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Sampo Group's profit before taxes for January - September 2015 amounted to EUR 1,475 million compared to EUR 1,313 million a year earlier. The total comprehensive income for the period, taking changes in the market value of assets into account, decreased from EUR 1,099 to EUR 1,031 million during the same period.
- Sampo Group's insurance operations developed well despite challenges in the operational environment. If P&C's combined ratio improved to 84.6 per cent, which is the best-ever January-September combined ratio, says Group CEO and President Kari Stadigh.
The non-recurring items booked in the second quarter had a positive impact on the January-September combined ratio. Excluding non-recurring items, combined ratio for January-September 2015 reached a new record level of 86.1 per cent. Combined ratio for the comparison period was 87.8 per cent.
- The unit-linked premium income was higher than ever. In addition, the efficiency in life insurance operations increased and the expense result rose to an all-time high of EUR 20 million, Stadigh says.
Outlook for the rest of 2015
Sampo Group's business areas are expected to report good operating results for 2015.
However, the marked-to-market results are, particularly in life insurance, highly dependent on capital market developments. The very 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 2015 and achieve a full-year combined ratio of 86 - 88 per cent excluding the positive total effect of the Norwegian pension reform and the change in discount rate for Finnish annuities.
Nordea's contribution to the Group's profit is expected to be significant.
Please find Sampo Group's January - September 2015 Interim Report as well as Supplementary Financial Information Package at www.sampo.com/result.
An English-language conference call will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44 (0)20 3194 0552, +1 855 716 1597, +46 (0)8 566 42 702 or +358 (0)9 8171 0495.The conference call can also be followed live at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
The principal media