Sampo Group · Debt Investor Presentation Prepared November 4, 2016 Figures September 30, 2016....

Sampo Group Debt Investor Presentation

Prepared November 4, 2016Figures September 30, 2016

DEBT INVESTOR CONTACTS

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

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

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

FINANCIAL CALENDAR 2016

10/02/2016 Financial Statement Release for 2015Silent period 13/01/2016-10/02/2016

Week 11 Annual Report 201521/04/2016 AGM11/05/2016 Interim Statement Q1/2016

Silent period 13/04/2016-11/05/2016

10/08/2016 Half-year report 2016Silent period 11/07/2016-10/08/2016

03/11/2016 Interim Statement Q3/2016Silent period 04/10/2016-03/11/2016

08/02/2017 Financial Statement Release for 2016

Rated Company Moody's Standard and Poor's

Rating Outlook Rating Outlook

Sampo plc Baa2 Positive A- Stable

If P&C Insurance (Sweden) A2 Positive A+ Stable

If P&C Insurance Co. (Finland) A2 Positive A+ Stable

Disclaimer

This 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

Mission Value Creation in the Nordic Financials 3-10

Sampo Group Current Issues 11-14If P&C The Leading Nordic P&C Insurer 15-22Mandatum Life A Finnish Financial Services Company 23-29Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40Sampo plc Parent Company with Capacity to Generate Funds 41-47Appendix Separate Supplementary Information 48-59 3

• Listed company Sampo plc• Long-term investor

• Manager of capital structure and liquidity• Pay-out ratio ≥ 50%

Nordic Financial Group with Strong Brands

Sampo Group ― Value creation in the Nordic financials

MARKET

POSITION

STRATEGY

INVESTMENT

ASSETS

RETURN /

PROFIT

TARGET

21.2%

• The leading P&C insurerin the Nordic region

• Focus on customer value• Most professional &

innovative people• Stable profitability• Underwriting excellence• Operational efficiency

~ EUR 12.3bn

• RoE above 17.5%• CR% below 95%

>44% 100%

• The largest financialservices group inthe Northern Europe

• Simplification• Cost & capital effieciency• One operating model• Compliance• Digital Offering

~ B/S EUR 657bn~ AuM EUR 317bn

• ROE above the Nordicpeer average

• The second largest P&C insurer in Denmark

• Customer satisfaction• Pricing• Efficiency• Distribution power

• Share buy-back

~ EUR 2.5bn P&C

• Profit margin of 10%• CR% 91%

• Unit-linked products• Wealth management• Personal Risk insurance • Group pension &

Reward Services

• The leading provider ofcover against health andlife risks, well-respected manager of customer wealth

~ EUR 6.6bn~ EUR 6.1bn U-L AuM

• RoE above 17.5%

100%

4

Sampo Group Steering Model and Principles

• Three separate and independent business areas, and Parent Company acting

merely as a Portfolio Manager

• General Principles of Business activities

– Straightforward and transparent legal structure combined with limited

intragroup exposures

– Clear responsibilities

– Simple and flat operational structures

• Parent company gives guidance to the subsidiaries by setting

– Targets for their capitalization and return on equity (RoE)

– Group-wide principles for Risk Management, Remuneration, Compliance,

Code of Conduct

• 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 regulations5


• If generated EUR 660m (756) in pre-tax profits

• Excellent combined ratio of 84.0% (84.6)

– Risk ratio 62.0% (67.1)

– Cost ratio 22.1% (17.6)

– Expense ratio 16.6% (11.8)

• Resilient business model over the cycle

If P&C ― Well-diversified and Profitable Pan-Nordic

Non-life Insurer

Well-established Insurance Subsidiaries

• Mandatum Life is a leading life and pension

insurer in Finland

• Mandatum has a strong market position in Finland

with ca.20% of the market

• Mandatum contributed with EUR 157m (132) in

pre-tax profit to the Group

Mandatum Life ― Respected Finnish Expert in Wealth Management,

Investments, Rewards and Risk Insurance

6

• If P&C provides insurance solutions and services in the Nordic and Baltic regionsas well as to Nordic customers with international operations

• Business activities areoperated on a pan-Nordic basis.

• The business is divided into customer segments Private, Commercial and Industrial.The Baltic countries comprisea separate business area.

• Mandatum Life Provides a comprehensive range of services in Finland and Baltics for private and corporate customers

• Services provided- wealth management- savings- personal risk insurance- pension and incentive &

reward services.


Nordea ‒ Diversified and Stable Nordic Bank

17 24 38

47

77

146

Nordea Peer 4Peer 3Peer 1 Peer 5Peer 2

Nordea and Peers 2006-2015,Quarterly net profit volatility,%

7


Country Retail Customers

Corporates &

Institutions

Relationships* Position Position

Sweden 4,1 2-3 1-2

Norway 1 2 2

Finland 3,2 1-2 1

Denmark 1,8 2 1-2

Nordic Total 10,1 1 1

Baltics* 0,40

Russia* 0,07 * = in millions

Total 10,5 ** = all clients

Topdanmark ‒ Insurer with a Robust Business Model

8


Value Creation in the Nordic Financialsas Group StrategyLONG-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

• Subsidiaries have focus on continuous development of services.• Economies of scale.• Pan-Nordic diversification & operational excellence facilitate low volatility.

CONSERVATIVE PARENT WITH PROFIT FOCUS

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

and Topdanmark 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 facilitates effective monitoring and fast actions, also at the Group level.

9


38.9

27.7

24.2

23.8

23.3

21.5

20.0

14.8

8.2

5.0

4.7

3.9

2.3

2.1

1.2

0.7

0.4

0 10 20 30 40 50

Nordea

Danske

Swedbank

SHB

Sampo

DNB

SEB

Investor

Gjensidige

Tryg

Industrivärden

Jyske

Topdanmark

Storebrand

Alm.Brand

Protector

Aktia

Efficient and Stable Operations as Basis for Value

Source: Thomson Reuters

>44%

Sampo ownership structure

*100% owned by the Republic of Finland; 30.9.2016

Market cap October 31, 2016, EURbn

Strong relative performance

10Y Total Shareholder Return

A Mixed Financial Conglomerate

Bank

Insurance

Inv.company

Foreign and Nominee registered 60.67%

Solidium 11.90%*

Varma Mutual Pension 6.35%

Björn Wahlroos 2.10%

Kaleva Mutual Insurance 0.78%

The State Pension Fund 0.68

Other domestic owners 17.52%

10

>21%



Sampo Group Current Issues 11-14

If P&C The Leading Nordic P&C Insurer 15-22Mandatum Life A Finnish Financial Services Company 23-29Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 11

Topdanmark Transaction – Uses and sources of Funds

TOPDANMARK – USE AND SOURCES OF FUNDS in millions EFFECTS ON FIGURES

EFFECTS ON IF P&C GROUP

• IF P&C made a profit of 450 m€ of whichit paid 289 m€ as dividends

• No SCR related to Topdanmark holding

• Increase of Own Funds and decrease of SCR contributed positively to Solvency Ratioof IF P&C Group. Total change from 157% to 197%

EFFECTS ON SAMPO PLC and SAMPO GROUP

• Sampo plc has now 41.1% of shares and 44.1% of votes excluding treasury shares(31.10.2016)

• At Sampo Group level Solvency calculationmethod does not change. Net Stand-aloneeffect on Solvency ratio of new shares is slightly negative, but under 1%

• Book Value in Sampo plc is 961 m€ and consolidated BV in Sampo Group is 554 m€

12

Sampo Group ― Current Issues

Value date # of Shares Price Price in DKK Price in EUR

39,051,226 183.00 7,146 961

TD Funding 961 => Current Total Debt 2,845

IF Dividends 289 Outstanding CP´s 702

Increase of CP´s 397 Bonds / EMTN 2,014

Liquidity used 275 Retail Issues 129

RATIONALE FOR NEW BENCHMARK ISSUE

- to refinance February 2017 €500 mio bond

- to potentially decrease outstanding amount of domestic CP´s

=> Total Senior Debt post February 2017 repayment will be

at current levels

Mandatum Life’s agency agreement with DanskeBackground

• In 2007 Sampo Bank (now Danske Bank) and Sampo Life (now Mandatum Life)agreed that Sampo Life has the exclusive right to sell life and pension insuranceproducts through Sampo Bank’s network in Finland

• Mandatum Life has decided not to prolong the distribution agreement which includedan option to sell the portfolio – sold by Danske Bank – to Danske Bank

• Mandatum Life has now decided to use the option

Portfolio • consists of 151,00 policies, almost exclusively unit-linked and loan insurance products• at the end of 2015 the technical reserves related to the portfolio amounted

to EUR 3,060 million, the amount of with-profit technical reserves being EUR 212 million• the portfolio accrued premiums of EUR 453 million in 2015

Valuation of the portfolio• will be conducted by a third party in accordance with the terms and conditions of

the bank transaction agreement• is estimated to take until summer 2017 • the transfer of the portfolio to take place during fourth quarter in 2017

13


Mandatum Life Technical Provisions31 December 2015

Unit-linked,

3010, 28%

Unit-linked to Danske, 2848, 26%

With-profit to Danske,

212, 2%

With-profit, 3606, 33%

Segregated funds, 1196,

11%

Unit-linked5,858, 54%With-profit

3,818,35%

Total EUR 10,872 million

• Danske Bank related technicalprovisions represent• under 30% of total reserves• under 50 % of total unit-linked

provisions• ~ 5 % of with-profit provisions

• Loan insurance portfolio relatedto mortgages has ~ 52,000 personsinsured and the total sum at risk is EUR 2.3 billion

• Distribution cooperation is activein all banking segments: privatebanking, retail banking and corporate banking

14



Sampo Group Current Issues 11-14If P&C The Leading Nordic P&C Insurer 15-22

Mandatum Life A Finnish Financial Services Company 23-29Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 15

Expense Ratios 2015, %

Leading Nordic P&C Insurer with Synergies

Norway 2015

Gjensidige 25%

If 22%

Tryg 14%

Sparebank 1 10%

Denmark Q3/2015

Tryg 18%

Topdanmark 17%

Codan (RSA) 11%

Alm. Brand 10%

If 6%

Finland 2015

Pohjola 32%

LähiTapiola 25%

If 24%

Fennia 10%Sweden 2015

LF 30%

If 18%

RSA (T-H) 14%

Folksam 16%

Baltics 2015

PZU 24%

If 14%

BTA 12%

Ergo 12%

Gjensidige 7%

Market Shares by Country

If17%

Topdanmark5%

Tryg9%

Gjensidige8%

RSA9%

LF10%

Folksam5%

Pohjola6%

LähiTapiola4%

Other27%

13

16.5

27.3

31.7

26.1

28.4

20.2

30.1

If P&C*

Nordic peer group

Generali

Zürich

AXA

Allianz

RSA Scandinavia

Aviva

If P&C

Nordic Market Shares

16

Total GWP ~EUR 25bn

(*incl. one-off)

Nordic P&C Insurance Market

CONSOLIDATED MARKET

LOW EXPENSE RATIOS

• In addition to the traditional channels, Internet continues to grow in importance both as a distribution and as a service channel.

• Also, distribution via partnerships with banks and car-dealers etc.is increasingly important.

GOOD PROFITABILITY

• The Nordic P&C market has generally experienced good profitability. The low interest rate environment and hence the low return on investments has made the industry to focus on profitability in the insurance operations.

• Renewal rates are around 80-90%.LOYAL CLIENTS

DISTRIBUTION

• The market is characterized by low expense ratios in the range of 15-20%. European competitors' expense ratios are usually considerably higher.

• The four largest companies account for 75-90% of the markets in Norway, Finland and Sweden. In Denmark the market is less consolidated.

If P&C

17

By Business Area By Country

Private, 337, 65%

Commercial, 121, 24%

Industrial, 36, 7%

Baltic, 10, 2% Other, 11, 2%

Technical Results, EUR 514m

Norway, 145 , 28%

Sweden, 226 , 44%

Finland , 106 , 21%

Denmark, 16 , 3%

Baltic, 10, 2% Other, 11 , 2%

Gross Written Premiums, EUR 3,565m

By Business Area By Country

Private, 2000, 56%Commercial, 985, 28%

Industrial, 479, 13%

Baltic, 100, 3%

Norway, 1,035 , 29%

Sweden, 1,258 , 35%

Finland , 847 , 24%

Denmark, 325 , 9%

Baltic, 100, 3%

If P&C

Diversified Client Base

18

If- Total If Sweden If NorwayIf Finland If Denmark

Geographical Diversification in CR

Combined Ratio ― If P&C and Nordic Peers

Combined Ratio Development

Standard deviation 2008-2015

2.7%

4.4%

4.7%

3.7%

3.5%

66.2

65.9

66.9

68.1

68.0

69.1

68.4

65.9

65.4

65.1

66.6

62.0

24.3

24.0

23.7

23.7

24.1

23.7

23.5

23.0

22.8

22.5

18.8

22.1

90.5

89.9

90.6

91.8

92.1

92.8

92.0

88.9

88.1

87.7

85.4

84.0

0

20

40

60

80

100

%

Risk ratio Cost ratio Target CR

If P&C

92.1 92.8 92

88.9 88.1 87.785.4

93

96.1 95.2

90.7 90.688.3 88.2

80

85

90

95

100

2009 2010 2011 2012 2013 2014 2015If P&C Nordic Market (incl.If)

Disciplined Underwriting and Diversification work

19

%

Conservative Investment Portfolio

• Duration 1.4 years• Average Maturity 2.8 years• Fixed Income Running Yield 1.6%

Mark-to-Market Investment Return, %Investment Allocation

4.3%5.8%

4.4%2.6%

-3.1%

12.4%

7.4%

1.8%

6.1%5.0%

4.1%

1.5%

-4%

-2%

1%

4%

6%

9%

11%

14%

Mark-to-Market Investment Return, EURm

821

113

689558

459

190

0

200

400

600

800

1,000

2010 2011 2012 2013 2014 2015

20

Total EUR 12.3bn

If P&C

1-9/2016 EUR 272m

1-9/2016 2.4%

Money market 11%

Public sector 10%

Other fixed

income66%

Equities12%

Private equity 0.2 %

Real Estate0.2 %

Other-0.04%

Strong & Stable Annual Profit Development

800730

534 549

644707

636

864929 931 960

-267

1,127

943

308

978

689

526

624

-400

-200

0

200

400

600

800

1,000

1,200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Profit before tax

Comprehensive income

EURm

If P&C

21

EURm 9M/16 9M/15Profit before taxes 660 756Comprehensive Income 508 434

0

50

100

150

200

250

300

350Technical result Investment result Operating result

Seasonality in Quarterly Results and CR%

Q4 Q3 Q2 Q1Average Quarterly CR%, 2006-2015 89.9 88.6 88.2 93.1Year 2015 CR% 87.7 83.8 80.9 89.2

Year 2016 CR% 84.6 84.5 83.0*

If P&C

EURm

22

* incl. positive one-off


Sampo Group Current Issues 11-14If P&C The Leading Nordic P&C Insurer 15-22Mandatum Life A Finnish Financial Services Company 23-29

Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 23

Finnish Life Insurer with Wealth Management Focus

Client

Segment

Underlying

Market

Critical Success Factors Sales &

Client

Services

CorporateCustomers

EmployeeBenefit

• Expertise in Rewards and Incentives, Pension & Risk Life Solutions and Asset Management

Mandatum Life

HNWI WealthManagement

• Professional Wealth Management• Management of Client Relationships

Mandatum Life

PrivateCustomers

Savings and Insurance Products

• Distribution Power Danske Bank*(Sales agreementterminated 1.1.2017)

Mandatum Life

Cro

ss-s

elli

ng

24

*Mandatum life has ended distribution agreement and decided to exercise option and sell its insurance portfolio, which has been sold through Danske Bank's branch network in Finland, to Danske Bank. The process is expected to be finalized during 2017.

Premiums Written, total EUR 672m Insurance Savings, total EUR 10,066m

269

87

215

1156

33

2

Unit-linked life Unit-linked pension Unit-linked capital redemptionUnit-linked Baltic Other life Other pensionOther capital redemption Other Baltic

2,288

1,895

1,751147

187

3,753

2817

Mandatum Life Business Volumes

U-LEUR 6,082m

With-ProfitEUR 3,984

U-L EUR 582m

With-ProfitEUR 91m

4,652 4,626 4,738 4,695 4,621 4,487 4,431 4,410 4,249 4,071 3,927 5,065 5,014 4,793

607 884 1,262 1,752 2,071 1,637 2,359 3,124 3,054 3,833 4,6165,312 5,858 6,086

0

2,000

4,000

6,000

8,000

10,000

12,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 9/2016

Guaranteed interest rates Unit-linked

Technical Provisions, EUR 10,879m

EU

Rm

Mandatum Life

25

Finnish With-Profit Life Insurance Market

PRINCIPLE OF FAIRNESS

• There is no exact rule on profit sharing (e.g. 90%/10%). • In the current markets, the principle in ML is reflected in policyholdersʼ

reasonable expectations for total accrual, which is an average annual yield of Finnish government bonds over time.

SMOOTHENED BONUSES AND DIVIDENDS OVER TIME

• When company decides on bonuses and dividends, it takes into account (i) policyholdersʼ reasonable expectations, (ii) realized investment returns and current solvency and (iii) uncertainty aboutthe future market environment => Bonuses and dividends can be smoothened over time.

BETTER POSITION FOR RISK TAKING BENEFITS STAKEHOLDERS

• Finnish Profit sharing mechanism facilitates and encourages for active investment strategies and risk taking.

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

Mandatum Life

26

Absolute Return Investment PortfolioMark-to-Market Investment Return, %Investment Allocation

8.3%

12.0%9.7%

5.0%

-7.8%

16.8%

11.1%

-1.4%

9.4%7.1%

4.6%6.9%

-10%

-5%

0%

5%

10%

15%

20%

Mandatum Life

615

-59

504391

251

427

-1000

100200300400500600700

2010 2011 2012 2013 2014 2015

27

Total EUR 6.6bn

• Duration 2.2 years• Average Maturity 2.9 years• Fixed Income Running Yield 2.8%

1-9/2016 EUR 321m

1-9/2016 4.9%

Money Market

Securities and Cash

10 %

Government Bonds1 %

Credit Bonds,

Funds and Loans48%Policy

Loans0 %

Listed Equity27%

Real Estate4 %

Private Equity4 %

Unlisted Equity

0%

Biometric0 %

Commodities0 %

Other Alternative

5 %

Trading Derivatives

0 %

Mark-to-Market Investment Return, EURm

Profit Development

295342

140 121 142 137 136 153 163 181

286

80

-378

495

332

-115

286

220

149 168

-500

-250

0

250

500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

EURm

Profit before taxes

Comprehensive income

Mandatum Life

28

EURm 9M/2016 9M/2015Profit before taxes 157 132Comprehensive Income 193 50

Mandatum Life Profit by Components

Total expense ratio, % 101.8 97.8

Incl. kick backs, % 82.5 79.4

EURm 1-9/2016 1-9/2015

Net investment income 360.8 339.7

- Transferred to expense result -18.2 -19.1

- Return on Unit-linked policies -135.3 -22.9

- Return on With-profit policies* -79.6 -204.2

INVESTMENT RESULT 127.7 93.5

EXPENSE RESULT** 15.4 19.5

RISK RESULT 15.1 15.1

OTHERS -1.3 4.2

PROFIT BEFORE TAXES 156.9 132.5

Change in the market value of investments 86.3 -72.1

PROFIT AT MARKET VALUES 243.2 60.4

Mandatum Life Group, expense ratio

Mandatum Life

* Includes guaranteed interest, bonuses and change in the reserves of the above items** Result of Unit-linked business EUR 14.0 million

29


Sampo Group Current Issues 11-14If P&C The Leading Nordic P&C Insurer 15-22Mandatum Life A Finnish Financial Services Company 23-29Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40

Sampo plc Parent Company with Capacity to Generate Funds 41-47Appendix Separate Supplementary Information 48-59 30

• 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 & Diversified Portfolio*

• Geographical diversification

• Strong Retail Banking Franchise

• Diversified earnings base:

-Banking (Retail, Wholesale)

-Wealth Management (AssetManagement, 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–Q3/2016

PBT 2010-15

IF 45%ML 10%Nordea 45%

P/L CONTRIBUTIONS

31

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

0.29

0.15

1

0.85 1

1

Sampo Group

948

1,295 1,353

870 825

1,320 1,228

1,616 1,668 1,759 1,888

-500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

P&C Life Banking Nordea dividends Other

Steady Development of Profit before Taxes

* One-off item – sale of Sampo Bank

EURm

*

• If P&C

• Mandatum Life

• Sampo Bank

• If P&C

• Mandatum

Life

• Nordea /

Investment

• If P&C

• Topdanmark / Associated

• Mandatum Life

• Nordea / Associated

Sampo Group

3,833

32

EURm 9M/16 9M/15P&C 660 756Life 157 132 Nordea 546 577Holding -19 12Group 1,343 1,475

Different Risk Profiles of Investments

Sampo Group

33

Total Group (MEUR) 19,373 19,615 18,844 19,652

12/15 03/16 06/16 09/16

Money Market 12% 8% 56% 6% 5% 72% 7% 9% 48% 11% 10% 43%

Long-Term Fixed Income 74% 52% 27% 80% 54% 17% 81% 51% 41% 76% 49% 45%

Equity 13% 26% 15% 13% 26% 10% 12% 26% 8% 12% 27% 9%

Private Equity 0% 4% 0% 0% 4% 0% 0% 4% 0% 0% 4% 0%

Other 0% 11% 1% 0% 11% 1% 0% 10% 2% 0% 10% 2%

11,395

6,667

1,311

11,092

6,450

2,073

11,517

6,448

879

12,305

6,569

778

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

IfP

&C

Man

datu

mLife

Sam

po

Plc If

P&

C

Man

datu

mLife

Sam

po

Plc If

P&

C

Man

datu

mLife

Sam

po

Plc If

P&

C

Man

datu

mLife

Sam

po

Plc

Investments & Counterparty Exposures*

* In Exposure tables the calculation rules may differ slightly from Allocation tables in some areas.

Sampo Group

34

30.9.2016

AAAAA+ -

AA-

A+ -

A-

BBB+ -

BBB-

BB+ -

CD

Non

Rated

Fixed

Income

Total

Equities Other

Derivatives

(Counterparty

Risk)Total

Change

from

30.6.2016

Basic Industry - - 20 40 111 - 79 250 199 - - 449 + 16

Capital Goods - 15 146 55 15 - 97 328 661 - - 989 + 83

Consumer Products - 174 274 272 101 - 85 905 629 - - 1,535 + 42

Energy - 76 48 - 47 - 232 403 21 0 - 423 - 2

Financial Institutions - 2,487 2,440 934 105 - 30 5,996 94 1 3 6,094 + 572

Governments 118 - - - - - - 118 - - - 118 - 2

Government Guaranteed 77 79 - - - - - 156 - - - 156 - 24

Health Care 7 - 79 46 50 - 59 240 109 - - 350 + 16

Insurance - - 11 125 4 - 101 241 3 37 - 281 + 17

Media - - 10 - 12 - 67 89 - - - 89 - 8

Packaging - - - - 62 - 12 74 1 - - 75 + 0

Public Sector, other 802 197 42 - - - - 1,042 - - - 1,042 - 64

Real Estate - 6 30 58 - - 447 541 - 247 - 789 + 28

Services - - 0 92 117 - 66 275 101 0 - 376 - 31

Technology and Electronics 4 42 35 11 15 - 56 164 157 - - 321 + 44

Telecommunications - - 86 42 40 0 58 226 78 0 - 304 - 4

Transportation - 108 7 58 22 - 172 367 30 - - 397 - 7

Utilities - - 23 463 27 - 64 577 - - - 577 + 20

Others - 15 - - 13 - 3 31 0 61 - 92 + 2

Asset-backed Securities - - - - - - - - - - - - + 0

Covered Bonds 3,041 109 - 11 - - - 3,161 - - - 3,161 + 93

Funds - - - - - - 102 102 1,305 635 - 2,043 + 21

Total 4,050 3,308 3,252 2,206 741 0 1,730 15,287 3,388 982 3 19,659 + 813

Change from 30.6.2016 - 0 + 612 - 104 + 105 - 46 - + 39 + 606 + 220 - 7 - 7 + 813 EURm

Principles of Capital Management

1. Sub-Groups are adequately capitalized to ensure normal business

operations

2. At Group level the following issues are managed/monitored

– direct risk concentrations

– correlations of the sub-groupsʼ profits

– sub-groups do not cross-capitalize each other, parent is the source of capital

– the funds generating capacity of the parent company is maintained by having low leverage and adequate liquidity buffers in normal situations

1 +2 => Sampo Group is well-capitalized

35

Sampo Group

EURm

743

1,4

41

278

875

182 205

1,5

63

3,9

98

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1,4

33

1,0

14

99

477

182 3101,9

40

3,8

18

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Internally assessed Solvency ratio 256%Standard Formula Solvency Ratio 197%

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

EURm

36

S&P TTC for A rating 2,961 S&P TTC for A rating 2,961

If P&C Solvency Capital Requirement, September 30, 2016

Sampo Group

1,260

49

418289

40 53

285

1,141

285

1,743

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Mandatum Life – Solvency II Capital Requirement (SCR)With Transitional Measures, September 30, 2016

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

*

* Own Funds without transitional measures EUR 1,283m

EURmSF with Transitional Measures Solvency ratio 153%

37

Sampo Group

Mandatum Life Technical Provisions Forecast

38

EURm

0

1,000

2,000

3,000

4,000

5,000

6,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

WP-liabilities (4.5% guarantee) WP-liabilities (3.5% guarantee)

Segregated Group Pension Other WP-liabilities

Expected Changes in Insurance Liabilities- Capital consuming High Guaranteed Liabilities

will decrease to EUR 1 bn and their portion of all WP-liabilities will decrease

⇒ Own Funds decrease slower than the SCR ⇒ Solvency stays at adequate level although

the effect of Transitional Measures decreasesover time

Sampo Group

Calculation 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-group’s requirements (sectoral rules)

– Banking rules are applied for 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 and Mandatum Life. This includes diversification effects and also capital requirement for the translation risk related to SEK denominated equity of If P&C

– Nordea’s and Topdanmark’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 ratios39

Sampo Group

1,940

1,141184

3,706

28

6,999

10,433

0

2,000

4,000

6,000

8,000

10,000

12,000

If P&C (SF*) MandatumLife (SCR**)

Topdanmark Sampo plc'sshare ofNordea

Sampo plc Total capitalrequirement

GroupSolvencyCapital

Group Solvency Capital by Financial Conglomerates Rules September 30, 2016

EURmGroup solvency ratio 149% / SII Standard Formula applied for Insurance Subsidiaries

40

*) Standard formula, **) SCR with transition rules

Sampo Group


Sampo Group Current Issues 11-14If P&C The Leading Nordic P&C Insurer 15-22Mandatum Life A Finnish Financial Services Company 23-29Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40Sampo plc Parent Company with Capacity to Generate Funds 41-47

Appendix Separate Supplementary Information 48-59 41

Simple Cash Flows, low leverage and adequate liquidity

Dividends • If P&C• Mandatum Life• Nordea

• Internal Administration Costs

• Discretionary Dividends for Shareholders

• Interest Expenses for Bondholders

Income• Interest on Liquidity • Income from other

investments

Sampo plc

Assets EURm 9,867 Liabilities EURm 9,867

Liquidity 345 CPs Issued 702

Investment assets 164 LT Senior Debt 2,142

-Real Estate 2 -Private Placements 128

-Fixed Income 24 -Bonds Issued 2,014

-Equity & Private Equity

137 -Pension Insurance Loans

Subordinated Loans 623 Subordinated Debt 0

Equity Holdings 8,706 Capital 6,926

-Subsidiaries 2,370 -Undistributable 98

-Associated 6,336 -Distributable 6,828

Other Assets 30 Other Liabilities 97

Flow of Funds Balance Sheet

Key Credit Metrics well in Single A range

Sampo plc 30.9.2016Gross Debt, EURm 2,845Gross Debt to Equity 41%Financial Leverage 29% (= Debt/(Debt+Equity)

Sampo Group, EURm Q3/2016 Q4/2015

Shareholders' Equity 11,445 11,411

Hybrid Bonds 12 10 Senior Debt 2,845 2,143Financial leverage 24.8% 18.8%

42

Sampo plc

Liquid Investments as Buffer

43

Sampo plc

Instrument & Principal Running Yield Call/ Maturity

Mandatum Capital Loan 100m€ 4.57% Every year

IF 30NC6.5 90m€ 4.71% 26.11.2018

IF 30NC10 99m€ 6.07% 08.12.2021

Nordea AT1 PerpNC5 171m$ 5.95% 23.9.2019

Nordea AT1 PerpNC5 98m$ 6.48% 13.9.2021

Topdanmark Tier1 33m€ 5.96% 15.9.2017

Topdanmark 10NC5 135mDKK 2.92% 11.12.2020

Topdanmark 10NC5.5 270mDKK 2.50% 11.6.2021

Hybrids (MV) 623m€ ≈ 5.30%

Cash / Other FI 369m€

Other Investments 139m€

TOTAL * 1,131m€

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

* Before dividend payment

Sampo Group ―Conservative Leverage

-4,000

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q1/0

5

Q1/0

6

Q1/0

7

Q1/0

8

Q1/0

9

Q1/1

0

Q1/1

1

Q1/1

2

Q1/1

3

Q1/1

4

Q1/1

5

Q1/1

6

Q1/1

7

Sampo plc Net debt

Group NAV

Group Equity

EURm

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q1/0

5

Q1/0

6

Q1/0

7

Q1/0

8

Q1/0

9

Q1/1

0

Q1/1

1

Q1/1

2

Q1/1

3

Q1/1

4

Q1/1

5

Q1/1

6

Q1/1

7

Net debt/NAV

44

• ”Loan-To-Values” based on above figures is low• Parent Companyʼs Financial Leverage is 29%

=> Sampoʼs position to refinance its debt is strong

Sampo plc

Dividends Received by Payment Year

EURm

249

1,031

519

181

488 540406

544 490597 587

293

100

300

200

200

100100

100 100

125141

75

35

13080

204 250 224293

370533

551

490

1,406

754

511568

744 756 768

883

1,067

1,220

969

0

200

400

600

800

1,000

1,200

1,400

1,600

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

If Mandatum Life Banking

Sampo plc

Sampo Bank 2005-2006, Nordea 2007->

45

*) If P&C normally pays its dividend towards the end of the calendar year. If P&C made a sales gain in connection to the mandatory offer on Topdanmark shares and paid an extra SEK 2.8 billion (EUR 293 million) dividend to Sampo plc on 22 September 2016. In December 2016 If P&C plans to pay a normal dividend of SEK 5.8 billion to Sampo plc.

Reported Profits facilitates Debt Servicing

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

747

-8 -37

702762

-10-70

683

773

-17 -20

737

879

-20 -26

832

1,069

-18 -1

1,050

1,226

-14

17

1,229

-100

100

300

500

700

900

1,100

1,300

Dividend income Operatingexpenses

Net financialexpenses

Profit before taxes

2010 2011 2012 2013 2014 2015

*

EURm

Sampo plc

46

EURm Q3/2016 Q3/2015Dividends 980.3 638.4Operating expenses -8.3 -10.7Net financial expenses/income -23.3 18.0Profit before taxes 948.7 645.7

Issued Debt Instruments

Sampo plc

EURm

Instrument & Principal Coupon SwapEffective

RateMaturity

Senior Bond 500 EURm (EMTN) 4.2500% Euribor3M + 2.7910% 2.4930% 27.02.2017

Senior Bond 2,000 SEKm (EMTN) Stibor3M + 1.45% --- 0.8970% 29.05.2018

Senior Bond 500 EURm (EMTN) 1,1250% --- 1,1640% 24.05.2019

Senior Bond 2,000 SEKm (EMTN) Stibor3M + 0.77% --- 0.2170% 28.05.2020

Senior Bond 1,000 SEKm (EMTN) 1.2500% EUR 1.007% 1.0070% 28.05.2020

Senior Bond 500 EURm (EMTN) 1.5000% --- 1.5920% 16.09.2021

CPs issued 702 EURm Euribor + Margin 0.2400% Average 3M

Public debt 2,716 EURm 1.1490%

Private placements 128 EURm 1.5819%

Total 2,845 EURm 1.1686%

470

200

400

600

800

1,000

1,200

2016 2017 2018 2019 2020 2021

CP´s Senior under EMTN Senior Retail Private

48

Appendix Separate Supplementary Information 48-59

Sampo Group’s Outlook for 2016

Appendix

49

• Sampo Group’s business areas are expected to report good operating results for 2016.

• 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.

• The P&C insurance operations are expected to reach a combined ratio

of 86-88 per cent excluding the release from the Swedish MTPL reserves.

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

Fixed Income Investments in the Financial Sector

Exposure tables vs. Allocation tables – small differences.

EURm Covered bonds

Money market

Long-term senior debt

Long-term subordinated

debt Total %

Sweden 1,953 820 827 431 4,031 44%

Finland 161 1,006 251 6 1,424 16%

Norway 698 435 233 1,367 15%

Denmark 196 310 43 549 6%

United Kingdom 12 458 23 2 495 5%

the United States 5 339 1 346 4%

Canada 71 138 209 2%

the Netherlands 199 199 2%

Switzerland 176 11 187 2%

France 22 62 14 98 1%

Iceland 90 90 1%

Other 48 12 75 0 135 1%

Total 3,161 2,300 2,926 742 9,130 100%

50

Appendix

Public Sector Fixed Income Investments

EURm Government

Government

guaranteed

Public sector,

other Total

Sweden 118 696 814

Norway 253 253

Finland 79 75 153

Germany 66 66

Japan 18 18

Denmark 11 11

Total 118 156 1,042 1,316

Exposure tables vs. Allocation tables – small differences

51

Appendix

Principles of Investment Management

• Company specific needs form the basis for all investments

– Liabilities intensively analysed and modelled.

– Regulatory requirements.

• Strategy

– Absolute Return targets taking into account the liabilities and general

business targets.

– Direct Investments into Nordic countries mainly, outside Nordics mainly Funds.

– No diversification for the sake of diversification.

• Centrally Managed

– Sampo plc Chief Investment Officer is responsible for all investments, all portfolio managers have a direct reporting line to him.

– Common infrastructure for investment administration and reporting.

– Investment strategies coordinated and streamlined, no overlapping activities

to prevent Group-wide concentrations.

Appendix

52

Risk Management Principles

• Scope

– Sampo’s Board of Directors requires that all activities involving the exposure

of any Sampo Group company to risks, as well as activities controlling those

risks, are arranged to comply with these general guidelines and related

instructions as well as with applicable legislation and regulations.

– The Board of Directors will supervise the risk taking and risk control activities.

– The Principles apply to all Sampo Group companies.

• The Key Objectives

– Balance between risks, capital and earnings

– Cost efficiency and high quality processes

– Strategic and operational flexibility

• The Central Tasks

– Identification of risks

– Assessment of required capital

– Pricing of risks

– Managing risk exposures, capital positions and operative processes

– Measuring and reporting risks

Appendix

For more detailed description of Sampo Group´s Risk Management Principles, see http://www.sampo.com/governance/internal-control/risk-management/

53

Sampo’s P&C insurance operations are merged with If 2002). Following the transaction, Sampoowns 38 per cent of If. If becomes fully owned by Sampo (2004).• Business areas:P&C insurance, Long-term savings,Banking

Sampo Insurance Companyand Leonia Bank merge into Sampo-Leonia Financial Group. • Business areas: P&C insurance, Long-term savings (life insurance, asset management, mutual funds); Banking, Investment banking

Mandatum Bank is merged into Sampo-Leonia, and the Group’s name is shortenedto Sampo.

Sampo divests Sampo Bank to Danske Bank.• Business areas: P&C insurance, Life insurance & Wealth Management

Sampo’s Nordea holding exceeds 20%. • Nordea becomes an associated company.

20072004200220012000 2010 2011

Sampo Group’s(If P&Cʼs) • Topdanmark holding exceeds 23%. Topdanmark becomes If´s associated company.

2012

Sampo Group (If P&C)acquires Tryg’s FinnishBusiness.• If P&C signs a partnership agreement with Nordea.

Sampo Group ― Through Structural Changes to the Leading Nordic Financial Group

2013 2014

Sampo Group(Mandatum Life) acquires Suomi Mutualʼs With-ProfitGroup Pension portfolio.

Appendix

2016

54

Sampo commencesthe mandatory offerfor Topdanmarkafter which Sampo plc´sholding is 41.1.% of shares.Topdanmark becomesSampo´s associatedcompany

Financial Strength Rating HistoryIf P&C Insurance Ltd (Sweden), If P&C Insurance Company Ltd (Finland),Sampo plc

The Sampo Groupʼs P&C insurance companies became part of If in January 2002.

AA-/

A+/

A/

A-/

BBB+/

BBB/

2002 2003 2004 2005 2006 2007 2008 2009 2010 -11 -12 -13 -14 -15 -16

Possib

le d

ow

ng

rade J

an 0

3

Sta

ble

Feb 0

2

Neg

ative

Aug

02

Sta

ble

Apr

03

Possib

le u

pg

rade F

eb 0

4

Sta

ble

May

04

Positiv

e M

ay

06

Sta

ble

Nov

08

Apr 04 First-time issuer rating

Appendix

Aa3

A1

A2

A3

Baa1

Baa255

Positiv

e D

ec 1

5

Moodyʼs If P&CS&P If P&CMoodyʼs Sampo plc

S&P Sampo plc

If P&C Quarterly Results and C/R

EURm Q3/16 Q2/16 Q1/16 Q4/15 Q3/15 Q2/15 Q1/15 Q4/14 Q3/14 Q2/14 Q1/14

Premiums earned 1,080 1,073 1,059 1,077 1,087 1,103 1,076 1,108 1,124 1,122 1,104

Claims incurred -738 -727 -700 -764 -735 -864 -780 -776 -793 -783 -811

Operating expenses -175 -180 -179 -180 -176 -29 -180 -189 -183 -187 -186

Other technical income and expenses

-1 -1 -1 0 0 0 -1 -1 0 1 1

Allocated investment return transferred from the non-technical account

-3 3 5 2 5 7 9 5 7 10 15

Technical result 162 168 184 135 180 217 124 147 155 162 124

Investment result 44 48 40 75 68 99 84 81 75 139 88

Allocated investment return transferred tothe technical account

-3 -10 -13 -11 -14 -17 -18 -16 -18 -21 -27

Other income and expenses

21 14 4 5 11 11 10 8 16 9 9

Operating result 224 220 216 204 245 310 200 219 228 289 194

Risk ratio, % 62.8 62.4 60.7 65.2 61.9 72.7 66.6 64.4 64.7 64.0 67.5

Combined ratio, % 84.6 84.5 83.0 87.7 83.8 80.9 89.2 87.1 86.9 86.5 90.3

Appendix

56

If P&C Reinsurance ProgrammesIf 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

In Millions

Catastrophe/

Event

Property/

Risk Casualty

Personal

Accident Motor TPL Cargo Reporter

Capacity SEK 6,300 SEK 2,000/3,500 SEK 500/€50/$50 SEK 1,100 Unlimited SEK 850

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

57

In Millions

Marine Hull

Reporter

Small Vessels

Clash Cover

Marine Hull I.V. Reporter

Marine Hull WarRisk Reporter

US TerrorismRisk

Capacity SEK 400 SEK 250 SEK 310 USD 60 USD 200

Retention SEK 100 SEK 100 SEK 100 USD 0.25 USD 25

Casualty/Cyber Event

SEK 400/€40/$50

SEK 200/€20/$25

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

Appendix

NordeaProfitable & Diversified Nordic Bank

88

5

88

3

84

7

78

1

83

3

81

8

83

2

59

2

87

8

73

0 96

0

1,0

71

1,0

03

94

9

56

6

1,0

29

1,0

37

1,0

99

92

2

1,0

59

1,0

41

1,0

48

1,0

21

1,0

06

1,1

06

93

5 1,1

26

1,1

57 1,4

08

1,2

35

1,0

33

1,0

27

1,0

06

1,2

23

1,1

48

21 36

89 32

0 35

6

42

5

35

8

34

7

26

1

24

5

20

7 16

6

24

2

118

112

26

3

21

8 21

7

25

4

24

4

19

8

18

6

17

1

18

0 15

8

13

5

112

12

9

12

2

10

3

112

14

2

111

12

7

13

5

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

EURm Restructuring/impairment charges Loan losses Operating profit

Appendix

58

Nordea BV on Consolidated Balance Sheet

Nordea in Sampo Group’s B/S EURm

Acquisition price 5,557.3

Retained earnings 1,804.2

Accumulated other changes in Nordea’s equity -56.0

Share of Nordea’s net profit 566.5

Amortisation -26.5

Deferred tax 5.8

Dividends -550.7

Share of Nordea’s other comprehensive income -14.5

Share of Nordea’s other changes in equity 6.7

Share of Nordea’s goodwill change -14.5

Total 7,278.4

Figures Per ShareEUR

Acquisition price 6.46Book value 8.46Market Value* 8.82

No. of shares860,440,497

* As of 30/09/2016

Appendix

59

Sampo Group · Debt Investor Presentation Prepared November 4, 2016 Figures September 30, 2016....

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