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Sampo Group's P&C insurance and life insurance businesses reported once again excellent results for the third quarter of 2017 compensating well for the dip in the results of Nordea.
- It was a very strong third quarter for Sampo. Profit before taxes was EUR 475 million and earnings per share amounted EUR 0.74 excluding the non-recurring item related to Topdanmark, says Kari Stadigh, Group CEO and President.
If reported the best ever combined ratio for the first nine months of the year when adjusted for positive non-recurring items. The combined ratio for January-September 2017 was 85.9 per cent.
- If's technical profitability remains good and the guidance for the full-year combined ratio was lowered to an all-time low at 85-87 per cent, Stadigh says.
Key figures for January-September 2017
Outlook for the rest of 2017
Sampo Group's business areas are expected to report good operating results for 2017.
However, the mark-to-market results are, particularly in Mandatum Life, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.
If P&C is expected to reach a combined ratio of 85-87 per cent for the full-year 2017.
With regard to Topdanmark reference is made to the profit forecast model that the company publishes quarterly.
Nordea's contribution to the Group's profit is expected to be significant.
Sampo Group's Interim Report for January-September 2017 and the Supplementary Financial Information Package are available at www.sampo.com/result.
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