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Good development continued as Sampo Group's profit before taxes for the first quarter of 2013 amounted to EUR 370 million compared to EUR 370 million in the first quarter of 2012. Earnings per share remained at EUR 0.57.
- Net asset value per share reached an all-time high of EUR 21.03 due to strong results and good development in equity markets, especially in Nordea, says Group CEO and President Kari Stadigh.
Due to the adoption of the revised accounting standard IAS 19R, the comparison figures for 2012 have been restated and differ from the earlier published figures. The changes concern directly the P&C insurance segment but are consequently reflected in the consolidated items as well.
Outlook for the rest of 2013
Sampo Group's business areas are expected to report good operating results for 2013.
However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The low interest rate level also creates a challenging environment for reinvestment in fixed income assets.
The P&C insurance operations are expected to reach their long-term combined ratio target of below 95 per cent in 2013 and achieve a combined ratio of 89 - 92 per cent. Nordea's contribution to the Group's profit is expected to be significant.
Please find Sampo Group's results for January - March 2013 as well as a Supplementary Financial Information Package at www.sampo.com/result.
Sampo will arrange a conference call for investors and analysts today at 5 pm Finnish time (3 pm UK time). The call is held in English. Please call +44 20 7162 0025 or +1 334 323 6201. Please be ready to state the ID number 931495 and the password 'Sampo'. The conference call can also be followed from a direct transmission at www.sampo.com/result.
For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031
The principal media