Sampo's results: First half of the year good in banking and great in insurance operationsPress release - 08/08/2012 at 09:40 AM
Sampo Group's profit before taxes for January - June 2012 rose to EUR 804 million compared to EUR 756 at the same period a year earlier. The total comprehensive income for the period, taking changes in the market value of assets into account, amounted to EUR 863 million (378).
- The technical result of the property and casualty insurance operations was excellent. The combined ratio in January - June 2012 was the best combined ratio in the first half of the year during If P&C's history, says Kari Stadigh, Group CEO and President.
The combined ratio for the first half of 2012 was 89.4 per cent compared to 92.7 per cent in January - June 2011.
The execution of the New Normal plan in Sampo's associated company Nordea has led to more business and growing income, while costs have remained stable and efficiency in capital, liquidity and funding has increased.
- Nordea has solid business momentum. Total operating income and operating profit were the best ever in the second quarter, Stadigh says.
Earnings per share for Sampo Group increased in January - June 2012 to EUR 1.23 (1.13) and mark-to-market EPS amounted to EUR 1.54 per share (0.67). The return on equity for the Group was 19.1 per cent (8.6). The fair value reserve after tax on the Group level increased to EUR 489 million (355).
The profit before taxes for the P&C insurance operations increased to EUR 442 million (422). Sampo's share of the associated company Nordea's profit for the first half of 2012 was EUR 326 million (294). Profit before taxes for the life insurance operations was EUR 65 million (84).
Sampo Group's business areas are expected to report good operating results for 2012. However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments.
P&C insurance operations are expected to reach a combined ratio of 89 - 92 per cent for the full year 2012 and thus achieve the long-term target of below 95 per cent. Nordea's contribution to the Group's profit is expected to be significant.
Please find Sampo Group's complete Interim Report January - June 2012 at www.sampo.com/result. Supplementary Financial Information is also available at the same address.
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), today at 12:30 pm Finnish time. An English-language telephone conference for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44 (0)808 109 0700 (Europe), +1 866 966 5335 (North America) or +358 (0)800 914 672 (Finland). Please be ready to state the conference name 'Sampo plc Q2 Release'. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/result.
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