Sampo Group's results for January - June 2008Press release - 08/13/2008 at 09:30 AM
Strong solvency smoothes the ride amid challenging capital markets
Sampo Group’s earnings per share for January-June 2008 amounted to EUR 0.60 (0.72). The comparison figure does not contain the sales gain from the Sampo Bank transaction closed on 1 February 2007. Earnings per share including the sales gain were EUR 5.66. Earnings per share including the change in the fair value reserve decreased to EUR -0.90 per share (0.74). Profit before taxes in January-June 2008 amounted to EUR 422 million (559). Net asset value per share was EUR 11.36 (13.49).
Profit before taxes in P&C insurance was EUR 182 million (311). Insurance technical result remained stable and combined ratio was 92.4 per cent (92.0). Investment result was disappointing because of weak fixed income and equity markets. The operating environment for P&C insurance continues to look favourable.
Profit before taxes in life insurance amounted to EUR 91 million (187). Sluggish sales continued due to weak capital market development and Sampo Bank’s poor sales performance.
Profit before taxes for the segment ‘Holding’ rose to EUR 148 million (61) supported by EUR 130 million in dividends from Nordea.
Sampo Group’s equity capital on 30 June 2008 exceeded the economic capital required to manage the operations by approximately EUR 3.4 billion and Sampo can therefore well sustain all foreseeable market downturns.
- Because of its strong equity capital Sampo is well-positioned to profit from opportunites which may eventually arise in investment markets, says Björn Wahlroos, Group CEO and President.
Please find Sampo Group’s complete Interim Report January - June 2008, a webcast of Group CEO and President Björn Wahlroos’s review of second quarter developments, and Supplementary Financial Information on the Internet at www.sampo.com/ir
For more information, please contact:
Maria Silander, Press Officer, +358 10 516 0031
Sampo will arrange a Finnish-language press conference (Savoy, Eteläesplanadi 14, Helsinki), at 1 pm Finnish time.
An English-language telephone conference for investors and analysts on the second quarter results will be held at 3 pm (1 pm UK-time). Please call +44 (0)20 7162 0025 (UK/Europe) or +1 334 323 6201 (North America). Password: SAMPO. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/ir.
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