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Strong earnings growth for Sampo Group in January - March 2010

Sampo Group's profit before taxes for the first three months of 2010 rose to EUR 287 million (169). The total comprehensive income for the period, taking changes in the market value of assets into account, amounted to EUR 596 million (-59).

Earnings per share amounted to EUR 0.44 (0.23) and marked-to-market EPS was EUR 1.06 per share (-0.10). Net asset value per share amounted to EUR 16.12 (14.63).

The difficult winter conditions in the Nordic countries were reflected in the insurance technical performance of the P&C insurance operation and the combined ratio for the first quarter of 2010 rose to 98.2 per cent (94.2). The profit before taxes was EUR 125 million (144) and marked-to-market result EUR 308 million (69).

In the life insurance operations the profit before taxes increased to EUR 36 million (27) and the marked-to-market result amounted to EUR 133 million (-32).

The share of Nordea's profit included in Sampo's figures was EUR 124 million. It is reported as a part of the segment 'Holding'. The profit before taxes for the segment 'Holding' amounted to EUR 126 million (-21).

- Mandatum Life's gross written premiums, 350 million euros in the first quarter, is an excellent result. And Nordea performed once again a very stable, good result, says Kari Stadigh, Group CEO and President.
- If was defensive. Even if the winter was severe, a combined ratio of 98.2 per cent was very good. The marked-to-market result of more than 300 million euros in a quarter was really very good, Stadigh adds.

Sampo Group is expected to report a good result for 2010 with a continuing good profitability of its insurance operations supported by the share of Nordea's profit.

- Sampo will continue to navigate in a very disciplined way. There's no reason for us to change our full-year guidance, Stadigh says.

Please find Sampo Group's complete Interim Report January-March 2010, CEO's video interview and Supplementary Financial Information on the Internet at www.sampo.com/result.

For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031

Sampo will arrange a telephone conference at 4 pm Finnish time (2 pm UK time). The call is held in English. Please call +44 207 162 0025 (Europe) or +1 334 323 6201 (North America). Please be ready to state the conference ID '862905', the conference title 'Sampo plc 2010/Q1 release' and the password 'SAMPO'.

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

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