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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 21, 00130 Helsinki,
Finland. The consolidated financial statements of
Sampo Group include Sampo plc together with its
subsidiaries and associates as of 31 December 2025. 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\u2019s consolidated financial statements are
prepared in accordance with IFRS\u00ae Accounting
Standards\u00a0 adopted by the EU. 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 2025, 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 2026. 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 comparative year 2024, 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. 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.
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 reclassified from equity to profit or loss
and presented 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)
10.8215
11.0680
Danish krona (DKK)
7.4689
7.4635
Pound sterling (GBP)
0.8726
0.8569
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.
In February 2025, Sampo introduced new reporting
segments to reflect its transformation into a fully-
integrated P&C insurance group following the
acquisition of the non-controlling interest in
Topdanmark in 2024. The Group\u2019s business segments
are Private Nordic, Private UK, Nordic Commercial and
Nordic Industrial. Information presented for the
comparative period 2024 has been restated based on
the new segment structure. For further information on
the new segments, see section Segment information.
In addition to these four reporting segments, Sampo
presents other operations, consisting mainly of the
Group\u2019s Baltic business but also of group eliminations
and other internal items. Other operations are not
considered a separate reporting segment as they do
not fulfil the criteria for reporting segments under
IFRS\u00a08.
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.
Income and expense recognition
principles related to insurance
contracts
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.
The change in discounting effect relating to risk
adjustment is 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.
Hastings\u2019 has also revenue from lending business in
accordance with IFRS 15 Revenue from Contracts with
Customers. Other income comprises of loan referral
commission (earned from referring customers to third-
party loan providers), servicer fees and interest earned
on cash in hand. Performance obligation related to
referral commission is to offer the referral service to
customers. For servicer fees the performance obligation
is to collect payments in respect of receivables
transferred into the securisation arrangement and
provide other administrative services. Performance
obligations are satisfied at a point in time.
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 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.
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. For further information on the
determination of fair value hierarchy, please see note 13.\u00a0
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
The useful life of acquired trademarks is determined
individually per asset. The expected useful life for
trademarks that are amortised is 10 years and
amortisation starts from the time of acquisition on a
straight-line basis during the useful life. Intangible assets
with an indefinite useful life 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 32.
Scope
In the Group\u2019s 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, insurance contract 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, 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, 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 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 private business area has
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 has determined the discount rates based
on a bottom-up approach. The interest rate curve
includes a risk-free rate and an illiquidity premium for
each currency. The illiquidity premium is mainly derived
based on spread between benchmark bond yield curve
and swap curve 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.
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 five valid share-
based incentive schemes settled in cash (the long-term
incentive schemes 2020 I, 2020 II, 2020 III, 2024 and
2025 for the management and key employees).\u00a0
Topdanmark\u2019s former management had a share-based
incentive scheme that was converted to a phantom
equity plan in 2024. Hastings had two share-based
incentive schemes 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
Liability for the share buyback
programme
Sampo recognised a financial liability against equity
representing Sampo\u2019s commitment under the share
buyback agreement with a financial institution
responsible for share repurchases on Sampo\u2019s behalf.
At the time of recognition, the liability was measured
corresponding to the expected amount of the buyback
programme. At the reporting date, the liability was
measured at the amount that represents the
outstanding share of the share buyback programme.
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.
Sampo Group companies have applied a 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.
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
When a share buyback is initiated, Sampo recognises
the total amount of the buyback upfront as a financial
liability against 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.
Restricted Tier 1 instrument
Accounting treatment of restricted Tier 1 (RT1)
instrument depends on the substance of the contractual
arrangement. The restricted Tier 1 instrument is
accounted as equity as the notes are unsecured and
subordinated, as well as perpetual with no fixed
maturity date. Payment of interest and principal is at
the discretion of Sampo. Therefore, the restricted Tier 1
notes qualify as equity instruments pursuant to IAS 32.
Transaction costs related to the issue of the notes are
directly recognised in retained earnings. Interest
expense is also recognised as a reduction in retained
earnings.
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 85 per cent.
Actuarial assumptions
Evaluation of insurance liabilities always involves
uncertainty, as technical provisions are based on
estimates and assumptions concerning future claims
costs. The estimates are based on statistics on historical
claims available to the Group on the balance sheet date.
The uncertainty related to the estimates is generally
greater when estimating new insurance portfolios, or
portfolios where the clarification of a loss takes a long
time because complete claims statistics are not yet
available. In addition to 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.
During 2025, Sampo reorganised its reporting segments
in accordance with IFRS 8 in a way that changed the
composition of cash generating units (CGUs).
Management assessed that the split of goodwill based
on the actual units or entities, in which the goodwill is
associated with, and in which it is internally monitored,
represents appropriate method for allocation.\u00a0
Acquisition of Topdanmark\u2019s non-
controlling interest
In 2024, Sampo acquired the remaining non-controlling
shares in Topdanmark. 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.\u00a0
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 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 were under
the 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.
Provisions
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 were
recognised related to the reserve.
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.
The provision contains judgements mainly around the
size of the restructuring costs and the existence of any
additional expenses. The judgements are amongst other
things based on internal information from the financial
planning process.
Tax reserve
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 (\u2018HISL\u2019) in the UK and Advantage
Insurance Company Limited (\u2018AICL\u2019) in Gibraltar.
Management considers that the most likely outcome
will be that no further tax liability will be due. However,
given the subjective nature of the transfer pricing, there
remains a possibility that a potential liability could
become payable. Therefore, Hastings has recognised a
provision for tax liability based on a probability analysis
of a range of potential outcomes. Any final amount may
differ from the amount provided depending on the
ultimate resolution of such matters.
Application of new or revised IFRS
Accounting Standards in issue but
not yet effective
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. (An amendment marked with * have not
yet been adopted by the EU)
\u2022 Amendments to IFRS 9 and IFRS 7 Classification and
measurement of financial instruments (effective 1 Jan
2026)
\u2022 Amendments to IFRS 9 and IFRS 7 Contracts
Referencing Nature-dependent Electricity (effective 1
Jan 2026)
\u2022 Annual Improvements to IFRS Accounting Standards
\u2013 Volume 11 (effective 1 Jan 2026)
\u2022 IFRS 18 Presentation and Disclosures in Financial
Statements* (effective 1 Jan 2027)
\u2022 IFRS 19 Subsidiaries without Public Accountability:
Disclosures* (effective 1 Jan 2027)
\u2022 Amendments to IAS 21 Translation to a
Hyperinflationary Presentation Currency (effective 1
Jan 2027)
The new IFRSs coming into effect in the financial year
2026, will not have any significant influence on the
Group's financial reporting.
IFRS 18 Presentation and Disclosures in
Financial Statements
IFRS 18 Presentation and Disclosure in Financial
Statements was published in April 2024, and will take
effect on 1 January 2027. The standard has not yet been
adopted by the EU.
IFRS 18 replaces IAS 1 Presentation of Financial
Statements carrying forward many of the requirements
in IAS 1 unchanged and complementing them with new
requirements. In addition, some IAS 1 paragraphs have
been moved to IAS 8 and IFRS 7. Furthermore, the IASB
has made minor amendments to IAS 7 and IAS 33
Earnings per Share.
IFRS 18 introduces new requirements to, among others:
\u2022 present specified categories and defined subtotals in
the statement of profit or loss
\u2022 provide disclosures on management-defined
performance measures (MPMs) in the notes to the
financial statements
\u2022 improve aggregation and disaggregation.
The amendments to IAS 7 and IAS 33, as well as the
revised IAS 8 and IFRS 7, become effective when an
entity applies IFRS 18. IFRS 18 requires retrospective
application with specific transition provisions.
Sampo has started to analyse the effect of the new
standard and follows the development of how the
standard will be incorporated into Finnish and European
law. Management estimates that the application of IFRS
18 will have an impact on the Group's consolidated
financial statements in future periods.
Segment information
In February 2025, Sampo introduced new reporting
segments to reflect its transformation into a fully-
integrated P&C insurance group following the
acquisition of the non-controlling interests in
Topdanmark in 2024.
Sampo reports its financial performance based on the
Group\u2019s operational business areas that are regularly
reviewed by a chief operating decision-maker.
Segments\u2019 customer bases, risks, and performance
measures differ from each other. The control and
management of business and management reporting
are organised in accordance with the business
segments. The new segments are Private Nordic,
Private UK, Nordic Commercial, and Nordic Industrial:
\u2022 Private Nordic includes the Group\u2019s Nordic private
customer business, previously reported under the If
and Topdanmark segments in Sampo\u2019s accounts.
Sampo operates in the Nordic private insurance
market through its main brand, If, and other brands
including Topdanmark and various white-label
partnerships.
\u2022 Private UK includes the Group\u2019s UK business,
previously reported as Hastings in Sampo\u2019s accounts.
Sampo operates in the UK private insurance market
through its customer brand Hastings, which is one of
the leading digital P&C insurance providers focused
on serving UK car, van, bike, and home insurance.
\u2022 Nordic Commercial includes the Group\u2019s Nordic
commercial customer businesses, previously reported
under the If and Topdanmark segments in Sampo\u2019s
accounts, as well as Oona Health. The segment
focuses particularly on SMEs.
\u2022 Nordic Industrial includes the Group\u2019s Nordic
Industrial customer business, previously reported
under the If segment in Sampo\u2019s accounts.
Corporates with revenues of more than SEK 500
million (approx. EUR 45 million), or more than 500
employees, are classified as Industrial customers.
In addition to these four reporting segments, Sampo
presents other operations, consisting mainly of the
Group\u2019s Baltic business but also of group eliminations
and other internal items. Other operations are not
considered a separate reporting segment as they do
not fulfil the criteria for reporting segments under
IFRS\u00a08.
The chief operating decision-maker (CODM) is
considered to be Sampo Group\u2019s Executive Committee
(GEC).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "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 21, 00130 Helsinki,
Finland. The consolidated financial statements of
Sampo Group include Sampo plc together with its
subsidiaries and associates as of 31 December 2025. 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\u2019s consolidated financial statements are
prepared in accordance with IFRS\u00ae Accounting
Standards\u00a0 adopted by the EU. 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 2025, 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 2026. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Basis of preparation
Sampo Group\u2019s consolidated financial statements are
prepared in accordance with IFRS\u00ae Accounting
Standards\u00a0 adopted by the EU. 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 2025, 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 2026. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "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 comparative year 2024, 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. 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.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "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 reclassified from equity to profit or loss
and presented 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)
10.8215
11.0680
Danish krona (DKK)
7.4689
7.4635
Pound sterling (GBP)
0.8726
0.8569
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "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.
In February 2025, Sampo introduced new reporting
segments to reflect its transformation into a fully-
integrated P&C insurance group following the
acquisition of the non-controlling interest in
Topdanmark in 2024. The Group\u2019s business segments
are Private Nordic, Private UK, Nordic Commercial and
Nordic Industrial. Information presented for the
comparative period 2024 has been restated based on
the new segment structure. For further information on
the new segments, see section Segment information.
In addition to these four reporting segments, Sampo
presents other operations, consisting mainly of the
Group\u2019s Baltic business but also of group eliminations
and other internal items. Other operations are not
considered a separate reporting segment as they do
not fulfil the criteria for reporting segments under
IFRS\u00a08.
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
In February 2025, Sampo introduced new reporting
segments to reflect its transformation into a fully-
integrated P&C insurance group following the
acquisition of the non-controlling interests in
Topdanmark in 2024.
Sampo reports its financial performance based on the
Group\u2019s operational business areas that are regularly
reviewed by a chief operating decision-maker.
Segments\u2019 customer bases, risks, and performance
measures differ from each other. The control and
management of business and management reporting
are organised in accordance with the business
segments. The new segments are Private Nordic,
Private UK, Nordic Commercial, and Nordic Industrial:
\u2022 Private Nordic includes the Group\u2019s Nordic private
customer business, previously reported under the If
and Topdanmark segments in Sampo\u2019s accounts.
Sampo operates in the Nordic private insurance
market through its main brand, If, and other brands
including Topdanmark and various white-label
partnerships.
\u2022 Private UK includes the Group\u2019s UK business,
previously reported as Hastings in Sampo\u2019s accounts.
Sampo operates in the UK private insurance market
through its customer brand Hastings, which is one of
the leading digital P&C insurance providers focused
on serving UK car, van, bike, and home insurance.
\u2022 Nordic Commercial includes the Group\u2019s Nordic
commercial customer businesses, previously reported
under the If and Topdanmark segments in Sampo\u2019s
accounts, as well as Oona Health. The segment
focuses particularly on SMEs.
\u2022 Nordic Industrial includes the Group\u2019s Nordic
Industrial customer business, previously reported
under the If segment in Sampo\u2019s accounts.
Corporates with revenues of more than SEK 500
million (approx. EUR 45 million), or more than 500
employees, are classified as Industrial customers.
In addition to these four reporting segments, Sampo
presents other operations, consisting mainly of the
Group\u2019s Baltic business but also of group eliminations
and other internal items. Other operations are not
considered a separate reporting segment as they do
not fulfil the criteria for reporting segments under
IFRS\u00a08.
The chief operating decision-maker (CODM) is
considered to be Sampo Group\u2019s Executive Committee
(GEC).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Income and expense recognition
principles related to insurance
contracts
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.
The change in discounting effect relating to risk
adjustment is 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.
Hastings\u2019 has also revenue from lending business in
accordance with IFRS 15 Revenue from Contracts with
Customers. Other income comprises of loan referral
commission (earned from referring customers to third-
party loan providers), servicer fees and interest earned
on cash in hand. Performance obligation related to
referral commission is to offer the referral service to
customers. For servicer fees the performance obligation
is to collect payments in respect of receivables
transferred into the securisation arrangement and
provide other administrative services. Performance
obligations are satisfied at a point in time.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Income and expense recognition
principles related to insurance
contracts
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.
The change in discounting effect relating to risk
adjustment is 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.
Hastings\u2019 has also revenue from lending business in
accordance with IFRS 15 Revenue from Contracts with
Customers. Other income comprises of loan referral
commission (earned from referring customers to third-
party loan providers), servicer fees and interest earned
on cash in hand. Performance obligation related to
referral commission is to offer the referral service to
customers. For servicer fees the performance obligation
is to collect payments in respect of receivables
transferred into the securisation arrangement and
provide other administrative services. Performance
obligations are satisfied at a point in time.
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 32.
Scope
In the Group\u2019s 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, insurance contract 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, 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, 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 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 private business area has
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 has determined the discount rates based
on a bottom-up approach. The interest rate curve
includes a risk-free rate and an illiquidity premium for
each currency. The illiquidity premium is mainly derived
based on spread between benchmark bond yield curve
and swap curve 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.
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 85 per cent.
Actuarial assumptions
Evaluation of insurance liabilities always involves
uncertainty, as technical provisions are based on
estimates and assumptions concerning future claims
costs. The estimates are based on statistics on historical
claims available to the Group on the balance sheet date.
The uncertainty related to the estimates is generally
greater when estimating new insurance portfolios, or
portfolios where the clarification of a loss takes a long
time because complete claims statistics are not yet
available. In addition to 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "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 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.
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. For further information on the
determination of fair value hierarchy, please see note 13.\u00a0
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "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 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.
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. For further information on the
determination of fair value hierarchy, please see note 13.\u00a0
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "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.
During 2025, Sampo reorganised its reporting segments
in accordance with IFRS 8 in a way that changed the
composition of cash generating units (CGUs).
Management assessed that the split of goodwill based
on the actual units or entities, in which the goodwill is
associated with, and in which it is internally monitored,
represents appropriate method for allocation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "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
The useful life of acquired trademarks is determined
individually per asset. The expected useful life for
trademarks that are amortised is 10 years and
amortisation starts from the time of acquisition on a
straight-line basis during the useful life. Intangible assets
with an indefinite useful life 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "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
The useful life of acquired trademarks is determined
individually per asset. The expected useful life for
trademarks that are amortised is 10 years and
amortisation starts from the time of acquisition on a
straight-line basis during the useful life. Intangible assets
with an indefinite useful life 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "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.
During 2025, Sampo reorganised its reporting segments
in accordance with IFRS 8 in a way that changed the
composition of cash generating units (CGUs).
Management assessed that the split of goodwill based
on the actual units or entities, in which the goodwill is
associated with, and in which it is internally monitored,
represents appropriate method for allocation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "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 five valid share-
based incentive schemes settled in cash (the long-term
incentive schemes 2020 I, 2020 II, 2020 III, 2024 and
2025 for the management and key employees).\u00a0
Topdanmark\u2019s former management had a share-based
incentive scheme that was converted to a phantom
equity plan in 2024. Hastings had two share-based
incentive schemes 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
Share-based payments
During the financial year, Sampo had five valid share-
based incentive schemes settled in cash (the long-term
incentive schemes 2020 I, 2020 II, 2020 III, 2024 and
2025 for the management and key employees).\u00a0
Topdanmark\u2019s former management had a share-based
incentive scheme that was converted to a phantom
equity plan in 2024. Hastings had two share-based
incentive schemes 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
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
Provisions
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 were
recognised related to the reserve.
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.
The provision contains judgements mainly around the
size of the restructuring costs and the existence of any
additional expenses. The judgements are amongst other
things based on internal information from the financial
planning process.
Tax reserve
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 (\u2018HISL\u2019) in the UK and Advantage
Insurance Company Limited (\u2018AICL\u2019) in Gibraltar.
Management considers that the most likely outcome
will be that no further tax liability will be due. However,
given the subjective nature of the transfer pricing, there
remains a possibility that a potential liability could
become payable. Therefore, Hastings has recognised a
provision for tax liability based on a probability analysis
of a range of potential outcomes. Any final amount may
differ from the amount provided depending on the
ultimate resolution of such matters", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "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.
Sampo Group companies have applied a 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "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.
Sampo Group companies have applied a 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
Treasury shares
When a share buyback is initiated, Sampo recognises
the total amount of the buyback upfront as a financial
liability against 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "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 85 per cent.
Actuarial assumptions
Evaluation of insurance liabilities always involves
uncertainty, as technical provisions are based on
estimates and assumptions concerning future claims
costs. The estimates are based on statistics on historical
claims available to the Group on the balance sheet date.
The uncertainty related to the estimates is generally
greater when estimating new insurance portfolios, or
portfolios where the clarification of a loss takes a long
time because complete claims statistics are not yet
available. In addition to 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.
During 2025, Sampo reorganised its reporting segments
in accordance with IFRS 8 in a way that changed the
composition of cash generating units (CGUs).
Management assessed that the split of goodwill based
on the actual units or entities, in which the goodwill is
associated with, and in which it is internally monitored,
represents appropriate method for allocation.\u00a0
Acquisition of Topdanmark\u2019s non-
controlling interest
In 2024, Sampo acquired the remaining non-controlling
shares in Topdanmark. 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.\u00a0
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 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 were under
the 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.
Provisions
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 were
recognised related to the reserve.
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.
The provision contains judgements mainly around the
size of the restructuring costs and the existence of any
additional expenses. The judgements are amongst other
things based on internal information from the financial
planning process.
Tax reserve
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 (\u2018HISL\u2019) in the UK and Advantage
Insurance Company Limited (\u2018AICL\u2019) in Gibraltar.
Management considers that the most likely outcome
will be that no further tax liability will be due. However,
given the subjective nature of the transfer pricing, there
remains a possibility that a potential liability could
become payable. Therefore, Hastings has recognised a
provision for tax liability based on a probability analysis
of a range of potential outcomes. Any final amount may
differ from the amount provided depending on the
ultimate resolution of such matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
Acquisition of Topdanmark\u2019s non-
controlling interest
In 2024, Sampo acquired the remaining non-controlling
shares in Topdanmark. 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.\u00a0
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 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 were under
the 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
Application of new or revised IFRS
Accounting Standards in issue but
not yet effective
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. (An amendment marked with * have not
yet been adopted by the EU)
\u2022 Amendments to IFRS 9 and IFRS 7 Classification and
measurement of financial instruments (effective 1 Jan
2026)
\u2022 Amendments to IFRS 9 and IFRS 7 Contracts
Referencing Nature-dependent Electricity (effective 1
Jan 2026)
\u2022 Annual Improvements to IFRS Accounting Standards
\u2013 Volume 11 (effective 1 Jan 2026)
\u2022 IFRS 18 Presentation and Disclosures in Financial
Statements* (effective 1 Jan 2027)
\u2022 IFRS 19 Subsidiaries without Public Accountability:
Disclosures* (effective 1 Jan 2027)
\u2022 Amendments to IAS 21 Translation to a
Hyperinflationary Presentation Currency (effective 1
Jan 2027)
The new IFRSs coming into effect in the financial year
2026, will not have any significant influence on the
Group's financial reporting.
IFRS 18 Presentation and Disclosures in
Financial Statements
IFRS 18 Presentation and Disclosure in Financial
Statements was published in April 2024, and will take
effect on 1 January 2027. The standard has not yet been
adopted by the EU.
IFRS 18 replaces IAS 1 Presentation of Financial
Statements carrying forward many of the requirements
in IAS 1 unchanged and complementing them with new
requirements. In addition, some IAS 1 paragraphs have
been moved to IAS 8 and IFRS 7. Furthermore, the IASB
has made minor amendments to IAS 7 and IAS 33
Earnings per Share.
IFRS 18 introduces new requirements to, among others:
\u2022 present specified categories and defined subtotals in
the statement of profit or loss
\u2022 provide disclosures on management-defined
performance measures (MPMs) in the notes to the
financial statements
\u2022 improve aggregation and disaggregation.
The amendments to IAS 7 and IAS 33, as well as the
revised IAS 8 and IFRS 7, become effective when an
entity applies IFRS 18. IFRS 18 requires retrospective
application with specific transition provisions.
Sampo has started to analyse the effect of the new
standard and follows the development of how the
standard will be incorporated into Finnish and European
law. Management estimates that the application of IFRS
18 will have an impact on the Group's consolidated
financial statements in future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
Segment information
In February 2025, Sampo introduced new reporting
segments to reflect its transformation into a fully-
integrated P&C insurance group following the
acquisition of the non-controlling interests in
Topdanmark in 2024.
Sampo reports its financial performance based on the
Group\u2019s operational business areas that are regularly
reviewed by a chief operating decision-maker.
Segments\u2019 customer bases, risks, and performance
measures differ from each other. The control and
management of business and management reporting
are organised in accordance with the business
segments. The new segments are Private Nordic,
Private UK, Nordic Commercial, and Nordic Industrial:
\u2022 Private Nordic includes the Group\u2019s Nordic private
customer business, previously reported under the If
and Topdanmark segments in Sampo\u2019s accounts.
Sampo operates in the Nordic private insurance
market through its main brand, If, and other brands
including Topdanmark and various white-label
partnerships.
\u2022 Private UK includes the Group\u2019s UK business,
previously reported as Hastings in Sampo\u2019s accounts.
Sampo operates in the UK private insurance market
through its customer brand Hastings, which is one of
the leading digital P&C insurance providers focused
on serving UK car, van, bike, and home insurance.
\u2022 Nordic Commercial includes the Group\u2019s Nordic
commercial customer businesses, previously reported
under the If and Topdanmark segments in Sampo\u2019s
accounts, as well as Oona Health. The segment
focuses particularly on SMEs.
\u2022 Nordic Industrial includes the Group\u2019s Nordic
Industrial customer business, previously reported
under the If segment in Sampo\u2019s accounts.
Corporates with revenues of more than SEK 500
million (approx. EUR 45 million), or more than 500
employees, are classified as Industrial customers.
In addition to these four reporting segments, Sampo
presents other operations, consisting mainly of the
Group\u2019s Baltic business but also of group eliminations
and other internal items. Other operations are not
considered a separate reporting segment as they do
not fulfil the criteria for reporting segments under
IFRS\u00a08.
The chief operating decision-maker (CODM) is
considered to be Sampo Group\u2019s Executive Committee
(GEC).
Result by segment for twelve months ended 31\u00a0December 2025
In each reporting segment, Sampo reports the key profit or loss figures from
insurance revenue to the underwriting result. These key profit or loss figures are
reported regularly to the chief operating decision-maker to assess the reporting
segments performance. Items below the underwriting result, such as net
investment income and insurance finance income or expense, are reported at the
group level.
EURm
Private Nordic
Private UK
Nordic
Commercial
Nordic Industrial
Other operations
Sampo Group
Insurance revenue, net (incl. brokerage)
3,995
2,000
2,201
584
298
9,078
Claims incurred, net
-2,431
-1,073
-1,285
-341
-161
-5,290
Operating expenses (incl. claims handling costs)
-849
-712
-539
-134
-68
-2,302
Underwriting result
715
216
376
109
69
1,485
Net investment income
1,285
Net insurance finance income or expense
-74
Net financial result
1,210
Other income or expense
-48
Non-operational amortisations
-128
Finance expenses
-83
Profit before taxes
2,436
Underwriting result has been defined in the section Calculation of key figures.
Result by segment for twelve months ended 31\u00a0December 2024
EURm
Private Nordic
Private UK
Nordic
Commercial
Nordic Industrial
Other operations
Sampo Group
Insurance revenue, net (incl. brokerage)
3,667
1,659
2,128
657
275
8,386
Claims incurred, net
-2,226
-868
-1,254
-455
-146
-4,948
Operating expenses (incl. claims handling costs)
-814
-601
-522
-128
-57
-2,122
Underwriting result
628
190
352
74
72
1,316
Net investment income
888
Net insurance finance income or expense
-252
Net financial result
636
Other income or expense
-210
Non-operational amortisations
-79
Finance expenses
-103
Profit before taxes
1,559
Comparative figures have been restated based on the new segments.
Segment reconciliation
The following tables present reconciliations from the segment reporting\u2019s numbers to
Sampo Group\u2019s reported numbers.
Insurance revenue, gross
EURm
1-12/2025
1-12/2024
Insurance revenue, net (incl. brokerage)
Private Nordic
3,995
3,667
Private UK
2,000
1,659
Nordic Commercial
2,201
2,128
Nordic Industrial
584
657
Reporting segments' total of insurance revenue, net
8,780
8,111
Intra-segment eliminations on insurance operations
-50
-24
Intra-segment eliminations on reinsurance operations
50
23
Other operations
298
275
Sampo Group insurance revenue, net
9,078
8,386
Reinsurance operations and investment component
1,347
1,201
Other items
-153
-138
Sampo Group insurance revenue, gross
10,272
9,450
Insurance service result
EURm
1-12/2025
1-12/2024
Underwriting result
Private Nordic
715
628
Private UK
216
190
Nordic Commercial
376
352
Nordic Industrial
109
74
Reporting segments' total of underwriting result
1,416
1,244
Intra-segment eliminations
0
3
Other operations
69
69
Sampo Group's underwriting result
1,485
1,316
Other items
106
78
Sampo Group insurance service result
1,590
1,394
Balance sheet by segment at 31\u00a0December 2025
In each reporting segment, Sampo reports the key balance sheet figures related to
the segment\u2019s insurance operations. These key balance sheet figures are reported
regularly to the chief operating decision-maker for the assessment of segment
operations. Other balance sheet items are not allocated between the segments
when reporting to the chief operating decision maker, instead they are followed
only on the group level.
EURm
Private Nordic
Private UK
Nordic
Commercial
Nordic Industrial
Other operations
Sampo Group
Reinsurance contract assets
Reinsurers' share of remaining coverage
-1
334
-8
17
-10
332
Reinsurers' share of claims incurred
48
1,609
260
297
-59
2,156
Reinsurance contract assets, total
47
1,943
252
314
-69
2,488
Insurance contract liabilities
Liability for remaining coverage
676
668
268
226
50
1,888
Liability for incurred claims
3,126
3,092
3,047
1,436
182
10,884
Acquisition cash flow assets
\u2014
\u2014
-9
-4
\u2014
-12
Insurance contract liabilities, total
3,801
3,760
3,306
1,659
233
12,760
Balance sheet by segment at 31\u00a0December 2024
EURm
Private Nordic
Private UK
Nordic
Commercial
Nordic Industrial
Other operations
Sampo Group
Reinsurance contract assets
Reinsurers' share of remaining coverage
\u2014
270
-1
20
-14
276
Reinsurers' share of claims incurred
28
1,625
232
469
-12
2,342
Reinsurance contract assets, total
27
1,896
231
490
-26
2,618
Insurance contract liabilities
Liability for remaining coverage
639
713
266
231
48
1,896
Liability for incurred claims
2,888
2,683
3,028
1,634
176
10,409
Acquisition cash flow assets
\u2014
\u2014
-16
-4
\u2014
-20
Insurance contract liabilities, total
3,527
3,396
3,278
1,861
224
12,286
Geographical information
EURm
2025
Finland
Sweden
Norway
Denmark
UK
Baltic
Total
Revenue from external customers
1,761\u00a0
2,046\u00a0
1,948\u00a0
2,217\u00a0
2,836\u00a0
250\u00a0
11,060\u00a0
Non-current assets
123\u00a0
455\u00a0
181\u00a0
1,574\u00a0
1,461\u00a0
4\u00a0
3,798\u00a0
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
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, and
income from broker activities. For Sampo plc, the revenue includes net investment
income and other operating income.
Non-current assets comprise of intangible assets, investments in associates, property,
plant and equipment, and investment property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
1 Insurance service result
EURm
1-12/2025
1-12/2024
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
10,294
9,527
Change in liability for remaining coverage
-313
-343
Brokerage revenue
291
266
Total insurance revenue
10,272
9,450
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,820
-5,827
Claims handling expenses
-581
-518
Change in liability for incurred claims
-57
118
Change in risk adjustment
-150
-80
Change in loss component
-10
21
Insurance service expenses related to claims incurred
-6,618
-6,287
Operating expenses
-1,507
-1,396
Total insurance service expenses
-8,126
-7,684
Reinsurance result
Premiums
-1,003
-909
Claims recovered
448
537
Total reinsurance result
-556
-372
Total insurance service result
1,590
1,394
21 Non-life claims development
Prior-year estimates of the claims expense for individual claims years also represent a
measure of Sampo Group\u2019s ability to foresee final claims expenses. The following
tables present the expense trend for the claims for individual claims, before and after
reinsurance. For earlier years, the information is aggregated into one row. After the
introduction of a new reporting segment structure in 2025, the non-life claims
development is now reported solely on the group level. This approach is aligned with
information presented in the risk management note 32.
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 32.
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
2025. 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
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
Estimated claims expense
at the close of the claims year
4,021
4,145
4,381
4,625
4,704
4,892
5,362
6,311
6,485
6,806
one year later
4,085
4,147
4,476
4,647
4,659
4,999
5,417
6,428
6,410
two years later
4,050
4,147
4,518
4,702
4,659
4,917
5,363
6,459
three years later
4,025
4,148
4,560
4,691
4,593
4,853
5,310
four years later
3,924
4,131
4,541
4,649
4,528
4,861
five years later
3,970
4,107
4,485
4,610
4,539
six years later
3,946
4,082
4,492
4,600
seven years later
3,931
4,101
4,481
eight years later
3,932
4,079
nine years later
3,924
Current estimate of total claims expense
3,924
4,079
4,481
4,600
4,539
4,861
5,310
6,459
6,410
6,806
Total disbursed
-3,706
-3,835
-4,186
-4,262
-4,126
-4,260
-4,498
-5,078
-4,588
-3,122
Liability (gross) reported in the balance
sheet
218
244
295
338
412
601
812
1,380
1,822
3,684
9,806
Liability (gross) relating to prior years
2,924
Discounting effect, gross
-2,537
Liability for claims handling expenses and
other items
751
Elimination
-60
Total liability for incurred claims
10,884
Sampo Group - Claims development after reinsurance
EURm
Claims expense, net of reinsurance
Accident year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
Estimated claims expense
at the close of the claims year
3,756
3,917
4,172
4,387
4,366
4,452
4,930
5,516
5,871
6,141
one year later
3,778
3,941
4,254
4,379
4,296
4,498
4,984
5,592
5,930
two years later
3,771
3,934
4,298
4,413
4,284
4,452
4,955
5,596
three years later
3,742
3,949
4,348
4,444
4,263
4,416
4,935
four years later
3,714
3,941
4,347
4,425
4,224
4,434
five years later
3,736
3,951
4,312
4,396
4,230
six years later
3,737
3,926
4,319
4,390
seven years later
3,706
3,914
4,308
eight years later
3,693
3,897
nine years later
3,691
Current estimate of total claims expense
3,691
3,897
4,308
4,390
4,230
4,434
4,935
5,596
5,930
6,141
Total disbursed
-3,537
-3,721
-4,050
-4,130
-3,922
-4,014
-4,370
-4,739
-4,632
-3,223
Liability (net) reported in the balance
sheet
155
175
258
260
307
420
565
858
1,298
2,918
7,215
Liability (net) relating to prior years
2,729
Discounting effect, gross
-1,945
Liability for claims handling expenses
727
Risk of non-performance by reinsurer
2
Total liability for incurred claims
8,728
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
1 Insurance service result
EURm
1-12/2025
1-12/2024
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
10,294
9,527
Change in liability for remaining coverage
-313
-343
Brokerage revenue
291
266
Total insurance revenue
10,272
9,450
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,820
-5,827
Claims handling expenses
-581
-518
Change in liability for incurred claims
-57
118
Change in risk adjustment
-150
-80
Change in loss component
-10
21
Insurance service expenses related to claims incurred
-6,618
-6,287
Operating expenses
-1,507
-1,396
Total insurance service expenses
-8,126
-7,684
Reinsurance result
Premiums
-1,003
-909
Claims recovered
448
537
Total reinsurance result
-556
-372
Total insurance service result
1,590
1,394
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
1 Insurance service result
EURm
1-12/2025
1-12/2024
Insurance revenue
Insurance contracts measured under PAA
Gross written premiums
10,294
9,527
Change in liability for remaining coverage
-313
-343
Brokerage revenue
291
266
Total insurance revenue
10,272
9,450
Insurance service expenses
Expenses related to claims incurred
Claims paid and benefits
-5,820
-5,827
Claims handling expenses
-581
-518
Change in liability for incurred claims
-57
118
Change in risk adjustment
-150
-80
Change in loss component
-10
21
Insurance service expenses related to claims incurred
-6,618
-6,287
Operating expenses
-1,507
-1,396
Total insurance service expenses
-8,126
-7,684
Reinsurance result
Premiums
-1,003
-909
Claims recovered
448
537
Total reinsurance result
-556
-372
Total insurance service result
1,590
1,394
3 Net finance income or expense from
insurance contracts
EURm
1-12/2025
1-12/2024
Insurance contracts
Unwinding of discount rates
-321\u00a0
-324\u00a0
Effect of changes in interest rates and other financial
assumptions
141\u00a0
15\u00a0
Total finance income or expenses from insurance contracts
-180\u00a0
-309\u00a0
Reinsurance contracts
Unwinding of discount rates
81\u00a0
86\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
25\u00a0
-29\u00a0
Total finance income or expenses from reinsurance contracts
106\u00a0
57\u00a0
Net finance result from insurance and reinsurance contracts
-74\u00a0
-252\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
12/2025
12/2024
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage
1,888
1,896
Liability for incurred claims
10,884
10,409
Acquisition cash flow assets
-12
-20
Total insurance contract liabilities
12,760\u00a0
12,286\u00a0
Reinsurance contract assets
Assets for remaining coverage
332
276
Assets for incurred claims
2,156
2,342
Reinsurance contract assets, total
2,488\u00a0
2,618\u00a0
Total insurance contracts, net of reinsurance
10,272\u00a0
9,668\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.
2025
2024
Currency
, %
1 year
5
years
10
years
20
years
30
years
1 year
5
years
10
years
20
years
30
years
DKK
2.43
2.83
3.21
3.56
3.59
2.23
2.13
2.26
2.25
2.38
EUR
2.37
2.77
3.15
3.50
3.54
2.44
2.34
2.47
2.46
2.55
GBP
3.86
4.23
4.88
5.61
5.86
4.70
4.58
4.92
5.41
5.69
NOK
4.34
4.28
4.36
4.19
3.99
4.82
4.52
4.45
4.23
4.01
SEK
2.40
2.90
3.30
3.36
3.34
2.91
3.07
3.29
3.35
3.33
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 recognised in the statement of total
comprehensive income and cash flows. Information
regarding insurance contract liability is presented on
contracts measured under PAA model.
If and Hastings entered into an internal reinsurance
arrangement in 2024. Internal reinsurance arrangement
has been eliminated from the figures presented.
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 recognised in the statement of profit and other
comprehensive income and cash flows.
Change in presentation
In 2025, Sampo Group changed the level of
presentation for the reconciliation of insurance contract
liabilities and reinsurance contracts. Both reconciliations
are presented on Sampo Group level only. The
presentation of comparative information has been
aligned accordingly.\u00a0
Sampo Group - Insurance contract liabilities, gross at 31 December 2025 and 31 December 2024
2025
2024
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
1,891
6
9,853
557
12,305
1,701
27
9,547
459
11,734
Acquisition cash flow asset
-20
-18
12,286
11,716
Changes in the statement of comprehensive income
Insurance revenue
-10,272
\u2014
\u2014
\u2014
-10,272
-9,450
\u2014
\u2014
\u2014
-9,450
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
7,011
200
7,211
\u2014
\u2014
6,847
186
7,032
Amortisation of insurance acquisition cash flows
306
\u2014
\u2014
\u2014
306
262
\u2014
\u2014
\u2014
262
Changes that relate to past service (LIC)
\u2014
\u2014
-329
-50
-379
\u2014
\u2014
-174
-100
-274
Changes that relate to future service (LRC)
\u2014
10
\u2014
\u2014
10
\u2014
-21
\u2014
\u2014
-21
Total insurance service expenses
306
10
6,683
150
7,148
262
-21
6,673
85
7,000
Insurance service result
-9,966
10
6,683
150
-3,123
-9,188
-21
6,673
85
-2,450
Insurance finance income or expense
\u2014
\u2014
180
3
182
\u2014
\u2014
307
\u2014
307
Other items (including FX effects)
-305
1
-1
-18
-323
-62
0
24
11
-27
Total changes in the statement of comprehensive income
-10,271
10
6,862
135
-3,264
-9,250
-21
7,004
97
-2,170
Cash flows during the period
Premiums received\u00a0
10,573
\u2014
\u2014
\u2014
10,573
9,718
\u2014
\u2014
\u2014
9,718
Claims and other insurance service expenses paid
\u2014
\u2014
-6,530
\u2014
-6,530
\u2014
\u2014
-6,703
\u2014
-6,703
Insurance acquisition cash flows paid
-312
\u2014
\u2014
\u2014
-312
-283
\u2014
\u2014
\u2014
-283
Total cash flows during the period
10,261
\u2014
-6,530
\u2014
3,731
9,435
\u2014
-6,703
\u2014
2,732
Transfer to other items in the balance sheet
-9
\u2014
8
\u2014
0
\u2014
\u2014
\u2014
\u2014
\u2014
Other
0
\u2014
\u2014
\u2014
0
5
\u2014
4
0
9
Closing balance - liabilities relating to insurance contracts
1,872
16
10,192
692
12,772
1,891
6
9,853
557
12,305
Acquisition cash flow asset
-12
-20
Closing balance
12,760
12,286
Sampo Group - Reinsurance contracts at 31 December 2025 and 31 December 2024
2025
2024
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
276
2,090
252
2,618
258
1,803
220
2,282
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-1,003
\u2014
\u2014
-1,003
-909
\u2014
\u2014
-909
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses
\u2014
586
89
675
\u2014
521
79
600
Adjustments to assets for incurred claims
0
-187
39
-148
0
21
-52
-31
Effect of changes in non-performance risk of reinsurers
\u2014
0
\u2014
0
\u2014
0
\u2014
0
Net expenses from reinsurance contracts
-1,003
398
128
-477
-909
542
28
-340
Insurance finance income or expenses from reinsurance contracts
\u2014
107
1
108
\u2014
57
\u2014
57
Effect of movements in exchange rates
17
-221
-28
-232
-33
29
4
-1
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-986
285
101
-601
-943
628
31
-284
Investment component excluded from the net expenses from
reinsurance contracts
-178
178
\u2014
\u2014
-216
216
\u2014
\u2014
Cash flows
Premiums paid
1,220
\u2014
\u2014
1,220
1,176
\u2014
\u2014
1,176
Amounts received
\u2014
-730
\u2014
-730
\u2014
-556
\u2014
-556
Total cash flows
1,220
-730
\u2014
490
1,176
-556
\u2014
620
Other changes
\u2014
-20
\u2014
-20
\u2014
\u2014
\u2014
\u2014
Closing assets
332
1,803
352
2,488
276
2,090
252
2,618
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "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
1-12/2025
1-12/2024
Derivative financial instruments
Interest income
3
4
Interest expense
-12
0
Net gains or losses
-30
13
Derivative financial instruments, total
-38
17
Financial assets at fair value through profit or loss
Debt securities
Interest income
496
493
Net gains or losses
41
147
Equity securities
Dividend income
28
37
Net gains or losses
652
81
Funds
Distributions
14
6
Interest income
10
10
Net gains or losses
83
70
Financial assets at fair value through profit or loss, total
1,325
844
Financial assets at amortised cost
Interest Income
17
39
Expected credit losses
-17
-7
Financial assets at amortised cost, total
0
32
Total income or expenses from financial assets
1,287
892
EURm
1-12/2025
1-12/2024
Other
Expenses from asset management
-33
-21
Other income
44
57
Other expenses
-8
-38
Fee expenses
-5
0
Expenses from investment property
0
-3
Total other
-2
-4
Total net investment income
1,285
888
Net gains or losses for debt securities include exchange differences of EUR -8 million (2).
More information on the expected credit losses on financial assets measured at
amortised cost is presented in note 12 .
The Swedish bank NOBA Group completed its initial public offering in late September
2025. Consequently, Sampo sold part of its holding in NOBA, resulting in a net sales
gain of EUR 58 million. The valuation gain of Sampo\u2019s remaining investment in NOBA
amounted to EUR 487 million during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "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
1-12/2025
1-12/2024
Derivative financial instruments
Interest income
3
4
Interest expense
-12
0
Net gains or losses
-30
13
Derivative financial instruments, total
-38
17
Financial assets at fair value through profit or loss
Debt securities
Interest income
496
493
Net gains or losses
41
147
Equity securities
Dividend income
28
37
Net gains or losses
652
81
Funds
Distributions
14
6
Interest income
10
10
Net gains or losses
83
70
Financial assets at fair value through profit or loss, total
1,325
844
Financial assets at amortised cost
Interest Income
17
39
Expected credit losses
-17
-7
Financial assets at amortised cost, total
0
32
Total income or expenses from financial assets
1,287
892
EURm
1-12/2025
1-12/2024
Other
Expenses from asset management
-33
-21
Other income
44
57
Other expenses
-8
-38
Fee expenses
-5
0
Expenses from investment property
0
-3
Total other
-2
-4
Total net investment income
1,285
888
Net gains or losses for debt securities include exchange differences of EUR -8 million (2).
More information on the expected credit losses on financial assets measured at
amortised cost is presented in note 12 .
The Swedish bank NOBA Group completed its initial public offering in late September
2025. Consequently, Sampo sold part of its holding in NOBA, resulting in a net sales
gain of EUR 58 million. The valuation gain of Sampo\u2019s remaining investment in NOBA
amounted to EUR 487 million during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2025
1-12/2024
Insurance contracts
Unwinding of discount rates
-321\u00a0
-324\u00a0
Effect of changes in interest rates and other financial
assumptions
141\u00a0
15\u00a0
Total finance income or expenses from insurance contracts
-180\u00a0
-309\u00a0
Reinsurance contracts
Unwinding of discount rates
81\u00a0
86\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
25\u00a0
-29\u00a0
Total finance income or expenses from reinsurance contracts
106\u00a0
57\u00a0
Net finance result from insurance and reinsurance contracts
-74\u00a0
-252\u00a0
7 Finance expenses
EURm
1-12/2025
1-12/2024
Interest expense on financial liabilities
-20\u00a0
-21\u00a0
Interest expense on subordinated loans
-47\u00a0
-52\u00a0
Other items
-16\u00a0
-30\u00a0
Total finance expenses
-83\u00a0
-103\u00a0
During the financial year, Sampo launched a EUR 300 million tender offer for its Tier 2
notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal value of
its Tier 2 notes due 2052 for EUR 295 million. This resulted in a positive one-off effect
of around EUR 20 million on finance expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2025
1-12/2024
Insurance contracts
Unwinding of discount rates
-321\u00a0
-324\u00a0
Effect of changes in interest rates and other financial
assumptions
141\u00a0
15\u00a0
Total finance income or expenses from insurance contracts
-180\u00a0
-309\u00a0
Reinsurance contracts
Unwinding of discount rates
81\u00a0
86\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
25\u00a0
-29\u00a0
Total finance income or expenses from reinsurance contracts
106\u00a0
57\u00a0
Net finance result from insurance and reinsurance contracts
-74\u00a0
-252\u00a0
7 Finance expenses
EURm
1-12/2025
1-12/2024
Interest expense on financial liabilities
-20\u00a0
-21\u00a0
Interest expense on subordinated loans
-47\u00a0
-52\u00a0
Other items
-16\u00a0
-30\u00a0
Total finance expenses
-83\u00a0
-103\u00a0
During the financial year, Sampo launched a EUR 300 million tender offer for its Tier 2
notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal value of
its Tier 2 notes due 2052 for EUR 295 million. This resulted in a positive one-off effect
of around EUR 20 million on finance expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2025
1-12/2024
Insurance contracts
Unwinding of discount rates
-321\u00a0
-324\u00a0
Effect of changes in interest rates and other financial
assumptions
141\u00a0
15\u00a0
Total finance income or expenses from insurance contracts
-180\u00a0
-309\u00a0
Reinsurance contracts
Unwinding of discount rates
81\u00a0
86\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
25\u00a0
-29\u00a0
Total finance income or expenses from reinsurance contracts
106\u00a0
57\u00a0
Net finance result from insurance and reinsurance contracts
-74\u00a0
-252\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
3 Net finance income or expense from
insurance contracts
EURm
1-12/2025
1-12/2024
Insurance contracts
Unwinding of discount rates
-321\u00a0
-324\u00a0
Effect of changes in interest rates and other financial
assumptions
141\u00a0
15\u00a0
Total finance income or expenses from insurance contracts
-180\u00a0
-309\u00a0
Reinsurance contracts
Unwinding of discount rates
81\u00a0
86\u00a0
Reinsurers' share of effect of changes in interest rates and
other financial assumptions
25\u00a0
-29\u00a0
Total finance income or expenses from reinsurance contracts
106\u00a0
57\u00a0
Net finance result from insurance and reinsurance contracts
-74\u00a0
-252\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
12/2025
12/2024
Insurance contract liability - contracts measured under PAA
Liability for remaining coverage
1,888
1,896
Liability for incurred claims
10,884
10,409
Acquisition cash flow assets
-12
-20
Total insurance contract liabilities
12,760\u00a0
12,286\u00a0
Reinsurance contract assets
Assets for remaining coverage
332
276
Assets for incurred claims
2,156
2,342
Reinsurance contract assets, total
2,488\u00a0
2,618\u00a0
Total insurance contracts, net of reinsurance
10,272\u00a0
9,668\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.
2025
2024
Currency
, %
1 year
5
years
10
years
20
years
30
years
1 year
5
years
10
years
20
years
30
years
DKK
2.43
2.83
3.21
3.56
3.59
2.23
2.13
2.26
2.25
2.38
EUR
2.37
2.77
3.15
3.50
3.54
2.44
2.34
2.47
2.46
2.55
GBP
3.86
4.23
4.88
5.61
5.86
4.70
4.58
4.92
5.41
5.69
NOK
4.34
4.28
4.36
4.19
3.99
4.82
4.52
4.45
4.23
4.01
SEK
2.40
2.90
3.30
3.36
3.34
2.91
3.07
3.29
3.35
3.33
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 recognised in the statement of total
comprehensive income and cash flows. Information
regarding insurance contract liability is presented on
contracts measured under PAA model.
If and Hastings entered into an internal reinsurance
arrangement in 2024. Internal reinsurance arrangement
has been eliminated from the figures presented.
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 recognised in the statement of profit and other
comprehensive income and cash flows.
Change in presentation
In 2025, Sampo Group changed the level of
presentation for the reconciliation of insurance contract
liabilities and reinsurance contracts. Both reconciliations
are presented on Sampo Group level only. The
presentation of comparative information has been
aligned accordingly.\u00a0
Sampo Group - Insurance contract liabilities, gross at 31 December 2025 and 31 December 2024
2025
2024
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
1,891
6
9,853
557
12,305
1,701
27
9,547
459
11,734
Acquisition cash flow asset
-20
-18
12,286
11,716
Changes in the statement of comprehensive income
Insurance revenue
-10,272
\u2014
\u2014
\u2014
-10,272
-9,450
\u2014
\u2014
\u2014
-9,450
Insurance service expenses
Incurred claims and other insurance service expenses
\u2014
\u2014
7,011
200
7,211
\u2014
\u2014
6,847
186
7,032
Amortisation of insurance acquisition cash flows
306
\u2014
\u2014
\u2014
306
262
\u2014
\u2014
\u2014
262
Changes that relate to past service (LIC)
\u2014
\u2014
-329
-50
-379
\u2014
\u2014
-174
-100
-274
Changes that relate to future service (LRC)
\u2014
10
\u2014
\u2014
10
\u2014
-21
\u2014
\u2014
-21
Total insurance service expenses
306
10
6,683
150
7,148
262
-21
6,673
85
7,000
Insurance service result
-9,966
10
6,683
150
-3,123
-9,188
-21
6,673
85
-2,450
Insurance finance income or expense
\u2014
\u2014
180
3
182
\u2014
\u2014
307
\u2014
307
Other items (including FX effects)
-305
1
-1
-18
-323
-62
0
24
11
-27
Total changes in the statement of comprehensive income
-10,271
10
6,862
135
-3,264
-9,250
-21
7,004
97
-2,170
Cash flows during the period
Premiums received\u00a0
10,573
\u2014
\u2014
\u2014
10,573
9,718
\u2014
\u2014
\u2014
9,718
Claims and other insurance service expenses paid
\u2014
\u2014
-6,530
\u2014
-6,530
\u2014
\u2014
-6,703
\u2014
-6,703
Insurance acquisition cash flows paid
-312
\u2014
\u2014
\u2014
-312
-283
\u2014
\u2014
\u2014
-283
Total cash flows during the period
10,261
\u2014
-6,530
\u2014
3,731
9,435
\u2014
-6,703
\u2014
2,732
Transfer to other items in the balance sheet
-9
\u2014
8
\u2014
0
\u2014
\u2014
\u2014
\u2014
\u2014
Other
0
\u2014
\u2014
\u2014
0
5
\u2014
4
0
9
Closing balance - liabilities relating to insurance contracts
1,872
16
10,192
692
12,772
1,891
6
9,853
557
12,305
Acquisition cash flow asset
-12
-20
Closing balance
12,760
12,286
Sampo Group - Reinsurance contracts at 31 December 2025 and 31 December 2024
2025
2024
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
276
2,090
252
2,618
258
1,803
220
2,282
Changes in the statement of comprehensive income
Allocation of reinsurance premiums paid
-1,003
\u2014
\u2014
-1,003
-909
\u2014
\u2014
-909
Amounts recoverable from reinsurers
Recoveries of incurred claims and other insurance service expenses
\u2014
586
89
675
\u2014
521
79
600
Adjustments to assets for incurred claims
0
-187
39
-148
0
21
-52
-31
Effect of changes in non-performance risk of reinsurers
\u2014
0
\u2014
0
\u2014
0
\u2014
0
Net expenses from reinsurance contracts
-1,003
398
128
-477
-909
542
28
-340
Insurance finance income or expenses from reinsurance contracts
\u2014
107
1
108
\u2014
57
\u2014
57
Effect of movements in exchange rates
17
-221
-28
-232
-33
29
4
-1
Reinsurance investment component
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes in the statement of comprehensive income
-986
285
101
-601
-943
628
31
-284
Investment component excluded from the net expenses from
reinsurance contracts
-178
178
\u2014
\u2014
-216
216
\u2014
\u2014
Cash flows
Premiums paid
1,220
\u2014
\u2014
1,220
1,176
\u2014
\u2014
1,176
Amounts received
\u2014
-730
\u2014
-730
\u2014
-556
\u2014
-556
Total cash flows
1,220
-730
\u2014
490
1,176
-556
\u2014
620
Other changes
\u2014
-20
\u2014
-20
\u2014
\u2014
\u2014
\u2014
Closing assets
332
1,803
352
2,488
276
2,090
252
2,618
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
4 Other income
EURm
1-12/2025
1-12/2024
Other income
364\u00a0
300\u00a0
Income related to brokerage activities
5\u00a0
12\u00a0
Total other income
369\u00a0
312\u00a0
If\u2019s other income includes approximately EUR 155 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 a total of EUR 159 million (134) 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
1-12/2025
1-12/2024
Other expenses
-337\u00a0
-465\u00a0
Depreciation and amortisation
-173\u00a0
-120\u00a0
Salaries and other staff costs
-141\u00a0
-100\u00a0
Total other expenses
-651\u00a0
-685\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
1-12/2025
1-12/2024
Staff costs
Salaries and wages
-1,072
-967
Cash-settled share-based payments
-25
-22
Share-settled share-based payments
\u2014
-7
Pension costs
Pension expenses - defined contribution plans
-104
-101
Pension expenses - defined benefit plans
-15
-9
Other social security costs
-211
-188
Depreciation and impairments on PP&E
Depreciation on plant and equipment
-18
-17
Depreciation IFRS 16
-31
-34
Impairment losses
-7
\u2014
Write-offs
-20
\u2014
Amortisation
Amortisation on customer relations
-94
-72
Amortisation on other intangibles
-60
-57
Write-offs
-8
\u2014
Rental expenses
-30
-35
IT costs
-284
-243
Marketing expenses
-78
-75
Other
-692
-824
Total expenses split by nature
-2,750\u00a0
-2,653\u00a0
The main items in line Other include commissions of EUR 209 million (146), other
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125),
and levies EUR 59 million (47).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
4 Other income
EURm
1-12/2025
1-12/2024
Other income
364\u00a0
300\u00a0
Income related to brokerage activities
5\u00a0
12\u00a0
Total other income
369\u00a0
312\u00a0
If\u2019s other income includes approximately EUR 155 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 a total of EUR 159 million (134) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
4 Other income
EURm
1-12/2025
1-12/2024
Other income
364\u00a0
300\u00a0
Income related to brokerage activities
5\u00a0
12\u00a0
Total other income
369\u00a0
312\u00a0
If\u2019s other income includes approximately EUR 155 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 a total of EUR 159 million (134) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
5 Other expenses
EURm
1-12/2025
1-12/2024
Other expenses
-337\u00a0
-465\u00a0
Depreciation and amortisation
-173\u00a0
-120\u00a0
Salaries and other staff costs
-141\u00a0
-100\u00a0
Total other expenses
-651\u00a0
-685\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
1-12/2025
1-12/2024
Staff costs
Salaries and wages
-1,072
-967
Cash-settled share-based payments
-25
-22
Share-settled share-based payments
\u2014
-7
Pension costs
Pension expenses - defined contribution plans
-104
-101
Pension expenses - defined benefit plans
-15
-9
Other social security costs
-211
-188
Depreciation and impairments on PP&E
Depreciation on plant and equipment
-18
-17
Depreciation IFRS 16
-31
-34
Impairment losses
-7
\u2014
Write-offs
-20
\u2014
Amortisation
Amortisation on customer relations
-94
-72
Amortisation on other intangibles
-60
-57
Write-offs
-8
\u2014
Rental expenses
-30
-35
IT costs
-284
-243
Marketing expenses
-78
-75
Other
-692
-824
Total expenses split by nature
-2,750\u00a0
-2,653\u00a0
The main items in line Other include commissions of EUR 209 million (146), other
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125),
and levies EUR 59 million (47).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
5 Other expenses
EURm
1-12/2025
1-12/2024
Other expenses
-337\u00a0
-465\u00a0
Depreciation and amortisation
-173\u00a0
-120\u00a0
Salaries and other staff costs
-141\u00a0
-100\u00a0
Total other expenses
-651\u00a0
-685\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
1-12/2025
1-12/2024
Staff costs
Salaries and wages
-1,072
-967
Cash-settled share-based payments
-25
-22
Share-settled share-based payments
\u2014
-7
Pension costs
Pension expenses - defined contribution plans
-104
-101
Pension expenses - defined benefit plans
-15
-9
Other social security costs
-211
-188
Depreciation and impairments on PP&E
Depreciation on plant and equipment
-18
-17
Depreciation IFRS 16
-31
-34
Impairment losses
-7
\u2014
Write-offs
-20
\u2014
Amortisation
Amortisation on customer relations
-94
-72
Amortisation on other intangibles
-60
-57
Write-offs
-8
\u2014
Rental expenses
-30
-35
IT costs
-284
-243
Marketing expenses
-78
-75
Other
-692
-824
Total expenses split by nature
-2,750\u00a0
-2,653\u00a0
The main items in line Other include commissions of EUR 209 million (146), other
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125),
and levies EUR 59 million (47).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
5 Other expenses
EURm
1-12/2025
1-12/2024
Other expenses
-337\u00a0
-465\u00a0
Depreciation and amortisation
-173\u00a0
-120\u00a0
Salaries and other staff costs
-141\u00a0
-100\u00a0
Total other expenses
-651\u00a0
-685\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
1-12/2025
1-12/2024
Staff costs
Salaries and wages
-1,072
-967
Cash-settled share-based payments
-25
-22
Share-settled share-based payments
\u2014
-7
Pension costs
Pension expenses - defined contribution plans
-104
-101
Pension expenses - defined benefit plans
-15
-9
Other social security costs
-211
-188
Depreciation and impairments on PP&E
Depreciation on plant and equipment
-18
-17
Depreciation IFRS 16
-31
-34
Impairment losses
-7
\u2014
Write-offs
-20
\u2014
Amortisation
Amortisation on customer relations
-94
-72
Amortisation on other intangibles
-60
-57
Write-offs
-8
\u2014
Rental expenses
-30
-35
IT costs
-284
-243
Marketing expenses
-78
-75
Other
-692
-824
Total expenses split by nature
-2,750\u00a0
-2,653\u00a0
The main items in line Other include commissions of EUR 209 million (146), other
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125),
and levies EUR 59 million (47).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
5 Other expenses
EURm
1-12/2025
1-12/2024
Other expenses
-337\u00a0
-465\u00a0
Depreciation and amortisation
-173\u00a0
-120\u00a0
Salaries and other staff costs
-141\u00a0
-100\u00a0
Total other expenses
-651\u00a0
-685\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
1-12/2025
1-12/2024
Staff costs
Salaries and wages
-1,072
-967
Cash-settled share-based payments
-25
-22
Share-settled share-based payments
\u2014
-7
Pension costs
Pension expenses - defined contribution plans
-104
-101
Pension expenses - defined benefit plans
-15
-9
Other social security costs
-211
-188
Depreciation and impairments on PP&E
Depreciation on plant and equipment
-18
-17
Depreciation IFRS 16
-31
-34
Impairment losses
-7
\u2014
Write-offs
-20
\u2014
Amortisation
Amortisation on customer relations
-94
-72
Amortisation on other intangibles
-60
-57
Write-offs
-8
\u2014
Rental expenses
-30
-35
IT costs
-284
-243
Marketing expenses
-78
-75
Other
-692
-824
Total expenses split by nature
-2,750\u00a0
-2,653\u00a0
The main items in line Other include commissions of EUR 209 million (146), other
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125),
and levies EUR 59 million (47).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
5 Other expenses
EURm
1-12/2025
1-12/2024
Other expenses
-337\u00a0
-465\u00a0
Depreciation and amortisation
-173\u00a0
-120\u00a0
Salaries and other staff costs
-141\u00a0
-100\u00a0
Total other expenses
-651\u00a0
-685\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
1-12/2025
1-12/2024
Staff costs
Salaries and wages
-1,072
-967
Cash-settled share-based payments
-25
-22
Share-settled share-based payments
\u2014
-7
Pension costs
Pension expenses - defined contribution plans
-104
-101
Pension expenses - defined benefit plans
-15
-9
Other social security costs
-211
-188
Depreciation and impairments on PP&E
Depreciation on plant and equipment
-18
-17
Depreciation IFRS 16
-31
-34
Impairment losses
-7
\u2014
Write-offs
-20
\u2014
Amortisation
Amortisation on customer relations
-94
-72
Amortisation on other intangibles
-60
-57
Write-offs
-8
\u2014
Rental expenses
-30
-35
IT costs
-284
-243
Marketing expenses
-78
-75
Other
-692
-824
Total expenses split by nature
-2,750\u00a0
-2,653\u00a0
The main items in line Other include commissions of EUR 209 million (146), other
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125),
and levies EUR 59 million (47).
24 Employee benefits
Sampo Group\u2019s subsidiary If applies IAS 19 Employee Benefits and recognises 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 recognised as defined-contribution plans. This occurs
because If lacks the information necessary to recognise 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.
Pension obligations
EURm
2025
2024
Defined benefit pension obligations, including social costs
204
213
Fair value of plan assets
255
232
Net asset from defined benefit pension obligations
-51
-19
Other pension obligation, including social costs
4
4
Net asset pension from obligations recognised in balance sheet
-46
-15
of which recognised as Net pension assets in Other assets
66
36
of which recognised as Net pension liabilities in Other liabilities
20
21
The Swedish defined-benefit pension plan, FTP2, is a multi-employer plan and is closed
to new employees born in 1972 or later. In Norway, there are a few smaller defined-
benefit pension plans, mainly unfunded pension plans, for which If Group is responsible
for ongoing payments. These include primarily individual pension agreements for
former personnel. If Group also has a pension plan for current employees with salary
higher than 12 G (G = National Insurance basic amount). This is a contribution-based
plan but a liability is accounted for in the balance sheet. The carried liability for this
plan is handled separately from the defined-benefit pension obligations due to its
defined contribution nature, where the obligation is not based on final salary but rather
on the value of earned contributions and accumulated return as of 31 December.
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 optimise 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 recognised in the balance
sheet.
The following tables contain a number of material assumptions, specifications of
pension costs, assets and liabilities, and a sensitivity analysis showing the potential
effect on the obligations of reasonable changes in those assumptions, as 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 pension obligations by country
2025
2024
EURm
Sweden
Norway
Total
Sweden
Norway
Total
Recognised in income statement and other comprehensive income
Current service cost
3
0
3
2
0
3
Total defined benefit pensions costs in insurance service result
3
0
3
2
0
3
Interest expense on net pension liability
-1
1
-1
-1
1
-1
Remeasurement of the net pension liability
-23
-1
-24
-1
1
0
Total net cost (income) in comprehensive income statement
-22
0
-22
0
2
2
Recognised in balance sheet
Defined benefit pension obligations, including social costs
187
18
204
194
19
213
Fair value of plan assets
253
2
255
230
1
232
Net liability (net assets)
-66
16
-50
-36
17
-19
Distribution by asset class
Bonds
40%
\u2014
41%
\u2014
Equities
24%
\u2014
22%
\u2014
Properties
10%
\u2014
9%
\u2014
Other
26%
\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 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Discount rate
4.00%
3.25%
4.25%
4.00%
Future salary increases
3.00%
3.00%
3.00%
3.25%
Price inflation
2.00%
2.00%
2.00%
2.25%
Mortality table
DUS23
DUS23
K2013
K2013
Average duration of defined benefit pension liabilities
16 years
17 years
11 years
11 years
Expected contributions to the defined benefit plans during 2026 and 2025
6
5
-
-
2025
2024
Sensitivity analysis of effect of reasonably possible changes
Sweden
Norway
Total
Sweden
Norway
Total
Discount rate, +0.50%
-14
-1
-14
-15
-1
-16
Discount rate, -0.50%
15
1
16
17
1
18
Future salary increases, +0.25%
3
0
3
3
0
4
Future salary increases, -0.25%
-3
0
-3
-3
0
-3
Expected longevity, +1 year
6
1
6
7
1
7
2025
2024
EURm
Funded plans
Unfunded plans
Total
Funded plans
Unfunded plans
Total
Distribution of obligations on funded and unfunded plans
Defined benefit pension obligations, including social costs
188
16
204
196
17
213
Fair value of plan assets
255
\u2014
255
232
\u2014
232
Net pension liability (net assets) from defined benefit obligations
-66
16
-50
-36
17
-19
Other pension obligation, including social costs
\u2014
4
4
\u2014
4
4
Net liability (net asset) recognised in balance sheet
-66
20
-46
-36
20
-15
Specification of change in defined benefit pension
obligations
EURm
2025
2024
Pension liabilities
At the beginning of the year
210
202
Current cost
3
2
Interest cost
7
7
Actuarial gains (-) / losses (+) on financial assumptions
-23
7
Actuarial gains (-) / losses (+), experience adjustments
0
4
Exchange differences on foreign plans
11
-7
Benefits paid
-6
-6
Defined benefit pension obligations on Dec 31, excl. social
security costs
202
210
Social security costs
2
3
Defined benefit pension obligations on Dec 31, incl. social
security costs
204
213
Reconciliation of plan assets
At the beginning of the year
232
220
Interest income
8
7
Difference between actual return and calculated interest income
1
11
Contributions paid
6
5
Exchange differences on foreign plans
14
-7
Benefits paid
-5
-5
Plan assets at 31 December
255
232
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 2025 is EUR 108 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
5 Other expenses
EURm
1-12/2025
1-12/2024
Other expenses
-337\u00a0
-465\u00a0
Depreciation and amortisation
-173\u00a0
-120\u00a0
Salaries and other staff costs
-141\u00a0
-100\u00a0
Total other expenses
-651\u00a0
-685\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
1-12/2025
1-12/2024
Staff costs
Salaries and wages
-1,072
-967
Cash-settled share-based payments
-25
-22
Share-settled share-based payments
\u2014
-7
Pension costs
Pension expenses - defined contribution plans
-104
-101
Pension expenses - defined benefit plans
-15
-9
Other social security costs
-211
-188
Depreciation and impairments on PP&E
Depreciation on plant and equipment
-18
-17
Depreciation IFRS 16
-31
-34
Impairment losses
-7
\u2014
Write-offs
-20
\u2014
Amortisation
Amortisation on customer relations
-94
-72
Amortisation on other intangibles
-60
-57
Write-offs
-8
\u2014
Rental expenses
-30
-35
IT costs
-284
-243
Marketing expenses
-78
-75
Other
-692
-824
Total expenses split by nature
-2,750\u00a0
-2,653\u00a0
The main items in line Other include commissions of EUR 209 million (146), other
technical expenses of EUR 239 million (228), acquisition costs of EUR 145 million (125),
and levies EUR 59 million (47).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
6 Auditor's fees
EUR thousand
1-12/2025
1-12/2024
Auditing fees
Deloitte
-4,055\u00a0
-4,322\u00a0
Sirius
-263\u00a0
\u2014\u00a0
Other fees
Deloitte
-827\u00a0
-712\u00a0
Total
-5,145\u00a0
-5,034\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
8 Components of other comprehensive
income
EURm
1-12/2025
1-12/2024
Other comprehensive income
Items reclassifiable to profit or loss
Exchange differences
-91
-25
Exchange differences arising from net investment in foreign
operation
78
21
Cashflow hedges
-2
1
Total items reclassifiable to profit or loss, net of tax
-16
-3
Items not reclassifiable to profit or loss
Actuarial gains and losses from defined pension plans
24
0
Taxes
-5
0
Total items not reclassifiable to profit or loss, net of tax
19
0
Other comprehensive income total, net of tax
3
-3
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 interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
9 Earnings per share
EURm
1-12/2025
1-12/2024
Profit or loss attributable to the equity holders of the parent
company
1,998\u00a0
1,154\u00a0
Weighted average number of shares outstanding during the
financial year*
2,685\u00a0
2,561\u00a0
Earnings per share (EUR per share)
0.74\u00a0
0.45\u00a0
Earnings per share, continuing operations
0.74\u00a0
0.45\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.
In February 2025, Sampo carried out a share split by way of a share issue without consideration.
The new shares were issued to shareholders in proportion to their existing holdings, so that four (4)
new shares were issued for each existing share. Non-adjusted and reported earnings per share for
the comparison period was EUR 2.25.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
10 Property, plant and equipment
2025
EURm
Right-of-
use assets1
Land and
buildings
Plant and
equipment2
Total
At 1 January
Cost
294
108
197
599
Accumulated depreciation
-160
-9
-147
-315
Net carrying amount at 1 January
134
100
51
284
Carrying amount at 1 January
Additions
43
19
29
91
Write-offs
0
-19
-2
-21
Depreciation
-31
0
-18
-49
Impairment losses
\u2014
-7
\u2014
-7
Exchange differences
2
\u2014
1
3
Carrying amount at 31 December
148
92
61
301
At 31 December
Cost
339
108
225
672
Accumulated depreciation
-191
-9
-164
-364
Accumulated impairment losses
\u2014
-7
\u2014
-7
Net carrying amount at 31
December
148
92
61
301
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
1The 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.
2Equipment in different segments comprise IT equipment and furniture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
1The 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.
2Equipment in different segments comprise IT equipment and furniture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
11 Intangible assets
2025
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
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
1 January
2,490
365
233
149
399
3,637
Net carrying amount at
1 January
Additions
\u2014
\u2014
\u2014
64
56
120
Write-offs
\u2014
\u2014
\u2014
\u2014
-10
-10
Amortisation
\u2014
-94
-1
\u2014
-60
-155
Transfers from WIP
\u2014
\u2014
\u2014
-51
5
-46
Other changes
\u2014
-10
6
1
3
0
Exchange differences
-22
-6
-9
-1
-16
-54
Net carrying amount at
31 December
2,468
254
230
161
377
3,492
At 31 December
Cost
2,468
703
231
164
815
4,381
Accumulated
amortisation
\u2014
-448
-1
-1
-438
-888
Accumulated
impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Net carrying amount at
31 December
2,468
254
230
161
377
3,492
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
The useful life for customer relations in the Group is 3\u201310 years. They are amortised using the
straight-line method.
Testing goodwill for impairment
Goodwill is tested annually for impairment in accordance with IAS 36 Impairment of
assets. The performed impairments tests at the end of the financial year 2025 do not
indicate a need to recognise an impairment loss.
During 2025, Sampo reorganised its reporting segments in accordance with IFRS 8 in a
way that changed the composition of cash generating units (CGUs) to which goodwill
has been allocated previously. These cash-generating units are reporting segments
Private Nordic, Private UK, Nordic Commercial and Nordic Industrial. In addition, Other
operations, even if not a reporting segment under IFRS 8, carries a small amount of
goodwill and is therefore also subject to testing. For more information on the change
in the reporting structure, please see note Segment information.
As a result of the segment changes, Sampo has reallocated goodwill to the new CGUs.
The reallocation is based on the actual units or entities in which goodwill is associated
with, and in which it is monitored for internal purposes. When relevant, insurance
service revenue is applied as an allocation key.\u00a0
The allocation of goodwill is presented in the table below:
EUR million
2025
EUR million
2024
Private Nordic
700\u00a0
If
537\u00a0
Private UK
872\u00a0
Topdanmark
1,036\u00a0
Nordic Commercial
778\u00a0
Hastings
918\u00a0
Nordic Industrial
42\u00a0
Other operations
76\u00a0
Total
2,468\u00a0
Total
2,490\u00a0
For the purpose of testing the goodwill for impairment, Sampo determines the
recoverable amount of its cash-generating units (CGUs), to which goodwill has been
allocated, on the basis of value in use. The recoverable amounts for cash-generating
units 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 capital which for
Private Nordic is 9.5 per cent, Private UK 11.6 per cent, Nordic Commercial 9.7 per cent
and Nordic Industrial 9.5 per cent. The cost of capital is defined based on the CAPM
model from external sources to reflect the risk of each segment relative to the market.
Financial plans for segments, approved by the management and the Boards, cover the
years 2026\u20132028. The cash flows beyond that have been extrapolated using a 2 per
cent growth rate.\u00a0
For Private UK, the recoverable amount exceeds its carrying amount by some EUR 530
million. With the calculation method used, e.g. an increase of about 1.7 percentage
points in the cost of capital could lead to a situation where the recoverable amount of
the entity would equal its carrying amount.
As for the rest of the segments, the management believes that any reasonably possible
change in any of the key assumptions would not cause carrying amount to exceed the
recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
11 Intangible assets
2025
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
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
1 January
2,490
365
233
149
399
3,637
Net carrying amount at
1 January
Additions
\u2014
\u2014
\u2014
64
56
120
Write-offs
\u2014
\u2014
\u2014
\u2014
-10
-10
Amortisation
\u2014
-94
-1
\u2014
-60
-155
Transfers from WIP
\u2014
\u2014
\u2014
-51
5
-46
Other changes
\u2014
-10
6
1
3
0
Exchange differences
-22
-6
-9
-1
-16
-54
Net carrying amount at
31 December
2,468
254
230
161
377
3,492
At 31 December
Cost
2,468
703
231
164
815
4,381
Accumulated
amortisation
\u2014
-448
-1
-1
-438
-888
Accumulated
impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Net carrying amount at
31 December
2,468
254
230
161
377
3,492
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
The useful life for customer relations in the Group is 3\u201310 years. They are amortised using the
straight-line method.
Testing goodwill for impairment
Goodwill is tested annually for impairment in accordance with IAS 36 Impairment of
assets. The performed impairments tests at the end of the financial year 2025 do not
indicate a need to recognise an impairment loss.
During 2025, Sampo reorganised its reporting segments in accordance with IFRS 8 in a
way that changed the composition of cash generating units (CGUs) to which goodwill
has been allocated previously. These cash-generating units are reporting segments
Private Nordic, Private UK, Nordic Commercial and Nordic Industrial. In addition, Other
operations, even if not a reporting segment under IFRS 8, carries a small amount of
goodwill and is therefore also subject to testing. For more information on the change
in the reporting structure, please see note Segment information.
As a result of the segment changes, Sampo has reallocated goodwill to the new CGUs.
The reallocation is based on the actual units or entities in which goodwill is associated
with, and in which it is monitored for internal purposes. When relevant, insurance
service revenue is applied as an allocation key.\u00a0
The allocation of goodwill is presented in the table below:
EUR million
2025
EUR million
2024
Private Nordic
700\u00a0
If
537\u00a0
Private UK
872\u00a0
Topdanmark
1,036\u00a0
Nordic Commercial
778\u00a0
Hastings
918\u00a0
Nordic Industrial
42\u00a0
Other operations
76\u00a0
Total
2,468\u00a0
Total
2,490\u00a0
For the purpose of testing the goodwill for impairment, Sampo determines the
recoverable amount of its cash-generating units (CGUs), to which goodwill has been
allocated, on the basis of value in use. The recoverable amounts for cash-generating
units 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 capital which for
Private Nordic is 9.5 per cent, Private UK 11.6 per cent, Nordic Commercial 9.7 per cent
and Nordic Industrial 9.5 per cent. The cost of capital is defined based on the CAPM
model from external sources to reflect the risk of each segment relative to the market.
Financial plans for segments, approved by the management and the Boards, cover the
years 2026\u20132028. The cash flows beyond that have been extrapolated using a 2 per
cent growth rate.\u00a0
For Private UK, the recoverable amount exceeds its carrying amount by some EUR 530
million. With the calculation method used, e.g. an increase of about 1.7 percentage
points in the cost of capital could lead to a situation where the recoverable amount of
the entity would equal its carrying amount.
As for the rest of the segments, the management believes that any reasonably possible
change in any of the key assumptions would not cause carrying amount to exceed the
recoverable amount.
Sensitivity analysis
Impact on the present value from the following changes (EURbn)
2025
Private Nordic
Long-term Combined ratio +2.5 p.p.
-1.3
Long-term Combined ratio -2.5 p.p.
1.3
Long-term growth rate -1 p.p.
-1.4
Long-term growth rate +1 p.p.
2.0
Cost of capital +1 p.p.
-1.7
Cost of capital -1 p.p.
2.5
Private UK
Long-term growth rate -1 p.p.
-0.2
Long-term growth rate +1 p.p.
0.2
Cost of capital +1 p.p.
-0.4
Cost of capital -1 p.p.
0.5
Nordic Commercial
Long-term Combined ratio +2.5 p.p.
-0.7
Long-term Combined ratio -2.5 p.p.
0.7
Long-term growth rate -1 p.p.
-0.7
Long-term growth rate +1 p.p.
1.0
Cost of capital +1 p.p.
-0.9
Cost of capital -1 p.p.
1.3
Nordic Industrial
Long-term Combined ratio +2.5 p.p.
-0.2
Long-term Combined ratio -2.5 p.p.
0.2
Long-term growth rate -1 p.p.
-0.2
Long-term growth rate +1 p.p.
0.3
Cost of capital +1 p.p.
-0.3
Cost of capital -1 p.p.
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
11 Intangible assets
2025
EURm
Goodwill
Customer
relations
Trademark
Work in
progress
Other
intangible
assets
Total
At 1 January
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
1 January
2,490
365
233
149
399
3,637
Net carrying amount at
1 January
Additions
\u2014
\u2014
\u2014
64
56
120
Write-offs
\u2014
\u2014
\u2014
\u2014
-10
-10
Amortisation
\u2014
-94
-1
\u2014
-60
-155
Transfers from WIP
\u2014
\u2014
\u2014
-51
5
-46
Other changes
\u2014
-10
6
1
3
0
Exchange differences
-22
-6
-9
-1
-16
-54
Net carrying amount at
31 December
2,468
254
230
161
377
3,492
At 31 December
Cost
2,468
703
231
164
815
4,381
Accumulated
amortisation
\u2014
-448
-1
-1
-438
-888
Accumulated
impairment losses
\u2014
\u2014
\u2014
-2
\u2014
-2
Net carrying amount at
31 December
2,468
254
230
161
377
3,492
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
The useful life for customer relations in the Group is 3\u201310 years. They are amortised using the
straight-line method.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
For the purpose of testing the goodwill for impairment, Sampo determines the
recoverable amount of its cash-generating units (CGUs), to which goodwill has been
allocated, on the basis of value in use. The recoverable amounts for cash-generating
units 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 capital which for
Private Nordic is 9.5 per cent, Private UK 11.6 per cent, Nordic Commercial 9.7 per cent
and Nordic Industrial 9.5 per cent. The cost of capital is defined based on the CAPM
model from external sources to reflect the risk of each segment relative to the market.
Financial plans for segments, approved by the management and the Boards, cover the
years 2026\u20132028. The cash flows beyond that have been extrapolated using a 2 per
cent growth rate.\u00a0
For Private UK, the recoverable amount exceeds its carrying amount by some EUR 530
million. With the calculation method used, e.g. an increase of about 1.7 percentage
points in the cost of capital could lead to a situation where the recoverable amount of
the entity would equal its carrying amount.
As for the rest of the segments, the management believes that any reasonably possible
change in any of the key assumptions would not cause carrying amount to exceed the
recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
12 Financial assets
EURm
12/2025
12/2024
Financial assets
Derivative financial instruments
24
26
Financial assets at fair value through profit or loss
Debt securities
13,867
13,325
Equity securities
1,650
1,288
Funds
982
823
Total financial assets at fair value through profit or loss
16,501
15,436
Financial assets measured at amortised cost
Loans
123
272
Loans and advances to customers
506
356
Total financial assets measured at amortised cost
629
629
Total financial assets
17,154
16,090
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 90 million (101 million).
NOBA Group completed its initial public offering in late September 2025, after which
the valuation of the equity investment is based on quoted prices in active markets (fair
value hierarchy level 1). At the end of the reporting period, Sampo\u2019s remaining NOBA
stake was valued at EUR 814 million. Starting from the commencement of trading in
NOBA\u2019s shares on Nasdaq Stockholm, Sampo has a 180 day lock up on further share
sales.
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.
2025
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
116
8
\u2014
124
Loans and advances to customers
488
26
29
543
Deposits
1
\u2014
\u2014
1
Loss allowance
-10
-7
-22
-39
Total
595
27
7
629
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
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 668 million (EUR 651\u00a0 million) and the loss allowance was EUR -39 million (EUR
-23 million). During the reporting period, the expected credit losses recognised in the
income statement was EUR -17 million and in the comparative period EUR -7 million.
Derivative financial instruments
2025
Fair value
2024
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
121
2
54
456
2
49
Inflation cover
7
12
18
211
13
18
Total interest rate
derivatives
128
14
72
667
15
68
Foreign exchange
derivatives
OTC derivatives
Currency forwards
5,149
10
31
2,760
10
19
Currency options,
bought and sold
6
0
\u2014
24
1
0
Total foreign exchange
derivatives
5,155
10
31
2,784
11
20
Total derivatives held
for trading
5,284
23
102
3,451
26
87
2025
Fair value
2024
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Fair value hedges
Currency forwards
39
1
\u2014
\u2014
\u2014
\u2014
Total derivatives held
for fair value hedging
39
1
\u2014
\u2014
\u2014
\u2014
Cash flow hedges
Currency forwards
15
0
\u2014
5
0
\u2014
Interest rate swaps
961
\u2014
3
576
\u2014
1
Total cash flow hedges
976
0
3
581
0
1
Total derivatives held
for hedging
1,015
1
3
581
0
1
Group financial
derivatives, total
6,298
24
105
4,032
26
88
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
12 Financial assets
EURm
12/2025
12/2024
Financial assets
Derivative financial instruments
24
26
Financial assets at fair value through profit or loss
Debt securities
13,867
13,325
Equity securities
1,650
1,288
Funds
982
823
Total financial assets at fair value through profit or loss
16,501
15,436
Financial assets measured at amortised cost
Loans
123
272
Loans and advances to customers
506
356
Total financial assets measured at amortised cost
629
629
Total financial assets
17,154
16,090
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 90 million (101 million).
NOBA Group completed its initial public offering in late September 2025, after which
the valuation of the equity investment is based on quoted prices in active markets (fair
value hierarchy level 1). At the end of the reporting period, Sampo\u2019s remaining NOBA
stake was valued at EUR 814 million. Starting from the commencement of trading in
NOBA\u2019s shares on Nasdaq Stockholm, Sampo has a 180 day lock up on further share
sales.
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.
2025
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
116
8
\u2014
124
Loans and advances to customers
488
26
29
543
Deposits
1
\u2014
\u2014
1
Loss allowance
-10
-7
-22
-39
Total
595
27
7
629
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
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 668 million (EUR 651\u00a0 million) and the loss allowance was EUR -39 million (EUR
-23 million). During the reporting period, the expected credit losses recognised in the
income statement was EUR -17 million and in the comparative period EUR -7 million.
Derivative financial instruments
2025
Fair value
2024
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
121
2
54
456
2
49
Inflation cover
7
12
18
211
13
18
Total interest rate
derivatives
128
14
72
667
15
68
Foreign exchange
derivatives
OTC derivatives
Currency forwards
5,149
10
31
2,760
10
19
Currency options,
bought and sold
6
0
\u2014
24
1
0
Total foreign exchange
derivatives
5,155
10
31
2,784
11
20
Total derivatives held
for trading
5,284
23
102
3,451
26
87
2025
Fair value
2024
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Fair value hedges
Currency forwards
39
1
\u2014
\u2014
\u2014
\u2014
Total derivatives held
for fair value hedging
39
1
\u2014
\u2014
\u2014
\u2014
Cash flow hedges
Currency forwards
15
0
\u2014
5
0
\u2014
Interest rate swaps
961
\u2014
3
576
\u2014
1
Total cash flow hedges
976
0
3
581
0
1
Total derivatives held
for hedging
1,015
1
3
581
0
1
Group financial
derivatives, total
6,298
24
105
4,032
26
88
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.
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 basis.
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 an investment to an
alternative fund.
For funds, the valuation of the underlying investments is
conducted by the fund manager who has all the
relevant information required in the valuation process.
The valuation is usually updated quarterly based on the
value of the underlying assets and the amount of debt
in the fund. There are several valuation methods, which
can be based on, for example, the acquisition value of
the investments, the value of publicly traded peer
companies, the multiple-based valuation or the cash
flows of the underlying investments.
The 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 2025
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
10
\u2014
10
\u2014
10
Inflation cover derivatives
12
\u2014
12
\u2014
12
Total
24
\u2014
24
\u2014
24
Financial assets at fair value
through profit or loss
Debt securities
13,867
7,767
6,094
6
13,867
Equity securities
1,650
1,643
1
6
1,650
Funds
982
612
243
127
982
Total
16,501
10,024
6,338
139
16,501
Total financial assets measured
at fair value
16,525
10,024
6,362
139
16,525
Financial assets measured at
amortised cost
Loans
123
\u2014
90
33
123
Loans and advances to
customers
506
\u2014
\u2014
506
506
Other
1
\u2014
\u2014
1
1
Total
629
\u2014
90
540
629
Total financial assets
17,154
10,024
6,451
679
17,154
EURm
31 December 2025
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
57
\u2014
57
\u2014
57
Foreign exchange derivatives
31
\u2014
31
\u2014
31
Inflation cover derivatives
18
\u2014
18
\u2014
18
Total financial liabilities at fair
value
105
\u2014
105
\u2014
105
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,317
1,317
\u2014
\u2014
1,317
Debt securities in issue
Bonds
787
703
84
\u2014
787
Amounts owed to credit
institutions
460
\u2014
\u2014
460
460
Liability for the share buyback
programme1
60
\u2014
\u2014
60
60
Financial liabilities measured at
amortised cost total
2,624
2,019
84
520
2,624
Group financial liabilities, total
2,730
2,019
190
521
2,730
1The valuation of the liability for the share buyback programme reflects Sampo\u2019s commitment
under the agreement with a third-party financial institution conducting the share buybacks on
behalf of Sampo.
NOBA Group completed its initial public offering in September 2025, after which the
valuation of the equity investment is based on quoted prices in active markets (fair value
hierarchy level 1). The investment was previously presented on fair value hierarchy level 3
as the investment was measured using other input than observable market data.
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
Deposits and other
0
\u2014
0
\u2014
0
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
Transfers between levels 1 and 2
EURm
1-12/2025
1-12/2024
Transfers between levels 1 and 2
Transfers
from level 2
to level 1
Transfers
from level 1
to level 2
Transfers
from level
2
to level 1
Transfers
from level 1
to level 2
Financial assets at fair value
through profit or loss
Debt securities
438
302
192
181
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is
assessed on business area level due to different base currencies.
12/2025
12/2024
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
If
10 percentage point depreciation of all other currencies against
SEK
26
17
Hastings
10 percentage point depreciation of all other currencies against
GBP
-1
8
Holding
10 percentage point depreciation of all other currencies against
EUR
-71
-68
The sensitivity analysis of the Group\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 2025. 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
370
-356
-459
-61
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-classifications
Sales
Settlements
Transfers to
levels 1 and 2
At 31 Dec 2025
Financial assets at fair value through profit or loss
Debt securities
17
1
\u2014
-4
-9
\u2014
6
Equity securities
432
-57
1
-25
\u2014
-345
6
Funds
157
-33
3
\u2014
\u2014
\u2014
127
Total
606
-89
4
-29
-9
-345
139
NOBA Bank was listed in Nasdaq Stockholm during the reporting year and consequently transferred to level 1 at the value of EUR 345 million.
EURm
Financial assets
At 1 Jan
Total gains/
losses in income
statement
Purchases and re-
classifications
Sales
Settlements
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 plc. The transaction price was EUR 302 million, representing the price agreed in the
demerger adjusted for dividends received.
Sensitivity analysis of level 3 financial instruments
measured at fair value
12/2025
12/2024
EURm
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
(+/-)
Carrying
amount
Effect of
reasonably
possible
alternative
assumptions
(+/-)
Financial assets at fair value
through profit or loss
Debt securities
6
0
17
-1
Equity securities
6
-1
432
-86
Funds
127
-25
157
-31
Total
139
-26
606
-118
The value of financial assets regarding the debt security instruments has been tested
by assuming a rise of 1 per cent in interest rate level in all maturities. For other financial
assets, the prices were assumed to go down by 20 per cent.
During the reporting period, on the basis of these alternative assumptions, a possible
change in interest levels would cause a reduction of EUR -0 million (-1) for the debt
instruments, and EUR -26 million (-118) valuation loss for other instruments in the
Group\u2019s statement of profit or loss. The reasonably possible effect, proportionate to
the Group\u2019s equity, would thus be 3.2 (1.7) per cent.
22 Financial liabilities
Group
EURm
12/2025
12/2024
Subordinated debt liabilities
Subordinated loans
1,317
1,642
Total subordinated debt liabilities
1,317
1,642
Other financial liabilities
Derivative financial instruments
105
88
Financial liabilities measured at amortised cost
Debt securities in issue
787
954
Amounts owed to credit institutions
460
353
Liability for the share buyback programme
60
\u2014
Total financial liabilities measured at amortised cost
1,308
1,307
Total other financial liabilities
1,413
1,395
Total financial liabilities
2,730
3,036
The\u00a0 financial liabilities, presented by entity, include subordinated debts, derivatives,
debt securities in issue, and other financial liabilities.
If
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month Stibor
+ 1.30%
139
131
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
-
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
-
94
Total subordinated debt securities
139
278
Other financial liabilities
Derivative financial instruments
74
63
Total financial liabilities
212
341
The SEK-denominated subordinated 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).
In 2024, Topdanmark A/S was sold to If P&C Insurance Holding Ltd. The comparative
information regarding financial liabilities of Topdanmark is therefore now included in
If\u2019s table. The subordinated loans denominated in DKK were wholly included in
Topdanmark\u2019s own funds. Approximately EUR 127 million (DKK 950 million) of these
loans were subscribed by If. The comparative information on derivative financial
instruments also includes EUR 43 million derivatives previously reported under
Topdanmark.
Hastings
EURm
12/2025
12/2024
Other financial liabilities
Derivative financial instruments
3
1
Amounts owed to credit institutions
460
353
Total financial liabilities
464
353
Hastings has a revolving credit facility with a financial institution, totalling EUR 115
million (103), of which EUR 55 million (39) was undrawn at the end of the reporting
period. In December 2025, the RCF was renegotiated with the financial institution and
the amount was increased from GBP 85 to GBP 100 million. The extended revolving
credit facility now matures in December 2027.\u00a0
Related to the RCF above, the applicable covenants for Hastings are leverage ratio and
interest cover, and the related carrying amount of the liability would be EUR 60 million
(63) . 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 2025.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 430 million (332), of which EUR 25
million (42) was undrawn at the end of reporting period. In November 2025, the
securitisation facility was increased from GBP 350 to GBP 375 million. The
arrangement was extended from November 2026 to November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 86 million
(90) with a maturity date of 29 October 2026.
Holding
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
681
994
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
498
497
Total subordinated debt securities
1,178
1,491
Other financial liabilities
Derivative financial instruments
28
25
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
\u2014
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
312
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
391
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
84
85
Total bonds
787
954
Liability for the share buyback
programme
60
\u2014
Total financial liabilities
2,054
2,470
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.
During the reporting period, Sampo launched a EUR 300 million tender offer for its
Tier 2 notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal
value of its Tier 2 notes due 2052 for EUR 295 million.
Debt securities in issue have decreased as the senior bond of EUR 162 million issued by
Sampo plc matured in May.
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.
Change in liabilities from financing activities
EURm
1 January
2025
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31 December
2025
Subordinated debt
1,642
\u2014
-315
6
-16
1,317
Bonds
954
\u2014
-165
-1
787
Other loans
353
130
\u2014
-20
-3
460
Tier 1 notes*
\u2014
298
\u2014
\u2014
\u2014
298
Total
2,948
428
-480
-15
-19
2,862
*In the balance sheet, Tier 1 notes are accounted for as equity instruments and not as financial
liabilities.
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
0
353
Total
2,798
194
-50
7
0
2,948
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
12 Financial assets
EURm
12/2025
12/2024
Financial assets
Derivative financial instruments
24
26
Financial assets at fair value through profit or loss
Debt securities
13,867
13,325
Equity securities
1,650
1,288
Funds
982
823
Total financial assets at fair value through profit or loss
16,501
15,436
Financial assets measured at amortised cost
Loans
123
272
Loans and advances to customers
506
356
Total financial assets measured at amortised cost
629
629
Total financial assets
17,154
16,090
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 90 million (101 million).
NOBA Group completed its initial public offering in late September 2025, after which
the valuation of the equity investment is based on quoted prices in active markets (fair
value hierarchy level 1). At the end of the reporting period, Sampo\u2019s remaining NOBA
stake was valued at EUR 814 million. Starting from the commencement of trading in
NOBA\u2019s shares on Nasdaq Stockholm, Sampo has a 180 day lock up on further share
sales.
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.
2025
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
116
8
\u2014
124
Loans and advances to customers
488
26
29
543
Deposits
1
\u2014
\u2014
1
Loss allowance
-10
-7
-22
-39
Total
595
27
7
629
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
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 668 million (EUR 651\u00a0 million) and the loss allowance was EUR -39 million (EUR
-23 million). During the reporting period, the expected credit losses recognised in the
income statement was EUR -17 million and in the comparative period EUR -7 million.
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.
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 basis.
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 an investment to an
alternative fund.
For funds, the valuation of the underlying investments is
conducted by the fund manager who has all the
relevant information required in the valuation process.
The valuation is usually updated quarterly based on the
value of the underlying assets and the amount of debt
in the fund. There are several valuation methods, which
can be based on, for example, the acquisition value of
the investments, the value of publicly traded peer
companies, the multiple-based valuation or the cash
flows of the underlying investments.
The 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 2025
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
10
\u2014
10
\u2014
10
Inflation cover derivatives
12
\u2014
12
\u2014
12
Total
24
\u2014
24
\u2014
24
Financial assets at fair value
through profit or loss
Debt securities
13,867
7,767
6,094
6
13,867
Equity securities
1,650
1,643
1
6
1,650
Funds
982
612
243
127
982
Total
16,501
10,024
6,338
139
16,501
Total financial assets measured
at fair value
16,525
10,024
6,362
139
16,525
Financial assets measured at
amortised cost
Loans
123
\u2014
90
33
123
Loans and advances to
customers
506
\u2014
\u2014
506
506
Other
1
\u2014
\u2014
1
1
Total
629
\u2014
90
540
629
Total financial assets
17,154
10,024
6,451
679
17,154
EURm
31 December 2025
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
57
\u2014
57
\u2014
57
Foreign exchange derivatives
31
\u2014
31
\u2014
31
Inflation cover derivatives
18
\u2014
18
\u2014
18
Total financial liabilities at fair
value
105
\u2014
105
\u2014
105
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,317
1,317
\u2014
\u2014
1,317
Debt securities in issue
Bonds
787
703
84
\u2014
787
Amounts owed to credit
institutions
460
\u2014
\u2014
460
460
Liability for the share buyback
programme1
60
\u2014
\u2014
60
60
Financial liabilities measured at
amortised cost total
2,624
2,019
84
520
2,624
Group financial liabilities, total
2,730
2,019
190
521
2,730
1The valuation of the liability for the share buyback programme reflects Sampo\u2019s commitment
under the agreement with a third-party financial institution conducting the share buybacks on
behalf of Sampo.
NOBA Group completed its initial public offering in September 2025, after which the
valuation of the equity investment is based on quoted prices in active markets (fair value
hierarchy level 1). The investment was previously presented on fair value hierarchy level 3
as the investment was measured using other input than observable market data.
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
Deposits and other
0
\u2014
0
\u2014
0
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
Transfers between levels 1 and 2
EURm
1-12/2025
1-12/2024
Transfers between levels 1 and 2
Transfers
from level 2
to level 1
Transfers
from level 1
to level 2
Transfers
from level
2
to level 1
Transfers
from level 1
to level 2
Financial assets at fair value
through profit or loss
Debt securities
438
302
192
181
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is
assessed on business area level due to different base currencies.
12/2025
12/2024
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
If
10 percentage point depreciation of all other currencies against
SEK
26
17
Hastings
10 percentage point depreciation of all other currencies against
GBP
-1
8
Holding
10 percentage point depreciation of all other currencies against
EUR
-71
-68
The sensitivity analysis of the Group\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 2025. 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
370
-356
-459
-61
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
12 Financial assets
EURm
12/2025
12/2024
Financial assets
Derivative financial instruments
24
26
Financial assets at fair value through profit or loss
Debt securities
13,867
13,325
Equity securities
1,650
1,288
Funds
982
823
Total financial assets at fair value through profit or loss
16,501
15,436
Financial assets measured at amortised cost
Loans
123
272
Loans and advances to customers
506
356
Total financial assets measured at amortised cost
629
629
Total financial assets
17,154
16,090
Loans and advances to customers consist of Hastings\u2019 loans to customers.
Loans measured at amortised cost also include a loan receivable from Mandatum plc
amounting to 90 million (101 million).
NOBA Group completed its initial public offering in late September 2025, after which
the valuation of the equity investment is based on quoted prices in active markets (fair
value hierarchy level 1). At the end of the reporting period, Sampo\u2019s remaining NOBA
stake was valued at EUR 814 million. Starting from the commencement of trading in
NOBA\u2019s shares on Nasdaq Stockholm, Sampo has a 180 day lock up on further share
sales.
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.
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 basis.
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 an investment to an
alternative fund.
For funds, the valuation of the underlying investments is
conducted by the fund manager who has all the
relevant information required in the valuation process.
The valuation is usually updated quarterly based on the
value of the underlying assets and the amount of debt
in the fund. There are several valuation methods, which
can be based on, for example, the acquisition value of
the investments, the value of publicly traded peer
companies, the multiple-based valuation or the cash
flows of the underlying investments.
The 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 2025
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
10
\u2014
10
\u2014
10
Inflation cover derivatives
12
\u2014
12
\u2014
12
Total
24
\u2014
24
\u2014
24
Financial assets at fair value
through profit or loss
Debt securities
13,867
7,767
6,094
6
13,867
Equity securities
1,650
1,643
1
6
1,650
Funds
982
612
243
127
982
Total
16,501
10,024
6,338
139
16,501
Total financial assets measured
at fair value
16,525
10,024
6,362
139
16,525
Financial assets measured at
amortised cost
Loans
123
\u2014
90
33
123
Loans and advances to
customers
506
\u2014
\u2014
506
506
Other
1
\u2014
\u2014
1
1
Total
629
\u2014
90
540
629
Total financial assets
17,154
10,024
6,451
679
17,154
EURm
31 December 2025
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial liabilities at fair value
Derivative financial instruments
Interest derivatives
57
\u2014
57
\u2014
57
Foreign exchange derivatives
31
\u2014
31
\u2014
31
Inflation cover derivatives
18
\u2014
18
\u2014
18
Total financial liabilities at fair
value
105
\u2014
105
\u2014
105
Financial liabilities measured at
amortised cost
Subordinated debt securities
Subordinated loans
1,317
1,317
\u2014
\u2014
1,317
Debt securities in issue
Bonds
787
703
84
\u2014
787
Amounts owed to credit
institutions
460
\u2014
\u2014
460
460
Liability for the share buyback
programme1
60
\u2014
\u2014
60
60
Financial liabilities measured at
amortised cost total
2,624
2,019
84
520
2,624
Group financial liabilities, total
2,730
2,019
190
521
2,730
1The valuation of the liability for the share buyback programme reflects Sampo\u2019s commitment
under the agreement with a third-party financial institution conducting the share buybacks on
behalf of Sampo.
NOBA Group completed its initial public offering in September 2025, after which the
valuation of the equity investment is based on quoted prices in active markets (fair value
hierarchy level 1). The investment was previously presented on fair value hierarchy level 3
as the investment was measured using other input than observable market data.
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
Deposits and other
0
\u2014
0
\u2014
0
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
Transfers between levels 1 and 2
EURm
1-12/2025
1-12/2024
Transfers between levels 1 and 2
Transfers
from level 2
to level 1
Transfers
from level 1
to level 2
Transfers
from level
2
to level 1
Transfers
from level 1
to level 2
Financial assets at fair value
through profit or loss
Debt securities
438
302
192
181
Transfers are based mainly on the changes of trading volume information provided by
an external service provider.
Sensitivity analysis of fair values
The sensitivity of financial assets and liabilities to changes in exchange rates is
assessed on business area level due to different base currencies.
12/2025
12/2024
EURm
Recognised
in profit or
loss
Recognised
in profit or
loss
If
10 percentage point depreciation of all other currencies against
SEK
26
17
Hastings
10 percentage point depreciation of all other currencies against
GBP
-1
8
Holding
10 percentage point depreciation of all other currencies against
EUR
-71
-68
The sensitivity analysis of the Group\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 2025. 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
370
-356
-459
-61
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "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.
2025
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
116
8
\u2014
124
Loans and advances to customers
488
26
29
543
Deposits
1
\u2014
\u2014
1
Loss allowance
-10
-7
-22
-39
Total
595
27
7
629
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
The gross carrying amounts of the financial assets measured at amortised cost was
EUR 668 million (EUR 651\u00a0 million) and the loss allowance was EUR -39 million (EUR
-23 million). During the reporting period, the expected credit losses recognised in the
income statement was EUR -17 million and in the comparative period EUR -7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
Derivative financial instruments
2025
Fair value
2024
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
121
2
54
456
2
49
Inflation cover
7
12
18
211
13
18
Total interest rate
derivatives
128
14
72
667
15
68
Foreign exchange
derivatives
OTC derivatives
Currency forwards
5,149
10
31
2,760
10
19
Currency options,
bought and sold
6
0
\u2014
24
1
0
Total foreign exchange
derivatives
5,155
10
31
2,784
11
20
Total derivatives held
for trading
5,284
23
102
3,451
26
87
2025
Fair value
2024
Fair value
EURm
Contract/
Notional
Amount
Assets
Liabilities
Contract/
Notional
Amount
Assets
Liabilities
Derivatives held for
hedging
Fair value hedges
Currency forwards
39
1
\u2014
\u2014
\u2014
\u2014
Total derivatives held
for fair value hedging
39
1
\u2014
\u2014
\u2014
\u2014
Cash flow hedges
Currency forwards
15
0
\u2014
5
0
\u2014
Interest rate swaps
961
\u2014
3
576
\u2014
1
Total cash flow hedges
976
0
3
581
0
1
Total derivatives held
for hedging
1,015
1
3
581
0
1
Group financial
derivatives, total
6,298
24
105
4,032
26
88
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "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.
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 basis.
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 an investment to an
alternative fund.
For funds, the valuation of the underlying investments is
conducted by the fund manager who has all the
relevant information required in the valuation process.
The valuation is usually updated quarterly based on the
value of the underlying assets and the amount of debt
in the fund. There are several valuation methods, which
can be based on, for example, the acquisition value of
the investments, the value of publicly traded peer
companies, the multiple-based valuation or the cash
flows of the underlying investments.
The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
15 Deferred tax assets and liabilities
Changes in deferred tax during the financial year 2025
EURm
At 1 January
Recognised in
statement of profit and
loss
Recognised in equity
Exchange differences
At 31 December
Deferred tax assets
Tax losses carried forward
1
0
\u2014
0
1
Other deductible temporary differences
156
-14
24
0
166
Total
157
-14
24
1
167
Netting of deferred taxes
-165
Deferred tax assets in the balance sheet, total
157
-14
24
1
2
Deferred tax liabilities
Depreciation differences and untaxed reserves
196
-1
\u2014
4
199
Changes in fair values
228
2
\u2014
3
233
Pension assets
8
1
5
\u2014
13
Other taxable temporary differences
259
-13
24
3
273
Total
690
-11
28
10
718
Netting of deferred taxes
-165
Deferred tax liabilities in the balance sheet, total
690
-11
28
10
553
The presentation of opening balances of deferred tax liability has been aligned as a result of the merger of Topdanmark A/S into If P&C Insurance Holding during the financial year.
Changes in deferred tax during the financial year 2024
EURm
At 1 January
Recognised in
statement of profit and
loss
Recognised in equity
Exchange differences
At 31 December
Deferred tax assets
Tax losses carried forward
1
\u2014
\u2014
0
1
Other deductible temporary differences
116
38
1
0
156
Total
117
38
1
0
157
Netting of deferred taxes
-155
Deferred tax assets in the balance sheet, total
117
38
1
0
2
Deferred tax liabilities
Depreciation differences and untaxed reserves
224
1
\u2014
-5
219
Changes in fair values
194
32
\u2014
2
228
Pension assets
7
1
0
\u2014
8
Other taxable temporary differences
255
-18
0
-3
235
Total
680
15
1
-6
690
Netting of deferred taxes
-155
Deferred tax liabilities in the balance sheet, total
680
15
1
-6
535
Tax losses carried forward
EURm
Tax losses carried forward 2025
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 453
453
453
\u2014
\u2014
20.00%
91
If P&C Insurance Ltd (publ)
France
EURm 16
16
16
\u2014
\u2014
25.80%
-*
If P&C Insurance Ltd (publ)
UK
GBPm 10
12
12
\u2014
\u2014
25.00%
-*
Insrt AB
Sweden
\u2014
\u2014
\u2014
\u2014
\u2014
20.60%
\u2014
Viking Sverige AB
Sweden
SEKm 65
6
2
4
1
20.60%
\u2014
Viking Assistance A/S
Denmark
DKKm 18
2
2
\u2014
\u2014
22.00%
1
Viking Membership AB
Sweden
\u2014
\u2014
\u2014
\u2014
\u2014
20.60%
\u2014
Viking Guard AS
Norway
NOKm 11
1
\u2014
1
0
22.00%
\u2014
Viking Assistance A/S
Estonia
EURm 0
0
0
\u2014
\u2014
20.00%
\u2014
Hastings Group Finance plc
UK
GBPm 7
8
8
\u2014
\u2014
25.0%
2
Hastings Holdings Limited
UK
GBPm 1\u00a0
1
1
\u2014
\u2014
25.0%
0
Total
94
* 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
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
16 Taxes
EURm
2025
2024
Profit before tax
2,436
1,559
Tax calculated at parent company's tax rate
-487
-312
Different tax rates in foreign jurisdictions
1
3
Global minimum top-up tax
-5
-4
Income not subject to tax
116
9
Non-deductible expenses
-15
-17
Tax losses for which no deferred tax asset has been recognised
-24
-10
Changes in tax rates
-3
0
Tax from previous years
-21
1
Total
-439\u00a0
-330\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
17 Other assets
EURm
12/2025
12/2024
Receivables arising from direct insurance operations
247
233
Receivables arising from reinsurance operations
131
174
Settlement receivables
13
8
Accrued interest
171
155
Net pension asset
66
36
Other
333
274
Total other asset
962
880
Item Other includes, e.g. assets related to patient insurance pool EUR 51 million (56),\u00a0
collateral receivables EUR 62 million (3), as well as damaged goods and prepaid
expenses.
Other assets include non-current assets EUR 50 million (53).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
17 Other assets
EURm
12/2025
12/2024
Receivables arising from direct insurance operations
247
233
Receivables arising from reinsurance operations
131
174
Settlement receivables
13
8
Accrued interest
171
155
Net pension asset
66
36
Other
333
274
Total other asset
962
880
Item Other includes, e.g. assets related to patient insurance pool EUR 51 million (56),\u00a0
collateral receivables EUR 62 million (3), as well as damaged goods and prepaid
expenses.
Other assets include non-current assets EUR 50 million (53).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
17 Other assets
EURm
12/2025
12/2024
Receivables arising from direct insurance operations
247
233
Receivables arising from reinsurance operations
131
174
Settlement receivables
13
8
Accrued interest
171
155
Net pension asset
66
36
Other
333
274
Total other asset
962
880
Item Other includes, e.g. assets related to patient insurance pool EUR 51 million (56),\u00a0
collateral receivables EUR 62 million (3), as well as damaged goods and prepaid
expenses.
Other assets include non-current assets EUR 50 million (53).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "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
2025
2024
Reconciliation of acquisition cash flow asset
At 1 January
20
18
Cash flows recognised as an asset
1
32
Amounts transferred to liability for remaining coverage
-8
-30
At 31 December
12
20
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
2025
Expected timing of derecognition
EURm
2026
2027-2028
2029-2030
2031-
Total
Acquisition cash flow
asset
3
4
1
4
12
2024
Expected timing of derecognition
Total
EURm
2025
2026-2027
2028-2029
2030-
Acquisition cash flow
asset
7
6
1
5
20
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
22 Financial liabilities
Group
EURm
12/2025
12/2024
Subordinated debt liabilities
Subordinated loans
1,317
1,642
Total subordinated debt liabilities
1,317
1,642
Other financial liabilities
Derivative financial instruments
105
88
Financial liabilities measured at amortised cost
Debt securities in issue
787
954
Amounts owed to credit institutions
460
353
Liability for the share buyback programme
60
\u2014
Total financial liabilities measured at amortised cost
1,308
1,307
Total other financial liabilities
1,413
1,395
Total financial liabilities
2,730
3,036
The\u00a0 financial liabilities, presented by entity, include subordinated debts, derivatives,
debt securities in issue, and other financial liabilities.
If
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month Stibor
+ 1.30%
139
131
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
-
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
-
94
Total subordinated debt securities
139
278
Other financial liabilities
Derivative financial instruments
74
63
Total financial liabilities
212
341
The SEK-denominated subordinated 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).
In 2024, Topdanmark A/S was sold to If P&C Insurance Holding Ltd. The comparative
information regarding financial liabilities of Topdanmark is therefore now included in
If\u2019s table. The subordinated loans denominated in DKK were wholly included in
Topdanmark\u2019s own funds. Approximately EUR 127 million (DKK 950 million) of these
loans were subscribed by If. The comparative information on derivative financial
instruments also includes EUR 43 million derivatives previously reported under
Topdanmark.
Hastings
EURm
12/2025
12/2024
Other financial liabilities
Derivative financial instruments
3
1
Amounts owed to credit institutions
460
353
Total financial liabilities
464
353
Hastings has a revolving credit facility with a financial institution, totalling EUR 115
million (103), of which EUR 55 million (39) was undrawn at the end of the reporting
period. In December 2025, the RCF was renegotiated with the financial institution and
the amount was increased from GBP 85 to GBP 100 million. The extended revolving
credit facility now matures in December 2027.\u00a0
Related to the RCF above, the applicable covenants for Hastings are leverage ratio and
interest cover, and the related carrying amount of the liability would be EUR 60 million
(63) . 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 2025.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 430 million (332), of which EUR 25
million (42) was undrawn at the end of reporting period. In November 2025, the
securitisation facility was increased from GBP 350 to GBP 375 million. The
arrangement was extended from November 2026 to November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 86 million
(90) with a maturity date of 29 October 2026.
Holding
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
681
994
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
498
497
Total subordinated debt securities
1,178
1,491
Other financial liabilities
Derivative financial instruments
28
25
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
\u2014
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
312
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
391
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
84
85
Total bonds
787
954
Liability for the share buyback
programme
60
\u2014
Total financial liabilities
2,054
2,470
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.
During the reporting period, Sampo launched a EUR 300 million tender offer for its
Tier 2 notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal
value of its Tier 2 notes due 2052 for EUR 295 million.
Debt securities in issue have decreased as the senior bond of EUR 162 million issued by
Sampo plc matured in May.
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.
Change in liabilities from financing activities
EURm
1 January
2025
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31 December
2025
Subordinated debt
1,642
\u2014
-315
6
-16
1,317
Bonds
954
\u2014
-165
-1
787
Other loans
353
130
\u2014
-20
-3
460
Tier 1 notes*
\u2014
298
\u2014
\u2014
\u2014
298
Total
2,948
428
-480
-15
-19
2,862
*In the balance sheet, Tier 1 notes are accounted for as equity instruments and not as financial
liabilities.
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
0
353
Total
2,798
194
-50
7
0
2,948
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
22 Financial liabilities
Group
EURm
12/2025
12/2024
Subordinated debt liabilities
Subordinated loans
1,317
1,642
Total subordinated debt liabilities
1,317
1,642
Other financial liabilities
Derivative financial instruments
105
88
Financial liabilities measured at amortised cost
Debt securities in issue
787
954
Amounts owed to credit institutions
460
353
Liability for the share buyback programme
60
\u2014
Total financial liabilities measured at amortised cost
1,308
1,307
Total other financial liabilities
1,413
1,395
Total financial liabilities
2,730
3,036
The\u00a0 financial liabilities, presented by entity, include subordinated debts, derivatives,
debt securities in issue, and other financial liabilities.
If
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month Stibor
+ 1.30%
139
131
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
-
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
-
94
Total subordinated debt securities
139
278
Other financial liabilities
Derivative financial instruments
74
63
Total financial liabilities
212
341
The SEK-denominated subordinated 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).
In 2024, Topdanmark A/S was sold to If P&C Insurance Holding Ltd. The comparative
information regarding financial liabilities of Topdanmark is therefore now included in
If\u2019s table. The subordinated loans denominated in DKK were wholly included in
Topdanmark\u2019s own funds. Approximately EUR 127 million (DKK 950 million) of these
loans were subscribed by If. The comparative information on derivative financial
instruments also includes EUR 43 million derivatives previously reported under
Topdanmark.
Hastings
EURm
12/2025
12/2024
Other financial liabilities
Derivative financial instruments
3
1
Amounts owed to credit institutions
460
353
Total financial liabilities
464
353
Hastings has a revolving credit facility with a financial institution, totalling EUR 115
million (103), of which EUR 55 million (39) was undrawn at the end of the reporting
period. In December 2025, the RCF was renegotiated with the financial institution and
the amount was increased from GBP 85 to GBP 100 million. The extended revolving
credit facility now matures in December 2027.\u00a0
Related to the RCF above, the applicable covenants for Hastings are leverage ratio and
interest cover, and the related carrying amount of the liability would be EUR 60 million
(63) . 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 2025.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 430 million (332), of which EUR 25
million (42) was undrawn at the end of reporting period. In November 2025, the
securitisation facility was increased from GBP 350 to GBP 375 million. The
arrangement was extended from November 2026 to November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 86 million
(90) with a maturity date of 29 October 2026.
Holding
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
681
994
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
498
497
Total subordinated debt securities
1,178
1,491
Other financial liabilities
Derivative financial instruments
28
25
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
\u2014
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
312
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
391
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
84
85
Total bonds
787
954
Liability for the share buyback
programme
60
\u2014
Total financial liabilities
2,054
2,470
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.
During the reporting period, Sampo launched a EUR 300 million tender offer for its
Tier 2 notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal
value of its Tier 2 notes due 2052 for EUR 295 million.
Debt securities in issue have decreased as the senior bond of EUR 162 million issued by
Sampo plc matured in May.
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.
Change in liabilities from financing activities
EURm
1 January
2025
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31 December
2025
Subordinated debt
1,642
\u2014
-315
6
-16
1,317
Bonds
954
\u2014
-165
-1
787
Other loans
353
130
\u2014
-20
-3
460
Tier 1 notes*
\u2014
298
\u2014
\u2014
\u2014
298
Total
2,948
428
-480
-15
-19
2,862
*In the balance sheet, Tier 1 notes are accounted for as equity instruments and not as financial
liabilities.
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
0
353
Total
2,798
194
-50
7
0
2,948
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
22 Financial liabilities
Group
EURm
12/2025
12/2024
Subordinated debt liabilities
Subordinated loans
1,317
1,642
Total subordinated debt liabilities
1,317
1,642
Other financial liabilities
Derivative financial instruments
105
88
Financial liabilities measured at amortised cost
Debt securities in issue
787
954
Amounts owed to credit institutions
460
353
Liability for the share buyback programme
60
\u2014
Total financial liabilities measured at amortised cost
1,308
1,307
Total other financial liabilities
1,413
1,395
Total financial liabilities
2,730
3,036
The\u00a0 financial liabilities, presented by entity, include subordinated debts, derivatives,
debt securities in issue, and other financial liabilities.
If
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month Stibor
+ 1.30%
139
131
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
-
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
-
94
Total subordinated debt securities
139
278
Other financial liabilities
Derivative financial instruments
74
63
Total financial liabilities
212
341
The SEK-denominated subordinated 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).
In 2024, Topdanmark A/S was sold to If P&C Insurance Holding Ltd. The comparative
information regarding financial liabilities of Topdanmark is therefore now included in
If\u2019s table. The subordinated loans denominated in DKK were wholly included in
Topdanmark\u2019s own funds. Approximately EUR 127 million (DKK 950 million) of these
loans were subscribed by If. The comparative information on derivative financial
instruments also includes EUR 43 million derivatives previously reported under
Topdanmark.
Hastings
EURm
12/2025
12/2024
Other financial liabilities
Derivative financial instruments
3
1
Amounts owed to credit institutions
460
353
Total financial liabilities
464
353
Hastings has a revolving credit facility with a financial institution, totalling EUR 115
million (103), of which EUR 55 million (39) was undrawn at the end of the reporting
period. In December 2025, the RCF was renegotiated with the financial institution and
the amount was increased from GBP 85 to GBP 100 million. The extended revolving
credit facility now matures in December 2027.\u00a0
Related to the RCF above, the applicable covenants for Hastings are leverage ratio and
interest cover, and the related carrying amount of the liability would be EUR 60 million
(63) . 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 2025.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 430 million (332), of which EUR 25
million (42) was undrawn at the end of reporting period. In November 2025, the
securitisation facility was increased from GBP 350 to GBP 375 million. The
arrangement was extended from November 2026 to November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 86 million
(90) with a maturity date of 29 October 2026.
Holding
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
681
994
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
498
497
Total subordinated debt securities
1,178
1,491
Other financial liabilities
Derivative financial instruments
28
25
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
\u2014
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
312
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
391
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
84
85
Total bonds
787
954
Liability for the share buyback
programme
60
\u2014
Total financial liabilities
2,054
2,470
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.
During the reporting period, Sampo launched a EUR 300 million tender offer for its
Tier 2 notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal
value of its Tier 2 notes due 2052 for EUR 295 million.
Debt securities in issue have decreased as the senior bond of EUR 162 million issued by
Sampo plc matured in May.
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.
Change in liabilities from financing activities
EURm
1 January
2025
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31 December
2025
Subordinated debt
1,642
\u2014
-315
6
-16
1,317
Bonds
954
\u2014
-165
-1
787
Other loans
353
130
\u2014
-20
-3
460
Tier 1 notes*
\u2014
298
\u2014
\u2014
\u2014
298
Total
2,948
428
-480
-15
-19
2,862
*In the balance sheet, Tier 1 notes are accounted for as equity instruments and not as financial
liabilities.
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
0
353
Total
2,798
194
-50
7
0
2,948
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
22 Financial liabilities
Group
EURm
12/2025
12/2024
Subordinated debt liabilities
Subordinated loans
1,317
1,642
Total subordinated debt liabilities
1,317
1,642
Other financial liabilities
Derivative financial instruments
105
88
Financial liabilities measured at amortised cost
Debt securities in issue
787
954
Amounts owed to credit institutions
460
353
Liability for the share buyback programme
60
\u2014
Total financial liabilities measured at amortised cost
1,308
1,307
Total other financial liabilities
1,413
1,395
Total financial liabilities
2,730
3,036
The\u00a0 financial liabilities, presented by entity, include subordinated debts, derivatives,
debt securities in issue, and other financial liabilities.
If
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2021
(nominal value SEKm 1,500)
30 years
3 month Stibor
+ 1.30%
139
131
Subordinated loan tier 1, 2022
(nominal value DKKm 400)
perpetual
3 month Cibor
+ 4.75 %
-
54
Subordinated loan, 2021
(nominal value DKKm 700)
12/2031
3 month Cibor
+ 1.25 %
-
94
Total subordinated debt securities
139
278
Other financial liabilities
Derivative financial instruments
74
63
Total financial liabilities
212
341
The SEK-denominated subordinated 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).
In 2024, Topdanmark A/S was sold to If P&C Insurance Holding Ltd. The comparative
information regarding financial liabilities of Topdanmark is therefore now included in
If\u2019s table. The subordinated loans denominated in DKK were wholly included in
Topdanmark\u2019s own funds. Approximately EUR 127 million (DKK 950 million) of these
loans were subscribed by If. The comparative information on derivative financial
instruments also includes EUR 43 million derivatives previously reported under
Topdanmark.
Hastings
EURm
12/2025
12/2024
Other financial liabilities
Derivative financial instruments
3
1
Amounts owed to credit institutions
460
353
Total financial liabilities
464
353
Hastings has a revolving credit facility with a financial institution, totalling EUR 115
million (103), of which EUR 55 million (39) was undrawn at the end of the reporting
period. In December 2025, the RCF was renegotiated with the financial institution and
the amount was increased from GBP 85 to GBP 100 million. The extended revolving
credit facility now matures in December 2027.\u00a0
Related to the RCF above, the applicable covenants for Hastings are leverage ratio and
interest cover, and the related carrying amount of the liability would be EUR 60 million
(63) . 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 2025.
Hastings also has a securitisation facility arrangement with a financial institution to
refinance the acquisition of loans totalling EUR 430 million (332), of which EUR 25
million (42) was undrawn at the end of reporting period. In November 2025, the
securitisation facility was increased from GBP 350 to GBP 375 million. The
arrangement was extended from November 2026 to November 2027.\u00a0
Hastings has an undrawn credit facility also with Sampo plc, totalling EUR 86 million
(90) with a maturity date of 29 October 2026.
Holding
EURm
12/2025
12/2024
Subordinated debt securities
Subordinated loans
Maturity
Interest
Subordinated loan, 2020 (nominal
value EURm 1,000)
32 years
2.50 %
681
994
Subordinated loan, 2019 (nominal
value EURm 500)
30 years
3.38 %
498
497
Total subordinated debt securities
1,178
1,491
Other financial liabilities
Derivative financial instruments
28
25
Debt securities in issue
Maturity
Interest
Bond 2017, (nominal value EURm 500)
8 years
1.25 %
\u2014
162
Bond 2018, (nominal value EURm 500)
10 years
1.625 %
312
312
Bond 2018, (nominal value EURm 500)
12 years
2.25 %
391
395
Bond 2018, (nominal value NOKm 1,000)
10 years
3.10 %
84
85
Total bonds
787
954
Liability for the share buyback
programme
60
\u2014
Total financial liabilities
2,054
2,470
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.
During the reporting period, Sampo launched a EUR 300 million tender offer for its
Tier 2 notes. As a result, Sampo repurchased EUR 316 million in aggregate nominal
value of its Tier 2 notes due 2052 for EUR 295 million.
Debt securities in issue have decreased as the senior bond of EUR 162 million issued by
Sampo plc matured in May.
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.
Change in liabilities from financing activities
EURm
1 January
2025
Incoming
cash
flows
Outgoing
cash
flows
Exchange
differences
Other
31 December
2025
Subordinated debt
1,642
\u2014
-315
6
-16
1,317
Bonds
954
\u2014
-165
-1
787
Other loans
353
130
\u2014
-20
-3
460
Tier 1 notes*
\u2014
298
\u2014
\u2014
\u2014
298
Total
2,948
428
-480
-15
-19
2,862
*In the balance sheet, Tier 1 notes are accounted for as equity instruments and not as financial
liabilities.
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
0
353
Total
2,798
194
-50
7
0
2,948
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
23 Other liabilities
EURm
12/2025
12/2024
Liabilities arising out of direct insurance operations
250
176
Liabilities arising out of reinsurance operations
113
126
Settlement liabilities
6
90
Provisions
142
174
Interests
29
29
Tax liabilities
38
14
Lease liabilities
151
134
Employee benefit liability
20
21
Prepayments and accrued income
339
265
Other
501
535
Total other liabilities
1,589
1,562
Item Other includes, e.g. premium taxes of EUR 139 million (148), liabilities related to
patient insurance pool of EUR 46 million (54) and various other tax liabilities EUR 108
million (96).
The non-current share of other liabilities is EUR 107 million (96).
Leases
The total effect of leases on the statement of cash flows was EUR -32 million (-36).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 25
million (12).
EURm
1-12/2025
1-12/2024
Items recognised in the p/l from lease liabilities
Interest expenses
-3
-2
Expenses from short-term and low-value lease liabilities
-7
-4
Provisions
EURm
2025
At 1 January
174
Provisions utilised during the financial year
-73
Unutilised provisions reversed during the financial year
-7
Provisions added during the fiscal year
47
Translation difference
0
At 31 December
141
In 2024, in connection with the acquisition and the integration of Topdanmark into If
Group, a restructuring reserve amounting to EUR 149 million was recognised. The costs
relate mainly to redundancies, decommissioning, and sunsetting of systems, as well as
rebranding. During the year 2025, the restructuring reserve was reduced by EUR 49
million, which was utilised against incurred expenses. At the end of December 2025,
the reserve amounted to EUR 99 (148) million.
Other restructuring provisions consist of funds amounting to EUR 2 (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.
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 (\u2018HISL\u2019)
in the UK and Advantage Insurance Company Limited (\u2018AICL\u2019) in Gibraltar. Management
has reviewed current and previous tax filings and consider that the appropriate amount
of tax was paid for each period under review. Therefore, management consider that the
most likely outcome will be that no further tax liability will be due. However, given the
subjective nature of the transfer pricing, there remains a possibility that a potential
liability could become payable. Hastings Group has therefore provided GBP 16 million
(EUR 19 million) in respect of a potential tax liability at 31 December 2025.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
23 Other liabilities
EURm
12/2025
12/2024
Liabilities arising out of direct insurance operations
250
176
Liabilities arising out of reinsurance operations
113
126
Settlement liabilities
6
90
Provisions
142
174
Interests
29
29
Tax liabilities
38
14
Lease liabilities
151
134
Employee benefit liability
20
21
Prepayments and accrued income
339
265
Other
501
535
Total other liabilities
1,589
1,562
Item Other includes, e.g. premium taxes of EUR 139 million (148), liabilities related to
patient insurance pool of EUR 46 million (54) and various other tax liabilities EUR 108
million (96).
The non-current share of other liabilities is EUR 107 million (96).
Leases
The total effect of leases on the statement of cash flows was EUR -32 million (-36).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 25
million (12).
EURm
1-12/2025
1-12/2024
Items recognised in the p/l from lease liabilities
Interest expenses
-3
-2
Expenses from short-term and low-value lease liabilities
-7
-4
Provisions
EURm
2025
At 1 January
174
Provisions utilised during the financial year
-73
Unutilised provisions reversed during the financial year
-7
Provisions added during the fiscal year
47
Translation difference
0
At 31 December
141
In 2024, in connection with the acquisition and the integration of Topdanmark into If
Group, a restructuring reserve amounting to EUR 149 million was recognised. The costs
relate mainly to redundancies, decommissioning, and sunsetting of systems, as well as
rebranding. During the year 2025, the restructuring reserve was reduced by EUR 49
million, which was utilised against incurred expenses. At the end of December 2025,
the reserve amounted to EUR 99 (148) million.
Other restructuring provisions consist of funds amounting to EUR 2 (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.
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 (\u2018HISL\u2019)
in the UK and Advantage Insurance Company Limited (\u2018AICL\u2019) in Gibraltar. Management
has reviewed current and previous tax filings and consider that the appropriate amount
of tax was paid for each period under review. Therefore, management consider that the
most likely outcome will be that no further tax liability will be due. However, given the
subjective nature of the transfer pricing, there remains a possibility that a potential
liability could become payable. Hastings Group has therefore provided GBP 16 million
(EUR 19 million) in respect of a potential tax liability at 31 December 2025.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
23 Other liabilities
EURm
12/2025
12/2024
Liabilities arising out of direct insurance operations
250
176
Liabilities arising out of reinsurance operations
113
126
Settlement liabilities
6
90
Provisions
142
174
Interests
29
29
Tax liabilities
38
14
Lease liabilities
151
134
Employee benefit liability
20
21
Prepayments and accrued income
339
265
Other
501
535
Total other liabilities
1,589
1,562
Item Other includes, e.g. premium taxes of EUR 139 million (148), liabilities related to
patient insurance pool of EUR 46 million (54) and various other tax liabilities EUR 108
million (96).
The non-current share of other liabilities is EUR 107 million (96).
Leases
The total effect of leases on the statement of cash flows was EUR -32 million (-36).
Non-cash flow additions from IFRS 16 leases to the balance sheet items were EUR 25
million (12).
EURm
1-12/2025
1-12/2024
Items recognised in the p/l from lease liabilities
Interest expenses
-3
-2
Expenses from short-term and low-value lease liabilities
-7
-4
Provisions
EURm
2025
At 1 January
174
Provisions utilised during the financial year
-73
Unutilised provisions reversed during the financial year
-7
Provisions added during the fiscal year
47
Translation difference
0
At 31 December
141
In 2024, in connection with the acquisition and the integration of Topdanmark into If
Group, a restructuring reserve amounting to EUR 149 million was recognised. The costs
relate mainly to redundancies, decommissioning, and sunsetting of systems, as well as
rebranding. During the year 2025, the restructuring reserve was reduced by EUR 49
million, which was utilised against incurred expenses. At the end of December 2025,
the reserve amounted to EUR 99 (148) million.
Other restructuring provisions consist of funds amounting to EUR 2 (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.
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 (\u2018HISL\u2019)
in the UK and Advantage Insurance Company Limited (\u2018AICL\u2019) in Gibraltar. Management
has reviewed current and previous tax filings and consider that the appropriate amount
of tax was paid for each period under review. Therefore, management consider that the
most likely outcome will be that no further tax liability will be due. However, given the
subjective nature of the transfer pricing, there remains a possibility that a potential
liability could become payable. Hastings Group has therefore provided GBP 16 million
(EUR 19 million) in respect of a potential tax liability at 31 December 2025.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
23 Other liabilities
EURm
12/2025
12/2024
Liabilities arising out of direct insurance operations
250
176
Liabilities arising out of reinsurance operations
113
126
Settlement liabilities
6
90
Provisions
142
174
Interests
29
29
Tax liabilities
38
14
Lease liabilities
151
134
Employee benefit liability
20
21
Prepayments and accrued income
339
265
Other
501
535
Total other liabilities
1,589
1,562
Item Other includes, e.g. premium taxes of EUR 139 million (148), liabilities related to
patient insurance pool of EUR 46 million (54) and various other tax liabilities EUR 108
million (96).
The non-current share of other liabilities is EUR 107 million (96).
Provisions
EURm
2025
At 1 January
174
Provisions utilised during the financial year
-73
Unutilised provisions reversed during the financial year
-7
Provisions added during the fiscal year
47
Translation difference
0
At 31 December
141
In 2024, in connection with the acquisition and the integration of Topdanmark into If
Group, a restructuring reserve amounting to EUR 149 million was recognised. The costs
relate mainly to redundancies, decommissioning, and sunsetting of systems, as well as
rebranding. During the year 2025, the restructuring reserve was reduced by EUR 49
million, which was utilised against incurred expenses. At the end of December 2025,
the reserve amounted to EUR 99 (148) million.
Other restructuring provisions consist of funds amounting to EUR 2 (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.
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 (\u2018HISL\u2019)
in the UK and Advantage Insurance Company Limited (\u2018AICL\u2019) in Gibraltar. Management
has reviewed current and previous tax filings and consider that the appropriate amount
of tax was paid for each period under review. Therefore, management consider that the
most likely outcome will be that no further tax liability will be due. However, given the
subjective nature of the transfer pricing, there remains a possibility that a potential
liability could become payable. Hastings Group has therefore provided GBP 16 million
(EUR 19 million) in respect of a potential tax liability at 31 December 2025.
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 96 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
25 Equity and reserves
Equity (1,000 shares)
12/2025
12/2024
Equity (1,000 shares)
2,661,809
2,691,239
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.
In February 2025, Sampo carried out a share split by way of a share issue without
consideration. The new shares were issued to shareholders in proportion to their
existing holdings, so that four (4) new shares were issued for each existing share.
At the end of the financial year 2025, the number of A shares amounted to 2,661,808
524 shares and B shares to 1,00,000 shares. In 2024, the reported amount of A shares
was 538,247,772 shares and the amount of B shares 200,000.
Treasury shares (1,00 0 shares)
12/2025
12/2024
Own shares held by Sampo plc (1,000 shares)
8,946
\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.
Restricted Tier 1 notes
In September 2025, Sampo issued EUR 300 million of new restricted Tier 1 notes with a
coupon rate of 5.25 per cent and an option of a first call date in 2035 for Sampo. The
restricted Tier 1 instrument is accounted for as equity. Transaction costs related to the
issue of the notes were directly recognised in retained earnings.
Accounting treatment of restricted Tier 1 (RT1) instrument depends on the substance
of the contractual arrangement. The restricted Tier 1 instrument is accounted for as
equity as the notes are unsecured and subordinated as well as perpetual with no fixed
maturity date. Payment of interest and principal is at the discretion of Sampo. Interest
expenses are recognised directly in retained earnings. Therefore, the restricted Tier 1
notes qualify as equity instruments pursuant to IAS 32.
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.
Issuance of new Restricted Tier 1 notes
On 10 February 2026, Sampo issued SEK 1.5 billion of new floating rate Restricted Tier 1
notes with an interest rate of three-month STIBOR plus 1.80 per cent. The notes are
perpetual and may be redeemed or repurchased by Sampo in accordance with the
applicable terms and conditions. The first call date is in 2031.
The restricted Tier 1 instrument is accounted for as part of shareholder\u2019s equity, but
treated as debt in the financial leverage ratio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
Equity (1,000 shares)
12/2025
12/2024
Equity (1,000 shares)
2,661,809
2,691,239
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.
In February 2025, Sampo carried out a share split by way of a share issue without
consideration. The new shares were issued to shareholders in proportion to their
existing holdings, so that four (4) new shares were issued for each existing share.
At the end of the financial year 2025, the number of A shares amounted to 2,661,808
524 shares and B shares to 1,00,000 shares. In 2024, the reported amount of A shares
was 538,247,772 shares and the amount of B shares 200,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
Treasury shares (1,00 0 shares)
12/2025
12/2024
Own shares held by Sampo plc (1,000 shares)
8,946
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "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.
Restricted Tier 1 notes
In September 2025, Sampo issued EUR 300 million of new restricted Tier 1 notes with a
coupon rate of 5.25 per cent and an option of a first call date in 2035 for Sampo. The
restricted Tier 1 instrument is accounted for as equity. Transaction costs related to the
issue of the notes were directly recognised in retained earnings.
Accounting treatment of restricted Tier 1 (RT1) instrument depends on the substance
of the contractual arrangement. The restricted Tier 1 instrument is accounted for as
equity as the notes are unsecured and subordinated as well as perpetual with no fixed
maturity date. Payment of interest and principal is at the discretion of Sampo. Interest
expenses are recognised directly in retained earnings. Therefore, the restricted Tier 1
notes qualify as equity instruments pursuant to IAS 32.
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.
Issuance of new Restricted Tier 1 notes
On 10 February 2026, Sampo issued SEK 1.5 billion of new floating rate Restricted Tier 1
notes with an interest rate of three-month STIBOR plus 1.80 per cent. The notes are
perpetual and may be redeemed or repurchased by Sampo in accordance with the
applicable terms and conditions. The first call date is in 2031.
The restricted Tier 1 instrument is accounted for as part of shareholder\u2019s equity, but
treated as debt in the financial leverage ratio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "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.
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). The value of one
calculated incentive unit is the trade-weighted average price of the Sampo A share at
the time period specified in the terms of the incentive scheme, reduced by the
dividend-adjusted starting price. The starting price of the incentive schemes varies
between EUR 8.7-8.95. The maximum value of one incentive unit varies between EUR
12.64-12.89. 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) 31 Dec 2024**
5,258
595
790
Granted\u00a0 (1,000) 31 Dec 2025
\u2014
271
553
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**
6.06
6.06
6.06
Starting price EUR**/***
6.59
8.70
8.95
Starting price adjusted with dividend, EUR
at 31 December 2025**
3.28
5.73
6.80
Sampo A closing price EUR at 31
December 2025
10.33
Total intrinsic value, EURm
\u2014
1
1
Total debt
3
Total cost for the financial period, EURm
(excl. social cost)
18
* Grant dates vary
** Sampo\u2019s 1:5 share split on 12 February 2025 taken into account
*** 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 1,778,495 performance incentive units (out
of a maximum of 1,850,000). 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 per cent 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 per cent 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 per cent 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: 40per cent of the reward is subject to the performance of
Sampo Group\u2019s underwriting profit growth over the performance period.
Sustainability charter: 10 per cent 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 minimise risk.
The fair value of the scheme has been estimated using the Monte Carlo pricing model.
At the end of the period, 75 persons were included in the scheme. The total cost for
the financial period amounted to EUR 4 million and the liability of the scheme
amounted to EUR 5 million.
Sampo\u2019s long-term incentive scheme 2025
On 12 March 2025, 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 2025 were granted 2,058,196 performance incentive units (out
of a maximum of 2,250,000). The performance incentive units have a three-year
performance period covering financial years 2025-2027, 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 per cent 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 2025, excellent financial and operational
performance is required. The performance assessment is based on the same
performance criteria as in LTI 2024. For the criteria, see previous chapter Sampo\u2019s
long-term incentive scheme 2024.
The fair value of the scheme has been estimated using the Monte Carlo pricing model.
At the end of the period, 94 persons were included in the scheme. The total cost for
the financial period and the liability of the scheme amounted to EUR 3 million.
Long-term incentive scheme of Topdanmark\u2019s former
management
The former deputy CEO and members of Group Management of Topdanmark are
covered by a long-term incentive scheme.
Upon the completion of Sampo\u2019s compulsory acquisition of the remaining Topdanmark
shares in October 2024, the outstanding rights to Topdanmark shares under the LTI
programme were converted so that the LTI participants received phantom share units
tied to the development in the share price of Sampo\u2019s listed A share. These will be
settled in cash when the phantom share units are exercised. The market value of the
LTI option was determined per the completion in accordance with the Black-Scholes
formula.
At the end of the financial period, 16 persons were included in the scheme.
Long-term incentive schemes of Hastings
The total charge for the share-based payments recognised in profit or loss during 2025
was EUR 32 million (29) with a share-based payment liability of EUR 51 million (36)
held at 31 December 2025.
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 16 million (15) were granted in 2025, and EUR 4 million (9)
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 (40) outstanding on 31 December 2025.
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 2025, certain key management personnel were granted cash awards
with a value of EUR 1 million (1) conditional upon continued employment within the
Group. There were cash awards with a value of EUR 3 million (1) outstanding at 31
December 2025.
Capital appreciation plan 2021
In the year ended 31 December 2021, certain key management personnel of the
Company were invited to participate in the Hastings Group\u2019s Capital Appreciation Plan,
under which they may be awarded up to five matching awards of B Ordinary Shares in
Hastings Group Consolidated Limited, for every B Ordinary share that they hold.
Matching awards have the potential to vest in two tranches, with 50 per cent being
conditional upon a total shareholder return (TSR) measured over a four-year period,
and 50 per cent 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 four to six years.
There were no awards in 2025 and 2024. The total number of HGC B Ordinary Shares
allotted to colleagues to be held under the scheme in 2021 was EUR 0.6 million, with a
maximum potential matching award of EUR 2.6 million B Ordinary shares.
The fair value of the matching awards, calculated using the Monte Carlo valuation
model, was estimated to be EUR 1.7 million (1.7), or approximately EUR 3.7 per
matching award (3.7).
Capital appreciation plan 2025
In 2025, the Company introduced a new Capital Appreciation Plan (\u20182025 CAP\u2019) for
certain key management personnel of the Company. The terms of the 2025 scheme
are substantively similar with those of the HGCL\u2019s 2021 CAP scheme\u00a0 except for
differences in the quantity of the award and absence of voting rights for the holders.\u00a0
The total number of B Ordinary Shares purchased and allotted under the scheme at 31
December 2025 was EUR 1.3 million (-), with a maximum potential matching award of
EUR 6.2 million B Ordinary shares.
The fair value of the matching awards is calculated using the Monte Carlo valuation
model. The fair value of the matching shares were EUR 8.8 million, or approximately
EUR 8.1 per matching share.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
27 Investments in subsidiaries
12/2025
12/2024
Name
Group holding %
Carrying amount
Group holding %
Carrying amount
If P&C Insurance Holding Ltd
100
4,820\u00a0
100
4,820\u00a0
If P&C Insurance Ltd
100
6,380\u00a0
100
1,441\u00a0
If P&C Insurance AS
100
41\u00a0
100
39\u00a0
Viking Assistance Group AS
100
85\u00a0
100
80\u00a0
If IT Services A/S
100
32\u00a0
100
0\u00a0
Topdanmark A/S
100
42\u00a0
100
39\u00a0
Topdanmark Forsikring A/S
\u2014
\u2014\u00a0
100
4,614\u00a0
Topdanmark EDB A/S
100
44\u00a0
100
41\u00a0
Topdanmark BidCo A/S*
100
277\u00a0
100
261\u00a0
Hastings Group (Consolidated) Ltd
100
2,611\u00a0
100
2,611\u00a0
Hastings Group Holdings Limited
100
2,410\u00a0
100
2,535\u00a0
Advantage Global Holdings Limited
100
1,442\u00a0
100
1,518\u00a0
Advantage Insurance Company Limited
100
269\u00a0
100
283\u00a0
Hastings Insurance Services Limited
100
511\u00a0
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.
Cha nges in subsidiary shares in 2025
Topdanmark Forsikring A/S was merged into If P&C Insurance Ltd on 1 July 2025.
The change in the carrying amount of If IT Services A/S is due to an add-on
capitalisation.
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. Simultaneously 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
28 Acquisition of Topdanmark\u2019s non-
controlling interest
Background
In 2024, Sampo acquired the remaining non-controlling interests in Topdanmark A/S.
The transaction was completed on 25 October 2024. Following the acquisition of the
NCI, Sampo plc sold all shares in Topdanmark A/S to If P&C Insurance Holding Ltd.
Equity transaction
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.
The acquisition costs related to the equity transaction, amounting to EUR 31 million,
were accounted for as a deduction from the equity. Overall, the transaction decreased
Sampo Group\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.
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 was an intra-group transaction, all
impacts, including the sales gain of the shares, was eliminated at the Sampo Group
level.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "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.
In the comparative 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
2025
2024
Short-term employee benefits
-11
-8
Post employment benefits
-5\u00a0
-4
Other long-term benefits
-12\u00a0
-8
Total
-27\u00a0
-20
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "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
2025
2024
Short-term employee benefits
-11
-8
Post employment benefits
-5\u00a0
-4
Other long-term benefits
-12\u00a0
-8
Total
-27\u00a0
-20
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
30 Contingent liabilities, commitments and
legal proceedings
EURm
12/2025
12/2024
Off-balance sheet items
Guarantees
1
9
Investment commitments
125
40
Other
2
2
Total
129
51
Assets pledged as collateral for liabilities or contingent liabilities
12/2025
12/2024
EURm
Assets
pledged
Liabilities/
commitments
Assets
pledged
Liabilities/
commitments
Assets pledged as collateral
Investment securities
390
268
403
294
Subsidiary shares
91
25
91
25
Cash and cash equivalents
66
\u2014
66
43
Total
547
293
559
362
Assets pledged as security
for derivative contracts
Cash and cash equivalents
65
66
Assets pledged as security
for insurance undertakings
Investment securities
390
403
Assets pledged as security
for loans
Shares in subsidiaries
91
91
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
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 1 March 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 21 million (40), 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.
Under the Danish Corporate Income Tax Act, If Group is subject to mandatory joint
taxation in Denmark. Topdanmark A/S is the administration company for the Danish
joint taxation, but the companies have a joint liability for payment.
In connection with the implementation of a new customer and core system, If P&C
Insurance Ltd has undertaken to provide support towards specific suppliers to fulfil
Topdanmark EDB IV ApS\u2019 obligations in accordance with the contracts.
Hastings
Advantage Insurance Company Limited has outstanding commitments to private
equity fund totalling EUR 98 million, which is the maximum amount that the company
has committed to invest in the fund. Capital will be called in to this fund over the next
year.
Rental commitments
During the comparative period 2024, Sampo plc signed a rental agreement for new
office premises. The lease period started in June 2025.\u00a0
Legal proceedings
There are a number of legal proceedings against the Group companies outstanding as
of 31 December 2025, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
30 Contingent liabilities, commitments and
legal proceedings
EURm
12/2025
12/2024
Off-balance sheet items
Guarantees
1
9
Investment commitments
125
40
Other
2
2
Total
129
51
Assets pledged as collateral for liabilities or contingent liabilities
12/2025
12/2024
EURm
Assets
pledged
Liabilities/
commitments
Assets
pledged
Liabilities/
commitments
Assets pledged as collateral
Investment securities
390
268
403
294
Subsidiary shares
91
25
91
25
Cash and cash equivalents
66
\u2014
66
43
Total
547
293
559
362
Assets pledged as security
for derivative contracts
Cash and cash equivalents
65
66
Assets pledged as security
for insurance undertakings
Investment securities
390
403
Assets pledged as security
for loans
Shares in subsidiaries
91
91
The pledged assets are included in the balance sheet item Financial assets, Other assets or Cash.
Rental commitments
During the comparative period 2024, Sampo plc signed a rental agreement for new
office premises. The lease period started in June 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "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 1 March 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 21 million (40), 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.
Under the Danish Corporate Income Tax Act, If Group is subject to mandatory joint
taxation in Denmark. Topdanmark A/S is the administration company for the Danish
joint taxation, but the companies have a joint liability for payment.
In connection with the implementation of a new customer and core system, If P&C
Insurance Ltd has undertaken to provide support towards specific suppliers to fulfil
Topdanmark EDB IV ApS\u2019 obligations in accordance with the contracts.
Hastings
Advantage Insurance Company Limited has outstanding commitments to private
equity fund totalling EUR 98 million, which is the maximum amount that the company
has committed to invest in the fund. Capital will be called in to this fund over the next
year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
Rental commitments
During the comparative period 2024, Sampo plc signed a rental agreement for new
office premises. The lease period started in June 2025.\u00a0
Legal proceedings
There are a number of legal proceedings against the Group companies outstanding as
of 31 December 2025, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
31 Subsequent events after the balance sheet
date
Dividend proposal to the AGM
In the meeting on 4 February 2026, the Board of Directors decided to propose for the
Annual General Meeting on 22 April 2026, a divided distribution of EUR\u00a0 0.36 per share
(totalling approx. EUR 958\u00a0million based on the number of outstanding shares at the
balance sheet date). The dividends to be paid will be accounted for in equity in 2026
as a deduction of retained earnings.
Share buyback programme
Sampo\u2019s EUR 150 million share buyback programme announced on 5 November 2025
continued after the end of the reporting period and was completed on 30 January
2026. Sampo repurchased 15,079,201 shares through the programme at an average
price of EUR 9.95 per share. This corresponds to 0.56 per cent of the total share count
prior to the start of this programme. The repurchased shares were cancelled on 5
February 2026.
The buyback programme was based on the authorisation granted by the Annual
General Meeting held on 23 April 2025.
Further details on the company\u2019s share buyback programmes are available at
www.sampo.com/sharebuyback.
Issuance of new Restricted Tier 1 notes
On 10 February 2026, Sampo issued SEK 1.5 billion of new floating rate Restricted Tier 1
notes with an interest rate of three-month STIBOR plus 1.80 per cent. The notes are
perpetual and may be redeemed or repurchased by Sampo in accordance with the
applicable terms and conditions. The first call date is in 2031.
The restricted Tier 1 instrument is accounted for as part of shareholder\u2019s equity, but
treated as debt in the financial leverage ratio.
Reduction of ownership in NOBA Group
On 11 February 2026, Sampo announced that it had sold 10.0 million shares in NOBA to
institutional investors in an accelerated bookbuilding process that was conducted
together with Nordic Capital. The share sale generated approximately EUR 95 million
in gross proceeds for Sampo. Following the transaction, the Group\u2019s ownership in
NOBA decreased from 14.9 per cent to 12.9 per cent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
Dividend proposal to the AGM
In the meeting on 4 February 2026, the Board of Directors decided to propose for the
Annual General Meeting on 22 April 2026, a divided distribution of EUR\u00a0 0.36 per share
(totalling approx. EUR 958\u00a0million based on the number of outstanding shares at the
balance sheet date). The dividends to be paid will be accounted for in equity in 2026
as a deduction of retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "0.36", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-518": { "value": "958000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-519": { "value": "
32 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 customers;
\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 customers and
sound capitalisation, the confidence of the customers
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 customers, 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
guides group level sustainability work. The programme
is built around 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. These topics are closely linked to Sampo
Group\u2019s strategy, business operations, and risk
management and are considered important by the
Group\u2019s diverse stakeholders.
In drafting the programme, input from both internal and
external stakeholders has been taken into account. This
includes, for example, regulatory requirements related
to sustainability reporting; feedback from investors,
employees, suppliers and other business partners;
industry best practices; guidance from voluntary
reporting frameworks and initiatives; and the
perspectives of various ESG rating agencies.
The business management and practices theme focuses
on topics fundamental to Sampo Group\u2018s operations.
These include good corporate governance, sustainable
insurance operations and supply chain management,
and responsible investment.
Good governance at Sampo Group involves effective
policies, management practices, and training that
ensure compliance with laws, regulations, and generally
accepted principles, particularly in areas such as anti-
corruption and bribery, anti-money laundering, and
counter-terrorist financing. It also encompasses
comprehensive information security and cybersecurity
governance systems, data privacy activities, and robust
whistleblowing and grievance procedures.
Sustainable insurance operations are essential for
meeting the evolving needs of all customers and for
mitigating potential adverse impacts on the Group\u2019s
reputation. Accordingly, Sampo Group aims to take ESG
considerations into account in product and service
development and insurance underwriting. This
approach helps prevent association with business
activities that conflict with the company\u2019s sustainability-
related policies and supports the offering of products
and services aligned with customers\u2019 needs and
preferences. For example, Sampo Group integrates ESG
considerations, such as expectations for corporate
customers to respect international norms and standards
(e.g. by the UN Global Compact) into underwriting
practices, and embeds sustainability considerations into
underwriting principles and/or other relevant policies.
Sampo group also provides loss prevention services,
handles claims sustainably, and develops products and
services in accordance with relevant legal requirements.
Sampo Group places emphasis on sustainability when
working with suppliers. As a major procurer of goods
and services, especially in claims handling, the company
has an impact on the economy, the environment, and
society. Supply chains are a critical component of the
sustainability of Sampo Group\u2019s products and services,
and poor management of sustainability issues can pose
reputational and operational risks. Therefore, ESG
considerations are integrated into supply chain
management through measures such as supplier codes
of conduct, additional contractual requirements for
specific suppliers (e.g. based on ESG risks, sector, size,
geography, business relevance), supply chain-related
targets, and supplier risk assessments (e.g. audits,
questionnaires). Sampo Group is also committed to
encouraging and supporting suppliers and business
partners adopting more sustainable practices.
Responsible investment management and operations
are vital for managing investment-related risks, and in
mitigating potential adverse impacts on the Group's
reputation. ESG considerations are taken into account
when assessing the security, quality, liquidity, and
profitability of investments. Investment opportunities
are thoroughly analysed before any investments are
made, with ESG considerations evaluated alongside
other factors affecting the risk-return ratio. Depending
on the asset class, Sampo Group applies various ESG
strategies to manage investment risks effectively. These
strategies include ESG integration through rating,
sector-based screening, norms-based screening, and
engagement with investee companies.
The people and communities theme compasses factors
related 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 is committed to providing customers
with the best service in all situations. Skilled and
motivated employees are a key success factor. Losing
talent or being perceived as an unattractive employer
would pose large risks for the businesses. Sampo Group
strives to ensure a healthy and supportive work
environment, not only because it is required by law but
also because it forms the foundation for sustainable
business performance.
Diversity and inclusion are key focus areas, and Sampo
Group is committed to fostering a non-discriminatory,
open, and respectful work environment where everyone
is treated fairly and equally. Risks related to these
themes are managed through internal policies and
governance structures, organisational development
programmes, and by offering employees training,
engaging career opportunities, and attractive
remuneration packages.
A sustainable product and service offering requires
attention to the risks such as inappropriate customer
advice and product sales, errors in claims handling and
complaint processes, and a lack of clarity regarding
conditions, prices, and fees. Sales and marketing
practices focus on meeting customer needs and
providing the customer the information necessary for
well-informed decisions about insurance coverage.
Sampo Group manages these risks through internal
policies and governance structures, as well as
employees training.
The climate and environment theme includes topics,
such as, climate change, circular economy and resource
use, and biodiversity.
Climate change and environmental issues can impact
Sampo Group\u2019s business on short, medium, and long
term. Climate-related risks can be categorised into
physical risks and transition risks.
The financial position and performance of Sampo
Group\u2019s insurance operations are especially affected by
physical risks. Effects on the financial position related to
extreme weather events and natural disasters are
considered in internal risk models, for instance through
the consideration of trends in related insurance claims.
Climate-related risks are also managed effectively with
reinsurance programmes and price assessments.
As climate change may increase the frequency and/or
severity of physical risks, Sampo Group conducts
sensitivity analyses using scenarios that assume
increased severity of natural catastrophes. The Group
also supports its corporate and private customers in
managing climate-related risks. For example, extreme
weather events can damage property, cause crop
failures and disrupt business operations. Loss
prevention is an essential part of insurance services,
helping customers reduce economic losses and
mitigates the impacts of climate change.
Sampo Group\u2019s investments may be exposed to both
physical risks and transition risks, depending on the
nature of the investment. Physical risks primarily arise
from losses due to extreme weather events. Transition
risks, on the other hand, may result from the shift to a
low-carbon economy, including stricter environmental
regulations, tighter emission requirements, and
changing market preferences. These developments
could lead to asset revaluations, particularly in carbon-
intensive sectors. To manage these risks investment
opportunities are carefully analysed before any
investment decisions are made. Climate-related risks are
considered alongside other factors influencing the risk-
return ratio of each investments. Sampo Group employs
several methods including analysis of financed
emissions, sector-based screening. ESG integration
using ratings, monitoring the geographical distribution
of investments, and engagement with investee
companies.
In terms of climate change scenario analysis, Sampo
Group has in collaboration with the external vendor
ORTEC Finance analysed the Group\u2019s investment
portfolio exposure to systemic economic and financial
climate risks across four different climate scenarios over
the next 40 years. The effect on the insurance results
have been analysed based on the impact on
macroeconomic variables as well as the potential
effects on the insurance operations stemming from
natural catastrophes.
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 customers 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 customers\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 Group companies, it has been established that If
operates within the Nordic countries, in different
geographical areas, and in different lines of business.
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
2025 by 14 per cent to EUR 1,590 million (1,394). The
table Underwriting performance, 31 December 2025 and
31 December 2024 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 2025 and 31 December 2024
EURm
Insurance revenue
Reinsurance premiums
expenses
Insurance service
expenses, claims incurred
Insurance service
expenses, operating
expenses
Reinsurers' share of
claims incurred
Insurance service result
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Motor
5,010
4,520
-365
-392
-3,384
-2,989
-743
-680
203
173
720
632
Workers'
compensation
327
314
-7
-6
-233
-164
-52
-43
5
5
40
106
Liability
463
460
-69
-71
-245
-213
-75
-68
21
36
96
143
Accident
1,262
1,162
-10
-8
-867
-746
-195
-180
7
6
197
234
Property
3,086
2,796
-528
-406
-1,817
-2,054
-421
-388
199
297
519
244
Marine, aviation,
transport
124
136
-24
-24
-72
-75
-22
-21
13
16
18
31
Other
\u2014
62
\u2014
-2
\u2014
-46
\u2014
-16
\u2014
4
\u2014
3
Total
10,272
9,450
-1,003
-909
-6,618
-6,287
-1,507
-1,396
448
537
1,590
1,394
Key sensitivities
Effects from instant change on profit or loss in year 2025
EURm
Shock
2025
Combined ratio (quarterly effect)
Discount rate +100 bps
-0.65 %
Combined ratio (quarterly effect)
Discount rate -100 bps
0.65%
Insurance finance income and expense, net
Discount rate +100 bps
325
Insurance finance income and expense, net
Discount rate -100 bps
-370
Net investment income
Interest rates +100 bps
-355
Net investment income
Interest rates -100 bps
370
Net investment income
Spreads +100 bps
-355
Net investment income
Equities -10 %
-245
Reserve risk and its management and control
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.
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 segment.
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.
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 2025
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
835
8.9
196
1.2
595
9.7
308
1.9
116
3.6
1,433
1.7
3,482
4.8
- whereof MTPL
715
10.3
116
1.7
568
10.1
273
2.1
104
4.0
\u2014
\u2014
1,776
8.1
Workers' compensation
\u2014
\u2014
101
2.8
700
9.4
1,116
6.4
\u2014
\u2014
\u2014
\u2014
1,917
7.3
Liability
255
3.5
109
1.6
111
2.7
190
2.1
24
1.9
\u2014
\u2014
689
2.6
Accident
296
6.0
397
6.6
208
6.0
323
1.9
4
0.3
\u2014
\u2014
1,228
5.1
Property
325
1.0
372
0.9
174
0.7
347
0.8
36
0.4
111
0.8
1,364
0.8
Marine, aviation, transport
12
0.5
19
0.7
7
0.9
8
0.7
1
0.7
\u2014
\u2014
48
0.7
Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
1,724
6.0
1,193
3.1
1,795
7.8
2,291
3.9
181
2.6
1,544
1.6
8,728
4.6
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 31 December
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
Sampo Group, 31 December 2025 and 31 December 2024
Insurance liabilities item
Risk factor
Change in risk parameter
Country
Effect EURm
2025 Gross
Effect EURm
2025 Net
Effect EURm
2024 Gross
Effect EURm
2024 Net
Discounted estimated future cash
flows
Inflation increase
Increase by 1 percentage point
Sweden
116
113
110
106
Denmark
95
92
86
84
Finland
26
26
29
28
Norway
20
18
17
16
UK
73
18
63
11
Annuities and reated INBR
Decrease in mortality
Life expectancy increase
by 1 year
Sweden
16
16
15
15
Denmark
4
4
2
2
Finland
41
41
49
49
Norway
0
0
0
0
UK
4
0
3
0
Discounted liability for incurred
claims
Decrease in discount rate
Decrease by 1 percentage point to
liquid part of yield curve
Sweden
82
79
79
75
Denmark
97
94
94
92
Finland
144
144
169
168
Norway
35
34
29
28
UK
60
22
56
16
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.
As shown in the graph Breakdown of gross written
premiums by business area, country, and line of
business, Sampo Group, 31 December 2025, the Group
insurance portfolio is well diversified across segments,
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 segment, country, and line of business
Sampo Group, 31 December 2025, total EUR 10,294 million (9,527)
By segment
\"24421\"
By country
\"24424\"
By line of business
\"24427\"
Premium and catastrophe risk and their
management and control
The main factors affecting Group\u2019s premium risk are
claims volatility, claim inflation, climate change 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, and natural
catastrophes, or an unforeseen increase in the
frequency or the average size of small and medium-
sized claims. Another example is claim inflation, which is
a factor taken into account in the pricing process, which
in turn can affect competitiveness when claim costs
increases.
The principal methods for mitigating premium risks are\u00a0
by reinsurance and risk sharing, diversification in the
portfolio, 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 (net of reinsurance premium
expense), and claims incurred affect the result before
tax is presented in the table Sensitivity analysis,
premium risk, Sampo Group, 31 December 2025 and 31
December 2024.
Sensitivity analysis, premium risk
Sampo Group, 31 December 2025 and 31 December 2024
Level 2025
Change in current
level
Effect on result before tax (Gross)
Effect on result before tax (Net)
Key Figures
(Gross)
(Net)
2025
2024
2025
2024
Combined ratio, Private Nordic
82.2%
82.1%
+/- 1 percentage point
-/+ 40.4
-/+ 37.1
-/+ 39.9
-/+ 36.7
Combined ratio, Private UK
90.5%
89.2%
+/- 1 percentage point
-/+ 26.2
-/+ 22.3
-/+ 20
-/+ 16.6
Combined ratio, Nordic Commercial
82.7%
82.9%
+/- 1 percentage point
-/+ 23.2
-/+ 22.3
-/+ 22
-/+ 21.3
Combined ratio, Nordic Industrial
56.4%
81.3%
+/- 1 percentage point
-/+ 10.4
-/+ 10.3
-/+ 5.8
-/+ 6.6
Combined ratio, Other operations
75.1%
76.9%
+/- 1 percentage point
-/+ 2.5
-/+ 2.5
-/+ 3
-/+ 2.7
Insurance revenue (net of reinsurance premium
expenses EURm)
10,272
9,269
+/- 1 per cent
+/- 102.7
+/- 94.5
+/- 92.7
+/- 85.4
Claims incurred (EURm)
6,618
6,171
+/- 1 per cent
-/+ 66.2
-/+ 62.9
-/+ 61.7
-/+ 57.5
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 Group companies 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 2025, was EUR 18,122 million (16,727)
as presented in the following table, Investment
Allocation, Sampo Group, 31 December 2025 and 31
December 2024.
Investment allocation
Sampo Group, 31 December 2025 and 31 December 2024
2025
2024
Asset class
Market value,
EURm
Weight, %
Average maturity,
years
Market value,
EURm
Weight, %
Average maturity,
years
Fixed income total
15,660
86%
3.4
14,743
88%
3.7
Money market securities and cash
1,775
10%
0.1
1,224
7%
0.1
Government bonds
1,557
9%
3.9
1,597
10%
4.1
Credit bonds, funds and loans
12,328
68%
3.5
11,922
71%
3.9
Covered bonds
3,791
21%
3.7
4,175
25%
4.9
Investment grade bonds and loans
7,339
40%
3.5
6,518
39%
3.4
High-yield bonds and loans
1,198
7%
3.2
1,228
7%
3.3
Listed equity total
2,404
13%
-
1,520
9%
-
Nordic Countries
1,558
9%
-
693
4%
-
Western Europe
446
2%
-
447
3%
-
North America
207
1%
-
204
1%
-
Asia
192
1%
-
176
1%
-
Others
1
0%
-
\u2013
\u2013%
-
Alternative investments total
58
0%
-
465
3%
-
Real estate
0
0%
-
0
0%
-
Private equity
47
0%
-
464
3%
-
Other alternative
10
0%
-
0
0%
-
Asset classes total
18,122
100%
-
16,727
100%
-
The financial assets, as presented in 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.
Investment assets of Sampo Group are diversified
across currencies and geographical regions. Sampo
Group's investment assets are mostly in Scandinavian
currencies, euro and pound sterling, which are the
currencies in which the Group has most of its insurance
liabilities. Most of the investment assets are investment
grade fixed income investments. In addition, the Group
has also significant exposures to equities and non-
investment grade fixed income issuers.
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 investments in pound sterling denominated
fixed income bring 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 December 2025
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 2024
Basic industry
\u2013
\u2013
48
150
28
\u2013
32
258
43
\u2013
\u2013
301
4
Capital goods
41
\u2013
74
288
6
\u2013
60
469
533
\u2013
\u2013
1,002
85
Consumer products
54
53
182
415
21
\u2013
99
824
182
2
\u2013
1,009
39
Energy
\u2013
\u2013
52
5
\u2013
\u2013
42
99
9
\u2013
\u2013
109
-13
Financial institutions
175
1,121
2,310
1,073
72
\u2013
71
4,823
814
\u2013
3
5,639
1,207
Governments
617
153
12
102
\u2013
\u2013
\u2013
884
\u2013
\u2013
\u2013
884
173
Government guaranteed
12
26
6
16
\u2013
\u2013
\u2013
60
\u2013
\u2013
\u2013
60
-20
Healthcare
6
\u2013
16
145
28
\u2013
77
272
3
\u2013
\u2013
275
45
Insurance
\u2013
1
84
243
9
\u2013
\u2013
337
\u2013
2
\u2013
340
15
Media
\u2013
\u2013
\u2013
5
\u2013
\u2013
29
34
\u2013
\u2013
\u2013
34
-24
Packaging
\u2013
\u2013
\u2013
39
\u2013
\u2013
16
54
\u2013
\u2013
\u2013
54
27
Public sector, other
79
436
\u2013
\u2013
\u2013
\u2013
\u2013
515
\u2013
\u2013
\u2013
515
19
Real estate
4
37
136
127
24
5
70
404
\u2013
\u2013
\u2013
404
-103
Services
\u2013
\u2013
57
188
130
\u2013
121
496
\u2013
\u2013
\u2013
496
68
Supranationals
77
\u2013
103
47
\u2013
\u2013
\u2013
227
\u2013
\u2013
\u2013
227
-83
Technology and electronics
\u2013
39
58
70
15
\u2013
111
293
\u2013
1
\u2013
294
100
Telecommunications
\u2013
\u2013
31
336
10
\u2013
\u2013
378
59
\u2013
\u2013
437
96
Transportation
\u2013
88
16
90
25
\u2013
15
233
\u2013
\u2013
\u2013
233
-16
Utilities
\u2013
13
145
423
63
\u2013
88
732
\u2013
\u2013
\u2013
732
210
Others
\u2013
\u2013
36
22
\u2013
\u2013
14
72
\u2013
5
\u2013
77
-45
Covered bonds
3,563
69
86
47
\u2013
\u2013
26
3,791
\u2013
\u2013
\u2013
3,791
-384
Funds
228
\u2013
110
\u2013
\u2013
\u2013
65
404
760
47
\u2013
1,211
-17
Clearing house
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8
8
-1
Total
4,857
2,035
3,562
3,831
431
5
939
15,658
2,404
58
11
18,131
1,383
Change from 31 Dec 2024
-445
533
198
943
29
2
-373
887
884
-388
\u2013
1,383
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 2025 and 31 December 2024.
Fixed income investments in the financial sector
Sampo Group, 31 December 2025
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated debt
Total
%
Sweden
1,655
93
555
168
2,471
28.5%
Denmark
1,647
12
293
173
2,124
24.5%
Finland
51
468
339
121
979
11.3%
Norway
232
\u2013
314
296
842
9.7%
France
\u2013
340
276
30
647
7.5%
United Kingdom
\u2013
90
204
\u2013
294
3.4%
United States
\u2013
5
287
\u2013
291
3.4%
Netherlands
39
\u2013
185
51
274
3.2%
Canada
97
\u2013
152
\u2013
249
2.9%
Switzerland
17
2
84
\u2013
103
1.2%
Australia
55
\u2013
33
\u2013
88
1.0%
Germany
\u2013
\u2013
72
\u2013
72
0.8%
Iceland
\u2013
\u2013
51
\u2013
51
0.6%
Belgium
\u2013
\u2013
49
\u2013
49
0.6%
Spain
\u2013
\u2013
39
\u2013
39
0.5%
Italy
\u2013
\u2013
37
\u2013
37
0.4%
Japan
\u2013
\u2013
25
\u2013
25
0.3%
Austria
\u2013
\u2013
21
\u2013
21
0.2%
Luxembourg
\u2013
\u2013
13
\u2013
13
0.1%
Bermuda
\u2013
\u2013
3
9
12
0.1%
Total
3,791
1,010
3,032
848
8,681
100.0%
Fixed income investments in the financial sector
Sampo Group, 31 December 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%
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 2025 and 31 December
2024. 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 December 2025
EURm
Governments
Government
guaranteed
Public sector,
other
Total
Sweden
521
\u2013
79
601
Norway
96
\u2013
436
531
Supranationals
\u2013
\u2013
227
227
United States
129
\u2013
\u2013
129
United Kingdom
114
\u2013
\u2013
114
Germany
\u2013
34
\u2013
34
Finland
\u2013
26
\u2013
26
Faroe Islands
24
\u2013
\u2013
24
Total
884
60
742
1,686
Sampo Group, 31 December 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
The listed equity investments of Sampo Group totalled
EUR 2,404 million at the end of year 2025 (1,520).
The geographical core of Sampo Group\u2019s equity
investments is in Nordic companies. The proportion of
Nordic equities corresponds to 65 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 2025
and 31 December 2024.
Breakdown of listed equity investments
by geographical regions
Sampo Group,
31 December 2025 and 31 December 2024
31 December 2025
Total EUR 2,404 million
\"4398046645610\"
31 December 2024
Total EUR 1,520 million
\"4398046645653\"
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 2025 and 31 December 2024.
Largest exposures by issuer and asset class
Sampo Group, 31 December 2025
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
1,130
6%
162
769
199
\u2014
1
NOBA
823
5%
\u2014
\u2014
10
814
\u2014
Nykredit Association
752
4%
\u2014
619
133
\u2014
\u2014
Swedbank
724
4%
\u2014
590
134
\u2014
\u2014
Danske Bank
667
4%
76
435
155
\u2014
\u2014
Svenska Handelsbanken
628
3%
\u2014
492
136
\u2014
\u2014
Sweden
578
3%
111
\u2014
468
\u2014
\u2014
Norway
531
3%
\u2014
\u2014
531
\u2014
\u2014
Skandinaviska Enskilda Banken
425
2%
236
28
161
\u2014
\u2014
BNP Paribas
420
2%
340
\u2014
79
\u2014
\u2014
Total top 10 exposures
6,679
37%
925
2,934
2,005
814
1
Other
11,443
63%
Total investment assets
18,122
100%
Largest exposures by issuer and asset class
Sampo Group, 31 December 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%
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 2025
and 31 December 2024.
Furthermore, the largest direct listed equity exposures
are presented in the tables Ten largest direct listed
equity investments, Sampo Group, 31 December 2025
and 31 December 2024.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31 December 2025
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+
63
0.4%
NOBA
814
33.9%
Pohjolan Voima Oy
NR
38
0.2%
Volvo
148
6.2%
Visma AS
NR
28
0.2%
Nexi S.p.A. *
124
5.1%
Hexagon AB
NR
28
0.2%
ABB
83
3.5%
Campus Byen A/S
NR
26
0.2%
Veidekke
66
2.7%
Trustly AB
NR
23
0.1%
Autoliv Inc
63
2.6%
Intrum Invest AB
CCC
22
0.1%
Telia Company
59
2.4%
Ica Gruppen AB
NR
22
0.1%
Nederman Holding
55
2.3%
Anticimex AB
B-
21
0.1%
Yara International
41
1.7%
Swedavia AB
BB+
20
0.1%
VBG Group AB
40
1.7%
Total top 10 exposures
292
1.9%
Total top 10 exposures
1,492
62.1%
Other fixed income investments
15,369
98.1%
Other equity investments
912
37.9%
Total fixed income investments
15,660
100.0%
Total equity investments
2,404
100.0%
* 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 December 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 was not a listed company in 2024, it was a major equity investment in Sampo plc's portfolio and is 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 and from the effect of outstanding debt
in Sampo Plc. Sampo Group benefits when interest
rates rise, as the economic value of insurance liabilities
and outstanding debt in Sampo Plc decreases more
than the value of investment assets.
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 and sensitivity to changes in interest rates in
the net liability for incurred claims is analysed earlier in\u00a0
the table Sensitivity analysis, reserve risk, Sampo Group,
2025 and 2024.
Currency risk
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
entity/branch level on a regular basis. As UK segment
has GBP as its functional currency and its insurance
operations are solely in the UK there are no transaction
risk exposures in its insurance operations and all figures
on that row represent transaction risk exposures in
Nordic segment. 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.
Transaction risk position
Sampo Group, 31 December 2025
Base currency EUR (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-2,999
-116
0
-107
-3
-2,413
-3,772
-37
-9,447
Investments
3,745
483
0
127
818
1,944
2,697
0
9,814
Derivatives
-829
-358
3
24
-365
431
1,948
18
870
Transaction risk, net position
-83
9
3
44
449
-38
872
-19
1,238
Sensitivity: EUR -10%
-8
1
0
4
45
-4
87
-2
124
Sampo's transaction risk position in EUR represents exposure in foreign subsidiaries / their branches within Sampo Group with base currency other than EUR.
Transaction risk position
Sampo Group, 31 December 2024
Base currency EUR (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
-6,988
Investments
3,261
481
0
71
529
1,855
1,043
1
7,240
Derivatives
-117
-323
12
20
-109
437
976
7
903
Transaction risk, net position
-81
2
12
-3
433
-40
856
-24
1,154
Sensitivity: EUR -10%
-8
0
1
0
43
-4
86
-2
115
Excluding Topdanmark
The maturities of cash flows from financial instruments,
insurance liabilities, and reinsurance contracts are
presented in the tables Cash flows, according to
contractual maturity, Sampo Group, 31 December 2025
and 31 December 2024, 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
(3.7).
Cash flows according to contractual maturity
Sampo Group, 31 December 2025
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2026
2027
2028
2029
2030
2031-
2040
2041-
Financial assets
18,486
3,952
14,535
3,207
3,164
2,686
1,970
1,638
2,994
288
Financial assets (non-derivatives)
18,462
3,952
14,511
3,190
3,164
2,686
1,970
1,638
2,987
282
Interest rate swaps
14
\u2013
14
7
\u2013
\u2013
\u2013
\u2013
7
6
FX derivatives
10
\u2013
10
10
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Asset for incurred claims
2,156
2,156
\u2013
707
390
274
179
42
201
363
Financial liabilities
-2,432
\u2013
-2,432
-650
-545
-471
-547
-422
-759
-9
Financial liabilities (non-derivatives)
-2,327
\u2013
-2,327
-614
-541
-448
-543
-418
-718
\u2013
Interest rate swaps
-75
\u2013
-75
-5
-4
-23
-4
-4
-41
-9
FX forwards
-31
\u2013
-31
-31
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
-151
\u2013
-151
-30
-26
-24
-21
-20
-45
\u2013
Liability for incurred claims and
other insurance related payables
-11,169
-11,169
\u2013
-4,246
-1,658
-1,093
-770
-454
-1,708
-1,240
Investment commitments
-125
\u2013
-125
-125
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Hastings lending business is included in financial assets (non-derivatives).
Cash flows according to contractual maturity
Sampo Group, 31 December 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
17,060
3,074
13,987
2,950
2,835
3,247
2,312
1,479
2,361
156
Financial assets (non-derivatives)\u00a0
17,035
3,074
13,961
2,923
2,834
3,246
2,312
1,479
2,360
156
Interest rate swaps
2
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
FX derivatives
24
\u2013
24
28
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Asset for incurred claims
2,342
2,342
\u2013
892
419
294
93
118
200
326
Financial liabilities
-3,126
\u2013
-3,126
-585
-380
-451
-477
-553
-1,498
-2
Financial liabilities (non-derivatives)
-3,038
\u2013
-3,038
-562
-378
-448
-456
-551
-1,481
\u2013
Interest rate swaps
-68
\u2013
-68
-5
-1
-3
-21
-2
-18
-2
FX forwards
-20
\u2013
-20
-18
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
-134
\u2013
-134
-31
-25
-20
-18
-16
-44
\u2013
Liability for incurred claims and
other insurance related payables
-10,704
-10,704
\u2013
-4,054
-1,524
-1,027
-607
-499
-1,719
-1,275
Investment commitments
-40
\u2013
-40
-40
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Counterparty risks at Sampo Group
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 263 million is excluded, which mainly relates to
captives and statutory pool solutions.
Reinsurance recoverables and pooled
solutions
Sampo Group, 31 December 2025
31 Dec 2025
Rating
Total EURm
% of total
AAA
AA+ - A-
2,354
100%
BBB+ - BBB-
0
0
BB+ - C
0
0%
D
Non-rated
1
\u2014%
Total
2,355
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, 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.
Capitalisation
Sampo\u2019s core business competences are skilful pricing
of risks inherent in business operations and high-quality
management of arising risk-exposures, and capital
needed to cover these risks. A balance between
earnings, risks, and capital contributes positively to
return on equity and to stakeholder confidence,
facilitating the creation of shareholder value.
Sampo plc is responsible for the Group\u2019s capital
management activities. These actions are guided by
targets set for group-level solvency and financial
leverage, and they include decisions on group-level
investment exposures, business growth and
performance targets, reinsurance strategies, capital
distributions, and capital instrument issuances.
Group level capitalisation is managed within Sampo\u2019s
capital management framework, which sets targets for
solvency and informs potential risk management
actions.
Group-level capitalisation and the factors affecting it
are illustrated in the graph Sampo Group\u2019s capitalisation
framework.
Sampo Group\u2019s capitalisation framework
\"Sampo_Groups_capitalisation_framework_SFCR.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 benefits 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 Group
companies are converted from their reporting
currencies to the euro. When the reporting currencies of
the group companies depreciate, the actual amount of
the Group\u2019s capital in euros decreases, and the capital
requirements of the Group 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, the 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.
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 2025, 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 9,007 million. Sampo plc had outstanding senior
debt of EUR 787 million and subordinated debt of EUR
1,178 million. Average remaining maturity of senior debt
was 3.5 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 2025 and 31 December 2024.
Balance sheet structure
Sampo plc, 31 December 2025 and 31 December
2024
EURm
31 Dec 2025
31 Dec 2024
Assets total
11,121
10,508
Liquidity
881
626
Investment assets
2,754
2,408
Other investments
3
3
Fixed income
1,813
1,826
Equity & private equity
938
580
Subordinated loans
\u2014
\u2014
Equity holdings
7,431
7,431
Subsidiaries
7,431
7,431
Associated
\u2014
\u2014
Other assets
56
44
EURm
31 Dec 2025
31 Dec 2024
Liabilities total
11,121
10,508
CPs issued
\u2014
\u2014
Long-term senior debt
787
954
Private placements
\u2014
0
Bonds issued
787
954
Subordinated debt
1,178
1,491
Capital
9,007
7,989
Undistributable capital
98
98
Issued Tier 1 notes
298
0
Distributable capital
8,612
7,891
Other liabilities
149
75
The amounts in the table are IFRS numbers, including the
internal loan with If.
Regarding liquidity, Sampo plc held EUR 881 million
(626) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "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 Group companies 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 2025, was EUR 18,122 million (16,727)
as presented in the following table, Investment
Allocation, Sampo Group, 31 December 2025 and 31
December 2024.
Investment allocation
Sampo Group, 31 December 2025 and 31 December 2024
2025
2024
Asset class
Market value,
EURm
Weight, %
Average maturity,
years
Market value,
EURm
Weight, %
Average maturity,
years
Fixed income total
15,660
86%
3.4
14,743
88%
3.7
Money market securities and cash
1,775
10%
0.1
1,224
7%
0.1
Government bonds
1,557
9%
3.9
1,597
10%
4.1
Credit bonds, funds and loans
12,328
68%
3.5
11,922
71%
3.9
Covered bonds
3,791
21%
3.7
4,175
25%
4.9
Investment grade bonds and loans
7,339
40%
3.5
6,518
39%
3.4
High-yield bonds and loans
1,198
7%
3.2
1,228
7%
3.3
Listed equity total
2,404
13%
-
1,520
9%
-
Nordic Countries
1,558
9%
-
693
4%
-
Western Europe
446
2%
-
447
3%
-
North America
207
1%
-
204
1%
-
Asia
192
1%
-
176
1%
-
Others
1
0%
-
\u2013
\u2013%
-
Alternative investments total
58
0%
-
465
3%
-
Real estate
0
0%
-
0
0%
-
Private equity
47
0%
-
464
3%
-
Other alternative
10
0%
-
0
0%
-
Asset classes total
18,122
100%
-
16,727
100%
-
The financial assets, as presented in 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.
Investment assets of Sampo Group are diversified
across currencies and geographical regions. Sampo
Group's investment assets are mostly in Scandinavian
currencies, euro and pound sterling, which are the
currencies in which the Group has most of its insurance
liabilities. Most of the investment assets are investment
grade fixed income investments. In addition, the Group
has also significant exposures to equities and non-
investment grade fixed income issuers.
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 investments in pound sterling denominated
fixed income bring 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 December 2025
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 2024
Basic industry
\u2013
\u2013
48
150
28
\u2013
32
258
43
\u2013
\u2013
301
4
Capital goods
41
\u2013
74
288
6
\u2013
60
469
533
\u2013
\u2013
1,002
85
Consumer products
54
53
182
415
21
\u2013
99
824
182
2
\u2013
1,009
39
Energy
\u2013
\u2013
52
5
\u2013
\u2013
42
99
9
\u2013
\u2013
109
-13
Financial institutions
175
1,121
2,310
1,073
72
\u2013
71
4,823
814
\u2013
3
5,639
1,207
Governments
617
153
12
102
\u2013
\u2013
\u2013
884
\u2013
\u2013
\u2013
884
173
Government guaranteed
12
26
6
16
\u2013
\u2013
\u2013
60
\u2013
\u2013
\u2013
60
-20
Healthcare
6
\u2013
16
145
28
\u2013
77
272
3
\u2013
\u2013
275
45
Insurance
\u2013
1
84
243
9
\u2013
\u2013
337
\u2013
2
\u2013
340
15
Media
\u2013
\u2013
\u2013
5
\u2013
\u2013
29
34
\u2013
\u2013
\u2013
34
-24
Packaging
\u2013
\u2013
\u2013
39
\u2013
\u2013
16
54
\u2013
\u2013
\u2013
54
27
Public sector, other
79
436
\u2013
\u2013
\u2013
\u2013
\u2013
515
\u2013
\u2013
\u2013
515
19
Real estate
4
37
136
127
24
5
70
404
\u2013
\u2013
\u2013
404
-103
Services
\u2013
\u2013
57
188
130
\u2013
121
496
\u2013
\u2013
\u2013
496
68
Supranationals
77
\u2013
103
47
\u2013
\u2013
\u2013
227
\u2013
\u2013
\u2013
227
-83
Technology and electronics
\u2013
39
58
70
15
\u2013
111
293
\u2013
1
\u2013
294
100
Telecommunications
\u2013
\u2013
31
336
10
\u2013
\u2013
378
59
\u2013
\u2013
437
96
Transportation
\u2013
88
16
90
25
\u2013
15
233
\u2013
\u2013
\u2013
233
-16
Utilities
\u2013
13
145
423
63
\u2013
88
732
\u2013
\u2013
\u2013
732
210
Others
\u2013
\u2013
36
22
\u2013
\u2013
14
72
\u2013
5
\u2013
77
-45
Covered bonds
3,563
69
86
47
\u2013
\u2013
26
3,791
\u2013
\u2013
\u2013
3,791
-384
Funds
228
\u2013
110
\u2013
\u2013
\u2013
65
404
760
47
\u2013
1,211
-17
Clearing house
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8
8
-1
Total
4,857
2,035
3,562
3,831
431
5
939
15,658
2,404
58
11
18,131
1,383
Change from 31 Dec 2024
-445
533
198
943
29
2
-373
887
884
-388
\u2013
1,383
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 2025 and 31 December 2024.
Fixed income investments in the financial sector
Sampo Group, 31 December 2025
EURm
Covered bonds
Cash and money
market securities
Long-term senior debt
Long-term
subordinated debt
Total
%
Sweden
1,655
93
555
168
2,471
28.5%
Denmark
1,647
12
293
173
2,124
24.5%
Finland
51
468
339
121
979
11.3%
Norway
232
\u2013
314
296
842
9.7%
France
\u2013
340
276
30
647
7.5%
United Kingdom
\u2013
90
204
\u2013
294
3.4%
United States
\u2013
5
287
\u2013
291
3.4%
Netherlands
39
\u2013
185
51
274
3.2%
Canada
97
\u2013
152
\u2013
249
2.9%
Switzerland
17
2
84
\u2013
103
1.2%
Australia
55
\u2013
33
\u2013
88
1.0%
Germany
\u2013
\u2013
72
\u2013
72
0.8%
Iceland
\u2013
\u2013
51
\u2013
51
0.6%
Belgium
\u2013
\u2013
49
\u2013
49
0.6%
Spain
\u2013
\u2013
39
\u2013
39
0.5%
Italy
\u2013
\u2013
37
\u2013
37
0.4%
Japan
\u2013
\u2013
25
\u2013
25
0.3%
Austria
\u2013
\u2013
21
\u2013
21
0.2%
Luxembourg
\u2013
\u2013
13
\u2013
13
0.1%
Bermuda
\u2013
\u2013
3
9
12
0.1%
Total
3,791
1,010
3,032
848
8,681
100.0%
Fixed income investments in the financial sector
Sampo Group, 31 December 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%
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 2025 and 31 December
2024. 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 December 2025
EURm
Governments
Government
guaranteed
Public sector,
other
Total
Sweden
521
\u2013
79
601
Norway
96
\u2013
436
531
Supranationals
\u2013
\u2013
227
227
United States
129
\u2013
\u2013
129
United Kingdom
114
\u2013
\u2013
114
Germany
\u2013
34
\u2013
34
Finland
\u2013
26
\u2013
26
Faroe Islands
24
\u2013
\u2013
24
Total
884
60
742
1,686
Sampo Group, 31 December 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
The listed equity investments of Sampo Group totalled
EUR 2,404 million at the end of year 2025 (1,520).
The geographical core of Sampo Group\u2019s equity
investments is in Nordic companies. The proportion of
Nordic equities corresponds to 65 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 2025
and 31 December 2024.
Breakdown of listed equity investments
by geographical regions
Sampo Group,
31 December 2025 and 31 December 2024
31 December 2025
Total EUR 2,404 million
\"4398046645610\"
31 December 2024
Total EUR 1,520 million
\"4398046645653\"
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 2025 and 31 December 2024.
Largest exposures by issuer and asset class
Sampo Group, 31 December 2025
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
1,130
6%
162
769
199
\u2014
1
NOBA
823
5%
\u2014
\u2014
10
814
\u2014
Nykredit Association
752
4%
\u2014
619
133
\u2014
\u2014
Swedbank
724
4%
\u2014
590
134
\u2014
\u2014
Danske Bank
667
4%
76
435
155
\u2014
\u2014
Svenska Handelsbanken
628
3%
\u2014
492
136
\u2014
\u2014
Sweden
578
3%
111
\u2014
468
\u2014
\u2014
Norway
531
3%
\u2014
\u2014
531
\u2014
\u2014
Skandinaviska Enskilda Banken
425
2%
236
28
161
\u2014
\u2014
BNP Paribas
420
2%
340
\u2014
79
\u2014
\u2014
Total top 10 exposures
6,679
37%
925
2,934
2,005
814
1
Other
11,443
63%
Total investment assets
18,122
100%
Largest exposures by issuer and asset class
Sampo Group, 31 December 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%
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 2025
and 31 December 2024.
Furthermore, the largest direct listed equity exposures
are presented in the tables Ten largest direct listed
equity investments, Sampo Group, 31 December 2025
and 31 December 2024.
Ten largest high yield and non-rated fixed income investments and listed equity investments
Sampo Group, 31 December 2025
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+
63
0.4%
NOBA
814
33.9%
Pohjolan Voima Oy
NR
38
0.2%
Volvo
148
6.2%
Visma AS
NR
28
0.2%
Nexi S.p.A. *
124
5.1%
Hexagon AB
NR
28
0.2%
ABB
83
3.5%
Campus Byen A/S
NR
26
0.2%
Veidekke
66
2.7%
Trustly AB
NR
23
0.1%
Autoliv Inc
63
2.6%
Intrum Invest AB
CCC
22
0.1%
Telia Company
59
2.4%
Ica Gruppen AB
NR
22
0.1%
Nederman Holding
55
2.3%
Anticimex AB
B-
21
0.1%
Yara International
41
1.7%
Swedavia AB
BB+
20
0.1%
VBG Group AB
40
1.7%
Total top 10 exposures
292
1.9%
Total top 10 exposures
1,492
62.1%
Other fixed income investments
15,369
98.1%
Other equity investments
912
37.9%
Total fixed income investments
15,660
100.0%
Total equity investments
2,404
100.0%
* 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 December 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 was not a listed company in 2024, it was a major equity investment in Sampo plc's portfolio and is 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 and from the effect of outstanding debt
in Sampo Plc. Sampo Group benefits when interest
rates rise, as the economic value of insurance liabilities
and outstanding debt in Sampo Plc decreases more
than the value of investment assets.
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 and sensitivity to changes in interest rates in
the net liability for incurred claims is analysed earlier in\u00a0
the table Sensitivity analysis, reserve risk, Sampo Group,
2025 and 2024.
Currency risk
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
entity/branch level on a regular basis. As UK segment
has GBP as its functional currency and its insurance
operations are solely in the UK there are no transaction
risk exposures in its insurance operations and all figures
on that row represent transaction risk exposures in
Nordic segment. 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.
Transaction risk position
Sampo Group, 31 December 2025
Base currency EUR (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-2,999
-116
0
-107
-3
-2,413
-3,772
-37
-9,447
Investments
3,745
483
0
127
818
1,944
2,697
0
9,814
Derivatives
-829
-358
3
24
-365
431
1,948
18
870
Transaction risk, net position
-83
9
3
44
449
-38
872
-19
1,238
Sensitivity: EUR -10%
-8
1
0
4
45
-4
87
-2
124
Sampo's transaction risk position in EUR represents exposure in foreign subsidiaries / their branches within Sampo Group with base currency other than EUR.
Transaction risk position
Sampo Group, 31 December 2024
Base currency EUR (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
-6,988
Investments
3,261
481
0
71
529
1,855
1,043
1
7,240
Derivatives
-117
-323
12
20
-109
437
976
7
903
Transaction risk, net position
-81
2
12
-3
433
-40
856
-24
1,154
Sensitivity: EUR -10%
-8
0
1
0
43
-4
86
-2
115
Excluding Topdanmark
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
Transaction risk position
Sampo Group, 31 December 2025
Base currency EUR (in EURm)
EUR
USD
JPY
GBP
SEK
NOK
DKK
Other
Total, net
Insurance operations
-2,999
-116
0
-107
-3
-2,413
-3,772
-37
-9,447
Investments
3,745
483
0
127
818
1,944
2,697
0
9,814
Derivatives
-829
-358
3
24
-365
431
1,948
18
870
Transaction risk, net position
-83
9
3
44
449
-38
872
-19
1,238
Sensitivity: EUR -10%
-8
1
0
4
45
-4
87
-2
124
Sampo's transaction risk position in EUR represents exposure in foreign subsidiaries / their branches within Sampo Group with base currency other than EUR.
Transaction risk position
Sampo Group, 31 December 2024
Base currency EUR (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
-6,988
Investments
3,261
481
0
71
529
1,855
1,043
1
7,240
Derivatives
-117
-323
12
20
-109
437
976
7
903
Transaction risk, net position
-81
2
12
-3
433
-40
856
-24
1,154
Sensitivity: EUR -10%
-8
0
1
0
43
-4
86
-2
115
Excluding Topdanmark
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
The maturities of cash flows from financial instruments,
insurance liabilities, and reinsurance contracts are
presented in the tables Cash flows, according to
contractual maturity, Sampo Group, 31 December 2025
and 31 December 2024, 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
(3.7).
Cash flows according to contractual maturity
Sampo Group, 31 December 2025
EURm
Carrying amount
total
Carrying amount
without contractual
maturity
Carrying amount with
contractual maturity
Cash flows
2026
2027
2028
2029
2030
2031-
2040
2041-
Financial assets
18,486
3,952
14,535
3,207
3,164
2,686
1,970
1,638
2,994
288
Financial assets (non-derivatives)
18,462
3,952
14,511
3,190
3,164
2,686
1,970
1,638
2,987
282
Interest rate swaps
14
\u2013
14
7
\u2013
\u2013
\u2013
\u2013
7
6
FX derivatives
10
\u2013
10
10
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Asset for incurred claims
2,156
2,156
\u2013
707
390
274
179
42
201
363
Financial liabilities
-2,432
\u2013
-2,432
-650
-545
-471
-547
-422
-759
-9
Financial liabilities (non-derivatives)
-2,327
\u2013
-2,327
-614
-541
-448
-543
-418
-718
\u2013
Interest rate swaps
-75
\u2013
-75
-5
-4
-23
-4
-4
-41
-9
FX forwards
-31
\u2013
-31
-31
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
-151
\u2013
-151
-30
-26
-24
-21
-20
-45
\u2013
Liability for incurred claims and
other insurance related payables
-11,169
-11,169
\u2013
-4,246
-1,658
-1,093
-770
-454
-1,708
-1,240
Investment commitments
-125
\u2013
-125
-125
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Hastings lending business is included in financial assets (non-derivatives).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "Sampo plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "Sampo plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "Sampo plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "Fabianinkatu 21, 00130 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "insurance and financing", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700UF3RL386WIDA22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }