Table of Contents. Group 3 Governance 28 Board of Directors' Report 43 Risk Management 77 Financial Statements 154 Calendar and Contacts 268

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1 Sampo

2 Table of Contents Table of Contents Group 3 Governance 28 Board of Directors' Report 43 Risk Management 77 Financial Statements 154 Calendar and Contacts 268 2

3 Group Group 4 Group CEO's Review in Figures 8 Strategy 11 Group Structure 12 Organization 13 Businesses 14 If P&C Insurance 15 Nordea 16 Mandatum Life 17 Personnel 18 If P&C Insurance 20 Mandatum Life 21 Corporate Responsibility 21 If P&C Insurance 26 Mandatum Life 3

4 Group Group CEO's Review Records Are There to Be Broken The operating environment for the financial sector in 2013 was similar to that of It was characterized by slow economic growth, low interest rates, a continual and substantial increase in regulation, controversial new taxes, as well as other obstacles. In short, it meant we faced challenging conditions. In such a difficult situation, the only option is to exercise even stricter discipline: reduce risks, boost operational efficiency and put in the extra hours needed. There is no sense in waiting for better times ahead we must act now. The vast transfer of services to the internet and the digitization of society in general are changing the very foundations of our industry. Consequently, understanding the ever-evolving needs of our customers will be the key to building a sustainable competitive edge. As the market leaders in our businesses, we are and must continue to be in a better position than our peers in terms of responding to the challenges brought on by these structural changes. Despite the weak operating environment in 2013, Sampo recorded an excellent year. In December, our share price peaked at almost EUR 36 - its highest level ever. And the increases have continued into the new year - in February 2014 the share price passed EUR 37. Best Ever Combined Ratio Sampo s P&C operations broke many of our own earlier records in 2013: Profit before taxes amounted 4

5 Group to EUR 929 million, once again the highest total recorded in Sampo s history, while the combined ratio reached a new record of 88.1 per cent. Furthermore, customer service was improved in a number of ways. A particularly noteworthy development was the launch of distribution co-operation with the largest bank in the Nordic countries - Nordea - in Sweden, Finland and the Baltics. The value of our stake in our associated company Topdanmark has nearly doubled, and also reached a new high in Our holding, which covers 28 per cent of the voting rights, is also now at its highest ever level. Our stake is likely to continue growing in the future as Topdanmark intends to buy back and subsequently cancel its own shares. million was the highest in the company s history, while the distribution co-operation with Danske Bank was more successful than ever before. At the same time, Mandatum Life recorded its best ever technical result, which was measured as the sum of the risk and expense result. Pleasingly, the improved levels of customer satisfaction that we have seen in previous years continued in Sampo Group s risk-adjusted investment result was also good: investment return mark-to-market was 5.0 per cent from P&C insurance and 7.1 per cent from life insurance. However, while equity and fixed-income investments performed well, the investments in emerging markets and the foreign exchange result fell short of their respective targets. Nordea s Market Value Breaks Record Dividend Proposal of EUR 1.65 per Share Following the Swedish government s sale of its stake in Nordea in 2013, the uncertainty lingering over the bank s ownership structure disappeared. Our current investment (21.2 per cent holding) in Nordea amounts to approximately EUR 5.6 billion; however, by the end of 2013, the book value of our holding stood at EUR 6.9 billion. The market value of our holding exceeded the book value by more than EUR 1.5 billion. In addition, we have received EUR 1.2 billion in dividends from Nordea during our period as a shareholder. The stable profitability of our associated company Nordea was also reflected in the company s market value: its valuation of EUR 42.5 billion as at January 2014 represented yet another new record. The slow growth environment calls for careful focus on cash flows and proper capital allocation. To this end and thanks to our strong results, Sampo s Board of Directors proposes that a dividend of EUR 1.65 per share be paid for Sampo is a dividend stock and increasing shareholder value is our main task. And whilst as I m sure you can understand we are unable to predict levels of future dividends, we are striving for a steadily increasing distribution. Unit-linked Premium Income Reaches Historical High 2013 was also a record year in the area of life insurance: the unit-linked premium income of EUR 909 Kari Stadigh Group CEO and President 5

6 Group 2013 in Figures Key Figures Sampo Group, 2013 EURm Change,, % Profit before taxes 1,668 1,622 3 P&C Insurance Associate (Nordea) Life Insurance Holding (excl. Nordea) Profit for the period 1,452 1, Change Earnings per share, EUR EPS (incl. change in FVR), EUR NAV per share, EUR Average number of staff (FTE) 6,832 6,823 9 Group solvency ratio, % Return on Equity, % Share Price Performance Sampo plc, EUR

7 Group Monthly Trading Volume Sampo plc, Shares 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000, Volume BATS, Burqundy, Chi-X, Turqoise Volume NASDAQ OMX Helsinki Share Main Facts A Shares B Shares Market Nasdaq OMX Helsinki ISIN Code List OMXH Large Caps Number of Shares (unlisted) Business s Sector Financials Votes/share Listed 01/14/1988 Trading Code Bloomberg Reutersers ISIN Code SAMAS (OMX) SAMAS FH SAMAS.HE FI Number of Shares 558,800,000 Votes/share 1/share FI ,200,000 5/share All B shares are held by Kaleva Mutual Insurance Company. B shares can be converted into A shares at the request of the holder. 7

8 Group Strategy Sampo Group aims to create value for its shareholders. Value is created through efficient and highly profitable operating units and by investments in situations offering significant upside potential with manageable downside risk. Shareholders benefit from the value creation through a high and stable dividend yield. Sampo Group's business areas are P&C insurance and life insurance under If and Mandatum Life brands, respectively. The Group is also the largest shareholder in Nordea Bank, the leading Nordic banking franchise. On a Group level Sampo has no stated strategy, but the business areas have well-defined strategies based on return on equity (RoE) targets. The parent company Sampo plc s A shares are listed on the Nasdaq OMX Helsinki. The parent company sets financial targets for the subsidiaries. For both P&C and life insurance operations the return on equity target is a minimum of 17.5 per cent. In addition, a separate target has been set for the combined ratio in the P&C insurance operation, i.e. the annual combined ratio to be below 95 per cent each and every year. Financial Targets

9 Group If P&C Insurance Security and Stability If's mission is to offer insurance solutions that provide customers security and stability in their business operations, housing and daily life. The company's vision is to be the leading property and casualty insurance company in the Nordic and Baltic regions with the most satisfied customers, leading edge insurance expertise and superior profitability. If's strategic goal is to establish better profitability and customer satisfaction in the long run than competitors, coupled with high creditworthiness. The financial targets are to achieve a combined ratio of less than 95 per cent and a return on equity (RoE) of at least 17.5 per cent. If's long-term priorities to ensure a strong and stable profitability development are based on a sound operating platform, leading cost position, most satisfied customers, leading edge insurance expertise and an investment strategy based on balanced risk. The following four areas constitute the key elements in If's strategic direction: Customer value If will exceed customer expectations through superior insurance solutions, fast and accurate claims management and sympathetic behavior. Focused Insurance Expertise If will purposefully strengthen the organization's skills in developing, pricing and distributing insurance products, as well as, in the areas of liability loss prevention and claims management. Nordic Business s Platform If will create competitive advantage through economies of scale and know-how transfer through an integrated Nordic and Baltic platform. Investment Strategy with Balanced Risk If has adopted a low risk strategy in investments by maintaining a balance between insurance commitments and investment assets in terms of currency and duration. Surplus capital is invested to enhance total returns. Mandatum Life An Expert in Money and Life Mandatum Life is the leading provider of cover against life and health risks and a well-respected manager of customer assets in Finland and the Baltic countries. In new business, Mandatum Life s core product areas consist of unit-linked savings contracts and group pensions as well as risk insurance. As a result of the existing balance sheet, unit-linked individual pension policies and the with-profit portfolio in general play a significant role in the company, even though they are not being sold actively. In addition to its life insurance business, Mandatum Life s activities in recent years have expanded to include pension services focusing on corporate pension funds and foundations. The company has also supplemented various services related to personnel rewards and incentives through, for example, personnel fund services. The need for business outside the life insurance sector grew when the company discontinued its granting of individual corporate pension policies as a result of changes related to the retirement age applied to new insurance policies. Going forward, Mandatum Life will continue to look into new opportunities to support its current business activities. In Finland, Mandatum Life relies on three sales channels: in-house corporate sales teams, wealth management focusing on high-net-worth individuals, and Danske Bank s network. Mandatum Life estimates that there is still a growing need for Finns to secure their income during retirement and to prepare for health and life risks. The company believes that voluntary corporate pension schemes will play an increasingly important role in complementing statutory earnings-related pension. As far as the corporate sales channel is concerned, greater emphasis will also be placed on meeting the investment-related needs of customers. In addition, companies are believed to gain significant value by covering their employees life and health risks through voluntary insurance policies. Mandatum Life began offering its own wealth management services in The services offered by Mandatum Life s Wealth Management are mainly intended for private individuals with a high net worth. Institutions are also an important customer group, and the weight given to institutional wealth management is expected to grow in future. 9

10 Group In Mandatum Life s services for private customers, the main service channel is Danske Bank s network. Cooperation with Danske Bank has been successful. Mandatum Life s offering has expanded Danske Bank s services in Finland and in the Baltic countries to include the life insurance needs of customers. Mandatum Life s result consists of three components: the investment result, risk result and expense result. The company s strategy in investment activities is to maintain adequate solvency in relation to market risks in the balance sheet, which makes it possible to strive for a long-term return that is higher than the return requirement on with-profit technical provisions. In the expense and risk result, Mandatum Life seeks growth through both higher operational efficiency and volume growth. The company s financial target is to produce an RoE of at least 17.5 per cent. Dividend Policy Sampo plc, the listed parent company of Sampo Group, is a good dividend payer. Sampo aims to pay at least 50 per cent of Group s net profit as dividend. Share buy-backs can be used to complement the dividend. The Board proposes to the AGM a dividend of EUR 1.65 per share for the year The proposed dividend corresponds to a payout ratio of 64 per cent. 10

11 Group Group Structure 31 December

12 Group Organization 31 December

13 Group Businesses Sampo Group s parent company, Sampo plc, has two fully owned subsidiaries, If P&C Insurance Holding Ltd (publ) and Mandatum Life Insurance Company. The former is the largest Nordic P&C insurer and the latter a leading Finnish life insurer. Both insurers also operate in the Baltics. In addition, Sampo plc is the biggest shareholder in Nordea Bank AB. Nordea is the largest bank in the Nordic region. At the end of 2013 Sampo plc held 21.2 per cent of shares in the Bank, which is accounted for as an associate in the Group accounts. Sampo plc Sampo plc, the parent company, is listed in the Nasdaq OMX Helsinki since January It has no business activities of its own but administers the subsidiaries and is responsible for certain centralized functions in Sampo Group. If P&C Insurance is the leading property and casualty insurer in the Nordic region, with operations in Finland, Sweden, Norway, Denmark and the Baltic countries. Danish insurance company Topdanmark, in which If P&C Insurance is the largest owner with more than 25 per cent of the shares, is accounted for as an associated company in the P&C insurance segment. Nordea, the largest bank in the Nordic region, has around 11 million customers and is one of the largest universal banks in Europe in terms of total market capitalization. The Nordea share is listed in the NASDAQ OMX Nordic Exchanges in Stockholm, Helsinki and Copenhagen. In Sampo Group s reporting Nordea is included in the segment Holding. Mandatum Life, with operations in Finland and the Baltic countries, is responsible for Sampo Group's life insurance operations and, in addition, offers wealth management services under an insurance wrapper. In Finland, the company has 250,000 private customers and 25,000 corporate customers. 13

14 Group 2013 was again a good year for If. The company has now exceeded its long-term profitability targets 37 times during the last 38 quarters. The only exception was the harsh winter of 2010, during which snow, ice and cold resulted in far more insurance claims than in a normal year. If s combined ratio for 2013 was 88.1 per cent, which is the best ever for the company. The technical result increased to EUR 601 million and pre-tax profits to EUR 929 million. The premium growth was a strong 2.9 per cent. The result for 2013 was achieved in a period of very low interest rates. The low interest rate environment enables only a limited rate of return for insurance companies' investments, which are directed mainly to interest bearing debt instruments. Today, the industry is focusing more than ever on the profitability of the insurance business. This has been If s key strategic theme for more than a decade. With the industry now following the example set by If, the company has to perform more efficiently to maintain its competitive edge. If s positive development is the result of a long-term strategy with a consistent focus on underwriting, meaning more efficient risk assessment and risk selection, and correct pricing of products, as well as, profitability and cost-effectiveness. Extensive work is currently being done to further strengthen the focus on underwriting. In order to improve efficiency, If is investing heavily in IT. An increasing number of customers are visiting If s Internet pages to get information, file claims or buy insurance. The number of visits increased by 15 per cent since 2012 and online sales to individuals rose by 18 per cent. IT investments are also strengthening Nordic cooperation within If. Tasks are coordinated in a way that the best expertise is available cost-efficiently. One of If s primary goals is to deliver the best customer experience for everyone, despite the customer service channel chosen. This is particularly the case, when a customer has suffered a loss. Every claim case is followed up and the customer has the opportunity to rate and comment on the service. Surveys show that those customers, who have had an insurance claim, are even more pleased with If than those who have never had a claim. During the year, customer reviews of If s claims handling process have improved further from an already high level. Nine out of ten private customers give If the highest or the second highest rating. Towards the end of 2012, If acquired Tryg's Finnish business, with a premium volume of approximately EUR 80 million and a market share of about two per cent. The business has now been successfully integrated into the operations of If. In 2013, If entered into a partnership agreement with Nordea in Finland, Sweden and the Baltic countries, where Nordea now sells If products at its branches and via the Internet. It seems that the repeatedly delayed EU reform of the regulatory system for the insurance industry, Solvency II, will be implemented in The Directive will provide a common European approach that will ensure financial stability and promote fair and efficient financial markets in Europe. Solvency II is very much in line with If s approach to risk management and we are already working in accordance with the Directive. The beginning of the year saw two changes in the management team of If. Morten Thorsrud was appointed Head of Business area Private and Niclas Ward took over as Head of Business area Industrial. 14

15 Group 2013 was another year of low growth and interest rates declined to record-low levels. In this environment, Nordea delivered a stable income level and saw a continued inflow of relationship customers. Costs have been kept flat now for 13th consecutive quarters, net loan losses decreased and the operating profit increased, thus giving a continued strong and stable capital generation. The core tier 1 capital ratio increased to 14.9 per cent, up by 1.8 percentage points, and the dividend proposal increased to EUR 0.43 per share (EUR 0.34). With loan demand foreseen to be lower in the coming years, customer activity lower and interest rates lower than previously expected, Nordea will increase its focus on cost efficiency and will accelerate and expand its cost efficiency program. This will enable Nordea to adjust its capacity to the lower activity level and to maintain its position as a strong bank. It will strengthen the foundation which is fundamental for meeting customer needs and for the relationship strategy. The relationship strategy continued to be instrumental to Nordea in 2013 and Nordea is developing the future relationship bank with the 2015 plan. Since 2007, Nordea has consistently followed this strategy, which is based on long-term customer relationships. It has proven superior when working with customers, as Nordea studies closely the situation and needs of each customer. In this challenging macro environment Nordea is committed to serving customers and thus supporting the economy. Nordea is less vulnerable to market turbulence than other banks due to its well-diversified business model. Nordea strives towards safeguarding its high credit rating, which further enables strong liquidity and funding position. This is vital in the process where you want to offer the right products and services at the right price to each customer. The regulatory requirements on capital, liquidity and funding, following the global financial and sovereign debt crises, imply a cost and new demands for all banks. These will be reflected in business models and in other changes in the global banking market for years to come. For the third year in a row, British financial magazine World Finance named Nordea the Best banking Group in the Nordics. Prospera survey showed that large companies in the Nordics rank Nordea the best bank in the Nordics, which was confirmed by the Euromoney awards Best Bank and Best Investment Bank in the Nordics and Baltics. Nordea s AA rating was confirmed by Fitch, Moody s and Standard & Poor s, providing further proof of Nordea s strong financial position and solid earnings. Few banks in Europe have as high a rating as Nordea, which enables Nordea to have strong access to funding at competitive prices. AA rating level reflects that Nordea s repayment ability is perceived to be very good. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior value for customers and shareholders. Nordea is making it possible for customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 11 million customers, approximately 900 branch office locations and is among the ten largest universal banks in Europe in terms of total market capitalization. The Nordea share is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Helsinki and Copenhagen. 15

16 Group By all key indicators, 2013 was a success for Mandatum Life. Unitlinked premium income was at a record-high level and the result improved, thanks to good investment returns. Positive development was also achieved in operating expenses, and, for the first time, unitlinked technical provisions exceeded the technical provisions related to with profit products. Mandatum Life s investment returns, boosted in particular by the excellent yield on equity investments, rose to a good level. Low-risk, long-term interest rates remained low, which means that, as in previous years, maturing fixed-income investments present a considerable re-investment risk. In response to the low interest rate levels, the company continued to supplement the reserve for decreased discount rates, and has consequently lowered the return requirement on technical provisions for 2014 and Premium income continued to grow in the company s core businesses, and the company s unit-linked premiums reached a record-high level. The growth can be attributed to the increase in the premium income of Danske Bank s and the company s own networks. Despite the positive trend, the company lost market shares, since the premium income in the sector grew substantially. In terms of new business, ten years ago Mandatum Life set unit-linked insurance and risk insurance as its core business areas. Back then, the company s technical provisions were almost exclusively related to with profit products. In 2013, a significant shift took place in the structure of the technical provisions: unit-linked technical provisions exceeded the technical provisions related to with profit products. This was a consequence of two things: the strong growth in unitlinked technical provisions, and the decline of pensionfocused technical provisions related to with profit products. Technical provisions related to with profit products decreased to a lowest level ever in the history of the company in its current form. Cost effectiveness becomes increasingly important as the weight given to unit-linked business grows. The company did, in fact, implement a cost-savings program in 2013, with the goal of keeping operating expenses, aside from those arising from sales and profit-linked operating expenses, at the 2012 level until Together with the growing insurance savings, the cost-saving measures are expected to improve the expense result over the next few years. Demand for risk insurance grew in the Baltic countries, and with new insurance policies being taken out, there was significant growth in capital at risk. Unit-linked technical provisions grew compared to the previous year, but gross premium income fell slightly short of the 2012 figure. The organization s operations were reinforced and adapted to better reflect the customer segments. A new operating model for corporate sales was cascaded within the Finnish organization in the course of The goal of the new sales and service model is to improve sales efficiency and enhance the customer experience. Due to the launch of the new operating model, particular emphasis was placed on developing sales competence. In addition, efforts focusing on supervisory work and well-being at work were continued. 16

17 Group Personnel P&C insurance is Sampo Group s largest business area and in 2013 it employed 91 per cent of the personnel, while life insurance had approximately 8 per cent of the work force. Less than one per cent worked for the parent company, Sampo plc. Personnel by Company Sampo Group, 2013, average total 6,832 people (FTE) If P&C 6,238 Mandatum Life 541 Sampo plc 53 The average number of Sampo Group s employees (FTE) in 2013 amounted to 6,832 (6,823). In geographical terms Finland had 33 per cent of the personnel, Sweden 27 per cent and Norway 21 per cent. The share of Baltic countries, Denmark and other countries was 19 per cent. Personnel by Country Sampo Group, 2013, average total 6,832 people (FTE) Finland 2,276 (33.3%) Sweden 1,804 (26.4%) Norway 1,462 (21.4%) Denmark 537 (7.9%) Estonia 344 (5.0%) Latvia 184 (2.7%) Lithuania 181 (2.7%) Other countries 44 (0.6%) 17

18 Group Years of Employment Sampo Group personnel, 2013 < 5 years 37.1% 6-10 years 15.6% years 15.0% years 6.5% years 6.3% years 8.9% years 4.8% years 4.2% > 40 years 1.6% Personnel at If P&C From a HR perspective 2013 was an intensive year. Several parts of the organization were involved in major business development initiatives. These initiatives affect and rely on people. Consequently, the HR agenda was largely geared towards providing hands-on support to the organization for the processes of managing change, developing future ways of working, and identifying and meeting the requirements for new skills. The focus topics were: Leadership: A new leadership development concept was implemented with an increased focus on coaching and feedback to maximize each employee s performance. A new cohort was recruited to If s Future Leadership Programme. Performance culture: Development of the performance management process continued. An employeeship model clarifying the individual s responsibility for his/her performance through ongoing competence development was launched. Competence e development: elopment: Throughout the year, If continued its major drive to develop the skills and capabilities of its employees to meet current and future business needs. If s employees attended more than 32,000 e-learning courses and over 8,600 seminars during the year. Various new methods were implemented, such as Learning Design and Action Reflection Learning. A number of mentor programs and other specific initiatives have been undertaken to support the parts of the organization that are facing a generational shift. Competence development schemes also included activities with If s main partners, for example the launch of the new Nordea agreement in Sweden and Finland. Right person in the right place: The If employer brand has been strengthened by carrying out specific initiatives throughout the year. One such initiative was LinkedIn, where the If career page has seen a 200 per cent increase in followers since its launch in the autumn of Targeted recruiting actions toward analysts and IT professionals has led to greater external interest in vacancies in these areas. Personnel Facts The number of persons employed by If on 31 December 2013 was 6,830 (6,788). The impact of normal efficiency improvements and some targeted efficiency actions within parts of the organization was offset by the one-time effect of acquiring Tryg in Finland and its approximately 200 employees. The integration of Tryg s and If s organizations during the year led to some overlaps in functions and subsequent redundancies of 26 employees. Personnel turnover increased slightly from 8.7 per cent in 2012 to 9.3 per cent in The increase is 18

19 Group attributable to Tryg redundancies and specific efficiency measures across the organization. Employee satisfaction remains high. 9 out of 10 If employees gave a positive response when asked whether they enjoy working at If. Overall, illness-related absenteeism is low (3.4 per cent). Norway continues to have a higher percentage of sickness absences (4.8 per cent) than If s other countries. In 2013, If has focused on improving the situation in Norway. Sickness Absences If P&C, December ember December ember 2012 Denmark 2.4% 2.0% Sweden 3.4% 3.3% Finland 2.9% 3.2% Norway 4.8% 4.8% Latvia 2.2% 2.2% Lithuania 1.5% 0.8% Estonia 1.9% 1.7% Total 3.4% 3.3% Personnel Turnover If P&C, December ember December ember 2012 Denmark 10.9% 11.4% Sweden 6.7% 8.8% Finland 8.7% 6.6% Norway 8.6% 8.0% Latvia 17.7% 13.1% Lithuania 14.0% 18.5% Estonia 22.2% 12.8% Total 9.3% 8.7% Personnel Cost Initiatives Focus on further leveraging If s Nordic synergies through cross-border personnel cost initiatives was seen in Cost-saving opportunities are opening up as information technology matures and processes and systems become more Nordic. These include taking into account the differences in personnel costs among the countries when hiring employees for staff and back office positions. 19

20 Group HR at Mandatum Life A new operating model for corporate sales and service was initiated in The goal is to enhance the customer experience, improve management of sales per unit time and set clear, targeted objectives for sales operations. Face-to-face meetings will be conducted for larger customer accounts and for accounts with significant customer potential. Smaller customer accounts will mainly be managed electronically and over the phone. Particular emphasis has been placed on strengthening sales skills. By the end of 2013, nearly 90 per cent of sales personnel who previously only specialized in life insurance had completed the Investment Advisor Exam (APV). An efficiency improvement program was launched in Employee participation was high and the company successfully met its targets. In addition to fixed cost savings, Mandatum Life also achieved savings in process development by centralizing operations and introducing more efficient operating methods. Development of Personnel Benefits A personnel fund, established in 2012 for the employees of the subsidiary company Innova, was extended in 2013 to all Mandatum Life personnel. The employees can use their annual performance-based reward to save an amount equivalent to a maximum of half a monthly salary in the fund. Since contributions to the personnel fund are exempt from social costs, an extra 20 per cent reward is added to the transferred amount. All employees of Mandatum Life s parent company are additionally covered by the company s group pension insurance scheme. Well-being at Work and Employee Satisfaction Employee satisfaction has remained at a high level. A survey conducted in November showed that overall satisfaction was 76 per cent compared to 77 per cent in All in all, 81 per cent (83) of those surveyed said that Mandatum Life is a good place to work. Over the past few years, processes have been developed to promote well-being at work. This has led to a steady decline in the levels of sickness absences. The absence percentage in 2013 was about 2.5 per cent (3.3). Mandatum Life s employee pension insurance premium category also remained low in

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