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Very strong beginning of the year for Sampo Group

Sampo Group's profit before taxes for January-March 2015 rose to EUR 487 million compared to EUR 396 a year earlier. The total comprehensive income for the period, taking changes in the market value of assets into account, increased to EUR 701 million (374).

- Sampo Group's all business areas improved their results compared to the same period last year. Especially Nordea improved its results significantly as Sampo's share of Nordea's profit increased 31 per cent to EUR 223 million, says Group CEO and President Kari Stadigh.

- P&C operations improved their efficiency as well. If achieved its best-ever first quarter combined ratio of 89.2 per cent in January-March 2015 compared to 90.3 per cent a year earlier.

Life operations reported a strong first quarter:

- Premium income in Mandatum Life rose to a record high EUR 377 million and the unit-linked reserves were higher than ever as they amounted to EUR 5.9 billion, Stadigh says.

Other key figures

  • Sampo's earnings per share amounted to EUR 0.78 (0.63).
  • The return on equity for the Group was 24.8 per cent (13.7). 
  • Net asset value per share on 31 March 2015 was EUR 27.02 (24.06).
  • The fair value reserve after tax on the Group level increased to EUR 1,289 million (1,017).
  • The profit before taxes in P&C insurance operations increased to EUR 200 million (194). 
  • Sampo's share of Nordea's profit for January - March 2015 amounted to EUR 223 million (170).
  • Profit before taxes for the life insurance operations amounted to EUR 39 million (37).

Outlook for the rest of 2015

Sampo Group's business areas are expected to report good operating results for 2015.

However, the mark-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 combined ratio of 88 - 91 per cent excluding the 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 Interim Report for January-March 2015 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

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)20 3194 0552, +1 8557 161 597, +46 (0)8 5664 2702 or +358 (0)9 8171 0495. The conference call can also be followed live at www.sampo.com/result.

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