Sampo Group Debt Investor Presentation Prepared November 4, 2016 - - PowerPoint PPT Presentation

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Sampo Group Debt Investor Presentation Prepared November 4, 2016 - - PowerPoint PPT Presentation

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Sampo Group Debt Investor Presentation Prepared November 4, 2016 Figures September 30, 2016 DEBT INVESTOR CONTACTS FINANCIAL CALENDAR 2016 Markku Pehkonen, CRO 10/02/2016 Financial Statement Release for 2015 tel. +358 10 516 0014 Silent

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SLIDE 1

Sampo Group

Debt Investor Presentation

Prepared November 4, 2016 Figures September 30, 2016

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SLIDE 2

DEBT INVESTOR CONTACTS Markku Pehkonen, CRO

  • tel. +358 10 516 0014

markku.pehkonen@sampo.fi Peter Johansson, CFO

  • tel. +358 10 516 0010

peter.johansson@sampo.fi Jarmo Salonen, Head of IR Relations and Group Communications

  • tel. +358 10 516 0030

jarmo.salonen@sampo.fi FINANCIAL CALENDAR 2016 10/02/2016 Financial Statement Release for 2015 Silent period 13/01/2016-10/02/2016 Week 11 Annual Report 2015 21/04/2016 AGM 11/05/2016 Interim Statement Q1/2016 Silent period 13/04/2016-11/05/2016 10/08/2016 Half-year report 2016 Silent period 11/07/2016-10/08/2016 03/11/2016 Interim Statement Q3/2016 Silent 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.

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SLIDE 3

Mission Value Creation in the Nordic Financials 3-10 Sampo Group Current Issues 11-14 If P&C The Leading Nordic P&C Insurer 15-22 Mandatum Life A Finnish Financial Services Company 23-29 Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40 Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 3

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SLIDE 4
  • 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 insurer

in 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 financial

services group in the Northern Europe

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

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

  • ROE above the Nordic

peer 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 of

cover against health and life risks, well-respected manager of customer wealth ~ EUR 6.6bn ~ EUR 6.1bn U-L AuM

  • RoE above 17.5%

100%

4

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SLIDE 5

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 regulations

5

Sampo Group ― Value creation in the Nordic financials

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SLIDE 6
  • 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 regions as well as to Nordic customers with international operations

  • Business activities are
  • perated on a pan-Nordic basis.
  • The business is divided into

customer segments Private, Commercial and Industrial. The Baltic countries comprise a 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.

Sampo Group ― Value creation in the Nordic financials

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SLIDE 7

Nordea ‒ Diversified and Stable Nordic Bank

17 24 38 47 77 146 Nordea Peer 4 Peer 3 Peer 1 Peer 5 Peer 2

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

7

Sampo Group ― Value creation in the Nordic financials

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

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SLIDE 8

Topdanmark ‒ Insurer with a Robust Business Model

8

Sampo Group ― Value creation in the Nordic financials

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SLIDE 9

Value Creation in the Nordic Financials as Group Strategy

LONG-TERM VALUE CREATION

  • Value creation through investments in Nordic financials based on knowledge
  • f 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

CENTRALIZED INVESTMENT MANAGEMENT

  • Company specific liabilities and solvency driving risk profiles, supported by

a Group-wide investment philosophy. Common investment infrastructure facilitates effective monitoring and fast actions, also at the Group level.

9

Sampo Group ― Value creation in the Nordic financials

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SLIDE 10

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 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 ― Value creation in the Nordic financials

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Mission Value Creation in the Nordic Financials 3-10 Sampo Group Current Issues 11-14 If P&C The Leading Nordic P&C Insurer 15-22 Mandatum Life A Finnish Financial Services Company 23-29 Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40 Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 11

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SLIDE 12

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 which

it paid 289 m€ as dividends

  • No SCR related to Topdanmark holding
  • Increase of Own Funds and decrease of

SCR contributed positively to Solvency Ratio

  • f 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 calculation

method does not change. Net Stand-alone effect 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€

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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

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SLIDE 13

Mandatum Life’s agency agreement with Danske

Background

  • 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 insurance products through Sampo Bank’s network in Finland

  • Mandatum Life has decided not to prolong the distribution agreement which included

an 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

Sampo Group ― Current Issues

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SLIDE 14

Mandatum Life Technical Provisions 31 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-linked 5,858, 54% With-profit 3,818,35%

Total EUR 10,872 million

  • Danske Bank related technical

provisions represent

  • under 30% of total reserves
  • under 50 % of total unit-linked

provisions

  • ~ 5 % of with-profit provisions
  • Loan insurance portfolio related

to mortgages has ~ 52,000 persons insured and the total sum at risk is EUR 2.3 billion

  • Distribution cooperation is active

in all banking segments: private banking, retail banking and corporate banking

14

Sampo Group ― Current Issues

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SLIDE 15

Mission Value Creation in the Nordic Financials 3-10 Sampo Group Current Issues 11-14 If P&C The Leading Nordic P&C Insurer 15-22 Mandatum Life A Finnish Financial Services Company 23-29 Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40 Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 15

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SLIDE 16

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

If 17% Topdanmark 5% Tryg 9% Gjensidige 8% RSA 9% LF 10% Folksam 5% Pohjola 6% LähiTapiola 4% Other 27% 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)

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SLIDE 17

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

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SLIDE 18

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

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SLIDE 19

If-Total If Sweden If Norway If 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

20 40 60 80 100 % Risk ratio Cost ratio Target CR

If P&C

92.1 92.8 92 88.9 88.1 87.7 85.4 93 96.1 95.2 90.7 90.6 88.3 88.2

80 85 90 95 100 2009 2010 2011 2012 2013 2014 2015

If P&C Nordic Market (incl.If)

Disciplined Underwriting and Diversification work

19

%

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SLIDE 20

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

821 113 689 558 459 190 200 400 600 800 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 income 66% Equities 12% Private equity 0.2 % Real Estate 0.2 % Other

  • 0.04%
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SLIDE 21

Strong & Stable Annual Profit Development

800 730 534 549 644 707 636 864 929 931 960

  • 267

1,127 943 308 978 689 526 624

  • 400
  • 200

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/15 Profit before taxes 660 756 Comprehensive Income 508 434

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SLIDE 22

50 100 150 200 250 300 350 Technical result Investment result Operating result

Seasonality in Quarterly Results and CR%

Q4 Q3 Q2 Q1 Average Quarterly CR%, 2006-2015 89.9 88.6 88.2 93.1 Year 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

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SLIDE 23

Mission Value Creation in the Nordic Financials 3-10 Sampo Group Current Issues 11-14 If P&C The Leading Nordic P&C Insurer 15-22 Mandatum Life A Finnish Financial Services Company 23-29 Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40 Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 23

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SLIDE 24

Finnish Life Insurer with Wealth Management Focus

Client Segment Underlying Market Critical Success Factors Sales & Client Services

Corporate Customers Employee Benefit

  • Expertise in Rewards and Incentives,

Pension & Risk Life Solutions and Asset Management Mandatum Life HNWI Wealth Management

  • Professional Wealth Management
  • Management of Client Relationships

Mandatum Life Private Customers Savings and Insurance Products

  • Distribution Power

Danske Bank*

(Sales agreement terminated 1.1.2017)

Mandatum Life

Cross-selling

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.

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SLIDE 25

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

269 87 215 11 56 33 2 Unit-linked life Unit-linked pension Unit-linked capital redemption Unit-linked Baltic Other life Other pension Other capital redemption Other Baltic 2,288 1,895 1,751 147 187 3,753 28 17

Mandatum Life Business Volumes

U-L EUR 6,082m With-Profit EUR 3,984 U-L EUR 582m With-Profit EUR 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 4,616 5,312 5,858 6,086

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

EURm

Mandatum Life

25

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SLIDE 26

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 about the 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

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SLIDE 27

Absolute Return Investment Portfolio

Mark-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

504 391 251 427

  • 100

100 200 300 400 500 600 700 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 Bonds 1 % Credit Bonds, Funds and Loans 48% Policy Loans 0 % Listed Equity 27% Real Estate 4 % Private Equity 4 % Unlisted Equity 0% Biometric 0 % Commodities 0 % Other Alternative 5 % Trading Derivatives 0 %

Mark-to-Market Investment Return, EURm

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SLIDE 28

Profit Development

295 342 140 121 142 137 136 153 163 181 286 80

  • 378

495 332

  • 115

286 220 149 168

  • 500
  • 250

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/2015 Profit before taxes 157 132 Comprehensive Income 193 50

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SLIDE 29

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

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SLIDE 30

Mission Value Creation in the Nordic Financials 3-10 Sampo Group Current Issues 11-14 If P&C The Leading Nordic P&C Insurer 15-22 Mandatum Life A Finnish Financial Services Company 23-29

Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40

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

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SLIDE 31
  • 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 (Asset

Management, Private Banking, Life & Pensions)

  • Low earnings volatility & stable

ROE 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

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SLIDE 32

948 1,295 1,353 870 825 1,320 1,228 1,616 1,668 1,759 1,888

  • 500

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/15 P&C 660 756 Life 157 132 Nordea 546 577 Holding

  • 19

12 Group 1,343 1,475

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SLIDE 33

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

2,000 4,000 6,000 8,000 10,000 12,000 14,000

If P&C Mandatum Life Sampo Plc If P&C Mandatum Life Sampo Plc If P&C Mandatum Life Sampo Plc If P&C Mandatum Life Sampo Plc

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SLIDE 34

Investments & Counterparty Exposures*

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

Sampo Group

34 30.9.2016 AAA AA+ - AA- A+ - A- BBB+ - BBB- BB+ - C D 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

  • 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

  • 92

117

  • 66

275 101

  • 376
  • 31

Technology and Electronics 4 42 35 11 15

  • 56

164 157

  • 321

+ 44 Telecommunications

  • 86

42 40 58 226 78

  • 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 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 1,730 15,287 3,388 982 3 19,659 + 813 Change from 30.6.2016

+ 612

  • 104

+ 105

  • 46
  • + 39

+ 606 + 220

  • 7
  • 7

+ 813 EURm

slide-35
SLIDE 35

Principles of Capital Management

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

  • perations

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

slide-36
SLIDE 36

EURm

743 1,441 278 875 182 205 1,563 3,998 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 1,433 1,014 99 477 182 310 1,940 3,818 500 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

slide-37
SLIDE 37

1,260 49 418 289 40 53 285 1,141 285 1,743 200 400 600 800 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

EURm

SF with Transitional Measures Solvency ratio 153%

37

Sampo Group

slide-38
SLIDE 38

Mandatum Life Technical Provisions Forecast

38

EURm 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 decreases

  • ver time

Sampo Group

slide-39
SLIDE 39

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

  • ver 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 ratios

39

Sampo Group

slide-40
SLIDE 40

1,940 1,141 184 3,706 28 6,999 10,433 2,000 4,000 6,000 8,000 10,000 12,000 If P&C (SF*) Mandatum Life (SCR**) Topdanmark Sampo plc's share of Nordea Sampo plc Total capital requirement Group Solvency Capital

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

slide-41
SLIDE 41

Mission Value Creation in the Nordic Financials 3-10 Sampo Group Current Issues 11-14 If P&C The Leading Nordic P&C Insurer 15-22 Mandatum Life A Finnish Financial Services Company 23-29 Sampo Group A Diversified Business Portfolio with Strong Capitalization 30-40 Sampo plc Parent Company with Capacity to Generate Funds 41-47 Appendix Separate Supplementary Information 48-59 41

slide-42
SLIDE 42

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 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 30.9.2016 Gross Debt, EURm 2,845 Gross 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 2,143 Financial leverage 24.8% 18.8%

42

Sampo plc

slide-43
SLIDE 43

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

slide-44
SLIDE 44

Sampo Group ― Conservative Leverage

  • 4,000
  • 2,000

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000

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

Sampo plc Net debt Group NAV Group 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

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

slide-45
SLIDE 45

Dividends Received by Payment Year

EURm

249 1,031 519 181 488 540 406 544 490 597 587 293 100 300 200 200 100 100 100 100 125 141 75 35 130 80 204 250 224 293 370 533 551 490 1,406 754 511 568 744 756 768 883 1,067 1,220 969

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

  • n 22 September 2016. In December 2016 If P&C plans to pay a normal dividend of SEK 5.8 billion to Sampo plc.
slide-46
SLIDE 46

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

702 762

  • 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 Operating expenses Net financial expenses Profit before taxes

2010 2011 2012 2013 2014 2015 *

EURm

Sampo plc

46

EURm Q3/2016 Q3/2015 Dividends 980.3 638.4 Operating expenses

  • 8.3
  • 10.7

Net financial expenses/income -23.3 18.0 Profit before taxes 948.7 645.7

slide-47
SLIDE 47

Issued Debt Instruments

Sampo plc

EURm

Instrument & Principal Coupon Swap Effective Rate Maturity

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%

47

200 400 600 800 1,000 1,200 2016 2017 2018 2019 2020 2021 CP´s Senior under EMTN Senior Retail Private

slide-48
SLIDE 48

48

Appendix Separate Supplementary Information 48-59

slide-49
SLIDE 49

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
  • f 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.
slide-50
SLIDE 50

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 75 135 1% Total 3,161 2,300 2,926 742 9,130 100%

50

Appendix

slide-51
SLIDE 51

Public Sector Fixed Income Investments

EURm Government Government guaranteed Public sector,

  • ther

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

slide-52
SLIDE 52

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

slide-53
SLIDE 53

Risk Management Principles

  • Scope

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

  • f 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

slide-54
SLIDE 54

Sampo’s P&C insurance

  • perations are merged with If 2002).

Following the transaction, Sampo

  • wns 38 per cent of If. If becomes

fully owned by Sampo (2004).

  • Business areas:

P&C insurance, Long-term savings, Banking Sampo Insurance Company and 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 shortened to 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.

2007 2004 2002 2001 2000 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 Finnish Business.

  • 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-Profit Group Pension portfolio.

Appendix

2016

54

Sampo commences the mandatory offer for Topdanmark after which Sampo plc´s holding is 41.1.%

  • f shares.

Topdanmark becomes Sampo´s associated company

slide-55
SLIDE 55

Financial Strength Rating History

If 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

Possible downgrade Jan 03 Stable Feb 02 Negative Aug 02 Stable Apr 03 Possible upgrade Feb 04 Stable May 04 Positive May 06 Stable Nov 08 Apr 04 First-time issuer rating Appendix

Aa3 A1 A2 A3 Baa1 Baa2

55

Positive Dec 15

Moodyʼs If P&C S&P If P&C Moodyʼs Sampo plc S&P Sampo plc

slide-56
SLIDE 56

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
  • 1
  • 1

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 to the 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

slide-57
SLIDE 57

If P&C Reinsurance Programmes

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 diversified

portfolio 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 War Risk Reporter US Terrorism Risk 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

slide-58
SLIDE 58

Nordea Profitable & Diversified Nordic Bank

885 883 847 781 833 818 832 592 878 730 960 1,071 1,003 949 566 1,029 1,037 1,099 922 1,059 1,041 1,048 1,021 1,006 1,106 935 1,126 1,157 1,408 1,235 1,033 1,027 1,006 1,223 1,148 21 36 89 320 356 425 358 347 261 245 207 166 242 118 112 263 218 217 254 244 198 186 171 180 158 135 112 129 122 103 112 142 111 127 135

200 400 600 800 1,000 1,200 1,400 1,600

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 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

slide-59
SLIDE 59

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 Share EUR Acquisition price 6.46 Book value 8.46 Market Value* 8.82

  • No. of shares

860,440,497

* As of 30/09/2016

Appendix

59