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Sampo Group's profit before taxes for the fourth quarter of 2016 increased to EUR 528 million, compared to EUR 413 million in the comparison period. Full-year profit before taxes for 2016 amounted to EUR 1,871 million (1,888).
- Despite the low interest rate environment, 2016 was a very good year for us. Insurance technical result was excellent and combined ratio reached a new record, says Kari Stadigh, Group CEO and President.
Combined ratio for 2016 was 84.4 per cent including non-recurring items. Even adjusted for non-recurring items the combined ratio for 2016 was still best ever and amounted to 86.1 per cent. Previous year, the combined ratio amounted to 85.4 per cent including non-recurring items and 86.5 per cent excluding on-offs.
The Board proposes to the Annual General Meeting to be held on 27 April 2017 a dividend of EUR 2.30 per share. A dividend of EUR 2.15 per share was paid for year 2015. The proposed dividend payment amounts in total to EUR 1,288 million (1,204) and the dividend proposal is highest ever.
Other key figures for 2016
Outlook for 2017
Sampo Group's business areas are expected to report good operating results for 2017.
However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.
The P&C insurance operations are expected to reach their long-term combined ratio target of below 95 per cent in 2017 by a margin.
Nordea's contribution to the Group's profit is expected to be significant.
Sampo Group's Full-year Financial Report 2016 and Supplementary Financial Information Package are available at www.sampo.com/result.
Sampo will today arrange a Finnish-language press conference at Savoy, Eteläesplanadi 14 (7th floor), Helsinki, 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)330 336 9105, +1 719 325 4746, +46 (0)8 5033 6574 or +358 (0)9 7479 0361. The conference code is 8784082. The conference call can also be followed live at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
The principal media