IF P&C Sampo Capital Market Day

Ricard Wennerklint, Deputy CEO of If P&CLondon, 11 September 2015

DIGITALISATION

DESIGN OVERHAUL AND RESPONSIVE SITESAll policies available online

CUSTOMER CENTRIC WEBSHOPS INCREASE ONLINE SALES

WE MEET THE CUSTOMER IN THE CHANNEL OF THEIR CHOICE

NUMBER OF CONTACTSPER CHANNEL

SHARE OF VISITS TO IF.SE FROM MOBILE DEVICES

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q1 2

01

1

Q2 2

01

1

Q3 2

01

1

Q4 2

01

1

Q1 2

01

2

Q2 2

01

2

Q3 2

01

2

Q4 2

01

2

Q1 2

01

3

Q2 2

01

3

Q3 2

01

3

Q4 2

01

3

Q1 2

01

4

Q2 2

01

4

Q3 2

01

4

Q4 2

01

4

Q1 2

01

5

-

2

4

6

8

10

12

14

16

2009 2010 2011 2012 2013 2014

Mill

ion

s

Inbound calls Visits to if.xx

DIGITAL CUSTOMER JOURNEY

SERVICE

CLAIMS

SALES

25% eCustomers

Customers withdigital payment and digital policy letters on all their policies

23% increase in online sales(last 6 months)

40% of claims arereported online

INTERNET IS THE FASTEST GROWING DISTRIBUTION CHANNELBA Private

NORDIC ONLINE SALES, PREMIUM ONLINE SALES BY COUNTRY 6M-15, PREMIUM

2012 2013 2014

Sweden

38%

Finland

26%

Norway

19%

Denmark

17%

Sweden

38%

Finland

22%

Norway

32%

Denmark

8%

TOTAL PREMIUM BY COUNTRY 6M-15

EFFICIENCY THROUGH ONLINE CLAIM REPORTS

29%33% 34% 35%

40%

2011 2012 2013 2014 6M 2015

62%

33%28% 27%

Finland Denmark Norway Sweden

NORDIC SHARE OF ONLINE CLAIMS ONLINE CLAIMS BY COUNTRY 6M-15

SIGNIFICANT INVESTMENT IN ONLINE SOLUTIONS

ONLINE INVESTMENTS AS % OF TOTAL IT DEVELOPMENT COST

13%11%

18%

19%

2012 2013 2014 6M 2015

13%11%

18%19%

2012 2013 2014 6M 2015

Online investments - share of IT development cost

SOLVENCY

SOLVENCY II DELIVERIES

2016

1 Jan 2016: Solvency II comes into effect

201520142011 - 2013

Preparatory SII reporting delivered according to plan

Internal model pre application processApplication

process

First ORSA

Full SII reports

Own Risk and Solvency Reports (ORSA-reports)

IF CAPITAL AND CAPITAL REQUIREMENT Q2 2015

1 9391 779

2 267

3 063

3 8003 965

3 806 3 866

0

1 000

2 000

3 000

4 000

Capital requirement

Capital

MEUR

Economic Capital and Adjusted

Solvency Capital

Partial Internal Model Solvency

Capital Requirement and

Eligible Own Funds

Standard formula Solvency

Capital Requirement and

Eligible Own Funds

Rating S&P (A-rating level)

223% 168%196% 126%

STILL UNCERTAINTY AROUND SOLVENCY II

Element Solvency Capital Requirement

Internal model regulatory approval Increased Solvency Capital Requirement through capital add on or use of standard

formula

Risk reducing effect of deferred tax MEUR 160

Element Eligible Own Funds

Norwegian natural perils fund MEUR 328

Norwegian tax on Solvency II valuation of technical provisions

Increased tax paid. Impact depends on overall tax position and tax mitigating tools

These open questions are expected to be clarified during 2015 or beginning of 2016 at the latest

IF PARTIAL INTERNAL MODEL SOLVENCY CAPITAL REQUIREMENT PER RISK Q2 2015

575

1 416220

215

607

120 1 939

160

1 779

3 965

0

1 000

2 000

3 000

4 000

MEUR

223% 224% 222%228%

218% 218%228%

213%220% 215%

0%

50%

100%

150%

200%

250%

SOLVENCY II STRESS TESTS

+10% -10% +25 bps -25 bps +50 bps -50 bps

IF RATING CAPITAL REQUIREMENT Q2 2015High liability risk charges and low diversification benefits in S&P model

1 636

1 882

3 063

2 382

3 314

3 866

257198

0

1 000

2 000

3 000

4 000

MEUR

Asset risks Liability risks

Diversification M-factor adjustment

Total A capital charge

Total BBB capital charge

Total AA capital charge

S&P capital base

IF S&P RATING – DETAILED VIEW

Assessment

Overall rating A with stable outlook

Business Risk Strong

Financial Risk Strong

Anchor a

Enterprise Risk Management and Management and Governance

a+

Group support a

THANKS FOR LISTENING