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Tax Footprint

Sampo Group companies are significant and responsible tax payers.

All the companies in the Group have committed to operating responsibly and to meeting all obligations and requirements defined by the valid legislation in each country. Sampo Group companies pay their taxes in the countries in which their actual business operations take place. All taxes are to be paid on time without delay. With the information provided by the tax footprint the Group companies want to increase transparency regarding the Group’s taxes.

In 2018, the taxes payable and collected by Sampo Group totaled EUR 1,512.5 million. If represents 55.0 per cent, Topdanmark 15.2 per cent, and Mandatum Life 22.3 per cent of the total. The parent company Sampo plc’s share was 7.5 per cent, which is mainly due to taxes withheld on dividends, as the parent company does not usually conduct other significant taxable operations. In 2018, Sampo Group’s effective tax rate was 21.9 per cent. The effective tax rate is the profit for the year in relation to the taxes directed for the year, excluding the share of the associated companies.

If is committed to ensuring full compliance with all statutory obligations and full disclosures to the relevant tax authorities. The company views tax compliance as an important part of its corporate responsibility, both as an insurance company and as a member of a listed group of companies. If’s governance model, the mandatory legal and regulatory requirements, and the supervision carried out by the financial supervisory authorities ensure that If maintains a high level of tax compliance.

Topdanmark contributes to the Danish state through direct corporate taxes and indirect taxes. Topdanmark pays all its corporate taxes in Denmark, which is unusual given the organization’s size, since other big Danish companies pay a large share of their corporate taxes abroad due to activities in international markets. According to the information provided by the local tax authorities, Topdanmark was the 17th largest corporate taxpayer in Denmark in 2017.

Mandatum Life has been a significant taxpayer in Finland for many years. Mandatum Life continues to consider this as an important way of acting as a responsible corporate citizen, bearing responsibility toward society through the company’s business profits. According to the information provided by the local tax authorities, Mandatum Life was the 8th largest corporate taxpayer in Finland in 2017.

Taxes payable by the Group, Sampo Group 2018

EURm   2018
Corporate income tax Corporate income tax accrued for the financial year  315.9
Employment taxes Social security charges and other similar taxes payable on salaries  113.0
Other taxes   6.4


Taxes collected by the Group, Sampo Group 218

EURm   2018
VAT Total payable VAT  81.2*
Insurance premium tax Insurance premium taxes payable to domestic and foreign tax authorities  378.6
Withholding tax Taxes withheld on employee salaries and taxable claims payments 511.5
Withholding tax Taxes withheld on dividend 105.9
TOTAL   1,512.5

* Includes a one-time tax payment of EUR 58.2 million related to the renewal of the cooperation with Danske Bank.

Distribution of Total Payable and Collected Taxes by Company, Sampo Group, 2018

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Distribution of Total Payable and Collected Taxes by Country, Sampo Group, 2018

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Distribution of Corporate Income Tax by Company, Sampo Group, 2018

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Distribution of Corporate Income Tax by Country, Sampo Group, 2018

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Updated 10 May 2019