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Sampo Group’s profit before taxes for the first half of 2020 was EUR 569 million compared to EUR 981 million in the comparison period. The Group’s insurance technical performance continued to excel and a large part of the decrease in the market values of investment assets in March–April 2020 was recovered.
- The second quarter was a strong quarter for Sampo Group, despite the uncertainty related to COVID-19. Firstly, we continued to excel in P&C insurance underwriting, the backbone of our profit generation, and secondly, the investment markets reversed the negative experience from March and April, says Torbjörn Magnusson, Group CEO and President.
- If P&C posted a technical result that improved further from the already excellent level. Topdanmark also recovered from the difficult first quarter of this year.
If’s combined ratio for the second quarter of 2020 was 80.5 per cent (83.0). For the first half of the year, the combined ratio was 82.1 per cent (84.7).
The total comprehensive income for Sampo Group, taking changes in the market value of assets into account, amounted to EUR 34 million (995) for the first half of 2020 and EUR 987 million (434) for the second quarter of 2020.
Today Sampo and RMI have announced a recommended cash offer, through a newly-formed jointly owned company, to acquire Hastings Group Holdings Plc.
- The offer is a step in our current strategy to allocate more capital to P&C insurance, and Hastings is a unique company which we have followed for some time, says Magnusson.
Further information on Sampo’s and RMI’s recommended cash offer on Hastings is available at www.sampo.com/offer.
Outlook for 2020
Sampo Group’s insurance businesses are expected to report good insurance technical results for 2020. However, the investment results are at this point in time more uncertain than usual. The mark-to-market results for 2020 are highly dependent on capital market developments, particularly in life insurance.
If P&C is expected to reach a combined ratio of 82 – 85 per cent in 2020.
With regard to Topdanmark, reference is made to the profit forecast model that the company publishes on a quarterly basis.
Nordea’s contribution to the Group’s profit is expected to be significant.
Sampo Group’s Half-Year Financial Report for January–June 2020 and Supplementary Financial Information Package are available at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
An English language conference call for investors, analysts and the media will be arranged today at 1 pm Finnish time (11 am UK time). To participate, please call one of the following telephone numbers: +1 631 913 1422, +44 333 300 0804, +46 856 642 651, or +358 981 710 310. The conference code is 25893753#.
The conference call can also be followed live at: www.sampo.com/result.
The principal media