Tax footprint

Materiality

The Sampo Group companies are significant and responsible taxpayers, and tax compliance is viewed as an important part of the Group companies’ business and sustainability. The taxes the Sampo Group companies pay also have a wider economic and social impact and play an important role in the development of the countries in which the Group companies operate. 

The Group companies act transparently and responsibly in all tax matters and work closely with the tax authorities to ensure all tax payments are fair and follow legislation. Sampo Group can face reputational risks, operational risks, and business risks if it fails to pay its taxes effectively and accurately. 

Group-level approach

The Sampo Group companies are committed to compliance with the spirit as well as the letter of the tax laws and regulations in the countries in which they have operations. The Sampo Group Code of Conduct provides the group-level guidance principles regarding taxes. The Code of Conduct is reviewed annually and approved by Sampo plc’s Board of Directors. 

Tax matters are embedded in the finance function and are, therefore, within the responsibility of the Group CFO. The Group CFO informs the Board of key strategic tax topics when necessary. The day-to-day responsibility for tax-related matters is upheld by the individual Group companies and their finance and tax specialists. Furthermore, internal governance models, mandatory legal and regulatory requirements, and supervision carried out by the financial supervisory authorities ensure that the Sampo Group companies maintain a high level of tax compliance.  

Sampo Group’s approach to tax risk management is consistent with and embedded in overall risk management. Sampo Group actively identifies, assesses, monitors, and manages tax risks to ensure that they remain in line with the business and strategic objectives, taking into account Group companies’ appetite towards tax risks. 

Sampo Group supports the work at national and international level for a better and fairer tax system, to improve the balance between the various interests of society, politics, and business. Sampo plc and its subsidiaries are members of various industry associations (e.g. Finance Finland, Insurance Sweden, Finance Norway, Insurance and Pension Denmark, and the Confederation of Finnish Industries). The companies seek to influence policy and legislation and engage in dialogue regarding taxes primarily through active participation in the work of industry associations. 

Taxes payable and collected, EURm
Sampo Group

* Excluding Hastings

* Excluding Hastings

Taxes payable and collected by company, EURm
Sampo Group, 2022

 

 

 

Distribution of corporate income tax by company, EURm
Sampo Group

* Excluding Hastings

 

Distribution of corporate income tax by country, EURm
Sampo Group

* Excluding Hastings