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Sustainability
Sampo: Good results again, combined ratio remained unparalleled strong
Sampo Group's profit before taxes for January-September 2016 amounted to EUR 1,343 million compared to EUR 1,475 million in the comparison period.
- The results were good despite challenging conditions and the insurance technical result was as much as excellent. The combined ratio for If P&C remained unparalleled strong, says Kari Stadigh, Group CEO and President.
The combined ratio in P&C insurance for January-September 2016 amounted to 84.0 per cent including non-recurring items and 86.3 per cent excluding these one-offs. In the comparison period January-September 2015, the corresponding figures were 84.6 and 86.1 per cent.
Other key figures for January-September 2016
- Earnings per share decreased to EUR 2.11 (2.31). Mark-to-market earnings per share rose to EUR 2.16 (1.84).
- The total comprehensive income for the period, taking changes in the market value of assets into account, rose to EUR 1,212 million (1,031).
- The return on equity for the Group was 14.1 per cent (12.6).
- Net asset value per share on 30 September 2016 amounted to EUR 21.81 (23.79).
- Profit before taxes for the P&C insurance segment amounted to EUR 660 million (756).
- Sampo's share of Nordea's net profit amounted to EUR 546 million (577).
- Profit before taxes in life insurance operations amounted to EUR 157 million (132).
Outlook for the rest of 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 86 - 88 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 the Interim Statement for January - September 2016 and the Supplementary Financial Information Package at www.sampo.com/result.
An English-language conference call will be arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +44 (0)20 3 043 2003, +46 (0)8 5033 6574, +1 719 457 2086 or +358 (0)9 7479 0361. Confirmation Code: 9535979. The conference call can also be followed live at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
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www.sampo.com