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If P&C Insurance Holding Ltd´s Interim Report for January-September 2002
Stock Exchange Release - 13 Nov 2002 at 10:00 AM
If's combined ratio improved to 106.3 per cent (107.8 per cent on 30 June 2002). In the third quarter the combined ratio was 103.6 per cent. Efficiency measures are advancing according to plan.
Weak investment performance, however, has caused If to show a loss for the review period. The company's loss for the first nine months of 2002 is SEK 2,123 million. As Sampo plc holds 38.05 per cent of If's shares, it will consolidate a corresponding percentage of If's results into its interim financial accounts.
"The favourable development of the P&C insurance business of If, our associated company, should continue, although the combined ratio for the fourth quarter may be weaker than the third quarter due to seasonal factors. I expect that the combined ratio target set for the whole year (less than 107 per cent) will be achieved and that the result for the final quarter will be distinctly better than it was earlier," says Björn Wahlroos, Chief Executive Officer of Sampo Group.
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