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Sampo Group's profit before taxes for January - June 2011 increased to EUR 756 million compared to EUR 621 million year earlier. Earnings per share rose to EUR 1.13 (0.92).
- In the first half of 2011 Sampo's results developed strongly, Kari Stadigh, Group CEO and President, says.
Profit before taxes for P&C insurance operation rose to EUR 422 million (333). Associated company Topdanmark had EUR 3 million positive effect on profit. Combined ratio improved to 92.7 per cent for the first half of 2011 (94.1).
Sampo's share of Nordea's net profit amounted to EUR 294 million (231). Profit before taxes for life insurance operation rose to EUR 84 million (69).
Sampo Group's net asset value per share on 30 June 2011 amounted to EUR 16.24 (17.79). The reduction is largely explained by the dividend paid in April 2011 and Nordea's share price development.
Sampo Group's profit for the period (full-year 2011), excluding extraordinary items, is expected to be good.
- Sampo has been cautious with its investment stance already for a longer time. Normally when you see turbulence like this Sampo performs well. This time it's not the crisis for the banking sector. It's a crisis for the public sector and therefore I think we will perform even better than in the previous crisis. I expect us to report stable results, Stadigh says.
If P&C is expected to achieve its long-term combined ratio target of below 95 per cent and to report a combined ratio of 92 - 94 per cent for the full-year 2011. Profit for the period (full-year 2011) is expected to remain very good.
Nordea's contribution to Group profit is expected to remain significant and to strengthen further as the effects of the efficiency measures (the New Normal Plan) outlined by Nordea start materializing.
Mandatum Life's profit for 2011 is expected to remain good although it is highly dependent on capital market developments.
Please find Sampo Group's Interim Report January-June 2011 as well as a video with Kari Stadigh, Group CEO, and Peter Johansson, Group CFO, 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 Finnish-language press conference (Savoy, Eteläesplanadi 14, Helsinki), today at 12:30 pm Finnish time.
An English-language telephone conference for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44 207 162 0025 (Europe) or +1 334 323 6201 (North America). Please be ready to state the conference ID '899481' and the conference title 'Sampo plc 2011 Q2 Release'.
The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/result.
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