Sampo - Interim report (Q1 and Q3)

Sampo Group's results for January - March 2012

SAMPO PLC                  STOCK EXCHANGE RELEASE          8 May 2012 at 9.30 am


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                     1-3   1-3 Change

 EURm                           2012  2011      %

 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.

Sampo follows the disclosure procedure enabled by the Finnish Financial
Supervisory Authority (Standard 5.2b) and hereby publishes its Interim Report
attached as a PDF file to this stock exchange release. The Interim Report is
also available at www.sampo.com/result

BUSINESS AREAS

P&C insurance

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).
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 mark-to-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.

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).

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.

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.

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 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).

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.

Life insurance

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. Mandatum Life Group's premium income on own account
increased by 20 per cent and amounted to EUR 260 million (216). 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).

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 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).

Holding

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 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).

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

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 www.sampo.com/result. A recorded version will later be available at
the same address.

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

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

[HUG#1609692]

Attachments:

Interim Report Q1/2012.pdf