Analyst Conference Call 4 NOVEMBER 2020

4 November 2020 1 November 4, 2020

Strong Operational and Strategic Progress

• Sampo enjoyed another strong quarter in P&C insurance, which is the group’s strategic focus area • ’s operational plans are gaining momentum but the economic and regulatory environment remains adverse • Sampo’s aims to continue to grow P&C underwriting profits over time, primarily through organic initiatives

P&C insurance is Sampo’s strategic focus area Sampo Group Q3 2020 highlights

% Group Earnings % Group Capital  Strong underlying operational and earnings momentum in If

 Positive Nordic P&C market dynamics supports rate increases and growth P&C c60% c40%  Hastings acquisition on track

 Strong quarter operationally shows Nordea’s plans are gaining momentum, Sampo aims to grow P&C underwriting profits, mainly organically particularly in key areas such as cost control and growth

Underwriting profit as share of Sampo Group net income (%)  Very good capital position supports attractive capital returns once regulatory

Nordea restrictions are lifted

30% x Economic, political and regulatory headwinds weigh on bank valuations 41%

 Mandatum Life reserves for with profits guarantees fell below €2bn

2015 2019 Life  Mandatum Life solvency position strong 2 Earnings split based on 2021 consensus PBT estimates as at 3 November 2020; SCR split based on marginal contribution to Sampo SCR November 4, 2020

Enhancing Balance Sheet and Dividend Quality

• Sampo aims to operate a prudent balance sheet but without holding unnecessary buffers • The group remains within rating agency limits on debt leverage but plans to de-lever somewhat over time • Dividends remain a key focus for Sampo, supported by a high-quality balance sheet and earnings

Sampo Group Solvency II ratio (%) Sampo Group debt leverage (%) Sampo Group insurance dividends (€ per Sampo share)

220% 214% 35% ≥€1.5 p/s 30% 200% 25% 180% 173% 167% 20% 160% 154% 154% 147% 15%

140% 10%

5% 120% 2016 2017 2018 2019 Proforma Reported 0% If Other insurance Total insurance 9M20 2015 2017 2019 9M20 operations

3 Proforma Solvency II ratio for 9M20 includes Hastings and an illustrative dividend accrual based on 2019 DPS; debt leverage determined as debt/(debt + equity) If P&C – Q3 2020 Strong premium growth and stable profitability

Combined ratio GWP growth Operating result Constant exchange rates EURm

6.9% 84.3% 82.4% 83.5% 82.9% 5.0% 5.2% 5.2% 655 616

215 233

YTD Q3 YTD Q3 YTD Q3 • CR of 80,9% YTD and 78,3% Q3 adjusted • Number of customers increased in all • Technical result +19% YTD and +9% for change in discount rate in Q3 (currency neutral) • Positive Covid-19 net effect of ~3%-p in Q3 • Continued high customer retention • MTM investment return of 0,7% YTD and 2,2% Q3 • Large claims cost above expected level • Continued digitalization throughout operations, digital sales now more than • Return on equity 19,4% SEK 1bn Covid-19 update – Impact on insurance operations in Q3

Operations Customers Financials

Business continuity Customer service Financial markets The restrictions connected to Covid19 Maintained record high Net Promoter Mark-to-market investment return of 2,2% were gradually lifted in Q3, allowing parts Score with increased customer in the quarter, If Group solvency after of If to return to the office retention level dividend at 176%

Employees Customer contacts Claims cost Focus on health and safety for employees, More normal level in number of Claims frequencies normalised, which following WHO and local guidelines customer contacts, online customer adds to the complexity of separating interaction remains record high Covid-19 effects from underlying Remote operation improvements. Positive Covid-19 net Fully operational with a mix of home Digital capabilities effect estimated to 3%-p on combined offices and work offices as societies Strongly benefitted from the broad ratio in Q3 gradually opened up, almost no travel at range of sales and services available all during the quarter and increased focus online 24/7. Continued increase in Business volumes Total Nordic new car sales on normal level on information security both digital sales and online claims in Q3. Record high customer activity in registrations insurance areas such as risk life, leisure boats, vacation homes. Uncertainty connected to macro remains November 4, 2020

Sampo Capital Markets Day

Sampo will hold a Capital Markets Day for investors and analysts on 24 February 2021. The event will provide further detail about Sampo’s strategic direction, the group’s key operational initiatives, with focus on P&C insurance, and its capital management priorities.

7 Analyst Conference Call 4 NOVEMBER 2020

Sampo plc Fabianinkatu 27 00100 , Finland

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

www.sampo.com @Sampo_plc sampo-plc sampo_oyj

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