Sampo

1
The Sampo Group January 1 - June 30,
2003 Analyst Conference Call August 12th, 2003
2
The Sampo Group CEO Björn Wahlroos
3
Earnings per share by Quarters
EUR
0.50
0.25
0
4
Sampo in the first half of 2003 (1)

• The Groups results for the review period were
  good and excellent in the case of insurance
  operations. Earnings per share totalled EUR 0.26
  (0.49) and the operating profit was EUR 211
  million (425). The comparison figures contain EUR
  261 million in sales gains relating to the If
  arrangements.
• Net asset value per share increased to EUR 5.14
  (5.09).
• Favourable development continued in unit-linked
  life insurance and the market share of Sampo Life
  increased to 26.7 per cent (23.6). The rise in
  share prices supported the life insurance
  results, which were excellent.
• Sales of housing loans and consumer credits were
  buoyant. Banking is still strained, however, by
  low interest rates. The interest margin decreased
  to EUR 207 million (227). Provisions for bad and
  doubtful debts were marginal at EUR 3 million
  (-5), due to the high quality of the loan
  portfolio.

5
Sampo in the first half of 2003 (2)

• The Groups market share in the mutual fund
  business is close to the target level and was
  23.8 per cent (21.6). Fund assets increased
  during the review period by almost 27 per cent to
  EUR 4.9 billion (3.4).
• The combined ratio of the associated company, If,
  for the review period was 103.0 per cent (107.8).
  The combined ratio for the second quarter was
  101.0 per cent (104.4). In addition to achieving
  a good insurance technical result, the company
  improved its return on investment assets and thus
  recorded a clear profit. Sampos share of Ifs
  profit was EUR 44 million (-54).
• The Groups administrative expenses were reduced
  to EUR 230 million (252) despite the reserving of
  EUR 9.5 million in the second quarter for support
  solutions related to future staff reductions.

6
Net asset value per share and cumulative
dividends from year 2000
8.40
7.84
7.61
7.63
8
7.27
6
4
2
0
7
Group annual administrative expenses(rolling 12
months)
M
588
562
529
9,5 M provision for redundancy packages
485
469
465
8
Market shares of Sampo Lifein core business

Core retail
Unit linked
9
Sampos market share in funds registered in
Finland, retail customers

10
Development of combined ratio in If,
Rolling 12 months average
Actual quarter
11
Outlook for the second half of 2003 (1)CEO Björn
Wahlroos

• External threats to the global economy have in
  large measure disappeared and this is expected to
  fuel a US-driven economic revival in the latter
  part of the year. I believe that Sampo Group will
  record a good result this year. However, it will
  not be supported by exceptional sales gains or
  other non-recurring items as has happened in
  recent years.
• In the light of this background I trust that the
  life insurance business will perform well in the
  remainder of the year, too. In our focus areas,
  especially in unit-linked insurance, our sales
  and market position will remain strong.
• Banking performance will continue to be stable,
  although net income from financial operations
  will continue to be hampered by low interest
  rates. Credit losses will be negligible due to
  our healthy loan portfolio. The cost cuts in our
  branch network will be visible mainly next year
  and only partly this year. The EUR 9.5 million
  expense provision now made will cover most of the
  additional costs of staff reductions for the
  remainder of the year.

12
Outlook for the second half of 2003(2)CEO Björn
Wahlroos

• In the mutual fund business we have nearly
  achieved the market position we targeted and I am
  convinced that our sales force will continue to
  be successful, particularly as the investment
  markets pick up.
• I believe that the good performance of our
  associated company, If, will continue and that
  the company will achieve the 102,5 per cent
  combined ratio set for the year. The result for
  2003 will be positive.

13
The Sampo Group CFO Peter Johansson
14
Group results
15
Group profit before appropriations and tax
442
M
1-6/2002
1-6/2003
390
340
305
290
Banking and investment services
240
190
Life insurance
151
199
140
112
If
Extra ordinary items
81
Elimination items
90
44
33
40
11
0
-10
-5
-16
-21
Holding Company
Sampo Group
-60
-54
16
Operating profitBanking and investment services
EUR m
17
Fee incomeBanking and investment services
18
Non-performing and other non-interest earning
loans
19
Life insurance results
before extraordinary items
EUR m
20
Life insurance solvency ratio
Incl. all the life insurance companies in the
Sampo Group
21
Sampo Group financial targets
Target 6/2003 Banking and investment services
C/I -ratio lt 0.55 0.66
RORAC 20 - 25 17.5 Life insurance
RONAV 12 - 15 30.5 Investment in
If RONAV 12 - 15 13.4
Sampo Group total RONAV 15 -
19 10.6