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Sampo Group's profit before taxes for January-June 2015 amounted to EUR 1,015 million compared to EUR 861 million a year earlier. The total comprehensive income for the period, taking changes in the market value of assets into account, increased to EUR 1,147 million (790).
- All business areas increased their profits. Sampo Group's profit before taxes for April-June 2015 was the best ever during the second quarter at EUR 528 million. Also earnings per share of EUR 0.82 for the second quarter reached a new record for the period, says Kari Stadigh, Group CEO and President.
- If P&C reached its best ever January-June combined ratio. The combined ratio was 85.0 per cent including two non-recurring items - the reform of the pension system in If Norway and the lowering of the interest rate used in discounting annuities in Finland.
Excluding the two non-recurring items the combined ratio amounted in January-June 2015 to 87.2 per cent, which is still the best ever combined ratio for the first half of the year for If P&C. In comparison period January-June 2014 the combined ratio was 88.3 per cent.
Other key figures
Outlook for the rest of 2015
Sampo Group's business areas are expected to report good operating results for 2015.
However, the marked-to-market results are, particularly in life insurance, highly dependent on capital market developments. The very 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 2015 and achieve a full year combined ratio of 87 - 90 per cent excluding the positive total effect of the Norwegian pension reform and the change in discount rate for Finnish annuities.
Nordea's contribution to the Group's profit is expected to be significant.
Please find Sampo Group's January-June 2015 Interim Report as well as Supplementary Financial Information Package at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
Conference call and press conference
Sampo will today arrange a Finnish-language press conference at Hotel Kämp (Meeting room Paavo Nurmi), at 12.30 pm Finnish time.
An English-language conference call for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44 (0)203 194 0552, +1 855 7161 597, +46 (0)8 5664 2702 or +358 (0)9 8171 0495.
The conference call can also be followed live at www.sampo.com/result.
The principal media
Financial Supervisory Authority