Please note that the website might not function correctly using an outdated browser. We recommend updating your browser or using another one.
Sampo Group's profit before taxes for the first six months of 2010 rose to EUR 621 million (433). The total comprehensive income for the period, taking changes in the market value of assets into account, was EUR 773 million (1,900). Earnings per share amounted to EUR 0.92 (0.61).
- Sampo reports a very good result. I'm especially pleased with the second quarter. 48 eurocents per share as EPS is up 26 per cent from comparable quarter last year, Group CEO and President Kari Stadigh says.
- All our operational areas performed really well. Profit for non-life insurance increased by 27 per cent in the second quarter compared to last year, Mandatum Life's sales improved by more than 80 per cent during the first half of this year and Nordea had a very stable result as well.
Net asset value per share amounted to EUR 14.50 (14.63). The dividend paid in April 2010 decreased the NAV per share. Nordea's share price has risen significantly since the end of June and consequently Sampo Group's net asset value has increased by roughly one billion euro by early August. The fair value reserve after tax on the Group level increased to EUR 401 million (296). The return on equity for the Group was 19.9 per cent for the period (69.5).
The insurance technical performance of the P&C insurance operation returned to normal after the difficult first quarter of 2010. The combined ratio for the second quarter of 2010 improved to 89.9 per cent (90.7) and was 94.1 per cent (92.5) for the first half of 2010. The profit before taxes increased to EUR 333 million (308) and marked-to-market result was EUR 414 million (438). Return on equity remained high at 35.4 per cent (47.0).
Profit before taxes for the life insurance operations rose to EUR 69 million (52) and the marked-to-market result decreased to EUR 100 million (166). The return on equity was 25.0 per cent (95.7).
The profit before taxes for the holding segment amounted to EUR 222 million (52), of which Nordea's share was EUR 231 million.
Sampo Group is expected to report a good result for 2010 with a continuing good profitability of its insurance operations supported by the share of Nordea's profit.
Please find Sampo Group's complete interim report January-June 2010, video interview with Group CEO and President Kari Stadigh and Supplementary Financial Information on the Internet at www.sampo.com/result.
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 will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44 207 162 0025 (Europe) or +1 334 323 6201 (North America). Please be ready to state the conference ID '869182', the conference title 'Sampo plc 2010/Q2 release' and the password 'SAMPO'. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/result.
The principal media