If P&C Sampo Capital Market Day May 30, 2013

TORBJÖRN MAGNUSSON, CEO

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The leading Nordic P&C insurer

• GWP EUR 4.7bn

• Nordic market share of 19%*

• Solvency of 77% and S&P A rating

• 6,225 employees

* Including share of associated companies

Private; 55%

Commercial; 29%

Industrial; 14%

Baltic; 2%

If at a glance

19,2%

-0,8%

53,2%

39,8%

12,4%

36,9% 39,7%

2,6%

-3,1%

12,4%

7,4%

1,8%

6,1%

1,4%

2007 2008 2009 2010 2011 2012 2013Q1

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Average ROE 2007-2012 of 25.1% Average dividend EUR 495m

90,6% 91,8% 92,1% 92,8% 92,0% 88,9% 88,7%

2007 2008 2009 2010 2011 2012 2013Q1

(R12)

Combined ratio (%) ROE (%) and ROI (%)

Performance over time

Performance update – Q1 2013

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(EURm) Q1 - 13 Q1 - 12 Change (%)

GWP 1,775 1,701 4.4%

Technical result 122 120 1.7%

Investment result 102 113 -9.7%

Operating result 204 198 3.0%

Result for the period 161 155 3.9%

Risk ratio 67.7% 69.0% -1.3%-p

Cost ratio 23.2% 22.7% 0.5%-p

Combined ratio 90.9% 91.7% -0.8%-p

Return on equity 39.7% 52.1% -12.4%-p

91,5% 88,1%

90,6%

4,1% 3,3% 2,7%

Q1-12 2012 Q1-13

Industrial

Private Commercial

94,8%

89,0% 92,0%

4,1%

2,6%

3,2%

Q1-12 2012 Q1-13

92,5% 95,8%

92,0% 5,7%

3,7%

-3,3% Q1-12 2012 Q1-13

Baltic

89,0% 87,1%

94,6%

1,3%

0,8% 0,6%

Q1-12 2012 Q1-13

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Results by Business Area - Q1 2013 Combined ratio and GWP growth

If ; 18%

Tryg; 11%

RSA Scandinavia; 9%

LF; 9%

Gjensidige; 9%

Pohjola; 4%

Topdanmark; 5%

Other; 35%

Nordic P&C – market size of EUR 24bn

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Nordic market shares (%)

Note: If market share including holding in Topdanmark 19%

3,9

6,5

6,7

7,7

Finland

Norway

Denmark*

Sweden

Nordic market mix

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19%

25%

10%

26%

Sweden Norway Denmark* Finland

Note: Including holding in Topdanmark

Nordic 19%

GWP 2012 (EURbn) If market share

*2011 figures

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56%

18%

Share of total market

92,8

98,8

93,3

85,4

95,3 96,6

88,9 88,2 88,0 86,6 85,3

97,1

90,9 90,3 92,3

94,2

If Tryg Topdanmark RSAScandinavia

Gjensidige Pohjola

102,0

100,0

96,5 97,0

102,0

99,0 99,0

LähiTapiola Länsförsäkringar Folksam

2010 2012 2013 Q1

Share of total market

Market profitability Combined ratio (%)

Market development Sweden

19% 19% 19%

31% 29% 30%

17% 16% 16%

14% 15% 15%

19% 21% 20%

2008 2010 2012

If LF Trygg-Hansa Folksam Other

Developments Market share (%)

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• 5th biggest company (Tryg) only 3% market share

• New bancassurance agreement 2013 – Nordea/If

• Volkswagen/Audi-If agreement renewed 2013

• Price increases in excess of inflation in private lines

• Aggregator market share <2%

Market development Norway

28% 25% 25%

29% 28% 25%

18% 17%

15%

10% 10%

10%

17% 20% 25%

2008 2010 2012

If Gjensidige Tryg SpareBank 1 Other

Market share (%)

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Developments

• Growing economy and insurance market

• Several new entrants 2008-2010, stable market since 2011

• Period of high inflation, since 2012 replaced by period of low claims frequency

• No aggregators, low internet sales

Market development Finland

26% 25% 26%

28% 28% 29%

27% 28% 27%

11% 10% 10% 9% 9% 8%

2008 2010 2012

If Pohjola Tapiola+Lähivakuutus Fennia Other

Market share (%)

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Developments

• Acquisition of Tryg branch

• New bancassurance agreement 2013 – Nordea/If

• Further consolidation – LähiTapiola

• No significant new entrants

• No aggregators, however internet sales significant

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UW focus

UW focus in practice

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• UW policy with very clear and enforced limitations

• UW committee with real power as an active challenger

• Models cannot replace experience and risk aversion in top management

• Gross underwriting principle

• Explicit accountability for each underwriting decision

• Willingness to underwrite only business that is clearly understood

• Focus on making tariffs effective in distribution

Pricing: Unrivalled pricing skills Example of price build-up and pricing criteria

Objective criteria

Customer product choices

Customer behavior

Price

Customer product choice

Young driver

Claims

Age

Deductible

Car Make

Objective criteria

Customer behavior

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Correct customer pricing strongly supports sales and customer retention

Annual If Pen Award

Incentivised organisation Skills in focus

• Incentive systems including

all employees linked to performance

• Accountability of results

• Continuity in management

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Performance & underwriting culture

Strong pricing and underwriting control

92% 92% 93%

92%

89% 89%

4,1%

3,8%

3,0%

2,4% 2,0%

1,9%

2008 2009 2010 2011 2012 R122013 Q1

CR Technical interest

Implementation of low interest rate environment Financial discipline

2,4% 2,4% 2,9%

3,3% 2,8%

1,2%

2008 2009 2010 2011 2012 2013 Q1

Prior year gains (% of CR)

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Average Combined Ratio & Standard Deviation 2007-E2014

17 Source: Macquarie, European Insurance, 22.01.2013

0

1

2

3

4

5

6

7

90 91 92 93 94 95 96 97 98 99 100

Gjensidige

Topdanmark

Swiss Re

Tryg

Sampo

Munich Re

Generali

AXA

Aviva

Zig

SCOR

Hannover Re

Stan

dar

d d

evia

tio

n, %

Combined ratio, %

Sub-group 1

Sub-group 2 Sub-group 3

Sub-group 4

AVERAGE

Allianz

Creating shareholder value

• Stable return through underwriting excellence and scale advantage

• Financial discipline

• Management commitment to continuous improvement

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