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Sampo´s Operating Profit EUR 1,192 Million
Press Release - 20 Nov 2001 at 12:00 PM
The operating profit of banking and investment services amounted to EUR 244 million, remaining on the same level as the previous year, excluding one-off items. The net income from financial operations grew by 12% mainly due to the new companies (Mandatum Bank, the Baltic and Polish companies), amounting to EUR 356 million. The decrease in interest rates reduced the difference between average interest rates of deposits and loans.
Domestic mutual fund assets grew to EUR 2.3 billion (EUR 2.0 billion). The total market share of the Group's fund management companies increased to 17.4% (14.8% on 31 Dec. 2000). The market share was particularly strengthened with regard to the retail customer segment. Other third party assets under management increased heavily during the review period and totalled EUR 8.7 billion (EUR 5.2 billion).
The operating profit from property & casualty insurance decreased to EUR 525 million (EUR 668 million). The main reason for the reduction was the decrease in net investment income. Premiums written rose to EUR 972 million (EUR 888 million). The profitability of domestic direct insurance improved further, its combined ratio being 101.6% (108%).
The development of the life insurance volume remained weak because of the uncertainty prevailing in the investment markets. Premiums written fell by 19% during the review period and totalled EUR 493 million. However, in the third quarter, the premiums written increased significantly.
Albeit lower than in the previous year, the results for the full year are expected to be good. The results of the forthcoming years are expected to be normalised as exceptional sales profits such as those occurring during the previous two years are not expected.
FOR FURTHER INFORMATION, PLEASE CONTACT
Pertti Nurvala, Head of Group Communications, tel. +358 10 514 4030.
The Interim Report is available in full on the Internet at www.sampo.fi/interimreports