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Wednesday, 9 August 2017

Sampo Oyj (FI) - Strong performance in Sampo Group's insurance business for the first six months of 2017

Sampo Oyj    

Strong performance in Sampo Group's insurance business for the first six months of 2017

SAMPO PLC                 PRESS RELEASE               9 August 2017 at 9:35 am

 

Strong performance in Sampo Group's insurance business for the first six months of 2017

Sampo Group's profit before taxes for January-June 2017 amounted to EUR 865 million compared to EUR 893 million a year ago. The total comprehensive income for the period, taking changes in the market value of assets into account, rose to EUR 821 million from EUR 607 million on the comparison period.

- January-June 2017 combined ratio was the best ever combined ratio for the first six months of a year, when adjusted for one-offs, says Kari Stadigh, Group CEO and President.

Combined ratio for P&C insurance for January-June 2017 was 86.5 per cent. The comparison figure, excluding the release from the Swedish MTPL reserves in the first quarter of 2016, was 87.1 per cent. Including the one-offs, the combined ratio for the comparison period was 83.7 per cent.

Other key figures for January-June 2017

  • Earnings per share for Sampo Group amounted to EUR 1.34 (1.40). Mark-to-market earnings per share were EUR 1.47 (1.08).
  • The return on equity (RoE) for the Group was 14.1 per cent (10.9).
  • Net asset value per share on 30 June 2017 amounted to EUR 25.60 (24.86).
  • Profit before taxes for the P&C insurance segment was EUR 453 million (436).
  • Sampo's share of Nordea's net profit for the first half of 2017 was EUR 322 million (364).
  • Profit before taxes in life insurance operations rose to EUR 116 million (103).

Outlook for 2017

Sampo Group's business areas are expected to report good operating results for 2017.

However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.

The P&C insurance operations are expected to reach a combined ratio of 86 - 89 per cent for the full-year 2017.

Nordea's contribution to the Group's profit is expected to be significant.

Sampo Group's Half-Year Financial Report for January-June 2017 and the Supplementary Financial Information Package are available at www.sampo.com/result.

 

For more information, please contact:

Maria Silander, Communications Manager, tel. +358 10 516 0031

Sampo will arrange a press conference at Savoy (Main cabinet, 7th floor, Eteläesplanadi 14, Helsinki) today 9 August at 12:30 pm Finnish time. The press conference will be held in Finnish.

An English-language conference call will be arranged at 4:00 pm Finnish time (2:00 pm UK time). Please call tel. +44 (0)33 0336 9105, +1 719 325 2213, +46 (0)8 5033 6574 or +358 (0)9 7479 0361. Confirmation Code: 2459098. The conference call can also be followed live at www.sampo.com/result.

 

Distribution:
The principal media
www.sampo.com





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Sampo Oyj, Fabianinkatu 27, Helsinki 00100, Finland
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