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Sampo returns excess capital following Nordea exit

On 29 April 2022, Sampo plc completed the exit from Nordea through a disposal of EUR 1.8 billion worth of shares, leaving the group with substantial excess capital relative to its targets on solvency (170–190 per cent) and financial leverage (below 30 per cent).

In line with the Group’s commitment to capital efficiency, the Board of Directors has today resolved to launch a EUR 1 billion share buyback programme. In addition, management intends to propose to the Board of Directors a second distribution of capital in the form of a share buyback programme or extra dividend, or a combination thereof, in connection with the publication of the 2022 financial result on 9 February 2023. As in previous years, the Board of Directors will also publish its proposal for the distribution of dividend on this date.

Launch of new share buyback programme

The buyback programme announced today is based on the authorisation granted by the Annual General Meeting held on 18 May 2022. The aggregate purchase price of the Sampo A shares acquired under the programme shall not exceed EUR 1 billion and the maximum number of shares that can be repurchased is 30 million, corresponding to 5.6 per cent of the total number of shares in Sampo. The programme will start at the earliest on 10 June 2022 and end no later than 8 February 2023. The buyback programme will reduce Sampo plc’s funds available for distribution of profit. The repurchased shares will be cancelled.

The purchase price per share shall be no more than the highest price paid for the company’s shares in public trading on the day of the repurchase or the offer to repurchase the company’s own shares, or alternatively, the average of the share prices (volume weighted average price on the regulated markets where the company’s share is admitted to trading) during the five trading days preceding the repurchase or the offer to repurchase the company’s own shares. The lowest purchase price per share shall be the price that is 20 per cent lower than the lowest price paid for the company’s shares in public trading during the validity of this authorisation until the repurchase or the offer to repurchase the company’s own shares. The shares will be acquired through public trading on Nasdaq Helsinki, CBOE, Turquoise and Aquis.

The repurchases will be made in accordance with the safe harbour arrangement of Article 5 of the EU Market Abuse Regulation. Sampo has appointed BNP Paribas Exane as the lead manager for the share buyback programme. The lead manager will make trading decisions independently of and without influence from Sampo, within the announced limits.

Board of Directors

For further information, please contact:

Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030

Maria Silander
Communications Manager, Media Relations
tel. +358 10 516 0031

Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority