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Sampo Group's profit before taxes for January-March 2016 declined to EUR 416 million compared to EUR 487 million a year earlier. The total comprehensive income for the period, taking changes in the market value of assets into account, decreased to EUR 204 million (701).
- P&C and life insurance businesses improved their reported profits further but there were challenges in investment market pushing asset values down. Nordea already reported lower profits. Consequently, this was reflected negatively in Sampo Group's total comprehensive income taking changes in the market value of assets into account, says Kari Stadigh, Group CEO and President.
Profit before taxes for the P&C insurance segment increased from EUR 200 million to EUR 216 million. In life insurance operations profit before taxes rose from EUR 39 million to EUR 53 million. Sampo's share of Nordea's net profit for the first quarter of 2016 decreased from EUR 223 to EUR 159 million.
Other key figures
Outlook for 2016
Sampo Group's business areas are expected to report good operating results for 2016.
However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.
The P&C insurance operations are expected to reach a combined ratio of 88 - 91 per cent excluding the release from the Swedish MTPL reserves.
Nordea's contribution to the Group's profit is expected to be significant.
Please find the Interim Statement for January - March 2016 and the 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 tel. +44 (0)20 3194 0552, +46 (0)8 566 427 02, +1 855 716 1597 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