Sampo Oyj — Interim / Quarterly Report 2012

May 8, 2012

INTERIM REPORT 8 MAY 2012

January–March 2012

Contents

	Q1
Contents
Summary Business areas	3 4
P &C insurance	4
A ssociated company Nordea Bank	7
Life insurance	9
Holding	11
Other developments	12
A nnual General Meeting	12
P ersonnel	12
M anagement incentive schemes	13
Shares and share capital	13
R atings	13
Group solvency	14
Debt financing	15
Outloo k	16
The major risks and uncertainties to the Group in the near term	16
O utlook for the rest of 2012	16
Tables 31 March 2012	18
Group financial review	18
Calculation of key figures	19
Group quarterly comprehensive income statement	21
Consolidated comprehensive income statement, IFRS	22
Consolidated balance sheet, IFRS	23
Statement of changes in equity, IFRS	24
Statement of cash flows, IFRS	25
Notes	26
A ccounting policies	26
Comprehensive income statement by segment for three months ended 31 March 2012	27
Comprehensive income statement by segment for three months ended 31 March 2011	28
Consolidated balance sheet by segment at 31 March 2012	29
Consolidated balance sheet by segment at 31 December 2011	30
Other notes	31
1 Insurance premiums	31
2 Net income from investments	32
3 Claims incurred	35
4 Staff costs	36
5 Intangible assets	37
6 Financial assets	38
7 Derivative financial instruments	40
8 Investments related to unit-linked insurance	41
9 Liabilities for insurance and investment contracts	42
10 Liabilities from unit-linked insurance and investment contracts	43
11 Financial liabilities	44
12 Contingent liabilities and commitments	45
13 Result analysis of P&C insurance business	47
14 Sampo plc's income statement and balance sheet (FAS)	48

SAMPO PLC INTERIM REPORT 8 May 2012

Sampo Group's results for January-March 2012

A very good start for the year

Sampo Group's profit before taxes for January - March 2012 amounted to EUR 363 million (387). The total comprehensive income for the period, taking changes in the market value of assets into account, rose to EUR 654 million (232).

• • Earnings per share amounted to EUR 0.57 (0.58) and mark-to-market EPS was EUR 1.17 per share (0.41). The return on equity for the Group amounted to 28.3 per cent for the period (10.3).
• • Net asset value per share rose to EUR 16.61 (14.05). The fair value reserve after tax on the Group level increased to EUR 660 million (355).
• • In the P&C insurance operations the combined ratio for the first quarter of 2012 was excellent and amounted to 92.4 per cent (94.4). This is the best first quarter combined ratio in If's history. The profit before taxes was EUR 191 million (221). The underlying profitability improved as the comparison figure contains a one-off sales gain of EUR 75 million. Mark-to-market result rose to EUR 323 million (91). Return on equity increased to 50.2 per cent (14.0).
• • Nordea is accounted for as an associated company. Sampo's share of Nordea's profit for the first quarter of 2012 was EUR 158 million (152).
• • Profit before taxes for the life insurance operations decreased to EUR 33 million (44) as EUR 17 million was used to lower the 2012 and 2013 discount rates to 2.5 per cent and 3.25 per cent, respectively. The mark-to-market result increased to EUR 172 million (13). The return on equity at market value rose to 72.3 per cent (5.0).

Key figures

EURm	1–3/2012	1–3/2011	Change, %
Profit before taxes	363	387	-6
P&C insurance	191	221	-13
Life insurance	33	44	-24
Associates (Nordea)	158	152	4
Holding excl. associates	-19	-30	36
Profit for the period	317	325	-2
			Change
Earnings per share, EUR	0.57	0.58	-0.01
EPS, mark-to-market, EUR	1.17	0.41	0.76
NAV per share, EUR *)	16.61	14.05	2.56
Average number of staff (FTE)	6,796	6,872	-76
Group solvency ratio, % *)	150.5	138.6	11.9
RoE, %	28.3	10.3	18.0

*) comparison figure from 31.12.2011

The figures in this report are not audited. Income statement items are compared on a year-on-year basis whereas comparison figures for balance sheet items are from 31 December 2011 unless otherwise stated.

Business areas P&C insurance

If P&C is the leading property and casualty insurance company in the Nordic region, with insurance operations that also encompass the Baltic countries and Russia. The P&C insurance group's parent company, If P&C Insurance Holding Ltd, is located in Sweden, and the If subsidiaries provide insurance solutions and services in Finland, Sweden, Norway, Denmark, the Baltic countries and Russia. If's operations are divided into four business areas: Private, Commercial, Industrial and Baltic.

Results
EURm	1–3/2012	1–3/2011	Change, %
Premiums written, net	1,591	1,520	5
Net income from investments	103	171	-40
Other operating income	9	9	5
Claims incurred	-736	-712	3
Change in insurance liabilities	-525	-517	1
Staff costs	-138	-127	9
Other operating expenses	-119	-115	4
Finance costs	-5	-7	-36
Share of associates' profit/loss	11	0	-
Profit before taxes	191	221	-13
Key figures			Change
Combined ratio, %	92.4	94.4	-2.0
Risk ratio, %	69.0	71.0	-2.0
Cost ratio, %	23.4	23.4	0
Expense ratio, %	16.9	16.9	0
Return on equity, %	50.2	14.0	36.2
Average number of staff (FTE)	6,211	6,316	-105

Profit before taxes for P&C insurance decreased to EUR 191 million (221) in January-March 2012. The decrease is explained by lower net income from investments in relation to the previous year due to a one-off sales gain of EUR 75 million in the comparison period.

Both risk ratio and combined ratio improved in the first quarter of 2012 to 69.0 per cent (71.0) and 92.4 per cent (94.4), respectively. EUR 26 million (39) was released from technical reserves relating to prior year gains. Change in the interest rate used to discount the annuity reserves in Sweden improved the result by EUR 12 million.

Technical result increased to EUR 112 million (100). Technical result for Private business area increased to EUR 68 million (56), for Commercial to EUR 26 million (23) and for Baltic (excl. Russia) to EUR 4 million (2). For business area Industrial technical result decreased to EUR 13 million (16). Insurance margin (technical result in relation to net premiums earned) improved to 10.3 per cent (9.7).

Return on equity (RoE) increased significantly to 50.2 per cent (14.0) supported by the strong markto-market investment result in the first quarter. Fair value reserve increased from the year end to EUR 297 million (139) at the end of March 2012.

Topdanmark's profit contribution for January-March 2012 was EUR 12 million. At the end of March 2012 If P&C held altogether 3,147,692 Topdanmark shares, corresponding to 24.2 per cent of the votes and 22.9 per cent of the shares.

	Combined ratio,%			Risk ratio,%
	1-3/2012	1-3/2011	Change	1-3/2012	1-3/2011	Change
Private	91.5	94.0	-2.5	67.9	70.6	-2.7
Commercial	94.8	96.7	-1.9	71.0	72.8	-1.8
Industrial	92.4	91.5	0.9	71.9	70.4	1.5
Baltic	89.0	98.6	-9.6	57.4	62.8	-5.4
Sweden	87.2	92.9	-5.7	64.0	70.6	-6.6
Norway	93.4	96.5	-3.1	70.1	73.3	-3.2
Finland	92.7	93.9	-1.2	70.6	70.6	0
Denmark	107.8	94.3	13.5	81.6	66.7	14.9

Risk ratio improved in all business areas except Industrial due to less winter related claims than in the comparison period. In Denmark risk ratio deteriorated due to higher large claims in business area Commercial.

Gross written premiums increased 5.1 per cent to EUR 1,701 million (1,618). Adjusted for currency, premiums increased 4.7 per cent. All business areas and countries had positive growth. In Private gross written premiums adjusted for currency increased by 4.1 per cent. In Commercial the growth was 4.1 per cent as well, in Industrial 5.7 per cent and in Baltic 1.3 per cent.

Cost ratio remained at previous year's level and was 23.4 per cent (23.4). Adjusted for currency the nominal costs increased 5.6 per cent.

Investment allocation, If P&C, total EUR 11.8 billion

At the end of March 2012 the total investment assets of If P&C amounted to EUR 11.8 billion (11.2).

Net income from investments decreased to EUR 103 million (171) due to a large one-off sales gain from equities in the comparison period.

Investment return mark-to-market for January-March 2012 was 2.9 per cent (0.7).

Duration for interest bearing assets was 1.3 years (1.2) and average maturity 2.5 years. Fixed income running yield was 3.9 per cent (4.1).

If P&C's solvency ratio as at 31 March 2012 (solvency capital in relation to net written premiums) was 78 per cent (72). Solvency capital amounted to EUR 3,414 million (3,080). Reserve ratios decreased to 164 per cent (167) of net written premiums and 219 per cent (229) of claims paid. The decrease versus claims paid is mainly due to increased property claims payments in business area Industrial during year 2011 and first quarter of 2012.

Associated company Nordea Bank

On 31 March 2012 Sampo plc held 860,440,497 Nordea shares corresponding to a holding of 21.3 per cent. The average price paid per share amounted to EUR 6.46 and the book value in the Group accounts was EUR 7.21 per share. The closing price as at 31 March 2012 was EUR 6.80.

Sampo's holding exceeds 20 per cent and Nordea has been accounted as an associated company in Sampo Group's accounts since 31 December 2009. Sampo's share of Nordea's net profit is shown on the face of Sampo Group's profit and loss account on the line Share of associate's profit/loss.

In the first quarter of 2012 Nordea's strong business momentum continued. Profitability was maintained at a high level, with an ROE close to 12 per cent. Costs were kept under strict control and the capital position strengthened further. Core tier 1 capital ratio increased by 0.4 percentage point to 11.6 per cent.

Nordea paid a total dividend of EUR 1,048 million, of which Sampo plc's share amounted to EUR 224 million.

The following text is based on Nordea's January - March 2012 interim report published on 24 April 2012.

First quarter 2012 vs first quarter 2011 (first quarter 2012 vs fourth quarter 2011):

• • Net interest income up 7 per cent (largely unchanged)
• • Operating profit up 3 per cent (up 1 per cent)
• • Core tier 1 capital ratio increased to 11.6 per cent excluding transition rules from 10.7 per cent (up from 11.2 per cent in the fourth quarter)
• • Cost / income ratio unchanged at 50 per cent (up from 49 per cent in the fourth quarter)
• • Net loan losses down to 26 basis points from 31 basis points (down from 33 in the fourth quarter)
• • Return on equity 11.7 per cent, down from 12.0 per cent in the first quarter 2011 (down from 12.3 per cent in the fourth quarter)

Total income decreased 1 per cent from the previous quarter to EUR 2,531 million. Net interest income was largely unchanged compared to the previous quarter at EUR 1,420 million. Net interest income decreased in business areas, due to one banking day less in the quarter. Net fee and commission income increased 1 per cent to EUR 596 million. Increases were mainly seen in savings-related commissions. Commission expenses for stability fund in Sweden and the deposit guarantee fund in Denmark were EUR 20 million, up somewhat from the previous quarter, due to the new deposit guarantee fund system in Denmark.

Net loan loss provisions decreased to EUR 218 million, including a provision for the Danish guarantee system related to Fjordbank Mors of EUR 8 million. Excluding these deposit guarantee-related provisions, the loan loss ratio was 25 basis points (36 basis points in the previous quarter). As expected, provisions for future loan losses in shipping and Denmark remained at elevated levels, whereas in other areas the losses decreased from already moderate levels. The overall credit quality is solid with strongly rated customers and stable rating migration.

Operating profit increased 1 per cent from the previous quarter to EUR 1,037 million. Risk-adjusted profit

decreased to EUR 799 million, down 2 per cent from the previous quarter and up 4 per cent compared to the first quarter last year. Net profit decreased 1 per cent compared to the previous quarter to EUR 775 million, corresponding to a return on equity of 11.7 per cent. Return on equity decreased compared to the previous quarter due to higher effective tax rate and higher average equity in the quarter. Diluted earnings per share were EUR 0.19 (EUR 0.19 in the previous quarter).

Total expenses amounted to EUR 1,276 million, largely unchanged compared to the previous quarter in local currencies. Staff costs increased 7 per cent in local currencies to EUR 771 million, mainly due to low pension costs in the fourth quarter. Adjusted for this, staff costs increased 1.7 per cent in the first quarter. Other expenses decreased 10 per cent in local currencies to EUR 455 million, due to seasonal effects. Compared to the first quarter last year, total expenses were largely unchanged in local currencies.

The reduction in staff numbers which was announced last autumn has continued according to plan during the first quarter. The number of employees (FTEs) has been reduced by around 1,600 from the end of the second quarter 2011 and by around 500 compared to the end of the fourth quarter 2011. This has resulted in an annualised gross reduction in the staff expenses of approx. EUR 120 million.

The Group's core tier 1 capital ratio, excluding transition rules, was 11.6 per cent at the end of the first quarter and was strengthened by 0.4 percentage points from the previous quarter. Improved capital ratios have been achieved by strong profit generation and a decrease in risk-weighted assets (RWA), mainly as a result of IRB approval for the corporate and institutions portfolio in the International Units. This IRB approval affected RWA with a reduction of EUR 3.1 billion.

Life insurance

Mandatum Life Group consists of Mandatum Life, a wholly-owned subsidiary of Sampo plc, operating in Finland, and its subsidiary Mandatum Life Insurance Baltic SE, which has the form of a European company and is headquartered in Estonia. It operates in the other Baltic countries through branches.

Results
EURm	1-3/2012	1-3/2011	Change, %
Premiums written	260	216	20
Net income from investments	271	96	183
Other operating income	1	0	-
Claims incurred	-203	-222	-8
Change in liabilities for
inv. and ins. contracts	-266	-19	-
Staff costs	-11	-10	5
Other operating expenses	-17	-15	13
Finance costs	-3	-3	-4
Profit before taxes	33	44	-24
Key figures			Change
Expense ratio, %	120.8	121.8	-1.0
Return on equity, %	72.3	5.0	67.3
Average number of staff (FTE)	530	503	27

Profit before taxes in life insurance for January-March 2012 decreased to EUR 33 million (44). EUR 17 million was used to lower the interest rate used to discount all with-profit liabilities to 2.50 per cent for 2012 and to 3.25 per cent for 2013, respectively. All in all, Mandatum Life has increased its technical reserves with EUR 117 million due to low level of interest rates. Return on equity (RoE) rose to 72.3 per cent (5.0). The total comprehensive income for the period, taking changes in the market value of assets into account, rose to EUR 172 million (13).

Investment allocation, Mandatum Life, total EUR 5.5 billion

Excluding the assets of EUR 3.4 billion (3.1) covering unit-linked liabilities, Mandatum Life Group's investment assets amounted to EUR 5.5 billion (5.4) at market values as at 31 March 2012.

Net income from investments, excluding income on unit-linked contracts, amounted to EUR 86 million (115). Net income from unit-linked investments was EUR 185 million (-19).

Investment return mark-to-market during January – March 2012 was 5.2 per cent (1.4). The fair value reserve increased to EUR 359 million from EUR 214 million at the end of 2011. At the end of March 2012 the duration of fixed income assets was 1.8 years (1.8) and average maturity 2.4 years. Fixed income running yield was 5.3 per cent (5.4).

Mandatum Life's solvency position strengthened further during the first quarter of 2012. Mandatum Life Group's solvency ratio as at 31 March 2012 was 24.8 (20.9). Mandatum Life Group's total technical reserves were EUR 7.6 billion (7.3), of which unit-linked reserves accounted for 3.4 billion (3.1). The unit-linked reserves reached an all-time high and their share of total technical reserves increased to 44 per cent (42).

Expense result for the Group's life insurance segment was EUR 0 million (0) for January – March 2012. Because expenses are partly front-loaded and the earnings potential has increased due to the increase in unit-linked savings, expense result is expected to rise to at least previous year's level. Mandatum Life does not defer acquisition costs, which burdens the result for the sales year.

Mandatum Life Group's premium income on own account increased by 20 per cent and amounted to EUR 260 million (216). Premium income from the Baltic countries decreased clearly and was EUR 5 million (12). Mandatum Life's overall market share in Finland measured by premium income increased to 27.0 per cent (22.2) and market share in unit-linked business to 30.1 per cent (25.0).

Holding

Sampo plc controls its subsidiaries engaged in P&C and life insurance. In addition on 31 March 2012 Sampo plc held 21.3 per cent of the share capital of Nordea, the largest bank in the Nordic countries. Nordea is an associated company to Sampo plc.

Results

EURm	1-3/2012	1-3/2011	Change, %
Net investment income	10	4	134
Other operating income	4	4	1
Staff costs	-4	-4	12
Other operating expenses	-4	-3	16
Finance costs	-24	-30	-20
Share of associates' profit	158	152	4
Profit before taxes	139	122	14
			Change
Average number of staff (FTE)	55	53	2

The segment's profit before taxes amounted to EUR 139 million (122), of which EUR 158 million (152) relates to Sampo's share of Nordea's first quarter 2012 profit. The segment, excluding share of Nordea's profit, reported a loss of EUR 19 million (-30).

Sampo plc's holding in Nordea Bank was booked in the consolidated balance sheet at EUR 6.2 billion. The market value of the holding was EUR 5.9 billion as at 31 March 2012. In addition the assets on Sampo plc's balance sheet as at 31 March 2012 included holdings in subsidiaries for EUR 2.4 billion (2.4).

In the first quarter of 2012 no dividends were paid to Sampo plc by its insurance subsidiaries. A dividend of EUR 224 million was received on 3 April 2012 from the associated company Nordea.

Other developments

Annual General Meeting

The Annual General Meeting of 12 April 2012 decided to distribute a dividend of EUR 1.20 per share for 2011. The record date for dividend payment was 17 April 2012. The dividend was paid on 24 April 2012. The Annual General Meeting adopted the financial accounts for 2011 and discharged the Board of Directors and the Group CEO and President from liability for the financial year.

The number of members of the Board was increased with one to nine members. The following members were re-elected to the Board of Directors: Anne Brunila, Adine Grate-Axén, Veli-Matti Mattila, Eira Palin-Lehtinen, Jukka Pekkarinen, Christoffer Taxell, Matti Vuoria and Björn Wahlroos. Per Arthur Sørlie was elected as a new Board member.

At its organizational meeting, the Board elected Björn Wahlroos as Chairman and Matti Vuoria as Vice Chairman. The following members were elected to the Nomination and Compensation Committee: Veli-Matti Mattila, Eira Palin-Lehtinen, Christoffer Taxell, Matti Vuoria, and Björn Wahlroos (Chairman). Anne Brunila (Chairman), Adine Grate Axén, Jukka Pekkarinen and Per Arthur Sørlie were elected to the Audit Committee.

The Annual General Meeting decided to pay the following fees to the members of the Board of Directors until the close of the 2013 Annual General Meeting: the Chairman of the Board will be paid EUR 160,000 per year, the Vice Chairman EUR 100,000 per year and the other members EUR 80,000 per year. In addition potential statutory social and pension costs incurring to non-Finnish members according to applicable national legislations will be borne by Sampo plc. After deduction of taxes and similar payments, approximately 50 per cent of the Board members' annual compensation will be paid in Sampo A shares and the rest in cash.

Ernst & Young Oy was elected as Auditor. The Auditor will be paid a fee determined by a reasonable invoice. Heikki Ilkka, APA, was re-elected as the principally responsible auditor.

Personnel

The number of full-time equivalent staff decreased to 6,805 employees (6,810) as at 31 March 2012. In P&C insurance, the number of staff mainly decreased in Norway and the Baltic and Russian operation. In life insurance, the number of staff increased both in Finland and the Baltics.

During January-March 2012, approximately 91 per cent of the staff worked in P&C insurance, 8 per cent in life insurance and 1 per cent in the Group's parent company Sampo plc. Geographically, 32 per cent worked in Finland, 27 per cent in Sweden, 22 per cent in Norway and 19 per cent in the Baltic countries, Russia, Denmark and other countries. The average number of employees during January-March 2012 was 6,796 which compares to an average of 6,872 during the corresponding period in 2011.

Management incentive schemes

The variable compensation in Sampo Group is divided into short-term and long-term compensation. The short-term compensation is based on annual performance whilst the long-term compensation is carried out through the management incentive schemes.

In the first quarter of 2012 no payments (0) were made on the basis of the long-term management incentive schemes. As short-term variable compensation EUR 1 million (1) was paid during the first quarter of 2012.

The terms of the long-term incentive schemes and Sampo Group's compensation principles are available on Sampo's website at www.sampo.com/compensation.

Shares and share capital

As at 31 March 2012, Sampo plc had 560,000,000 shares, which were divided into 558,800,000 A shares and 1,200,000 B shares. Total number of votes attached to the shares is 564,800,000. Each A share entitles the holder to one vote and each B share entitles the holder to five votes at the General Meeting of Shareholders. Sampo plc didn't hold any of its own A shares at the end of March 2012. Neither did the other Group companies hold any shares in the parent company.

The Annual General Meeting of 12 April 2012 authorized the Board to acquire in one or several lots a maximum of 50,000,000 Sampo A shares. Shares can be repurchased in other proportion than the shareholders' proportional shareholdings (private repurchase). The share price will be no higher than the highest price paid for Sampo shares in public trading at the time of purchase. The authorization will be valid until the close of the next Annual General Meeting, nevertheless not more than 18 months after AGM's decision.

Ratings

All the main ratings for Sampo Group companies remained unchanged in the first quarter of 2012.

Rated company	Moody's			Standard and Poor's
	Rating	Outlook	Rating	Outlook
Sampo plc	Baa2	Stable	Not rated	-
If P&C Insurance Ltd (Sweden)	A2	Stable	A	Stable
If P&C Insurance Company Ltd (Finland)	A2	Stable	A	Stable

Group solvency

Sampo Group, with Nordea Bank AB (publ) as its associated company, is regarded as a financial and insurance conglomerate according to the Act on the Supervision of Financial and Insurance Conglomerates (2004/699).

Group solvency is calculated according to Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates (2004/699). The Act is based on Directive 2002/87/EC of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment.

Sampo Group solvency

EURm	31 March 2012	31 December 2011
Group capital	9,571	8,920
Sectoral items	1,242	1,091
Intangibles and other deductibles	-2,558	-2,545
Dividends and planned dividends	-840	-672
Group's own funds, total	7,415	6,794
Minimum requirements for own funds, total	4,927	4,902
Group solvency	2,487	1,892
Group solvency ratio
(Own funds % of minimum requirements)	150.5	138.6

The Group's solvency ratio (own funds in relation to minimum requirements for own funds) was 150.5 per cent (138.6) as at 31 March 2012. Nordea is treated as an associated company in the solvency calculation and the part of Nordea's capital requirement corresponding to Sampo's holding in Nordea is taken into account in the Group's capital requirement.

In Sampo Group solvency is assessed internally by comparing the capital required to the capital available. Capital requirement assessment is based on an economic capital framework, in which Group companies quantify the amount of capital required for measurable risks over a one year time horizon at 99.5 per cent´s confidence level. In addition to economic capital companies are assessing their capital need related to non-measurable risks like risks in business environment.

Capital available or Adjusted Solvency Capital include regulatory capital and in addition other loss absorbing items like the effect of discounting technical reserves and other reserves excluded from regulatory capital.

The economic capital tied up in Group's operations on 31 March 2012 was EUR 4,629 million (4,374) and adjusted solvency capital was EUR 7,884 million (7,262).

Debt financing

In February 2012 Sampo plc issued a 5-year senior bond of EUR 500 million under the Euro Medium Term Note Programme. It also bought back the April 2012 bond with EUR 250 million.

Sampo plc's debt financing on 31 March 2012 amounted to EUR 2,534 million (2,329) and interest bearing assets including bank accounts to EUR 1,277 (1,121) million. During the first quarter the net debt increased EUR 49 million to EUR 1,257 (1,208). Gross debt to Sampo plc's equity was 36.6 per cent (34.6).

After the end of the reporting period Sampo plc paid a total of EUR 672 million in dividends, used EUR 355 million to repay rest of the April 2012 bond and received a dividend of EUR 224 million from Nordea. Together these measures increased the net debt to approximately EUR 1,750 million at the end of April.

As at 31 March 2012 financial liabilities in Sampo plc's balance sheet consisted of issued senior bonds and notes of EUR 1,932 million (1,677) and EUR 602 million (652) of outstanding CPs issued. The average interest on Sampo plc's debt as of 31 March 2012 was 3.36 per cent (3.73).

To balance the risks on the Group level Sampo plc's debt is mainly tied to short-term interest rates and issued in euro or Swedish krona. The debt positions are managed with interest rate swaps. These derivatives are valued at fair value in the profit and loss account although economically they match the underlying bonds. As a result Sampo plc maintains the flexibility to adjust derivative position if needed but this comes at the cost of increased volatility in the Holding segment's finance costs.

More information on Sampo Group's outstanding debt issues is available at www.sampo.com/debtfinancing.

Outlook for the rest of 2012

The major risks and uncertainties to the Group in the near term

The major risks Sampo Group is exposed to in its normal business activities are market risk, credit risks and insurance risks. Their contributions to Group's Economic Capital requirement are currently within normal boundaries at levels 39 per cent, 36 per cent and 14 per cent, respectively.

Sovereign debt crisis, crisis of political system, potential banking crisis and slow growth in Europe may escalate in ways that can affect Group's activities unfavorably although Sampo Group companies do not have direct exposures in sovereigns under pressure and have small exposure to banking sector outside the Nordic region.

Outlook for the rest of 2012

Sampo Group's business areas are expected to report good operating results for 2012. However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments.

P&C insurance operations are expected to reach their long-term combined ratio target of below 95 per cent in 2012. Nordea's contribution to the Group's profit is expected to be significant.

SAMPO PLC Board of Directors

For more information, please contact

Peter Johansson, Group CFO, tel. +358 10 516 0010 Jarmo Salonen, Head of Investor Relations and Group Communications, tel. +358 10 516 0030 Essi Nikitin, IR Manager, tel. +358 10 516 0066 Maria Silander, Press Officer, tel. +358 10 516 0031

Telephone conference

Sampo will arrange a telephone conference for investors and analysts at 4 pm Finnish time (2 pm UK time). The call is held in English.

Please call +44 20 3003 2666 (Standard international access), 0800 914 672 (Finland), 0808 109 0700 (UK Toll Free) or +1 866 966 5335 (North America).

Please be ready to state the conference name 'Sampo plc Q1 Release'.

The telephone conference can also be followed from a direct transmission on the Internet at. A recorded version will later be available at the same address.

In addition a Supplementary Financial Information is available at www.sampo.com/result.

Interim report for January–June 2012

Sampo will publish the second quarter 2012 interim report on 8 August 2012.

DISTRIBUTION: NASDAQ OMX Helsinki The principal media Financial Supervisory Authority www.sampo.com

Group financial review

Financial highlights

Group		1–3/2012	1–3/2011
Profit before taxes	EURm	363	387
Return on equity (at fair value)	%	28.3	10.3
Return on assets (at fair value)	%	13.0	5.6
Equity/assets ratio	%	29.9	29.6
Group solvency ¹)	EURm	2,487	2,683
Group solvency ratio	%	150,5	157.7
Average number of staff		6,796	6,872
Property & casualty insurance
Premiums written before reinsurers' share	EURm	1,701	1,618
Premiums earned	EURm	1,066	1,003
Profit before taxes	EURm	191	221
Return on equity (at current value)	%	50.2	14.0
Risk ratio ²)	%	69.0	71.0
Cost ratio ²)	%	23.4	23.4
Loss ratio, excl. unwinding of discounting ²)	%	75.5	77.5
Expense ratio ²)	%	16.9	16.9
Combined ratio, excl. unwinding of discounting	%	92.4	94.4
Average number of staff		6,211	6,316
Life insurance
Premiums written before reinsurers' share	EURm	263	220
Profit before taxes	EURm	33	44
Return on equity (at current value)	%	72.3	5.0
Expense ratio	%	120.8	121.8
Average number of staff		530	503
Holding
Profit before taxes	EURm	68	122
Average number of staff		55	53
Per share key figures
Earnings per share	EUR	0.57	0.58
Earnings per share, incl. other comprehensive income	EUR	1.17	0.41
Capital and reserves per share	EUR	17.09	16.25
Net asset value per share	EUR	16.61	17.71
Adjusted share price, high	EUR	22.19	23.29
Adjusted share price, low	EUR	18.46	19.97
Market capitalisation	EURm	11,850	12,634

¹) The Group solvency is calculated according to the consolidation method defined in Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates (2004/699).

²) The key figures for P&C Insurance are based on activity based costs and cannot, therefore, be calculated directly from the consolidated income statement. The result analysis of P&C insurance is presented in note 13.

The number of shares used at the balance sheet date and as the average number during the financial period was 560,000,000.

The valuation differences on investment property have been taken into account in calculating the return on assets, return on equity, equity/assets ratio and net asset value per share. The tax component includes the tax corresponding to the result for the period, and the deferred tax liability related to valuation differences on investment property.

The total comprehensive income has been used in the calculation of the return on assets and return on equity.

The key figures for the insurance business have been calculated in accordance with the decree issued by the Ministry of Finance and the specifying regulations and instructions of the Finance Supervisory Authority.

Calculation of key figures

Return on equity (fair values), %

+ total comprehensive income valuation differences on investments less deferred tax
+ total equity	x 100 %
valuation differences on investments less deferred tax
(average of values 1 Jan. and the end of reporting period)
Return on assets (at fair values), %
+ operating profit
other comprehensive income before taxes
+ interest and other financial expense + calculated interest on technical provisions
change in valuation differences on investments	x 100 %
+ balance sheet, total
– technical provisions relating to unit-linked insurance
valuation differences on investments
(average of values on 1 Jan. and the end of the reporting period)
Equity/assets ratio (at fair values), %
+ total equity
valuation differences on investments after deduction of deferred tax	x 100 %
+ balance sheet total valuation differences on investments
Risk ratio for P&C Insurance, %
+ claims incurred
– claims settlement expenses	x 100 %
insurance premiums earned
Cost ratio for P&C Insurance, %
+ operating expenses
+ claims settlement expenses	x 100 %
insurance premiums earned
Loss ratio for P&C Insurance, %
claims incurred	x 100 %
insurance premiums earned
Expense ratio for P&C Insurance, %
operating expenses	x 100 %
insurance premiums earned
Combined ratio for P&C Insurance, %
Loss ratio + expense ratio
Expense ratio for life insurance, %
+ operating expenses before change in deferred acquisition costs
+ claims settlement expenses	x 100 %
expense charges

Per share key figures

Earnings per share

profit for the financial period attributable to the parent company's equity holders adjusted average number of shares

Equity per share

equity attributable to the parent company's equity holders adjusted number of shares at the balance sheet date

Net asset value per share

• equity attributable to the parent company's equity holders

valuation differences on listed associates in the Group

valuation differences after the deduction of deferred taxes

adjusted number of shares at balance sheet date

Market capitalisation

number of shares at the balance sheet date x closing share price at the balance sheet date

Group quarterly comprehensive income statement

EURm	1–3/2012	10–12/2011	7–9/2011	4–6/2011	1–3/2011
Insurance premiums written	1,845	1,117	985	1,211	1,736
Net income from investments	380	199	-324	119	266
Other operating income	10	8	8	7	8
Claims incurred	-939	-984	-897	-908	-934
Change in liabilities for insurance and investment contracts	-785	141	554	82	-537
Staff costs	-153	-136	-133	-132	-141
Other operating expenses	-135	-147	-135	-137	-129
Finance costs	-29	-41	13	-18	-35
Share of associates' profit/loss	169	164	80	145	152
Profit for the period before taxes	363	322	150	369	387
Taxes	-47	-43	-25	-60	-62
Profit for the period	317	279	125	310	325
Other comprehensive income for the period
Exchange differences on translating foreign operations	15	58	-16	-38	2
Available-for-sale financial assets	407	177	-413	-158	-125
Cash flow hedges	0	0	0	0	-1
Share of other comprehensive income	18	52	-19	-8	-1
of associates Income tax relating to components of
other comprehensive income	-103	-42	108	41	33
Other comprehensive income for the period, net of tax	337	245	-341	-163	-93
TOTAL COMPR EHENSIVE INCOME FOR THE PERIOD	654	524	-216	146	232
Profit attributable to
Owners of the parent	317	279	125	310	325
Non-controlling interests	0	0	0	0	0
Total comprehensive income attributable to
Owners of the parent	654	524	-216	146	232
Non-controlling interests	0	0	0	0	0

Consolidated comprehensive income statement, ifrs

EURm	Note	1–3/2012	1–3/2011
Insurance premiums written Net income from investments	1 2	1,845 380	1,736 266
Other operating income		10	8
Claims incurred	3	-939	-934
Change in liabilities for insurance and investment contracts		-785	-537
Staff costs	4	-153	-141
Other operating expenses		-135	-129
Finance costs		-29	-35
Share of associates' profit/loss		169	152
Profit before taxes		363	387
Taxes		-47	-62
Profit for the period		317	325
Other comprehensive income for the period
Exchange differences		15	2
Available-for-sale financial assets		407	-125
Cash flow hedges		0	-1
Share of other comprehensive income of associates		18	-1
Income tax relating to components of		-103	33
other comprehensive income Other comprehensive income for the period, net of tax		337	-93
TOTAL COMPR EHENSIVE INCOME FOR THE PERIOD		654	232
Profit attributable to
Owners of the parent		317	325
Non-controlling interests		0	0
Total comprehensive income attributable to
Owners of the parent		654	232
Non-controlling interests		0	0
Basic earnings per share (eur)		0.57	0.58

Consolidated balance sheet, ifrs

EURm	Note	03/2012	12/2011
Assets
Property, plant and equipment		30	26
Investment property		117	118
Intangible assets	5	750	745
Investments in associates		6,551	6,593
Financial assets	6, 7	17,700	16,745
Investments related to unit-linked insurance contracts	8	3,363	3,053
Tax assets		55	64
Reinsurers' share of insurance liabilities		589	532
Other assets		2,240	1,659
Cash and cash equivalents		588	572
Total assets		31,984	30,107
Liabilities
Liabilities for insurance and investment contracts	9	14,376	13,796
Liabilities for unit-linked insurance and investment	10	3,350	3,054
contracts Financial liabilities	11	2,754	2,768
Tax liabilities		530	474
Provisions		35	37
Employee benefits		96	98
Other liabilities		1,272	960
Total liabilities		22,413	21,187
Equity
Share capital		98	98
Reserves		1,531	1,531
Retained earnings		7,076	6,844
Other components of equity		867	447
Equity attributable to owners of the parent		9,571	8,920
Non-controlling interests		0	0
Total equity		9,571	8,920
Total equity and liabilities		31,984	30,107

Statement of changes in equity, ifrs

EURm	Share capital	Share premium account	Legal reserve	Invested un restricted equity	Retained earnings	Trans lation of foreign operations *)	Available for-sale financial assets **)	Cash flow hedges ***)	Total
Equity at 1 Jan. 2011	98	0	4	1,527	6,459	62	734	3	8,886
Changes in equity
Share-based payments					0				0
Share of associate's other changes in equity					1				1
Total comprehensive income for the period					325	0	-92	-1	232
Equity at 31 March 2011	98	0	4	1,527	6,785	63	641	2	9,119
Equity at 1 Jan. 2012	98	0	4	1,527	6,844	91	354	1	8,920
Changes in equity
Recognition of undrawn dividends									0
Share of associate's other changes in equity					-3				-3
Total comprehensive income for the period					317	24	314	0	654
Equity at 31 March 2012	98	0	4	1,527	7,159	115	668	1	9,571

*) The total comprehensive income includes also the share of the associate Nordea's other comprehensive income, in accordance with the Group's share holding. Nordea's other comprehensive income comprise, to a large extent, the currency hedging of net investments and exchange differences, and therefore the Group's exchange differences include also Sampo's share of these items totalling EURm 8 (-1). Available-for-sale financial assets include also the share of Nordea's valuation differences EURm 9 (-) on these assets.

**) The amount recognised in equity from available-for-sale financial assets for the period totalled EURm 303 (7). The amount transferred to p/l amounted to EURm 1 (-99).

***) The amount recognised in equity from cash flow hedges for the period totalled EURm -0 (-1) .

The amount included in the translation, available-for-sale and cash flow hedge reserves represent other comprehensive income for each component, net of tax.

Statement of cash flows, IFRS

EURm	1–3/2012	1–3/2011
Cash and cash equivalent at the beginning of the period	572	527
Cash flow from/used in operating activities	-399	207
Cash flow from/used in investing activities	220	-6
Cash flow from/used in financing activities	196	8
Increase of liabilities	1,029	754
Decrease of liabilities	-833	-746
Cash and cash equivalent at the end of the period	588	736

The cash flow statement reports cash flows during the period classified by operating, investing and financing activities. Cash flows are reported by using the indirect method. Cash flows from operating activities derive primarily from the principal revenue-producing activities. Cash flows from investments in subsidiaries and associated undertakings and those from investments in intangible assets and property, plant and equipment are presented in investing activities. Financing activities include cash flows resulting from changes in equity and borrowings in order to conduct the business. Cash and cash equivalents consist of cash at bank and in hand and short-term deposits (under 3 months).

Notes

Accounting policies

Sampo Group's consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU. The interim financial statements are presented in accordance with IAS 34 Interim Financial Reporting. In preparing the interim financial statements, the same accounting policies and methods of computation are applied as in the financial statements for 2011.

Sampo adopted various new or revised standards and interpretations at the beginning of the year 2012. These standards and interpretations are explained in Sampos accounting policies for the financial year 2011. The financial statements are available on Sampo's website at www.sampo.com/annualreport.

Comprehensive income statement by segment for three months ended 31 March 2012

EURm	P&C insurance	Life insurance	Holding	Elimination	Group
Insurance premius written	1,591	260	-	-5	1,845
Net income from investments	103	271	10	-3	380
Other operating income	9	1	4	-4	10
Claims incurred	-736	-203	-	-	-939
Change in liabilities for insurance and investment contracts	-525	-266	-	5	-785
Staff costs	-138	-11	-4	0	-153
Other operating expenses	-119	-17	-4	4	-135
Finance costs	-5	-3	-24	3	-29
Share of associates' profit/loss	11	0	158	-	169
Profit before taxes	191	33	139	0	363
Taxes	-41	-7	0	1	-47
Profit for the period	151	26	139	1	317
Other comprehensive income for the period
Exchange differences	15	0	-	-	15
Available-for-sale financial assets	213	193	1	0	407
Cash flow hedges	-	0	-	-	0
Share of other comprehensive income of associates	-	-	18	-	18
Income tax relating to components of other comprehensive income	-55	-47	0	0	-103
Other comprehensive income for the period, net of tax	173	145	19	0	337
TOTAL COMPR EHENSIVE INCOME FOR THE PERIOD	323	172	158	1	654
Profit attributable to
Owners of the parent					317
Non-controlling interests					0
Total comprehensive income attributable to
Owners of the parent					654
Non-controlling interests					0

Comprehensive income statement by segment for three months ended 31 March 2011

EURm	P&C insurance	Life insurance	Holding	Elimination	Group
Insurance premius written	1,520	216	-	-	1,736
Net income from investments	171	96	4	-5	266
Other operating income	9	0	4	-4	8
Claims incurred	-712	-222	-	-	-934
Change in liabilities for insurance and investment contracts	-517	-19	-	-	-537
Staff costs	-127	-10	-4	0	-141
Other operating expenses	-115	-15	-3	4	-129
Finance costs	-7	-3	-30	5	-35
Share of associates' profit/loss	0	0	152	-	152
Profit before taxes	221	44	122	0	387
Taxes	-59	-10	8	0	-62
Profit for the period	162	33	130	0	325
Other comprehensive income for the period
Exchange differences	2	0	-	-	2
Available-for-sale financial assets	-99	-26	0	0	-125
Cash flow hedges	-	-1	-	-	-1
Share of other comprehensive income of associates	-	-	-1	-	-1
Income tax relating to components	26	7	0	0	33
of other comprehensive income Other comprehensive income
for the period, net of tax	-71	-20	-2	0	-93
TOTAL COMPR EHENSIVE INCOME FOR THE PERIOD	91	13	128	0	232
Profit attributable to
Owners of the parent					325
Non-controlling interests					0
Total comprehensive income attributable to
Owners of the parent					232
Non-controlling interests					0

Consolidated balance sheet by segment at 31 March 2012

EURm	P&C insurance	Life insurance	Holding	Elimination	Group
Assets
Property, plant and equipment	16	6	8	-	30
Investment property	26	91	4	-4	117
Intangible assets	585	165	0	-	750
Investments in associates	348	0	6,203	-	6,551
Financial assets	11,368	5,358	3,654	-2,680	17,700
Investments related to unit-linked insurance contracts	-	3,368	-	-5	3,363
Tax assets	44	-	16	-5	55
Reinsurers' share of insurance liabilities	586	3	-	-	589
Other assets	1,826	136	294	-16	2,240
Cash and cash equivalents	473	50	65	-	588
Total assets	15,272	9,178	10,244	-2,709	31,984
Liabilities
Liabilities for insurance and investment contracts	10,146	4,229	-	-	14,376
Liabilities for unit-linked insurance and investment contracts	-	3,355	-	-5	3,350
Financial liabilities	401	112	2,549	-308	2,754
Tax liabilities	393	137	-	-	530
Provisions	35	-	-	-	35
Employee benefits	96	-	-	-	96
Other liabilities	1,005	164	120	-16	1,272
Total liabilities	12,076	7,997	2,669	-329	22,413
Equity
Share capital					98
Reserves					1,531
Retained earnings					7,076
Other components of equity					867
Equity attributable to owners of the parent					9,571
Non-controlling interests					0
Total equity					9,571
Total equity and liabilities					31,984

Consolidated balance sheet by segment at 31 December 2011

EURm	P&C insurance	Life insurance	Holding	Elimination	Group
Assets
Property, plant and equipment	16	6	4	-	26
Investment property	26	92	4	-4	118
Intangible assets	580	165	0	-	745
Investments in associates	340	0	6,253	-	6,593
Financial assets	10,754	5,168	3,465	-2,642	16,745
Investments related to unit-linked insurance contracts	-	3,053	-	-	3,053
Tax assets	52	-	17	-5	64
Reinsurers' share of insurance liabilities	528	3	-	-	532
Other assets	1,479	133	59	-12	1,659
Cash and cash equivalents	390	93	89	-	572
Total assets	14,165	8,713	9,891	-2,662	30,107
Liabilities
Liabilities for insurance and investment contracts	9,547	4,249	-	-	13,796
Liabilities for unit-linked insurance and investment contracts	-	3,054	-	-	3,054
Financial liabilities	528	164	2,346	-269	2,768
Tax liabilities	388	85	-	-	474
Provisions	37	-	-	-	37
Employee benefits	98	-	-	-	98
Other liabilities	695	151	126	-12	960
Total liabilities	11,294	7,703	2,472	-281	21,187
Equity
Share capital					98
Reserves					1,531
Retained earnings					6,844
Other components of equity					447
Equity attributable to owners of the parent					8,920
Non-controlling interests					0
Total equity					8,920
Total equity and liabilities					30,107

Other notes, eurm

1 Insurance premiums

P&C insurance	1–3/2012	1–3/2011
Premiums from insurance contracts
Premiums written, direct insurance	1,662	1,590
Premiums written, assumed reinsurance	38	28
Premiums written, gross	1,701	1,618
Ceded reinsurance premiums written	-110	-98
P&C insurance, total	1,591	1,520
Change in unearned premium provision	-582	-563
Reinsurers' share	57	46
Premiums earned for P&C insurance, total	1,066	1,003

Life insurance	1–3/2012	1–3/2011
Premiums from insurance contracts
Premiums from contracts with discretionary participation feature	48	44
Premiums from unit-linked contracts	91	85
Premiums from other contracts	0	0
Insurance contracts, total	140	129
Assumed reinsurance	0	0
Premiums from investment contracts
Premiums from contracts with discretionary participation feature	0	1
Premiums from unit-linked contracts	122	91
Investment contracts, total	123	91
Reinsurers' shares	-3	-4
Life insurance, total	260	216
Single and regular premiums from direct insurance
Regular premiums, insurance contracts	105	91
Single premiums, insurance contracts	35	37
Single premiums, investment contracts	123	91
Total	263	220
Elimination items between segments	-5	-
Group, total	1,845	1,736

2 Net income from investments >

P&C insurance	1–3/2012	1–3/2011
Financial assets
Derivative financial instruments	1	1
Financial assets designated as at fair value through p/l
Debt securities	3	1
Equity securities	0	0
Total	3	1
Loans and receivables	5	6
Financial asset available-for-sale
Debt securities	104	98
Equity securities	8	86
Total	112	184
Total financial assets	121	192
Income from other assets	0	0
Fee and commission expense	-3	-2
Expense on other than financial liabilities	-1	-4
Effect of discounting annuities	-15	-15
P&C insurance, total	103	171

> 2 Net income from investments >

Life insurance	1–3/2012	1–3/2011
Financial assets
Derivative financial instruments	9	28
Financial assets designated as at fair value through p/l
Debt securities	1	2
Equity securities	0	0
Total	1	2
Investments related to unit-linked contracts
Debt securities	21	-5
Equity securities	163	-18
Loans and receivables	0	0
Other financial assets	1	4
Total	185	-19
Loans and receivables	-7	-1
Financial asset available-for-sale
Debt securities	34	19
Equity securities	45	63
Total	80	82
Total income from financial assets	268	92
Other assets	2	1
Fee and commission income, net	2	3
Life insurance, total	271	96

> 2 Net income from investments

Holding	1–3/2012	1–3/2011
Financial assets
Derivative financial instruments	2	1
Loans and other receivables	0	-1
Financial assets available-for-sale
Debt securities	7	3
Equity securities	1	1
Total	8	4
Other assets	0	0
Fee income, net	0	0
Holding, total	10	4
Elimination items between segments	-3	-5
Group, total	380	266

3 Claims incurred

P&C insurance	1–3/2012	1–3/2011
Claims paid	-819	-732
Reinsurers' share	32	61
Claims paid, net	-787	-671
Change in provision for claims outstanding	53	5
Reinsurers' share	-2	-46
P&C insurance total	-736	-712
Life insurance	1–3/2012	1–3/2011
Claims paid	-191	-203
Reinsurers' share	3	3
Claims paid, net	-188	-200
Change in provision for claims outstanding	-16	-22
Reinsurers' share	0	0
Life insurance, total	-203	-222
Group, total	-939	-934

4 Staff costs

P&C insurance	1–3/2012	1–3/2011
Wages and salaries	-95	-89
Granted cash-settled share options	-4	-4
Pension costs	-18	-16
Other social security costs	-20	-19
P&C insurance, total	-138	-127
Life insurance	1–3/2012	1–3/2011
Wages and salaries	-8	-7
Granted cash-settled share options	-1	-1
Pension costs	-1	-1
Other social security costs	-1	-1
Life insurance, total	-11	-10
Holding	1–3/2012	1–3/2011
Wages and salaries	-2	-2
Granted cash-settled share options	-2	-2
Pension costs	0	0
Other social security costs	0	0
Holding, total	-4	-4
Group, total	-153	-141

5 Intangible assets

P&C insurance	3/2012	12/2011
Goodwill	568	564
Other intangible assets	18	17
P&C insurance, total	585	580
Life insurance	3/2012	12/2011
Goodwill	153	153
Other intangible assets	12	12
Life insurance, total	165	165
Holding	3/2012	12/2011
Other intangible assets	0	0
Group, total	750	745

6 Financial assets >

P&C insurance	3/2012	12/2011
Derivative financial instruments (Note 7)	59	114
Financial assets designated as at fair value through p/l
Debt securities	157	155
Equity securities	2	2
Total	158	157
Loans and receivables
Loans	82	82
Deposits with ceding undertakings	1	1
Total	83	83
Financial assets available-for-sale
Debt securities	9,637	9,113
Equity securities	1,431	1,287
Total	11,068	10,400
P&C insurance, total	11,368	10,754
Life insurance	3/2012	12/2011
Derivative financial instruments (Note 7)	60	36
Financial assets designated as at fair value through p/l
Debt securities	47	50
Equity securities	1	1
Total	49	51
Loans and receivables
Loans	21	22
Deposits with ceding undertakings	1	1
Total	22	23
Financial assets available-for-sale
Debt securities	2,909	2,832
Equity securities *)	2,318	2,226
Total	5,227	5,058
Life insurance, total	5,358	5,168

*) of which investments in interest funds 36 39

> 6 Financial assets

Holding	3/2012	12/2011
Derivative financial instruments (Note 7)	34	29
Loans and receivables
Deposits	1	1
Financial assets available-for-sale
Debt securities	1,213	1,032
Equity securities	37	34
Total	1,250	1,066
Investments in subsidiaries	2,370	2,370
Holding, total	3,654	3,465
Elimination items between segments	-2,680	-2,642
Group, total	17,700	16,745

7 Derivative financial instruments

P&C insurance		03/2012			12/2011
		Fair value	Fair value		Fair value	Fair value
	Contract/ notional amount	Assets	Liabilities	Contract/ notional amount	Assets	Liabilities
Derivatives held for trading
Interest rate derivatives	163	2	1	555	19	16
Foreign exchange derivatives	5,482	56	75	11,961	95	186
Equity derivatives	0	0	0	0	0	-
Total	5,645	58	76	12,516	114	202
Derivatives held for hedging
Fair value hedges	300	0	-	277	0	0
P&C Insurance, total	5,945	59	76	12,793	114	202

Life insurance	03/2012			12/2011
		Fair value	Fair value		Fair value	Fair value
	Contract/ notional amount	Assets	Liabilities	Contract/ notional amount	Assets	Liabilities
Derivatives held for trading
Interest rate derivatives	3,124	33	2	2,308	31	0
Foreign exchange derivatives	1,162	7	10	912	3	25
Equity derivatives	2	0	0	29	0	0
Total	4,288	40	12	3,219	34	25
Derivatives held for hedging
Cash flow hedges	47	1	0	47	2	-
Fair value hedges	512	18	0	463	0	38
Total	559	20	0	510	2	38
Life insurance, total	4,847	60	12	3,729	36	64

Holding	03/2012			12/2011
		Fair value	Fair value		Fair value	Fair value
	Contract/ notional amount	Assets	Liabilities	Contract/ notional amount	Assets	Liabilities
Derivatives held for trading
Interest rate derivatives	1,550	20	-	1,050	16	-
Credit risk derivatives	20	1	-	20	0	-
Equity derivatives	80	13	16	80	13	17
Total	1,650	34	16	1,150	29	17

8 Investments related to unit-linked insurance

Life insurance	03/2012	12/2011
Financial assets as at fair value through p/l
Debt securities	624	570
Equity securities	2,451	2,190
Loans and receivables	283	293
Derivatives	10	1
Life insurance, total	3,368	3,053
Elimination items between segments	-5	-
Group, total	3,363	3,053

9 Liabilities for insurance and investment contracts >

P&C insurance	03/2012	12/2011
Insurance contracts
Provision for unearned premiums	2,573	1,972
Provision for claims outstanding	7,574	7,576
P&C insurance, total	10,146	9,547
Reinsurers' share
Provision for unearned premiums	110	53
Provision for claims outstanding	476	476
P&C insurance, total	586	528

Life insurance	03/2012	12/2011
Liabilities for contracts with DPF
Provision for unearned premiums	2,181	2,219
Provision for claims outstanding	2,039	2,020
Total	4,220	4,239
Liabilities for contracts without DPF
Provision for unearned premiums	0	0
Provision for claims outstanding	1	0
Total	1	1
Total	4,221	4,240
Assumed reinsurance
Provision for unearned premiums	1	1
Provision for claims outstanding	1	1
Total	2	2
Insurance contracts, total
Provision for unearned premiums	2,182	2,220
Provision for claims outstanding	2,041	2,022
Total	4,223	4,242
Investment contracts
Liabilities for contracts with DPF
Provision for unearned premiums	6	7

> 9 Liabilities for insurance and investment contracts

Liabilities for insurance and investment contracts, total
Provision for unearned premiums	2,189	2,227
Provision for claims outstanding	2,041	2,022
Life insurance, total	4,229	4,249
Recoverable from reinsurers
Provision for unearned premiums	0	0
Provision for claims outstanding	3	3
Life insurance, total	3	3
Investment contracts do not include a provision for claims outstanding.
Liability adequacy test does not give rise to supplementary claims.
Exemption allowed in IFRS 4 Insurance contracts has been applied to investment contracts with DPF or contracts with a right to trade-off for an investment contract with DPF. These investment contracts have been valued like insurance contracts.
Group, total	14,376	13,796

10 Liabilities from unit-linked insurance and investment contracts

Group, total	3,350	3,054
Elimination items between segments	-5	-
Life insurance, total	3,355	3,054
Unit-linked investment contracts	960	838
Unit-linked insurance contracts	2,395	2,216
Life insurance	03/2012	12/2011

11 Financial liabilities

P&C insurance	03/2012	12/2011
Derivative financial instruments (Note 7)	76	202
Subordinated debt securities
Subordinated loans	325	326
P&C insurance, total	401	528
Life insurance	03/2012	12/2011
Derivative financial instruments (Note 7)	12	64
Subordinated debt securities
Subordinated loans	100	100
Life insurance, total	112	164
Holding	03/2012	12/2011
Derivative financial instruments (Note 7)	16	17
Debt securities in issue
Commercial papers	601	652
Bonds	1,932	1,677
Total	2,533	2,329
Holding, total	2,549	2,346
Elimination items between segments	-308	-269
Group, total	2,754	2,768

12 Contingent liabilities and commitments >

P&C insurance P&C insurance		03/2012		12/2011
Off-balance sheet items
Guarantees		41		43
Other irrevocable commitments		11		11
Total		52		54
Assets pledged as collateral for liabilities or contingent liabilities
	3/2012	3/2012	12/2011	12/2011
Assets pledged as collateral	Assets pledged	Liabilities/ commitments	Assets pledged	Liabilities/ commitments
Cash at balances at central banks	10	8	10	8
Investments
- Investment securities	147	111	142	114
Total	157	118	152	122
Non-cancellable operating leases		03/2012		12/2011
Minimum lease payments
- not later than one year		39		41
- later than one year and not later than five years		111		105
- later than five years		117		120
Total		267		266

> 12 Contingent liabilities and commitments

Life insurance P&C insurance	03/2012	12/2011
Off-balance sheet items
Fund commitments	340	309
Other commitments
Acquisition of IT-software	1	1
Non-cancellable operating leases
Minimum lease payments
- not later than one year	2	2
- later than one year and not later than five years	4	5
Total	6	7

Holding P&C insurance	03/2012	12/2011
Off-balance sheet items
Fund commitments	1	1
Non-cancellable operating leases
Minimum lease payments
- not later than one year	1	1
- later than one year and not later than five years	3	3
- later than five years	0	0
Total	5	5

13 Result analysis of p&c insurance business

P&C insurance	1-3/2012	1-3/2011
Premiums earned	1,066	1,003
Claims incurred	-805	-777
Operating expenses	-181	-170
Other technical income and expenses	2	2
Allocated investment return transferred from the non-technical account	29	42
Technical result	112	100
Investment result	113	178
Allocated investment return transferred to the technical account	-44	-57
Other income and expenses	11	0
Operating result	191	221

14 Sampo plc's income statement and balance sheet (fas)

Income statement rance	1-3/2012	1-3/2011
Other operating income	4	4
Staff expenses	-4	-4
Depreciation and impairment	0	0
Other operating expenses	-4	-3
Operating profit	-4	-3
Finance income and expenses	209	223
Profit before appropriations and income taxes	205	220
Income taxes	0	8
Profit for the financial period	205	228
Balance sheet	3/2012	12/2011
ASSETS
Non-current assets
Intangible assets	1	1
Property, plant and equipment	4	4
Investments
Shares in Group companies	2,370	2,370
Receivables from Group companies	217	223
Shares in participating undertakings	5,557	5,557
Receivables from participating undertakings	328	325
Other shares and participations	41	38
Other receivables	667	484
Receivables	348	104
Cash and cash equivalents	65	89
TOTAL ASSETS	9,599	9,195
LIA BILITIES
Equity
Share capital	98	98
Fair value reserve	2	2
Invested unrestricted equity	1,527	1,527
Other reserves	273	273
Retained earnings	4,824	4,142
Profit for the year	205	682
Total equity	6,929	6,724
Liabilities Long-term	1,932	1,677
Short-term	738	795
Total liabilities	2,670	2,472
TOTAL LIA BILITIES	9,599	9,195

Sampo plc Fabianinkatu 27 00100 Helsinki, Finland Telephone +358 (0)10 516 0100 Fax +358 (0)9 228 90 434 or +358 (0)10 516 0016 www.sampo.com Q1