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Sampo's subsidiary If P&C reached its best-ever first quarter combined ratio

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Sampo Group's profit before taxes for January - March 2014 rose to EUR 396 million compared to EUR 370 million a year earlier. The total comprehensive income for the period, taking changes in the market value of assets into account, decreased to EUR 374 million (490).

- The combined ratio of If P&C for January-March 2014 improved to 90.3 per cent as both risk ratio and cost ratio decreased. This is the best ever first quarter combined ratio in If's history, says Group CEO Kari Stadigh.

Combined ratio for the comparison period January-March 2013 was 90.9 per cent. The first quarter combined ratio is usually higher than the combined ratios of other quarters due to winter weather conditions.

Key figures

  • Earnings per share was EUR 0.63 (0.57) and mark-to-market EPS amounted to EUR 0.66 per share (0.88).
  • The return on equity for the Group was 13.7 per cent for the period (19.1).
  • Net asset value per share on 31 March 2014 rose to EUR 24.06 (22.15).
  • The profit before taxes for the P&C insurance operations amounted to EUR 194 million (204).
  • Sampo's share of Nordea's profit for January - March 2014 was EUR 170 million (162).
  • Profit before taxes for the life insurance operations amounted to EUR 37 million (36).

       

Outlook for the rest of 2014

Sampo Group's business areas are expected to report good operating results for 2014.

However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The 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 2014 and achieve a combined ratio of 89 - 92 per cent.

Nordea's contribution to the Group's profit is expected to be significant.

Please find Sampo Group's results for January-March 2014 as well as a Supplementary Financial Information Package at www.sampo.com/result.

For more information, please contact:

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

Sampo will arrange a conference call today at 4 pm Finnish time (2 pm UK time). The call is held in English. Please call +44 (0)20 7660 2077, +46 (0)8 5199 9350, +1 855 269 2605 or +358 (0)9 8171 0461. Please be ready to state the conference title 'Sampo's Interim Report Q1/2014'. The conference call can also be followed live at www.sampo.com/result.

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