Tax footprint
Tax compliance is an important part of Sampo Group’s business and sustainability. The taxes Sampo Group pays also have a wider economic and social impact and play an important role in the development of the countries in which the company operates.
Sampo Group is a significant and responsible taxpayer. Sampo Group acts transparently and responsibly in all tax matters and works 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.
Approach
Sampo Group is committed to compliance with the spirit as well as the letter of the tax laws and regulations in the countries in which it has 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 Sampo Group maintains 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 the company’s 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. The Sampo Group companies are members of various industry associations (e.g. Finance Finland, Insurance Sweden, Finance Norway, Insurance and Pension Denmark, the Confederation of Finnish Industries, and Association of British Insurers). Sampo Group seeks to influence policy and legislation and engage in dialogue regarding taxes primarily through active participation in the work of industry associations.
Goals and ambitions
Sampo Group’s aim is to be a responsible taxpayer.
Taxes payable and collected, EURm
Sampo Group
| Taxes payable | 2023 | 2022 | 2021 |
|---|---|---|---|
| Corporate income tax | 289.0 | 326.4 | 365.4 |
| Employment taxes | 155.7 | 172.6 | 146.1 |
| Other taxes | 5.6 | 6.0 | 5.2 |
| Taxes payable, total | 450.4 | 505.0 | 516.7 |
Mandatum is included in 2021 and 2022 figures.
| Taxes collected | 2023 | 2022 | 2021 |
|---|---|---|---|
| VAT | 45.7 | 57.5 | 54.4 |
| Insurance premium tax | 714.4 | 643.8 | 594.0 |
| Other taxes and charges | 350.5 | 573.3 | 832.9 |
| Withholding tax | 497.7 | 382.5 | 181.1 |
| Taxes collected, total | 1,607.8 | 1,657.0 | 1,662.3 |
| Sampo Group, total tax contributions | 2,058.2 | 2,162.1 | 2,179.1 |
Mandatum is included in 2021 and 2022 figures.
Taxes payable and collected by company, EURm
Sampo Group, 2023
| Taxes payable | If | Topdanmark | Hastings | Sampo plc |
|---|---|---|---|---|
| Corporate income tax | 223.6 | 49.9 | 15.1 | 0.4 |
| Employment taxes | 100.4 | 35.3 | 17.7 | 2.4 |
| Other taxes | 4.1 | 0.8 | 0.7 | 0 |
| Taxes payable, total | 328.1 | 86.0 | 33.6 | 2.7 |
| Taxes collected | If | Topdanmark | Hastings | Sampo plc |
|---|---|---|---|---|
| VAT | 33.4 | 1.9 | 7.2 | 3.3 |
| Insurance premium tax | 451.7 | 50.3 | 212.4 | 0 |
| Other taxes and charges | 207.3 | 95.8 | 40.2 | 6.7 |
| Withholding tax | 0 | 44.2 | 259.8 | 193.8 |
| Taxes collected, total | 692.3 | 192.2 | 519.5 | 203.8 |
| Sampo Group, total tax contributions | 1,020.4 | 278.2 | 553.1 | 206.5 |
Distribution of corporate income tax by company, EURm
Sampo Group
| Company | 2023 | 2022 | 2021 |
|---|---|---|---|
| If | 223.6 | 267.1 | 214.3 |
| Topdanmark | 49.9 | 32.6 | 81.2 |
| Hastings | 15.1 | 7.6 | 15.8 |
| Mandatum | - | 18.9 | 53.0 |
| Sampo plc | 0.4 | 0.3 | 1.2 |
| Sampo Group, total | 289.0 | 326.4 | 365.4 |
Mandatum is included in 2021 and 2022 figures.
Distribution of corporate income tax by country, EURm
Sampo Group
| Country | 2023 | 2022 | 2021 |
|---|---|---|---|
| Finland | 67.6 | 139.5 | 83.9 |
| Denmark | 64.3 | 32.1 | 97.4 |
| Norway | 56.4 | 57.0 | 71.3 |
| Sweden | 72.1 | 84.4 | 92.3 |
| United Kingdom | 9.4 | -1.3 | 4.7 |
| Other countries | 19.2 | 13.5 | 20.5 |
Mandatum is included in 2021 and 2022 figures.
Effective tax rate, %
Sampo Group
| Company | 2023 | 2022 | 2021 |
|---|---|---|---|
| If | 21.0 | 21.0 | 21.0 |
| Topdanmark | 26.5 | 10.0 | 27.9 |
| Hastings | 8.6 | 14.1 | 29.5 |
| Mandatum | - | 21.3 | 20.6 |
| Sampo Group | 22.5 | 17.0 | 23.7 |
Corporate tax rate in the largest operating companies, %
Sampo Group
| Country | 2023 | 2022 | 2021 |
|---|---|---|---|
| Denmark* | 25.2/22.0 | 22.0 | 22.0 |
| Norway* | 25.0/22.0 | 25.0/22.0 | 25.0/22.0 |
| Sweden | 20.6 | 20.6 | 20.6 |
| Finland | 20.0 | 20.0 | 20.0 |
| United Kingdom** | 25.0/19.0 | 19.0 | 19.0 |
* Employers in the insurance industry are subject to a higher tax rate.
** 19 per cent from 1 January 2023 to 31 March 2023 and 25 per cent from 1 April 2023 onwards.
Updated