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MarketScreener Homepage  >  Equities  >  Nasdaq Helsinki  >  Sampo Oyj    SAMPO   FI0009003305

SAMPO OYJ

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

11/04/2020 | 02:55am EDT
TIDMSAMPO 
 
 
   SAMPO PLC           INTERIM STATEMENT                        4 November 
2020 at 9:40 am 
 
   Sampo Group's Results for January -- September 2020 
 
   In the third quarter of 2020 Sampo Group's largest subsidiary, If P&C, 
again delivered an excellent technical result and, in addition, the 
market values of the investment assets continued to appreciate and 
approached the pre-COVID-19 levels. The Group's good result was 
supported by Nordea's strong development. Sampo Group's profit before 
taxes for January-September 2020 was EUR 1,054 million (1,073). The 
total comprehensive income, taking changes in the market value of assets 
into account, amounted to EUR 665 million (879) for January-September 
2020 and EUR 632 million (-116) for the third quarter of 2020 alone. 
 
   - Earnings per share were EUR 1.51 (1.38) and mark-to-market earnings 
per share was EUR 1.12 (1.44). Return on equity for the Group amounted 
to 7.0 per cent (9.2) for the first three quarters of 2020. The net 
asset value per share on 30 September 2020 was EUR 18.63 (18.90). 
 
   -If segment's profit before taxes amounted to EUR 616 million (655). The 
combined ratio for January -- September 2020 amounted to 82.4 per cent 
(84.3). The discount rate used to discount the annuity reserves in 
Finland was lowered from 0.95 per cent to 0.75 per cent. Excluding the 
discount rate reduction, the January-September 2020 combined ratio was 
80.9 per cent. Premiums grew by 5.2 per cent on a fixed currency basis. 
All business areas and all markets recorded growth. 
 
   -If P&C will pay a dividend of SEK 6,300 million (approx. EUR 600 
million) to Sampo plc in December 2020. 
 
   -Topdanmark segment's profit before taxes decreased to EUR 85 million 
(180) and the combined ratio deteriorated to 85.7 per cent (80.5). 
 
   -Nordea's performance in the third quarter of 2020 was strong. Sampo's 
share of Nordea's net profit for January-September 2020 amounted to EUR 
299 million (147). Nordea intends to pay out a dividend for the 
financial year 2019 and the Board will review the situation in the 
fourth quarter of 2020 in the light of any further European Central Bank 
communication. 
 
   -Profit before taxes for the Mandatum segment amounted to EUR 100 
million (212). For the first time in Mandatum Life's history the amount 
of with-profit reserves with higher guarantees of 4.5 and 3.5 per cent 
decreased below EUR 2.0 billion. 
 
   -Sampo and Rand Merchant Investment Holdings Limited (RMI) announced a 
recommended cash offer to acquire all issued and to be issued shares in 
Hastings Group Holdings Plc not currently owned or controlled by Sampo 
and RMI on 5 August 2020. The Offer is subject to certain conditions, 
including the receipt of certain regulatory and antitrust approvals. All 
of the conditions relating to regulatory and antitrust approvals have 
now been satisfied and a Court Hearing to sanction the Scheme is 
anticipated to be held on 13 November 2020. 
 
 
 
 
                                              Change,                      Change, 
KEY FIGURES               1-9/2020  1-9/2019        %  7-9/2020  7-9/2019        % 
------------------------  --------  --------  -------  --------  --------  ------- 
EURm 
------------------------  --------  --------  -------  --------  --------  ------- 
Profit before taxes          1,054     1,073       -2       485        92      425 
------------------------  --------  --------  -------  --------  --------  ------- 
 If                            616       655       -6       233       215        8 
------------------------  --------  --------  -------  --------  --------  ------- 
 Topdanmark                     85       180      -53        46        34       35 
------------------------  --------  --------  -------  --------  --------  ------- 
 Associates *)                 308         0        -       170      -227        - 
------------------------  --------  --------  -------  --------  --------  ------- 
 Mandatum                      100       212      -53        60        75      -20 
------------------------  --------  --------  -------  --------  --------  ------- 
 Holding (excl. 
  associates)                  -53        26        -       -25        -6     -333 
------------------------  --------  --------  -------  --------  --------  ------- 
Profit for the period          881       848        4       412        22    1,777 
------------------------  --------  --------  -------  --------  --------  ------- 
                                               Change                       Change 
------------------------  --------  --------  -------  --------  --------  ------- 
Earnings per share, EUR       1.51      1.38     0.13      0.70      0.01     0.69 
------------------------  --------  --------  -------  --------  --------  ------- 
EPS (based on OCI) EUR        1.12      1.44    -0.32      1.10     -0.24     1.34 
------------------------  --------  --------  -------  --------  --------  ------- 
NAV per share, EUR **)       18.63     20.71    -2.08         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
Average number of staff 
 (FTE)                      10,309     9,769      540         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
Group solvency ratio, 
 % **)                         214       167       47         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
RoE, %                         7.0       9.2     -2.2         -         -        - 
------------------------  --------  --------  -------  --------  --------  ------- 
 
 
   *) the valuation loss of EUR -155 million on distribution of Nordea 
shares in Q3/2019 is included in the comparison figures 
 
   **) 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=VtcZaM5XomdKrs_UGU9xP8y8ZGhiaK8OwGKsKrrHgfaX4z1FKH7w6hspoIZVcXPWiricSgVulA_u3L8A8v-ck-pGH4GtuBQC_DhogtIaG94= 
www.sampo.com/result. 
 
 
 
 
EXCHANGE RATES USED 
 IN REPORTING                1-9/2020  1-6/2020  1-3/2020  1-12/2019  1-9/2019 
---------------------------  --------  --------  --------  ---------  -------- 
EURSEK 
---------------------------  --------  --------  --------  ---------  -------- 
Income statement (average)    10.5622   10.6621   10.6649    10.5853   10.5679 
---------------------------  --------  --------  --------  ---------  -------- 
Balance sheet (at end 
 of period)                   10.5713   10.4948   11.0613    10.4468   10.6958 
---------------------------  --------  --------  --------  ---------  -------- 
DKKSEK 
---------------------------  --------  --------  --------  ---------  -------- 
Income statement (average)     1.4157    1.4280    1.4279     1.4183    1.4158 
---------------------------  --------  --------  --------  ---------  -------- 
Balance sheet (at end 
 of period)                    1.4197    1.4813    1.4813     1.3982    1.4326 
---------------------------  --------  --------  --------  ---------  -------- 
NOKSEK 
---------------------------  --------  --------  --------  ---------  -------- 
Income statement (average)     0.9857    0.9932    1.0195     1.0749    1.0816 
---------------------------  --------  --------  --------  ---------  -------- 
Balance sheet (at end 
 of period)                    0.9523    0.9618    0.9610     1.0591    1.0809 
---------------------------  --------  --------  --------  ---------  -------- 
EURDKK 
---------------------------  --------  --------  --------  ---------  -------- 
Income statement (average)     7.4581    7.4648    7.4714     7.4661    7.4644 
---------------------------  --------  --------  --------  ---------  -------- 
Balance sheet (at end 
 of period)                    7.4462    7.4526    7.4674     7.4715    7.4662 
---------------------------  --------  --------  --------  ---------  -------- 
 
 
   GROUP CEO'S COMMENT 
 
   Sampo Group is pleased to report strong results for the third quarter of 
2020. The largest profit contributor, If P&C, continued to deliver an 
excellent underwriting performance combined with healthy top-line growth 
above 5 per cent. In addition, investment results were supported by the 
capital market developments. The markets continued to be backed by 
policymakers and central banks, and the good liquidity together with the 
strong risk appetite led asset prices to recover towards the 
pre-COVID-19 levels. 
 
   Encouragingly, Nordea produced a solid set of numbers and increased both 
its efficiency and market shares. The bank exceeded investor 
expectations on virtually all lines and remains committed to meeting the 
financial targets 2022. Nordea's strong financial position also means 
that it is well-placed to pay out dividends. The bank intends to pay a 
dividend for the financial year 2019, given necessary regulatory 
approvals. 
 
   In addition to Nordea's dividend statement, I received confirmation this 
week that If P&C has decided to distribute a dividend of SEK 6,300 
million in December of this year. Topdanmark has also repeated its 
earlier commitment to pay the remainder of its 2019 dividend and with 
Mandatum having a very solid solvency position, I am confident that 
Sampo will have no cash flow issues as regards distributing a dividend 
in the spring in accordance with the dividend policy. 
 
   I am pleased to report that the recommended cash offer to acquire 
Hastings Group Holdings Plc, which Sampo made together with RMI on 5 
August 2020, is proceeding according to plan. The offer was approved by 

(MORE TO FOLLOW) Dow Jones Newswires

11-04-20 0255ET

Stocks mentioned in the article
ChangeLast1st jan.
DANISH KRONE / SWEDISH KRONA (DKK/SEK) -0.29% 1.3599 Delayed Quote.1.50%
EURO / DANISH KRONE (EUR/DKK) 0.00% 7.43697 Delayed Quote.-0.06%
EURO / SWEDISH KRONA (EUR/SEK) -0.28% 10.114 Delayed Quote.1.23%
HASTINGS GROUP HOLDINGS PLC 0.00%End-of-day quote.39.29%
NORDEA BANK ABP -1.41% 86.45 Delayed Quote.30.45%
NORWEGIAN KRONER / SWEDISH KRONA (NOK/SEK) -0.20% 1.00633 Delayed Quote.4.91%
OCI COMPANY LTD. 2.98% 121000 End-of-day quote.30.11%
OCI N.V. 1.13% 18.76 Real-time Quote.18.07%
RAND MERCHANT INVESTMENT HOLDINGS LIMITED 0.16% 30.45 End-of-day quote.-4.99%
SAMPO CORPORATION 1.48% 30.9 End-of-day quote.18.62%
SAMPO OYJ -0.77% 40.11 Delayed Quote.16.86%
TOPDANMARK A/S -0.86% 301 Delayed Quote.14.91%
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Financials
Sales 2021 4 658 M 5 575 M 5 575 M
Net income 2021 1 488 M 1 781 M 1 781 M
Net Debt 2021 2 702 M 3 233 M 3 233 M
P/E ratio 2021 14,9x
Yield 2021 4,86%
Capitalization 22 436 M 26 863 M 26 852 M
EV / Sales 2021 5,40x
EV / Sales 2022 5,25x
Nbr of Employees 13 178
Free-Float 89,4%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 41,24 €
Last Close Price 40,40 €
Spread / Highest target 16,8%
Spread / Average Target 2,09%
Spread / Lowest Target -12,6%
EPS Revisions
Managers and Directors
NameTitle
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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