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Goldman Sachs15th Annual Financials Conference
ParisParis8 June 2011
Björn WahlroosChairman of the Board
Sampo Group today
• Parent company for the Group•Market Cap ~ EUR 12 bn
Sampo plc
21.3% as of 4 Feb 2011
•Market Cap ~ EUR 12 bn
Nordea Mandatum Life
MARKET POSITION • The largest pan‐Nordic
Financial Services group
• Leading life & pension insurer in Finland, with Baltic operations
• The largest Nordic P&C insurer, second largest in the Baltics
STRATEGY
INVESTMENT ASSETS
• Profit oriented• Cost, Risk & Capital
• Unit‐linked products & Wealth Management
p
EUR 5 8 b
largest in the Baltics
• Underwriting focus• Pan‐Nordic synergies
ASSETS
RETURN TARGET
~ EUR 587 bn B/S
• TSR in the top of quartile of European peer group• Risk adjusted profit
~ EUR 5.8 bn
• RoE above 17 5%
~ EUR 11.7 bn
• RoE above 17.5%
2
• Risk‐adjusted profit to double in 2006‐2013• RoE above 15%
RoE above 17.5%• CoR below 95%
Strong reported profits in Q1/2011
387EURm
Q1/2010 Q1/2011287
221300
Q1/2010 Q1/2011
125 124152
10036
244
30‐30‐100
If P&C Mandatum Lif
Nordea Holding Sampo Group*)
Life *) excl. Nordea
3
Quarterly profit before taxes
387450EURm
287334 338
361387
300350400
200250300
50100150
050
Q1/10 Q2/10 Q3/10 Q4/10 Q1/11
4
NAV per share
17,79 17,7118,00
EUR
13,4914,63
12,00
15,00
,
5,977,67
9,218,28
6 00
9,00
12,00
0 00
3,00
6,00
0,002004 2005 2006 2007 2008 2009 2010 March
2011
5
Sampo Group investment allocation
31 March 2011EUR 18 4 billi
31 December 2009EUR 16 6 billi
31 December 2007EUR 20 5 billi *
Real Estate1 %
Other3 %
EUR 18.4 billionEUR 16.6 billionEUR 20.5 billion*
Real E t t
Other 2%Real Estate Other 2%
Equities17%
1 %
Money
Equities 14%
Estate 1%
Equities
1%
Bonds67%
Money Market12%Bonds
72%
Money Market 10%
Money Bonds44%
23%
Market 30%
6
*Includes the proceeds from the Sampo Bank sale.
If P&C – stability, stability, stability
100,992 6 90 5 89 9 90 6 91 8 92 1 92 8 94,4100
%
Long term
Combined ratio
26,625,6 24,3 24,0 23,7 23,7 24,1 23,7 23,4
92,6 90,5 89,9 90,6 91,8 92,1 92,8 94,4
80
100 Long‐term CoR target < 95%
40
60 The standard deviation for 20052010 quarterly combined ratios:
74,3 67,0 66,2 65,9 66,9 68,1 68,0 69,1 71,0
20
40If: 2.6%Tryg: 5.7%Gjensidige: 5.2%
0Topdanmark: 5.6%
Risk ratio Cost ratio7
Mandatum Life
EURm Technical reserves, traditional vs. unit‐linked
884 1 262 1 752 2 071 1 637 2 359
3 124 3 192 6 000
4 000Average RoE in 20002010
4 626 4 738 4 695 4 621 4 487 4 431 4 410 4 383 2 00024.9%
RoE% 9 130 039 032 4 68 8 97 6 36 2 5 0
02004 2005 2006 2007 2008 2009 2010 31 March
2011
RoE,% 9.130.039.032.4 68.8 97.6 36.2 5.0
2011Guaranteed interest rates Unit‐linked
8
Nordea, largest shareholders 31 March 201131 March 2011
Sampo plc 21.3%
Others 54.5%
Government of Sweden13.5%
Nordea Fonden 3.9%Swedbank Robur Funds 3.3%
AMF Insurance and Funds 2 0%
9
AMF Insurance and Funds 2.0%Norwegian Petroleum Fund 1.5%
Nordea’s result has remained stable throughout the financial crisis
1 200EURm
Quarterly operating profit Q1/2007 – Q1/2011
throughout the financial crisis
900
5 78
2 078
0 071
003 600
895 97 932 1
885
883
847
781
833
818
832
592
878
730 96 1 1 0
300
0
10
Sampo plc, dividend yield, %
5 9
6,66.0 5 9 5
7%
Annual dividend yield, calculated using the year‐end share price
5,9 5,9 5,7
5
6
3
4
1
2
0
1
2006 2007 2008 2009 2010
11
Nordic financial groups’ market caps, 13 May 2011, EURmy
31 631
0 4 000 8 000 12 000 16 000 20 000 24 000 28 000 32 000
Nordea16 58714,843
14 44113 838
DnB NORSwedbank
HandelsbankenS E B 13 838
13 77212 710
12,613
S E BDanske Bank
InvestorSampo
Market cap 13.5.2011+Pref.shares 13.5.2011
5 299
4 280
2 921
pIndustrivärden
GjensidigeStorebrand
2 615
2 4432 153
1 933
TrygPohjola BankJyske Bank
Topdanmark
12Source: ReutersEcoWin
1 933268
TopdanmarkAlm.Brand
Sampo has persistently beaten the market since 2000Sampo and EuroSTOXX total shareholder returnSampo and EuroSTOXX total shareholder return
31.12.1999=100 Sampo
E STOXX E EuroSTOXX, Euro zoneBank/Insurance 50/50
13Source: Reuters EcoWin
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
5 years TSR – Sampo and the Nordic peers07.05.2006=100
Sampo
NORDEADNBNOR
SEBHANDELSBANKEN
SWEDBANKSAMPO
TOPDANMARKDANSKE
TRYGPOHJOLA
Source: Reuters EcoWin