Topdanmark's profit before taxes for January--June 2020 amounted to EUR 
38 million (146). During the second quarter of 2020, Topdanmark's profit 
before taxes was almost unchanged despite a lower life result. 
 
   The combined ratio amounted to 84.2 per cent (79.0). The expense ratio 
was almost unchanged at 16.7 per cent. 
 
   The following text is based on Topdanmark's Half-year report 2020 report, 
which was published on 17 July 2020. 
 
   During the first half of 2020, Topdanmark's premiums increased 2.7 per 
cent in non-life insurance and 20.7 per cent in life insurance. In the 
private segment, premiums were negatively impacted by the termination of 
the distribution agreement with Danske Bank at the end of the first half 
of 2019. From 2021, it is expected that the Nordea agreement will 
compensate fully for the terminated distribution agreement with Danske 
Bank in terms of premiums. 
 
   During the first half of 2020, Topdanmark's technical result decreased 
due to lower run-off, and by a higher level of weather-related claims. 
During the second quarter, however, the technical result increased. 
 
   In the first half of 2020, weather-related claims represented a 1.0 
percentage point deterioration of the claims trend. Thereby, the level 
of weather-related claims was EUR 1 million below the assumed normal 
level. 
 
   The level of large claims represented a 0.1 percentage point 
deterioration of the claims trend in the first half of 2020. 
 
   Topdanmark's solvency position is described in the section entitled 
'Solvency'. 
 
   Further information on Topdanmark A/S and its January -- June 2020 
results is available at 
https://www.globenewswire.com/Tracker?data=T6zf9vlueHPz00XhXCTvdzFwWjNSkAEZE-VUAUrLnp_6P-m4lLC11OTX9cHl3bzvfD7hKtXlT7L39McFUCCRxbGGTJurkOCIzPfb7GdsgHg= 
www.topdanmark.com. 
 
   NORDEA (associated company) 
 
   On 30 June 2020, Sampo plc held 804,922,858 Nordea shares, which 
corresponds to a holding of 19.87 per cent. The average price paid per 
share amounted to EUR 6.46 and the book value in the Group accounts was 
EUR 8.42 per share. The closing price as at 30 June 2020 was EUR 6.15. 
 
   The AGM on 28 May 2020 mandated the Board of Directors to decide on a 
dividend payment of a maximum of EUR 0.40 per share for the financial 
year 2019 to be distributed in one or several instalments. The Board of 
Directors intends to follow the recommendation adopted by the ECB and 
refrain from deciding on a dividend payment based on the authorization 
before 1 October 2020. 
 
   The following text is based on Nordea's Half-Year Financial Report 2020 
published on 17 July 2020. 
 
   Nordea reported a solid result with revenues largely unchanged. Net 
interest income increased by 2 per cent, supported by volume growth, 
especially in mortgages, in all countries. Operating profit was EUR 306 
million - significantly impacted by loan loss provisions. 
 
   Nordea estimates total net loan losses for the full year 2020 to be 
below EUR 1 billion. 
 
   In the quarter underlying net loan losses were EUR 310 million. On top 
of that Nordea has made additional management judgement allowances of 
EUR 388 million leading to total Q2 net loan losses of EUR 698 million. 
Nordea now has a management judgement buffer of EUR 650 million in place 
to cover for future loan losses, IFRS 9 model improvements and the 
European Central Bank's new guidance on non-performing loans. 
 
   Nordea's capital position remains very strong with a common equity tier 
1 ratio of 15.8 per cent, which is 5.6 percentage points above the 
requirement. 
 
   Sampo's share of Nordea's profit before taxes for January--June 2020 
amounted to EUR 132 million (222). 
 
   Mandatum Life 
 
   Mandatum segment's profit before taxes for January - June 2020 amounted 
to EUR 39 million (137). The total comprehensive income for the period 
after tax reflecting the changes in market values of assets decreased to 
EUR -90 million (190). Return on equity was -13.3 per cent (30.1). 
 
   Mandatum Life Group's premium income amounted to EUR 498 million (529) 
for the first half of 2020 Unit-linked premiums were EUR 439 million, 
i.e. 88 per cent of total premiums. 
 
   Net investment income, excluding income on unit-linked contracts, 
decreased to EUR 30 million (203) due to the market turmoil in the first 
quarter of 2020. In April - June, net investment income, excluding 
unit-linked contracts, was EUR 53 million. 
 
   Net income from unit-linked contracts decreased to EUR -312 million 
(523). In the second quarter of 2020, net income from unit-linked 
contracts amounted to EUR 572 million. In January - June of 2020 fair 
value reserve decreased to EUR 316 million (438). 
 
   Mandatum Life Group's total technical reserves amounted to EUR 11.5 
billion (12.0). Unit-linked reserves decreased to EUR 7.8 billion (8.1) 
at the end of June 2020. The amount corresponds to 67 percent (68) of 
total technical reserves. Since the end of March 2020, unit-linked 
reserves increased by almost EUR 600 million. 
 
   At the end of June 2020, with-profit reserves decreased to EUR 3.7 
billion (3.9). Reserves related to the higher guarantees of 4.5 and 3.5 
per cent decreased by EUR 149 million to EUR 2.0 billion in January - 
June 2020. 
 
   Mandatum Life has overall supplemented its technical reserves with a 
total of EUR 184 million (230) due to low level of interest rates. The 
figure does not take into account the reserves relating to the 
segregated fund. The discount rate used for the years 2020 and 2021 is 
0.25 per cent. The rate used for 2022 is 1.25 per cent. 
 
   The discount rate for segregated liabilities is 0.0 per cent and the 
discount rate reserve of segregated liabilities amounted to EUR 250 
(263) at the end of June 2020. 
 
   At the end of June 2020, Mandatum Life's investment assets, excluding 
the assets of EUR 7.8 billion (8.1) covering unit-linked liabilities, 
amounted to EUR 5.3 billion (5.7) at market values. 
 
   The expense result in the first half of 2020 amounted to EUR 10 million 
(7). Risk result was EUR 11 million (10). 
 
   Mandatum Life's solvency position is described in the section Solvency. 
 
   Holding 
 
   Profit before taxes for January -- June 2020 for the Holding segment 
amounted to EUR 109 million (258). Sampo's share of profits for the 
associated companies Nordea and NDX Intressenter for January -- June 
2020 amounted to EUR 137 million (226), of which Nordea's share was EUR 
132 million (222) and NDX Intressenter's share was EUR 5 million (4). 
 
   The Holding segment's profit before taxes, excluding the associates for 
January -- June 2020, was EUR -29 million (31). 
 
   Changes in market values of derivative instruments and currency exchange 
rates can cause volatility in the net investment income and finance cost 
lines. 
 
   Sampo plc's holding in Nordea was booked in the consolidated balance 
sheet at EUR 6.8 billion, i.e. EUR 8.42 per share. The market value of 
the holding was EUR 4.9 billion, i.e. EUR 6.15 per share, on 30 June 
2020. 
 
   OTHER DEVELOPMENTS 
 
   Events after the end of the reporting period 
 
   Sampo confirmed on 29 July 2020 after market rumours started to 
circulate that it is, together with a South-African financial services 
investment holding company Rand Merchant Investment Holdings Limited 
(RMI), in discussions with the UK P&C insurance company Hastings Group 
Holdings Plc (Hastings) regarding a possible cash offer to acquire the 
issued and to be issued share capital of Hastings not already owned or 
controlled by Sampo and RMI. 
 
   Following the announcement on 29 July 2020, Sampo and RMI have today 
announced a recommended cash offer, through a newly-formed jointly owned 
company, to acquire all issued and to be issued shares Hastings not 
already owned or controlled by Sampo and RMI. 
 
   The cash offer price is GBp 250 for each Hastings share, valuing 
Hastings' entire issued and to be issued share capital at approximately 
GBP 1.66 billion or approximately EUR 1.84 billion. 
 
   The cash offer represents a premium of approximately 37.5 per cent to 
volume-weighted average price of GBp 182 per Hastings share for the 
three-month period ended on 4 August 2020, the last business day before 
of the date of the offer announcement. 
 
   Following the completion of the offer, Sampo and RMI will own and 
control 70 per cent and 30 per cent of the shares and votes in the 
jointly owned company, respectively. 
 
   The size of Sampo's investment, based on its 70 per cent stake, would be 
GBP 1.16 billion or EUR 1.29 billion valued at the offer price. Sampo 
expects to fund its part of the acquisition with approximately EUR 1 
billion of newly issued hybrid Tier 2 capital with the residual coming 
from existing cash resources. 
 
   Sampo estimates that the acquisition of Hastings will have a positive 
impact on its earnings per share in the mid-single digits. The 
acquisition is not expected to impact on Sampo's dividend policy in the 
short term but is expected to enhance the dividend potential in the long 
term. 
 
   Meanwhile it is expected that Sampo's solvency position will remain 
robust at approximately 175 per cent (post planned issuance of 
approximately EUR 1 billion of hybrid Tier 2 capital). Sampo does not 
believe that the transaction will lead to a change in the Group's credit 
ratings subject to the planned financing structure. 
 
   The independent directors of Hastings intend to recommend unanimously 
that Hastings' shareholders approve the offer and have entered into 
irrevocable undertakings to do so in an amount of 0.33 per cent of the 
company's issued share capital. 
 
   The transaction is subject to Hastings' shareholder approval and 
regulatory approvals and is expected to be closed by the end of 2020. 
 
   More information on the offer at 
https://www.globenewswire.com/Tracker?data=T6zf9vlueHPz00XhXCTvd4jj6r7OHJv_wIsDrb-n2c0wqY_pEEXtZ36EpuR9_VY3cTVEtbv0C-983Iz3-XFT-hmgp6WShUsjjUFpeKo7Mi8= 
www.sampo.com/offer and

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08-05-20 0250ET