Sampo has submitted a Group Partial Internal Model application
SAMPO PLC STOCK EXCHANGE RELEASE 20 June 2023 at 10:15 am EEST
Sampo has submitted a Group Partial Internal Model application
Sampo plc has submitted an application for a Group Partial Internal Model for purposes of solvency capital requirement (SCR) calculation to the Finnish Financial Supervisory Authority. The model recognises the risk profile of Sampo’s P&C operations better than the standard formula and it is estimated that it would have reduced the group-level SCR by up to EUR 0.3 billion at the first quarter of 2023. Sampo expects that the application process will be completed during the first half of 2024.
On 29 March 2023, Sampo plc announced a plan to separate Mandatum from the Group by means of a partial demerger. The demerger was approved in accordance with the demerger plan by the AGM on 17 May 2023. On completion of the planned demerger, it is expected that Sampo’s group prudential supervisor under the Solvency II framework will change from the Finnish FSA (Finanssivalvonta) to the Swedish FSA (Finansinspektionen).
The potential change in the group supervisor is driven by Article 247 of the Solvency II Directive, which states that the task of group supervisor is exercised by the supervisory authority that has authorised the insurance company in the group with the largest balance sheet, in the event that the ultimate group holding company is domiciled in a country with no regulated insurance entity. Post-demerger, the largest entity within Sampo Group would be Swedish-domiciled If P&C Insurance Ltd (publ).
The change in the group supervisor would not have any impact on other laws and regulations that Sampo plc is subject to as a Finnish-domiciled listed company, including taxation, and in its capacity of a listed company, Sampo plc will continue to be supervised by the Finnish FSA.
SAMPO PLC
Investor Relations and Group Communications
For further information, please contact:
Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
London Stock Exchange
The principal media
FIN-FSA
www.sampo.com
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