SAMPO OYJ SAMPO PLC PRESS RELEASE 8 August 2018 at 9:35 am
Good growth and strong results in Sampo Group's insurance businesses
Sampo Group's profit before taxes for January-June 2018 amounted to EUR 1,153 million compared to EUR 865 million a year ago. The profit contains an extraordinary item of EUR 197 million related to Mandatum Life's co-operation agreement with Danske Bank.
- Sampo's first half of the year was strong especially in our insurance businesses. In January-June, If's number of customers increased in all markets and combined ratio was excellent. It is also gratifying to see Nordea's turnaround to strengthen, says Kari Stadigh, Group CEO and President.
Combined ratio for P&C insurance for January-June 2018 was 85.8 per cent compared to 86.5 per cent a year ago.
Other key figures for January-June 2018
- The total comprehensive income for the period, taking changes in the market value of assets into account, decreased to EUR 679 million from EUR 821 million on the comparison period.
- Earnings per share for Sampo Group amounted to EUR 1.68 (1.34). Mark-to-market earnings per share were EUR 1.14 (1.47).
- The return on equity (RoE) for the Group was 10.2 per cent (14.1).
- Net asset value per share on 30 June 2018 amounted to EUR 21.57 (25.37).
- Profit before taxes for the segment If was EUR 415 million (401).
- Profit before taxes for the Topdanmark segment was EUR 105 million (52)
- Sampo's share of Nordea's net profit for the first half of 2018 was EUR 388 million (322).
- Profit before taxes for the segment Mandatum rose to EUR 313 million (116).
Outlook for 2018
Sampo Group's business areas are expected to report good operating results for 2018.
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 P&C is expected to reach a combined ratio target of 86 - 88 per cent for the full-year 2018.
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 2018 and the Supplementary Financial Information Package are available at www.sampo.com/result.
Sampo will arrange a press conference at GLO Hotel Kluuvi (Video Wall Cabinet, 2nd floor, Kluuvikatu 4, Helsinki) today 8 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)330 336 9104, +1 646 828 8199, +46 (0)8 5033 6573 or +358 (0)9 7479 0360. Confirmation Code: 007504.
The conference call can also be followed live at www.sampo.com/result.
For more information, please contact:
Mirko Hurmerinta, IR & Communications Specialist, Media Relations, tel. +358 10 516 003
Distribution:
The principal media
www.sampo.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sampo Oyj via Globenewswire
