Sampo Oyj · OMXHEX:SAMPO
Sampo Oyj — Q3 2026 Earnings Presentation
65 slides from Sampo Oyj's earnings presentation, Nov 4, 2026
Slide 1: Investor Presentation January–September 2026
Investor Presentation January–September 2026 4 November 2026
Slide 2: Disclaimer
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 assuran
Slide 3: Financial highlights
SAMPO = GROUP Financial highlights
Slide 4: Q3/2026: Continued high-quality growth
Q3/2026: Continued high-quality growth Top-line growth supported by broad-based and improved momentum across the private and SME lines Outlook for 2026 adjusted Strong traction in Nordic Commercial with high-single-digit Insurance revenue like-for-like GWP growth for the second consecutive quarter +
Slide 5: Consistent improvements across key underwriting KPIs
Consistent improvements across key underwriting KPIs Insurance revenue Combined ratio Underwriting result EURm EURm 7,303 Risk ratio (%) Cost ratio (%) 1,221 6,755 83.0% 82.6% 83.4% 83.3% 435 1,121 2,503 24.9% 24.9% 25.5% 25.0% 392 2,303 58.1% 57.7% 57.9% 58.2% Q3/2025 Q3/2026 1–9/2025 1–9/2026 Q3/2
Slide 6: Performance supported by growth and strong margins across segments
Performance supported by growth and strong margins across segments Private Nordic Private UK Nordic Commercial Nordic Industrial GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue GWP Insurance revenue 3,416 3,230 2,328 1,621 2,025 1,755 843 481 (+5.4%) (+6.5%) (+5%) (+11%) (+3.1%) (+
Slide 7: Private Nordic: Durable growth with attractive underwriting margins
Private Nordic: Durable growth with attractive underwriting margins Continued broad-based growth with solid momentum Top-line growth continued to be supported by high and stable Private Nordic like-for-like GWP growth retention and strong new sales performance 12% Strong demand-driven growth in pers
Slide 8: Private UK: Strong LCP growth at target UW margins
Private UK: Strong LCP growth at target UW margins Consistent growth at attractive margins UK motor market remained on the softer side, but with price Million LCPs and combined ratio (%) stabilisation on renewal business +60% Attractive top-line growth over the quarter, driven by higher policy volum
Slide 9: Nordic Commercial: Accelerating momentum underpinned by SME
Nordic Commercial: Accelerating momentum underpinned by SME Top-line growth propelled by accelerating momentum in SME Solid growth momentum underpinned by continued traction with and sustained growth in personal insurance SME and through digital channels SME like-for-like GWP growth (%) Commercial d
Slide 10: Topdanmark integration progressing as planned
Topdanmark integration progressing as planned Synergy run-rate realisation target by year • Strong delivery on synergies with cumulative realised run-rate EURm close to 80% of the 2026 target, driven by cost synergies in IT and manning Target per year Realised run-rate Realised 2025 • Two-thirds of
Slide 11: Adverse mark-to-market movements partly offset by legacy assets
Adverse mark-to-market movements partly offset by legacy assets • Rising interest rates, particularly at the short end of the yield curve, Investment returns burdened by sharply increased interest rates led to fixed income net losses of EUR -253 million, resulting in Group net investment income Q3/2
Slide 12: Solvency II coverage supported by strong operating performance
Solvency II coverage supported by strong operating performance Group Solvency II ratio • Solvency II coverage stood strong at 175%, supported by strong operating performance +2% -5% • Positive market effects mainly driven by favourable FX 13% +1% movements, partly offset by higher interest and widen
Slide 13: Changes to operating result and operating EPS
Changes to operating result and operating EPS The IFRS 18 Presentation and Disclosure in Financial Statements standard, due to Core EPS bridge applied from 1 January 2027 onward, introduces operating profit as a line item in the statement of profit or loss. To avoid ambiguity in terminology, Sampo’s
Slide 14: Outlook for 2026 adjusted to reflect the strong performance
Outlook for 2026 adjusted to reflect the strong performance • Sampo continues to deliver steady UW profit growth, Sampo is in a strong position to continue attractive UW profit growth driven by attractive organic growth • Following strong performance and a favourable weather Insurance revenue (EURbn
Slide 15: Private Nordic P&C market dynamics in a nutshell
Private Nordic P&C market dynamics in a nutshell Private Nordic After claim, how likely are Big total size split • Private Nordic P&C is a mature market, but still growing ahead of GDP 89% you to recommend us? into small local Customer (% of respondents) • Sizeable EUR >20 billion total market but i
Slide 16: Consistent delivery against targets throughout the strategic period
Consistent delivery against targets throughout the strategic period Target 2024-2026 2024 2025 1–9/2026 Strong execution on delivering underwriting profit growth Operating EPS growth: >9%1) (period average) 13% 7% 8% +37-42% Combined ratio: <85% 84.3% 83.6% 83.3% Deployable capital generation: >EUR
Slide 17: Sampo's Investor Update 2026
Sampo’s Investor Update 2026 • Sampo’s Investor Update will take place in London on 17 November 2026. • Group Management will provide further insight into Sampo’s operational and financial ambitions for the next strategic period • The program will start at 10:00 am UK time and end at around 1:00 pm
Slide 18: Performance by segment
SAMPO = GROUP Performance by segment
Slide 19: Private Nordic: Broad-based growth continued
Private Nordic: Broad-based growth continued • Like-for-like top-line growth of 5.6% in Q3, driven by broad-based momentum across the Nordics • In Q3, personal insurance grew by 12% and private property by 6%, while motor was up 3% with momentum expected to improve € 3,416 million € 602 million • Al
Slide 20: Private Nordic: Key growth drivers
Private Nordic: Key growth drivers GWP growth, like-for-like Retention rate (%) Digital sales (EURm) 8.5% 89% 89% 89% 175 6.5%* 144 154 136 5.4% GWP: 3,872 4,183 3,416 Ins. revenue: 3,667 3,995 3,230 2024 2025 1–9/2026 2024* 2025 1–9/2026 2024* 2025 1–9/2025 1–9/2026 GWP growth, like-for-like Custom
Slide 21: Private UK: Capturing growth with disciplined underwriting
Private UK: Capturing growth with disciplined underwriting • Top-line development continued to be driven by LCP growth across several segments in motor and home • LCP growth of 3% quarter-on-quarter and 13% year-on-year • Average market prices for motor broadly stable year-on-year at total € 2,328 m
Slide 22: Private UK: Key growth drivers
Private UK: Key growth drivers UK: GWP growth, like-for-like UK: motor policies in force, millions UK: home policies in force, millions 32% 3.97 0.94 0.96 3.83 0.89 0.91 3.56 3.47 0.72 21% 3.14 0.54 13% 2.92 5% 2023 2024 2025 1–9/2026 2023 2024 Q3/2025 2025 Q2/2026 Q3/2026 2023 2024 Q3/2025 2025 Q2/
Slide 23: Nordic Commercial: Accelerating growth momentum
Nordic Commercial: Accelerating growth momentum • Strong SME-driven growth momentum with high-single-digit like-for-like GWP growth for the second consecutive quarter • SME lines grew by 9% in Q3 and 5% in January-September, supported by solid and broad-based growth across the Nordics € 2,025 millio
Slide 24: Nordic Commercial: Key growth drivers
Nordic Commercial: Key growth drivers GWP growth, like-for-like SME: GWP growth, like-for-like Commercial digital sales (EURm) 6.8% 5.9% 5.6% 5.1% 5.1% 40 33 29 3.1% 27 2024 2025 1–9/2026 2024 2025 1–9/2026 2024 2025 1–9/2025 1–9/2026 GWP: 2,173 2,391 2,025 Ins. rev.: 2,128 2,201 1,755 Growth rates
Slide 25: Nordic Industrial: Strong margins amid soft market conditions
Nordic Industrial: Strong margins amid soft market conditions • Like-for-like top-line growth slightly negative in January-September, but up 3% in Q3, driven by new sales, particularly in Denmark • Insurance revenue increased by 10% in 1-9/2026, supported by favourable reinsurance terms € 843 millio
Slide 26: Financial supplement
SAMPO = GROUP Financial supplement
Slide 27: Profit & loss detail
SAMPO = GROUP Profit & loss detail
Slide 28: Key result movements Q3/2026
Key result movements Q3/2026 EURm Q3/2026 Q3/2025 Comments Gross written premiums 2,373 2,218 - Like-for-like growth of 6%, driven by continued momentum in private and SME lines Insurance revenue, net 2,503 2,303 - Broad-based underlying development across segments Underwriting result 435 392 - UW r
Slide 29: Top-line development
Top-line development Gross written premiums Insurance revenue, net EURm EURm 11,000 10,738 10,000 253 9,931 9,078 10,000 249 1,046 9,000 298 8,870 8,386 1,070 8,803 275 584 9,000 238 8,461 191 8,000 195 7,535 657 7,303 966 2,391 843 223 8,000 841 217 2,173 7,000 627 2,201 6,755 223 481 7,000 2,128 4
Slide 30: Underwriting result and combined ratio development
Underwriting result and combined ratio development Underwriting result Combined ratio EURm 1,600 88% 1,485 69 1,400 86% 1,316 109 84.6% 72 84.3% 1,221 84% 83.6% 83.4% 83.3% 1,200 1,164 74 63 46 1,121 376 55 88 80 82% 80 1,000 352 298 315 80% 279 216 800 190 78% 170 128 175 600 76% 400 715 74% 595 62
Slide 31: Group: results and key figures
Group: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 8,803 2,373 2,677 3,752 2,277 8,461 2,218 2,542 3,701 10,738 9,931 8,870 Insurance revenue, net 7,303 2,503 2,437 2,363 2,322 6,755 2,303 2,264
Slide 32: Group: operating result
Group: operating result EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY2025 FY 2024 FY 2023 Underwriting result 1,221 435 418 368 364 1,121 392 393 336 1,485 1,316 1,164 Interest and dividend income 484 170 168 146 142 450 144 164 142 592 609 593 Realised gains or l
Slide 33: Private Nordic: results and key figures
Private Nordic: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 3,416 1,077 1,172 1,167 991 3,192 1,011 1,100 1,081 4,183 3,872 3,627 Insurance revenue, net 3,230 1,099 1,083 1,048 1,027 2,968 1,014
Slide 34: Private UK: results and key figures
Private UK: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 2,328 828 798 702 622 2,243 764 757 722 2,865 2,565 2,063 Insurance revenue, net 1,621 562 537 522 513 1,487 518 499 470 2,000 1,659 1,251
Slide 35: Nordic Commercial: results and key figures
Nordic Commercial: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 2,025 304 386 1,335 401 1,990 282 360 1,348 2,391 2,173 1,977 Insurance revenue, net 1,755 599 585 570 561 1,640 554 549 537 2,201
Slide 36: Nordic Industrial: results and key figures
Nordic Industrial: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 843 108 255 480 205 841 104 256 481 1,046 1,070 966 Insurance revenue, net 481 168 159 154 145 439 141 147 150 584 657 627 Claims i
Slide 37: Baltic & other operations: results and key figures
Baltic & other operations: results and key figures EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Gross written premiums 191 57 66 69 58 195 57 69 69 253 249 238 Insurance revenue, net 217 75 73 69 75 223 76 75 72 298 275 223 Claims incurred, n
Slide 38: Nordic underlying risk ratio development
Nordic underlying risk ratio development 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Risk ratio, % 59.8 59.2 59.6 60.6 59.7 59.9 59.9 58.6 61.1 59.8 61.0 61.1 Large claims, % -0.8 -0.3 -0.5 -1.7 -1.4 -1.0 -0.3 -1.6 -1.0 -1.1 1.2 1.3 Severe weathe
Slide 39: Group net financial result
Group net financial result EURm 1–9/2026 Q3/2026 Q2/2026 Q1/2026 Q4/2025 1–9/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Fixed income 443 156 146 141 137 405 139 132 134 541 559 520 Equities 42 2 37 3 3 25 2 19 4 28 37 59 Funds 18 12 4 3 3 20 4 12 5 23 16 16 Interest and dividend income 502
Slide 40: Investments & balance sheet
SAMPO = GROUP Investments & balance sheet
Slide 41: Group balance sheet
Group balance sheet Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Property, plant and equipment 309 315 305 301 276 288 296 301 284 318 Intangible assets 3,347 3,461 3,479 3,492 3,510 3,556 3,629 3,492 3,637 3,637 Investments in associates 5 5 5 5 4 4 4 5 4 12 Finan
Slide 42: Group investment mix and returns
Group investment mix and returns Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Credit bonds, funds and loans 51% 49% 46% 47% 47% 47% 43% 47% 49% 44% Covered bonds 19% 19% 20% 21% 21% 24% 25% 21% 24% 23% Government bonds 5% 5% 6% 6% 7% 7% 7% 6% 6% 4% Index-linked bon
Slide 43: Group fixed income mix Q3/2026
Group fixed income mix Q3/2026 Geographical breakdown Rating breakdown Sweden, 27% Denmark, 14% 7% AAA, 29% Norway, 11% 6% A, 28% 27% 11% 29% United States, 10% BBB, 22% 8% Others, 9% AA, 11% EURbn EURbn 8% Non-rated, 7% Finland, 8% 16.3 16.3 22% BB, 1% France, 8% 9% 14% B, 1% UK, 6% 10% 28% CCC-D,
Slide 44: Group equities mix Q3/2026
Group equities mix Q3/2026 Listed equities Top 10 equity funds and ETFs Top 10 direct equity investments Value, EURm Value, EURm SPDR S&P 500 Trust ETF 175 NOBA 388 16% iShares MSCI Europe ETF 127 Volvo AB 133 Hermes Asia ex-JP Fund 125 Veidekke 81 Investec GSF Asia Pacific Fund 111 ABB 80 17% EURbn
Slide 45: Net insurance liabilities
Net insurance liabilities Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Liability for remaining coverage, net 1,997 2,206 2,529 1,556 1,924 2,167 2,516 1,556 1,620 1,469 Liability for incurred claims, net 9,414 9,133 8,728 8,728 8,603 8,301 8,100 8,728 8,067 7,983 -
Slide 46: Key sensitivities
Key sensitivities Quarterly P&L effects, Q3/2026 EURm Effect on quarterly Combined ratio *) Discount rate ±100 bps ±70bps • Loss and combined ratio sensitive to changes in discount rates Insurance finance income & expense, net Discount rate +100 bps 305 • Net investment income sensitive to mark-to-
Slide 47: Solvency II ratio development
Solvency II ratio development 220% 210% 200% 185% 182% 180% 176% 177% 174% 174% 174% 175% 160% 140% 120% 100% 2020 2021 2022 2023 2024 2025 Q1/2026 Q2/2026 Q3/2026 Target range for 2021-2023 (170-190%) Target range for 2024-2026 (150-190%) 4 November 2026 47
Slide 48: Solvency II SCR and own funds
Solvency II SCR and own funds EURm Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Market risk 2,106 2,169 2,063 2,316 2,201 2,067 2,033 2,316 1,974 1,920 Insurance risk 1,857 1,801 1,774 1,849 1,847 1,827 1,823 1,849 1,734 2,027 Counterparty risk 192 193 190 201 185
Slide 49: Estimated Solvency II ratio sensitivities on market risk factors
Estimated Solvency II ratio sensitivities on market risk factors Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Solvency II ratio 175% 174% 174% 174% 172% 174% 180% 174% 177% 182% Rates -100bps -1%-p -1%-p -2%-p -4%-p -5%-p -5%-p -5%-p -4%-p -5%-p -5%-p Rates +100bps
Slide 50: Financial leverage development
Financial leverage development IFRS 4 IFRS 17 35% 30% 25.6% 26.9% 25.9% 24.4% 25.3% 25.1% 25% 23.8% 23.6% 23.7% 20% 15% 10% 5% 0% 2021 2022 2022 2023 2024 2025 Q1/2026 Q2/2026 Q3/2026 Hybrid Senior Target (<30%) EURm 2021 2022 (IFRS 4) 2022 (IFRS 17) 2023 2024 2025 Q1/2026 Q2/2026 Q3/2026 Hybrid deb
Slide 51: Outstanding debt instruments
Outstanding debt instruments Issue date Currency Issued, million Outstanding, million Coupon Maturity date First call date Sampo plc senior bond Feb 2018 EUR 500 313 1.625% 21 Feb 2028 21 Nov 2027 Sampo plc senior bond Aug 2018 NOK 1,000 (EUR 92) 1,000 (EUR 92) 3.100% 7 Sep 2028 - Sampo plc Tier 2 M
Slide 52: Hold Co (Sampo plc) balance sheet
Hold Co (Sampo plc) balance sheet EURm Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 Liquidity 963 814 1,059 881 862 593 608 881 626 1,352 Investment assets 2,303 2,352 2,406 2,754 2,584 2,380 2,406 2,754 2,408 979 Tangible assets 3 3 3 4 4 2 3 4 3 2 Fixed income 1,
Slide 53: Additional information
SAMPO = GROUP Additional information
Slide 54: Share count development
Share count development Total share count, million Average number of shares 2,777 2,734 1-12/2020 2,776,759,250 2,691* 2,662 2,656 2,640 2,572 2,618 2,509 1-12/2021 2,771,584,090 1-12/2022 2,651,481,010 1-12/2023 2,529,695,320 1-12/2024 2,560,572,410 1-3/2025 2,691,238,860 1-6/2025 2,691,238,860 1-9
Slide 55: Share buybacks development
Share buybacks development Buyback programmes Buybacks by quarter Announced, Executed, Launch Start End EURm EURm Shares repurchased EURm 1. programme 1 Oct 2021 4 Oct 2021 25 Mar 2022 750 750 Total 2021 42,699,780 380 2. programme 30 Mar 2022 31 Mar 2022 17 May 2022 250 228 Total 2022 162,212,895 1
Slide 56: Geographical mix 1–9/2026
Geographical mix 1–9/2026 Gross written premiums, EURm Insurance revenue, net, EURm GWP by country, % Sweden, 18% Sweden 1,555 1,347 Norway, 21% 8.8 Denmark, 21% EURbn Norway 1,802 1,595 Finland, 12% Denmark 1,851 1,634 UK, 26% Baltic & other, 2% Finland 1,706 890 Insurance revenue by country, % UK
Slide 57: Geographical mix Q3/2026
Geographical mix Q3/2026 Gross written premiums, EURm Insurance revenue, net, EURm GWP by country, % Sweden, 17% Sweden 408 453 Norway, 19% 2.4 Denmark, 18% EURbn Norway 439 556 Finland, 10% Denmark 415 553 UK, 35% Baltic & other, 2% Finland 227 304 Insurance revenue by country, % UK 828 562 Sweden,
Slide 58: Geographical mix by segment 2025
Geographical mix by segment 2025 Private Nordic Sweden Norway Denmark Finland UK Total Private UK Sweden Norway Denmark Finland UK Total Gross written Gross written 1,320 1,126 1,048 668 - 4,183 - - - - 2,865 2,865 premiums premiums Insurance revenue, Insurance revenue, 1,271 1,043 1,014 666 - 3,995
Slide 59: Nordic new car sales
Nordic new car sales Number of cars sold (1,000) Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Q2/2025 Q1/2025 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Sweden 69.9 79.9 62.0 69.0 63.1 77.5 63.4 273.0 269.5 289.7 288.0 301.0 292.0 Norway 41.8 46.2 27.2 66.2 37.8 43.9 31.6 179.6 128.7 127.0 174.3 176
Slide 60: Sampo Group overview
SAMPO GROUP Sampo Group overview
Slide 61: Safety and value through understanding risks
Safety and value through understanding risks 4 November 2026 61
Slide 62: Sampo is the leading Northern European P&C insurance group
Sampo is the leading Northern European P&C insurance group Sampo’s scale is unmatched among P&C peers 9 million customers in 8 markets Insurance revenues, EURbn Private Nordic Private UK Nordic Commercial 8.8 Multiple strong brands 5.7 5.4 4.9 3.6 Unique partnership network* 1.6 *Examples of Nordic
Slide 63: A well-diversified platform with scalable growth potential
A well-diversified platform with scalable growth potential Multiple attractive growth areas Leading market position across markets Other operations Digital UK Nordic mid-sized and personal lines large corporates €11bn GWP in 2025 Nordic private 21% 22% 17% motor insurance Nordic personal insurance 2
Slide 64: Sampo aims to deliver attractive and reliable capital returns
Sampo aims to deliver attractive and reliable capital returns Regular dividend per share, EUR Distribution policy Sampo aims to return capital through a reliable and progressive regular dividend complemented by share buybacks. In a typical year, Sampo expects to return around 90 0.34 0.36 per cent o
Slide 65: Investor Presentation January–September 2026
Investor Presentation January–September 2026 Sampo plc Web www.sampo.com Phone: +358 10 516 0100 Fabianinkatu 21 Sampo_plc Business ID: 0142213-3 00130 Helsinki Sampo_plc Finland Sampo plc