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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Sampo    SAMPO   FI0009003305

SAMPO

(SAMPO)
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Delayed Quote. Delayed NASDAQ OMX HELSINKI LTD. - 07/19 11:29:33 am
41.22 EUR   -1.20%
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Sampo : Oyj Sampo Group's Results For January - -2-

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05/08/2019 | 02:46am EDT
buffer is 130 bps over the nominal capital commitment made as part of 
Nordea's transition to the banking union. 
 
 
 
   Nordea has previously stated that it expects to be fined in Denmark for 
its past weak AML processes and procedures, and Nordea is consequently 
making a provision of EUR 95 million for AML-related matters. 
 
 
 
   Further information on Nordea and its January - March 2019 result is 
available at www.nordea.com. 
 
   Mandatum Life 
 
   Mandatum segment's profit before taxes for January - March 2019 amounted 
to EUR 72 million (73). The total comprehensive income for the period 
after tax reflecting the changes in market values of assets increased to 
EUR 113 million (-19). Return on equity rose to 37.6 per cent (-5.8). 
 
   Net investment income, excluding income on unit-linked contracts, 
amounted to EUR 126 million (72). Net income from unit-linked contracts 
was EUR 427 million (-90). In the first quarter of 2019 fair value 
reserve increased to EUR 407 million (352). 
 
   Mandatum Life Group's total technical reserves amounted to EUR 11.6 
billion (11.2). Unit-linked reserves increased to EUR 7.4 billion (7.0) 
at the end of the first quarter of 2019. The amount corresponds to 64 
percent (62) of total technical reserves. At the end of the first 
quarter of 2019 with profit reserves amounted to EUR 4.2 billion (4.2). 
Reserves related to the higher guarantees of 4.5 and 3.5 per cent 
decreased by EUR 74 million to EUR 2.4 billion in January - March 2019. 
 
   Mandatum Life has all in all supplemented its technical reserves with a 
total of EUR 258 million (232) due to low level of interest rates. The 
figure does not take into account the reserves relating to the 
segregated fund. The discount rate used for the years 2019, 2020 and 
2021 is 0.25 per cent. Bringing down the discount rate for 2021 from 2.5 
per cent to 0.25 per cent had a negative impact of 54 million euro on 
the first quarter 2019 profit. Discount rate applied for the segregated 
fund is 0.50 per cent. 
 
   On 31 March 2019 Mandatum Life Group's investment assets, excluding the 
assets of EUR 7.4 billion (7.0) covering unit-linked liabilities, 
amounted to EUR 5.5 billion (5.6) at market values. 
 
   The assets covering Mandatum Life's original with profit liabilities on 
31 March 2019 amounted to EUR 4.5 billion (4.6) at market values. 44 per 
cent (49) of the assets were in fixed income instruments, 14 per cent 
(9) in money market, 28 per cent (27) in equities and 14 per cent (15) 
in alternative investments. The investment return marked-to-market for 
January - March 2019 was 4.0 per cent (-0.7). The duration of fixed 
income assets at the end of March 2019 was 2.6 years (2.5) and average 
maturity 2.8 years (2.8). Fixed income running yield without taking into 
account the FX hedging cost was 2.6 per cent (2.6). 
 
   The assets covering the segregated fund amounted to EUR 1.0 billion 
(1.0), of which 69 per cent (77) was in fixed income, 13 per cent (5) in 
money market, 12 per cent (11) in equities and 7 per cent (6) in 
alternative investments. Segregated fund's investment return 
marked-to-market for January - March 2019 was 2.7 per cent (-0.7). At 
the end of March 2019, the duration of fixed income assets was 2.6 years 
(2.5) and average maturity 3.1 years (3.1). Fixed income (incl. money 
market) running yield without taking into account the FX hedging cost 
was 2.1 per cent (2.2). 
 
   The expense result in the first quarter amounted to EUR 5 million (7). 
Risk result amounted to EUR 5 million (5). 
 
   Mandatum Life Group's premium income on own account amounted to EUR 238 
million (243) in the first quarter of 2019. 
 
   Mandatum Life's solvency position is described in the section Solvency. 
 
   Holding 
 
   Holding segment's profit before taxes for January - March 2019 amounted 
to EUR 113 million (119), of which EUR 83 million (165) relates to 
Sampo's share of Nordea's and NDX Intressenter's January - March 2019 
profit. Nordea's share was EUR 83 million (165) and NDX Intressenter's 
EUR 1 million. Segment's profit before taxes excluding the associated 
companies was EUR 29 million (-46). 
 
   Changes in market values of derivative instruments and currency exchange 
rates can cause volatility in the net investment income and finance cost 
lines. 
 
   Sampo plc's holding in Nordea was booked in the consolidated balance 
sheet at EUR 7.0 billion. The market value of the holding was EUR 5.9 
billion, i.e. EUR 6.81 per share, on 31 March 2019. In addition the 
assets on Sampo plc's balance sheet included holdings in subsidiaries 
for EUR 3.4 billion (2.4). 
 
   OTHER DEVELOPMENTS 
 
   Changes in Group Management 
 
   Peter Johansson retired from Sampo's Group CFO position as of 1 January 
2019. On 8 August 2018 the Board of Sampo plc nominated Knut Arne 
Alsaker, CFO of If P&C, as the new Group CFO as of 1 of January 2019. 
 
   The Group CEO and President of Sampo Kari Stadigh will retire on 31 
December 2019. He also stepped down as Chairman of If P&C Insurance 
Board of Directors as of 7 February 2019. On 7 February 2019 Sampo's 
Board of Directors appointed Torbjörn Magnusson, the CEO of If, to 
succeed Stadigh as Group CEO and President of Sampo Group, effective 1 
January 2020. Magnusson took immediately over as Chairman of If P&C. 
 
   On the same day the Sampo and If Boards appointed Morten Thorsrud, the 
Head of If Business Area Private, to succeed Magnusson as the CEO of If, 
effective immediately. Thorsrud was in turn be succeeded by Ingrid Janbu 
Holthe as Head of If BA Private. She was also nominated a member of the 
Group Executive Committee of Sampo Group. 
 
   Annual General Meeting 
 
   The Annual General Meeting of Sampo plc, held on 9 April 2019, decided 
to distribute a dividend of EUR 2.85 per share for 2018. The record date 
for dividend payment was 11 April 2019 and the dividend was paid on 18 
April 2019. In addition to the cash dividend, the Annual General Meeting 
decided to authorize the Board of Directors to resolve, in its 
discretion, on the distribution of an extra dividend up to EUR 
500,000,000 (EUR 0.9 per share) either in cash and/or in financial 
instruments. The authorization is valid until the next Annual General 
Meeting. 
 
   The Annual General Meeting adopted the financial accounts for 2018 and 
discharged the Board of Directors and the Group CEO and President from 
liability for the financial year. 
 
   The Annual General Meeting elected eight members to the Board of 
Directors. The following members were re-elected to the Board: Christian 
Clausen, Jannica Fagerholm, Veli-Matti Mattila, Risto Murto, Antti 
Mäkinen and Björn Wahlroos. Fiona Clutterbuck and Johanna 
Lamminen were elected as new members to the Board. The Members of the 
Board were elected for a term continuing until the close of the next 
Annual General Meeting. 
 
   At its organizational meeting, the Board elected Björn Wahlroos as 
Chairman and Jannica Fagerholm as Vice Chairperson. Veli-Matti Mattila, 
Risto Murto, Antti Mäkinen and Björn Wahlroos (Chairman) were 
elected to the Nomination and Compensation Committee and Christian 
Clausen, Fiona Clutterbuck, Jannica Fagerholm (Chairman), and Johanna 
Lamminen to the Audit Committee. 
 
   All the Board members have been determined to be independent of the 
company under the rules of the Finnish Corporate Governance Code 2015. 
Furthermore, all Board members but Antti Mäkinen have been 
determined to be independent of the major shareholders. 
 
   The Annual General Meeting decided to pay the following fees to the 
members of the Board of Directors until the close of the 2020 Annual 
General Meeting:the Chairman of the Board will be paid an annual fee of 
EUR 175,000 and other members of the Board will be paid EUR 90,000 each. 
Furthermore, the members of the Board and its Committees will be paid 
the following annual fees: the Vice Chairperson of the Board EUR 25,000, 
the Chairperson of the Audit Committee EUR 25,000 and the member of the 
Audit Committee EUR 6,000. A Board member shall in accordance with the 
resolution of the Annual General Meeting acquire Sampo plc's A shares at 
the price paid in public trading for 50 per cent of his/her annual fee 
excluding taxes and similar payments. 
 
   Ernst & Young Oy was elected as Auditor. The Auditor will be paid a fee 
determined by an invoice approved by Sampo. Kristina Sandin, APA, will 
act as the principally responsible auditor. 
 
   The Annual General Meeting authorized the Board to repurchase a maximum 
of 50,000,000 Sampo A shares. The price paid for the shares repurchased 
under the authorization shall be based on the current market price of 
Sampo A shares on the securities market. The authorization will be valid 
until the close of the next Annual General Meeting, nevertheless not 
more than 18 months after AGM's decision. 
 
   There were 1,052 shareholders represented at the beginning of the 
meeting holding altogether 360,849,587 shares and 365,649,587 votes in 
the company. 
 
   The minutes of the Annual General Meeting are available for viewing at 
www.sampo.com/agm and at Sampo plc's head office at Fabianinkatu 27, 
Helsinki, Finland. 
 
   Shares and share capital 
 
   The Annual General Meeting authorized the Board to repurchase a maximum 
of 50,000,000 Sampo A shares. The price paid for the shares repurchased 
under the authorization shall be based on the current market price of 
Sampo A shares on the securities market. The authorization will be valid 
until the close of the next Annual General Meeting, nevertheless not 
more than 18 months after AGM's decision. 
 
   Sampo plc did not repurchase its own shares during the first quarter of 
2019 and at the end of March 2019, neither Sampo plc nor its Group 
companies held any Sampo A shares. 
 
   After the end of the first quarter of 2019 Sampo plc received a 
notification of change in holding pursuant to Chapter 9, Section 5 of 
the Securities Markets Act according to which the total number of shares 

(MORE TO FOLLOW) Dow Jones Newswires

05-08-19 0245ET

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