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On 7 August 2019, Sampo’s Board of Directors resolved on the distribution of an extra dividend in the form of Nordea shares.
Each shareholder received 1 Nordea share listed in Nasdaq Helsinki for each 10 Sampo shares held. Fractional entitlements to Nordea shares resulting from the distribution ratio were not distributed in the form of shares, but an equivalent amount was compensated to shareholders in cash.
The ex-dividend date was 8 August 2019 and the record date was 9 August 2019. The payment date was 12 August 2019 for the share dividend and 16 August 2019 for the cash compensation.
Instructions for individuals Sampo shareholders resident in Finland (pdf)Instructions for nonresident individuals Sampo shareholders (pdf)General guide published by the Finnish Tax Administration (www.vero.fi)
The background for the plan related purely on Sampo’s solvency, which was decreased due to the increased capital requirement for Sampo’s Nordea ownership. Since the end of 2018, the capital requirement had increased by over EUR 800 billion.
Before distributing Nordea shares, the Group’s solvency was calculated under two different frameworks, the conglomerate rules (FICO) and Solvency II -directive. By distributing Nordea shares as dividend, Sampo’s ownership in Nordea decreased below 20 per cent, which led to withdrawing from the conglomerate rules calculation in October 2019.
Now the Group’s solvency is calculated only by Solvency II rules and Nordea is treated as normal equity investment instead of a subsidiary. The changes in solvency rules significantly improved Sampo’s solvency.
The consolidation of Nordea as an associate in Sampo’s Financial Statement (IFRS) remains unchanged. Thus, Sampo’s share of Nordea’s net result is included in the Group’s results.
In total, Sampo distributed 55,517,639 Nordea shares as dividend. After the distribution, Sampo owns approximately 19.87 per cent of Nordea.