Antti Makinen

Distinguished shareholders. My name is Antti Makinen. I've been the Chair of Sampo's Board of Directors for the past financial year. I would like to wish you warmly welcome to Sampo's Annual General Meeting 2026. In my presentation, I will briefly discuss the financial year 2025. The Group CEO, Morten Thorsrud, will, in his presentation, give you a more detailed review of the highlights and financial developments.

Last year was another excellent year for the Sampo Group in financial terms. The insurance revenue grew by 8%, which is a very good achievement in this business. The underwriting result grew even faster than the revenue as much as 13% from EUR 1,316 million to EUR 1,485 million. The strong growth of the underwriting result was driven not only by revenue growth, but also the decrease of the combined ratio, which declined from previous year's 84.3% to 83.6%.

Correspondingly, a key figure that is central in terms of the distribution of profit, the operating earnings per share, excluding extraordinary items and the unrealized change in value of investments increased by 7% to EUR 0.50. Perhaps the single most important event of last year was the change of Group CEO. Torbjorn Magnusson, who was first If's Managing Director for 18 years and then the Group CEO of Sampo from the beginning of 2020, announced his wish to retire from his role when we found a suitable successor. And after a thorough evaluation of potential successors, the Board of Directors in June decided to appoint the then Managing Director of If Morten Thorsrud as the new Group CEO from the beginning of October 2025.