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Sampo Group´s operating profit was EUR 548 Million 1 January - 31 March 2001
Press Release - 31 May 2001 at 12:00 PM
Operating profits from banking and investment services amounted to EUR 77 million (EUR 91 million). The strengthening of net income from financial operations and cost savings in the service network had a positive impact on the results. Net income from financial operations rose to EUR 120 million (EUR 108 million). Provisions for bad and doubtful debts in the review period were EUR 8 million (EUR 2 million).
Investment banking operations have continued solidly, and the fee income of the review period totalled EUR 11 million. The corporate finance invoicing was EUR 6 million. The beginning of the year for the Mandatum Stockbrokers was good despite the fall in the stock market.
Operating profits from property & casualty insurance totalled EUR 380 million (EUR 393 million). The property & casualty insurance companies gained a significant sales profit for the 11.5 million Nokia shares sold during the review period. The profitability of domestic direct insurance improved, motor third party liability insurance in particular. The profitability of foreign direct insurance was very weak. The decision to relinquish the property & casualty insurance operations in Central Europe was made in January 2001.
The uncertainty in the stock market was reflected in long-term savings, in particular in mutual funds and unit-linked life insurance. Operating profits from life insurance fell to EUR 90 million (EUR 138 million). The accounts for the review period include customer bonuses of EUR 63 million.
The results of the Group for the whole year are expected to remain on the level of last year, if the exceptional sales profits and dividend income of last year are eliminated.
In addition to the parent company Sampo plc, the Sampo Group consists of, among others, the subsidiary companies Sampo Bank plc, Mandatum Bank Plc, Mandatum Omaisuudenhoito Ltd, Sampo Fund Management Ltd, Sampo Life Insurance Company Ltd, Sampo Insurance Company Ltd, and Sampo Industrial Insurance Company Ltd.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Taru Narvanmaa, Head of Investor Relations, tel. +358 10 514 0030, mobile +358 50 590 9398.