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Sampo Group's profit before taxes for January - June 2016 amounted to EUR 893 million compared to EUR 1,015 a year earlier.
- Profits decreased because investment income was negatively affected by the difficult investment environment and low interest rates. P&C insurance had a strong first half of 2016 in terms of technical result. The combined ratio was record low at 83.7 per cent including non-recurring items, says Group CEO and President Kari Stadigh.
- Excluding these non-recurring items, the combined ratio for January - June 2016 was 87.1 per cent which was the best ever as well, Stadigh says.
For the corresponding period in 2015, the combined ratio excluding non-recurring items was 87.2 per cent.
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 87-90 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 Sampo Group's Half-Year Financial Report for January-June 2016 and the Supplementary Financial Information Package is available at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
Sampo will arrange a press conference at Hotel Kämp (Conference room Paavo Nurmi, Pohjoisesplanadi 29, Helsinki) today at 12:30 pm Finnish time. The press conference will be held in Finnish.
An English-language conference call will be arranged at 4:00 pm Finnish time (2:00 pm UK time). Please call tel. +44 (0)203 194 0552, +46 (0)8 5664 2702, +1 855 7161 597, or +358 (0)9 8171 0465.
The conference call can also be followed live at www.sampo.com/result.
The principal media