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    SAMPO   FI0009003305

SAMPO OYJ

(SAMPO)
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Sampo Oyj Final Results

02/11/2021 | 02:51am EDT
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

Stocks mentioned in the article
ChangeLast1st jan.
EURO / SWEDISH KRONA (EUR/SEK) 0.03% 10.23461 Delayed Quote.1.80%
NORDEA BANK ABP 1.15% 99.86 Delayed Quote.48.56%
NORWEGIAN KRONER / SWEDISH KRONA (NOK/SEK) -0.40% 0.97802 Delayed Quote.2.19%
OCI COMPANY LTD. 0.42% 119500 End-of-day quote.28.49%
SAMPO CORPORATION 0.00% 30.3 End-of-day quote.16.31%
SAMPO OYJ -0.27% 40.77 Delayed Quote.17.93%
TOPDANMARK A/S 0.56% 322 Delayed Quote.21.88%
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Financials
Sales 2021 4 694 M 5 522 M 5 522 M
Net income 2021 1 583 M 1 862 M 1 862 M
Net Debt 2021 2 090 M 2 459 M 2 459 M
P/E ratio 2021 13,9x
Yield 2021 4,83%
Capitalization 22 642 M 26 634 M 26 637 M
EV / Sales 2021 5,27x
EV / Sales 2022 5,11x
Nbr of Employees 13 204
Free-Float 89,3%
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Number of Analysts 15
Last Close Price 40,77 €
Average target price 43,25 €
Spread / Average Target 6,09%
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Managers and Directors
Torbjörn Magnusson President & Group Chief Executive Officer
Knut Arne Alsaker Chief Financial Officer
Björn Arne Christer Wahlroos Chairman
John Patrick Sture Lapveteläinen Group Chief Investment Officer
Risto Fredrik Murto Independent Director
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