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Sampo Group's profit before taxes for the first half of 2013 amounted to EUR 825 million compared to EUR 813 million a year earlier. The total comprehensive income for the period, taking changes in the market value of assets into account, decreased to EUR 579 million (846) largely because of the depreciation of Swedish krona and the decrease in the market value of investment assets.
- All business areas reported good results and If P&C's combined ratio was even excellent. Combined ratio equals to the record from a year ago, says Group CEO and President Kari Stadigh.
P&C insurance operations reported a combined ratio of 88.8 per cent (88.8) for the first half of 2013, despite the lowering of the interest rate used to discount the Finnish annuity reserves to 2.5 per cent.
Outlook for the rest of 2013
Sampo Group's business areas are expected to report good operating results for 2013.
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 2013 and achieve a combined ratio of 88 - 91 per cent. Nordea's contribution to the Group's profit is expected to be significant.
Please find Sampo Group's results for January - June 2013 as well as a Supplementary Financial Information Package at www.sampo.com/result.
Sampo will today arrange a Finnish-language press conference (Savoy, Eteläesplanadi 14, Helsinki), at 12.30 pm Finnish time.
An English-language conference call will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44 (0)20 7162 0077 or +1 334 323 6201. Please be ready to state the ID number 934057 and title 'Sampo'. The conference call can also be followed live at www.sampo.com/result.
Sampo's latest releases, share price information and other relevant news about Sampo are now covered on Twitter. Follow Sampo on Twitter @Sampo_plc.
For further information, please contact:
Press Officer Maria Silander, tel. +358 10 516 0031
The principal media