Sampo Group. Debt Investor Presentation. Prepared May 13, 2013 Figures March 31,

Transcription

1 Sampo Group Debt Investor Presentation Prepared May 13, 2013 Figures March 31,

2 Disclaimer This presentation may contain forward-looking statements that reflect management s current views with respect to certain future events and potential financial performance. Although Sampo believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors. Important factors that may cause such a difference for Sampo include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate and (iii) developments in capital markets. This presentation does not imply that Sampo has undertaken to revise these forwardlooking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 2

3 Sampo Group Basic Facts

4 Nordic Financial Group with Strong Brands Long-term Investor Manager of Capital Structure & Liquidity Listed Company Sampo Plc 100% 21.2% 100% > 26% MARKET POSITION The largest Pan-Nordic P&C insurer The largest Pan-Nordic Financial Services group Leading life & pension insurer in Finland with Baltic operations STRATEGY Underwriting focus Pan-Nordic synergies Profit oriented Cost, Risk & Capital Unit-linked products & Wealth Management INVESTMENT ASSETS ~ EUR 12bn ~ EUR 663bn B/S ~ EUR 5.6bn RETURN TARGET RoE 17.5% CoR 89-92% (2013) CoR < 95% (long-term) Top league ROE RoE 15% in a normalised economic environment RoE 17.5% 4

5 Largest Nordic Financial with Insurance Focus Market cap May 10, 2013, EURm Ownership structure April 30, 2013 Nordea Handelsbanken Swedbank DnB Sampo SEB Investor Danske Bank Gjensidige Industrivärden Pohjola Tryg Topdanmark Jyske Storebrand Alm.Brand >21% >26% *100 % owned by the Republic of Finland Solidium*,14.16% Varma Mutual Pension, 8.52% Ilmarinen Mutual Pension, 0.86% Björn Wahlroos, 2.1% Kaleva Mutual Insurance, 0.95% Other domestic owners, 18.93% Foreign and nominee registered owners, 54.48% 5 Source: ReutersEcoWin

6 Well-established Insurance Subsidiaries If P&C Well-diversified and Profitable Pan-Nordic Non-life Insurer Mandatum Life Leading Finnish Life and Wealth Management Service Provider If generated EUR 204m (198) in pre-tax profits Excellent combined ratio of 90.9% (91.7%) Risk ratio 67.7% (69.0%) Cost ratio 23.2% (22.7%) Expense ratio 17.0% (16.4%) If P&C provides insurance solutions and services in Finland, Sweden, Denmark, Norway, Baltics (and Russia) for corporates and private persons Major Lines of Business - motor - workers compensation - liability - accident - property - cargo Resilient business model over the cycle Provides comprehensive Wealth Management & Life insurance solutions in Finland and Baltics for corporates and private persons Services provided - pensions & savings - wealth management - reward commitment - risk insurance Mandatum Life is a leading life and pension insurer in Finland Mandatum has a strong market position in Finland with ca. 20% of the market Mandatum contributed with EUR 36m (33) in pre-tax profit to the Group 6

7 Nordea Profitable & The Most Diversified Nordic Bank EURm Restructuring provision Write backs Loan losses Operating profit Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Q113 7

8 Group Strategy: Value Creation in Nordic Financials LONG TERM VALUE CREATION CONSERVATIVE PARENT WITH PROFIT FOCUS Value creation through investments in Nordic financials based on knowledge of Nordic markets, Nordic financial institutions & Nordic people. Commitment to the long-term development of affiliated companies. Conservative capital structure, low leverage and strong liquidity. Parent company steers affiliated companies through Boards by setting (in Nordea by contributing to) strategies, guiding principles and ROE-targets. OPERATIONAL EXCELLENCE IN SUBSIDIARIES GROUP LEVEL PORTFOLIO BENEFITS Subsidiary companies have focus on continuous development of services. Economics of scale Pan-Nordic diversification & operational excellence facilitate low volatility. Profitable companies, mostly with lowest volatility in the peer group. Profits of affiliated companies have low correlation creating diversification benefits at the group level. LONG-TERM VALUE FOR SHAREHOLDERS & BONDHOLDERS 8

9 If P&C A/A2 Stable

10 Largest Nordic P&C Insurer with Synergies 14/05/2013 Market Shares by Country Nordic Market shares Total GWP EUR 22bn (-11) Norway 2012 GWP EUR 6.7bn Gjensidige 25% If 25% Tryg 15% Sparebank 1 10% Denmark 2011 GWP EUR 5.9bn Tryg 21% Topdanmark 18% Codan (RSA) 13% Alm. Brand 10% If 6% Finland 2012 GWP EUR 4.1bn Pohjola 29% LähiTapiola 27% If 26% Fennia 10% Sweden 2012 GWP EUR 7.5bn LF 30% If 19% RSA (T-H) 16% Folksam 15% Baltics Q3/2012 GWP ~EUR 1bn RSA 22% If 14% BTA 12% Ergo 14% Gjensidige 8% Other 32 % Pohjola 5 % LF 9 % If 18 % RSA 10 % Topdanmark 5 % Tryg 12 % Gjensidige 9 % Expense Ratios 2011 (2012) IF Nordic peer group* Zürich Generali AXA RSA Allianz Aviva * Peer group excl. If 2012, other 2011

11 14/05/2013 Nordic P&C Insurance Market CONSOLIDATED MARKET LOYAL CLIENTS The four largest companies account for 77-81% of the markets in Norway, Finland and Sweden. In Denmark the market is less consolidated. Renewal rates are around 80-90%. DISTRIBUTION The Internet continues to grow in importance as both a distribution and a service channel in the Nordic insurance market. Also, distribution via partnerships with banks and car-dealers etc. are increasingly important channels, in addition to traditional distribution. LOW EXPENSE RATIOS The market is characterized by low expense ratios of less than 20% in average compared to the European companies with expense ratios approx 10%-points higher. GOOD PROFITABILITY Good profitability since the beginning of After the last year(s) intense competition and a few years of weather related claims and decreasing profitability for some competitors, profitability has improved again in Low interest rate environment has made the Industry focus on profitability in the insurance operations. 11

12 Sound Underwriting is Basis for Strong Result Industrial; 334 Gross Written Premiums, EUR 1,775m By Business Area Baltic; 32 Denmark; 159 By Country Baltic; 32 Norway; 620 Commercial; 729 Private; 673 Finland ; 501 Sweden; 456 Commercial; 32 Industrial; 11 By Business Area Baltic; 2 Technical Results, EUR 122m Denmark; 7 Finland ; 16 By Country Baltic; 2 Norway; 55 Private; 73 Sweden; 38 12

13 Well-diversified Nordic P&C Insurer Combined Ratio Development Geographical Diversification in CR % ,9 92,690,5 89,9 90,691,8 92,1 92,8 92,0 88,9 91,7 90, ,6 25,6 24,3 24,0 23,7 23,7 24,1 23,7 23,5 23,0 22,7 23, ,3 67,0 66,2 65,9 66,9 68,1 68,0 69,1 68,4 65,9 69,0 67,7 0 If - Total If Sweden If Norway If Finland If Denmark 100.0% 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% Risk ratio Cost ratio Target CR Combined Ratio - If P&C and Nordic Peers Standard deviation IF,CR% Nordic Market Average,CR% 2009 MA MA MA % 5.3% 5.4% 5.4% 5.8% 13

14 Strong & Stable Annual Profit Development EURm Profit before tax Comprehensive income Q1/2013 Q1/2012 Profit before taxes Compr. Income

15 Seasonality in Quarterly Results and C/R EURm Q1/13 Q4/12 Q3/12 Q2/12 Q1/12 Q4/11 Q3/11 Q2/11 Q1/11 Premiums earned 1,115 1,121 1,121 1,054 1,066 1,045 1,029 1,017 1,003 Claims incurred Operating expenses Other technical income and expenses Allocated investment return transferred from the non-technical account Technical result Investment result Allocated investment return transferred to the non-technical account Other income and expenses Operating result Risk ratio, % Combined ratio, % Average Quarterly C/R Q4 Q3 Q2 Q ,%

16 Conservative Investment Portfolio Investment Allocation of Total EUR 12.0bn Mark-to-Market Investment Return Equities 11% Real Estate 1% Money Market 7% 14 % 11 % 9 % 6 % 4 % 1 % 4,3% 5,8% 4,4% 2,6% 12,4% 7,4% 1,8% 6,1% 1,4% -2 % Long-term fixed income 81% -4 % -3,1% Duration 1.1 years Average Maturity 2.3 years Fixed Income Running Yield 3.4 % 16

17 AA-/Aa3 A+/A1 A/A2 If s Financial Strength Rating History If P&C Insurance Ltd (Sweden), If P&C Insurance Company Ltd (Finland) Stable Feb 02 Negative Aug 02 Possible downgrade Jan 03 Stable Apr 03 Possible upgrade Feb 04 Stable May 04 Positive May 06 Stable Nov 08 A-/A3 BBB+/Baa1 BBB/Baa2 A- Feb 02 Negative Jul 03 Stable Aug 03 Watch neg Feb 04 Stable Apr 04 Stable Sep 04 Stable Oct 05 Moody s S&P The Sampo Group s P&C insurance companies became part of If January

18 Mandatum Life

19 Finnish Life Insurer with Asset Management Focus Client Segment Underlying Market Critical Success Factors Sales & Client Services Corporates Employee Benefit Expertise in Incentive-, Pension- and Life Risk Solutions, Expertise in Asset Management, Management of Client Relationship Mandatum Life HNWI Wealth Management Professional Wealth Management, Management of Client Relationship Mandatum Life Retail Clients Bankassurance Distribution Power Danske Bank 19

20 Mandatum Life Business Volumes Premiums Written*, total EUR 264m Insurance Savings, total EUR 7,876m With-Profit EUR 42m U-L EUR 222m With-Profit EUR 3,831m U-L EUR 4,045m *) Direct insurance EURm Unit-linked life Unit-linked pension Unit-linked capital redemption Unit-linked Baltic Other life Other pension Other capital redemption Other Baltic Technical Reserves, EUR 8,094m Focus area Q1/2013 Guaranteed interest rates Unit-linked 20

21 Strong Market Position Market Share in Finland Market Shares of Premiums Written % ,5 20,8 25,2 22,4 21,5 27,9 28,2 26,8 26,2 24,8 22,0 24,9 24,5 18,9 Group Pension 30.4 % Corporates 33.7 % 15 17,9 19,5 20,4 19,8 19,3 18, All products Unit-linked Unit-Linked 18.9 % Private Customers 15.3 % 0 21

22 Finnish with-profit Life Insurance Market PRINCIPLE OF FAIRNESS There is no exact rule on profit sharing (e.g. 90%/10%). In the current markets, the principle is reflected in policyholders reasonable expectations for total accrual, which is average annual yield of Finnish government bonds over time. SMOOTHENED BONUSES AND DIVIDENDS OVER TIME When company decides on yearly bonuses and dividends it takes into account (i) policy holders reasonable expectations, (ii) realized investment returns and current solvency and (iii) uncertainty about the future market environment => Bonuses and dividends can be smoothened over time. BETTER POSITION FOR RISK TAKING BENEFITS STAKEHOLDERS Finnish Profit sharing mechanism facilitates and incentives for active investment strategies and risk taking. Profit sharing mechanism have benefited both policyholders and shareholders over the years. 22

23 Profit Development EURm Q1/2013 Q1/2012 Profit before taxes Compr. Income Profit before taxes Comprehensive income

24 Profit by Components EURm 1-3/ /2012 Net investment income Transferred to expense result Return on unit-linked policies Return on with-profit policies* INVESTMENT RESULT EXPENSE RESULT** RISK RESULT OTHERS*** PROFIT BEFORE TAXES Change in the market value of investments PROFIT AT MARKET VALUES Mandatum Life, Group Life expense ratio Total expense ratio, % (2012) Incl. kick backs, % (2012) * Includes guaranteed interest, bonuses and change in the reserves of the above items ** Result of unit-linked business EURm 1.6 *** Includes operating expenses for Innova Pension and Personnel Fund Services 24

25 Absolute Return Investment Portfolio Investment Allocation of Total EUR 5.6bn Mark-to-Market Investment Returns Private Equity 4% Real Estate 3% Other 6% Money Market 14% 20 % 15 % 10 % 5 % 12,0% 9,7% 8,3% 5,0% 16,8% 11,1% 9,4% 2,3% 0 % Equities 28% Long-term fixed income 44% -5 % -10 % -7,8% -1,4% Duration 1.7 years Average Maturity 2.0 years Fixed Income Running Yield 4.4% 25

26 Sampo Group Results, Capitalisation and Investments

27 Stable Development of Profit before Taxes EURm If P&C Mandatum Life Sampo Bank * If P&C Mandatum Life Nordea / Investment Q1/2013 Q1/2012 P&C Life Nordea Holding Group If P&C Mandatum Life Nordea / Associated * One-off item sale of Sampo Bank P&C Life Banking Nordea dividends Other 27

28 Stable Companies & Group Level Diversification* P/L CONTRIBUTIONS LOW VOLATILITY EARNINGS LOW VOLATILITY C/R FOCUS IN U-L & WM Geographical diversification Geographical diversification Finland & Baltics PBT Strong Retail Banking Franchise Diversified earnings base: Strong Retail P&C Franchise Several Lines of Businesses Strong Finnish Position Focus changed 2005 IF 50% ML 10% Nordea 40% -Banking (Retail, Wholesale) -Transaction Services -Asset Management -Markets Operations -Life Insurance -Motor, Cargo -Workers compensation -Liability -Accident -Property -Wealth Management -Unit-linked Business -With-profit Business Dependency on Capital Markets Low earnings volatility & stable ROE over the cycle Low C/R volatility and Conservative Investments * Correlations of quarterly Reported Profits 2005 Q1/

29 EURm Strong Group Capitalization , ** ,841 Sampo plc 41 Nordea 3,698 Life * P&C Life Nordea Diversific. Group EC Group ASC Regulatory minimum Internal Treatment S II Economic Capital need (EC) is measured at 99.5% conf. level By nature SII framework is similar to EC techniques used by Sampo EC models are developed to be in line with regulatory requirements for Internal models Current Ratio of Adjusted Solvency Capital and EC is 164% (8,872/5,389) Regulatory Treatment = S I Minimum requirement (4,841) is sum of IF, ML (SI) and Nordea (BII) with transition rules Additive figure does not include diversification effects and Nordea s requirement is calculated at 99.90% conf.level Current Ratio 176% (8,511/4,841) *) Liability side adjustments which equal discount effect less risk margin **) Finnish equalisation provisions 29

30 Sampo Group Capital Base above Capital Needs EURm Increase of Nordea holding EC,Diversified EC,Undiversified ASC 30

31 Investment Allocations by Risk Profile Total Group (MEUR) 17,523 18,237 18,164 18,623 14,000 12,000 11,638 12,245 11,717 11,986 10,000 8,000 6,000 5,421 5,519 5,519 5,577 4,000 2, ,060 0 If P&C Mandatum Life Sampo Plc If P&C Mandatum Life Sampo Plc If P&C Mandatum Life Sampo Plc If P&C Mandatum Life Sampo Plc 06/12 09/12 12/12 03/13 Money Market 10% 9% 82% 11% 9% 81% 7% 10% 89% 7% 14% 94% Bonds 78% 52% 8% 77% 51% 12% 81% 48% 8% 81% 44% 4% Equity 10% 26% 4% 10% 27% 4% 11% 29% 2% 11% 28% 2% Private Equity 0% 5% 4% 0% 5% 2% 0% 5% 1% 0% 4% 1% Other 1% 9% 1% 1% 8% 1% 1% 9% 1% 1% 9% 1% 31

32 Investment & Counterpart Exposures* AAA AA+ - AA- A+ - A- BBB+ - BBB- BB+ - C D Non Rated Fixed Income Total Equities Other Derivatives (Counterparty Risk) Total Change from Basic Industry Capital Goods Consumer Products Energy Financial Institutions 28 1,915 2, , , Governments Government Guaranteed Health Care Insurance Media Public Sector, Other Real Estate Services Technology and Electronics Telecommunications Transportation Utilities Others Asset-backed Securities Covered Bonds 3, , , Funds , ,137-6 Total 4,728 2,182 3,498 1,307 1,150-1,963 14,828 2, , Change from EURm Note: Category Other includes private equity and non-listed real estate. Category Derivatives includes only OTC derivatives and corresponding collaterals. * In Exposure tables the calculation rules may differ in some areas from Allocation tables 32

33 Fixed Income Investments in the Financial Sector* EURm Covered bonds Money market Long-term senior debt Long-term subord. debt Total % Sweden 3, , ,256 54% Finland 250 1, ,022 21% Norway ,394 14% Denmark % France % United States % Netherlands % Switzerland % Germany % Austria % United Kingdom % Estonia % Luxembourg % Belgium % Iceland % Jersey 5 5 0% Grand Total 4,080 2,570 2, , % *Exposure tables vs. Allocation tables small differences 33

34 Fixed Income Investments in the Public Sector - no Periphery* EURm Governments Government guaranteed Public sector, other Total Sweden Norway Finland Germany Denmark Netherlands Total * Exposure tables vs. Allocation tables small differences 34

35 Sampo plc Baa2 Stable

36 Straightforward Cash Flows & Strong Balance Sheet Dividends If P&C Mandatum Life Nordea Flow of Funds Sampo Plc Income Interest on Liquidity Income on other investments Internal Administration Costs Discretionary Dividends for Shareholders Interest Expenses for Bondholders Balance Sheet Assets EURm 9,268 Liabilities EURm 9,268 Liquidity 984 CPs Issued 385 Investment assets 28 LT Senior Debt 1,723 -Real Estate 4 -Private Placements 148 -Private Equity 7 -Bonds Issued 1,575 -Other investm. 18 -Pension Ins. Loans 0 Subordinated Loans 231 Subordinated Debt 0 Equity Holdings 7,928 Capital 7,061 -Subsidiaries 2,370 - Undistributable 98 -Associated 5,557 - Distributable 6,962 Other Assets 97 Other Liabilities 100 Key Credit Metrics well in Single A -range Sampo plc Q1/2013 Gross Debt EUR 2,108 m Gross Debt to Equity 29.9% Financial Leverage 23.0% Sampo Group Shareholders' Equity 8,920 10,113 Hybrid Bonds Senior Debt 2,329 2,162 Financial leverage 22.1% 18.9% Allianz Group / FL* 28.5% 26.0% * Company s own information 36

37 Dividends & Reported Profits EURm * EURm 1-3/ /2012 Dividends Operating expenses Net financial expenses Profit before taxes * Parent Company is not equal to Holding Segment; Dividend Income includes also dividends from Private Equity investments -10 Dividend income Operating expenses Net financial expenses Profit before taxes 37

38 Dividends Received by Payment Year EURm If Mandatum Life Banking* ** *) Sampo Bank , Nordea 2007-> 38

39 Sampo Plc Debt Instruments Instrument & Principal Coupon Swap Effective Rate Maturity Senior Bond 4,000 SEKm (EMTN) Stibor3M + 1,5000% ,7360% Senior Bond under EMTN 300 EURm (EMTN) 3,2500 % ,0377% Senior Bond under EMTN 300 EURm (EMTN) 4,2500 % Euribor3M + 1,4727% 1,6937% Senior Bond 500 EURm (EMTN) 4,2500% Euribor3M + 2,7910% 3,0040% CP s issued 385 EURm Euribor + Margin 0,7900% 3M Public debt 1,959 EURm 2,3095% Private placements 148 EURm 2,5655% Total 2,108 EURm 2,3275% EURm Maturity Structure CP s Senior under EMTN Senior Retail Private Comments on Debt Most of the debt tied to short-term indices - mitigation of group level interest rate risk - use of swaps Diversification is actively sought over - maturities - investor base Private Placements - targeted for a Finnish retail investors - related to Mandatum Life s services 39

40 Sampo plc Key Credit Considerations Stable Dividend Flow from Affiliated Companies with strong Brands Diversification through Insurance & Banking in the Nordic Region Conservative Financial Profile, strong Capitalization and Liquidity Management has a proven Track Record in long-term Value Creation Bondholder Value Created 40

41 Appendix

42 Nordea BV on Consolidated Balance Sheet Nordea in Sampo Group s B/S EURm Acquisition price 5,557.3 Retained earnings 1,156.0 Accumulated other changes in Nordea s equity Share of Nordea s net profit Amortisation -8.8 Deferred tax 1.9 Dividends Share of Nordea s other comprehensive income 8.9 Share of Nordea s other changes in equity Share of Nordea s goodwill change 3.2 Total 6,512.1 Figures Per Share EUR Acquisition price 6.46 Book value 7.57 Market Value* 9.34 No. of shares 860,440,497 * As of 7/05/

43 Principles of Capital Management Risk Capital Available > Risk Capital needed Risk Capital Available = SI Capital + Other items absorbing economic losses Risk Capital Need = Measured Economic Capital + Non-measurable risks Buffer between measures under constant considerations Pro-Active management of Risks/Capitalisation Economic Capital at 99.5% as a basis for Risk Capital Need Economic capital is an estimate of Risk Capital needed to keep the Group solvent EC is calculated at 99.5% confidence level and 1 year risk horizon Non-measurable risks include liquidity, market, illiquidity and business environment risks Adjusted Solvency Capital is a measure of Risk Capital Available Solvency I capital items included as such The difference between Undiscounted technical provisions in balance sheet and their discounted value (so called Liability Side adjustment) Capital instruments excluded from regulatory capital in Solvency I 43

44 Economic Capital Reporting Principles Definitions Economic capital (EC) is used as an internal measure of capital required for measurable risks the Group is exposed to. EC is defined as the amount of capital to protect the solvency over a one year time horizon with a probability of 99.5 per cent. EC at company level EC is calculated in If P&C and Mandatum Life using a set of calculation methods, which have been developed for the specific needs of each company. In If P&C and Mandatum Life EC accounts for market, credit, insurance and operational risks, as well as the diversification effect between these risks. EC figure calculated and reported by Nordea is used in Sampo Group reporting. Because Nordea s reported figures are expressed at 99.97% confidence level they are converted by Sampo into 99.5% confidence level. EC at Group Level Correlations between companies risks are assessed and diversification effect is calculated. Group wide EC is a sum of Companies EC and the diversification effects. 44

45 Principles of Investment Management Company specific needs form the basis for all investments Liabilities intensively analysed and modelled Regulatory requirements Strategy Absolute Return targets taking into account the liabilities and general business targets Direct Investments into Nordic countries mainly, Outside Nordics Funds mainly No diversification for the sake of diversification Centrally Managed Sampo plc Chief Investment Officer responsible for all investments, all portfolio managers have a direct reporting line to him Common infrastructure for investment administration and reporting Investment strategies coordinated and streamlined, no overlapping activities to prevent Group Wide concentrations 45

46 Source: FSA 46

47 IF Regulatory Solvency Capital & Ratio* EURm % 88% 74% 71% 66% 77% 79% 72% 75% 79% % 100% 80% % 60% 40% 20% 0 0% Solvency capital (lhs) * Solvency ratio, (IFRS) % = + solvency capital + premiums earned from 12 months Solvency ratio (rhs) x 100% 47

48 Mandatum Life Regulatory Solvency Ratio* 30 % 25 % 20 % 17,7% 21,3% 20,1% 16,5% 18,5% 25,8% 20.9% 27,7% 27,3% 15 % 10 % 7,9% 5 % 0 % * Solvency ratio, % of technical provision, (IFRS) = + solvency capital + liabilities for insurance and investment contracts - reinsurers share of insurance liabilities - 75% x technical provisions relating to unit-linked insurance x 100% 48

49 Average C/R & Standard Deviation 2007-E Sub-group 2 Sub-group 3 Standard deviation, % Gjensidige Topdanmark Sub-group 1 Sampo Swiss Re Tryg SCOR Hannover Re Generali Munich Re AXA Aviva Source: Macquarie, European Insurance, AVERAGE Allianz Zig Combined ratio, % Sub-group 4 49

50 Latest History of Sampo Group Finland Sampo Insurance Company and Leonia merge into the Sampo-Leonia financial services group. Mandatum Bank joins the Group, and the Group s name is shortened to Sampo. Sampo s P&C insurance operations are merged with If. Following the transaction, Sampo owns 38 per cent of If. If becomes fully owned by Sampo. Sampo has three core businesses: P&C insurance, banking and long-term savings. Sampo Group divests Sampo Bank Group to Danske Bank A/S. Sampo s business areas are P&C insurance and life insurance. Sampo s Nordea holding exceeds 20% and Nordea becomes an associated company. Sampo Group s (If P&C s) Topdanmark holding exceeds 23% and Topdanmark becomes If s associated company. Sampo Group (If P&C) acquires Tryg s Finnish business. If P&C signs a partnership agreement with Nordea. 50