You are using an old version of your web browser.
Please note that the website might not function correctly using an outdated browser. We recommend updating your browser or using another one.
Sampo Group's insurance businesses performed very well
Press Release - 2 Nov 2017 at 9:35 AM
Sampo Group's P&C insurance and life insurance businesses reported once again excellent results for the third quarter of 2017 compensating well for the dip in the results of Nordea.
- It was a very strong third quarter for Sampo. Profit before taxes was EUR 475 million and earnings per share amounted EUR 0.74 excluding the non-recurring item related to Topdanmark, says Kari Stadigh, Group CEO and President.
If reported the best ever combined ratio for the first nine months of the year when adjusted for positive non-recurring items. The combined ratio for January-September 2017 was 85.9 per cent.
- If's technical profitability remains good and the guidance for the full-year combined ratio was lowered to an all-time low at 85-87 per cent, Stadigh says.
Key figures for January-September 2017
- Excluding the non-recurring profit of EUR 706 million related to the change in accounting status of Topdanmark, Sampo Group's profit before taxes for January - September 2017 was EUR 1,340 million, earnings per share EUR 2.09 and RoE 13.8 per cent.
- Including the non-recurring item, Sampo Group's profit before taxes was EUR 2,046 million (1,343), earnings per share EUR 3.35 (2.11) and RoE 21.4 per cent (14.1).
- The total comprehensive income for the period, taking changes in the market value of assets into account and including the non-recurring item, rose to EUR 1,972 million (1,212).
- Net asset value per share on 30 September 2017 amounted to EUR 26.84 (24.86).
- Profit before taxes for If was EUR 603 million (624).
- Sampo's share of subsidiary Topdanmark's January-September 2017 profit was EUR 90 million (35).
- Sampo's share of associate Nordea's net profit amounted to EUR 491 million (546).
- Profit before taxes for Mandatum Life increased to EUR 180 million (157).
Outlook for the rest of 2017
Sampo Group's business areas are expected to report good operating results for 2017.
However, the mark-to-market results are, particularly in Mandatum Life, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.
If P&C is expected to reach a combined ratio of 85-87 per cent for the full-year 2017.
With regard to Topdanmark reference is made to the profit forecast model that the company publishes quarterly.
Nordea's contribution to the Group's profit is expected to be significant.
Sampo Group's Interim Report for January-September 2017 and the Supplementary Financial Information Package are available at www.sampo.com/result.
An English-language conference call will be arranged at 4 pm Finnish time (2 pm UK time). The conference call can be followed live at www.sampo.com/result or by phone, please call tel. +44 (0)330 336 9105, +1 719 325 2213, +46 (0)8 5033 6574 or +358 (0)9 7479 0361. Confirmation Code: 5573363.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
Distribution:
The principal media
www.sampo.com