until the end of 2021. 
 
   Hastings segment's profit before taxes for January -- March 2021 
amounted to 46 million. This includes a EUR 10 million charge for 
amortization of non-operational intangibles, which will continue for the 
next seven years. 
 
   Hastings continues to make good progress on its strategic initiatives, 
including digital capabilities. More customers are choosing to make 
contact through the mobile app and customer engagement and feedback on 
the app remains positive. Claims transformation initiatives, spanning 
accidental damage, third party property damage and bodily injury, also 
continue to make good progress. Home insurance customer policies were up 
28 per cent year-on-year. 
 
   Colleague engagement remains very positive. Investment continues to be 
made in home and flexible working, which Hastings intends to continue 
beyond COVID-19, to ensure the training and development and wellbeing of 
Colleagues, as well as on the diversity and inclusion agenda, including 
a focus on the progression of women into senior roles. 
 
   Whiplash reforms, designed to reduce the cost of small bodily injury 
claims, will come into effect across the UK market at the end of May. In 
addition, the final report of the FCA's general insurance pricing 
practices market study is also expected in May, with full implementation 
required by the end of December 2021. Hastings remains supportive of 
both reforms and its agile pricing, superior risk selection and business 
model means that it is well positioned to adapt and become a net 
beneficiary versus competitors over time. 
 
   Mandatum 
 
   The profit before taxes for Mandatum Group in January -- March 2021 
amounted to EUR 76 million (-16). The result benefitted from favorable 
investment markets, which supported net investment income of EUR 105 
million (-23), excluding income on unit-linked contracts. The net income 
from unit-linked contracts was EUR 375 million (-884). The total 
comprehensive income for the period after tax reflecting the changes in 
market value of assets, was EUR 108 million (-323). 
 
   Mandatum Life's total technical reserves increased to EUR 12.7 billion 
(12.3). The increase was driven by unit-linked reserves, which grew to 
EUR 9.2 billion (8.8) at the end of March on the back of good momentum 
in the capital markets. Mandatum's expense result was EUR 8 million (6) 
and the risk result stood at EUR 6 million (5). 
 
   The with-profit reserves related to the higher guarantees of 4.5 and 3.5 
per cent decreased by EUR 50 million to EUR 1.8 billion (1.9) at the end 
of March 2021. In total, with-profit reserves equaled EUR 3.4 billion 
(3.5). 
 
   Mandatum Life's discount rate for 2024 was lowered to 1.5 per cent, 
which had a negative impact of EUR 31 million on the result. Mandatum 
Life has overall supplemented its technical reserves with a total of EUR 
232 million (218). The figure does not take into account the reserves 
relating to the segregated fund. The discount rate is 0.25 per cent for 
2021 - 2023 and 1.5 per cent for 2024. The discount rate of segregated 
liabilities is 0.0 per cent and the discount rate reserve of the 
segregated liabilities amounted to EUR 221 million (232). 
 
   Mandatum Life's premium income amounted to EUR 269 million (287), of 
which unit-linked premiums were EUR 201 million (224). 
 
   Mandatum's solvency position is described in the section Solvency. 
 
   Holding 
 
   Holding segment's profit before taxes for January - March 2021 rose to 
EUR 115 million (62). 
 
   On 31 March 2021 Sampo plc held 642,924,782 Nordea shares corresponding 
to a holding of 15.87 per cent. The average purchase price per share 
amounted to EUR 6.46. Nordea is valued in the consolidated balance sheet 
at EUR 4.9 billion, i.e. EUR 7.68 per share on 31 March 2021. On the 
same date the market value of the holding was EUR 5.4 billion, i.e. EUR 
8.41 per share. 
 
   Sampo's share of profits of associated companies Nordea and Nordax 
Holding for January -- March 2021 amounted to EUR 126 million (86), of 
which Nordea's share was EUR 121 million (84) and Nordax's share was EUR 
5 million (2). 
 
   OTHER DEVELOPMENTS 
 
   Changes in Group Structure 
 
   Mandatum Group announced on 12 February 2021 that it will establish 
Mandatum Asset Management. In connection with this, Sampo Group's asset 
management operations will be merged and changes to Mandatum Group's 
corporate structure have been made. In the new structure Mandatum Life 
and Mandatum Asset Management Ltd ("MAM", previously Mandatum Life 
Investment Services Ltd) will operate as affiliates under a new parent 
company Mandatum Holding Ltd, that is a wholly-owned subsidiary of 
Sampo. 
 
   Remuneration 
 
   A total of EUR 19 million (5), including social costs, was paid as 
short-term incentives during the first quarter of 2021, of which the 
major part was paid out in Hastings. In the same period, a total of EUR 
1 million (0) was paid as long-term incentives, of which all was paid 
out in Topdanmark. The long-term incentive schemes in force in Sampo 
Group produced a negative result impact of EUR -6 million (6). 
 
   Shareholders 
 
   During the first quarter of 2021 Sampo plc received altogether 14 
notifications of change in holding pursuant to Chapter 9, Section 5 of 
the Securities Markets Act, according to which the total number of Sampo 
A shares or related voting rights owned by BlackRock, Inc. (tax ID 
32-0174421) and its funds directly or through financial instruments had 
decreased below 5 per cent or increased above 5 per cent. 
 
   After the end of the reporting period Sampo plc had received 10 
notifications of change in holding pursuant to Chapter 9, Section 5 of 
the Securities Markets Act, from BlackRock, Inc. 
 
   The details of the notifications are available at 
www.sampo.com/flaggings. 
 
   Ratings 
 
   Relevant ratings for Sampo Group companies on 31 March 2021 are 
presented in the table below. 
 
 
 
 
Rated company                  Moody's          Standard & Poor's 
-----------------------------  ---------------  ------------------- 
                               Rating  Outlook  Rating    Outlook 
-----------------------------  ------  -------  --------  --------- 
                               A3      Stable   A 
 Sampo plc -- Issuer Credit                                Stable 
 Rating 
-----------------------------  ------  -------  --------  --------- 
If P&C Insurance Ltd --        A1      Stable   A+        Stable 
 Insurance Financial Strength 
 Rating 
-----------------------------  ------  -------  --------  --------- 
If P&C Insurance Holding       -       -        A         Stable 
 Ltd (publ) 
 - Issuer Credit Rating 
-----------------------------  ------  -------  --------  --------- 
Mandatum Life Insurance        -       -        A+        Stable 
 Company Ltd -- Issuer Credit 
 Rating 
-----------------------------  ------  -------  --------  --------- 
 
   In addition, Hastings Group (Finance) Plc has an outstanding senior bond 
of GBP 250 million maturing in 2025 for which Fitch has an Issuer 
Default Rating (IDR) of A- with a positive outlook. 
 
   SOLVENCY 
 
   Group solvency 
 
   Sampo Group calculates its group solvency under the Solvency II rules. 
In this calculation Nordea is treated as an equity investment. 
 
   On 24 February 2021 Sampo published a target for its Group solvency 
ratio. Sampo targets a solvency ratio between 170 and 190 per cent 
according to the Solvency II rules. On 31 March 2021 Sampo Group's 
solvency ratio was at the upper end of the target range and amounted to 
189 per cent (176). 
 
   Solvency position in the subsidiaries 
 
   The insurance subsidiaries apply Solvency II rules in their regulatory 
solvency calculations. If Group companies use either partial internal 
models or standard model for calculation of their solo solvency 
position. Mandatum Life reports in accordance with standard formula for 
Solvency II. Topdanmark uses a partial internal model to report its 
stand-alone solvency position. 
 
   Hastings is fully consolidated into the Sampo Group's Own funds and SCR. 
As a stand-alone entity AICL, Hastings underwriting company, calculates 
its solo solvency position according to Solvency II rules. 
 
   If Group has an A+ rating from S&P which will continue to require 
significantly more capital than the standard formula and therefore the 
use of standard formula has no practical implications on If Group's 
capital position. On 31 March 2021 If Group's Solvency II capital 
requirement under standard formula amounted to EUR 2,020 million (1,916) 
and own funds to EUR 4,289 million (3,623). The solvency ratio amounted 
to 212 per cent (189). 
 
   The S&P A+ rating capital requirement for If Group amounted to EUR 3,081 
million (3,083) on 31 March 2021 and the capital base was EUR 3,732 
million (3,234). 
 
   Topdanmark calculates most of its non-life and health risks and their 
respective solvency capital requirement by applying a partial internal 
model approved by the DFSA. Other risks are calculated by the Solvency 
II SCR standard formula. During the first quarter of 2021, Topdanmark 
has updated its model apparatus for calculating the Solvency Capital 
Requirement (SCR) and the own funds in life insurance. Topdanmark's 
solvency ratio under the partial internal model rose to 243 per cent 
(170) at the end of March 2021. 
 
   Mandatum Group's solvency ratio amounted to 204 per cent on 31 March 
2021. The life company in the Group, Mandatum Life, had a solvency ratio 
of 200 per cent (188). Its Own funds were EUR 2,491 million (2,308) and 
the Solvency Capital Requirement (SCR) was EUR 1,243 million (1,230). 
Without transitional measures the solvency ratio was 173 per cent (159). 
 
   Leverage position 
 
   On 24 February 2021 Sampo published a target of below 30 per cent for 
its Group leverage ratio calculated as Group's financial debt divided by 
the sum of IFRS equity and financial debt. Leverage ratio was 28 per 
cent on 31 March 2021. Group's financial debt amounted EUR 5,060 million

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