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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 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. Further, 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, Sampo Group, EURm*

Taxes payable by the Group 2021 2020
2019
Corporate income tax  365.4 286.8 299.0
Employment taxes 146.1 118.7 115.9
Other taxes 5.2 10.5 9.2

* Excluding Hastings 2019-2020

Taxes collected by the Group 2021 2020
2019
VAT  54.4 43.8  40.1
Insurance premium tax 594.0 430.0 488.0
Other taxes and charges 832.9 716.7 737.2
Withholding tax 181.1 124.3 143.1
Total 2,179.1  1,730.8 1,832.5

* Excluding Hastings 2019-2020

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

  2021
2020
2019
If 983.0 936.0 901.0
Topdanmark 625.7 456.4 518.0
Hastings 210.3 - -
Mandatum 193.2 218.9 282.0
Sampo plc 166.8 119.6 131.0
Sampo Group, total 2,179.1 1,730.8 1,832.5

* Excluding Hastings 2019-2020

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

  2021
2020
2019
Finland 656.1 621.5 701.0
Denmark 699.8 533.3 567.0
Norway 320.4 286.8 288.0
Sweden 258.1 255.8 252.0
United Kingdom 200.2 - -
Baltics and other countries 44.6 33.5 26.0
Sampo Group, total 2,179.1 1,730.8 1,832.5

* Excluding Hastings 2019-2020

Distribution of Corporate Income Tax by Company, Sampo Group, EURm*

  2021
2020
2019 2018
If 214.3 206.3 182.0 175.0
Topdanmark 81.2 44.1 59.0 50.0
Hastings 15.8 - - -
Mandatum 53.0 36.1 57.0 91.0
Sampo plc 1.2 0.2 - -
Sampo Group, total 365.4 286.8 299.0 315.9

* Excluding Hastings 2018-2020

Distribution of Corporate Income Tax by Country, Sampo Group, EURm*

  2021
2020
2019 2018
Finland 83.9 96.8 84.0 73.0
Denmark 97.4 70.3 93.0 124.0
Norway 71.3 58.3 50.0 61.0
Sweden 92.3 55.6 69.0 56.0
United Kingdom 4.7 - - -
Baltics and other countries 15.7 5.8 2.0 2.0
Sampo Group, total 365.4 286.8 299.0 315.9

* Excluding Hastings 2018-2020


More information in Sampo Group’s Sustainability Report. More key figures in our interactive sustainability tool

Updated 23 May 2022