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Sampo Group’s profit before taxes for January–June 2019 amounted to EUR 981 million compared to EUR 1 153 million a year ago. The comparison figure contains a non-recurring profit item of EUR 197 million related to Mandatum Life’s co-operation agreement with Danske Bank.
- The results for Sampo’s insurance operations were excellent. The combined ratios for the first six months and for the second quarter in If were best-ever in corresponding periods. Also Topdanmark reported one of its best ever combined ratios for January–June 2019, says Kari Stadigh, Group CEO and President.
Combined ratio for If for January-June 2019 was 84.7 per cent compared to 85.8 per cent a year ago. If’s combined ratio for the second quarter amounted to 83.0 per cent (85.1). Topdanmark reported a combined ratio of 79.0 per cent (84.1).
Other key figures for January–June 2019
Outlook for 2019
Sampo Group’s business areas are expected to report good operating results for 2019.
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.
If is expected to reach a combined ratio target of 84 - 86 per cent in 2019.
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 Half-Year Financial Report for January–June 2019 and the Supplementary Financial Information Package are available at www.sampo.com/result.
Sampo will arrange a press conference at Hotel Kämp (Paavo Nurmi cabinet, 2nd floor, Pohjoisesplanadi 29, Helsinki) today 7 August 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)33 3300 0804, +1 855 857 0686, +46 (0)8 5664 2651 or +358 (0)9 8171 0310. Confirmation Code: 95347729#.
The conference call can also be followed live at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
The principal media