The loan receivable was recognised in the
allocation of general liabilities, as part of the partial demerger of 1 October 2023.
During 2024, Sampo completed the sale of its 19.8 per cent stake in Saxo Bank to
Mandatum, as agreed in connection with the partial demerger completed in 2023. The
transaction price was EUR 302 million, representing the price agreed in the demerger,
adjusted for dividends received.
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 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.
2024
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
273
\u2014
\u2014
273
Loans and advances to customers
347
16
14
377
Deposits
1
\u2014
\u2014
1
Loss allowance
-8
-3
-11
-23
Total
613
13
3
629
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
278
\u2014
2
280
Loans and advances to customers
173
8
5
186
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 651 million (EUR
468\u00a0 million) and loss allowance was EUR -23 million
(EUR -16 million).
During the reporting period, the expected credit losses
recognised in the income statement was EUR -7 million
and in the comparative period EUR -10 million.
Derivative financial instruments
2024
Fair value
2023
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
456
2
49
340
3
44
Inflation cover
211
13
18
211
16
12
Total interest rate
derivatives
667
15
68
551
18
56
Foreign exchange
derivatives
OTC derivatives
Currency forwards
2,760
10
19
3,032
18
57
Currency options,
bought and sold
24
1
0
53
1
1
Total foreign exchange
derivatives
2,784
11
20
3,085
20
58
Total derivatives held
for trading
3,451
26
87
3,636
38
114
2024
Fair value
2023
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Cash flow hedges
Currency forwards
5
0
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
576
\u2014
1
228
\u2014
2
Total cash flow hedges
581
0
1
228
\u2014
2
Total derivatives held
for hedging
581
0
1
228
\u2014
2
Group financial
derivatives, total
4,032
26
88
3,864
38
116
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-514": { "value": "
12 Financial assets
EURm
12/2024
12/2023
Financial assets
Derivative financial instruments
26
38
Financial assets at fair value through profit or loss
Debt securities
13,325
12,925
Equity securities
1,288
1,640
Funds
823
662
Deposits and other
\u2014
40
Total financial assets at fair value through profit or loss
15,436
15,267
Financial assets measured at amortised cost
Loans
272
276
Loans and advances to customers
356
175
Deposits
1
1
Total financial assets measured at amortised cost
629
452
Total financial assets
16,090
15,757
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 101 million (101 million). The loan receivable was recognised in the
allocation of general liabilities, as part of the partial demerger of 1 October 2023.
During 2024, Sampo completed the sale of its 19.8 per cent stake in Saxo Bank to
Mandatum, as agreed in connection with the partial demerger completed in 2023. The
transaction price was EUR 302 million, representing the price agreed in the demerger,
adjusted for dividends received.
13 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.\u00a0
The classification of financial assets into 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 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
On level 2, inputs for the measurement of the
instrument also include other than quoted prices
observable for the asset or liability, either directly or
indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs
rather than observable market data. Sampo Group\u2019s
level 3 assets consist mainly of a few larger equity
investments and investments in private equity and
alternative funds.
In level 3 equity investment is valued by using excess
return model, in which value of a company is sum of
capital invested currently in the company and the
present value of excess returns that the company
expects to make in the future.
For private equity funds, the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple-based
valuation or the cash flows of the underlying
investments.
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 on financial assets and financial
liabilities not measured at fair value is not presented in
the table, if the carrying amount is a reasonable
estimate of the fair value.
EURm
31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Derivative financial instruments
Interest rate swaps
2
\u2014
2
\u2014
2
Foreign exchange derivatives
11
\u2014
11
\u2014
11
Inflation cover derivatives
13
\u2014
13
\u2014
13
Total
26
\u2014
26
\u2014
26
Financial assets at fair value
through profit or loss
Debt securities
13,325
8,469
4,839
17
13,325
Equity securities
1,288
837
19
432
1,288
Funds
823
491
176
157
823
Total
15,436
9,796
5,033
606
15,436
Total financial assets measured
at fair value
15,462
9,796
5,059
606
15,462
Financial assets measured at
amortised cost
Loans
272
\u2014
101
171
272
Loans and advances to
customers
356
\u2014
\u2014
356
356
Other
1
\u2014
\u2014
1
1
Total
629
\u2014
101
528
629
Total financial assets
16,090
9,796
5,160
1,134
16,090
EURm
31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
50
\u2014
50
\u2014
50
Foreign exchange derivatives
20
\u2014
20
\u2014
20
Inflation cover derivatives
18
\u2014
18
\u2014
18
Total financial liabilities at fair
value
88
\u2014
88
\u2014
88
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,642
1,535
20
\u2014
1,555
Debt securities in issue
Bonds
954
847
80
\u2014
927
Amounts owed to credit
institutions
353
\u2014
\u2014
353
353
Financial liabilities measured at
amortised cost total
2,948
2,382
100
353
2,835
Group financial liabilities, total
3,036
2,382
188
353
2,923
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
Inflation cover 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
276
\u2014
97
179
276
Loans and advances to
customers
175
\u2014
\u2014
175
175
Other
1
\u2014
\u2014
1
1
Total
452
\u2014
97
354
452
Total financial assets
15,757
9,842
4,660
1,254
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
Inflation cover 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
Transfers between levels 1 and 2
EURm
1-12/2024
1-12/2023
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
192
181
378
334
Total
192
181
378
334
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is
assessed on business area level due to different base currencies.
12/2024
12/2023
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
If
10 percentage point depreciation of all other currencies against
SEK
17
4
Topdanmark
10 percentage point depreciation of all other currencies against
DKK
-1
-1
Hastings
10 percentage point depreciation of all other currencies against
GBP
8
\u2014
Holding
10 percentage point depreciation of all other currencies against
EUR
-68
-73
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 2024. 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
354
-332
-270
-141
Total effect
354
-332
-270
-141
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-515": { "value": "
12 Financial assets
EURm
12/2024
12/2023
Financial assets
Derivative financial instruments
26
38
Financial assets at fair value through profit or loss
Debt securities
13,325
12,925
Equity securities
1,288
1,640
Funds
823
662
Deposits and other
\u2014
40
Total financial assets at fair value through profit or loss
15,436
15,267
Financial assets measured at amortised cost
Loans
272
276
Loans and advances to customers
356
175
Deposits
1
1
Total financial assets measured at amortised cost
629
452
Total financial assets
16,090
15,757
", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-516": { "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 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.
2024
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
273
\u2014
\u2014
273
Loans and advances to customers
347
16
14
377
Deposits
1
\u2014
\u2014
1
Loss allowance
-8
-3
-11
-23
Total
613
13
3
629
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
278
\u2014
2
280
Loans and advances to customers
173
8
5
186
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 651 million (EUR
468\u00a0 million) and loss allowance was EUR -23 million
(EUR -16 million).
During the reporting period, the expected credit losses
recognised in the income statement was EUR -7 million
and in the comparative period EUR -10 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-517": { "value": "
Derivative financial instruments
2024
Fair value
2023
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
456
2
49
340
3
44
Inflation cover
211
13
18
211
16
12
Total interest rate
derivatives
667
15
68
551
18
56
Foreign exchange
derivatives
OTC derivatives
Currency forwards
2,760
10
19
3,032
18
57
Currency options,
bought and sold
24
1
0
53
1
1
Total foreign exchange
derivatives
2,784
11
20
3,085
20
58
Total derivatives held
for trading
3,451
26
87
3,636
38
114
2024
Fair value
2023
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Cash flow hedges
Currency forwards
5
0
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
576
\u2014
1
228
\u2014
2
Total cash flow hedges
581
0
1
228
\u2014
2
Total derivatives held
for hedging
581
0
1
228
\u2014
2
Group financial
derivatives, total
4,032
26
88
3,864
38
116
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-518": { "value": "
13 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.\u00a0
The classification of financial assets into 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 are easily and regularly available and represent
actual and regularly occurring transactions at arm\u2019s
length distance.
On level 2, inputs for the measurement of the
instrument also include other than quoted prices
observable for the asset or liability, either directly or
indirectly by using valuation techniques.
On level 3, the measurement is based on other inputs
rather than observable market data. Sampo Group\u2019s
level 3 assets consist mainly of a few larger equity
investments and investments in private equity and
alternative funds.
In level 3 equity investment is valued by using excess
return model, in which value of a company is sum of
capital invested currently in the company and the
present value of excess returns that the company
expects to make in the future.
For private equity funds, the valuation of the underlying
investments is conducted by the fund manager who has
all the relevant information required in the valuation
process. The valuation is usually updated quarterly
based on the value of the underlying assets and the
amount of debt in the fund. There are several valuation
methods, which can be based on, for example, the
acquisition value of the investments, the value of
publicly traded peer companies, the multiple-based
valuation or the cash flows of the underlying
investments.
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 on 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-519": { "value": "
15 Deferred tax assets and liabilities
Changes in deferred tax during the financial year 2024
EURm
1 Jan
Business
acquisitions/
disposals
Recognised in
statement of profit
and other
comprehensive
income
Recognised in
equity
Exchange
differences
31 Dec
Deferred tax assets
Tax losses carried forward
1
\u2014
\u2014
\u2014
0
1
Changes in fair values
0
\u2014
\u2014
\u2014
0
0
Other deductible temporary differences
116
\u2014
38
1
0
156
Total
117
\u2014
38
1
0
157
Netting of deferred taxes
-155
Deferred tax assets in the balance sheet, total
117
\u2014
38
1
0
2
Deferred tax liabilities
Depreciation differences and untaxed reserves
224
\u2014
1
\u2014
-5
219
Changes in fair values
194
\u2014
32
\u2014
2
228
Pension assets
7
\u2014
1
0
\u2014
8
Other taxable temporary differences
255
\u2014
-18
0
-3
235
Total
680
\u2014
15
1
-6
690
Netting of deferred taxes
-155
Deferred tax liabilities in the balance sheet, total
680
\u2014
15
1
-6
535
Changes in deferred tax during the financial year 2023
EURm
1 Jan
Business
acquisitions/
disposals
Recognised in
statement of profit
and other
comprehensive
income
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
0
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.
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 2024
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 413
413
413
\u2014
\u2014
20,0 %
83
If P&C Insurance Holding Ltd (publ)
Norway
NOKm 83
7
7
\u2014
\u2014
22,0 %
-*
If P&C Insurance Ltd (publ)
Germany
\u2014
\u2014
\u2014
\u2014
\u2014
27,4 %
-*
If P&C Insurance Ltd (publ)
France
EURm 15
15
15
\u2014
\u2014
25,8 %
-*
If P&C Insurance Ltd (publ)
UK
GBPm 9
11
11
\u2014
\u2014
25,0 %
-*
If P&C Insurance AS
Latvia
\u2014
\u2014
\u2014
\u2014
\u2014
20,0 %
\u2014
Insrt AB
Sweden
SEKm 6
1
\u2014
0
0
20,6 %
\u2014
Viking Sverige AB
Sweden
SEKm 61
5
2
4
1
20,6 %
0
Viking Assistance A/S
Denmark
DKKm 27
4
4
0
0
22,0 %
1
Viking Membership AB
Sweden
SEKm 3
0
0
\u2014
\u2014
20,6 %
0
Viking Guard AS
Norway
NOKm 6
1
\u2014
1
0
22,0 %
\u2014
Viking Assistance A/S
Estonia
EURm 0
0
0
\u2014
\u2014
20,0 %
0
Hastings Group Finance plc
UK
GBPm 9
9
9
\u2014
\u2014
25.0%
2
Hastings Holdings Limited
UK
GBPm 0
0
0
\u2014
\u2014
25.0%
0
Hastings (US) Limited
UK
GBPm 0
0
0
\u2014
\u2014
25.0%
0
Total
86
* 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 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 365
365
365
\u2014
\u2014
20.00%
73
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
76
* 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-520": { "value": "
16 Taxes
EURm
2024
2023
Profit before tax
1,559
1,481
Tax calculated at parent company's tax rate
-312
-296
Different tax rates in foreign jurisdictions
-3
-40
Income from associates not subject to tax
2
0
Income not subject to tax
9
46
Non-deductible expenses
-17
-40
Tax losses for which no deferred tax asset has been recognised
-10
-36
Changes in tax rates
0
-8
Tax from previous years
1
2
Total
-330\u00a0
-372\u00a0
The comparative year taxes include taxes EUR -33 million as part of the result from the
discontinued operations.
Sampo Group has identified that Hastings\u2019 operations in Gibraltar are subject to the
global minimum top-up tax rules under Pillar II regulations. A top-up tax amounting to
EUR -4 million has been recognised during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-523": { "value": "
17 Other assets
EURm
12/2024
12/2023
Receivables arising from direct insurance operations
233
245
Receivables arising from reinsurance operations
174
92
Settlement receivables
8
5
Accrued interest
155
130
Net pension asset
36
32
Other
274
296
Total other asset
880
800
Item Other includes, e.g. assets related to patient insurance pool EUR 56 million (63),\u00a0
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 53 million (61).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-522": { "value": "
17 Other assets
EURm
12/2024
12/2023
Receivables arising from direct insurance operations
233
245
Receivables arising from reinsurance operations
174
92
Settlement receivables
8
5
Accrued interest
155
130
Net pension asset
36
32
Other
274
296
Total other asset
880
800
Item Other includes, e.g. assets related to patient insurance pool EUR 56 million (63),\u00a0
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 53 million (61).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-521": { "value": "
17 Other assets
EURm
12/2024
12/2023
Receivables arising from direct insurance operations
233
245
Receivables arising from reinsurance operations
174
92
Settlement receivables
8
5
Accrued interest
155
130
Net pension asset
36
32
Other
274
296
Total other asset
880
800
Item Other includes, e.g. assets related to patient insurance pool EUR 56 million (63),\u00a0
other receivables, prepaid expenses and damaged goods.
Other assets include non-current assets EUR 53 million (61).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-524": { "value": "
20 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
2024
2023
Reconciliation of acquisition cash flow asset
At 1 January
18
10
Cash flows recognised as an asset
32
36
Amounts transferred to liability for remaining coverage
-30
-28
At 31 December
20
18
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
2024
Expected timing of derecognition
EURm
2025
2026-2027
2028-2029
2030-
Total
Acquisition cash flow
asset
7
6
1
5
20
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-528": { "value": "
22 Financial liabilities
Group
EURm
12/2024
12/2023
Subordinated debt liabilities
Subordinated loans
1,642
1,645
Total subordinated debt liabilities
1,642
1,645
Other financial liabilities
Derivative financial instruments
88
116
Financial liabilities measured at amortised cost
Debt securities in issue
954
959
Amounts owed to credit institutions
353
194
Total financial liabilities measured at amortised cost
1,307
1,153
Total other financial liabilities
1,395
1,269
Total financial liabilities
3,036
2,914
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
131
135
Total subordinated debt securities
131
135
Other financial liabilities
Derivative financial instruments
19
58
Total financial liabilities
150
193
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
12/2024
12/2023
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
147
148
Other financial liabilities
Derivative financial instruments
43
36
Amounts owed to credit institutions
\u2014
9
Total financial liabilities
191
193
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (127) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2024
12/2023
Other financial liabilities
Derivative financial instruments
1
2
Amounts owed to credit institutions
353
184
Total financial liabilities
353
186
Hastings has a revolving credit facility with a financial institution, totalling EUR 103
million (98), of which EUR 39 million (56) was undrawn at the end of the reporting
period. The revolving credit facility matures on 20 December 2026, after which the
contract has an extension option of two more years.
Related to the RCF above,\u00a0 the applicable covenants for Hastings are leverage ratio
and interest cover, and the related carrying amount of the liability would be EUR 63
million. There are no facts or circumstances that would indicate that Hastings may
have difficulty with complying with the covenants, or that Hastings would not have
complied with the covenants if they were assessed for compliance based on Hastings
circumstances at 31 December 2024.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 332 million (201), of which EUR 42
million (58) was undrawn at the end of reporting period. The arrangement ends in
November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 90 million
with a maturity date of 29 October 2026.
Holding
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
994
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
497
496
Total subordinated debt securities
1,491
1,490
Other financial liabilities
Derivative financial instruments
25
20
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
85
89
Other
2
Total bonds
954
959
Total financial liabilities
2,470
2,469
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 13. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2024
12/2023
Eliminations between segments
-127
-127
Group financial liabilities total
3,036
2,914
Change in liabilities from financing activities
EURm
1
January
2024
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2024
Subordinated debt
1,645
\u2014
\u2014
-3
\u2014
1,642
Bonds
959
\u2014
-2
-3
\u2014
954
Other loans
194
194
-48
13
\u2014
353
Total
2,798
194
-50
7
\u2014
2,948
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-527": { "value": "
22 Financial liabilities
Group
EURm
12/2024
12/2023
Subordinated debt liabilities
Subordinated loans
1,642
1,645
Total subordinated debt liabilities
1,642
1,645
Other financial liabilities
Derivative financial instruments
88
116
Financial liabilities measured at amortised cost
Debt securities in issue
954
959
Amounts owed to credit institutions
353
194
Total financial liabilities measured at amortised cost
1,307
1,153
Total other financial liabilities
1,395
1,269
Total financial liabilities
3,036
2,914
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
131
135
Total subordinated debt securities
131
135
Other financial liabilities
Derivative financial instruments
19
58
Total financial liabilities
150
193
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
12/2024
12/2023
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
147
148
Other financial liabilities
Derivative financial instruments
43
36
Amounts owed to credit institutions
\u2014
9
Total financial liabilities
191
193
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (127) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2024
12/2023
Other financial liabilities
Derivative financial instruments
1
2
Amounts owed to credit institutions
353
184
Total financial liabilities
353
186
Hastings has a revolving credit facility with a financial institution, totalling EUR 103
million (98), of which EUR 39 million (56) was undrawn at the end of the reporting
period. The revolving credit facility matures on 20 December 2026, after which the
contract has an extension option of two more years.
Related to the RCF above,\u00a0 the applicable covenants for Hastings are leverage ratio
and interest cover, and the related carrying amount of the liability would be EUR 63
million. There are no facts or circumstances that would indicate that Hastings may
have difficulty with complying with the covenants, or that Hastings would not have
complied with the covenants if they were assessed for compliance based on Hastings
circumstances at 31 December 2024.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 332 million (201), of which EUR 42
million (58) was undrawn at the end of reporting period. The arrangement ends in
November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 90 million
with a maturity date of 29 October 2026.
Holding
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
994
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
497
496
Total subordinated debt securities
1,491
1,490
Other financial liabilities
Derivative financial instruments
25
20
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
85
89
Other
2
Total bonds
954
959
Total financial liabilities
2,470
2,469
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 13. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2024
12/2023
Eliminations between segments
-127
-127
Group financial liabilities total
3,036
2,914
Change in liabilities from financing activities
EURm
1
January
2024
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2024
Subordinated debt
1,645
\u2014
\u2014
-3
\u2014
1,642
Bonds
959
\u2014
-2
-3
\u2014
954
Other loans
194
194
-48
13
\u2014
353
Total
2,798
194
-50
7
\u2014
2,948
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-526": { "value": "
22 Financial liabilities
Group
EURm
12/2024
12/2023
Subordinated debt liabilities
Subordinated loans
1,642
1,645
Total subordinated debt liabilities
1,642
1,645
Other financial liabilities
Derivative financial instruments
88
116
Financial liabilities measured at amortised cost
Debt securities in issue
954
959
Amounts owed to credit institutions
353
194
Total financial liabilities measured at amortised cost
1,307
1,153
Total other financial liabilities
1,395
1,269
Total financial liabilities
3,036
2,914
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
131
135
Total subordinated debt securities
131
135
Other financial liabilities
Derivative financial instruments
19
58
Total financial liabilities
150
193
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
12/2024
12/2023
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
147
148
Other financial liabilities
Derivative financial instruments
43
36
Amounts owed to credit institutions
\u2014
9
Total financial liabilities
191
193
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (127) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2024
12/2023
Other financial liabilities
Derivative financial instruments
1
2
Amounts owed to credit institutions
353
184
Total financial liabilities
353
186
Hastings has a revolving credit facility with a financial institution, totalling EUR 103
million (98), of which EUR 39 million (56) was undrawn at the end of the reporting
period. The revolving credit facility matures on 20 December 2026, after which the
contract has an extension option of two more years.
Related to the RCF above,\u00a0 the applicable covenants for Hastings are leverage ratio
and interest cover, and the related carrying amount of the liability would be EUR 63
million. There are no facts or circumstances that would indicate that Hastings may
have difficulty with complying with the covenants, or that Hastings would not have
complied with the covenants if they were assessed for compliance based on Hastings
circumstances at 31 December 2024.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 332 million (201), of which EUR 42
million (58) was undrawn at the end of reporting period. The arrangement ends in
November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 90 million
with a maturity date of 29 October 2026.
Holding
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
994
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
497
496
Total subordinated debt securities
1,491
1,490
Other financial liabilities
Derivative financial instruments
25
20
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
85
89
Other
2
Total bonds
954
959
Total financial liabilities
2,470
2,469
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 13. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2024
12/2023
Eliminations between segments
-127
-127
Group financial liabilities total
3,036
2,914
Change in liabilities from financing activities
EURm
1
January
2024
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2024
Subordinated debt
1,645
\u2014
\u2014
-3
\u2014
1,642
Bonds
959
\u2014
-2
-3
\u2014
954
Other loans
194
194
-48
13
\u2014
353
Total
2,798
194
-50
7
\u2014
2,948
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-525": { "value": "
22 Financial liabilities
Group
EURm
12/2024
12/2023
Subordinated debt liabilities
Subordinated loans
1,642
1,645
Total subordinated debt liabilities
1,642
1,645
Other financial liabilities
Derivative financial instruments
88
116
Financial liabilities measured at amortised cost
Debt securities in issue
954
959
Amounts owed to credit institutions
353
194
Total financial liabilities measured at amortised cost
1,307
1,153
Total other financial liabilities
1,395
1,269
Total financial liabilities
3,036
2,914
The segment financial liabilities include subordinated debts, derivatives, debt securities
in issue, and other financial liabilities.
If
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month
Stibor
+ 1.30%
131
135
Total subordinated debt securities
131
135
Other financial liabilities
Derivative financial instruments
19
58
Total financial liabilities
150
193
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
12/2024
12/2023
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
147
148
Other financial liabilities
Derivative financial instruments
43
36
Amounts owed to credit institutions
\u2014
9
Total financial liabilities
191
193
Subordinated loans are wholly included in Topdanmark\u2019s own funds. Approximately
EUR 127 million (127) (DKK 950 million) of the subordinated loans are subscribed by If.
Hastings
EURm
12/2024
12/2023
Other financial liabilities
Derivative financial instruments
1
2
Amounts owed to credit institutions
353
184
Total financial liabilities
353
186
Hastings has a revolving credit facility with a financial institution, totalling EUR 103
million (98), of which EUR 39 million (56) was undrawn at the end of the reporting
period. The revolving credit facility matures on 20 December 2026, after which the
contract has an extension option of two more years.
Related to the RCF above,\u00a0 the applicable covenants for Hastings are leverage ratio
and interest cover, and the related carrying amount of the liability would be EUR 63
million. There are no facts or circumstances that would indicate that Hastings may
have difficulty with complying with the covenants, or that Hastings would not have
complied with the covenants if they were assessed for compliance based on Hastings
circumstances at 31 December 2024.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 332 million (201), of which EUR 42
million (58) was undrawn at the end of reporting period. The arrangement ends in
November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 90 million
with a maturity date of 29 October 2026.
Holding
EURm
12/2024
12/2023
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
994
993
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
497
496
Total subordinated debt securities
1,491
1,490
Other financial liabilities
Derivative financial instruments
25
20
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
162
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
311
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
395
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
85
89
Other
2
Total bonds
954
959
Total financial liabilities
2,470
2,469
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 13. According to this determination,
the subordinated debt securities and bonds are categorised either on level 1 or 2.
Eliminations between segments
EURm
12/2024
12/2023
Eliminations between segments
-127
-127
Group financial liabilities total
3,036
2,914
Change in liabilities from financing activities
EURm
1
January
2024
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31
December
2024
Subordinated debt
1,645
\u2014
\u2014
-3
\u2014
1,642
Bonds
959
\u2014
-2
-3
\u2014
954
Other loans
194
194
-48
13
\u2014
353
Total
2,798
194
-50
7
\u2014
2,948
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-532": { "value": "
23 Other liabilities
EURm
12/2024
12/2023
Liabilities arising out of direct insurance operations
176
227
Liabilities arising out of reinsurance operations
126
69
Settlement liabilities
90
5
Provisions
174
6
Interests
29
29
Tax liabilities
14
2
Lease liabilities
134
160
Employee benefit liability
21
21
Prepayments and accrued income
265
241
Other
535
581
Total other liabilities
1,562
1,342
Item Other includes, e.g. premium taxes of EUR 148 million (164), liabilities related with
patient insurance pool of EUR 54 million (64), and other tax liabilities and employee
withholding taxes.
The non-current share of other liabilities is EUR 96 million (82).
Leases
The total effect of leases on the statement of cash flows was EUR -36 million (-33).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 12
million (15).
EURm
1-12/2024
1-12/2023
Items recognised in the p/l from lease liabilities
Interest expenses
-2
-2
Expenses from short-term and low-value lease liabilities
-4
-4
Provisions
EURm
2024
At 1 January
6
Reclassification of Topdanmark's provision
27
Provisions utilized during the financial year
-9
Provisions added during the fiscal year
151
Translation difference
-1
At 31 December
174
In connection with the acquisition and the integration of Topdanmark into If Group, a
restructuring reserve amounting to EUR 149 million was recognised. The costs relate
mainly to redundancies, decommissioning, and sunsetting of systems, as well as
rebranding.
Other restructuring provisions consist of funds amounting to EUR 13 million reserved
for future expenses attributable to previously implemented or planned future
organisational changes including expenses related to the separation of Topdanmark
Liv Holding Group (now Nordea Pension Holding Danmark A/S) to Nordea.
In addition, provisions for employer contributions reserved for commitments
attributable to endowment policies and other uncertain liabilities are also included in
the total amount of the provisions.
The non-current share of provisions is EUR 73 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-531": { "value": "
23 Other liabilities
EURm
12/2024
12/2023
Liabilities arising out of direct insurance operations
176
227
Liabilities arising out of reinsurance operations
126
69
Settlement liabilities
90
5
Provisions
174
6
Interests
29
29
Tax liabilities
14
2
Lease liabilities
134
160
Employee benefit liability
21
21
Prepayments and accrued income
265
241
Other
535
581
Total other liabilities
1,562
1,342
Item Other includes, e.g. premium taxes of EUR 148 million (164), liabilities related with
patient insurance pool of EUR 54 million (64), and other tax liabilities and employee
withholding taxes.
The non-current share of other liabilities is EUR 96 million (82).
Leases
The total effect of leases on the statement of cash flows was EUR -36 million (-33).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 12
million (15).
EURm
1-12/2024
1-12/2023
Items recognised in the p/l from lease liabilities
Interest expenses
-2
-2
Expenses from short-term and low-value lease liabilities
-4
-4
Provisions
EURm
2024
At 1 January
6
Reclassification of Topdanmark's provision
27
Provisions utilized during the financial year
-9
Provisions added during the fiscal year
151
Translation difference
-1
At 31 December
174
In connection with the acquisition and the integration of Topdanmark into If Group, a
restructuring reserve amounting to EUR 149 million was recognised. The costs relate
mainly to redundancies, decommissioning, and sunsetting of systems, as well as
rebranding.
Other restructuring provisions consist of funds amounting to EUR 13 million reserved
for future expenses attributable to previously implemented or planned future
organisational changes including expenses related to the separation of Topdanmark
Liv Holding Group (now Nordea Pension Holding Danmark A/S) to Nordea.
In addition, provisions for employer contributions reserved for commitments
attributable to endowment policies and other uncertain liabilities are also included in
the total amount of the provisions.
The non-current share of provisions is EUR 73 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-530": { "value": "
23 Other liabilities
EURm
12/2024
12/2023
Liabilities arising out of direct insurance operations
176
227
Liabilities arising out of reinsurance operations
126
69
Settlement liabilities
90
5
Provisions
174
6
Interests
29
29
Tax liabilities
14
2
Lease liabilities
134
160
Employee benefit liability
21
21
Prepayments and accrued income
265
241
Other
535
581
Total other liabilities
1,562
1,342
Item Other includes, e.g. premium taxes of EUR 148 million (164), liabilities related with
patient insurance pool of EUR 54 million (64), and other tax liabilities and employee
withholding taxes.
The non-current share of other liabilities is EUR 96 million (82).
Leases
The total effect of leases on the statement of cash flows was EUR -36 million (-33).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 12
million (15).
EURm
1-12/2024
1-12/2023
Items recognised in the p/l from lease liabilities
Interest expenses
-2
-2
Expenses from short-term and low-value lease liabilities
-4
-4
Provisions
EURm
2024
At 1 January
6
Reclassification of Topdanmark's provision
27
Provisions utilized during the financial year
-9
Provisions added during the fiscal year
151
Translation difference
-1
At 31 December
174
In connection with the acquisition and the integration of Topdanmark into If Group, a
restructuring reserve amounting to EUR 149 million was recognised. The costs relate
mainly to redundancies, decommissioning, and sunsetting of systems, as well as
rebranding.
Other restructuring provisions consist of funds amounting to EUR 13 million reserved
for future expenses attributable to previously implemented or planned future
organisational changes including expenses related to the separation of Topdanmark
Liv Holding Group (now Nordea Pension Holding Danmark A/S) to Nordea.
In addition, provisions for employer contributions reserved for commitments
attributable to endowment policies and other uncertain liabilities are also included in
the total amount of the provisions.
The non-current share of provisions is EUR 73 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-529": { "value": "
23 Other liabilities
EURm
12/2024
12/2023
Liabilities arising out of direct insurance operations
176
227
Liabilities arising out of reinsurance operations
126
69
Settlement liabilities
90
5
Provisions
174
6
Interests
29
29
Tax liabilities
14
2
Lease liabilities
134
160
Employee benefit liability
21
21
Prepayments and accrued income
265
241
Other
535
581
Total other liabilities
1,562
1,342
Item Other includes, e.g. premium taxes of EUR 148 million (164), liabilities related with
patient insurance pool of EUR 54 million (64), and other tax liabilities and employee
withholding taxes.
The non-current share of other liabilities is EUR 96 million (82).
Provisions
EURm
2024
At 1 January
6
Reclassification of Topdanmark's provision
27
Provisions utilized during the financial year
-9
Provisions added during the fiscal year
151
Translation difference
-1
At 31 December
174
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-533": { "value": "
25 Equity and reserves
Equity (1,000 shares)
12/2024
12/2023
Equity (1,000 shares)
538,248
501,797
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 2024, the number of A shares amounted to
538,047,772 and B shares to 200,000 shares.
Treasury shares (1,000 shares)
12/2024
12/2023
Own shares held by Sampo plc (1,000 shares)
\u2014
\u2014
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.
Reserve for 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.
During the financial year 2024, the directed share issue of EUR 2,000 million to acquire
the non-controlling interests of Topdanmark was recognised in the reserve.
Other components of equity
Other components of equity include changes in exchange differences, derivatives used
for cash flow hedges, revaluation reserve and hedges of a net investment.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-534": { "value": "
Equity (1,000 shares)
12/2024
12/2023
Equity (1,000 shares)
538,248
501,797
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 2024, the number of A shares amounted to
538,047,772 and B shares to 200,000 shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-535": { "value": "
Treasury shares (1,000 shares)
12/2024
12/2023
Own shares held by Sampo plc (1,000 shares)
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-536": { "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.
Reserve for 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.
During the financial year 2024, the directed share issue of EUR 2,000 million to acquire
the non-controlling interests of Topdanmark was recognised in the reserve.
Other components of equity
Other components of equity include changes in exchange differences, derivatives used
for cash flow hedges, revaluation reserve and hedges of a net investment.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-537": { "value": "
26 Incentive schemes
Sampo\u2019s long-term incentive scheme 2020 I
The Board of Directors of Sampo plc has decided on the long-term incentive schemes
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 that 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 2024.
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 was 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
52.64\u201364.44. 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.
2020:I
2020:I/2
2020:I/3
Terms approved*
5 Aug 2020
5 Aug 2020
5 Aug 2020
Granted\u00a0 (1,000)\u00a0 31 Dec 2021
3,815
220
\u2014
Granted\u00a0 (1,000)\u00a0 31 Dec 2022
3,805
220
208
Granted\u00a0 (1,000)\u00a0 31 Dec 2023**
2,124
170
158
Granted\u00a0 (1,000)\u00a0 31 Dec 2024**
1,052
119
158
End of performance period I 30%
Q2-2023
Q2-2024
Q2-2025
End of performance period II\u00a0 35%
Q2-2024
Q2-2025
Q2-2026
End of performance period III 35%
Q2-2025
Q2-2026
Q2-2027
Payment I 30%
09/2023
09/2024
09/2025
Payment II 35%
09/2024
09/2025
09/2026
Payment III 35%
09/2025
09/2026
09/2027
Price of Sampo A at terms approval date
EUR*
30.30
30.30
30.30
Starting price EUR***
32.94
43.49
44.74
Starting price adjusted with dividend and
Mandatum\u00a0 EUR at 31 December 2024
18.11
30.36
35.71
Sampo A closing price EUR at 31
December 2024
39.38
Total intrinsic value, EURm
19
1
1
Total debt
21
Total cost for the financial period, EURm
(incl. social cost)
14
* Grant dates vary
** Without Mandatum
*** 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.
Sampo\u2019s long-term incentive scheme 2024
On 6 March 2024, the Board of Directors of Sampo plc decided to adopt a
performance-based long-term incentive scheme for the Group Executive Committee
(including the Group CEO) and other senior leaders and key employees of Sampo
Group.
The participants in LTI 2024 were granted 355,699 performance incentive units (out of
a maximum of 370,000). The performance incentive units have a three-year
performance period covering financial years 2024-2026, with subsequent deferral
periods according to the rules and regulations applicable to Sampo Group.
The reward is a cash-based compensation. According to the terms and conditions of
the scheme, identified staff must buy Sampo A shares with 50% of the net reward after
taxes and other comparable charges. The shares are subject to a formal disposal
restriction of three years from the date of payment, and the Board of Directors of
Sampo plc will perform a risk and compliance assessment before any shares are
released to participants.
To achieve a maximum reward from the LTI 2024, excellent financial and operational
performance is required. The performance assessment will be based on the following
performance criteria:
Relative total shareholder return: 25% of the reward is subject to the performance of
the Sampo A share\u2019s relative TSR over the performance period against a peer group of
companies.
Adjusted absolute total shareholder return: 25% of the reward is subject to the
performance of the Sampo A share\u2019s growth and combined dividends over the
performance period.
Underwriting profit growth: 40% of the reward is subject to the performance of
Sampo Group\u2019s underwriting profit growth over the performance period.
Sustainability charter: 10% of the reward is subject to the performance of Sampo
Group\u2019s work related to sustainability.
In addition, the performance incentive units are subject to Sampo A share price
movements over the performance period. The share price growth is capped at a
maximum increase to avoid excessive pay-outs and minimize risk.
The fair value of the scheme has been estimated using the Monte Carlo pricing model.
At the end of the period 76 persons were included in the scheme. The total cost for the
financial period and the liability of the scheme amounted to EUR 1 million.
Topdanmark\u2019s incentive schemes
Long-term incentive programme
Topdanmark\u2019s LTI programme for the Executive Board and other grade A and B+
managers is a revolving option- and/or phantom share units based long-term incentive
programme which entail that a fixed proportion, equivalent to 10 per cent of the salary,\u00a0
is paid in the form of share options according to a revolving option programme and/or
as phantom share units based on the development in the share price of Sampo plc\u2019s A
shares.
Upon completion of Sampo\u2019s compulsory acquisition of the remaining Topdanmark
shares in October 2024, the outstanding rights to Topdanmark shares under the LTI
programme have been converted. Instead of options with the right to receive
Topdanmark shares upon exercising of options, the LTI participants have received
phantom share units tied to the development in the share price of Sampo\u2019s listed A
share which will be settled in cash when the phantom share units are exercised. When
converting LTI options under the LTI programme to phantom share units, the market
value of the LTI option was determined per the completion in accordance with the
Black-Scholes formula. Based on the calculated market value, the LTI participant has
been granted a number of phantom share units in Sampo per the Compulsory
Acquisition Date. The LTI participants are compensated for any negative tax effect in
consequence of the convertion into phantom share units.
The options and/or phantom share units are issued at the beginning of a financial year
and may not be exercised any earlier than subsequent to the publication of the first
interim results announced by Sampo three years after the options and/or phantom
share units were acquired. For phantom share units resulting from the conversion of
options under the LTI programme, the calculation is made from the original time of
granting of options.
At the end of the financial period, the liability of the scheme amounted to EUR 15
million.
Short-term incentive programme
Topdanmark\u2019s STI programme is a cash and share and/or phantom share-based short-
term incentive programme which is tied up to the completion of a number of
predefined targets for each member of the programme. For the financial year 2024,
individual STI participant agreements have been entered with every member of the
Executive Board, other grade A managers as well as a group of other Material Risk
Takers.
STI bonus cannot exceed 40% of the employee\u2019s fixed basic salary including pension.
As per the Compulsory Acquisition Date, the STI participant\u2019s outstanding rights to
Topdanmark shares under the STI programme have been replaced by rights to
phantom shares tied to the development in the share price of Sampo\u2019s listed A share
which will be settled in cash when the deferral and retention period expires.
The market value of the right to Topdanmark shares under the STI programme is
determined in accordance with the exchange ratio in connection with the share
exchange offer, thus the right to receive a Topdanmark share is replaced by the right
to receive 1.25 phantom shares based on the development in share price of Sampo
shares. The STI participants are compensated for any negative tax effect in
consequence of the convertion into phantom shares.
Payment of STI bonus is 50% cash payment at the time of allocation and 50% shares
and/or phantom shares based on the development in share price of Sampo\u2019s A share.
For larger amounts (generally, more than DKK 750,000), 40% is paid as a cash amount
at the time of allocation, and 60% as shares and/or phantom shares. The number of
shares and/or phantom shares is calculated based on the average trade price of
Sampo\u2019s listed A share four banking days after the announcement of Sampo\u2019s annual
results.
Long-term incentive schemes of Hastings
The total charge for the share-based payments recognised in profit or loss during 2024
was EUR 29 million (7) with a share-based payment liability of EUR 36 million (8) held
at 31 December 2024.
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 15 million (13) were granted in 2024, and EUR 9 million (6)
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 40 million (32) outstanding on 31 December 2024.
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 2024, certain key management personnel were granted cash awards
with a value of EUR 0.6 million (0.7) conditional upon continued employment within
the Group. There were cash awards with a value of EUR 1.0 million (0.9) outstanding at
31 December 2024.
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 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-538": { "value": "
27 Investments in subsidiaries
Name
Group holding
%
Carrying
amount
If P&C Insurance Holding Ltd
100
4,820\u00a0
If P&C Insurance Ltd
100
1,441\u00a0
If P&C Insurance AS
100
39\u00a0
Vertikal Helseassistanse AS
100
9\u00a0
Viking Assistance Group AS
100
80\u00a0
Topdanmark A/S
100
39\u00a0
Topdanmark Forsikring A/S
100
4,614\u00a0
Topdanmark EDB A/S
100
41\u00a0
Topdanmark BidCo A/S*
100
261\u00a0
Hastings Group (Consolidated) Ltd
100
2,611\u00a0
Hastings Group Holdings Limited
100
2,535\u00a0
Advantage Global Holdings Limited
100
1,518\u00a0
Advantage Insurance Company Limited
100
283\u00a0
Hastings Insurance Services Limited
100
537\u00a0
* Topdanmark BidCo A/S relates to the acquisition and holding 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 subsidiary shares in 2024
Sampo acquired all the outstanding NCI shares in Topdanmark A/S through a public
exchange offer, followed by a compulsory acquisition during H2 in 2024. The shares
were then sold to If P&C Holding Ltd in November 2024. At the same time, a
shareholders\u2019 contribution of EUR 2,934 million was made to If P&C Insurance Holding
Ltd by Sampo plc.
The carrying amounts of Hastings\u2019 companies have changed mainly due to internal
restructuring in Hastings\u2019 subgroup.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-539": { "value": "
28 Acquisition of
Topdanmark\u2019s non-
controlling interest
Background
On 17 June 2024, Sampo announced that Sampo and
Topdanmark had entered into a combination
agreement, based on which Sampo made\u00a0 a
recommended best and final public exchange offer to
acquire all of the outstanding shares in Topdanmark not
already owned by Sampo. The offer period began on 9
August 2024 and expired on 9 September 2024. The
transaction was completed by the compulsory
acquisition of the remaining Topdanmark minority
shares on 25 October 2024. Topdanmark shares were
removed from trading on Nasdaq Copenhagen on 18
October 2024. For more detailed description of the
acquisition, please see sections Other developments.
Compensation to non-controlling interests
During the tender offer process, Sampo received
acceptances representing approximately 92.6 per cent
of the entire share capital and total number of voting
rights in Topdanmark, excluding Topdanmark\u2019s treasury
shares. The Board resolved to issue 48,198,710 new
Sampo A shares to the Topdanmark non-controlling
shareholders and the subscription price for the new
class A shares was EUR 41.50 per share. The price was
determined based on the closing price of the Sampo
class A shares on Nasdaq Helsinki Ltd at the last full
trading day prior to the Sampo Board resolving upon
the directed issuance of shares. The share issue
amounting to EUR 2,000 million was recognised in the
invested unrestricted equity.
Following the completion of the tender process, Sampo
commenced a compulsory acquisition of the 6,613,865
Topdanmark shares held by the remaining non-
controlling shareholders of Topdanmark. The total
acquisition cost of the remaining minority shares
amounted to EUR 325 million. Compensation was paid
in cash.
Equity transaction
As the transaction with the non-controlling interest is
accounted for as an equity transaction in Sampo Group,
the compensation paid to the NCI for their shares in
Topdanmark A/S was recognised as a decrease in the
retained earnings, amounting to EUR 2,325 million. The
portion of the NCI\u2019s share in equity, amounting to EUR
394 million, was allocated to the owners of the parent
company, and recognised as an increase in retained
earnings. The total decrease of retained earnings
amounted to EUR 1,931 million. As a result of the
acquisition, there were no accumulated balances at the
year end 2024. In the statement of profit or loss, the
NCI\u2019s share of EUR 49 million was calculated as the
weighted average during the financial year.
The acquisition costs related to the equity transaction,
amounting to EUR 31 million, were accounted for as a
deduction from the equity. Therefore, the transaction
decreased Sampo Group\u2019s total equity by EUR 356
million consisting of compensation paid in compulsory
acquisition of EUR 325 million and transaction costs of
EUR 31 million.
Valuation of Topdanmark A/S shares
The measurement of acquired Topdanmark A/S shares
was based on the compensation given as an exchange
of those shares. For Topdanmark\u2019s shares acquired via
tender offer, the value of the acquired shares was
determined based on the value of Sampo\u2019s shares
issued totalling EUR 2,000 million. For shares acquired
via the compulsory acquisition, the value of acquired
shares was determined based on the compensation
paid in cash totalling EUR 325 million.\u00a0
Sale of Topdanmark A/S shares to If P&C
Insurance Holding Ltd
On 1 November 2024, Sampo plc sold all the issued
shares in Topdanmark A/S to If P&C Insurance Holding
Ltd. The transaction was completed at arm\u2019s length
basis. The sale price, based on the recent market value
of EUR 4,659 million, equivalent to approximately DKK
34.7 billion, was paid in full by way of a loan agreement
and a shareholder\u2019s contribution between Sampo plc
and If P&C Insurance Holding Ltd. On 1 November, the
loan agreement, amounting to EUR 1,724 million,
consisted of EUR nominated facility of EUR 862 million
and DKK nominated facility of DKK 6,432 million
(approx. EUR 862 million). The remaining part of the
purchase price was paid by setting-off against
shareholder\u2019s contribution amounting to SEK 34 029
million (approx. EUR 2,934 million) granted by Sampo
plc to If Holding. The shareholder\u2019s contribution was
recognised as an increase in the carrying amount of If
Holding\u2019s shares in Sampo plc\u2019s balance sheet.
As the sale transaction of Topdanmark\u2019s shares is an
intra-group transaction, all impacts, including the sales
gain of the shares, are eliminated at the Sampo Group
level. The intra-group sale of shares meets the definition
of a common control transaction as both If P&C
Insurance Holding Ltd and Topdanmark A/S are under
control of Sampo plc before and after the acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-540": { "value": "
29 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 27 . At the end
of the financial year, there were no significant associates in the Group.
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.
During the financial year, Sampo plc sold Topdanmark A/S shares to If Holding A/B.
Related to the sale, substantial internal transactions and financing arrangements were
formed between group entities. For further information, please see note 28.\u00a0
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
2024
2023
Short-term employee benefits
-8
-8
Post employment benefits
-4\u00a0
-3
Other long-term benefits
-8\u00a0
-6
Total
-20\u00a0
-17
Short-term employee benefits comprise salaries and other short-term 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 26).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-541": { "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
2024
2023
Short-term employee benefits
-8
-8
Post employment benefits
-4\u00a0
-3
Other long-term benefits
-8\u00a0
-6
Total
-20\u00a0
-17
Short-term employee benefits comprise salaries and other short-term 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 26).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-542": { "value": "
30 Discontinued operations
Mandatum Group\u2019s business
Mandatum was a wholly owned direct subsidiary of Sampo plc until 1 October 2023
when it was separated from the Group in the partial demerger of Sampo plc. In the
comparative year, 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.
Result of discontinued operations
EURm
1-9/2023
Insurance revenue
255
Insurance service expenses
-213
Reinsurance result
-1
Insurance service result
41
Net investment result
658
Net finance income or expense from insurance contracts
-161
Net result from investment contracts
-369
Net financial result
127
Other income
22
Other expenses
-12
Finance expenses
-4
Profit before taxes
173
Income taxes
-33
Discontinued operations, net of tax
140
The profit from the discontinued operations is attributed entirely to the owners of the
parent company. Other comprehensive income did not include any items from the
discontinued operations.
The profit from discontinued operations in the consolidated income statement,
amounting to 251 million, included also the difference of 9 million from the
derecognition of the dividend liability, and 102 million from the recognition of a loan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-543": { "value": "
31 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.
The purchase price included goodwill of EUR 237 million (DKK 1,770 million), related to
the unique business model and operational setup of DSS. Goodwill is not 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.
On 1 November 2024, shares of Topdanmark A/S were sold to If Holding A/B. The
shares of Oona Health A/S were therefore transferred to If Group. For further
information, please see notes 27 and 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-544": { "value": "
32 Contingent liabilities, commitments and
legal proceedings
EURm
12/2024
12/2023
Off-balance sheet items
Guarantees
9
9
Investment commitments
40
15
IT acquisitions
\u2014
1
Other
2
2
Total
51
27
Assets pledged as collateral for liabilities or contingent liabilities
12/2024
12/2023
EURm
Assets
pledged
Liabilities/
commitments
Assets
pledged
Liabilities/
commitments
Assets pledged as collateral
Investment securities
403
294
408
293
Subsidiary shares
91
25
91
27
Cash and cash equivalents
66
43
63
36
Total
559
362
561
356
Assets pledged as security
for derivative contracts
Investment securities
\u2014
9
Cash and cash equivalents
66
62
Assets pledged as security
for insurance undertakings
Investment securities
403
399
Assets pledged as security
for loans
Shares in subsidiaries
91
91
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Policyholder's beneficiary rights
EURm
12/2024
12/2023
Assets covered by policyholders' beneficiary rights
9,748
10,034
Technical provisions, net
-6,021
-6,171
Surplus of registered securities
3,727
3,863
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
If
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 by F\u00f6rs\u00e4krings-aktiebolaget 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 40 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 that 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.
Topdanmark
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 interest, 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
Hastings
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.
Topdanmark
In December 2022, Sampo plc\u00b4s subsidiary Topdanmark
Forsikring A/S sold Topdanmark Liv Holding A/S and all
its subsidiaries to Nordea Life Holding AB. On 1 May
2024, Topdanmark announced that Topdanmark
Forsikring A/S had entered into an agreement with
Nordea regarding the process for completion of the IT
separation of Topdanmark Liv Holding A/S (today
Nordea Pension Holding Danmark A/S).
As announced by Topdanmark in the first quarter of
2024, Nordea Group has reserved the right to raise
claims against Topdanmark Forsikring A/S for certain
potential losses. At present, it is not possible for
Topdanmark A/S to determine the size or existence of
the potential losses, and thus it is not possible to assess
whether they would constitute losses for which
Topdanmark Forsikring A/S may be held liable under
the signed Share Purchase Agreement (SPA). Currently,
there is no new information on the potential claims, and
thus the contingent liability remains.
Rental commitments
During the reporting period 2024, Sampo plc signed a
rental agreement on new office premises commencing
in June 2025.\u00a0
Legal proceedings
There are a number of legal proceedings against the
Group companies outstanding as of 31 December 2024,
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-545": { "value": "
32 Contingent liabilities, commitments and
legal proceedings
EURm
12/2024
12/2023
Off-balance sheet items
Guarantees
9
9
Investment commitments
40
15
IT acquisitions
\u2014
1
Other
2
2
Total
51
27
Assets pledged as collateral for liabilities or contingent liabilities
12/2024
12/2023
EURm
Assets
pledged
Liabilities/
commitments
Assets
pledged
Liabilities/
commitments
Assets pledged as collateral
Investment securities
403
294
408
293
Subsidiary shares
91
25
91
27
Cash and cash equivalents
66
43
63
36
Total
559
362
561
356
Assets pledged as security
for derivative contracts
Investment securities
\u2014
9
Cash and cash equivalents
66
62
Assets pledged as security
for insurance undertakings
Investment securities
403
399
Assets pledged as security
for loans
Shares in subsidiaries
91
91
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Policyholder's beneficiary rights
EURm
12/2024
12/2023
Assets covered by policyholders' beneficiary rights
9,748
10,034
Technical provisions, net
-6,021
-6,171
Surplus of registered securities
3,727
3,863
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
Hastings
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.
Topdanmark
In December 2022, Sampo plc\u00b4s subsidiary Topdanmark
Forsikring A/S sold Topdanmark Liv Holding A/S and all
its subsidiaries to Nordea Life Holding AB. On 1 May
2024, Topdanmark announced that Topdanmark
Forsikring A/S had entered into an agreement with
Nordea regarding the process for completion of the IT
separation of Topdanmark Liv Holding A/S (today
Nordea Pension Holding Danmark A/S).
As announced by Topdanmark in the first quarter of
2024, Nordea Group has reserved the right to raise
claims against Topdanmark Forsikring A/S for certain
potential losses. At present, it is not possible for
Topdanmark A/S to determine the size or existence of
the potential losses, and thus it is not possible to assess
whether they would constitute losses for which
Topdanmark Forsikring A/S may be held liable under
the signed Share Purchase Agreement (SPA). Currently,
there is no new information on the potential claims, and
thus the contingent liability remains.
Rental commitments
During the reporting period 2024, Sampo plc signed a
rental agreement on new office premises commencing
in June 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-546": { "value": "
Other financial commitments
If
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 by F\u00f6rs\u00e4krings-aktiebolaget 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 40 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 that 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.
Topdanmark
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 interest, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-547": { "value": "
Contingent liability
Hastings
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.
Topdanmark
In December 2022, Sampo plc\u00b4s subsidiary Topdanmark
Forsikring A/S sold Topdanmark Liv Holding A/S and all
its subsidiaries to Nordea Life Holding AB. On 1 May
2024, Topdanmark announced that Topdanmark
Forsikring A/S had entered into an agreement with
Nordea regarding the process for completion of the IT
separation of Topdanmark Liv Holding A/S (today
Nordea Pension Holding Danmark A/S).
As announced by Topdanmark in the first quarter of
2024, Nordea Group has reserved the right to raise
claims against Topdanmark Forsikring A/S for certain
potential losses. At present, it is not possible for
Topdanmark A/S to determine the size or existence of
the potential losses, and thus it is not possible to assess
whether they would constitute losses for which
Topdanmark Forsikring A/S may be held liable under
the signed Share Purchase Agreement (SPA). Currently,
there is no new information on the potential claims, and
thus the contingent liability remains.
Rental commitments
During the reporting period 2024, Sampo plc signed a
rental agreement on new office premises commencing
in June 2025.\u00a0
Legal proceedings
There are a number of legal proceedings against the
Group companies outstanding as of 31 December 2024,
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-548": { "value": "
33 Subsequent events after
the balance sheet date
Dividend proposal to the AGM
In the meeting on 6 February 2025, the Board of
Directors decided to propose, at the Annual General
Meeting on 23 April 2025, a divided distribution of EUR\u00a0
1.70 per share (totalling approx. EUR 915\u00a0million based
on the number the number of outstanding shares at the
balance sheet date). The dividends to be paid will be
accounted for in equity in 2025 as a deduction of
retained earnings.
Share split
On 5 February 2025, the Board of Directors of Sampo
plc resolved on a share split by way of a share issue
without consideration in proportion to shares owned by
shareholders. In the share split, Sampo issued four (4)
new A shares for each existing A share and four (4) new
B shares for each existing B share to shareholders in
proportion to their existing holdings on the record day
of the share issuance on 12 February 2025. In total,
2,152,191,088 new Sampo A shares and 800,000 new
Sampo B shares were issued. Following the registration
of the new shares, Sampo\u2019s total share count amounts
to 2,691,238,860 shares.
The resolution was based on the authorisation granted
by Annual General Meeting held on 25 April 2024. The
share split does not require any action from
shareholders nor holders of Swedish depository
receipts. Further information is available at
www.sampo.com/sharesplit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-549": { "value": "
Dividend proposal to the AGM
In the meeting on 6 February 2025, the Board of
Directors decided to propose, at the Annual General
Meeting on 23 April 2025, a divided distribution of EUR\u00a0
1.70 per share (totalling approx. EUR 915\u00a0million based
on the number the number of outstanding shares at the
balance sheet date). The dividends to be paid will be
accounted for in equity in 2025 as a deduction of
retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-550": { "value": "1.70", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-551": { "value": "915000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-552": { "value": "
34 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 different stages of their economic cycles
at any given time, for 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, the Nordic area is inherently a
good basis for a diversified business. Geographic
diversification is also extended outside of the Nordics
into the United Kingdom and to a smaller extent the
Baltics.
To further maintain diversification of businesses, Sampo
Group proactively prevents concentrations, to the
extent possible, by segregating the duties of separate
business areas. 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.
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 and resilience 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 the
existing market environment;
\u2022 Limit M&A transactions to bolt-ons in non-life
insurance within current markets;
\u2022 Dispose of 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\u00a0
its significant activities and functions, including decision
making. The risk management system comprises the
overall organisational structure, documented rules,
processes, and procedures, as well as resources to
identify, measure, or assess, contain, monitor, and
report on risk exposure and overall risk management. It
is supported by Sampo\u2019s corporate governance system
and risk culture. It is built on the risk management
principles and the corresponding policies.
Effective management of risks
Effective risk management is carried out by way of the
risk management process, which involves the
systematic application of policies, procedures and
practices to the identifying, assessing, treating,
monitoring, measuring, and reporting risk:
\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
Risks in Sampo Group are classified under three broad
categories, namely business risks, reputational risk, and
risks inherent in business operations, as shown in the
picture Classification of risks in Sampo Group.
Classification of risks in Sampo Group
\"25_3_1_Classification_of_risks_in_Sampo_Group.svg\"
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. 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 must have a detailed understanding of expected
cash flows and their variance within its business
operations. 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 extremely unfavourable claim
or financial market event, for instance, could threaten
the solvency of the company.
Concentrations can evolve within separate activities \u2013
such as 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.
Emerging risks
Emerging risk refers to newly developing or changing
risks that are difficult to quantify and which may have a
major impact on Sampo Group. Being aware of the risk,
gathering information about it, and reviewing
contractual terms in light of development are means of
managing and mitigating the risk.
Sustainability approach
Sampo Group has a sustainability programme, which
drives group level sustainability work. The programme
consists of three strategic sustainability themes:
Business management and practices, People and
communities, and Climate and environment. Under each
theme, the most material sustainability topics have been
identified. They link to Sampo Group\u2019s strategy,
business, and risk management and are seen as
important by the Group\u2019s various stakeholders.
When drafting the programme, views of both internal
and external stakeholders have been considered. This
includes, for example, regulatory requirements
regarding current and future sustainability reporting
(e.g., CSRD, CSDDD), feedback from investors and
employees, industry best practices, relevant reporting
frameworks (e.g., GRI Standards, TCFD), and the views
of various ESG rating agencies.
The business management and practices theme focuses
on topics that are fundamental to Sampo Group\u2018s
operations. This includes especially good corporate
governance, sustainable insurance operations and
supply chain management, and responsible investment.
Good governance in Sampo Group means effective
policies, management practices, and training that
provide assurance that the Group complies with laws,
regulations, and generally accepted principles, for
example, regarding anti-corruption and bribery and
anti-money laundering, and counter-terrorist financing.
Furthermore, they include comprehensive information
security and cybersecurity governance systems, and
data privacy activities, as well as effective
whistleblowing and grievance procedures.
Sustainable insurance operations are important in
meeting the evolving needs of all customers and in
mitigating potential adverse impacts on the Group\u2019s
reputation. Therefore, Sampo Group aims to take ESG
considerations into account in product and service
development, and insurance underwriting. By
integrating ESG considerations into insurance
operations, Sampo Group aims to prevent association
with business activities that do not comply with the
company\u2019s sustainability policies, and offer products
and services aligned with customers\u2019 need and
preferences. This means, for example, that Sampo
Group integrates ESG considerations into insurance
underwriting (e.g. expectations for corporate clients to
respect international norms and standards as defined
by the UN Global Compact, integration of sustainability
considerations into underwriting principles and/or other
relevant policies), provides loss prevention services,
handles claims in a sustainable way, and develops
products and services in accordance with relevant legal
requirements (e.g. the EU Taxonomy).
Sampo Group emphasises sustainability factors when
working with suppliers. Sampo Group is a major
procurer of goods and services, especially in claims
handling, and therefore has an impact on the economy,
the environment, and people. Supply chains are also a
crucial part of the sustainability of Sampo Group\u2019s
products and services. Sustainability issues can carry
significant reputational and operational risks if not
managed correctly. Therefore, Sampo Group takes ESG
considerations into account in supply chain
management, for example, by using supplier codes of
conduct, setting additional contractual requirements for
specific suppliers (e.g. based on ESG risks, sector, size,
geography, business relevance), setting targets related
to supply chain management, and conducting supplier
risk assessments (e.g. audits, questionnaires). Sampo
Group is also committed to encouraging and supporting
the company\u2019s suppliers and partners in their efforts to
use more sustainable methods in their operations.
Responsible investment management and operations
are important in managing investment-related risks, and
in mitigating potential adverse impacts on the Group's
reputation. Therefore, Sampo Group takes ESG
considerations into account when assessing the
security, quality, liquidity, and profitability of
investments. Investment opportunities are carefully
analysed before any investments are made, and ESG
considerations are analysed in parallel with other
factors that might affect the risk-return ratio of
individual investments. Depending on the asset class,
Sampo Group uses different ESG strategies to ensure
the effective consideration and management of
investment risks arising from ESG considerations. The
strategies used include, for example, ESG integration,
sector-based screening, norms-based screening, and
engagement with investee companies.
The people and communities theme includes topics
relating to human rights and labour practices; diversity,
equity, and inclusion; health, safety, and wellbeing;
competence development; customer needs and
preferences; and sustainable sales and marketing
practices.
Sampo Group wants to provide customers with the best
service in all situations. Here, skilled and motivated
employees are an essential success factor. Losing talent
or being perceived as an unattractive employer would
pose large risks for the businesses. Therefore, Sampo
Group strives to ensure a sound work environment, not
only because it is stipulated by law but also because it
lays the foundation for sustainable business
performance. Diversity and inclusion are key focus areas
for Sampo Group, as it is committed to providing a non-
discriminatory, open, and agreeable work environment
where everyone is treated fairly and equally. Risks
related to these themes are managed, for example, by
having strong internal policies and governance
structures, conducting organisational development
programmes, and offering employees training,
interesting career opportunities, and attractive
remuneration packages.
Additionally, a sustainable product and service offering
requires being attentive to the risks relating to
inappropriate customer advice and product sales, errors
in claims handling and complaint processes, and a lack
of clarity on conditions, prices, and fees. The focus in
sales and marketing practices is on meeting the
demands and needs of the customer and providing the
customer with the information necessary for them to
make well-informed decisions on their insurance
coverage. Sampo Group manages risks related to these
themes, for example, by having effective internal
policies and governance structures, and offering
employees training.
The climate and environment theme includes topics,
such as, climate change, resource use and circular
economy as well as biodiversity.
Climate change and environmental issues 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.
The financial position and results of Sampo Group\u2019s
insurance operations are affected especially by physical
risks. 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 programmes and price
assessments. Since climate change can increase the
frequency and/or severity of physical risks, Sampo
Group conducts sensitivity analyses using scenarios in
which the severity of natural catastrophes is assumed to
increase. Sampo Group also helps its corporate and
private customers to manage climate-related risks.
Extreme weather events can, for example, damage
properties and lead to crop failure and business
interruption. Loss prevention is an essential part of
insurance services, as it helps customers to reduce
economic losses and mitigates the impacts of climate
change.
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 a 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 annual analysis of the
carbon footprint and climate impact of investments,
sector-based screening and ESG integration, monitoring
the geographical distribution of investments, and
engagement with investee companies.
In terms of climate change scenario analysis, Sampo
Group, together with the external vendor ORTEC
Finance, has analysed the Group investment portfolio's
exposure to systemic economic and financial climate
change risks in four different climate scenarios over the
next 40 years. Based on the impact on macroeconomic
variables as well as the potential effect on claims related
to natural catastrophes, including consequences on
pricing of insurance contracts, the impact on the
insurance results has also been analysed.
For more information on the scenario analysis, see the
section Climate change in the Sustainability Statement.
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.
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; hence their underwriting risks
differ by nature. 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
Sampo Group\u2019s insurance service result increased in
2024 by 14 per cent to EUR 1,394 million (1,193). The
table Underwriting performance, 31 December 2024
and 31 December 2023 presents the development of
insurance revenue, claims expenses, operating
expenses, and insurance service result for the last two
years.
Underwriting performance
Sampo Group, 31 December 2024 and 31 December 2023
EURm
Insurance revenue
Reinsurance premiums
expenses
Insurance service
expenses, Claims
incurred
Insurance service
expenses, Operating
expenses
Reinsurers' share of
claims incurred
Insurance service result
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Motor
4,520
3,973
-392
-590
-2,989
-2,688
-680
-621
173
424
632
499
Workers'
compensation
314
309
-6
-6
-164
-106
-43
-42
5
1
106
155
Liability
460
446
-71
-68
-213
-222
-68
-65
36
22
143
114
Accident
1,162
910
-8
-6
-746
-542
-180
-148
6
4
234
217
Property
2,796
2,532
-406
-307
-2,054
-2,097
-388
-347
297
393
244
173
Marine, aviation,
transport
136
142
-24
-27
-75
-79
-21
-22
16
13
31
28
Other
62
105
-2
-2
-46
-76
-16
-22
4
1
3
7
Total
9,450
8,418
-909
-1,006
-6,287
-5,810
-1,396
-1,266
537
858
1,394
1,193
Key sensitivities
Effects from instant change on profit or loss in year 2024
EURm
Shock
2024
Combined ratio (quarterly effect)
Discount rate\u00a0 +100 bps
-0.60 %
Combined ratio (quarterly effect)
Discount rate\u00a0 -100 bps
0.60%
Insurance finance income and expense, net
Discount rate\u00a0 +100 bps
330
Insurance finance income and expense, net
Discount rate\u00a0 -100 bps
-380
Net investment income
Interest rates\u00a0 +100 bps
-320
Net investment income
Interest rates\u00a0 -100 bps
350
Net investment income
Spreads +100 bps
-330
Net investment income
Equities\u00a0 -10%
-220
The main non-life underwriting risks that may influence
future claims are the risk of single large claims and the
risk of catastrophe events. However, Sampo Group has
comprehensive reinsurance programmes in place,
contributing to the low level of underwriting risk. The
negative economic impacts of natural catastrophes and
single large claims are also mitigated by the Group\u2019s
well-diversified portfolio. Claims costs may also be
affected by uncertainty in claims outstanding caused by
higher-than-expected claims inflation, lower discount
rates, or an increased retirement age with the
consequence that both annuities and lump sum
payments would increase. However, higher long-term
inflation would be expected to coincide with higher
nominal discount rates, whereby the effects would in
part cancel each other out.
Net liabilities for incurred claims have been presented in
the following table.\u00a0
Net liabilities for incurred claims
Sampo Group, 31 December 2024
Sweden
Norway
Finland
Denmark
Baltics
UK
Total
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
Motor other and MTPL
779
8.9
163
1.3
655
11.0
273
2.2
111
4.0
1,030
2.2
3,011
5.9
- whereof MTPL
679
10.2
91
2.0
633
11.4
238
2.3
98
4.5
\u2014
\u2014
1,739
8.8
Workers' compensation
\u2014
\u2014
97
2.8
773
10.3
1,137
7.3
\u2014
\u2014
\u2014
\u2014
2,008
8.3
Liability
229
3.8
100
1.5
113
2.7
193
2.5
23
2.0
\u2014
\u2014
658
2.8
Accident
253
6.0
338
5.9
190
7.1
269
2.3
3
0.3
\u2014
\u2014
1,053
5.2
Property
349
0.9
334
0.9
160
0.8
325
1.1
34
0.4
44
1.0
1,245
0.9
Marine, aviation, transport
17
0.7
18
0.7
9
1.0
13
0.7
2
0.6
\u2014
\u2014
59
0.8
Other
\u2014
\u2014
0
\u2014
\u2014
\u2014
34
1.1
\u2014
0.0
\u2014
\u2014
34
1.1
Total
1,628
6.0
1,050
2.8
1,900
8.9
2,243
4.6
172
3.0
1,074
2.1
8,067
5.3
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 2024, 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 December 2024, total EUR 5,860 million (5,468)
\"25_17_2_Breakdown
\"25_17_2_Breakdown
\"25_17_2_Breakdown
There are minor differences between the figures
reported by Sampo Group and If due to different
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 claim expenses. Examples of what could lead to
high claim expenses include large fires, natural
catastrophes, or an unforeseen increase in the
frequency or the average size of small and medium-
sized claims. Another example is claims inflation, which
is taken into account in the pricing process and can
affect competitiveness when claim costs increases.
The principal methods for mitigating premium risk are\u00a0
reinsurance and risk sharing, portfolio diversification,
prudent underwriting, and detailed and frequent follow-
ups linked to the strategy and financial planning
process.
An analysis of how changes in the combined ratio,
insurance revenue, and claims incurred affect the result
before tax is presented in the table Sensitivity analysis,
premium risk, If, 31 December 2024 and 31 December
2023.
Sensitivity analysis, premium risk
If, 31\u00a0December 2024 and 31\u00a0December 2023
Level 2024
Change in current
level
Effect on result before tax (Gross)
Effect on result before tax (Net)
Key Figures
(Gross)
(Net)
2024
2023
2024
2023
Combined ratio, business area Private
81.9%
82.2%
+/- 1 percentage point
+/-\u00ad 30.1
+/-\u00ad 28.7
+/-\u00ad 29.7
+/-\u00ad 28.4
Combined ratio, business area Commercial
89.4%
83.6%
+/- 1 percentage point
+/-\u00ad 13.7
+/-\u00ad 13.2
+/-\u00ad 13.6
+/-\u00ad 13.1
Combined ratio, business area Industrial
76.9%
88.7%
+/- 1 percentage point
+/-\u00ad 10.3
+/-\u00ad 9.2
+/-\u00ad 6.6
+/-\u00ad 6.3
Combined ratio, business area Baltics
85.6%
86.0%
+/- 1 percentage point
+/-\u00ad 2.4
+/-\u00ad 2.3
+/-\u00ad 2.4
+/-\u00ad 2.2
Insurance revenue (net of reinsurance premium
expenses EURm)
5,680
5,258
+/- 1 per cent
+/-\u00ad 56.8
+/-\u00ad 53.3
+/-\u00ad 52.6
+/-\u00ad 49.9
Claims incurred (EURm)
3,873
3,554
+/- 1 per cent
+/-\u00ad 38.7
+/-\u00ad 37.6
+/-\u00ad 35.5
+/-\u00ad 33.7
The overall risk appetite and risk tolerance limit for
underwriting risk is set out in the Risk Management
Policy, which is complemented by sub-limits for risks
within the underwriting operations. The Underwriting
Policy sets general principles, restrictions, and
directions for the underwriting activities, and 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, as
well as the impact on result volatility and capital
requirements. The main tool for this evaluation is the
Sampo Group internal model in which small claims,
large claims, and natural catastrophes are modelled.
The Reinsurance Policy includes limitations on
permitted reinsurers as well as limits relating to
concentration risk and reinsurance risk.
In 2024, retention levels were between SEK 100 million
(approximately EUR 11.0 million) and SEK 300 million
(approximately EUR 34.0 million) per risk and SEK 300
million (approximately EUR 34.0 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, as 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.
The 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 claim
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. 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 2024
across the product portfolios was 6.1 years (6.2).
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 2024 the
proportion of liability for incurred claims related to
MTPL and workers\u2019 compensation was 51 per cent (52).
In the table Net liability for incurred claims by line of
business and major geographical area, If, 31 December
2024 and 31 December 2023, 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 2024
Sweden
Norway
Finland
Denmark
Baltics
Total
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
EURm
Duration
Motor other and MTPL
800
8.8
163
1.3
655
11.0
102
2.3
111
4.0
1,831
8.3
- whereof MTPL
699
10.0
91
2.0
633
11.4
97
2.4
98
4.5
1,618
9.3
Workers' compensation
\u2014
\u2014
97
2.8
773
10.3
319
8.1
\u2014
\u2014
1,190
9.1
Liability
229
3.8
100
1.5
113
2.7
84
2.8
23
2.0
548
2.9
Accident
253
6.0
338
5.9
190
7.1
79
1.9
3
0.3
863
5.8
Property
349
0.9
334
0.9
160
0.8
125
0.3
34
0.4
1,001
0.8
Marine, aviation, transport
17
0.7
18
0.7
9
1.0
12
0.7
2
0.6
58
0.7
Total
1,648
5.9
1,050
2.8
1,900
8.9
721
4.5
172
3.0
5,491
6.1
Includes internal items with Hastings.
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
\u2014
\u2014
116
2.9
805
10.4
300
8.2
\u2014
\u2014
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
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 values as a result of
changes in the different risk factors as per December 31
each year. The sensitivity analysis is calculated before
tax. Changes 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 2024 and 31 December 2023
Insurance liabilities item
Risk factor
Change in risk parameter
Country
Effect EURm
2024 Gross
Effect EURm
2024 Net
Effect EURm
2023 Gross
Effect EURm
2023 Net
Discounted estimated future cash
flows
Inflation increase
Increase by 1 percentage point
Sweden
110.4
106.5
124.5
120.1
Denmark
35.7
33.8
33.6
33.0
Finland
29.0
27.9
25.5
25.2
Norway
17.3
16.2
21.5
20.2
Annuities and reated INBR
Decrease in mortality
Life expectancy increase
by 1 year
Sweden
14.7
14.7
15.1
15.1
Denmark
1.1
1.1
1.0
1.0
Finland
49.1
49.1
49.2
49.2
Norway
0.2
0.2
0.2
0.2
Discounted liability for incurred
claims
Decrease in discount rate
Decrease by 1 percentage point to
liquid part of yield curve
Sweden
79.0
75.2
87.0
82.6
Denmark
35.3
33.4
33.5
32.9
Finland
169.5
168.4
171.6
171.3
Norway
28.6
27.5
31.4
30.1
The output from the sensitivity analysis is illustrated
both before and after reinsurance in the claims cost
trend tables. These are disclosed in note 21.
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 estimates are based on historical claims
data and exposures that are available at the closing
date. Considered factors include loss development
trends, 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 claim costs.
Underwriting risks in Topdanmark
As shown in the graph Breakdown of gross written
premiums by business area, country and line of
business, Topdanmark, 31 December 2024,
Topdanmark\u2019s insurance portfolio is well diversified
across Business areas and lines of business.
Breakdown of gross written premiums by business area, country and line of business
Topdanmark, 31\u00a0December 2024, Total EUR 1,553 million (1,339)
\"25_17_2_Breakdown
\"25_17_2_Breakdown
\"25_17_2_Breakdown
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 Correct 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 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 2024 and 31 December 2023.
Sensitivity analysis, premium risk
Topdanmark, 31\u00a0December 2024 and 31\u00a0December 2023
Key figures
Current level 2024
(Gross)
Current level 2024
(Net)
Change in current
level
Effect on result before tax (Gross)
Effect on result before tax (Net)
2024
2023
2024
2023
Combined ratio, business area
Private
85.6%
85.4%
+/- 1 percentage
point
+/- 8.2
+/- 7.6
+/- 8.1
+/- 7.5
Combined ratio, business area
Commercial
85.0%
83.2%
+/- 1 percentage
point
+/- 7.4
+/- 7.0
+/- 6.6
+/- 6.4
Insurance revenue (net of
insurance premium expense,
EURm)
\u2014
1,468
+/- 1 per cent
\u2014
\u2014
+/- 14.7
+/- 13.8
Claims incurred (EURm)
1,017
971
+/- 1 per cent
+/- 10.2
+/- 9.5
+/- 9.7
+/- 9.1
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 Forsikring
are buildings, other property, and motor. Other short
tail lines are 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 2024 and 31\u00a0December 2023
2024
2023
EURm
Duration
EURm
Duration
Motor other and MTPL
170
2.1
159
2.1
- whereof MTPL
141
2.3
133
2.3
Workers' compensation
818
7.1
813
7.2
Liability
110
2.3
105
2.3
Accident
190
2.5
179
2.5
Property
199
1.5
209
1.4
Marine, aviation, transport
1
1.2
1
1.0
Other
35
1.1
37
1.0
Total
1,523
4.7
1,503
4.8
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.
The sensitivity analysis of the reserve risk is presented
in the following table.
Sensitivity analysis, reserve risk
Topdanmark, 31\u00a0December 2024 and 31 December 2023
Insurance liabilities item
Risk factor
Change in risk parameter
Country
Effect
EURm
2024
Effect
EURm
2024 Net
Effect
EURm
2023
Effect
EURm
2023 Net
Discounted estimated future cash flows
Inflation increase
Increase by 1 percentage point
Denmark
49.9
49.9
50.7
50.7
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
59.1
58.7
62.4
61.7
Underwriting risks in Hastings Group
Hastings provides motor, home insurance products, and
is a provider of regulated consumer credit in the current
form of personal loans. In 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 2024 and 31\u00a0December 2023
31 Dec 2024
31 Dec 2023
EURm
Duration
EURm
Duration
Motor
1,014
2.2
755
2.2
Property
44
1.0
40
1.8
Total
1,058
2.1
794
2.2
Sensitivity analysis, premium risk
Hastings, 31 December 2024 and 31 December 2023
Key figure
Level, 2024
(Gross)
Level, 2024
(Net)
Change
Effect on pre-tax profit (Gross), EURm
Effect on pre-tax profit (Net), EURm
2024
2023
2024
2023
Operating ratio
\u2014%
89%
+/- 1 percentage point
\u2014
\u2014
+/- 16.7
+/- 12.5
Insurance revenue (net of reinsurance
premium expense)
2234
1814
+/- 1 per cent
+/- 22.3
+/- 17.2
+/- 18.2
+/- 11.3
Claims incurred
1417
1230
+/- 1 per cent
+/- 14.2
+/- 11.4
+/- 12.3
+/- 7.1
Pricing risk
Advantage's risk appetite requires management to
maintain rates that are projected to achieve loss ratios
within the target loss ratio range. As a response to
market conditions, rates were regularly adjusted, after
review by management, to remain competitive and
provide 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 at a 75 per cent confidence
level versus the internal best estimate. 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 2024
amounted to EUR 2,161 million.
Breakdown of gross written premiums by business area, country and line of business
Hastings, 31\u00a0December 2024, Total EUR 2,161 million (1,706)
\"25_17_2_Breakdown
\"25_17_2_Breakdown
\"25_17_2_Breakdown
Advantage maintained a disciplined approach to pricing
despite continued market competition. Live customer
policies grew year-on-year in 2024. This disciplined but
agile underwriting and pricing approach led to many
selective rate adjustments during 2024.
Claims cost inflation remained a large influence on the
risk profile for 2024. 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 2024 and 31 December 2023
Insurance liabilities item
Risk factor
Change in risk parameter
Effect Gross
EURm
2024
Effect Net
EURm
2024
Effect Gross
EURm
2023
Effect Net
EURm
2023
Discounted estimated future cash
flows
Inflation increase
Increase by 1 percentage point
66.1
12.6
63.0
10.1
Periodic Payment Orders (PPOs)
Decrease in mortality
Life expectancy increase by 1 year
3.4
0.1
3.1
0.1
Discounted insurance liabilities, net
Decrease in discount rate
Decrease by 1 percentage point
58.8
17.3
37.4
10.2
Market risks at Sampo Group
For all insurance entities, 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 the insurance entities in If, Topdanmark,
and Hastings differ, and as a result, the structures and
risks of the investment portfolios and the balance
sheets of the 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 2024 was EUR 16,727 million (17,160)
as presented in the following table, Investment
Allocation, Sampo Group, 31 December 2024 and 31
December 2023.
Investment allocation
Sampo Group, 31\u00a0December 2024 and 31\u00a0December 2023
2024
2023
Asset class
Market value,
EURm
Weight, %
Average maturity,
years
Market value,
EURm
Weight, %
Average maturity,
years
Fixed income total
14,780
88%
3.7
14,903
87%
3.4
Money market securities and cash
1,262
8%
0.1
2,026
12%
0.1
Government bonds
1,597
10%
4.1
1,299
8%
3.4
Credit bonds, funds and loans
11,922
71%
3.9
11,579
67%
3.9
Covered bonds
4,175
25%
4.9
4,022
23%
4.8
Investment grade bonds and loans
6,518
39%
3.4
6,013
35%
3.6
High-yield bonds and loans
1,228
7%
3.3
1,544
9%
3.1
Listed equity total
1,520
9%
-
1,474
9%
-
Nordic Countries
693
4%
-
735
4%
-
Western Europe
447
3%
-
416
2%
-
North America
204
1%
-
155
1%
-
Asia
176
1%
-
147
1%
-
Others
0
0%
-
20
\u2013%
-
Alternative investments total
465
3%
-
800
5%
-
Real estate
0
0%
-
1
0%
-
Private equity
464
3%
-
765
4%
-
Other alternative
0
0%
-
34
0%
-
Derivatives
-38
0%
-
-17
0%
-
Asset classes total
16,727
100 %
-
17,160
100%
-
The financial assets, as presented in the note 12, differ from the investment allocation because the latter does not include the Hastings lending business and the associated expected credit loss (ECL)
provision. Additionally, investment allocation includes cash and cash equivalents, accrued interest and derivatives with negative market value. It also includes settlement receivables and liabilities.
Investment activities and market risk taking are
arranged pro-actively in order to diversify single name
risks, except with regards to Nordic banks, where most
Sampo Group companies have placed their extra funds
in short-term money market assets and cash. From the
diversification of the assets on 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. Also Hastings\u2019 investment
portfolio has 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 Sampo Group otherwise has 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 as 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 to be
descriptive of the maximum exposure amount exposed
to credit risk.
Exposures by sector, asset class and rating
Sampo Group, 31\u00a0December 2024
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 2023
Basic industry
\u2013
\u2013
36
171
28
\u2013
31
266
32
\u2013
\u2013
297
-49
Capital goods
\u2013
15
100
228
26
\u2013
31
399
518
\u2013
\u2013
917
-84
Consumer products
\u2013
57
272
323
22
\u2013
122
796
173
1
\u2013
969
-12
Energy
\u2013
21
44
\u2013
\u2013
\u2013
44
108
13
\u2013
\u2013
122
2
Financial institutions
34
962
2,122
800
27
\u2013
81
4,026
\u2013
404
3
4,432
-1,049
Governments
487
209
\u2013
\u2013
\u2013
\u2013
15
711
\u2013
\u2013
\u2013
711
240
Government guaranteed
55
25
\u2013
\u2013
\u2013
\u2013
\u2013
80
\u2013
\u2013
\u2013
80
6
Health care
\u2013
\u2013
17
141
23
\u2013
47
228
2
\u2013
\u2013
230
32
Insurance
17
20
44
230
8
\u2013
4
324
\u2013
\u2013
\u2013
324
-210
Media
\u2013
\u2013
\u2013
5
5
\u2013
47
57
\u2013
\u2013
\u2013
57
42
Packaging
\u2013
\u2013
\u2013
6
12
\u2013
9
27
\u2013
\u2013
\u2013
27
2
Public sector, other
478
18
\u2013
\u2013
\u2013
\u2013
\u2013
496
\u2013
\u2013
\u2013
496
-27
Real estate
\u2013
35
149
137
27
3
154
506
\u2013
\u2013
\u2013
507
-133
Services
\u2013
\u2013
42
193
135
\u2013
59
428
\u2013
\u2013
\u2013
428
68
Supranationals
310
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
310
\u2013
\u2013
\u2013
310
107
Technology and electronics
\u2013
12
28
68
\u2013
\u2013
86
193
\u2013
1
\u2013
194
38
Telecommunications
\u2013
\u2013
35
263
\u2013
\u2013
\u2013
298
43
\u2013
\u2013
341
51
Transportation
\u2013
49
85
48
5
\u2013
62
249
\u2013
\u2013
\u2013
249
29
Utilities
\u2013
\u2013
130
238
60
\u2013
94
522
\u2013
\u2013
\u2013
522
114
Others
\u2013
\u2013
31
20
\u2013
\u2013
42
93
4
25
\u2013
122
32
Covered bonds
3,764
\u2013
109
\u2013
\u2013
\u2013
302
4,175
\u2013
\u2013
\u2013
4,175
137
Funds
157
79
120
18
24
\u2013
81
480
735
13
\u2013
1,228
-22
Clearing house
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
9
9
7
Total
5,302
1,502
3,363
2,887
402
3
1,311
14,771
1,520
445
12
16,748
-677
Change from 31 Dec 2023
-111
-235
-118
206
10
3
18
-228
43
-436
-57
-677
Total assets differ from the table Investment allocation 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 2024 and 31 December 2023.
Fixed income investments in the financial sector
Sampo Group, 31\u00a0December 2024
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated debt
Total
%
Denmark
2,214
7
332
168
2,721
32,3 %
Sweden
1,506
40
474
175
2,195
26,0 %
Norway
303
\u2013
361
311
974
11,6 %
Finland
39
310
269
161
778
9,2 %
France
\u2013
153
233
15
401
4,8 %
United States
\u2013
\u2013
331
\u2013
331
3,9 %
United Kingdom
\u2013
134
144
\u2013
278
3,3 %
Canada
64
\u2013
131
\u2013
195
2,3 %
Netherlands
\u2013
\u2013
159
32
192
2,3 %
Australia
45
\u2013
37
\u2013
82
1,0 %
Switzerland
5
\u2013
70
\u2013
75
0,9 %
Iceland
\u2013
\u2013
61
\u2013
61
0,7 %
Germany
\u2013
\u2013
50
\u2013
50
0,6 %
Spain
\u2013
\u2013
37
\u2013
37
0,4 %
Belgium
\u2013
\u2013
33
\u2013
33
0,4 %
Austria
\u2013
\u2013
21
\u2013
21
0,2 %
Bermuda
\u2013
\u2013
3
8
11
0,1 %
Total
4,175
644
2,745
871
8,435
100,0 %
Fixed income investments in the financial sector
Sampo Group, 31 December 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
\u2013
384
319
1,041
12,4 %
France
\u2013
249
133
5
388
4,6 %
United States
\u2013
2
179
\u2013
181
2,2 %
Netherlands
\u2013
\u2013
92
21
113
1,3 %
Iceland
\u2013
\u2013
60
2
62
0,7 %
Switzerland
\u2013
\u2013
52
\u2013
52
0,6 %
Canada
\u2013
\u2013
51
\u2013
51
0,6 %
Ireland
\u2013
\u2013
47
\u2013
47
0,6 %
United Kingdom
\u2013
\u2013
41
\u2013
41
0,5 %
Australia
\u2013
\u2013
36
\u2013
36
0,4 %
Austria
\u2013
\u2013
20
\u2013
20
0,2 %
Germany
\u2013
\u2013
18
\u2013
18
0,2 %
Spain
\u2013
\u2013
15
\u2013
15
0,2 %
Belgium
\u2013
\u2013
15
\u2013
15
0,2 %
New Zealand
\u2013
\u2013
11
\u2013
11
0,1 %
Bermuda
\u2013
\u2013
\u2013
7
7
0,1 %
Total
4,028
1,271
2,310
811
8,420
100,0 %
The public-sector exposure includes government bonds,
government guaranteed bonds, and other public-sector
investments including supranationals, as shown in the
tables Fixed income investments in the public sector,
Sampo Group 31 December 2024 and 31 December
2023. 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 2024
EURm
Governments
Government
guaranteed
Public sector,
other
Total
Sweden
415
\u2013
96
511
Norway
72
\u2013
397
470
Supranationals
\u2013
\u2013
313
313
United States
122
\u2013
\u2013
122
United Kingdom
87
\u2013
\u2013
87
Germany
\u2013
56
\u2013
56
Finland
14
25
\u2013
39
Total
711
80
806
1,597
Sampo Group, 31\u00a0December 2023
EURm
Governments
Governments
guaranteed
Public sector,
other
Total
Sweden
421
\u2013
131
552
Norway
\u2013
\u2013
391
391
Supranationals
\u2013
6
191
197
United States
46
\u2013
\u2013
46
Germany
\u2013
46
\u2013
46
Finland
\u2013
25
\u2013
25
Denmark
7
\u2013
\u2013
7
Total
473
77
713
1,264
The listed equity investments of Sampo Group totalled
EUR 1,520 million at the end of year 2024 (1,474).
The geographical core of Sampo Group\u2019s equity
investments is in Nordic companies. The proportion of
Nordic equities corresponds to 46 per cent of the total
equity portfolio. 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 2024
and 31 December 2023.
Breakdown of listed equity investments by geographical regions
Sampo Group, 31\u00a0December 2024 and 31\u00a0December 2023
\"25_17_2_Breakdown
Equity funds and ETFs are reported using a fund look-through approach for both the 2024 and 2023 reporting periods.
\"25_17_2_Breakdown
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 2024 and 31 December 2023.
Largest exposures by issuer and asset class
Sampo Group, 31\u00a0December 2024
Issuer
Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Other bonds
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
1,174
7%
204
788
181
\u2014
1
Nykredit Association
897
5%
\u2014
815
82
\u2014
\u2014
Swedbank
658
4%
\u2014
546
112
\u2014
\u2014
Svenska Handelsbanken
582
3%
40
451
91
\u2014
\u2014
Realkredit Danmark
558
3%
\u2014
558
\u2014
\u2014
\u2014
Sweden
511
3%
\u2014
\u2014
511
\u2014
\u2014
Norway
472
3%
\u2014
\u2014
472
\u2014
\u2014
NOBA
433
3%
\u2014
\u2014
9
424
\u2014
Jyske Bank
299
2%
\u2014
226
73
\u2014
\u2014
Danske Bank
223
1%
34
15
174
\u2014
1
Total top 10 exposures
5,808
35%
278
3,399
1,704
424
2
Other
10,919
65%
Total investment assets
16,727
100%
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:
Covered
bonds
Long-term
fixed income:
Other bonds
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
959
6%
284
489
183
\u2014
2
Svenska Handelsbanken
814
5%
108
622
83
\u2014
\u2014
Swedbank
713
4%
\u2014
589
124
\u2014
\u2014
Nykredit Realkredit A/S
598
3%
\u2014
598
\u2014
\u2014
\u2014
Realcredit Danmark
592
3%
\u2014
592
\u2014
\u2014
\u2014
Sweden
552
3%
\u2014
\u2014
552
\u2014
\u2014
NOBA
471
3%
\u2014
\u2014
46
425
\u2014
Skandinaviska Enskilda Banken
439
3%
252
22
164
\u2014
2
Danske Bank
429
2%
251
24
152
\u2014
1
Norway
391
2%
\u2014
\u2014
391
\u2014
\u2014
Total top 10 exposures
5,958
35%
896
2,936
1,696
425
5
Other
11,202
65%
Total investment assets
17,160
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 2024
and 31 December 2023. Furthermore, the largest direct
listed equity exposures are presented in the tables Ten
largest direct listed equity investments, Sampo Group,
31 December 2024 and 31 December 2023.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31\u00a0December 2024
Ten largest high yield and non-rated
fixed income investments
Rating
Total, EURm
% of total fixed
income investments
Ten largest listed equity investments
Total, EURm
% of total equity
investments
Vattenfall AB
BB+
60
0.4%
NOBA *
424
21,8 %
Pohjolan Voima Oy
NR
32
0.2%
Nexi S.p.A. **
156
8,0 %
Campus Byen A/S
NR
29
0.2%
Volvo
148
7,6 %
Swedavia AB
NR
29
0.2%
ABB
88
4,5 %
Visma AS
NR
28
0.2%
Nederman Holding
66
3,4 %
Hexagon AB
NR
24
0.2%
Veidekke
61
3,1 %
Sanoma Oyj
NR
22
0.2%
Autoliv Inc
57
2,9 %
Altera Shuttle
NR
21
0.1%
Telia Company
43
2,2 %
Granite Debtco 9 Ltd
NR
20
0.1%
Husqvarna
40
2,1 %
Ica Gruppen AB
NR
20
0.1%
Beijer AB
32
1,7 %
Total top 10 exposures
286
1.9%
Total top 10 exposures
1,116
57,4 %
Other fixed income investments
14,494
98.1%
Other equity investments
828
42,6 %
Total fixed income investments
14,780
100.0%
Total equity investments
1,944
100,0 %
* Although NOBA is not listed company, it is major equity investment in Sampo plc's portfolio and therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood partners.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31\u00a0December 2023
Ten largest high yield and non-rated
fixed income investments
Rating
Total, EURm
% of total 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 fixed income investments
14,031
97.6%
Other equity investments
797
36.2%
Total fixed income investments
14,382
100.0%
Total 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.
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 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 the 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 2024 was EUR 10,704 million (11,156). 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
49.4 per cent. Consumer products represent the second
largest concentration of 4.7 per cent.
The overall risk appetite and risk tolerance limit for
market risk is set out in the Risk Management Policy,
which is complemented by sub-limits for risks within\u00a0
investment operations in the Investment Policy and
Currency Risk Policy. The Investment Policy is the
principal document for managing market risk. It sets the
guiding principles, for instance, the prudent person
principle, specific risk restrictions, and decision-making
structure for asset management. If also has a\u00a0
Responsible Investment Policy, expanding the scope of
the responsible investment processes and increasing
alignment across the Sampo Group. Investment
performance and market risk are actively monitored
and controlled by the Investment Control Committee.
If\u2019s investment management strategy is conservative,
with a low equity share and low fixed-income duration.
Market risks of balance sheet
Asset and liability management risk
If\u2019s exposure to ALM risk arises mainly from interest rate
risk, inflation risk, and currency risk. ALM risk is
considered through the risk appetite framework and is
governed by the Investment Policy. 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
The exposure to interest rate risk from issued insurance
contracts and held reinsurance contracts arises from
the net liability for incurred claims, where future claim
payments are discounted to 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, 2024 and
2023 in the section Underwriting risks.
If\u2019s exposure to interest rate risk from financial
instruments arises primarily from fixed income
investments.
On a net basis, If is negatively affected when interest
rates are decreasing, as the duration of insurance
liabilities is longer than the duration of investment
assets. The duration of fixed income investments at
year-end 2024 was 2.5 years (2.4). The respective
duration of insurance liabilities was 6.1 years (6.2).
Interest rate risk relating to insurance liabilities is, in
accordance with the Investment Policy, considered in
the composition of investment assets. The 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. If is mainly
exposed to transaction currency risk due to its
insurance operations in foreign currencies. In addition,
If\u2019s investment decisions create currency exposure. The
currency risk has decreased compared to 31 December
2023.
Transaction 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 functional currency at
branch level on a regular basis. The currency exposure
in investment assets is monitored weekly and is hedged
when the exposure reaches a specified level, which is
set with respect to cost efficiency and minimum
transaction size. The transaction risk positions to the
Swedish krona are shown in the tables Transaction risk
position, If, 31 December 2024 and 31 December 2023.
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 2024
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,225
-156
0
-93
13
-2,332
-1,163
-32
-6,989
Investments
3,261
480
0
68
97
1,930
53
1
5,889
Derivatives
-117
-323
12
20
-109
354
976
7
820
Transaction risk, net position
-82
1
12
-5
1
-49
-134
-25
-280
Sensitivity: SEK -10%
-8
0
1
0
0
-5
-13
-2
-28
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
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 at Group level, stemming from foreign
operations, predominantly through If P&C insurance Ltd
branches, with other functional currencies than SEK.
Liquidity risk
Liquidity risk is not deemed material since premiums are
collected in advance, and large claim payments are
usually known well in advance. The risk is managed in
accordance with the principles set out in the Investment
Policy. In general, the liquidity position for If is strong,
from both availability and maturity point of view.
Liquidity risk is reduced by investing in assets that are
readily marketable in liquid markets. The available
liquidity of financial assets, meaning the part of the
assets that can be converted into cash at a specific
point in time, is continuously analysed and reported to
the Risk Committee.
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 2024 and 31
December 2023, where financial assets and liabilities are
divided into contracts with a contractual maturity
profile, and other contracts. The tables also show
expected future cash flows for insurance liabilities and
reinsurance assets, which by nature are inherently
associated with a degree of uncertainty. The average
maturity of fixed income investments was 3.4 years
(3.2).
Cash flows according to contractual maturity
If, 31\u00a0December 2024
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2025
2026
2027
2028
2029
2030-
2039
2040-
Financial assets
10,848
1,353
9,495
1,434
1,850
2,524
1,577
1,129
1,945
3
Financial assets (non-derivatives)
10,838
1,353
9,484
1,423
1,850
2,524
1,577
1,129
1,945
3
FX derivatives
11
\u2014
11
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
659
\u2014
659
424
131
52
23
11
18
1
Financial liabilities
-482
-1
-481
-323
-134
-27
\u2014
\u2014
\u2014
\u2014
Financial liabilities (non-derivatives)
-462
-1
-461
-305
-134
-27
\u2014
\u2014
\u2014
\u2014
FX derivatives
-19
\u2014
-19
-18
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
-125
\u2014
-125
-27
-24
-20
-17
-16
-44
\u2014
Liability for incurred claims and
other insurance related payables
-6,445
\u2014
-6,445
-2,606
-789
-475
-339
-265
-1,209
-762
All intra-group cashflows are eliminated.
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
\u2014
Financial assets
(non-derivatives)
11,275
1,485
9,791
1,585
1,835
2,142
2,561
1,400
1,487
\u2014
Interest rate swaps
2
\u2014
2
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives
19
\u2014
19
19
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
527
\u2014
527
328
108
44
19
11
18
1
Financial liabilities
-550
\u2014
-550
-402
-31
-137
\u2014
\u2014
\u2014
\u2014
Financial liabilities (non-derivatives)
-492
\u2014
-492
-344
-31
-137
\u2014
\u2014
\u2014
\u2014
FX derivatives
-58
\u2014
-58
-58
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
-148
\u2014
-148
-27
-26
-23
-20
-14
-47
\u2014
Liability for incurred claims and
other insurance related payables
-6,443
\u2014
-6,443
-2,483
-794
-471
-339
-262
-1,301
-795
Market risks at Topdanmark
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.
Investment allocation
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 through an ETF,
and 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 -
especially in the long end as the Danish fixed income
market presents few alternative assets.
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 one property in own use
and is located in Ballerup. The property is valued in
accordance with Danish accounting rules.
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 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 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 tables Cash flows according to
contractual maturity, Topdanmark, 31 December 2024
and 31 December 2023.
Cash flows according to contractual maturity
Topdanmark, 31\u00a0December 2024
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2025
2026
2027
2028
2029
2030-
2039
2040-
Financial assets
2,278
\u2014
2,278
668
485
347
314
211
374
142
Financial assets (non-derivatives)
2,276
\u2014
2,276
668
485
347
314
211
373
142
Interest rate swaps
2
\u2014
2
0
0
0
0
0
1
0
FX forwards
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
73
\u2014
73
52
9
5
3
2
4
\u2014
Financial liabilities
-348
-175
-172
-9
-103
-60
-2
-2
-18
-2
Financial liabilities (non-derivatives)
-323
-175
-148
-7
-101
-57
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
-25
\u2014
-25
-2
-2
-2
-2
-2
-18
-2
FX derivatives
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Liability for incurred claims and other
insurance related payables
-1,596
\u2014
-1,596
-606
-261
-175
-124
-90
-306
-169
All intra-group cashflows are eliminated.
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
\u2014
1,861
420
424
321
170
166
505
113
Financial assets (non-derivatives)
1,859
\u2014
1,859
420
424
321
170
166
504
113
Interest rate swaps
1
\u2014
1
0
0
0
0
0
1
0
FX forwards
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
79
\u2014
79
58
9
4
3
2
4
0
Financial liabilities
-299
-128
-172
-10
-9
-102
-59
-1
-21
-1
Financial liabilities (non-derivatives)
-275
-128
-148
-9
-7
-101
-57
\u2014
\u2014
\u2014
Interest rate swaps
-24
\u2014
-24
-1
-2
-1
-1
-1
-21
-1
FX derivatives
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Liability for incurred claims and other
insurance related payables
-1,582
\u2014
-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 2024 was EUR 2,263 million (1,680). The
investment portfolio was dominated by investment
grade fixed income investments, which comprised 60
per cent of total investment assets. The rest was
invested in money market securities and cash
amounting to 15 per cent, government bonds
amounting to 18 per cent, and high yield and alternative
investments with a combined allocation of 6 per cent.
Investment allocation
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. Informed by market
data, they look to purchase bonds with less than 5 years
since issue date, larger issue sizes, and which trade
regularly. Liquidity scoring is conducted by Advantage\u2019s
investment managers, based on time since issue, issue
size, traded volumes, and observed bid-ask spreads.\u00a0
Cash flows according to contractual maturity
Hastings, 31\u00a0December 2024
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2025
2026
2027
2028
2029
2030-
2039
2040-
Financial assets
2,263
438
1,825
438
497
373
391
103
13
11
Financial assets
(non-derivatives)
2,263
438
1,825
437
497
373
391
103
13
11
FX forwards
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
1,537
1,537
\u2014
409
264
225
64
99
169
307
Financial liabilities
-355
\u2014
-355
-22
-85
-305
\u2014
\u2014
\u2014
\u2014
Financial liabilities
(non-derivatives)
-354
\u2014
-354
-21
-85
-305
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
-1
\u2014
-1
-1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives
-0
\u2014
-0
-0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
-5
\u2014
-5
-3
-1
-0
-0
-0
\u2014
\u2014
Liability for incurred claims and
other insurance related payables
-2,683
-2,683
\u2014
-908
-493
-390
-154
-151
-227
-358
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
\u2014
\u2014
Financial assets
(non-derivatives)
1,869
704
1,165
143
341
349
179
154
\u2014
\u2014
Asset for incurred claims
1,333
1,333
\u2014
349
236
183
61
96
169
240
Financial liabilities
-187
\u2014
-187
-73
-71
-43
\u2014
\u2014
\u2014
\u2014
Financial liabilities
(non-derivatives)
-185
\u2014
-185
-71
-71
-43
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
-2
\u2014
-2
-2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
-10
\u2014
-10
-6
-3
-1
-0
-0
-0
\u2014
Liability for incurred claims and
other insurance related payables
-2,125
-2,125
\u2014
-670
-404
-302
-127
-137
-211
-275
Counterparty risks at If Group
In If, the major sources of counterparty risk stem from
reinsurance recoverables and investments.
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
The distribution of reinsurance recoverables and pooled
solutions is presented in the table below. In the table,
EUR 220 million (206) is excluded, which mainly relates
to captives and statutory pool solutions.
Reinsurance recoverables and pooled solutions
If, 31\u00a0December 2024 and 31\u00a0December 2023
31 Dec 2024
31 Dec 2023
Rating
Total EURm
% of total
Total EURm
% of total
AAA
\u2014
\u2014%
\u2014
\u2014%
AA+ - A-
633
100%
450
100%
BBB+ - BBB-
\u2014
\u2014
\u2014
\u2014%
BB+ - C
\u2014
\u2014%
\u2014
\u2014%
D
\u2014
\u2014%
\u2014
\u2014%
Non-rated
\u2014
\u2014%
\u2014
\u2014%
Total
633
100%
450
100%
The amount of the recoverables reported above is
exposed to counterparty default risk, as recoverables
are typically not covered by collaterals.
To limit and control credit risk associated with ceded
reinsurance, the Reinsurance Policy sets requirements
for the reinsurers\u2019 minimum financial strength ratings
and the maximum exposure limits to individual
reinsurers. Credit ratings from rating agencies are used
to determine the creditworthiness of reinsurance
companies.
Counterparty risk related to investments
Before investing, potential investments are analysed
thoroughly. The creditworthiness and outlook of the
issuer are assessed together with any collateral and
structural details of the potential investment. Internal
risk indicators are important factors in the assessment,
although the macroeconomic environment, market
trends, and external opinions of analysts and credit
ratings by rating agencies are also taken into account.
In addition, the portfolio performance and the
counterparties\u2019 credit standings are monitored
continuously.
Counterparty risks at Topdanmark
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 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. Under the 2024 arrangements, the Motor
exposure risk to Advantage is capped at GBP 2 million
per loss, net of XoL reinsurance, and Household
exposure is capped at GBP 17.5 million (approximately
EUR 21.1 million)\u00a0 per event loss. In 2024, the Advantage
Board maintained the motor QS participation at 30 per
cent. Advantage\u2019s reinsurance strategy will continue to
be reviewed in line with risk appetite.\u00a0
Reinsurance recoverables
Hastings, 31\u00a0December 2024 and 31\u00a0December 2023
2024
2023
Rating
Total, EURm
% of total
Total, EURm
% of total
AAA
\u2014
\u2014%
\u2014
\u2014%
AA
1,232
65%
1,031
63%
A
664
35%
608
37%
BBB
\u2014
\u2014%
2
0%
Less than BBB
\u2014
\u2014%
\u2014
\u2014%
Unrated
\u2014
\u2014%
\u2014
\u2014%
Total
1,896
100%
1,640
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 Where exposure to non-parent reinsurers is
unavoidable, seek to put in place collateralisation of
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
\u2022 Historically, Advantage has sought to increase the
number of reinsurance partners on its panels to
facilitate the growth of the product exposure and
reinsurance capacity from the market.
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
\"25_3_1_Sampo_Groups_capitalisation_framework.svg\"
The Group\u2019s capital requirement is dependent mainly on
the capital requirements of the insurance entities. 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. Sampo still holds two private equity
investments on the parent company\u2019s balance sheet,
also contributing to the Group\u2019s capital requirement.
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 the subsidiary companies depreciate, the
actual amount of the Group\u2019s capital in euros decreases,
and the capital requirements of the subsidiary
companies 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 subsidiary company 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 insurance
entity 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 the ability to
issue Solvency II compliant capital instruments \u2013 there
are factors that are additionally relevant when
considering the size of the Group-level buffers. The
most material of them are correlation of Group
companies\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 parent 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 be periodically
complemented with new debt, and capital or asset
sales. Hence, the parent company liquidity needs to be
managed holistically, together with the dividend policy,
strategic ambitions, and balance sheet targets.
As at 31 December 2024, Sampo plc had long-term
strategic holdings of EUR 7,431 million in the subsidiary
companies, and they were funded mainly by capital of
EUR 7,989 million. Sampo plc had outstanding senior
debt of EUR 954 million and subordinated debt of EUR
1,491 million. Average remaining maturity of senior debt
was 3.8 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 2024 and 31 December 2023.
Balance sheet structure
Sampo plc, 31\u00a0December 2024 and 31\u00a0December
2023
EURm
31 Dec 2024
31 Dec 2023
Assets total
10,508
7,970
Liquidity
626
1,352
Investment assets
2,408
980
Other investments
3
3
Fixed income
1,826
101
Equity & private equity
580
876
Equity holdings
7,431
5,618
Subsidiaries
7,431
5,618
Other assets
44
20
EURm
31 Dec 2024
31 Dec 2023
Liabilities total
10,508
7,970
Long-term senior debt
954
959
Bonds issued
954
959
Subordinated debt
1,491
1,490
Capital
7,989
5,445
Undistributable capital
98
98
Distributable capital
7,891
5,347
Other liabilities
75
76
The amounts in the table are IFRS numbers, including the
internal loan with If.
Regarding liquidity, Sampo plc held EUR 626 million
(1,352) 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 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 most
insurance entities in the Group have other base
currencies than the euro (the Swedish krona, the Danish
krone, pound sterling), and the Group is 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 2024 and 31 December 2023.
Cash flows according to contractual maturity
Sampo plc, 31\u00a0December 2024 and 31 December 2023
31 Dec 2024
Carrying amount total
Cash flows
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount
with contractual
maturity
2025
2026
2027
2028
2029
2030-
2039
2040-
Financial assets
1,307
828
479
395
2
2
30
36
29
\u2014
Financial assets (non-derivatives)
1,307
828
479
395
2
2
30
36
29
\u2014
Financial liabilities
-2,520
\u2014
-2,520
-232
-58
-59
-475
-551
-1,481
\u2014
Financial liabilities (non-derivatives)
-2,495
\u2014
-2,495
-229
-59
-59
-456
-551
-1,481
\u2014
Interest rate swaps
-25
\u2014
-25
-2
1
\u2014
-19
\u2014
\u2014
\u2014
Lease liabilities
-1
\u2014
-1
-1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Intra-group cashflows are eliminated.
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)\u00a0
2,325
1,623
702
617
14
2
2
30
65
0
Financial liabilities
-2,527
\u2014
-2,527
-72
-223
-59
-59
-475
-2,032
\u2014
Financial liabilities (non-derivatives)
-2,507
\u2014
-2,507
-70
-223
-59
-59
-461
-2,032
\u2014
Interest rate swaps
-20
\u2014
-20
-2
0
0
0
-14
0
\u2014
Lease liabilities
-2
\u2014
-2
-1
1
\u2014
\u2014
\u2014
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-553": { "value": "
Market risks at Sampo Group
For all insurance entities, 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 the insurance entities in If, Topdanmark,
and Hastings differ, and as a result, the structures and
risks of the investment portfolios and the balance
sheets of the 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 2024 was EUR 16,727 million (17,160)
as presented in the following table, Investment
Allocation, Sampo Group, 31 December 2024 and 31
December 2023.
Investment allocation
Sampo Group, 31\u00a0December 2024 and 31\u00a0December 2023
2024
2023
Asset class
Market value,
EURm
Weight, %
Average maturity,
years
Market value,
EURm
Weight, %
Average maturity,
years
Fixed income total
14,780
88%
3.7
14,903
87%
3.4
Money market securities and cash
1,262
8%
0.1
2,026
12%
0.1
Government bonds
1,597
10%
4.1
1,299
8%
3.4
Credit bonds, funds and loans
11,922
71%
3.9
11,579
67%
3.9
Covered bonds
4,175
25%
4.9
4,022
23%
4.8
Investment grade bonds and loans
6,518
39%
3.4
6,013
35%
3.6
High-yield bonds and loans
1,228
7%
3.3
1,544
9%
3.1
Listed equity total
1,520
9%
-
1,474
9%
-
Nordic Countries
693
4%
-
735
4%
-
Western Europe
447
3%
-
416
2%
-
North America
204
1%
-
155
1%
-
Asia
176
1%
-
147
1%
-
Others
0
0%
-
20
\u2013%
-
Alternative investments total
465
3%
-
800
5%
-
Real estate
0
0%
-
1
0%
-
Private equity
464
3%
-
765
4%
-
Other alternative
0
0%
-
34
0%
-
Derivatives
-38
0%
-
-17
0%
-
Asset classes total
16,727
100 %
-
17,160
100%
-
The financial assets, as presented in the note 12, differ from the investment allocation because the latter does not include the Hastings lending business and the associated expected credit loss (ECL)
provision. Additionally, investment allocation includes cash and cash equivalents, accrued interest and derivatives with negative market value. It also includes settlement receivables and liabilities.
Investment activities and market risk taking are
arranged pro-actively in order to diversify single name
risks, except with regards to Nordic banks, where most
Sampo Group companies have placed their extra funds
in short-term money market assets and cash. From the
diversification of the assets on 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. Also Hastings\u2019 investment
portfolio has 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 Sampo Group otherwise has 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 as 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 to be
descriptive of the maximum exposure amount exposed
to credit risk.
Exposures by sector, asset class and rating
Sampo Group, 31\u00a0December 2024
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 2023
Basic industry
\u2013
\u2013
36
171
28
\u2013
31
266
32
\u2013
\u2013
297
-49
Capital goods
\u2013
15
100
228
26
\u2013
31
399
518
\u2013
\u2013
917
-84
Consumer products
\u2013
57
272
323
22
\u2013
122
796
173
1
\u2013
969
-12
Energy
\u2013
21
44
\u2013
\u2013
\u2013
44
108
13
\u2013
\u2013
122
2
Financial institutions
34
962
2,122
800
27
\u2013
81
4,026
\u2013
404
3
4,432
-1,049
Governments
487
209
\u2013
\u2013
\u2013
\u2013
15
711
\u2013
\u2013
\u2013
711
240
Government guaranteed
55
25
\u2013
\u2013
\u2013
\u2013
\u2013
80
\u2013
\u2013
\u2013
80
6
Health care
\u2013
\u2013
17
141
23
\u2013
47
228
2
\u2013
\u2013
230
32
Insurance
17
20
44
230
8
\u2013
4
324
\u2013
\u2013
\u2013
324
-210
Media
\u2013
\u2013
\u2013
5
5
\u2013
47
57
\u2013
\u2013
\u2013
57
42
Packaging
\u2013
\u2013
\u2013
6
12
\u2013
9
27
\u2013
\u2013
\u2013
27
2
Public sector, other
478
18
\u2013
\u2013
\u2013
\u2013
\u2013
496
\u2013
\u2013
\u2013
496
-27
Real estate
\u2013
35
149
137
27
3
154
506
\u2013
\u2013
\u2013
507
-133
Services
\u2013
\u2013
42
193
135
\u2013
59
428
\u2013
\u2013
\u2013
428
68
Supranationals
310
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
310
\u2013
\u2013
\u2013
310
107
Technology and electronics
\u2013
12
28
68
\u2013
\u2013
86
193
\u2013
1
\u2013
194
38
Telecommunications
\u2013
\u2013
35
263
\u2013
\u2013
\u2013
298
43
\u2013
\u2013
341
51
Transportation
\u2013
49
85
48
5
\u2013
62
249
\u2013
\u2013
\u2013
249
29
Utilities
\u2013
\u2013
130
238
60
\u2013
94
522
\u2013
\u2013
\u2013
522
114
Others
\u2013
\u2013
31
20
\u2013
\u2013
42
93
4
25
\u2013
122
32
Covered bonds
3,764
\u2013
109
\u2013
\u2013
\u2013
302
4,175
\u2013
\u2013
\u2013
4,175
137
Funds
157
79
120
18
24
\u2013
81
480
735
13
\u2013
1,228
-22
Clearing house
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
9
9
7
Total
5,302
1,502
3,363
2,887
402
3
1,311
14,771
1,520
445
12
16,748
-677
Change from 31 Dec 2023
-111
-235
-118
206
10
3
18
-228
43
-436
-57
-677
Total assets differ from the table Investment allocation 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 2024 and 31 December 2023.
Fixed income investments in the financial sector
Sampo Group, 31\u00a0December 2024
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated debt
Total
%
Denmark
2,214
7
332
168
2,721
32,3 %
Sweden
1,506
40
474
175
2,195
26,0 %
Norway
303
\u2013
361
311
974
11,6 %
Finland
39
310
269
161
778
9,2 %
France
\u2013
153
233
15
401
4,8 %
United States
\u2013
\u2013
331
\u2013
331
3,9 %
United Kingdom
\u2013
134
144
\u2013
278
3,3 %
Canada
64
\u2013
131
\u2013
195
2,3 %
Netherlands
\u2013
\u2013
159
32
192
2,3 %
Australia
45
\u2013
37
\u2013
82
1,0 %
Switzerland
5
\u2013
70
\u2013
75
0,9 %
Iceland
\u2013
\u2013
61
\u2013
61
0,7 %
Germany
\u2013
\u2013
50
\u2013
50
0,6 %
Spain
\u2013
\u2013
37
\u2013
37
0,4 %
Belgium
\u2013
\u2013
33
\u2013
33
0,4 %
Austria
\u2013
\u2013
21
\u2013
21
0,2 %
Bermuda
\u2013
\u2013
3
8
11
0,1 %
Total
4,175
644
2,745
871
8,435
100,0 %
Fixed income investments in the financial sector
Sampo Group, 31 December 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
\u2013
384
319
1,041
12,4 %
France
\u2013
249
133
5
388
4,6 %
United States
\u2013
2
179
\u2013
181
2,2 %
Netherlands
\u2013
\u2013
92
21
113
1,3 %
Iceland
\u2013
\u2013
60
2
62
0,7 %
Switzerland
\u2013
\u2013
52
\u2013
52
0,6 %
Canada
\u2013
\u2013
51
\u2013
51
0,6 %
Ireland
\u2013
\u2013
47
\u2013
47
0,6 %
United Kingdom
\u2013
\u2013
41
\u2013
41
0,5 %
Australia
\u2013
\u2013
36
\u2013
36
0,4 %
Austria
\u2013
\u2013
20
\u2013
20
0,2 %
Germany
\u2013
\u2013
18
\u2013
18
0,2 %
Spain
\u2013
\u2013
15
\u2013
15
0,2 %
Belgium
\u2013
\u2013
15
\u2013
15
0,2 %
New Zealand
\u2013
\u2013
11
\u2013
11
0,1 %
Bermuda
\u2013
\u2013
\u2013
7
7
0,1 %
Total
4,028
1,271
2,310
811
8,420
100,0 %
The public-sector exposure includes government bonds,
government guaranteed bonds, and other public-sector
investments including supranationals, as shown in the
tables Fixed income investments in the public sector,
Sampo Group 31 December 2024 and 31 December
2023. 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 2024
EURm
Governments
Government
guaranteed
Public sector,
other
Total
Sweden
415
\u2013
96
511
Norway
72
\u2013
397
470
Supranationals
\u2013
\u2013
313
313
United States
122
\u2013
\u2013
122
United Kingdom
87
\u2013
\u2013
87
Germany
\u2013
56
\u2013
56
Finland
14
25
\u2013
39
Total
711
80
806
1,597
Sampo Group, 31\u00a0December 2023
EURm
Governments
Governments
guaranteed
Public sector,
other
Total
Sweden
421
\u2013
131
552
Norway
\u2013
\u2013
391
391
Supranationals
\u2013
6
191
197
United States
46
\u2013
\u2013
46
Germany
\u2013
46
\u2013
46
Finland
\u2013
25
\u2013
25
Denmark
7
\u2013
\u2013
7
Total
473
77
713
1,264
The listed equity investments of Sampo Group totalled
EUR 1,520 million at the end of year 2024 (1,474).
The geographical core of Sampo Group\u2019s equity
investments is in Nordic companies. The proportion of
Nordic equities corresponds to 46 per cent of the total
equity portfolio. 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 2024
and 31 December 2023.
Breakdown of listed equity investments by geographical regions
Sampo Group, 31\u00a0December 2024 and 31\u00a0December 2023
\"25_17_2_Breakdown
Equity funds and ETFs are reported using a fund look-through approach for both the 2024 and 2023 reporting periods.
\"25_17_2_Breakdown
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 2024 and 31 December 2023.
Largest exposures by issuer and asset class
Sampo Group, 31\u00a0December 2024
Issuer
Total, EURm
% of total
investment
assets
Cash &
short-term
fixed income
Long-term
fixed income:
Covered
bonds
Long-term
fixed income:
Other bonds
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
1,174
7%
204
788
181
\u2014
1
Nykredit Association
897
5%
\u2014
815
82
\u2014
\u2014
Swedbank
658
4%
\u2014
546
112
\u2014
\u2014
Svenska Handelsbanken
582
3%
40
451
91
\u2014
\u2014
Realkredit Danmark
558
3%
\u2014
558
\u2014
\u2014
\u2014
Sweden
511
3%
\u2014
\u2014
511
\u2014
\u2014
Norway
472
3%
\u2014
\u2014
472
\u2014
\u2014
NOBA
433
3%
\u2014
\u2014
9
424
\u2014
Jyske Bank
299
2%
\u2014
226
73
\u2014
\u2014
Danske Bank
223
1%
34
15
174
\u2014
1
Total top 10 exposures
5,808
35%
278
3,399
1,704
424
2
Other
10,919
65%
Total investment assets
16,727
100%
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:
Covered
bonds
Long-term
fixed income:
Other bonds
Equities
Uncolla-
teralised part
of derivatives
Nordea Bank
959
6%
284
489
183
\u2014
2
Svenska Handelsbanken
814
5%
108
622
83
\u2014
\u2014
Swedbank
713
4%
\u2014
589
124
\u2014
\u2014
Nykredit Realkredit A/S
598
3%
\u2014
598
\u2014
\u2014
\u2014
Realcredit Danmark
592
3%
\u2014
592
\u2014
\u2014
\u2014
Sweden
552
3%
\u2014
\u2014
552
\u2014
\u2014
NOBA
471
3%
\u2014
\u2014
46
425
\u2014
Skandinaviska Enskilda Banken
439
3%
252
22
164
\u2014
2
Danske Bank
429
2%
251
24
152
\u2014
1
Norway
391
2%
\u2014
\u2014
391
\u2014
\u2014
Total top 10 exposures
5,958
35%
896
2,936
1,696
425
5
Other
11,202
65%
Total investment assets
17,160
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 2024
and 31 December 2023. Furthermore, the largest direct
listed equity exposures are presented in the tables Ten
largest direct listed equity investments, Sampo Group,
31 December 2024 and 31 December 2023.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31\u00a0December 2024
Ten largest high yield and non-rated
fixed income investments
Rating
Total, EURm
% of total fixed
income investments
Ten largest listed equity investments
Total, EURm
% of total equity
investments
Vattenfall AB
BB+
60
0.4%
NOBA *
424
21,8 %
Pohjolan Voima Oy
NR
32
0.2%
Nexi S.p.A. **
156
8,0 %
Campus Byen A/S
NR
29
0.2%
Volvo
148
7,6 %
Swedavia AB
NR
29
0.2%
ABB
88
4,5 %
Visma AS
NR
28
0.2%
Nederman Holding
66
3,4 %
Hexagon AB
NR
24
0.2%
Veidekke
61
3,1 %
Sanoma Oyj
NR
22
0.2%
Autoliv Inc
57
2,9 %
Altera Shuttle
NR
21
0.1%
Telia Company
43
2,2 %
Granite Debtco 9 Ltd
NR
20
0.1%
Husqvarna
40
2,1 %
Ica Gruppen AB
NR
20
0.1%
Beijer AB
32
1,7 %
Total top 10 exposures
286
1.9%
Total top 10 exposures
1,116
57,4 %
Other fixed income investments
14,494
98.1%
Other equity investments
828
42,6 %
Total fixed income investments
14,780
100.0%
Total equity investments
1,944
100,0 %
* Although NOBA is not listed company, it is major equity investment in Sampo plc's portfolio and therefore included in the table.
** Investment in Nexi S.p.A is managed by HF Evergood partners.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31\u00a0December 2023
Ten largest high yield and non-rated
fixed income investments
Rating
Total, EURm
% of total 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 fixed income investments
14,031
97.6%
Other equity investments
797
36.2%
Total fixed income investments
14,382
100.0%
Total 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.
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 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 the 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 2024 was EUR 10,704 million (11,156). 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
49.4 per cent. Consumer products represent the second
largest concentration of 4.7 per cent.
The overall risk appetite and risk tolerance limit for
market risk is set out in the Risk Management Policy,
which is complemented by sub-limits for risks within\u00a0
investment operations in the Investment Policy and
Currency Risk Policy. The Investment Policy is the
principal document for managing market risk. It sets the
guiding principles, for instance, the prudent person
principle, specific risk restrictions, and decision-making
structure for asset management. If also has a\u00a0
Responsible Investment Policy, expanding the scope of
the responsible investment processes and increasing
alignment across the Sampo Group. Investment
performance and market risk are actively monitored
and controlled by the Investment Control Committee.
If\u2019s investment management strategy is conservative,
with a low equity share and low fixed-income duration.
Market risks of balance sheet
Asset and liability management risk
If\u2019s exposure to ALM risk arises mainly from interest rate
risk, inflation risk, and currency risk. ALM risk is
considered through the risk appetite framework and is
governed by the Investment Policy. 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
The exposure to interest rate risk from issued insurance
contracts and held reinsurance contracts arises from
the net liability for incurred claims, where future claim
payments are discounted to 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, 2024 and
2023 in the section Underwriting risks.
If\u2019s exposure to interest rate risk from financial
instruments arises primarily from fixed income
investments.
On a net basis, If is negatively affected when interest
rates are decreasing, as the duration of insurance
liabilities is longer than the duration of investment
assets. The duration of fixed income investments at
year-end 2024 was 2.5 years (2.4). The respective
duration of insurance liabilities was 6.1 years (6.2).
Interest rate risk relating to insurance liabilities is, in
accordance with the Investment Policy, considered in
the composition of investment assets. The 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. If is mainly
exposed to transaction currency risk due to its
insurance operations in foreign currencies. In addition,
If\u2019s investment decisions create currency exposure. The
currency risk has decreased compared to 31 December
2023.
Transaction 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 functional currency at
branch level on a regular basis. The currency exposure
in investment assets is monitored weekly and is hedged
when the exposure reaches a specified level, which is
set with respect to cost efficiency and minimum
transaction size. The transaction risk positions to the
Swedish krona are shown in the tables Transaction risk
position, If, 31 December 2024 and 31 December 2023.
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 2024
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,225
-156
0
-93
13
-2,332
-1,163
-32
-6,989
Investments
3,261
480
0
68
97
1,930
53
1
5,889
Derivatives
-117
-323
12
20
-109
354
976
7
820
Transaction risk, net position
-82
1
12
-5
1
-49
-134
-25
-280
Sensitivity: SEK -10%
-8
0
1
0
0
-5
-13
-2
-28
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
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 at Group level, stemming from foreign
operations, predominantly through If P&C insurance Ltd
branches, with other functional currencies than SEK.
Market risks at Topdanmark
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.
Investment allocation
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 through an ETF,
and 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 -
especially in the long end as the Danish fixed income
market presents few alternative assets.
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 one property in own use
and is located in Ballerup. The property is valued in
accordance with Danish accounting rules.
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 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 2024 was EUR 2,263 million (1,680). The
investment portfolio was dominated by investment
grade fixed income investments, which comprised 60
per cent of total investment assets. The rest was
invested in money market securities and cash
amounting to 15 per cent, government bonds
amounting to 18 per cent, and high yield and alternative
investments with a combined allocation of 6 per cent.
Investment allocation
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-554": { "value": "
Transaction risk position
If, 31\u00a0December 2024
Base currency SEK (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-3,225
-156
0
-93
13
-2,332
-1,163
-32
-6,989
Investments
3,261
480
0
68
97
1,930
53
1
5,889
Derivatives
-117
-323
12
20
-109
354
976
7
820
Transaction risk, net position
-82
1
12
-5
1
-49
-134
-25
-280
Sensitivity: SEK -10%
-8
0
1
0
0
-5
-13
-2
-28
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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-555": { "value": "
Liquidity risk
Liquidity risk is not deemed material since premiums are
collected in advance, and large claim payments are
usually known well in advance. The risk is managed in
accordance with the principles set out in the Investment
Policy. In general, the liquidity position for If is strong,
from both availability and maturity point of view.
Liquidity risk is reduced by investing in assets that are
readily marketable in liquid markets. The available
liquidity of financial assets, meaning the part of the
assets that can be converted into cash at a specific
point in time, is continuously analysed and reported to
the Risk Committee.
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 2024 and 31
December 2023, where financial assets and liabilities are
divided into contracts with a contractual maturity
profile, and other contracts. The tables also show
expected future cash flows for insurance liabilities and
reinsurance assets, which by nature are inherently
associated with a degree of uncertainty. The average
maturity of fixed income investments was 3.4 years
(3.2).
Cash flows according to contractual maturity
If, 31\u00a0December 2024
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2025
2026
2027
2028
2029
2030-
2039
2040-
Financial assets
10,848
1,353
9,495
1,434
1,850
2,524
1,577
1,129
1,945
3
Financial assets (non-derivatives)
10,838
1,353
9,484
1,423
1,850
2,524
1,577
1,129
1,945
3
FX derivatives
11
\u2014
11
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
659
\u2014
659
424
131
52
23
11
18
1
Financial liabilities
-482
-1
-481
-323
-134
-27
\u2014
\u2014
\u2014
\u2014
Financial liabilities (non-derivatives)
-462
-1
-461
-305
-134
-27
\u2014
\u2014
\u2014
\u2014
FX derivatives
-19
\u2014
-19
-18
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
-125
\u2014
-125
-27
-24
-20
-17
-16
-44
\u2014
Liability for incurred claims and
other insurance related payables
-6,445
\u2014
-6,445
-2,606
-789
-475
-339
-265
-1,209
-762
All intra-group cashflows are eliminated.
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
\u2014
Financial assets
(non-derivatives)
11,275
1,485
9,791
1,585
1,835
2,142
2,561
1,400
1,487
\u2014
Interest rate swaps
2
\u2014
2
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives
19
\u2014
19
19
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
527
\u2014
527
328
108
44
19
11
18
1
Financial liabilities
-550
\u2014
-550
-402
-31
-137
\u2014
\u2014
\u2014
\u2014
Financial liabilities (non-derivatives)
-492
\u2014
-492
-344
-31
-137
\u2014
\u2014
\u2014
\u2014
FX derivatives
-58
\u2014
-58
-58
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
-148
\u2014
-148
-27
-26
-23
-20
-14
-47
\u2014
Liability for incurred claims and
other insurance related payables
-6,443
\u2014
-6,443
-2,483
-794
-471
-339
-262
-1,301
-795
Liquidity risk
Topdanmark 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 tables Cash flows according to
contractual maturity, Topdanmark, 31 December 2024
and 31 December 2023.
Cash flows according to contractual maturity
Topdanmark, 31\u00a0December 2024
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2025
2026
2027
2028
2029
2030-
2039
2040-
Financial assets
2,278
\u2014
2,278
668
485
347
314
211
374
142
Financial assets (non-derivatives)
2,276
\u2014
2,276
668
485
347
314
211
373
142
Interest rate swaps
2
\u2014
2
0
0
0
0
0
1
0
FX forwards
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
73
\u2014
73
52
9
5
3
2
4
\u2014
Financial liabilities
-348
-175
-172
-9
-103
-60
-2
-2
-18
-2
Financial liabilities (non-derivatives)
-323
-175
-148
-7
-101
-57
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
-25
\u2014
-25
-2
-2
-2
-2
-2
-18
-2
FX derivatives
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Liability for incurred claims and other
insurance related payables
-1,596
\u2014
-1,596
-606
-261
-175
-124
-90
-306
-169
All intra-group cashflows are eliminated.
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. Informed by market
data, they look to purchase bonds with less than 5 years
since issue date, larger issue sizes, and which trade
regularly. Liquidity scoring is conducted by Advantage\u2019s
investment managers, based on time since issue, issue
size, traded volumes, and observed bid-ask spreads.\u00a0
Cash flows according to contractual maturity
Hastings, 31\u00a0December 2024
EURm
Carrying
amount total
Carrying
amount
without
contractual
maturity
Carrying
amount with
contractual
maturity
Cash flows
2025
2026
2027
2028
2029
2030-
2039
2040-
Financial assets
2,263
438
1,825
438
497
373
391
103
13
11
Financial assets
(non-derivatives)
2,263
438
1,825
437
497
373
391
103
13
11
FX forwards
0
\u2014
0
0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Asset for incurred claims
1,537
1,537
\u2014
409
264
225
64
99
169
307
Financial liabilities
-355
\u2014
-355
-22
-85
-305
\u2014
\u2014
\u2014
\u2014
Financial liabilities
(non-derivatives)
-354
\u2014
-354
-21
-85
-305
\u2014
\u2014
\u2014
\u2014
Interest rate swaps
-1
\u2014
-1
-1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives
-0
\u2014
-0
-0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
-5
\u2014
-5
-3
-1
-0
-0
-0
\u2014
\u2014
Liability for incurred claims and
other insurance related payables
-2,683
-2,683
\u2014
-908
-493
-390
-154
-151
-227
-358
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-556": { "value": "Sampo plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-557": { "value": "Sampo plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-558": { "value": "Sampo plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-559": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-560": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-561": { "value": "Fabianinkatu 27, 00100 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-562": { "value": "insurance and financing", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-563": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-564": { "value": "Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }