Sampo Group’s balance sheet boosted by the stock market surge

SAMPO GROUP´S RESULTS FOR JANUARY – JUNE 2009

Sampo Group’s profit before taxes for the first half of 2009 amounted to EUR 433 million (422). Earnings per share amounted to EUR 0.61 (0.60). Earnings per share, including the change in the fair value reserve, increased significantly to EUR 3.33 (-0.90).

Strong stock market development and tightening of credit spreads were reflected in asset values and Sampo Group’s net asset value per share increased to EUR 10.87 (8.28). The fair value reserve on the Group level improved by more than EUR 1.5 billion from the end of 2008 and was EUR -836 million (-2,364). In July, mainly due to the continued rise in Nordea’s share price, the fair value reserve had further increased by more than EUR 1 billion.

- Sampo’s second quarter was the best quarter ever. Mark-to-market we booked a result of 2.1 billion euros, says Sampo Group CEO and President Kari Stadigh.
- The main reason for this, of course, was the very positive development in Nordea share price.

Profit before taxes in P&C insurance increased to EUR 308 million (182) and the combined ratio remained stable at 92.5 per cent (92.4). General economic conditions slowed down premium growth and with fixed currency rates premiums remained at previous year’s level.

Profit before taxes in life insurance was EUR 52 million (91). Mandatum Life’s domestic premium income continued to grow strongly in contrast to the Finnish life insurance market in general. Market share in domestic unit-linked insurance grew to 28.3 per cent (20.1).

The segment ‘Holding’ reported a profit before taxes of EUR 52 million (148). The profit contains EUR 80 million of dividends (130) received from Nordea in April 2009.

On 10 August 2009 Sampo Group owned 18.5 per cent of Nordea’s total capital. Average price paid per share amounted to EUR 6.34. Nordea’s closing price on 10 August 2009 was EUR 6.71.

Sampo plc may increase its holding in Nordea further provided that market conditions remain favourable and start consolidating the holding with equity method once reaching 20 per cent.

Sampo Group’s reported profit for 2009 is expected to remain on a good level. If P&C is expected to reach a combined ratio of 91 - 94 per cent, well below its long-term target of 95 per cent. Mandatum Life’s reported profit is expected to remain stable.

For more information, please contact:

Maria Silander, Press Officer, tel. +358 10 516 0031

Sampo will arrange a Finnish-language press conference (Savoy, Eteläesplanadi 14, Helsinki), at 12:30 pm Finnish time. An English-language telephone conference for investors and analysts on the second quarter results will be held at 4 pm Finnish time (2 pm UK time). Please call +44 207 162 0025 (UK/European) or +1 334 323 6201 (North American). Password: SAMPO.

The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/ir.

Sampo Group’s complete Interim Report January – June 2009, a webcast of Group CEO and President Kari Stadigh’s review of developments in the second quarter of 2009 and supplementary information are available at www.sampo.com/ir.

Sampo will publish the third quarter 2009 interim report on 4 November 2009.

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