----------------------  ---------  --------  --------  --------  ---------  -------- 
EURDKK 
----------------------  ---------  --------  --------  --------  ---------  -------- 
Income statement 
 (average)                 7.4544    7.4581    7.4648    7.4714     7.4661    7.4644 
----------------------  ---------  --------  --------  --------  ---------  -------- 
Balance sheet (at end 
 of period)                7.4409    7.4462    7.4526    7.4674     7.4715    7.4662 
----------------------  ---------  --------  --------  --------  ---------  -------- 
EURGBP 
----------------------  ---------  --------  --------  --------  ---------  -------- 
Income statement 
 (average)                 0.8892 
----------------------  ---------  --------  --------  --------  ---------  -------- 
Balance sheet (at end 
 of period)                0.8990 
----------------------  ---------  --------  --------  --------  ---------  -------- 
 
 
   GROUP CEO'S COMMENT 
 
   Despite the challenging backdrop, 2020 has been a successful year for 
Sampo Group. I am particularly pleased with the strong performance 
delivered by our P&C operations. If P&C has been the standout performer, 
with a record-low combined ratio of 82.1 per cent and premium growth of 
5 pe cent driving a 17 per cent year-on-year increase in the technical 
result. Operational momentum was also strong, as retention stood at 90 
per cent and the number of If Private customers grew for the third 
consecutive year to over 3 million. This demonstrates the strength of 
our increasingly digital business, which has benefitted from customers 
using online channels during the COVID-19 pandemic. 
 
   Strategically, Sampo's focus in 2020 has been on laying the foundation 
for future growth in underwriting profits. We have continued to invest 
heavily in the digitalisation of our Nordic P&C operations to ensure 
that these continue to be the best choice for customers, while the 
acquisition of Hastings Group provides a new avenue for long term 
growth. As a lean, digital insurer, I see Hastings not only as a 
long-term winner in the UK personal lines P&C insurance market but also 
believe it can add value to our Nordic operations. I expect the 
acquisition will deliver significant value after a period of focussed 
operational work, just as If has done. 
 
   The sale of Nordea shares in November 2020, which reduced Sampo's stake 
by 4 percentage points to 15.87 per cent, represented another important 
step in Sampo's strategy to focus more on P&C insurance. Reported losses 
related to the sale and a Q4 impairment in the book value of the 
residual stake had a negative impact of EUR 1.2 billion on group net 
income. As these accounting items do not affect our dividend capacity, 
we have excluded them from our DPS calculation. 
 
   Nonetheless, regulatory and macroeconomic uncertainty have continued to 
weigh on the market value of Nordea, despite a notable improvement in 
operational performance. The turnaround in business volumes and 
increased cost efficiency delivered by Nordea in 2020 illustrated robust 
operational momentum, while its strong balance sheet supports attractive 
capital returns once regulatory restrictions are lifted. Sampo continues 
to see upside in Nordea's 2022 plans but the group will, over time, 
explore options to reduce its exposure to banking. 
 
   Sampo navigated its investment portfolio well through the volatility 
experienced in 2020, delivering a return of 3.5 per cent. The recovery 
in financial markets in the second half of the year supported returns 
but has left an investment environment in which it is difficult to 
deploy money at attractive returns, further emphasising the need to 
invest in our underwriting capabilities. 
 
   Looking ahead, the strong positioning and performance of Sampo Group's 
P&C operations over 2020 gives me confidence in our strategy and our 
ability to deliver value for our shareholders. We expect P&C 
underwriting results to remain robust and continue to work toward a more 
focussed group structure. 
 
   Sampo aims to deliver attractive and sustainable dividends to 
shareholders. The introduction of a new dividend policy to pay out at 
least 70 per cent of earnings (excluding extraordinary items) in 
February 2020 represented an important step in achieving this objective. 
The Sampo Board has proposed a 2020 DPS of EUR 1.70 (2019: 1.50), 
representing 79 per cent of the group's EPS excluding Nordea-related 
reported losses of EUR 2.16. Aside from a small expected contribution 
from Nordea, this dividend is funded entirely by our insurance 
operations. 
 
   I look forward to presenting our strategy and financial plans in more 
detail at the upcoming Capital Markets Day on 24 February 2021. 
 
   Torbjörn Magnusson 
 
   Group CEO and President 
 
   FOURTH QUARTER 2020 IN BRIEF 
 
   Sampo Group's profit before taxes for the fourth quarter of 2020, 
excluding the reported loss related to Nordea, amounted to EUR 486 
million. The reported result for the quarter was EUR -675 million (468). 
The earnings per share was EUR -1.44 (0.66) and the mark-to-market 
earnings per share EUR -0.47 (-0.22). The net asset value per share 
increased EUR 1.19 during the fourth quarter of 2020 and amounted to EUR 
19.82. 
 
   If's combined ratio for the fourth quarter of 2020 was 81.3 per cent 
(85.0). The profit before taxes amounted to EUR 285 million (228). The 
technical profit was EUR 216 million (165). 
 
   Topdanmark's combined ratio for the fourth quarter was 83.7 per cent 
(87.1) and the profit before taxes EUR 82 million (58). 
 
   Sampo only consolidated Hastings for 6 weeks and reported a loss before 
taxes of EUR 16 million. The loss consists of one-off items related to 
the closing of the transaction, e.g. stamp duties of EUR 9 million. 
 
   Sampo's share of Nordea's fourth quarter 2020 net profit was EUR 128 
million. The loss on sale of Nordea shares in November 2020 and the 
impairment at the end of 2020 resulted in a loss of EUR 1,033 million 
(143). 
 
   The profit before taxes for Mandatum amounted to EUR 54 million (68). 
The discount rate used for 2021 - 2023 was lowered to 0.25 per cent, 
which had a negative impact of EUR 77 million on the result. 
 
   EFFECTS OF COVID-19 ON SAMPO GROUP 
 
   During the COVID-19 pandemic, priority in Sampo Group has been given to 
maintaining service level and to supporting customers in the best 
possible way in the changed working conditions. Despite the challenging 
situation, all the subsidiaries have been able to offer normal service 
level and customer satisfaction has remained at a high level, in 
Mandatum Life the customer satisfaction even reached a new record high. 
 
   There have been no COVID-19 related lay-offs among Sampo Group personnel 
and none of the group companies has required any government funding 
support during the COVID-19 pandemic. 
 
   If 
 
   Claims cost for 2020 was negatively impacted from travel insurance 
policies primarily following imposed travel restrictions from 
governments due to COVID-19. At the end of the reporting period, the 
total number of reported claims amounted to approximately 50,000 claims 
corresponding to a gross claims cost of EUR 35 million, mostly in BA 
Private and Norway. For this event, If had a reinsurance cover with a 
net retention of approximately EUR 10 million. 
 
   Government restrictions and in general low activity level had a positive 
effect on claims frequency, affecting especially motor insurance. The 
effect of COVID-19 on If's risk ratio is approximately 4 percentage 
points positive in the fourth quarter and approximately 3 percentage 
points for the full year. Going forward repair costs might increase due 
to a lack of material, delays in transportation of material or shortage 
of personnel following implemented government travel restrictions. 
 
   During the fourth quarter premium volume was slightly impacted by the 
COVID-19 situation, primarily by travel insurance in Private business 
and with continued negative impact related to decommissioning of 
vehicles and lower sums insured in the Commercial segment, but as a 
whole the effects were not very significant. There is still some 
uncertainty with regard to possible lagging effects to premiums through, 
for example, lower insurable sums and lower turnover in the corporate 
segments. 
 
   Topdanmark 
 
   Topdanmark has reported on the impacts of the COVID-19 pandemic in its 
announcement of 2020 annual results published on 22 January 2021. The 
report is available at www.topdanmark.com. 
 
   Hastings 
 
   Overall, motor claims frequencies reduced during the year, reflecting 
reduced motor vehicle usage following national and local restrictions 
resulting from COVID-19. Claim severities increased due to interruptions 
in the repair networks and supply of parts caused by COVID-19 and 
increased car rental costs, with repairs typically taking longer than 
anticipated. 
 
   Hastings does not provide insurance for any business lines which have 
been negatively impacted by COVID-19, such as travel or business 
interruption. 
 
   Mandatum Life 
 
   The unusual situation caused Mandatum Life to change its focus from new 
sales to existing customers for several months starting from spring 2020 
and this, together with the uncertain capital market situation, was 
reflected in the premium income in 2020 as premiums did not quite meet 
the record level of the comparison year. 
 
   The volatility of claims costs did not differ from the normal level. All 
in all, looking at the entire year of 2020, the COVID-19 related impacts 
on the company's business remained small. 
 
   Investment activities 
 
   In the fourth quarter, particularly in November and December, good news 
about the COVID-19 vaccines and continued central bank stimulus sparked 
strong increases in equity values. While equity portfolios brought the 
best investment returns, fixed income investments also generated a solid 
return in the fourth quarter, which gave Sampo a good opportunity to 

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