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's activity report 2022

4

Annual accounting report 8

Profit and loss statement and other comprehensive income statement 8

Statement of financial position 9

Statement of changes in equity 10

Cash flow statement 11

Notes to the annual accounting report 12

Appendix 1. Significant accounting principles and valuation bases 12

Appendix 2. Risks and risk management 20

Appendix 3. Income from insurance premiums, net of reinsurance 36

Appendix 4. Income from investments 36

Appendix 5. Incurred claims, net of reinsurance 37

Appendix 6. Expenses 38

Appendix 7. Claims from insurance activities and unlikely to be collected claims 38

Appendix 8. Accrued income and prepaid expenses 40

Appendix 9. Financial investments 41

Appendix 10. Tangible fixed assets 44

Appendix 11. Liabilities from insurance activities 45

Appendix 12. Lease liabilities 45

Appendix 13. Accrued liabilities and prepaid income 46

Appendix 14. Liabilities from insurance contracts and reinsurance assets 47

Appendix 15. Corporate income tax 50

Appendix 16. Investment in subsidiary 51

Appendix 17. Equity 51

Appendix 18. Effects of amended accounting principles applicable from 2023 in connection with the transition (IFRS 17 and IFRS 9) 52

Appendix 19. Transactions with related parties 56

Signatures to the 2022 financial year report 59

Independent auditor's report 60

Proposal for profit distribution 64 3

Organization

If P&C Insurance AS (hereinafter referred to as the "company" or "If") is fully owned by the leading Nordic non-life insurance group If P&C Insurance

Holding Ltd (publ), which is owned by the Finnish company Sampo plc listed on the Helsinki Stock Exchange. The Sampo group consists of the parent company

Sampo plc and its subsidiaries If P&C, Mandatum Life, Hastings and Topdanmark.

If has been providing non-life insurance in the Baltic market for both private and corporate clients since 1992. If has approximately 360,000 clients in the Baltics and in Estonia, If is one of the leading non-life insurance companies. If's products include property, liability, vehicle, traffic, marine, transport, accident and health insurance.

The company is registered in Estonia and also operates through branches in Latvia and Lithuania. The current structure of the company allows for efficient operation throughout the Baltic region. Some business functions are common to all three countries.

Company structure

If P&C Insurance AS (Estonia) registration code 10100168

Latvian branch Lithuanian branch

If P&C Insurance AS Latvijas filiāle If P&C Insurance AS filialas registration code 40103201449 registration code 302279548

Key financial indicators

In thousands of euros 2022 2021 2020 2019 2018

Gross insurance premiums collected 205 709 168 756 152 242 149 046 162 666

Income from insurance premiums, net of reinsurance 184 357 156 062 147 101 145 070 142 859

Incurred claims, net of reinsurance 122 653 97 405 91 297 89 832 88 469

Operating expenses ¹ 44 744 39 109 37 094 36 917 36 511

Technical result ² 16 960 19 548 18 710 18 321 17 879

Net profit 15 924 18 170 16 602 19 889 19 103

Combined ratio ³ 90.8% 87.5% 87.3% 87.4% 87.5%

Expense ratio ⁴ 24.3% 25.1% 25.2% 25.5% 25.6%

Loss ratio ⁵ 66.5% 62.4% 62.1% 61.9% 61.9%

Financial investments 300 170 276 198 296 496 318 436 274 731

Return on investments ⁶ -8.8% 0.0% 1.4% 2.2% -0.2%

Total assets 405 627 405 332 393 591 380 500 344 818

Equity 146 756 177 653 180 241 180 959 160 587 4