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Sampo Group Debt Investor Presentation

Prepared August 10, 2016Figures June 30, 2016

DEBT INVESTOR CONTACTS

Markku Pehkonen, CROtel. +358 10 516 [email protected]

Peter Johansson, CFOtel. +358 10 516 [email protected]

Jarmo Salonen, Head of IR Relations and Group Communicationstel. +358 10 516 [email protected]

FINANCIAL CALENDAR 2016

10/02/2016 Financial Statement Release for 2015Silent period 13/01/2016-10/02/2016

Week 11 Annual Report 201521/04/2016 AGM11/05/2016 Interim Statement Q1/2016

Silent period 13/04/2016-11/05/2016

10/08/2016 Half-year report 2016Silent period 11/07/2016-10/08/2016

03/11/2016 Interim Statement Q3/2016Silent period 04/10/2016-03/11/2016

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.

2

Mission Value Creation in the Nordic Financials 3-10

If P&C The Leading Nordic P&C Insurer 11-18Mandatum Life A Finnish Financial Services Company 19-25Sampo Group A Diversified Business Portfolio with Strong Capitalization 26-36Sampo plc Portfolio Manager with Capacity to Generate Funds 37-44Appendix Separate Supplementary Information 45-56

3

• 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 insurerin the Nordic region

• Focus on customer value• Most professional &

innovative people• Stable profitability• Underwriting excellence• Operational efficiency

~ EUR 11.5bn

• RoE above 17.5%• CR% below 95%

> 30%

100%

• The largest financialservices group inthe Northern Europe

• Simplification• Core Banking Platform • Group Common Data• Legal Structure

Programme• Digital strategy

~ B/S EUR 671bn~ AuM EUR 300bn

• ROE above the Nordicpeer 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 ofcover against health andlife risks, well-respected manager of customer wealth

~ EUR 5.3bn+1.2bn*~ EUR 5.9bn U-L AuM

• RoE above 17.5%

* Segregated assets

100%

4

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 regulations5


• If generated EUR 436m (511) in pre-tax profits

• Excellent combined ratio of 83.7% (85.0)

– Risk ratio 61.6% (69.7)

– Cost ratio 22.2% (15.4)

– Expense ratio 16.8% (9.6)

• Resilient business model over the cycle

• Topdanmark – Danish non-life, life insurance and

pension funds – as an associate company

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 103m (81) 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 regionsas well as to Nordic customers with international operations

• Business activities areoperated on a pan-Nordic basis.

• The business is divided into customer segments Private, Commercial and Industrial.The Baltic countries comprisea 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.


Nordea ‒ Diversified and Stable Nordic Bank

Pan-Nordic platform with scalability• Simplification• Digitalisation

Superior Nordic distribution power• Cost efficiency• Capital efficiency• Efficiency initiatives

Strong capital generation• Stable returns• Low risk profile• Actively managed business

portfolios• Lowest volatility of quarterly

net profits17 24 37 47

79

142

Nordea Peer 4Peer 3Peer 1 Peer 5Peer 2

Qu

art

erl

y n

et

pro

fit

vo

lati

lity

Nordea and peers 2006-Q3/2015,%

AuM EUR 300 bn

7


Topdanmark - Insurer with a Robust Business Model

8


Value Creation in the Nordic Financials as Group Strategy

LONG-TERM VALUE CREATION

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

CENTRALIZEDINVESTMENT MANAGEMENT

• Company specific liabilities and solvency driving risk profiles, supported bya Group-wide investment philosophy. Common investment infrastructure facilitates effective monitoring and fast actions, also at the Group level.

9


31.6

23.4

21.1

20.4

20.3

16.6

15.8

13.6

7.5

4.8

4.3

3.4

2.3

1.5

1.0

0.7

0.4

0 10 20 30 40

Nordea

Danske

Swedbank

Sampo

SHB

SEB

DnB

Investor

Gjensidige

Tryg

Industrivärden

Jyske

Topdanmark

Storebrand

Alm.Band

Protector

Aktia

Efficient and Stable Operations as Basis for Value

Source: Datastream

>30%

Sampo ownership structure

*100% owned by the Republic of Finland; 31.7.2016

Market cap August 2, 2016, EURbn

Strong relative performance

10Y Total Shareholder Return

A Mixed Financial Conglomerate

Bank

Insurance

Inv.company

Foreign and Nominee registered 61.08%

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 17.11% 10

>21%


11


If P&C The Leading Nordic P&C Insurer 11-18

Mandatum Life A Finnish Financial Services Company 19-25Sampo Group A Diversified Business Portfolio with Strong Capitalization 26-36Sampo plc Portfolio Manager with Capacity to Generate Funds 37-44 Appendix Separate Supplementary Information 45-56

Expense Ratios 2015, %

Leading Nordic P&C Insurer with Synergies

Norway 2015

Gjensidige 25%

If 22%

Tryg 14%

Sparebank 1 10%

Denmark Q2/2015

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

If17%

Topdanmark5%

Tryg9%

Gjensidige8%

RSA9%

LF9%

Folksam5%

Pohjola5%

LähiTapiola4%

Other29%

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

12

Total GWP ~EUR 25bn

(*incl. one-off)

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 rage 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

13

By Business Area By Country

Private, 246, 70%

Commercial, 71, 20%

Industrial, 21, 6%

Baltic, 6, 2% Other, 8, 2%

Technical Results, EUR 352m

Norway, 85 , 24%

Sweden, 179 , 51%

Finland , 64 , 18%

Denmark, 10 , 3%

Baltic, 6, 2% Other, 8 , 2%

Gross Written Premiums, EUR 2,683m

By Business Area By Country

Private, 1373, 51%

Commercial, 837, 31%

Industrial, 404, 15%

Baltic, 69, 3%

Norway, 784 , 29%

Sweden, 897 , 33%

Finland , 695 , 26%

Denmark, 238 , 9%

Baltic, 69, 3%

If P&C

Diversified Client Base

14

If- Total If Sweden If NorwayIf 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

61.6

24.3

24.0

23.7

23.7

24.1

23.7

23.5

23.0

22.8

22.5

18.8

22.2

90.5

89.9

90.6

91.8

92.1

92.8

92.0

88.9

88.1

87.7

85.4

83.7

0

20

40

60

80

100%

Risk ratio Cost ratio Target CR

If P&C

92.1 92.8 92

88.9 88.1 87.785.4

93

96.1 95.2

90.7 90.688.3 88.2

80

85

90

95

100

2009 2010 2011 2012 2013 2014 2015If P&C Nordic Market (incl.If)

Disciplined Underwriting and Diversification works

15

%

Conservative Investment Portfolio

• Duration 1.5 years• Average Maturity 3.0 years• Fixed Income Running Yield 1.7%

Mark-to-Market Investment ReturnInvestment 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%

Money Market

7%Public sector12%

Other fixed income

69%

Equities12%

Private Equity0.2%

Real Estate0.2%

Investment Return, EURm

821

113

689558

459

190

0

200

400

600

800

1,000

2010 2011 2012 2013 2014 201516

Total EUR 11.5bn

If P&C

1-6/2016 EUR 58m

1-6/2016 0.5%

Strong & Stable Annual Profit Development

800730

534 549

644707

636

864929 931 960

-267

1,127

943

308

978

689

526

624

-400

-200

0

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

17

EURm 6M/16 6M/15Profit before taxes 436 511Comprehensive Income 245 488

0

50

100

150

200

250

300

350Technical result Investment result Operating result

Seasonality in Quarterly Results and CR%

Q4 Q3 Q2 Q1Average Quarterly CR%, 2006-2015 89.9 88.6 88.2 93.1Year 2015 CR% 87.7 83.8 80.9 89.2

Year 2016 CR% 84.5 83.0*

If P&C

EURm

18

* incl. positive one-off

19


If P&C The Leading Nordic P&C Insurer 11-18Mandatum Life A Finnish Financial Services Company 19-25

Sampo Group A Diversified Business Portfolio with Strong Capitalization 26-36Sampo plc Portfolio Manager with Capacity to Generate Funds 37-44 Appendix Separate Supplementary Information 45-56

Finnish Life Insurer with Wealth Management Focus

Client

Segment

Underlying

Market

Critical Success Factors Sales &

Client

Services

CorporateCustomers

EmployeeBenefit

• Expertise in Rewards and Incentives, Pension & Risk Life Solutions and Asset Management

Mandatum Life

HNWI WealthManagement

• Professional Wealth Management• Management of Client Relationships

Mandatum Life

PrivateCustomers

Savings and Insurance Products

• Distribution Power Danske Bank

Mandatum Life

Cro

ss-s

elli

ng

20

Premiums Written, total EUR 494m Insurance Savings, total EUR 9,896m

202

61

164

743 15

01

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

2,191

1,811

1,705

144

190

3,810

2717

Mandatum Life Business Volumes

U-LEUR 5,852m

With-ProfitEUR 4,045

U-L EUR 435m

With-ProfitEUR 59m

Focus area

4,652 4,626 4,738 4,695 4,621 4,487 4,431 4,410 4,249 4,071 3,927 3,837 3,818 3,705

1,228 1,196 1,165607 884 1,262 1,752 2,071 1,637 2,359 3,124 3,054 3,833 4,616

5,312 5,858 5,853

0

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 6/2016

Guaranteed interest rates Segregated funds Unit-linked

Technical Provisions, EUR 10,723m

EU

Rm

Mandatum Life

21

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 aboutthe 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

22

Absolute Return Investment Portfolio

Mark-to-Market Investment ReturnInvestment 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

504391

251

427

-200

0

200

400

600

800

2010 2011 2012 2013 2014 2015

Investment Return, EURm

23

Total EUR 6.4bn

• Duration 2.3 years• Average Maturity 3.1 years• Fixed Income Running Yield 2.8%

1-6/2016 EUR 107m

1-6/2016 1.5%

Money Market Securities and

Cash9%

Government Bonds

1%

Credit Bonds, Funds and

Loans50%

Policy Loans0%

Listed Equity26%

Real Estate4%

Private Equity4%

Unlisted Equity

0%

Biometric0%

Commodities0%

Other Alternative

6%

Trading Derivatives

0%

Profit Development

295342

140 121 142 137 136 153 163 181

286

80

-378

495

332

-115

286

220

149 168

-500

-250

0

250

500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

EURm

Profit before taxes

Comprehensive income

Mandatum Life

24

EURm 6M/2016 6M/2015Profit before taxes 103 81Comprehensive Income 44 144

Mandatum Life Profit by Components

Total expense ratio, % 103.3 98.2

Incl. kick backs, % 84.0 80.3

EURm 1-6/2016 1-6/2015

Net investment income 81.9 599.3

- Transferred to expense result -12.0 -12.7

- Return on Unit-linked policies 74.7 -346.5

- Return on With-profit policies* -59.4 -185.0

INVESTMENT RESULT 85.2 55.1

EXPENSE RESULT** 9.3 12.8

RISK RESULT 10.5 10.7

OTHERS -1.5 2.2

PROFIT BEFORE TAXES 103.4 80.9

Change in the market value of investments -49.4 99.1

PROFIT AT MARKET VALUES 54.1 180.0

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 9.0 million

25

26


If P&C The Leading Nordic P&C Insurer 11-18Mandatum Life A Finnish Financial Services Company 19-25Sampo Group A Diversified Business Portfolio with Strong Capitalization 26-36

Sampo plc Portfolio Manager with Funds Generating Capacity 37-44 Appendix Separate Supplementary Information 45-56

• 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 (AssetManagement, Private Banking, Life & Pensions)

• Low earnings volatility & stableROE 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–Q2/2016

PBT 2010-15

IF 45%ML 10%Nordea 45%

P/L CONTRIBUTIONS

27

LOW VOLATILITY EARNINGS LOW VOLATILITY C/R FOCUS ON U-L & WM

0.26

0.12

1

0.85 1

1

Sampo Group

948

1,295 1,353

870 825

1,320 1,228

1,616 1,668 1,759 1,888

-500

0

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

28

EURm 6M/16 6M/15

P&C 436 511Life 103 81 Nordea 364 418Holding -11 7Group 893 1,015

Different Risk Profiles of Investments

Sampo Group

29

Sampo Group Asset allocation (consolidated)

Total Group (MEUR)18,688 19,373 19,615 18,844

09/15 12/15 03/16 06/16

Money Market 14% 10% 15% 12% 8% 56% 6% 5% 72% 7% 9% 48%

Long-Term Fixed Income 74% 50% 39% 74% 52% 27% 80% 54% 17% 81% 51% 41%

Equity 12% 25% 43% 13% 26% 15% 13% 26% 10% 12% 26% 8%

Private Equity 0% 4% 1% 0% 4% 0% 0% 4% 0% 0% 4% 0%

Other 0% 11% 3% 0% 11% 1% 0% 11% 1% 0% 10% 2%

11,516

6,503

669

11,395

6,667

1,311

11,092

6,450

2,073

11,517

6,448

879

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

IfP

&C

Ma

nd

atu

mL

ife

Sa

mp

oP

lc IfP

&C

Ma

nd

atu

mL

ife

Sa

mp

oP

lc IfP

&C

Ma

nd

atu

mL

ife

Sa

mp

oP

lc IfP

&C

Ma

nd

atu

mL

ife

Sa

mp

oP

lc

Investments & Counterparty Exposures*

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

Sampo Group

30

30.6.2016 AAAAA+ -

AA-

A+ -

A-

BBB+ -

BBB-

BB+ -

CD

Non

Rated

Fixed Income

TotalEquities Other

Derivatives

(Counterparty

Risk)

TotalChange from

31.3.2016

Basic Industry - - 34 39 110 - 77 259 173 - - 433 - 32

Capital Goods - - 161 55 15 - 96 328 578 - - 906 - 57

Consumer Products - 174 279 254 109 - 85 900 592 - - 1,492 + 84

Energy - 76 48 - 44 - 246 414 11 0 - 425 + 46

Financial Institutions - 1,903 2,489 879 113 - 30 5,414 97 1 9 5,522 - 836

Governments 120 - - - - - - 120 - - - 120 - 87

Government Guaranteed 101 79 - - - - - 180 - - - 180 + 24

Health Care 7 - 79 45 51 - 48 231 103 - - 334 + 65

Insurance - - 11 109 4 - 99 223 3 38 - 264 - 3

Media - - 19 - 12 - 65 96 - - - 96 + 7

Packaging - - - - 62 - 12 74 1 - - 75 - 11

Public Sector, other 841 223 42 - - - - 1,106 - - - 1,106 - 39

Real Estate - - 30 57 - - 428 515 - 246 - 760 + 38

Services - - 0 91 152 - 65 309 99 0 - 407 + 38

Technology and Electronics 4 42 35 11 16 - 37 146 132 - - 277 - 13

Telecommunications - - 87 43 39 - 58 227 80 0 - 308 + 4

Transportation - 104 18 57 22 - 176 376 28 - - 404 + 10

Utilities - - 23 450 26 - 57 557 - - - 557 + 2

Others - 15 - - 12 - 3 30 0 59 - 90 - 5

Asset-backed Securities - - - - - - - - - - - - + 0

Covered Bonds 2,978 79 - 11 - - - 3,068 - - - 3,068 - 10

Funds - - - - - - 107 107 1,270 645 - 2,022 + 3

Total 4,050 2,696 3,356 2,101 787 - 1,690 14,681 3,167 989 9 18,846 - 771

Change from 31.3.2016 - 125 - 41 - 504 + 304 - 192 - - 8 - 567 - 153 - 11 - 40 - 771 EURm

Note: Category Other includes private equity, unlisted equity and non-listed real estate. Category Derivatives includes only OTC derivatives and corresponding collaterals.

Principles of Capital Management

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

operations

2. At Group level the following issues are managed/monitored

– non-manageable 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

31

Sampo Group

EURm

793

1,3

82

286

934

183 192 177

1,6

94

3,4

73

0

500

1,000

1,500

2,000

2,500

3,000

3,500

1,4

33

989

86

465

183 305 1772,0

99

3,2

93

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Internally assessed Solvency ratio 205%Standard Formula Solvency Ratio 157%

LAC = Loss Absorbing Capacity, DT = Deferred Taxes, SCR= Solvency Capital Requirement

EURm

32

S&P TTC for A rating 2,950 S&P TTC for A rating 2,950

If P&C Solvency Capital Requirement June 30, 2016

Sampo Group

1,228

45

404278

40 51

277

1,110

277

1,704

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Mandatum Life – Solvency II Capital Requirement (SCR)With transitional measures, June 30, 2016

LAC = Loss Absorbing Capacity, TP = Technical Provision, DT = Deferred Taxes

*

* Own Funds without transitional measures EUR 1,237m

EURmSF with transitional measures Solvency ratio 154%

33

Sampo Group

Mandatum Life Technical Provisions Forecast

34

EURm

0

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- Growth of Unit-Linked AuM will create own funds- Capital consuming High Guarantee 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 over time

Sampo Group

Calculation of Sampo Group Solvency

Group Solvency Capital:

– Under FiCo 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

over liabilities

– Under normal circumstances Group OF by Solvency II and FiCo 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

35

Sampo Group

2,099

1,110

3,756

32

6,995

10,125

0

2,000

4,000

6,000

8,000

10,000

12,000

If P&C (SF*) MandatumLife (SCR**)

Sampo plc'sshare ofNordea

Sampo plc Total capitalrequirement

GroupSolvencyCapital

Group Solvency Capital by Financial Conglomerate Rules June 30, 2016

EURm

Group solvency ratio 145% / SII Standard Formula applied for Insurance Subsidiaries

36

*) Standard formula, **) SCR with transition rules

Sampo Group

37


If P&C The Leading Nordic P&C Insurer 11-18Mandatum Life A Finnish Financial Services Company 19-25Sampo Group A Diversified Business Portfolio with Strong Capitalization 26-36Sampo plc Portfolio Manager with Capacity to Generate Funds 37-44

Appendix Separate Supplementary Information 45-56

Straightforward Cash Flows, low leverage and 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 9,179 Liabilities EURm 9,179

Liquidity 416 CPs Issued 305

Investment assets 167 LT Senior Debt 2,157

-Real Estate 2 -Private Placements 132

-Fixed Income 28 -Bonds Issued 2,025

-Equity & Private Equity

136 -Pension Insurance Loans

Subordinated Loans 614 Subordinated Debt 0

Equity Holdings 7,928 Capital 6,625

-Subsidiaries 2,370 -Undistributable 98

-Associated 5,557 -Distributable 6,527

Other Assets 55 Other Liabilities 92

Flow of Funds Balance Sheet

Key Credit Metrics well in Single A range

Sampo plc 30.6.2016Gross Debt, EURm 2,461Gross Debt to Equity 37%Financial Leverage 27% (= Debt/(Debt+Equity)

Sampo Group, EURm Q2/2016 Q4/2015

Shareholders' Equity 10,830 11,411

Hybrid Bonds 12 10 Senior Debt 2,329 2,143Financial leverage 21.5% 18.8%

38

Sampo plc

Liquid Investments as Buffer

39

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 2.56% 11.6.2021

Hybrids (MV) 614m€ ≈ 5.30%

Cash / Other FI 444 m€

Other Investments 138m€

TOTAL * 1,196m€

• 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

Sampo Group ― Conservative Leverage

-4,000

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q1/0

5

Q1/0

6

Q1/0

7

Q1/0

8

Q1/0

9

Q1/1

0

Q1/1

1

Q1/1

2

Q1/1

3

Q1/1

4

Q1/1

5

Q1/1

6

Sampo plc Net debt

Group NAV

Group Equity

EURm

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q1/0

5

Q1/0

6

Q1/0

7

Q1/0

8

Q1/0

9

Q1/1

0

Q1/1

1

Q1/1

2

Q1/1

3

Q1/1

4

Q1/1

5

Q1/1

6

Net debt/NAV

40

• ”Loan-To-Values” based on above figures is low• Parent Companyʼs Financial Leverage is 27%

=> Sampoʼs position to refinance its debt is strong

Sampo plc

Dividends Received by Payment Year

EURm

249

1,031

519

181

488 540406

544 490597 600100

300

200

200

100100

100 100

125

141

75

35

13080

204 250 224293

370533

551

490

1,406

754

511568

744 756 768

883

1,067

1,220

0

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->

676

41

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

702762

-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 Operatingexpenses

Net financialexpenses

Profit before taxes

2010 2011 2012 2013 2014 2015

*

EURm

Sampo plc

42

EURm Q2/2016 Q2/2015Dividends 687.7 638.3Operating expenses -4.9 -8.5Net financial expenses/income -17.7 10.6Profit before taxes 665.1 640.4

Issued Debt Instruments

Sampo plc

EURm

Instrument & Principal Coupon SwapEffective

RateMaturity

Senior Bond 500 EURm (EMTN) 4.2500% Euribor3M + 2.7910% 2.5330% 27.02.2017

Senior Bond 2,000 SEKm (EMTN) Stibor3M + 1.45% --- 0.9660% 29.05.2018

Senior Bond 500 EURm (EMTN) 1,1250% --- 1,1640% 24.05.2019

Senior Bond 2,000 SEKm (EMTN) Stibor3M + 0.77% --- 0.2860% 28.05.2020

Senior Bond 1,000 SEKm (EMTN) 1.2500% --- 1.2950% 28.05.2020

Senior Bond 500 EURm (EMTN) 1.5000% --- 1.5920% 16.09.2021

CPs issued 300 EURm Euribor + Margin 0.2500% Average 3M

Public debt 2,329 EURm 1.3372%

Private placements 132 EURm 1.5634%

Total 2,461 EURm 1.3494%

43

0

200

400

600

2016 2017 2018 2019 2020 2021

CP´s Senior under EMTN Senior Retail Private

Sampo plc Key Credit Considerations

Diversification through Insurance & Banking in the Nordic Region

Management with a proven Track Record in long-term Value Creation

Conservative Financial Profile, strong Capitalization and Liquidity

Stable Dividend Flows from Affiliated Companies with strong Brands

Bondholder Value Created

Sampo plc

44

45

Appendix Separate Supplementary Information 45-56

Sampo Group’s Outlook for 2016

Appendix

46

• 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

of 87-90 per cent excluding the release from the Swedish MTPL reserves.

• Nordea’s contribution to the Group’s profit is expected to be significant.

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 1,879 265 866 414 3,424 40%

Finland 163 1,164 250 6 1,582 19%

Norway 655 419 226 1,301 15%

Denmark 218 316 31 565 7%

the United States 5 339 1 346 4%

United Kingdom 12 293 23 2 331 4%

Canada 71 139 210 2%

the Netherlands 199 199 2%

Switzerland 176 11 187 2%

France 22 62 14 98 1%

Iceland 76 76 1%

Other 48 12 77 0 137 2%

Total 3,068 1,739 2,941 707 8,455 100%

47

Appendix

Public Sector Fixed Income Investments

EURm Government

Government

guaranteed

Public sector,

other Total

Sweden 120 769 889

Norway 245 245

Finland 79 73 153

Germany 68 68

Denmark 33 33

Japan 18 18

Total 120 180 1,106 1,406

Exposure tables vs. Allocation tables – small differences

48

Appendix

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

49

Risk Management Principles

• Scope

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

of 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/

50

Sampo’s P&C insurance operations are merged with If 2002). Following the transaction, Sampoowns 38 per cent of If. If becomes fully owned by Sampo (2004).• Business areas:P&C insurance, Long-term savings,Banking

Sampo Insurance Companyand 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 shortenedto 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.

20072004200220012000 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 FinnishBusiness.• 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-ProfitGroup Pension portfolio.

2015

Appendix

2016

51

Financial Strength Rating HistoryIf 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

Possib

le d

ow

ng

rade J

an 0

3

Sta

ble

Feb 0

2

Neg

ative

Aug

02

Sta

ble

Apr

03

Possib

le u

pg

rade F

eb 0

4

Sta

ble

May

04

Positiv

e M

ay

06

Sta

ble

Nov

08

Apr 04 First-time issuer rating

Appendix

Aa3

A1

A2

A3

Baa1

Baa252

Positiv

e D

ec 1

5

Moodyʼs If P&CS&P If P&CMoodyʼs Sampo plc

S&P Sampo plc

If P&C Quarterly Results and C/R

EURm Q2/16 Q1/16 Q4/15 Q3/15 Q2/15 Q1/15 Q4/14 Q3/14 Q2/14 Q1/14

Premiums earned 1,073 1,059 1,077 1,087 1,103 1,076 1,108 1,124 1,122 1,104

Claims incurred -727 -700 -764 -735 -864 -780 -776 -793 -783 -811

Operating expenses -180 -179 -180 -176 -29 -180 -189 -183 -187 -186

Other technical income and expenses

-1 -1 0 0 0 -1 -1 0 1 1

Allocated investment return transferred from the non-technical account

3 5 2 5 7 9 5 7 10 15

Technical result 168 184 135 180 217 124 147 155 162 124

Investment result 48 40 75 68 99 84 81 75 139 88

Allocated investment return transferred tothe technical account

-10 -13 -11 -14 -17 -18 -16 -18 -21 -27

Other income and expenses 14 4 5 11 11 10 8 16 9 9

Operating result 220 216 204 245 310 200 219 228 289 194

Risk ratio, % 62.4 60.7 65.2 61.9 72.7 66.6 64.4 64.7 64.0 67.5

Combined ratio, % 84.5 83.0 87.7 83.8 80.9 89.2 87.1 86.9 86.5 90.3

Appendix

53

If P&C Reinsurance ProgrammesIf 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 diversifiedportfolio in the Nordics

• Focus purely on underwriting• Specialised Reinsurance Unit

• Reinsurance partners having reinsurance as core business

• Relatively high retentions

• Stable reinsurance program • Efficient pricing and

broad terms

Appendix

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

54

In Millions

Marine Hull

Reporter

Small Vessels

Clash CoverMarine Hull I.V. Reporter

Marine Hull WarRisk Reporter

US TerrorismRisk

Capacity SEK 400 SEK 250 SEK 310 USD 60 USD 200

Retention SEK 100 SEK 100 SEK 100 USD 0,25 USD 25

Casualty/CyberEvent

SEK 400/€40/$50

SEK 200/€20/$25

NordeaProfitable & The Most Diversified Nordic Bank

88

5

88

3

84

7

78

1

83

3

81

8

83

2

59

2

87

8

73

0 96

0

1,0

71

1,0

03

94

9

56

6

1,0

29

1,0

37

1,0

99

92

2

1,0

59

1,0

41

1,0

48

1,0

21

1,0

06

1,1

06

93

5 1,1

26

1,1

57 1,4

08

1,2

35

1,0

33

1,0

27

1,0

06

1,2

23

21 36

89 32

0 35

6

42

5

35

8

34

7

26

1

24

5

20

7 16

6

24

2

118

112

26

3

21

8 21

7

25

4

24

4

19

8

18

6

17

1

18

0 15

8

13

5

112

12

9

12

2

10

3

112

14

2

111

12

7

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

EURm Restructuring/impairment charges Loan losses Operating profit

Appendix

55

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 377.8

Amortisation -17.7

Deferred tax 3.9

Dividends -550.7

Share of Nordea’s other comprehensive income -23.4

Share of Nordea’s other changes in equity 7.3

Share of Nordea’s goodwill change -8.5

Total 7,094.2

Figures Per ShareEUR

Acquisition price 6.46Book value 8.24Market Value* 7.53

No. of shares860,440,497

* As of 30/06/2016

Appendix

56