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    SAMPO   FI0009003305

SAMPO OYJ

(SAMPO)
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Sampo Oyj Sampo Group's Results For January -- June 2020

08/05/2020 | 02:51am EDT
TIDMSAMPO 
 
 
   SAMPO PLC           HALF-YEAR FINANCIAL REPORT 
5 August 2020 at 9:35 am 
 
   Sampo Group's Results for January -- June 2020 
 
   Sampo Group's profit before taxes for the first half of 2020 was EUR 569 
million (981). 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 total 
comprehensive income, 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. 
 
 
   -- Earnings per share was EUR 0.81 (1.37) and mark-to-market earnings per 
      share was EUR 0.02 (1.68). Return on equity for the Group amounted to 0.2 
      per cent (15.4) for the first half of 2020. Meanwhile, the net asset 
      value per share on 30 June 2020 was EUR 16.99 (20.71). 
 
   -- Sampo confirmed on 29 July 2020 after market rumours started to circulate 
      that it is, together with Rand Merchant Investment Holdings Limited (RMI), 
      in discussions with Hastings Group Holdings Plc regarding a possible cash 
      offer to acquire the issued and to be issued share capital of Hastings 
      not already owned or controlled by Sampo and RMI. Today Sampo and RMI 
      have announced a recommended cash offer, through a newly-formed jointly 
      owned company, to acquire Hastings. 
 
   -- If segment's profit before taxes was EUR 383 million (440). The insurance 
      technical result increased to EUR 398 million (334) and the combined 
      ratio for January -- June 2020 amounted to 82.1 per cent (84.7). Premiums 
      grew by 5 per cent on a fixed currency basis. Furthermore, all business 
      areas and all markets recorded growth. 
 
   -- Topdanmark segment's profit before taxes decreased to EUR 38 million 
      (146). Meanwhile, the combined ratio amounted to 84.2 per cent (79.0). 
 
   -- Sampo's share of Nordea's net profit for January -- June 2020 amounted to 
      EUR 132 million (222). With regard to segment reporting, the share of 
      Nordea's profit is included in the segment entitled 'Holding'. 
 
   -- Profit before taxes for the Mandatum segment amounted to EUR 39 million 
      (137). Meanwhile, premiums decreased to EUR 498 million (529). 
 
 
 
 
                                              Change,                      Change, 
Key figures               1-6/2020  1-6/2019        %  4-6/2020  4-6/2019        % 
------------------------  --------  --------  -------  --------  --------  ------- 
EURm 
------------------------  --------  --------  -------  --------  --------  ------- 
Profit before taxes            569       981      -42       407       506      -19 
------------------------  --------  --------  -------  --------  --------  ------- 
 If                            383       440      -13       254       242        5 
------------------------  --------  --------  -------  --------  --------  ------- 
 Topdanmark                     38       146      -74        52        53       -3 
------------------------  --------  --------  -------  --------  --------  ------- 
 Associates                    137       226      -39        51       143      -64 
------------------------  --------  --------  -------  --------  --------  ------- 
 Mandatum                       39       137      -71        55        65      -15 
------------------------  --------  --------  -------  --------  --------  ------- 
 Holding (excl. 
  associates)                  -29        31        -        -5         2        - 
------------------------  --------  --------  -------  --------  --------  ------- 
Profit for the period          469       826      -45       330       428      -23 
------------------------  --------  --------  -------  --------  --------  ------- 
                                               Change                       Change 
------------------------  --------  --------  -------  --------  --------  ------- 
Earnings per share, EUR       0.81      1.37    -0.56      0.55      0.73    -0.18 
------------------------  --------  --------  -------  --------  --------  ------- 
EPS (based on OCI) EUR        0.02      1.68    -1.66      1.73      0.74     0.99 
------------------------  --------  --------  -------  --------  --------  ------- 
NAV per share, EUR *)        16.99     20.71    -3.72         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
Average number of staff 
 (FTE)                      10,322     9,734      588         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
Group solvency ratio, 
 % *)                          187       167       20         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
RoE, %                         0.2      15.4    -15.2         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
 
 
   *) comparison figure from 31.12.2019 
 
   The figures in this report have not been audited. Income statement items 
are compared on a year-on-year basis and comparison figures for balance 
sheet items are from 31 December 2019, unless otherwise stated. 
 
   Sampo follows the disclosure procedure enabled by the Finnish Financial 
Supervisory Authority and hereby publishes its Interim Statement 
attached as a PDF file to this stock exchange release. The Interim 
Statement is also available at 
https://www.globenewswire.com/Tracker?data=T6zf9vlueHPz00XhXCTvd58orvnF5UK8dj1We_Y8k4KYAxjldXwmrNumdh21IiLkVMz_3nd2JR5F2sef1GKI2AdeIGYyQtoJEwz8w5hiu6Q= 
www.sampo.com/result. 
 
 
 
 
 
 
 
 
EXCHANGE RATES USED 
 IN REPORTING                1-6/2020  1-3/2020  1-12/2019  1-9/2019  1-6/2019 
---------------------------  --------  --------  ---------  --------  -------- 
EURSEK 
---------------------------  --------  --------  ---------  --------  -------- 
Income statement (average)    10.6621   10.6649    10.5853   10.5679   10.5181 
---------------------------  --------  --------  ---------  --------  -------- 
Balance sheet (at end 
 of period)                   10.4948   11.0613    10.4468   10.6958   10.5633 
---------------------------  --------  --------  ---------  --------  -------- 
DKKSEK 
---------------------------  --------  --------  ---------  --------  -------- 
Income statement (average)     1.4280    1.4279     1.4183    1.4158    1.4090 
---------------------------  --------  --------  ---------  --------  -------- 
Balance sheet (at end 
 of period)                    1.4813    1.4813     1.3982    1.4326    1.4153 
---------------------------  --------  --------  ---------  --------  -------- 
NOKSEK 
---------------------------  --------  --------  ---------  --------  -------- 
Income statement (average)     0.9932    1.0195     1.0749    1.0816    1.0810 
---------------------------  --------  --------  ---------  --------  -------- 
Balance sheet (at end 
 of period)                    0.9618    0.9610     1.0591    1.0809    1.0897 
---------------------------  --------  --------  ---------  --------  -------- 
EURDKK 
---------------------------  --------  --------  ---------  --------  -------- 
Income statement (average)     7.4648    7.4714     7.4661    7.4644    7.4651 
---------------------------  --------  --------  ---------  --------  -------- 
Balance sheet (at end 
 of period)                    7.4526    7.4674     7.4715    7.4662    7.4636 
---------------------------  --------  --------  ---------  --------  -------- 
 
 
   GROUP CEO'S COMMENT 
 
   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, as the equity markets surged and bond spreads narrowed 
during May and June. 
 
   Business has been stable during the summer months, and we have also been 
able to focus on project Dorset. The code name refers to the offer we 
have published today, together with RMI, to acquire all shares in the UK 
motor insurance company Hastings Group Holdings Plc. 
 
   The offer is of course a step in the strategy to allocate more capital 
to P&C insurance, and Hastings is a unique company which we have 
followed for some time. It operates in the large UK motor insurance 
market and, more importantly, in the fast-growing segment of modern 
digital distribution which continues to take market share from the 
traditional operators. Hastings results have been impressive since the 
IPO in 2015. 
 
   The UK is certainly an interesting insurance market. It is not only very 
large, but also very advanced in digital terms. I am excited about the 
opportunities to develop Sampo with these digital capabilities, at the 
same time as our Nordic expertise in other areas like retention 
techniques and car manufacturer collaboration can support Hasting's 
future development. 
 
   The fact that we do this together with RMI, a long-term shareholder in 
Hastings, reduces the acquisition risks significantly. RMI is a South 
African financial services investment holding company and has been the 
largest shareholder in Hastings since 2017. 
 
   Coming back to our existing businesses, If P&C posted a technical result 
that improved further from the already excellent level. Stable 
operations where premium increases corresponded well to claims 
inflation. Topdanmark also recovered from the difficult first quarter of 
this year. 
 
   Nordea's progress in the second quarter was encouraging. The bank 
remains committed to meeting the financial targets 2022, and leading 
indicators on cost and customer satisfaction developed strongly. It has 
maintained the strong financial position it had when entering the 
COVID-19 crisis and with its high equity tier 1 ratio and ample credit 

(MORE TO FOLLOW) Dow Jones Newswires

08-05-20 0250ET

Stocks mentioned in the article
ChangeLast1st jan.
DANISH KRONE / SWEDISH KRONA (DKK/SEK) -0.01% 1.3719 Delayed Quote.1.70%
EURO / DANISH KRONE (EUR/DKK) 0.00% 7.438 Delayed Quote.-0.06%
EURO / SWEDISH KRONA (EUR/SEK) 0.19% 10.22154 Delayed Quote.1.60%
HASTINGS GROUP HOLDINGS PLC 0.00%End-of-day quote.39.29%
NORWEGIAN KRONER / SWEDISH KRONA (NOK/SEK) 0.13% 0.97487 Delayed Quote.1.52%
OCI COMPANY LTD. -3.39% 114000 End-of-day quote.22.58%
RAND MERCHANT INVESTMENT HOLDINGS LIMITED -0.64% 31.09 End-of-day quote.-3.00%
SAMPO CORPORATION -0.49% 30.3 End-of-day quote.16.31%
SAMPO OYJ 1.01% 41.03 Delayed Quote.17.50%
TOPDANMARK A/S -0.44% 318.2 Delayed Quote.20.97%
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Financials
Sales 2021 4 692 M 5 567 M 5 567 M
Net income 2021 1 606 M 1 906 M 1 906 M
Net Debt 2021 2 090 M 2 480 M 2 480 M
P/E ratio 2021 13,7x
Yield 2021 4,85%
Capitalization 22 558 M 26 760 M 26 763 M
EV / Sales 2021 5,25x
EV / Sales 2022 5,10x
Nbr of Employees 13 204
Free-Float 89,3%
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 40,62 €
Average target price 43,33 €
Spread / Average Target 6,68%
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Managers and Directors
Torbj÷rn Magnusson President & Group Chief Executive Officer
Knut Arne Alsaker Chief Financial Officer
Bj÷rn Arne Christer Wahlroos Chairman
John Patrick Sture Lapvetelńinen Group Chief Investment Officer
Risto Fredrik Murto Independent Director
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