Debt Investor Presentation - Sampo Group€¦ · Debt Investor Presentation. DEBT INVESTOR...

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January – June 2018 PREPARED August 15, 2018 FIGURES January-June, 2018 Debt Investor Presentation

Transcript of Debt Investor Presentation - Sampo Group€¦ · Debt Investor Presentation. DEBT INVESTOR...

  • January – June 2018

    PREPARED August 15, 2018FIGURES January-June, 2018

    Debt Investor Presentation

  • DEBT INVESTOR CONTACTS

    Markku Pehkonen, CROtel. +358 10 516 [email protected]

    Peter Johansson, CFOtel. +358 10 516 [email protected]

    Jarmo Salonen, Head of Investor Relations and Group Communicationstel. +358 10 516 [email protected]

    FINANCIAL CALENDAR 2018

    07/02/2018 Financial Statement Release for 2017Silent period 08/01/2018-07/02/2018

    Week 11 Annual Report 201719/04/2018 AGM09/05/2018 Interim Statement Q1/2018

    Silent period 09/04/2018-9/05/201808/08/2018 Half-Year Financial Report 2018

    Silent period 09/07/2018-08/08/201807/11/2018 Interim Statement Q3/2018

    Silent period 08/10/2018-07/11/2018

    Moody's Standard and Poor's

    Rating Outlook Rating Outlook

    Sampo plc – Long-term Issuer Rating A3 Stable A- Stable

    If P&C Insurance (Sweden) –Insurance Financial Strength Rating A1 Stable A+ Stable

    DisclaimerThis presentation may contain forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Sampo believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors.Important factors that may cause such a difference for Sampo include, but are not limited to: (i) the macroeconomic development,(ii) change in the competitive climate and (iii) developments in capital markets.This presentation does not imply that Sampo has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 2

  • Sampo Group 3-15

    Subsidiaries and Associated companiesIf P&C 16-21Topdanmark 22-26Mandatum Life 27-31Nordea Bank 32-33

    Sampo plc 34-40

    Appendix 41-49

    3

  • Value Creation in the Nordic Financials as Group Strategy

    4

    LONG-TERM VALUE CREATION

    • Value creation through investments in Nordic financials based on knowledge of Nordic markets, Nordic financial institutions & Nordic people.

    • Commitment to the long-term development of affiliated companies.

    OPERATIONAL EXCELLENCE IN SUBSIDIARIES

    • Continuous development of services => excellence in underwriting and risks.• Economies of scale and high retail/consumer content.• Pan-Nordic diversification & operational excellence facilitate low volatility.

    CONSERVATIVE PARENT WITH PROFIT FOCUS

    • Conservative capital structure, modest leverage and strong liquidity.• Parent company steers subsidiaries through Boards by approving (in Topdanmark,

    Nordea and Nordax by contributing to) strategies, guiding principles and ROE targets.

    GROUP LEVEL PORTFOLIO BENEFITS

    • Profitable companies, mostly with the lowest volatility in the peer group.• Profits of affiliated companies have low correlation creating diversification

    benefits at the Group level.

    LONG-TERM VALUE FOR SHAREHOLDERS & BONDHOLDERS

    CENTRALIZEDINVESTMENT MANAGEMENT

    • Company specific liabilities and solvency driving risk profiles, supported bya Group-wide investment philosophy. Common investment infrastructure (except Topdanmark) facilitates monitoring and prompt actions, also at the Group level.

    Sampo Group ― Nordic Financial Group with Strong Brands

  • 5

    Sampo Group ‒ Nordic Financial Group with Strong Brands

    The leading P&C insurer in the Nordic region with full service offering and a strong European presence

    Safety and Stability:• Focus on Customer value• Focus on insurance expertise• Stable profitability through

    underwriting excellence and operational efficiency

    ~ EURbn 11.7

    • RoE above 17.5%• CR% below 95%

    The second largest P&C insurer and the sixth largest Life insurer in Denmark

    Profitable Business in DK:• Digitalisation: Self-service,

    Online purchase• Efficiency: Process

    optimisation and Automation• Transformation: Cultur,

    Digital readiness

    ~ EURbn 2.9 (P&C)

    • Profit margin of 10%• CR% 91%

    One of Finland’s most respected and best capitalisedfinancial services providers to private & corporate customers

    An expert in Money and Life:• Unit-linked insurance• Group pension insurance• Risk insurance• Insurance for Corporate

    customers and entrepreneurs• Wealth management

    ~ EURbn 6.1

    • RoE above 17.5%

    • Long-term investor• Manager of capital structure and liquidity

    • Pay-out ratio ≥ 50%

    Marketposition

    Strategy

    Investmentassets

    Return /profit target

    Subsidiary Subsidiary

    100% > 45% 100%

    The leading and most diversified, bank group in the Nordics with strong capital generation

    Transformation to be the Future Relationship Bank• Investm. in Compliance and RM• Technology Investm., the core

    banking platform• Digital Platform investments• Cost efficiency• New legal structure and domicile

    ~ B/S EURbn 570~ AuM EURbn 307

    • ROE above the Nordic peer average

    Associated Company

    21.2%

    Sampo Group ― Nordic Financial Group with Strong Brands

    Subsidiary Associated Company

    36.2%

    NDX Intressenter

  • 36.9

    28.0

    24.2

    22.9

    22.6

    20.0

    19.8

    17.0

    6.9

    6.3

    5.1

    4.3

    3.4

    3.4

    1.5

    0.6

    Nordea

    DNB

    Sampo

    Swedbank

    Danske

    SHB

    SEB

    Investor

    Gjensidige

    Tryg

    Industrivärden

    Jyske

    Storebrand

    Topdanmark

    Alm.Brand

    Aktia

    Efficient and Stable Operations as Basis for Value

    6Source: Thomson Reuters

    >45%

    *100% owned by the Republic of Finland; 30.6.2018

    A Mixed Financial Conglomerate

    BankInsuranceInvestment company

    Foreign and Nominee registered 67.25%

    Solidium 10.09%*

    Varma Mutual Pension Ins.Co. 4.01%

    Ilmarinen Mutual Pension Ins.Co. 0.69%

    The State Pension Fund 0.70

    Kaleva Mutual Insurance Company 0.48%

    Other domestic owners 16.78%

    >21%

    In total over100,000 owners

    Strong relative performance

    Sampo ownership structure

    Sampo Group ― Nordic Financial Group with Strong Brands

    Market cap July 31, 2018, EURbn 10Y Total Shareholder Return

  • 1-6/2018 Result • Pre-tax profit EURm 415 (401)• Comprehensive income EURm 132 (395)• Excellent combined ratio of 85.8% (86.5)

    – Risk ratio 64.0% (64.5); Cost ratio 21.8% (22.0)– Claims ratio 69.5% (70.1); Expense ratio 16.3% (16.4)

    • ROE%: 9.4% (2017:21.3%)

    If P&C ‒ A Diversified Nordic P&C Insurer

    7

    • Diversified and profitable subsidiary• Provides insurance solutions and services

    in the Nordic and Baltic regions as well asto Nordic customers with international operations

    • Operated on a pan-Nordic basis leveraging both scale and capabilities across all areas in If

    • The business areas are divided by customer segments Private, Commercial and Industrial

    • The Baltic countries comprise a separate business area

    • More than 3.7 million customers• Employees ~6,400• Leading Nordic insurer with a Nordic

    market share of 17%, 22% with Topdanmark

    549

    644

    707

    636

    864

    929

    931

    960

    883

    818

    -267

    1,12

    7

    943

    308

    978

    689

    526

    624

    714

    581

    -400-200

    0200400600800

    1,0001,200

    Profit before tax

    Comprehensiveincome

    Strong & Stable Annual Profit DevelopmentEURm

    68.1

    68.0

    69.1

    68.4

    65.9

    65.4

    65.1

    66.6

    62.3

    63.3

    23.7

    24.1

    23.7

    23.5

    23.0

    22.8

    22.5

    18.8

    22.1

    22.0

    91.8

    92.1

    92.8

    92.0

    88.9

    88.1

    87.7

    85.4

    84.4

    85.3

    020406080

    100%

    Cost ratio

    Risk ratio

    Target CR

    Combined Ratio Development

    Sampo Group ― Nordic Financial Group with Strong Brands

  • -1000

    100200300400500600700

    Non-life insurance Life insurance Parent companyt etc.

    1-6/2018 Result (Contribution to Sampo Group Profit) • Pre-tax profit EURm 105 (52)• Comprehensive income EURm 81 (52)• Combined ratio 85.5% (81.8)

    – Claims ratio 68.8% (65.1); Expense ratio 16.8% (16.7)• Topdanmark book value in Group accounts EURm 1,398(+ positive valuation difference EURm 177)

    • A profitable subisdiary with robust business model• Carries out Danish non-life insurance,

    life insurance and pension fund business• Non-life business is divided to

    ‒ Personal segment (~500,000)‒ SME & Agricultural segment (~100.000)

    • Life insurance customers (~140 000)• Employees ~2,400• Market shares in Denmark: P&C insurance 17%,

    life insurance 8%• Strategic focus

    ‒ to be Denmark’s best-run insurance company‒ to combine new technology, digitalization and automation with competent experience in insurance and risk management‒ to utilize the economies of scale between life and non-life insurance business in Denmark‒ declining expense ratio, good risk management and strong sales power

    • Sampo’s ownership of shares 46.7% and of votes 49.3%

    Combined Ratio Development

    72.2 75.4 70.3 70.9 68.7 65.8

    15.8 16.2 15.7 15.9 16.4 16.1

    020406080

    100

    2012 2013 2014 2015 2016 2017

    %

    Expense ratio

    Claims ratio

    Target CR

    85.186.886.091.588.0

    Topdanmark – A Danish Non-life and Life Insurer

    8

    Sampo Group ― Nordic Financial Group with Strong Brands

    82.0

    2013 2014 2015 2016 2017

    Profit before taxesDKKm

    2018

  • 01,0002,0003,0004,0005,0006,000 Other WP-liabilities

    Segregated Group PensionWP-liabilities (3.5% guarantee)WP-liabilities (4.5% guarantee)

    1-6/2018 Result• Pre-tax profit EURm 313 (116) • Comprehensive income EURm 185 (111)• ROE%: 25.9% (2017:13.3%)

    140

    121

    142

    137

    136

    153

    163

    181

    210

    236

    -378

    495

    332

    -115

    286

    220

    149

    168

    232

    188

    -500

    -250

    0

    250

    500

    Profit beforetaxes

    Comprehensiveincome

    • Finnish Profit sharing mechanism – principle of fairness ‒ facilitates active investment strategies and risk taking.

    • Profit sharing mechanism has benefited both policyholdersand shareholders over the years.

    • Smoothened bonuses and dividends over time.

    With-Profit Technical Provisions ForecastCurrent

    Unit-linked Technical Provisions 31.12.2017 EUR 7,066m

    Mandatum Life ‒ A Finnish Financial Service Company

    9

    • Provides a comprehensive range of wealthmanagment and health and life risk servicesin Finland and the Baltics for private and corporate customers

    • Services provided‒ Tailored unit-linked investments and the related wealth management‒ Personal risk insurance‒ Pension and reward services

    • Customers ~275,000 (Finland)• Employees ~520• A leading life and pension insurer in Finland

    with ca 20% market share

    Sampo Group ― Nordic Financial Group with Strong Brands

    Profit DevelopmentEURm

    EURm

  • • The largest financial services group in the Nordic region and one of the largest banks in Europe

    • Diversified and stable returns• Global presence, local expertise: a full-service

    universal bank• Business areas: Personal Banking, Commercial

    and Business Banking, Wholesale Banking and Wealth Management

    • Present in 17 countries incl. four Nordic home markets: Denmark, Finland, Norway and Sweden

    • Customers:‒ households 10 million‒ corporates and institutionals 0.7 million

    • Employees ~30,000• Sampo’s ownership of shares and votes 21.2%

    1-6/2018 Result• Nordea’s contribution to the Group

    ‒ Pre-tax profit EURm 388 (322)‒ Comprehensive income EURm 365 (281)

    • Excellent C/I ratio of 49% (52)• Common Tier1 ratio 19.9% (19.2)• ROE%: 12.0% (9.9)• Nordea book value in Group accounts EURm 7,307

    ( valuation difference EURm -205)

    Nordea – A Nordic Banking Group

    -2000

    200400600800

    1,0001,2001,4001,600

    Restructuring/impairmentcharges/gainsLoan losses

    Operatingprofit

    10

    -08 -09 -10 -11 -12 -13 -14 -15 -16 -17

    Sampo Group ― Nordic Financial Group with Strong Brands

    Low Quarterly Result VolatilityEURm

    -18

    Source:Nordea

  • • Geographical diversification• Strong Retail P&C Franchise• Several Lines of Businesses

    ‒ Motor, Cargo‒ Workersʼ compensation‒ Liability ‒ Accident‒ Property

    • Low C/R volatility and Conservative Investments

    Diversified Companies and Diversified Portfolio*

    11

    • Geographical diversification• Strong Retail Banking Franchise• Diversified earnings base:

    ‒ Banking (Retail, Wholesale)‒ Wealth Management (Asset

    Management, Private Banking, Life & Pensions)

    • Low earnings volatility & stableROE over the cycle

    • Finland & Baltics• Strong Finnish Position• Product areas

    ‒ Wealth Management‒ Unit-linked Business‒ With-profit Business ‒ Remuneration services‒ Risk insurance

    • Dependency on Capital Markets

    * Correlations of quarterly Reported Profits Q1/2005–Q2/2018

    PBT 2010-17

    IF 45%ML 10%Nordea 45%

    P/L CONTRIBUTIONS* LOW VOLATILITY EARNINGS LOW VOLATILITY C/R FOCUS ON U-L & WM

    0.25

    0.19

    1

    0.84 1

    1

    Sampo Group ― Nordic Financial Group with Strong Brands

    0.35 0.67 0.67 1

    • Denmark• Second largest insurance

    company• Nation-wide businesses

    ‒ Non-life insurance‒ Life insurance‒ Pension fund

    • Stable insurance riskand low C/R volatility

    LOW VOLATILITY C/R

  • 12

    870 825

    1,320 1,228

    1,616 1,6681,759

    1,888 1,871

    2,482

    -200

    200

    600

    1,000

    1,400

    1,800

    2,200

    2,600

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

    Holding Banking Life Topdanmark If P&C

    Steady Development of Profit before Taxes

    EURm

    • If P&C• Mandatum Life• Nordea / Investment

    • If P&C• Topdanmark / Associated• Mandatum Life • Nordea / Associated

    Sampo Group ― Nordic Financial Group with Strong Brands

    ** Includes 706 EURm from valuing of Topdanmark to fair value (with share price DKK 247.7)

    • If P&C• Topdanmark• Mandatum Life • Nordea / Associated

    **

    H1/2018 H1/2017If P&C 415 401Topdanmark 105 52ML 313 116Nordea 388 322Holding -48 -27Group 1,153 865

  • Investment Allocation

    13

    Sampo Group ― Nordic Financial Group with Strong Brands

    Total Group (MEUR)

    Money Market 8% 4% 13% 75% 3% 4% 14% 74% 6% 6% 12% 39%Long-Term Fixed Income 79% 67% 47% 20% 84% 68% 49% 18% 83% 66% 50% 23%Equity 13% 12% 26% 5% 13% 10% 25% 7% 11% 9% 26% 15%Private Equity 0% 1% 4% 0% 0% 3% 3% 0% 0% 3% 4% 22%Other 0% 16% 10% 1% 0% 15% 8% 1% 0% 16% 9% 2%

    26,524 25,286 25,621

    12/16 12/17 06/18

    12,192

    5,8166,582

    1,933

    11,459

    5,944 6,263

    1,620

    11,664

    6,8306,066

    1,061

    0

    2,000

    4,000

    6,000

    8,000

    10,000

    12,000

    14,000

    IfP

    &C

    Topd

    anm

    ark

    Man

    datu

    mLi

    fe

    Sam

    poP

    lc If P&

    C

    Topd

    anm

    ark

    Man

    datu

    mLi

    fe

    Sam

    poP

    lc If P&

    C

    Topd

    anm

    ark

    Man

    datu

    mLi

    fe

    Sam

    poP

    lc

    Alloc. Development

    Money MarketLong-Term Fixed IncomeEquityPrivate EquityOtherTotal

    If P&C9879,6371,527222012,192

    Topdanmark2533,868714579245,816

    Mandatum Life8593,0791,7372426656,582

    Sampo Plc1,440384882191,933

    If P&C3679,6091,446191711,459Total Group (MEUR)26,52425,28625,621

    Topdanmark2234,0166161948955,944

    Mandatum Life9043,0481,5782115226,263

    Sampo Plc1,1962891141191,620

    If P&C6599,6821,29518911,664

    Topdanmark4154,4786262021,1096,830

    Mandatum Life7213,0401,5622265176,066

    Sampo Plc412241158230191,061

    12/1612/1706/18

    Money Market8%4%13%75%3%4%14%74%6%6%12%39%

    Long-Term Fixed Income79%67%47%20%84%68%49%18%83%66%50%23%

    Equity13%12%26%5%13%10%25%7%11%9%26%15%

    Private Equity0%1%4%0%0%3%3%0%0%3%4%22%

    Other0%16%10%1%0%15%8%1%0%16%9%2%

    Money MarketIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo Plc986.81605079849078253.19346129565207858.956401424999971440.3452709501366.87952421628847222.70278982927911904.098431061500041196.2552747481658.75015993697514414.939656034888720.86115414480003411.6298410407Long-Term Fixed IncomeIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo Plc9637.33935188038593867.74839151634023079.2146322677004383.514391692099939609.45642858988694015.76918427379863048.4076457252995288.94125530119682.49753895903634477.95955890229023040.0658258286003241.26639880869999EquityIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo Plc1527.1213263574982714.045856895324281737.303138790587.697880102600011446.2435098834799616.126475842523061578.4314855804114.162941127699991295.4160094355498626.126143999999951562.0729182721998158.32458542020001Private EquityIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo Plc21.55810797487568257.086058912812803241.679761288799972.190285636800000118.865187448698673193.82396002632677210.722740061800011.368854236218.480759128900797202.01865841654399226.4367680453229.96773144279999OtherIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo Plc19.621995353048987923.58527314000196665.2236843468003819.390665877417.440802664154035895.37804403014138521.515753963698919.38690991469.26026885403189231108.6953405700388517.0185477739005419.3871206928Total

    If P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo PlcIf P&CTopdanmarkMandatum LifeSampo Plc12192.4568323642985815.6590417601316582.37761811880051933.138494258999811458.8854528025085943.80045400206936263.17605639269821620.115235327699811664.4047363144956829.73935792376056066.45521406480021060.5756774051999

  • 1,898

    1,104546 172

    3,698

    7,471

    10,887

    53

    0

    2,000

    4,000

    6,000

    8,000

    10,000

    12,000

    If P&C* MandatumLife**

    Topdanmark* Sampo plc* Sampo plc'sshares ofNordea/

    NDXintressenter

    Total minimumrequirement

    for Own Funds

    Group’s Own Funds

    Sampo Group’s Own Funds and SolvencyAccording to Conglomerate Rules

    14

    EURm

    Group solvency ratio 146%

    *) Standard formula**) Standard formula + transition measures

    Sampo Group ― Nordic Financial Group with Strong Brands

  • 3,666

    3,7537,419

    10,850

    0

    2,000

    4,000

    6,000

    8,000

    10,000

    12,000

    Consolidated GroupSCR*

    Nordea and Otherfinancial sector

    Group SCR Total Eligible Own Funds

    Sampo Group Solvency by Solvency II Rules June 30, 2018

    15

    EURm

    Ratio of eligible Own Funds to Group SCR 146%

    *) Standard formula

    Sampo Group ― Nordic Financial Group with Strong Brands

  • If P&CA Pan-Nordic Diversified P&C Insurer

    16

  • 51%

    30%

    15%4%

    PrivateCommercialIndustrialBaltic

    By Business Area By Country

    65%

    22%

    8%

    3%2%

    PrivateCommercialIndustrialBalticOther

    Technical ResultsEURm 306

    28%

    50%

    14%3%

    3%2% Norway

    SwedenFinlandDenmarkBalticOther

    Gross Written Premiums EURm 2,701

    30%

    33%

    24%

    9% 4% NorwaySwedenFinlandDenmarkBaltic

    If P&C – Diversified Nordic P&C Insurer

    Diversified Client Base

    17

    1-6/2018

  • Expense ratio 2017, %

    If P&C and Nordic Weighted Average CR% Standard deviation 2008-2017

    92.8 92

    88.9

    88.1

    87.7

    85.4

    84.4

    96.1

    96.1

    91.5

    91.3

    88.5

    88.9

    87.6

    75

    80

    85

    90

    95

    100

    2010 2011 2012 2013 2014 2015 2016If P&C Nordic Market (excl.If)

    Disciplined Underwriting and Diversification

    %

    16.116.417.217.7

    25.327.327.828.7

    31.831.3

    TopdanmarkIf P&C

    Nordic market excl. If (-16)RSA Scandinavia

    Direct LineAXA

    GeneraliAllianz

    ZFSAviva

    18

    If P&C – Diversified Nordic P&C Insurer

    3.9%

    3.2%

    4.3%

    4.8%

    3.9%

    Private Commercial

    Industrial

    Baltic

    If P&C

    Norway Sweden

    Finland Denmark

    0

    2

    4

    6

    8

    10

    12

    86 88 90 92 94 96

    CR

    % S

    tand

    ard

    devi

    atio

    n Q

    2/20

    08-Q

    2/20

    18

    Average CR% Q2/2008-Q2/2018

    If P&C and BA average quarterly Combined Ratios vs. DeviationQ2/2008-Q2/2018

  • Conservative Investment Portfolio

    19

    • Duration 1.5 years• Average Maturity 2.7 years• Fixed Income Running Yield 1.6%

    Mark-to-Market Investment ReturnInvestment Allocation7.4%

    1.8%

    6.1%

    5.0%4.1%

    1.5%

    2.9% 2.6%

    0%

    2%

    4%

    6%

    8%

    2010 2011 2012 2013 2014 2015 2016 2017

    Mark-to-Market Investment Return

    821

    113

    689558

    459

    190334 304

    0

    200

    400

    600

    800

    1,000

    2010 2011 2012 2013 2014 2015 2016 2017

    Total EURbn 11.7

    If P&C – Diversified Nordic P&C Insurer

    Money Market 6%

    Public Sector 8%

    Other Fixed

    Income51%

    Covered Bonds24%

    Equities11%

    Private Equity 0.2 % Real Estate0.1 %Other 0.0 %

    H1/2018 H1/2017% 0.5 2.4

    H1/2018 H1/2017EURm 60 289

    EURm

  • 0

    50

    100

    150

    200

    250

    300

    350

    Investment result

    Technical result

    Operating result

    Seasonality in Quarterly Results and CR%

    20

    Q4 Q3 Q2 Q1Average Quarterly CR%, 2008-2017 88.8 88.1 87.3 90.9Year 2017 CR% 83.6 84.8 85.7 87.4Year 2018 CR% 85.1 86.5

    EURm

    If P&C – Diversified Nordic P&C Insurer

  • EURm

    649

    1,17

    8

    320

    763

    169180

    1,37

    2

    4,20

    5

    0

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    4,000

    4,500

    1,30

    8

    1,11

    7

    123

    495

    169 324

    1,89

    8

    4,20

    5

    0

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    4,000

    4,500

    Internally assessed Solvency ratio 306%Standard Formula Solvency Ratio 221%

    LAC = Loss Absorbing Capacity, DT = Deferred Taxes, SCR= Solvency Capital Requirement

    EURm

    S&P TTC for A rating 3,087 EURm S&P TTC for A rating 3,087 EURm

    If P&C Solvency June 30, 2018

    21

    If P&C – Diversified Nordic P&C Insurer

  • 22

    TopdanmarkA Danish Non-life and Life Insurer

  • 84%

    14% 2% Non-life insurance

    Life insurance

    Parent company

    28%

    22%15%

    35%Non-life insurance, Personal

    Non-life insurance, SME

    Life insurance, regular

    Life insurance, single

    Topdanmark – Danish P&C and Life Insurer

    23

    Diversified business modelPre-tax profit, DKKm 779 Premiums earned, DKKm 9,239

    3612

    313

    48

    1875

    4

    36

    Non-life Life

    Head office and life sales

    Others (banks etc.)

    Danica Pension

    Danske Bank

    Car dealers and Home

    Brokers

    Telephone sales etc.

    Insurance sales reps.

    Distribution channels 2017

    %

    1-6/2018

    Trend in technical result

    Source:Topdanmark

  • 24

    59%

    41%Personal

    SME

    Technical result by Business Line, DKKm 661

    Non-life insuranceCombined Ratio by Business Line, %

    Investment Allocation

    Public Sector

    1%

    Covered Bonds61%Other Fixed

    Income1%

    Money Market

    11%

    Equities5%

    Real Estate

    5%

    Private Equity

    0%

    Other15%

    Total EURbn 2.9 Investment Return

    4.1%3.4%

    1.0%

    4.4%

    2.1%

    0%

    2%

    4%

    6%

    2013 2014 2015 2016 2017

    595711

    514392

    288

    0

    200

    400

    600

    800

    2013 2014 2015 2016 2017

    DKKm

    Topdanmark – Danish P&C and Life Insurer

    70 68.5 66.1 65.3 68 72 69 65.5 65 69.7

    16.3 16.7 16.2 16.5 16.6 15.4 16 16 16.9 16.9

    0

    20

    40

    60

    80

    100

    Claims ratio Expense ratio

    85.087.485.286.2 81.582.3

    %

    81.9 86.781.8 84.6Personal SME

    H1/2018 Q1/2017% 0.3 0.9%

    H1/2018 H1/2017DKKm 63 168

    Source:Topdanmark

  • Life insurance

    25

    Result by components, DKKm 106

    19%

    3%

    50%

    22%

    6%Individual policies, single

    Individual policies, regular

    Policies, part of a tenure single

    Policies, part of a tenure, regular

    Group life, regular

    Gross Premiums (Regular and Single), DKKm 4,665

    57

    169

    73

    106

    0

    25

    50

    75

    100

    125

    Inv.return onshareholders’equity(Life Holding)

    Sales and administration

    Insurancerisk

    Risk return onshareholders’equity

    Profit onlife insurance

    Topdanmark – Danish P&C and Life Insurer

    DKKm

    Regular premiums,DKKm 1,427Single premiums DKKm 3,238

    Source:Topdanmark

  • EURm

    Partial Internal Model Solvency ratio 213%Gross figures

    LAC = Loss Absorbing Capacity, DT = Deferred Taxes, SCR= Solvency Capital Requirement26

    Topdanmark Solvency June 30, 2018

    758

    31

    589 396 68410

    94

    546953

    0

    500

    1,000

    1,500

    Standard Model Solvency ratio 175%used in Sampo Group SCR calculations

    758

    31293 221 68

    41072

    447953

    0

    500

    1,000

    1,500

    Topdanmark – Danish P&C and Life insurer

    287

    25 13128

    63 141 6875 72

    447

    953

    0

    500

    1,000

    Partial Internal Model Solvency ratio 213%as reported by Topdanmark, Net SCR figures

    EURm

    EURm

    Potential dividend for 2018 has not been deducted from Topdanmark’s own funds end H1 2018.

  • Mandatum LifeA Finnish Financial Services Company

    27

  • Premiums Written EURm 531

    Insurance SavingsEURm 10,672

    76

    67

    323

    1042 13

    1

    2,379

    2,219

    2,345152

    158

    3,380

    25 14

    Unit-linked life Unit-linked pensionUnit-linked capital redemption Unit-linked BalticOther life Other pensionOther capital redemption Other Baltic

    Mandatum Life Business Volumes

    28

    U-LEURm 7,094

    With-ProfitEURm 3,577

    U-L EURm 476

    With-ProfitEURm 56

    4,48

    7

    4,43

    1

    4,41

    0

    4,24

    9

    4,07

    1

    3,92

    7

    5,06

    5

    5,01

    4

    4,82

    1

    4,57

    2

    4,39

    2

    1,63

    7

    2,35

    9

    3,12

    4

    3,05

    4

    3,83

    3

    4,61

    6 5,31

    2

    5,85

    8

    6,44

    0

    7,06

    6

    7,09

    7

    0

    2,000

    4,000

    6,000

    8,000

    10,000

    12,000 Unit-linked Guaranteed interest rates

    Technical Provisions, EURm 11,489

    EURm

    Mandatum Life - A Finnish Financial Services Company

    Note: Excluding reserves for decreased discount rate, future bonus reserves and longevity reserve

    1-6/2018

  • Investment Portfolio covering With-Profit liabilities

    29

    11.1%

    -1.4%

    9.4%

    7.1%

    4.6%

    6.9%6.70% 5.60%

    -5%

    0%

    5%

    10%

    15%

    2010 2011 2012 2013 2014 2015 2016 2017

    615

    -59

    504391

    251

    427 440 376

    -1000

    100200300400500600700

    2010 2011 2012 2013 2014 2015 2016 2017

    • Duration 2.4 years• Average Maturity 2.7 years• Fixed Income Running Yield 2.4%

    Mark-to-Market Investment Return

    Mandatum Life - A Finnish Financial Services Company

    H1/2018 H1/2017% 0.3 3.9

    H1/2018 H1/2017EURm 20 264

    Investment Allocation Mark-to-Market Investment Return

    EURm

    Money Market Securities and

    Cash12 %

    Government Bonds

    1 %

    Credit Bonds, Funds and

    Loans49%

    Listed Equity26 %

    Real Estate4%

    Private Equity4 %

    Unlisted Equity0 %

    Biometric0,2%

    Commodities0 %

    Other Alternative

    4 %Trading

    Derivatives0 %

    EUR 6.1 bn

  • Mandatum Life Profit by Components

    30

    Total expense ratio, % 98.5 99.9Incl. kick backs, % 81.5 79.5

    EURm 1-6/2018 1-6/2017Net investment income 137.0 518.3

    - Transferred to expense result -12.5 -13.5- Return on Unit-linked policies -14.2 -262.2- Return on With-profit policies* -19.1 -146.2

    INVESTMENT RESULT 91.2 96.5EXPENSE RESULT** 13.4 13.5RISK RESULT 10.1 15.1OTHERS 197.9 -8.7PROFIT BEFORE TAXES 312.5 116.3Change in the market value of investments -84.3 22.3PROFIT AT MARKET VALUES 228.2 138.6

    Mandatum Life Group, expense ratio

    * Includes guaranteed interest, bonuses and change in the reserves of the above items** Result of Unit-linked business EURm 14.5

    Mandatum Life - A Finnish Financial Services Company

  • Mandatum Life Solvency, June 30, 2018

    LAC = Loss Absorbing Capacity, TP = Technical Provision, DT = Deferred Taxes

    * Own Funds without transitional measures EUR 1,739m

    EURm SF with transitional measures Solvency ratio 194%

    1,284

    68355 271 37 93

    276

    1,104

    276

    2,145

    0

    500

    1,000

    1,500

    2,000

    2,500

    31

    *

    Mandatum Life - A Finnish Financial Services Company

  • Nordea BankThe Largest Nordic Financial Services Group

    32

  • 33

    Nordea

    677224

    483

    235

    465

    199

    437

    249

    479

    421

    0

    500

    1,000

    1,500

    2,000

    2,500

    Operating Income Operating ProfitGroup Functions & Other Wealth Management

    Wholesale Banking Commercial & Business Banking

    Personal Banking

    Diversified sources of Profit Q2/2018

    Denmark, 29%

    Finland, 21%Norway,

    19%

    Sweden, 29%

    Russia, 1%

    Outside Nordic, 1%

    The well-diversified credit portfolio, EUR 292bn

    Operating profit breakdown

    17.619.9

    22.525.4

    CET1Requirement

    Nordea CET1ratio

    Own Fundsrequirement

    Nordea OwnFunds

    Nordea estimated CET1 and Own Funds requirementQ2/2018,%

    Nordea - The most diversified Nordic bank

    Household53%

    Real estate15%

    Ind. com. services4%

    Cons. staples4%

    Retail trade3%

    Shipp. & offshore3%

    Other fin. inst.4% Public sector1%

    Other 13%

    EURm EURm

    1-6/2018

    01,073

    0

    800

    0

    260408

    2,541

    1,154

    59

    1,328 10850

    1,000

    2,000

    3,000 2,541

    1,328

    Source:Nordea

  • Sampo plcParent Company with Capacity to Generate Funds

    34

  • Simple Cash Flows, low leverage and adequate liquidity

    35

    Dividends • If P&C• Mandatum Life• Nordea• Topdanmark

    • Internal Administration Costs• Discretionary Dividends for Shareholders• Interest Expenses for Bondholders

    Income• Interest on Liquidity • Income from other

    investments

    Sampo plc

    Assets 10,688 Liabilities 10,688Liquidity 414 CPs Issued 195

    Investment assets 458 LT Senior Debt 3,341

    - Real Estate 2 - Private Placements 130

    - Fixed Income 23 - Bonds Issued 3,211

    - Equity & Private Equity 433 - Pension Insurance loans

    Subordinated Loans 492 Subordinated Debt 0

    Equity Holdings 9,199 Capital 7,051

    - Subsidiaries 3,401 - Undistributable 98

    - Associated 5,799 - Distributable 6,953

    Other Assets 125 Other Liabilities 101

    Key Credit Metrics well in Single A rangeSampo plc 30.6.2018Gross Debt, EURm 3,536Gross Debt to Equity 50%Financial Leverage 33% (= Debt/(Debt+Equity)

    Sampo Group, EURm Q2/2018Shareholders' Equity 12,575Hybrid Bonds 459Senior Debt 3,536Financial leverage 27.1%

    Sampo plc - Parent Company with Capacity to Generate Funds

    Flow of Funds Balance Sheet, EURm

  • Cash and tradable financial investments 30.6.2018

    36

    • In case subordinated loans are sold, both liquidity and Own Funds at Group level are generated• This buffer of liquidity and Own Funds come with positive interest margin

    Sampo plc - Parent Company with Capacity to Generate Funds

    millionInstrument

    Market Value/Nominal

    Running Yield,% Call Date

    Cash EUR 414

    Investment Assets EUR 458

    Sub-Ordinated Loans EUR 492 5.34

    - Mandatum Life T1 Perpetual EUR 100 4.31 Annual

    - IF T2 30NC10 EUR 99 6.07 8.12.21

    - Nordea AT1 PerpNC5 USD 171 5.95 23.9.19

    - Nordea AT1 PerpNC5 USD 98 6.48 13.9.21

    - Topdanmark T2 PerpNC5 DKK 135 2.92 11.12.20

    - Topdanmark T2 PerpNC5.5 DKK 270 2.44 11.6.21

    Total EUR 1,364

  • Sampo Group ― Conservative Leverage

    -4,000-2,000

    02,0004,0006,0008,000

    10,00012,00014,00016,000

    Q1/

    05

    Q1/

    06

    Q1/

    07

    Q1/

    08

    Q1/

    09

    Q1/

    10

    Q1/

    11

    Q1/

    12

    Q1/

    13

    Q1/

    14

    Q1/

    15

    Q1/

    16

    Q1/

    17

    Q1/

    18

    Q1/

    19

    Sampo plc Net debtGroup NAVGroup Equity

    EURm

    0%

    5%

    10%

    15%

    20%

    25%

    30%

    35%

    40%

    Q1/

    05

    Q1/

    06

    Q1/

    07

    Q1/

    08

    Q1/

    09

    Q1/

    10

    Q1/

    11

    Q1/

    12

    Q1/

    13

    Q1/

    14

    Q1/

    15

    Q1/

    16

    Q1/

    17

    Q1/

    18

    Q1/

    19

    Net debt/NAV

    • ”Loan-To-Values” based on above figures is low• Parent Companyʼs Financial Leverage is 33% => Sampoʼs position to refinance its debt is adequate

    37

    Sampo plc - Parent Company with Capacity to Generate Funds

  • Dividends Received by Payment YearEURm

    38

    181

    488 540 406544 490

    597 587 586 620

    293

    200

    100100

    100 100

    125

    275

    150

    13080

    204 250 224293

    370533

    551557

    585

    107

    511568

    744756 768

    883

    1,067

    1,220

    1,5551,452

    0

    200

    400

    600

    800

    1,000

    1,200

    1,400

    1,600

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

    Topdanmark

    Nordea

    Mandatum Life

    If P&C Extra Dividend

    If P&C

    *

    Sampo plc - Parent Company with Capacity to Generate Funds

    *) Extra dividend

  • Reported Profit facilitates Debt Servicing

    39*Parent Company is not equal to Holding Segment; Dividend Income includes also dividends from Private Equity investments

    *

    Sampo plc - Parent Company with Capacity to Generate Funds

    EURm 2010 2011 2012 2013 2014 2015 2016 2017 H1/2018

    Dividendincome*

    747 762 773 879 1,069 1,226 1,567 1,453 845

    Operating expenses

    -8 -10 -17 -20 -18 -14 -17 -14 -5

    Net financialresult

    -37 -70 -20 -26 -1 17 17 -43 -43

    Profit beforetaxes

    702 683 737 832 1,050 1,229 1,567 1,396 797

  • Issued Debt Instruments

    40

    EU

    Rm

    Instrument & Principal Coupon Swap Effective Rate MaturityCPs issued 195 EURm Euribor + Margin 0.2500% Average 3M

    Senior Bond 500 EURm 1.125% --- 1.1640% 24.05.2019

    Senior Bond 2,000 SEKm Stibor3M + 0.77% Euribor3M+0.586125% 0.2631% 28.05.2020

    Senior Bond 1,000 SEKm 1.250% EUR 1.007% 1.0070% 28.05.2020

    Senior Bond 500 EURm 1.500% --- 1.5920% 16.09.2021

    Senior Bond 700 SEKm 0.875% Euribor6M+0.3761% 0.1061% 23.5.2022

    Senior Bond 1,300 SEKm Stibor3M+0.55% Euribor6M+0.3881% 0.1181% 23.5.2022

    Senior Bond 750 EURm 1.000% --- 1.0060% 18.09.2023

    Senior Bond 500 EURm 1.250% EUR6M + 0.735% 0.4660% 20.05.2025

    Senior Bond 500 EURm 1.625% EUR6M+0.562% 0.288% 21.2.2028

    Public debt 3,405 EURm 0.7961% Private placements 130 EURm 0.9996%Total 3,535 EURm 0.8041%

    Sampo plc - Parent Company with Capacity to Generate Funds

    0

    500

    1000

    2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028CP´s Senior under EMTN Senior Retail Private

  • AppendixSeparate Supplementary Information

    41

  • Sampo Group’s Outlook for the rest of 2018

    42

    Appendix – Separate Supplementary Information

    Sampo Group’s business areas are expected to report good operating results for 2018.

    However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.

    If P&C is expected to reach a combined ratio target of 86 - 89 per cent for the full-year 2018.

    With regard to Topdanmark, reference is made to the profit forecast model that the company publishes quarterly.

    Nordea’s contribution to the Group’s profit is expected to be significant.

  • Sampo Group Steering Model and Principles

    43

    • Four separate and independent business areas and Sampo plc an active owner

    • General Principles of Business activities • Straightforward and transparent legal structure combined with limited intragroup exposures • Clear responsibilities• Simple and flat operational structures• Personnel incentivized to increase shareholder value and guard profitability

    • Parent company gives guidance to the subsidiaries by setting/contributing • Strategy • Targets for their capitalization and return on equity (RoE) • Group-wide principles for Risk Management, Remuneration, Compliance, Code of Conduct and HR framework

    • Subsidiaries organize underwriting activities independently taking into account• The specific characteristics of their operations• The above guidance from the parent company• The stakeholders’ expectations and external regulations

    Appendix – Separate Supplementary Information

  • Calculation Principles of Sampo Group Solvency• Group Solvency Capital

    • Under FICOD rules, capital is Group equity with some additional items added or deducted (subordinated loans, deferred tax assets, planned dividends…)

    • Under SII rules capital – referred to as Own funds (OF) – consists mainly of excess of assets over liabilities • Under normal circumstances Group OF by Solvency II and FICOD rules are close to each other

    • SCR by Financial Conglomerate Rules• The Group’s SCR is the sum of the separate sub-groups’ requirements (sectoral rules)

    • Banking rules are applied for the parent company

    • No diversification effect between the companies

    • SCR by Solvency II rules • One capital requirement is calculated for the insurance group including the parent company Sampo plc, If P&C, Topdanmark and

    Mandatum Life. This includes diversification effects and also capital requirement for the translation risk related to SEK denominated equity of If P&C and DKK nominated equity of Topdanmark.

    • Nordea’s capital requirements are added to the requirement

    • The SII SCR takes into account diversification only within the insurance group

    => Sampo Group Solvency Ratios are not comparable with most Insurance Groupsʼ solvency ratios 44

    Appendix – Separate Supplementary Information

  • Structural changes of Sampo Group to the position as the leading Nordic financial group

    45

    Sampo Group’s (If P&C’s) Topdanmark holding exceeds 23 per cent and Topdanmark becomes If’s associated company.

    Sampo Group (Mandatum Life) acquires Suomi Mutual’swith-profit group pension portfolio. The portfolio transfer takes place on 30 Decenber 2014.

    Mandatum Life ends distribution agreement with Danske Bank.

    Sampo Insurance Company and Leonia merge into the Sampo-Leonia financial services group. The Group’s business areas are long-term savings (life insurance, asset management and mutual funds), banking, investment banking, and P&C insurance.

    Sampo’s P&C insurance operations are merged with If (2002). Following the transaction, Sampo owns 38 per cent of If. If becomes fully owned by Sampo (2004). Following the transaction, Sampo has three core businesses: P&C insurance, banking and long-term savings.

    Sampo’s Nordea holding exceeds 20 per cent and Nordea becomes an associated company.

    Sampo Group (If P&C) acquires Tryg’s Finnish Business and the acquisition was closed in May 2013. If P&C signs a partnership agreement with Nordea.

    Sampo plc’s ownership of Topdanmarkexceeds 33.34 per cent after the acquisition of shares from If P&C and in the market and hence Sampo is obliged to make a mandatory offer for the share-holders of Topdanmark. As a result Sampo plc owns 46.7 per cent of Topdanmark’s shares and 49.3 per cent of votes. Topdanmark now becomesSampo’s associated company.

    Sampo Group divests SampoBank Group to Danske Bank A/S. Following the transaction, Sampo’s business areas are: P&C insurance and life insurance.

    Mandatum Bank joins the Group, and the Group’s name is shortened to Sampo.

    Appendix – Separate Supplementary Information

    Topdanmarkbecomes Sampo plc’ssubsidiary as of 30 Sept 2017.

    20052003200220012000 2008 2011 2012 2013 2014 2016 20172004 20072006 20102009 2015 2018

    Sampo’s ownership exceeds 36% and Nordax becomes Sampo’s accociatedcompany.

    Sampo invests inNets and Saxo Bank

  • If P&C Reinsurance Programmes

    46

    If is using reinsurance to‒ Utilize its own capital base efficiently and reduce cost of capital‒ Limit large fluctuations of underwriting results‒ Get access to reinsurers’ competence base

    If has the following Reinsurance Programmes in place

    • Largest & most diversifiedportfolio in the Nordics

    • Focus purely on underwriting• Specialised Reinsurance Unit

    • Reinsurance partners having reinsurance as core business

    • Diversified financially strong panel of reinsurers

    • Stable reinsurance program • Efficient pricing and

    broad terms

    Additional reinsurance purchased for risks with property value accumulations according to Solvency II requirements.

    In MillionCatastrophe/

    EventProperty/

    Risk CasualtyPersonalAccident Motor TPL Cargo Reporter

    Capacity SEK 6,300 SEK 2,500/4,750 SEK 500/€50/$50 SEK 1,100 Unlimited SEK 1,000

    Retention SEK 250 SEK 250 SEK 100/€10/$15 SEK 100 SEK 100 SEK 100

    In MillionMarine HullReporter

    Small VesselsClash Cover

    Marine Hull I.V. Reporter

    Marine Hull WarRisk Reporter

    US TerrorismRisk

    Capacity SEK 550 SEK 250 SEK 310 SEK 600 USD 250

    Retention SEK 100 SEK 100 SEK 100 SEK 2.5 USD 25

    Casualty/Cyber Event

    SEK 600/€60/$55

    SEK 200/€20/$25

    Appendix – Separate Supplementary Information

  • Nordic P&C Insurance Market

    23

    21

    18

    6

    12

    17

    If Finland

    If Norway

    If Sweden

    If Denmark +Topdanmark

    If Baltics

    47

    If18%

    Topdanmark5%

    Tryg9%

    LF10%

    Codan9%

    Gjensidige8%

    Folksam6%

    OP6%

    LähiTapiola4%

    Other25%

    If + Topdanmark 23%

    Total premiums EUR 26 bn

    • Consolidated markets• Loyal clients• Direct sales dominates the market• Various other distribution channels• Low expense ratios• Good profitability

    Latest available data

    Appendix – Separate Supplementary Information

    Nordic Market Shares, % If P&C and Topdanmark P&C Market Shares by Country, %

  • Life insurance Market

    48

    Nordea31%

    Mandatum Life21%

    OP Life22%

    LähiTapiola11%

    Fennia4%

    Sp-Henkivakuutus

    4%

    Aktia 3%

    Other4%

    Total premiums EUR 4.5 bn

    • Various distribution channels• Bankassurance• Unit-linked products• Markets sensitive for regulation, tax changes,

    interest rate movements

    7

    9

    Baltics/Mandatum Life

    Danmark/Topdanmark Life

    Latest available data

    Finland ‒ Market Shares, %

    Appendix – Separate Supplementary Information

    Mandatum Life and Topdanmark Life Market Shares by Country, %

    (+Kaleva 1.3%)

  • SAMPO FICO GROUP

    NORDEABANKINGGROUP

    TOPDANMARK INSURANCEGROUP

    Nordea Bank AB(SE) 21.3%

    SIIGROUP

    BANKINGGROUP

    FICO GROUP

    INSURANCE GROUP

    Insurance BankingInvestmentServices Other

    Topdanmark A/S(DK) 49.3%

    If IT ServicesA/S (DK)

    IF P&C InsuranceAS (EE)

    IFINSURANCE GROUP

    If P&C InsuranceHolding Ltd (SE)

    IF P&C InsuranceLtd (SE)

    Svithun AssuranceAS (NO) 33%

    Autovahinko-keskus Oy(FI) 33.5%

    Latvia

    Lithuania

    Denmark

    Norway

    MANDATUMINSURANCE GROUP

    Mandatum LifeServices Oy (FI)

    Mandatum LifeLtd (FI)

    Mandatum LifeInvestment

    Services Ltd (FI)

    Mandatum LifeFund Manag.

    Services Ltd (LU)

    Latvia

    Lithuania

    IF Livförsäkring AB (SE)

    CAB Group AB (SE) 22%

    Urzus Group AS(NO) 30%

    Various subsidiaries

    SAMPO SII GROUP

    Source: FSA Finland, February 2018

    Subsidiary Associated CompanyBranch

    Finland

    EstoniaTopdanmarkForsikring A/S

    (DK)

    Danske ForsikringA/S (DK)

    Topdanmark LivHolding A/S

    (DK)

    TopdanmarkLivforsikring A/S

    (DK)

    NykreditLivforsikring A/S

    (DK)

    TopdanmarkKapitalforvaltning

    A/S (DK)

    Topdanmark Invest A/S (DK)

    TopdanmarkEjendom A/S

    (DK)

    NORDEAINSURANCE GROUP

    Nordea LifeHolding AB (SE)

    Various subsidiaries

    Branch

    Sampo plc (FI)

    Sampo Group ‒ Legal Supervision Structure

    Appendix – Separate Supplementary Information

    49

  • JANUARY – JUNE 2018

    Debt Investor Presentation

    Sampo plcFabianinkatu 2700100 Helsinki, Finland

    Phone: +358 10 516 0100Business ID: 0142213-3

    www.sampo.com@Sampo_plcsampo-plc

    Debt Investor PresentationSlide Number 2Slide Number 3Value Creation in the Nordic Financials as Group StrategySlide Number 5Efficient and Stable Operations as Basis for ValueIf P&C ‒ A Diversified Nordic P&C InsurerTopdanmark – A Danish Non-life and Life Insurer Mandatum Life ‒ A Finnish Financial Service Company Nordea – A Nordic Banking GroupDiversified Companies and Diversified Portfolio* Slide Number 12Investment AllocationSampo Group’s Own Funds and Solvency �According to Conglomerate Rules Sampo Group Solvency by Solvency II Rules June 30, 2018If P&CDiversified Client BaseIf P&C and BA average quarterly Combined Ratios vs. Deviation�Q2/2008-Q2/2018Conservative Investment Portfolio Seasonality in Quarterly Results and CR%Slide Number 21TopdanmarkSlide Number 23Slide Number 24Life insurance�Slide Number 26Mandatum LifeMandatum Life Business VolumesInvestment Portfolio covering With-Profit liabilitiesMandatum Life Profit by ComponentsSlide Number 31Nordea BankNordeaSampo plcSimple Cash Flows, low leverage and adequate liquidityCash and tradable financial investments 30.6.2018Slide Number 37Slide Number 38Reported Profit facilitates Debt ServicingIssued Debt InstrumentsAppendixSampo Group’s Outlook for the rest of 2018Sampo Group Steering Model and PrinciplesCalculation Principles of Sampo Group SolvencyStructural changes of Sampo Group to �the position as the leading Nordic financial groupIf P&C Reinsurance ProgrammesNordic P&C Insurance Market Life insurance MarketSlide Number 49Debt Investor Presentation