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Sampo Plc Annual General Meeting 2019

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Sampo Plc Annual General Meeting 2019 Sampo plc Annual General Meeting 2019 Björn Wahlroos Chairman of the Board GDP development – Finland losing its good momentum 130 3 % Sweden 120 USA 2 Norway Denmark Sweden 110 Euro Area Finland 1 Finland 100 0 2016 2017 2018E 2019E 2020E 90 08 09 10 11 12 13 14 15 16 17 18 19 Nordea GDP growth estimates for Nordic countries Source: Thomson Reuters Datastream Rising interest rates - false alarm 5 4 3 USA 2 Norway 1 Finland Sweden 0 Euro area -1 09 10 11 12 13 14 15 16 17 18 Source: Thomson Reuters Datastream Stock markets – bull market going strong or “dead cat bounce”? 180 160 S&P 500 Nikkei 225 140 OMX Helsinki 120 FTSE 100 100 80 2014 2015 2016 2017 2018 2019 Source: Thomson Reuters Datastream Creating Sampo Group – the starting point in 2001 Fast Mutual Funds AM Private banking Life Insurance MARKET Investment GROWTH banking Banking Banking/ Retail SME Non-life Insurance SII SME Non-life Insurance Private Non-life Insurance Major account Banking Slow Major accounts Picture from 2001 Small MARKET SHARE Big Structural changes in the key role 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Sampo Group divests Sampo Sampo Group’s (If P&C’s) Sampo pcl invests in four Sampo Group Sampo Mandatum Bank joins the Bank Group to Danske Bank Topdanmark holding financial and fintech (Mandatum Life) consolidates Group, and the Group’s name A/S. Following the transaction, exceeds 23 per cent and companies Nordax, Nets, acquires Suomi Mutual’s Topdanmark as a is shortened to Sampo. Sampo’s business areas are: Topdanmark becomes If’s Saxo Bank and Intrum. with-profit group pension subsidiary as of 30 P&C insurance and life associated company. Nordax becomes Sampo’s portfolio. The portfolio September 2017. insurance. associated company. transfer takes place on 30 Decenber 2014. Sampo’s P&C insurance Sampo’s Nordea holding Sampo plc’s ownership of Topdanmark Sampo Insurance Company operations are merged with If exceeds 20 per cent and Sampo Group (If P&C) exceeds 33.34 per cent after the and Leonia merge into the (2002). Following the Nordea becomes an acquires Tryg’s Finnish acquisition of shares from If P&C and in Sampo-Leonia financial transaction, Sampo owns 38 associated company. Business and the the market and hence Sampo is obliged to services group. The Group’s per cent of If. If becomes fully acquisition was closed make a mandatory offer for the share- business areas are long-term owned by Sampo (2004). in May 2013. holders of Topdanmark. As a result savings (life insurance, asset Following the transaction, If P&C signs a Sampo plc owns 41.1 per cent of management and mutual Sampo has three core partnership agreement Topdanmark’s shares. Topdanmark now funds), banking, investment businesses: P&C insurance, with Nordea. becomes Sampo’s associated company. banking, and P&C insurance. banking and long-term savings. Sampo’s 100,000 120,000 140,000 20,000 40,000 60,000 80,000 0 Number of registered shareholders 2000 2001 2002 main 2003 2004 2005 2006 objective 2007 2008 2009 2010 2011 2012 2013 2014 to is 2015 2016 2017 120,259 2018 create 3/31/2019 1000 1200 1400 400 200 600 800 0 1.1.2001=100 value 01 Annual 02 03 total 04 for return 05 06 shareholders ~ 15% ~ Total return Total 07 08 STOXX EUROPE600 Banks/Insurance 09 10 11 12 13 14 Sampo Source: Thomson ReutersDatastream 15 16 17 18 Changes in top management Torbjörn Magnusson Morten Thorsrud Ingrid Janbu Holthe Group CEO and President (as of 1 Jan 2020) President and CEO of If Head of If BA Private Sampo plc Annual General Meeting 2019 Björn Wahlroos Chairman of the Board Sampo plc Annual General Meeting 2019 Kari Stadigh Group CEO and President Key criteria for Sampo • Nordic Financials • Market leader and scale benefits • Retail content • Buy and build • High degree on automation • Exit possibility Solid result within insurance EURm Sampo Group profit before taxes by segment 3,000 2,600 2,482 2,094 2,200 706 1,888 1,871 199 1,668 1,759 6 1,800 142 625 751 773 1,400 635 680 616 181 450 1,000 153 163 210 236 600 929 931 960 883 818 848 200 -12 -1 -200 -45 -40 -3 2013 2014 2015 2016 2017 2018 If Mandatum Life Nordea Holding excl. Nordea Topdanmark Non-recurring item Earnings per share EPS and Comprehensive result EPS Reported EPS by quarter Comparison figures Comparison figures include 1.26 EUR from include 1.26 EUR from EUR valuing Topdanmark valuing Topdanmark to fair value EUR 4.5 to fair value 3.96 2.50 4.0 3.79 1.26 3.5 1.26 2.01 2.00 3.04 3.0 2.5 2.70 1.50 2.53 1.26 2.0 1.06 1.70 1.00 1.5 0.69 0.68 0.67 0.61 0.63 0.66 1.0 0.50 0.74 0.5 0.0 0.00 2017, EPS 2017, EPS 2018, EPS 2018, EPS Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 (reported) (comp.result) (reported) (comp.result) Net asset value per share EUR 28.00 24.86 25.37 23.79 24.00 22.15 22.63 20.60 20.00 17.79 17.38 16.00 14.63 14.05 12.00 8.00 4.00 0.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Nordea share price impact on NAV/share was -4.37 euros in 2018, taking the dividend into account the impact was -3.32 euros Investment allocation, Sampo Group, 31 December 2018 Total EUR 21.7 billion By sector By company Public Sector 5% If 50% Other Fixed Income 42% Covered Bonds 20% Topdanmark 13% Money Market 12% Equities 14% Mandatum Life 26% Real Estate 2% Private Equity 2% Sampo plc 11% Other 4% Investments of If, Topdanmark (excluding life insurance), Mandatum Life and Sampo plc Nordic P&C insurance market shares If 16% Other 29% Topdanmark 5% Tryg 9% LähiTapiola 4% OP 5% LF 10% Folksam 5% Gjensidige 9% RSA Scand. 8% Data 2017 If - best-ever combined ratio 94.0% Combined ratio excluding Combined ratio excluding the one-offs is 86.5%. the one-offs is 86.1%. 92.0% 90.0% 88.0% 86.0% 92.8% 92.1% 92.0% 91.8% 84.0% 88.9% 88.1% 87.7% 85.4% 82.0% 85.3% 85.2% 84.4% 80.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 European insurance groups Average Combined ratio % 2008-2018 vs. volatility* 12.0 Swiss Re2) 10.0 Direct Line** 8.0 6.0 Gjensidige Protector SCOR Admiral Ergo1) 4.0 Tryg OP Ageas Standard deviation Topdanmark Hannover Re2) If Generali RSA 2.0 Aviva Zürich Ins. Allianz Mapfre AXA 0.0 86.0 88.0 90.0 92.0 94.0 96.0 98.0 100.0 102.0 Combined ratio, % * Average Source: Company reports, figures at group level, 1) Germany, 2) P&C reinsurance; ** 2010-2018 Topdanmark combined ratio development (as reported by Topdanmark stand-alone) % 96.0 94.0 93.3 92.0 91.1 91.5 90.3 90.0 88.0 88.0 86.8 86.0 86.0 85.1 83.6 84.0 82.0 82.0 80.0 78.0 76.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Topdanmark part of the Sampo Group since Q4/2017 Topdanmark Second largest non-life insurance company and a major life insurance company in Denmark • Approximately 620,000 non-life insurance customers and 140,000 life insurance customers • Sampo held 48.7 per cent of the votes in Topdanmark at the end of 2018 • Sampo representatives in the Board: Ricard Wennerklint (Chairman), Morten Thorsrud and Petri Niemisvirta • Market value of Sampo’s holding: EUR 1,704 million at December 2018. Acquisition value approximately EUR 600 million. Solid performance for 2018 • Premium growth: 1.7 per cent in non-life insurance and 18.6 per cent in life insurance • Profit before taxes: EUR 199 million • Combined ratio: 82.3 per cent • Dividend per share: DKK 15 Nordea in brief Nordea’s home markets 10 million customers • 9.5 million personal customers • 570,000 corporate customers Distribution power • Approximately 360 office locations Financial strength • EUR 9.0 bn total income in full year (2018) • EUR 551 bn of assets • EUR 32,9 bn in equity capital • AA credit rating • Common Equity Tier 1 capital ratio of 15.5% Market cap ~ 29.4 EUR bn at the end of the year 2018 • One of the largest Nordic corporations • A top 10 European retail bank Summary of Nordea’s year 2018 • Year 2018 was characterized by key deliveries in Nordea’s transformation • Challenging year in terms of revenues – the results are not where we want them to be • Costs and cash spending are reduced according to plan • Strong credit quality • Solid CET1 ratio at 15.5% in line with expectation • Nordea distributed a dividend per share of EUR 0.69 • Key priorities for 2019 is to increase business momentum and drive structural cost efficiency Significant changes over the past three years 1. De-risking of the bank with a clear focus on universal banking in the Nordic region 2. Simplification of corporate structure 3. Re-domiciliation to ensure level playing field over time under ECB supervision 4.
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