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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

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