If P&C Insurance Company begins a cooperation procedure

SAMPO PLC        STOCK EXCHANGE RELEASE        13 November 2014 at 9.00 am

If P&C Insurance Company begins a cooperation procedure

If P&C Insurance Company Ltd (Finland), a company belonging to Sampo Group, will begin a cooperation procedure on 18 November 2014 involving approximately 340 staff members, of which 200 persons in Sales and Services Unit at Business Area Private (call centers, car dealer channel, branch network) and 140 persons in IT.

The procedure will affect the personnel at the Customer centers in Oulu, Kuopio and Tampere, the CAR dealer service team in Tampere, branch office network and IT functions. All Sales and Services employees affected by the process are automatically entitled to employment in Turku.

The cooperation procedure in Sales and Services in Business Area Private is adopted because of continuously toughening competitive situation. In order to improve customer experience, tighter cooperation between the different functions contributing to customer service is required. To achieve this customer center activities are planned to be centralized in Espoo and Turku. In branches a decrease in customer activity and the geographical overlap in the service network are the reasons for the procedure.

The procedure regarding the IT functions is a result of a Nordic level reorganization and a migration to Nordic wide systems. This is estimated to decrease the staff by maximum of 20 people. For the rest of the procedure the purpose is not to decrease the number of jobs but rather to reorganize customer service functions in a new way. Therefore it is not possible to estimate the effect on number of people.

On 30 September 2014 the number of employees in If P&C Insurance Company (Finland) was 1,742 and in the Nordic If P&C Insurance Group 6,170 people.

SAMPO PLC

Jarmo Salonen
Head of Investor Relations and Group Communications
tel. [phone]

For further information, please contact:

Timo Vuorinen
Managing Director of If P&C Insurance Company Ltd.
tel. [phone]

Distribution:
NASDAQ OMX Helsinki
The principal media
Financial Supervisory Authority
www.sampo.com

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Source: Sampo Oyj via Globenewswire

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