SAMPO OYJ
TIDMSAMPO
SAMPO PLC FINANCIAL STATEMENT RELEASE
11 February 2021 at 9:35 am
Sampo Group's results for 2020
Sampo Group's largest business area If had an extremely strong year 2020
in all respects. The combined ratio for the full-year 2020 was 82.1 per
cent (84.5). This is the strongest combined ratio If has ever reported.
Because of the impairment loss of EUR 899 million and the sales loss of
EUR 262 million on Nordea shares, Group's reported profit before taxes
for 2020 decreased to EUR 380 million (1,541). Without the extraordinary
items relating to the Nordea holding, the profit before taxes would have
been EUR 1,541 million for 2020 and EUR 1,696 million for 2019. The
total comprehensive income for the period, taking changes in the market
value of assets into account, amounted to EUR 434 million (1,565).
-- The earnings per share were EUR 0.07 (2.04) and marked-to-market earnings
per share were EUR 0.65 (2.63). The earnings per share excluding the
Nordea-related extraordinary items were EUR 2.16 per share (2.31). In
accordance with the dividend policy, this figure has been used as basis
when calculating the dividend proposal. The return on equity for the
Group amounted to 3.1 per cent (12.0) for 2020. The net asset value per
share on 31 December 2020 was EUR 19.82 (20.71).
-- Sampo plc's Board of Directors has today, after applying management
judgement, decided to impair the book value of Nordea to EUR 7.50 per
share from EUR 8.90 per share in Sampo Group's consolidated accounts at
the end of December 2020.
-- Sampo plc's Board of Directors has proposed to the Annual General Meeting
to be held on 19 May 2021 a dividend of EUR 1.70 per share (1.50). The
proposed dividend payment amounts in total to EUR 944 million (833).
-- If segment's profit before taxes rose to EUR 901 million (884) the
insurance technical result improved to EUR 811 million (685). The return
on equity remained at a high level at 33.3 per cent (34.5). Premiums grew
in all business areas in the Nordics amounting to almost 5 per cent with
fixed currencies. If paid a dividend of SEK 6.3 billion (approximately
EUR 600 million) to Sampo plc in December 2020.
-- Topdanmark segment's profit before taxes for 2020 was EUR 167 million
(238). The combined ratio amounted to 85.2 per cent (82.1) in 2020. The
expense ratio was 16.2 per cent (16.0).
-- The Board of Directors of Topdanmark will recommend to the AGM on 25
March 2021 that in total a dividend of DKK 20 per share will be paid. If
approved, Sampo plc's share of the dividend payment is EUR 113 million.
-- Sampo holds 70 per cent of Hastings Group (Consolidated) Limited, which
became Sampo plc's subsidiary and forms a separate segment in the Group's
financial reporting as of 16 November 2020. The consolidated last six
weeks of 2020 comprise a number of one-off expense items.
-- Sampo's share of Nordea's net profit for 2020, excluding the accounting
impacts of the sale of Nordea shares in November 2020 and the impairment
of the holding in Sampo Group's consolidated accounts 2020, amounted to
EUR 429 million (290). The reported loss after these measures was EUR
-734 million (290). Nordea is progressing well towards meeting its 2022
financial targets.
-- On 4 February, Nordea's Board proposed a dividend of EUR 0.39 per share
for 2020. In addition, the Board will decide on 18 February to distribute
EUR 0.07 per share as the first instalment of the delayed 2019 dividend
of EUR 0.40 per share. The Board also proposes that the Annual General
Meeting authorize it to pay out the remaining part of the 2019 dividend
(EUR 0.33 per share) and the 2020 dividend (EUR 0.39 per share) -- a
total of EUR 0.72 per share -- after September 2021, in line with the
European Central Bank recommendation. Sampo plc's share of the proposed
dividend payments is EUR 508 million.
-- The profit before taxes for the segment Mandatum was EUR 154 million
(280). The with-profit reserves continued to decrease as planned during
2020. The reserves related to the higher guarantees of 4.5 and 3.5 per
cent decreased by EUR 268 million to EUR 1.9 billion at the end of 2020.
Mandatum Life has supplemented the discount rate reserve and the rate
used for 2021 - 2023 is 0.25 per cent. This had a negative impact of EUR
77 million on the result. The return on equity amounted to 14.4 per cent
(23.5). Mandatum Life's Board proposes a dividend of EUR 200 million to
Sampo plc in February 2021.
Change, 10-12/ 10-12/ Change,
KEY FIGURES 2020 2019 % 2020 2019 %
---------------------------- ------ ----- ------- ------ ------ -------
EURm
---------------------------- ------ ----- ------- ------ ------ -------
Profit before taxes *) 380 1,541 -75 -675 468 -
---------------------------- ------ ----- ------- ------ ------ -------
If 901 884 2 285 228 25
---------------------------- ------ ----- ------- ------ ------ -------
Topdanmark 167 238 -30 82 58 41
---------------------------- ------ ----- ------- ------ ------ -------
Hastings -16 - - -16 - -
---------------------------- ------ ----- ------- ------ ------ -------
Associates *) -722 298 - -1,030 143 -
---------------------------- ------ ----- ------- ------ ------ -------
Mandatum 154 280 -45 54 68 -20
---------------------------- ------ ----- ------- ------ ------ -------
Holding (excl. Associates) -103 -4 - -50 -29 69
---------------------------- ------ ----- ------- ------ ------ -------
Profit for the period 112 1,237 -91 -769 389 -
---------------------------- ------ ----- ------- ------ ------ -------
Change Change
---------------------------- ------ ----- ------- ------ ------ -------
Earnings per share, EUR 0.07 2.04 -1.97 -1.44 0.66 -2.10
---------------------------- ------ ----- ------- ------ ------ -------
EPS (without eo. items)
EUR 2.16 2.31 -0.15 - - -
---------------------------- ------ ----- ------- ------ ------ -------
EPS (based on OCI) EUR 0.65 2.63 -1.88 -0.47 1.19 -1.63
---------------------------- ------ ----- ------- ------ ------ -------
NAV per share, EUR 19.82 20.71 -0.89 - - -
---------------------------- ------ ----- ------- ------ ------ -------
Average number of staff
(FTE) 13,227 9,813 3,414 - - -
---------------------------- ------ ----- ------- ------ ------ -------
Group solvency ratio,
% 176 174 2 - - -
---------------------------- ------ ----- ------- ------ ------ -------
RoE, % 3.1 12.0 -8.9 - - -
---------------------------- ------ ----- ------- ------ ------ -------
*) the reported loss related to the sale of Nordea shares in November
2020 and the impairment of Nordea holding made in the consolidated Group
accounts 2020, together EUR 1,161 million is included in the 2020
figure. The comparison figure includes a valuation loss of EUR 155
million related to Nordea shares.
The figures in this report have not been audited.
Sampo follows the disclosure procedure enabled by the Finnish Financial
Supervisory Authority and hereby publishes its Full-Year Financial
Report attached as a PDF file to this stock exchange release. The
Full-Year Financial Report is also available at
https://www.globenewswire.com/Tracker?data=SbS3nDD_-OuDXUw-hCq93xjKni6hc-px449eIPT0tWB1SqKfBC-X03wB-Da09xlm0pezknyrfHXtNSnOWCVTFDqtOI7fVQf_z9nONlbmDl0=
www.sampo.com/result.
Exchange rates used
in reporting 1-12/2020 1-9/2020 1-6/2020 1-3/2020 1-12/2019 1-9/2019
---------------------- --------- -------- -------- -------- --------- --------
EURSEK
---------------------- --------- -------- -------- -------- --------- --------
Income statement
(average) 10.4882 10.5622 10.6621 10.6649 10.5853 10.5679
---------------------- --------- -------- -------- -------- --------- --------
Balance sheet (at end
of period) 10.0343 10.5713 10.4948 11.0613 10.4468 10.6958
---------------------- --------- -------- -------- -------- --------- --------
DKKSEK
---------------------- --------- -------- -------- -------- --------- --------
Income statement
(average) 1.4066 1.4157 1.4280 1.4279 1.4183 1.4158
---------------------- --------- -------- -------- -------- --------- --------
Balance sheet (at end
of period) 1.3485 1.4197 1.4813 1.4813 1.3982 1.4326
---------------------- --------- -------- -------- -------- --------- --------
NOKSEK
---------------------- --------- -------- -------- -------- --------- --------
Income statement
(average) 0.9778 0.9857 0.9932 1.0195 1.0749 1.0816
---------------------- --------- -------- -------- -------- --------- --------
Balance sheet (at end
of period) 0.9584 0.9523 0.9618 0.9610 1.0591 1.0809 (MORE TO FOLLOW) Dow Jones Newswires
02-11-21 0250ET
