Good beginning of the year for Sampo Group
(Thomson Reuters ONE) -
SAMPO PLC PRESS RELEASE 8 May 2012 at 9.35 am
Good beginning of the year for Sampo Group
Sampo Group's profit before taxes for January - March 2012 amounted to EUR 363
million compared to EUR 387 million a year earlier. The comparison figure
contains a one-off sales gain of EUR 75 million. The total comprehensive income
for the period, taking changes in the market value of assets into account, rose
to EUR 654 million (232).
- Sampo Group's results for January-March were very strong. The profitability of
If P&C clearly improved as the comparison figure contains a large one-off sales
gain, Kari Stadigh, Group CEO and President, says.
- In the P&C insurance operations the combined ratio for January-March was the
best first quarter combined ratio in If's history, Stadigh says.
The combined ratio for the first quarter amounted to 92.4 per cent (94.4).
Also life insurance operations developed favorably.
- Mandatum Life Group's premium income on own account increased by 20 per cent
and amounted to EUR 260 million. This development was very positive, Stadigh
says.
Key figures
Earnings per share for Sampo Group in January-March amounted to EUR 0.57 (0.58)
and mark-to-market EPS was EUR 1.17 per share (0.41). The return on equity for
the Group amounted to 28.3 per cent for the period (10.3). Net asset value per
share rose to EUR 16.61 (14.05). The fair value reserve after tax on the Group
level increased to EUR 660 million (355).
The profit before taxes for P&C insurance operations was EUR 191 million (221).
The comparison figure contains a one-off sales gain of EUR 75 million. Mark-to-
market result rose to EUR 323 million (91). Sampo's share of Nordea's profit for
the first quarter of 2012 was EUR 158 million (152). Profit before taxes for the
life insurance operations decreased to EUR 33 million (44) as EUR 17 million was
used to lower the 2012 and 2013 discount rates to 2.5 per cent and 3.25 per
cent, respectively. The mark-to-market result increased to EUR 172 million (13).
Outlook for the rest of 2012
Sampo Group's business areas are expected to report good operating results for
2012. However, the mark-to-market results are, particularly in life insurance,
highly dependent on capital market developments.
P&C insurance operations are expected to reach their long-term combined ratio
target of below 95 per cent in 2012. Nordea's contribution to the Group's profit
is expected to be significant.
Please find Sampo Group's complete Interim Report January-March 2012 at
www.sampo.com/result. A Supplementary Financial Information is also available at
the same address.
For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031
Sampo will arrange a telephone conference for investors and analysts at 4 pm
Finnish time (2 pm UK time). The call is held in English. Please call
+44 20 3003 2666 (Standard international access), 0800 914 672 (Finland),
0808 109 0700 (UK Toll Free) or +1 866 966 5335 (North America). Please be ready
to state the conference name 'Sampo plc Q1 Release'.
The telephone conference can also be followed from a direct transmission on the
Internet at www.sampo.com/result. A recorded version will later be available at
the same address.
Distribution:
The principal media
www.sampo.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Sampo Oyj via Thomson Reuters ONE
[HUG#1609703]
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Datum: 08.05.2012 - 02:35 Uhr
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