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Sampo Group's profit before taxes for the first quarter of 2011 rose to EUR 387 million compared to EUR 287 million during the comparison period. Earnings per share amounted to EUR 0.58 (0.44).
- Once again we report a very strong first quarter. The main contributors were this time of course the non-life operation. The non-life operation's results increased by more than 70 per cent, Kari Stadigh, Group CEO and President, says.
The profit before taxes in the P&C insurance operations was EUR 221 million (125). The combined ratio for the first quarter of 2011 improved to 94.4 per cent (98.2).
Sampo's share of Nordea's first quarter 2011 profit was EUR 152 million (124).
In the life insurance operations the profit before taxes increased to EUR 44 million (36).
The return on equity for Sampo Group amounted to 10.3 per cent for the period (30.1). The fair value reserve after tax on the Group level decreased to EUR 643 million (736).
Sampo Group is expected to report a good result for 2011. The continuing rise of short term interest rates will further strengthen Sampo Group's profits.
If P&C is expected to achieve its long-term combined ratio target of below 95 per cent in 2011. Profit is expected to remain very good. Nordea's contribution to the Group's profit is expected to be significant. Mandatum Life's profitability is expected to remain good although it is highly dependent on capital market developments.
Please find Sampo Group's complete Interim Report January-March 2011 as well as an interview video with Kari Stadigh, Group CEO, and Torbjörn Magnusson, Head of P&C insurance, at www.sampo.com/result. 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 in English at 4 pm Finnish time (2 pm UK time). Please call +44 20 7162 0125 (Europe) or +1 334 323 6203 (North America). Please be ready to state the conference ID '893213', the conference title 'Sampo plc 2011/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.
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