Supplementary Financial Information JANUARY – JUNE 2020

5 August 2020 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.

5 August 2020 2 SAMPO GROUP

5 August 2020 3 Sampo Group Key financial figures

5 August 2020 4 Sampo Group results

Profit before taxes and net profit Profit before taxes by quarters

EURm EURm

981 1,000 800 900 826 800 700 700 600 600 569 500 469 500 400 400 300 708 300 200 506 490 451 475 468 100 200 436 445 407 0 1-6/2019 1-6/2020 100 162 92 Profit before taxes Net profit 0 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20

5 August 2020 5 Sampo Group profit before taxes

EURm 1,200

981 1,000

800

600 569 440 383 400 226 200 146 137 137 38 39 31 0 -29 -200 If Topdanmark Mandatum Life Associates ( & Holding (excl. Sampo Group NDX Intressenter) associates)

1-6/2019 1-6/2020

5 August 2020 6 Sampo Group gross written premiums 1-6/2020

If Topdanmark Mandatum Life Sampo Group

58 114 56 745 1,193 Non-life Non-life Non-life Non-life Unit-linked Unit-linked Unit-linked Unit-linked With profit With profit With profit With profit 2,671 835 448 3,506

Total Total Total Total 2,671 EURm 1,638 EURm 504 EURm 4,813 EURm

5 August 2020 7 Earnings per share

EPS and Comprehensive result EPS Reported EPS by quarter

EUR EUR 1.80 1.68 1.20 1.60 1.06 1.37 1.00 1.40

1.20 0.80 0.73 0.69 0.66 1.00 0.66 0.64 0.81 0.60 0.55 0.80 0.60 0.40 0.40 0.26 0.20 0.20 0.02 0.01 0.00 0.00 1-6/2019 1-6/2020 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20

EPS (reported) EPS (comp. result)

5 August 2020 8 Sampo Group net asset value per share

EUR 28.0 24.86 25.37 23.79 24.0 22.15 22.63 20.60 20.71 20.0 17.79 17.38 16.99 16.0 14.05

12.0

8.0

4.0

0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 30 June 2020

5 August 2020 9 Equity per segment, 30 June 2020 (Topdanmark and Nordea at market value)

EURm Nordea book value in Group accounts 6,777 20,000 EURm + 18,000 valuation difference -1,828 EURm 16,000 Topdanmark book 14,000 value in Group 12,000 accounts 1,398 EURm -938 + 10,000 valuation difference 146 EURm 8,000 4,949 6,000 1,278 9,435 4,000 1,544 2,000 2,603 0 If Topdanmark Mandatum Life Nordea Sampo plc & NAV, Sampo Group eliminations

5 August 2020 10 Return on equity in Sampo Group’s business areas

If Mandatum Life Sampo Group 70%

50% 36.9% 34.5% 28.5% 25.3%

30% 24.4% 23.5% 21.5% 21.4% 21.3% 19.9% 18.3% 18.1% 17.1% 15.9% 15.0% 14.0% 13.8% 13.3% 12.7% 12.4% 12.0% 11.8% 11.4% 11.2% 10.9% 10.7% 8.7% 8.3% 7.7% 10% 7.5% 0.2%

-10% 13.3% - 11.7% -30% - 2011 2012 2013 2014 2015 2016 2017 2018 2019 1-6/2020 Average

5 August 2020 11 Fair value reserve development by segment

EURm 6/2020 3/2020 12/2019 9/2019 6/2019

If 313.0 -5.9 456.7 403.0 420.9

Mandatum Life 316.2**) 127.6**) 438.2**) 405.5**) 431.0**)

Holding 57.8 28.7 113.9 27.4 20.9

Sampo Group*) 703.7**) 167.1**) 1,025.5**) 836.5**) 873.5**)

*) Eliminations included and figures after tax **) Excluding the segregated portfolio

5 August 2020 12 Fair value reserve by segment and asset class, 30 June 2020

The share transferred to EURm Fixed income Equity Deferred taxes FVR net the segregated portfolio

If -11.2 413.6 -89.3 -313.0

Mandatum Life**) 7.9 404.0 -82.4 -13.3 316.2

Holding 10.7 61.5 -14.4 57.8

Sampo Group*) 7.4 899.9 -190.3 -13.3 703.7

*) Eliminations included and figures after tax **) Mandatum Life figures excluding the segregated portfolio

5 August 2020 13 Sampo Group Investments

5 August 2020 14 Investment allocation Sampo Group 30 June 2020 Total EUR 20.4 billion

By sector By company

Public sector 4% If 53% Other fixed income 46% Topdanmark (P&C) 15% Mandatum Life 26% Covered bonds 22% Sampo plc 6% Money market 7% Equities 14% Real estate 2% Private equity 2% Other 4%

Investments of If, Topdanmark (excluding life insurance), Mandatum Life and Sampo plc

5 August 2020 15 Fixed income investment allocation Sampo Group excluding Topdanmark 30 June 2020 Total EUR 13.7 billion By geography By sector

Europe money market 6% Money market 8% Scandinavia money market 2% Banks 29% Europe 25% Covered bonds 20% Scandinavia 61% North America 6% Public sector 5% Other 0% Corporate 38%

5 August 2020 16 Fixed income investments in public sector Sampo Group excluding Topdanmark 30 June 2020

EURm Government Government guaranteed Public sector, other Total

Sweden 9 286 295

Norway 302 302

Finland 19 27 23 69

Denmark 9 9

Total 28 36 610 674

5 August 2020 17 Financial sector fixed income investments by country and investment class, Sampo Group excluding Topdanmark 30 June 2020

Long-term senior Long-term subord. Covered bonds Money market debt debt Total % 1,611 5 609 146 2,371 30% 102 639 457 202 1,400 18% 651 463 295 1,409 18% France 368 166 534 7% 287 258 243 788 10% Netherlands 213 37 249 3% United States 294 294 4% Canada 34 147 181 2% United Kingdom 2 137 15 154 2% Iceland 60 39 99 1% Germany 65 14 78 1% Others 1 5 246 9 260 3% Total 2,685 1,019 3,115 999 7,817 100%

5 August 2020 18 Equity investment allocation Sampo Group excluding Topdanmark 30 June 2020 Total EUR 2.7 billion

By geography By company

Scandinavia 40% If 41% Finland 18% Mandatum Life 42% Western Europe 17% Sampo plc 18% North America 9% Emerging markets 13% Latin America 1%

5 August 2020 19 Investment returns excluding Topdanmark, January–June 2020

Return, % EURm

ML*) If Group ML*) If Group

Fixed income -0.7% -0.2% -0.1% -30 (1) -18 (-1) -29

Equities -4.4% -9.8% -6.5% -60 (38) -124 (44) -206

Other (incl. -8.4% -114.6% -15.6% -59 (0) -25 -149 FX net result)

Total -2.6% -1.4% -1.9% -149 -166 -385

Realized sales gains and losses in parenthesis *) Including the segregated portfolio

5 August 2020 20 Market risk sensitivity of Group investments excluding Topdanmark, 30 June 2020

EURm If Mandatum Life*) Sampo plc Sampo Group

- 10% -95 -115 -48 -257 Equities + 10% 95 115 48 257 - 100 bps 142 121 37 298 Interest rates + 100 bps -137 -101 -35 -271 - 10% -2 -67 -24 -90 Other + 10% 2 67 24 90 - 5% -1 5 23 Local currency + 5% 1 -5 -23 -

*) Including the segregated portfolio

The changes of interest rates have a strong effect on the reinvestment risk of the insurance companies. The sensitivities include the effects of derivative positions, but do not capture indirect effects, like the impact of the changes of the discount rates in the value in force. All sensitivities are before taxes. The scenario definitions assume an uniform movement of the whole underlying market.

5 August 2020 21 Sampo Group Capital position

5 August 2020 22 Sampo Group Solvency II, 30 June 2020

EURm 10,000 Solvency ratio 187% 9,000 8,000 262 7,000 6,000 913 232 89 174 1,711 582 5,000 9,406 4,000 3,000 5,023 2,000 4,515 1,000 0

5 August 2020 23 Group, Solvency Ratio, estimated sensitivities on market risk factors 30 June 2020

250% 198% 200% 187% 185% 186% 171% 175% 164% 150%

100%

50%

0% Base case 30/6/2020 RFR: -100 bps RFR: +100 bps Spreads: +100 bps Equity prices -10% Equity prices -20% Equity prices -30%

The Solvency II volatility adjustment applied by Mandatum Life and Topdanmark is assumed to increase by 25 bps in the spread stress. The Solvency II symmetric adjustment of the equity capital charge was -6.72% at the end of Q2/2020. It is assumed to have the following values in the equity market scenarios:

Scenario Symmetric adjustment Equity prices -10% -10.00% Equity prices -20% -10.00% Equity prices -30% -10.00%

5 August 2020 24 IF

5 August 2020 25 If Key financial figures

5 August 2020 26 If profit before taxes and comprehensive income

EURm

500 462 440 450 400 383 345 350 300 300 250 200 150 106 100 50 0 1-6/2019 1-6/2020

Profit before taxes Profit for the period Comprehensive income

5 August 2020 27 If combined ratio development

% Claims ratio Expense ratio % Risk ratio Cost ratio 100.0 100.0 88.9 88.9 88.1 88.1 87.7 87.7 85.4 85.3 85.4 85.2 85.3 85.2 84.5 84.4 84.5 90.0 84.4 90.0 82.1 82.1 80.0 80.0 16.9 16.8 16.7 13.0 23.0 16.4 22.8 16.4 22.5 16.1 18.8 16.6 22.0 15.2 21.9 21.8 22.1

70.0 70.0 20.8 60.0 60.0 50.0 50.0 40.0 40.0 72.4 72.0 71.4 71.0 68.9 68.8 68.4 67.8 66.6 66.9 65.9 65.4 65.1

30.0 63.3 63.3 62.7 30.0 62.3 61.4 20.0 20.0 10.0 10.0 0.0 0.0

5 August 2020 28 If combined ratio development

94.0% Combined ratio excluding Combined ratio excluding 92.0% the one-offs is 86.5%. the one-offs is 86.1%.

90.0%

88.0%

86.0%

84.0% 92.8% 92.0% 82.0% 88.9% 88.1% 87.7%

80.0% 85.4% 85.3% 85.2% 84.5% 84.7 % 84.4%

78.0% 82.1 %

76.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1-6/2019 1-6/2020

5 August 2020 29 If GWP growth by business area and by country* 1-6/2020 vs. 1-6/2019

Total 5.2%

Private 3.2%

Commercial 6.6% 9.4% Industrial

Baltic 2.1%

Sweden 4.6%

Norway 6.6%

Finland 2.0%

Denmark 12.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% *excluding currency effects

5 August 2020 30 If GWP quarterly growth by country*

Sweden, growth (%) Norway, growth (%)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 -0.7 -2.9 -0.2 -3.0 2015 3.3 4.1 6.1 7.5 2016 -3.0 -1.8 -3.6 -0.6 2016 3.5 3.9 3.2 4.1 2017 0.1 2.7 3.3 5.8 2017 1.9 3.9 6.1 4.9 2018 3.8 4.5 4.7 4.4 2018 3.7 9.0 2.0 0.9 2019 10.6 6.1 10.3 10.9 2019 3.5 3.0 7.0 8.1 2020 9.5 2.2 2020 5.5 3.7 Finland, growth (%) Denmark, growth (%)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 -1.0 0.0 2.9 0.7 2015 -4.3 5.8 -5.2 -6.9 2016 -3.9 -4.2 -3.1 -4.3 2016 3.7 3.7 -1.4 9.0 2017 -2.8 -2.1 -4.2 -4.7 2017 4.1 -1.7 3.5 -2.0 2018 -3.5 0.3 3.1 0.0 2018 7.6 1.2 -2.7 -1.1 2019 -2.5 9.2 3.9 6.9 2019 6.2 1.1 4.5 7.4 2020 3.1 -0.5 2020 13.3 9.4 If Group’s Q2/2020 total growth was 2.7 per cent *excluding currency effects

5 August 2020 31 If GWP quarterly growth by business area*

Private, growth (%) Commercial, growth (%)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 3.4 4.0 3.9 4.6 2015 -3.4 -4.2 -5.0 -6.6 2016 1.1 1.5 0.9 1.3 2016 -0.4 -1.5 0.3 -0.4 2017 1.5 1.9 1.9 2.1 2017 -0.4 2.2 1.8 4.4 2018 2.6 3.9 1.6 0.9 2018 0.8 3.1 8.5 3.1 2019 3.3 3.9 5.9 7.3 2019 1.6 3.3 4.0 5.1 2020 6.4 0.4 2020 7.3 4.4

Industrial, growth (%) Baltic, growth (%)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 -0.1 -6.1 3.6 -10.6 2015 31.5 41.5 41.9 44.6 2016 -6.6 -2.7 -12.6 8.8 2016 2.3 -0.6 -4.9 -4.6 2017 -2.3 0.8 14.7 5.8 2017 1.8 4.6 8.2 10.6 2018 2.2 16.2 -1.8 6.7 2018 11.5 9.6 4.6 2.5 2019 11.7 12.6 22.6 38.3 2019 -1.9 2.2 0.1 -0.3 2020 7.6 13.0 2020 6.6 -2.7 If Group’s Q2/2020 total growth was 2.7 per cent *excluding currency effects 5 August 2020 32 If technical result by business area and by country 1-6/2020 vs. 1-6/2019

EURm By business area By country 450 400 10 7 10 7 (3) 16 (3) 350 91 (9) (9) (59) 70 (20) 300 (68) 250 398 398 200 222 (334) (334) 150 313 (159) 100 (238) (75)

50 (25) 73 0 -24 -50

5 August 2020 33 If results by quarter

EURm Q2/20 Q1/20 Q4/19 Q3/19 Q2/19 Q1/19 Q4/18 Q3/18 Q2/18 Premiums earned 1,095 1,106 1,108 1,114 1,095 1,071 1,082 1,088 1,068 Claims incurred -712 -760 -759 -758 -726 -758 -719 -761 -734 Operating expenses -169 -166 -183 -172 -183 -169 -185 -172 -174 Other technical income and -0.5 -4 -5 -3 -3 -2 -2 -1 0 expenses Allocated investment return transferred from 4 4 4 4 4 4 3 3 3 the non-technical account Technical result 217 180 165 186 187 147 180 157 163 Investment result 47 -41 74 41 64 63 51 66 70 Allocated investment return transferred to -10 -10 -11 -11 -11 -11 -11 -11 -11 the technical account

Other income and expenses -0.5 0 0.5 -0.5 2 -1 1 -0.5 0.5

Operating result 254 129 228 215 242 198 221 211 222

5 August 2020 34 If key figures by quarter

Q2/20 Q1/20 Q4/19 Q3/19 Q2/19 Q1/19 Q4/18 Q3/18

Risk ratio, % 59.3 63.4 62.4 62.5 61.2 64.8 60.8 64.5

Cost ratio, % 21.2 20.4 22.6 21.0 21.8 21.7 22.8 21.3

Expense ratio, % 15.4 15.0 16.5 15.4 16.7 15.7 17.1 15.8

Combined ratio, % 80.5 83.7 85.0 83.5 83.0 86.5 83.5 85.8

Insurance margin, % 19.9 16.7 15.4 16.9 17.4 13.9 16.8 14.5

5 August 2020 35 If large claims and prior year gains

EURm Q2/20 Q1/20 Q4/19 Q3/19 Q2/19 Q1/19 Q4/18 Q3/18 Q2/18 Q1/18 Q4/17

Large claims 27 20 -13 13 0 4 10 18 -3 4 -2 (above expected)

Prior year gains 41 62 31 51 57 51 44 26 53 50 43

Positive number in large claims means that the claims have exceeded the expected level.

5 August 2020 36 If prior year gains as % of combined ratio

%

10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 5.2 5.6 4.8 5.1 4.8 4.6 2.0 4.0 4.1 3.7 3.3 2.8 1.0 2.2 1.6 1.4 0.0

5 August 2020 37 If key figures by business area Q2/2020 (Q2/2019)

Private Commercial Industrial Baltic

GW P, EURm 711 (735) 197 (200) 168 (152) 38 (39)

NPE, EURm 656 (657) 290 (291) 112 (110) 36 (36)

Technical result, EURm 177 (127) 45 (38) -13 (17) 5 (5)

Risk ratio, % 52.2 (59.1) 62.4 (64.9) 94.5 (65.4) 57.5 (57.1)

Cost ratio, % 21.0 (21.8) 22.6 (22.4) 17.9 (19.4) 27.8 (28.7)

Combined ratio, % 73.2 (80.9) 85.1 (87.3) 112.4 (84.9) 85.3 (85.8)

Insurance margin, % 27.1 (19.4) 15.5 (13.2) -12.0 (15.6) 14.7 (14.2)

5 August 2020 38 If key figures by country Q2/2020 (Q2/2019)

Norway Sweden Finland Denmark

GW P, EURm 319 (353) 457 (441) 203 (204) 97 (89)

NPE, EURm 325 (346) 389 (376) 238 (234) 107 (102)

Technical result, EURm 59 (50) 112 (80) 35 (44) 2 (8)

Risk ratio, % 61.8 (64.7) 52.3 (60.0) 63.1 (58.2) 71.0 (62.3)

Cost ratio, % 21.3 (21.8) 18.6 (18.6) 22.1 (22.8) 27.4 (30.2)

Combined ratio, % 83.0 (86.6) 70.8 (78.5) 85.2 (81.0) 98.5 (92.6)

Insurance margin, % 18.3 (14.6) 29.2 (21.5) 14.8 (19.0) 1.5 (7.4)

5 August 2020 39 If key figures by business area 1-6/2020 (1-6/2019)

Private Commercial Industrial Baltic

GW P, EURm 1404 (1,408) 868 (832) 493 (452) 81 (79)

NPE, EURm 1313 (1,296) 593 (579) 222 (219) 73 (72)

Technical result, EURm 313 (238) 91 (59) -24 (25) 10 (9)

Risk ratio, % 55.5 (59.9) 63.3 (67.8) 93.0 (69.4) 58.1 (59.3)

Cost ratio, % 20.8 (21.8) 21.8 (22.4) 18.1 (19.5) 28.1 (28.4)

Combined ratio, % 76.3 (81.7) 85.1 (90.2) 111.2 (88.9) 86.1 (87.7)

Insurance margin, % 24.0 (18.5) 15.5 (10.4) -10.6 (11.5) 13.9 (12.3)

5 August 2020 40 If key figures by country 1-6/2020 (1-6/2019)

Norway Sweden Finland Denmark

GW P, EURm 860 (868) 932 (901) 675 (659) 298 (264)

NPE, EURm 664 (681) 771 (747) 477 (461) 215 (205)

Technical result, EURm 73 (75) 222 (159) 70 (68) 16 (20)

Risk ratio, % 69.1 (68.0) 52.5 (59.3) 63.7 (62.6) 66.0 (61.6)

Cost ratio, % 21.1 (22.0) 18.4 (19.0) 21.6 (22.6) 26.7 (28.8)

Combined ratio, % 90.2 (90.0) 70.9 (78.3) 85.3 (85.2) 92.7 (90.4)

Insurance margin, % 11.1 (11.1) 29.1 (21.7) 14.7 (14.8) 7.3 (9.6)

5 August 2020 41 If Investments

5 August 2020 42 If investments 30 June 2020

Investment allocation, Fair value reserves of fixed income and equity Total EUR 10.8 billion investments before taxes

EURm Fixed income Equities 760 755 Money market 2% 746 664 618 700 615 590 Fixed income 63% 585 564 500 559 538 515 438

Covered bonds 25% 454

500 402 387 645 299 704

Equities 10% 700 593 3 581 608 - 506 560

300 557 475 518 454 560

Other 0.0% 506 460 414 361 324

100 227 6 63 47 - 30 58 57 26 72 109 41 28 34 61 10 68 60 - - 25 11 -100 - 230 Duration 1.3 years - Average maturity 2.8 years - Fixed income running yield 1.6% -300

5 August 2020 43 If mark-to-market investment returns

Fixed income running yield % Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 1.6 1.5 1.5 1.5 1 .6 1.6 1.7 1.7 1.6 1.6 1.8 1.8 1.6

14.0 % 12.4 % 12.0 % 10.0 % 8.0 % 7.4 % 6.1 % 6.0 % 5.0 % 5.0 % 4.1 % 4.0 % 2.9 % 2.6 % 1.8 % 2.0 % 1.5 % 0.0 % -0.8 % -2.0 % -1.4 % -4.0 % -3.1 % 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1-6/2020

5 August 2020 44 If Capital position

5 August 2020 45 If Solvency Capital Requirement (SCR), Standard Formula (SF) 30 June 2020

EURm 4,000 Solvency ratio 194%

3,500

3,000 159 2,500 448 2,000 290 1,273 3,474 1,500 107 1,000 1,794 500 984

0 Market risk Counterparty Insurance risk Operational risk Diversification LAC of DT SCR SII own funds risk

5 August 2020 46 If, Solvency Ratio, estimated sensitivities on market risk factors 30 June 2020

250% 206% 194% 191% 189% 200% 175% 184% 187% 184% 184% 179% 150% 100% 50% 0% Solvency II RFR -100 RFR +100 Spread +100 Equity prices Equity prices Equity prices 1 in 10y run- 1 in 10y Nat +100 bps ratio 1- bps bps bps -10% -20% -30% off loss CAT claims 6/2020 inflation

The Solvency II symmetric adjustment of the equity capital charge was -6.72% at the end of Q2/2020. It is assumed to have the following values in the equity market scenarios:

Scenario Symmetric adjustment Equity prices -10% -10.00% Equity prices -20% -10.00% Equity prices -30% -10.00%

5 August 2020 47 If rating capital requirement 30 June 2020

EURm 3,500

3,000 247

2,500 1,778 2,000

1,500 2,939 3,121

1,000 1,408 500

0 Asset risks Liability risks Diversification Total A capital charge S&P capital base

5 August 2020 48 TOPDANMARK

5 August 2020 49 Topdanmark Key financial figures

5 August 2020 50 Topdanmark combined ratio development (as reported by Topdanmark stand-alone)

% 94.0 92.0 91.5 90.3 90.0 88.0 88.0 86.8 86.0 86.0 85.1 85.5 83.7 84.0 83.6 82.0 82.0 80.0 78.0 76.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 1-6/2020

5 August 2020 51 Topdanmark Investments

5 August 2020 52 Topdanmark investments, 30 June 2020 Investment allocation Total EUR 3.0 billion

Money market 9%

Fixed income 2%

Covered bonds 62%

Equities 4%

Real estate 6%

Other 16%

Excluding Topdanmark’s Life Insurance assets.

5 August 2020 53 Topdanmark Capital position

5 August 2020 54 Topdanmark Solvency Capital Requirement (SCR), Partial Internal Model 30 June 2020

EURm Solvency ratio 197% 2,000

1,600

1,200 69 800 61 2 22 176 110 1,010 400 586 514 0

5 August 2020 55 MANDATUM LIFE

5 August 2020 56 Mandatum Life Key financial figures

5 August 2020 57 Mandatum Life profit before taxes and comprehensive income

EURm

300 250 200 190 150 137 110 100 50 39 32 0 1-6/2019 1-6/2020 -50 -100 -90 Profit before taxes Profit for the period Comprehensive income

5 August 2020 58 Mandatum Life Group profit by components

EURm 1-6/2020 1-6/2019 Net investment income -282.4 725.9 - Transferred to expense result -10.5 -10.9 - Return on unit-linked policies 312.0 -522.5 - Return on with-profit policies* 1.9 -68.7 Investment result 21.1 123.9 Expense result** 9.9 7.4 Risk result 10.5 9.9 Others -2.2 -4.9 Profit before taxes 39.2 136.9 Change in the market value of investments -156.6 104.8 Profit at market values -117.4 241.7

Mandatum Life Group expense ratio Expense ratio incl. rebates, % 86.5 89.8

*Includes guaranteed interest, bonuses and change in the reserves of the above items **Result of unit-linked business EURm 15.9

5 August 2020 59 Mandatum Life’s profit components EURm 300 221 250 192 178 200 158

150 129 107 119 109 101 124 100 102

50 25 24 33 35 24 8 10 14 19 7 21 6 33 31 35 33 35 10 0 23 25 19 24 23 10 10 2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019 1-6/2019 1-6/2020 -50

Risk result Expense result Investment result

* Excluding the run-off gain of EUR 197 million from the Co-operation agreement.

5 August 2020 60 Mandatum Life breakdown of unit-linked and with profit business

Premiums written, total 504 EURm Insurance savings, total 10,826 EURm

1 24 12 12 With profit 42 52 EURm 56 9 66 2,841 2,129

UL With profit UL EURm EURm 3,015 EURm 7,811 2,487 448 321 138 150 3,044

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

Note: Excluding reserves for decreased discount rate, future bonus reserves and longevity reserve

5 August 2020 61 Mandatum Life technical reserves

EURm

12,000

10,000

8,000 5,858 6,440 7,066 8,117 5,312 6,955 7,813

6,000 3,124 3,833 4,617 2,359 3,054 1,637 313 311 372 1,228 1,196 1,142 4,000 377 385 1,065 439 135 244 273 1,008 439 325 964 499 545 232 933 2,843 2,831 2,821 547 556 230 184 2,719 2,598 2,475 570 545 2,000 2,360 2,245 2,108 1,957 1,807 1,619 1,505 1,330 1,289 1,217 1,152 1,087 1,014 903 830 753 678 0 619 542 507 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 30 June 2020 Unit-linked Segregated fund (0.5% after 1 January 2017) Reserve for decreased discount rate Other with-profit excl. segregated fund Guaranteed 3.5% Guaranteed rate 4.5%

5 August 2020 62 Mandatum Life’s gross written premiums by policy type in Finland

EURm 700

600

500 55 67 58 55 400 51

300

428 466 457 439 200 365 100

0 1-6/2016 1-6/2017 1-6/2018 1-6/2019 1-6/2020 Unit-linked With profit

5 August 2020 63 Mandatum Life’s new premiums written by distribution channel in Finland

450

400 3 2 350 2 300

250 345 200 314 329 150

100

50 56 32 35 0 1 - 6/2018 1 - 6/2019 1 - 6/2020 Danske Bank Mandatum Life Other

5 August 2020 64 Mandatum Life Investments

5 August 2020 65 Mandatum Life investments 30 June 2020

Investment allocation, Fair value reserves of Total EUR 4.4 billion* fixed income and equity investments before taxes

Fixed income Equities

Money market 8% EURm 825 805 796 783 782 Fixed income 52% 800 771 690 678 675

Covered bonds 0% 635 607 584 577 542 Equities 25% 600 538 450

Private equity 5% 412 770 747 737 723 400 732

Other 9% 727 138 661 687 669 603 513 514 580 465 505

200 467 404 271 3 6 27 32 59 44 55 59 58 51 17 77 71 33 63 8 17

0 - 133

Duration 2.9 years - Average maturity 3.2 years -200 Fixed income running yield 2.8%

* Excluding the segregated fund

5 August 2020 66 Allocation of investments of the segregated assets 30 June 2020

Investment allocation Total EUR 1.0 billion

Money market 6%

Fixed income 82%

Covered bonds 1%

Equities 6%

Private equity 1%

Other 4%

Duration 3.3 years Average maturity 3.8 years Fixed income running yield 2.2%

5 August 2020 67 Mandatum Life mark-to-market investment returns*

Fixed income running yield Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 % 2.8 2.8 2.4 2.6 2.5 2.7 2.7 2.6 2.5 2.3 2.4 2.6 2.8

20.0% 16.8% 15.0% 11.1% 9.4% 10.0% 9.2% 7.1% 6.9% 7.2% 6.5% 4.6% 5.0%

0.0% -1.4% -5.0% -2.4% -2.7%

-10.0% -7.8% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1-6/2020

* Excluding unit-linked and segregated fund assets

5 August 2020 68 Mandatum Life Capital position

5 August 2020 69 Mandatum Life, Solvency II Capital Requirements with transitional measures, 30 June 2020

EURm 2,400 2,200 Solvency ratio 201% 2,000 1,800 1,600 284 33 62 1,400 440 33 1,200 265 1,000 2,127 800 600 1,163 1,058 400 200 0

5 August 2020 70 Mandatum Life, Solvency Ratio, estimated sensitivities on market risk factors 30 June 2020

250% 222% 201% 201% 201% 193% 182% 200% 169% 150%

100%

50%

0% Base case RFR: -100 bps RFR: +100 bps Spreads: +100bps Equity -10% Equity -20% Equity -30% 30/6/2020

The Solvency II volatility adjustment is assumed to increase by 25 bps in the spread stress. The Solvency II symmetric adjustment of the equity capital charge was -6.72% at the end of Q2/2020. It is assumed to have the following values in the equity market scenarios. Scenario Symmetric adjustment Equity prices -10% -10.00% Equity prices -20% -10.00% Equity prices -30% -10.00%

5 August 2020 71 HOLDING

5 August 2020 72 Holding segment profit before taxes

EURm 1-6/2019 1-6/2020

300 258 250 226

200

150 137 109 100 47 50 0.5 3 0 -16 -13 -18 -50 Income Operating costs Finance costs Associates Profit before taxes

5 August 2020 73 Sampo plc investments, 30 June 2020 Investment allocation (unconsolidated) Total EUR 1.5 billion

Money market 26%

Fixed income 27%

Private equity 13%

Equities 31%

Other 2%

Duration 0.7 years Average maturity 4.2 years Fixed income running yield 2.5%

5 August 2020 74 Sampo plc balance sheet, 30 June 2020

Assets total, EURm 10,462 Liabilities total, EURm 10,462

Liquidity 446 CPs issued 50 Investment assets 763 LT senior debt 3,095 Real estate 2 Private placements 76 Fixed income 46 Bonds issued 3,019 Equity and private equity 714 Pension insurance loans 0 Subordinated loans 351 Subordinated debt 495 Equity holdings 8,841 Capital 6,725 Subsidiaries (If, ML, Topdanmark) 3,401 Undistributable capital 98 Associates 5,440 Distributable capital 6,627 Other assets 62 Other liabilities 97

5 August 2020 75 Net interest bearing debt in Sampo plc

EURm Q2/20 Q1/20 Q4/19 Q3/19 Q2/19 Q1/19 Q4/18 Q3/18 Q2/18 Q1/18 Q4/17 Q3/17 Q2/17 Q1/17

+ Gross debt 3,640 3,883 3,908 3,906 3,961 4,023 4,067 4,142 3,535 3,591 3,177 3,178 3,279 2,932

Bonds & notes 3,095 3,359 3,414 3,412 3,419 3,942 3,943 3,951 3,341 3,359 2,884 2,885 2,884 2,399

Domestic CP’s 50 30 0 0 48 80 124 191 195 232 293 293 394 534

Subordinated debt 495 494 494 494 494

- Interest bearing assets 842 1,833 1,725 1,045 1,192 2,114 1,959 1,311 928 2,428 1,754 1,184 1,137 2,112

Liquidity Buffer + Fixed income 492 1,483 1,366 684 688 1,611 1,470 815 437 1,944 1,258 684 509 1,471

Subordinated loans 351 349 359 361 504 503 489 496 492 485 496 500 628 640

Net debt 2,797 2,050 2,183 2,861 2,769 1,908 2,108 2,831 2,607 1,163 1,423 1,994 2,142 820

5 August 2020 76 Sampo plc debt instruments, 30 June 2020

Instrument & Principal Coupon Swap Effective Rate Maturity CP’s issued 50 EURm Euribor + Margin --- 0.20% Average 3M Senior Bond 500 EURm 1.50% --- 1.59% 16 Sep 2021 Senior Bond 700 SEKm 0.88% Euribor6M+0.38% 0.22% 23 May 2022 Senior Bond 1,300 SEKm Stibor3M+0.55% Euribor6M+0.39% 0.23% 23 May 2022 Senior Bond 750 EURm 1.000% --- 1.01% 18 Sep 2023 Senior Bond 500 EURm 1.250% EUR6M + 0.74% 0.59% 20 May 2025 Senior Bond 500 EURm 1.625% --- 0.85% 21 Feb 2028 Senior Bond under separate documentation 1,000 NOKm 3.100% Euribor6M + 0.77% 0.34% 07 Sep 2028 Hybrid Tier2 Bond 500 EURm 3.375% --- 3.48% 23 May 2029 Senior Bond 500 EURm 2.25% --- 1.49% 27 Sep 2030 Public debt 3,582 EURm 1.30% Private placements 77 EURm 0.71% Total nominal in EUR 3,659 EURm 1.30%

Key Credit Metrics Net debt, EURm 2,797 Equity, EURm 6,725 Gross Debt to Equity 54% Financial Leverage 35%

5 August 2020 77 Sampo plc cash and short term fixed income investments

Instrument Market value/ Nominal, million Running yield,% Call date Cash EUR 446 Fixed Income EUR 351 5.1 • Mandatum Life T1 Perpetual EUR 100 4.3 Annual

• IF T2 30NC10 EUR 99 6.1 8 Dec 2021 • Nordea AT1 PerpNC5 USD 98 6.5 13 Sep 2021 • Topdanmark T2 PerpNC5 DKK 135 2.9 11 Dec 2021 • Topdanmark T2 PerpNC5.5 DKK 270 2.6 11 Jun 2021 Total EUR 787

5 August 2020 78 NORDEA

5 August 2020 79 Nordea’s book value on Sampo Group’s consolidated balance sheet, 30 June 2020

Nordea in Sampo Group’s balance sheet EURm Acquisition price 5,198.7 Retained earnings 1,570.5 Accumulated other changes in Nordea’s equity -56.9 Share of Nordea’s net profit 134.3 Amortization -2.4 Deferred tax 0.5 Dividends 0 Share of Nordea’s other comprehensive income -83.5 Share of Nordea’s other changes in equity -1.8 Share of Nordea’s goodwill change 17.5 Total 6,777.0 Shares 804,992,858 8.42

5 August 2020 80 Nordea share price and book value

EUR 13.0 12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 31/12/2010 31/03/2011 30/06/2011 30/09/2011 31/12/2011 31/03/2012 30/06/2012 30/09/2012 31/12/2012 31/03/2013 30/06/2013 30/09/2013 31/12/2013 31/03/2014 30/06/2014 30/09/2014 31/12/2014 31/03/2015 30/06/2015 30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2017 30/06/2017 30/09/2017 31/12/2017 31/03/2018 30/06/2018 30/09/2018 31/12/2018 31/03/2019 30/06/2019 30/09/2019 31/12/2019 31/03/2020 30/06/2020

Share price, lhs Book value, lhs

5 August 2020 81 Sampo’s Nordea holding valuation differences

EURm 4,000 2,999 3,000 2,621 2,352 2,267 2,132 2,008 2,008 2,000 1,811 1,507 1,439 1,570 1,260 1,430 1,084 919 1,102 1,000 733 642 386 336 363 0 -205 -1,000 -461 -621 -885 -1,114 -1,279 -1,289 -1,591 -2,000 -1,828

-3,000 -2,598

5 August 2020 82 OUTLOOK

5 August 2020 83 Outlook for 2020

Sampo Group’s insurance businesses are expected to report good insurance technical results for 2020. The investment results are at this point in time more uncertain than usual. The mark-to-market results for 2020 are highly dependent on capital market developments, particularly in life insurance. If P&C is expected to reach a combined ratio of 82 - 85 per cent in 2020. With regard to Topdanmark reference is made to the profit forecast model that the company publishes quarterly. Nordea’s contribution to the Group’s profit is expected to be significant.

5 August 2020 84 APPENDIX

5 August 2020 85 Allocation of direct fixed income and equity investments according to the ESG risk categories, Sampo Group excluding Topdanmark 30 June 2020

Severe Risk High Risk 1% Weighted average ESG risk rating of Sampo Group’s 10% direct fixed income and equity investments (0-100) 22

Market value of Sampo Group’s direct fixed income Low Risk and equity investments with ESG risk rating (EURm) 11,250 37% Sampo Group’s total investments (EURm) 17,390

The risk rating categories (low, medium, high, severe) are based on Sustainalytics’ ESG risk ratings. The thresholds for each category are determined internally.

Part of this publication may contain Sustainalytics proprietary information that may not be reproduced, used, disseminated, modified nor published in any manner without the express written consent of Sustainalytics. Nothing contained in this publication shall be construed as to make a representation or warranty, Medium Risk express or implied, regarding the advisability to invest in or include companies in 52% investable universes and/or portfolios. The information is provided “as is” and, therefore Sustainalytics assumes no responsibility for errors or omissions. Sustainalytics cannot be held liable for damage arising from the use of this publication or information contained herein in any manner whatsoever. 5 August 2020 86 Sampo Group structure Sampo plc • Long-term investor • Manager of capital structure and liquidity • Pay-out ratio ≥ 50%

100% 46.7% 100% 19.89% Subsidiary Subsidiary Subsidiary Associated Company

Market position The leading P&C insurer in the The second largest P&C One of Finland’s most The most diversified banking Nordic region with full service insurer in Denmark respected and best in the Nordics with strong offering and a strong European capitalised financial services capital generation presence providers to private & corporate customers

Strategy Focus areas: Customer satisfaction • Unit-linked products Transformation to be • Customer value • Pricing • Wealth management the Future Relationship Bank • Focused insurance expertise • Efficiency • Personal Risk insurance • Efficient and scalable • Nordic business platform - Digitalisation, Process • Group pension & Reward • Fast and agile • Investment strategy with optimisation, transformation Services • Resilient and compliant balanced risk • Distribution efficiency

Investment ~ EURbn 10.8 ~ EURbn 3.0 (P&C) ~ EURbn 5.4 ~ B/S EURbn 587 assets

Return / • RoE above 17.5% • Profit margin of 10% • RoE above 17.5% • ROE above 10% profit target • CR% below 95% • CR% 91%

5 August 2020 87 Structural changes of Sampo Group to the position as the leading Nordic financial group

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Sampo’s Sampo Nordea holding Sampo Group’s (If P&C’s) decreases Sampo Group consolidates Sampo Group divests Sampo Topdanmark holding below 20 per Mandatum Bank joins the (Mandatum Life) Topdanmark as a Bank Group to Danske Bank exceeds 23 per cent and cent. Group, and the Group’s name acquires Suomi Mutual’s subsidiary as of 30 A/S. Following the transaction, Topdanmark becomes If’s is shortened to Sampo. with-profit group pension September 2017. Sampo’s business areas are: associated company. P&C insurance and life portfolio. The portfolio Sampo plc invests insurance. transfer takes place on 30 Decenber 2014. in Norwegian Finans Holding.

Sampo’s Nordea holding If P&C acquires a Sampo’s P&C insurance Sampo plc’s ownership of Nordic roadside Sampo Insurance Company exceeds 20 per cent and operations are merged with If Sampo Group (If P&C) Topdanmark exceeds 33.34 assistance and Leonia merge into the Nordea becomes an Sampo pcl invests in four (2002). Following the acquires Tryg’s Finnish per cent after the acquisition company, Viking Sampo-Leonia financial associated company. financial and fintech transaction, Sampo owns 38 Business and the of shares from If P&C and in Redningstjeneste. services group. The Group’s companies Nordax, Nets, per cent of If. If becomes fully acquisition was closed the market and hence business areas are long-term Saxo Bank and Intrum. owned by Sampo (2004). in May 2013. Sampo is obliged to make a savings (life insurance, asset Nordax becomes Sampo’s Following the transaction, If P&C signs a mandatory offer for the Stake in Intrum management and mutual associated company. Sampo has three core partnership agreement share-holders of was sold in funds), banking, investment businesses: P&C insurance, with Nordea. Topdanmark. As a result February 2020. banking, and P&C insurance. banking and long-term savings. Sampo plc owns 41.1 per cent of Topdanmark’s shares. Topdanmark now becomes Sampo’s associated company. 5 August 2020 88 Sampo plc’s ownership structure 30 June 2020

Solidium Oy 7.97%*

Varma Mutual Pension Insurance Company 4.01%

Ilmarinen Mutual Pension Insurance Company 1.43%

Elo Mutual Pension Insurance Company 0.75%

The State Pension Fund 0.71%

Other domestic owners 21.68%

Foreign and nominee registered owners 63.45%

Björn Wahlroos, the Chairman of the Board of Sampo plc, controls 4.9 million Sampo A shares, corresponding to 0.9 per cent of the total shares in Sampo.

* Entirely owned by the Finnish State

5 August 2020 89 Sampo Group staff Sampo Group staff (FTE) 30 June 2020 30 June 2019 If 7,226 6,883 Finland 1,751 1,781 Sweden 2,325 2,243 Norway 1,668 1,341 Denmark 565 610 Baltic and other countries 919 908 Topdanmark 2,462 2,309 Denmark 2,460 2,307 Luxembourg 2 2

Mandatum Life 583 569 Finland 503 476 Baltic countries 77 88 Luxembourg 3 4 Holding 66 63 Total 10,337 9,824

5 August 2020 90 P&C Insurance – Market shares Nordics 2018 21% If & Topdanmark 21% LF 10% Norway Q4/2019 Tryg 9% Gjensidige 26% 21% RSA Scand. 8% If 21% Gjensidige 9% Tryg 13% Other 43% Fremtind 14% Other 26% Finland 2018 22% OP 34% Sweden Q4/2019 18% LähiTapiola 26% LF 30% Finland If 22% If 18% Fennia 11% Folksam 16% Norway Other 8% Trygg-Hansa 14% Other 21% Sweden Baltics Q3/2019 10% PZU 25% Denmark Q4/2018 VIG 27% Tryg 18% 6 % Ergo 15% Topdanmark 16% Denmark If 10% Codan (RSA) 10% 16% Swedbank 9% Alm.Brand 9% Other 14% Gjensidige 7% If 6% Other 34 %

5 August 2020 91 Life Insurance – Market shares 12% 1% Norway Q3/2019 KLP 38% DnB 13% Sweden Q3/2019 Storebrand 15% Folksam 14% 6% Nordea Liv 12% Skandia 12% Sparebank 1 7% Alecta 12% If 1% SEB 7% Other 15% AMF Pension 8% Nordea Liv 6% Avanza 8% Swedbank 6% Finland 2018 Finland SHB 6% 26% Nordea 26% LF 4% Norway Sweden OP Life 26% Other 16% Mandatum Life (+ Kaleva 1.2%) 25% LähiTapiola 10% Fennia 4% 25% Aktia 2% Estonia SP-Life 3% Denmark 2018 Other 4% PFA Pension 31% Danica Pension and SEB pension 27% Denmark Latvia Velliv 17% 5% Topdanmark 10% 10 Lithuania AP Pension and Skandia 13% % Baltics 2018 Alm Brand 2% Mandatum Life 5% Other 95%

5 August 2020 92 Supplementary Financial Information JANUARY – JUNE 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