One year after Topdanmark integration: strong progress and value creation

One year after the integration of Topdanmark into If, we are delivering on our strategic objectives with strong financial performance, accelerated synergies, and a strengthened position in the Danish market.

Following the acquisition of the remaining non-controlling interests in Topdanmark A/S in 2024, full ownership was transferred to If P&C Insurance Holding Ltd. This step has enabled further operational alignment and simplification, supporting Sampo’s strategy to build a more integrated and efficient Nordic P&C insurance group.

The transaction has significantly enhanced Sampo’s competitive position in Denmark. With increased scale, improved distribution capabilities, and a broader customer base, the Group is well positioned to drive sustainable growth in one of its core markets.

Synergies ahead of plan

Integration progress has been tangible and ahead of expectations. By the end of March 2026, EUR 58 million of the targeted run-rate synergies were realised, exceeding the interim target and demonstrating effective execution.

The 2025 synergy target of EUR 24 million was reached one quarter earlier than planned, reflecting strong operational momentum and disciplined integration management. To reflect the faster pace of synergies realisation in 2025, yearly targets from 2026 onwards were updated in connection with the Q1/2026 result, resulting in a step-up in 2026, from EUR 55 million to EUR 105 million, and for 2027 from EUR 87 million to EUR 125 million.

Following the strong performance, we maintain our target of total run-rate synergies of EUR 140 million by 2028, albeit with increased confidence.

Strengthened platform for growth

The integration has also laid the foundation for long-term value creation. Cost efficiencies are being realised across core functions, while ongoing IT transformation initiatives are expected to further enhance operational scalability and customer experience.

Denmark offers a strong growth opportunity to leverage digital capabilities, as digital adoption rates remain lower than in other Nordic markets. At the same time, in 2025, our substantially strengthened position in Denmark has already translated into tangible results, including the signing of multiple new partnerships with car brands. These agreements highlight our improved market relevance and demonstrate the potential to leverage the Group’s increased scale to attract new customers and further partnerships going forward.

In line with Sampo’s commitment to operating with a strong but efficient balance sheet, the legal merger of If and Topdanmark was followed by an application to the Swedish FSA (Finansinspektionen) to extend the Group’s Partial Internal Model (PIM) to include the operations formerly under Topdanmark. Approval was received in March 2026. The extended PIM improves capital efficiency by reducing the amount of own funds required to cover the solvency capital requirement, thereby increasing excess capital within the Group. The model was applied from the first quarter of 2026 onwards and had around 6 percentage points positive effect on the Group’s solvency ratio in the first quarter of 2026.

Combined with a stronger market position in Denmark, these developments support Sampo’s ambition to deliver attractive and stable financial results, as well as consistent returns to shareholders.

Sampo’s management views the integration as firmly on track. With synergies progressing ahead of the original schedule and strategic initiatives advancing, the Group is well positioned to capture the full potential of the Topdanmark acquisition.

As Sampo enters its second year following the integration, priorities remain focused on disciplined underwriting, operational efficiency, and continued execution against its financial targets.