Sampo Group´s results for January - March 2010

SAMPO PLC          INTERIM REPORT    5 May 2010 at 9.30 am SAMPO GROUP´S RESULTS FOR JANUARY - MARCH 2010 Strong earnings growth Sampo Group's profit before taxes for the first three months of 2010 rose to EUR 287 million (169). The total comprehensive income for the period, taking changes in the market value of assets into account, amounted to EUR 596 million (-59). * Earnings per share amounted to EUR 0.44 (0.23) and marked-to-market EPS was EUR 1.06 per share (-0.10). The return on equity for the Group rose to 30.1 per cent for the period (-5.1). * Net asset value per share amounted to EUR 16.12 (14.63). The fair value reserve after tax on the Group level increased to EUR 536 million (296). * The difficult winter conditions in the Nordic countries were reflected in the insurance technical performance of the P&C insurance operation and the combined ratio for the first quarter of 2010 rose to 98.2 per cent (94.2). The profit before taxes was EUR 125 million (144) and marked-to-market result EUR 308 million (69). Return on equity rose to 52.7 per cent (14.4). * In the life insurance operations the profit before taxes increased to EUR 36 million (27) and the marked-to-market result amounted to EUR 133 million (-32). The return on equity at market value improved significantly to 65.4 per cent (-52.0). * Nordea is accounted for as an associated company. In the segment reporting share of Nordea's net profit is included in the holding segment. The profit before taxes for the segment amounted to EUR 126 million (-21), of which Nordea's share was EUR 124 million. KEY FIGURES 1-3 1-3 Change EURm 2010 2009 % Profit before taxes 287 169 69   P&C insurance 125 144 -13   Life insurance 36 27 33   Associates (Nordea) 124 - -   Holding excl. associates 2 -21 - Profit for the period 245 127 93       Change Earnings per share, EUR 0.44 0.23 0.21 EPS, marked-to-market, EUR 1.06 -0.10 1.16 NAV per share, EUR *) 16.12 14.63 1.49 Average number of staff (FTE) 6,982 7,454 -472 Group solvency ratio, % *) 167.6 158.3 9.3 RoE, % 30.1 -5.1 35.2 *) comparison figure from 31.12.2009 The figures in this report are not audited. Income statement items are compared on a year-on-year basis whereas comparison figures for balance sheet items are from 31 December 2009 unless otherwise stated. BUSINESS AREAS P&C insurance If P&C is the leading property and casualty insurance company in the Nordic region, with insurance operations that also encompass the Baltic countries and Russia. The P&C insurance group's parent company, If P&C Insurance Holding Ltd, is located in Sweden, and the If subsidiaries provide insurance solutions and services in Finland, Sweden, Norway, Denmark, the Baltic countries and Russia. If's operations are divided into four business areas: Private, Commercial, Industrial and Baltic&Russia. Results 1-3 1-3 Change EURm 2010 2009 % Premiums 1,416 1,327 7 Net income from investments 117 102 15 Other operating income 5 5 -6 Claims incurred -710 -630 13 Change in insurance liabilities -467 -435 7 Staff costs -122 -106 15 Other expenses -108 -110 -2 Finance costs -7 -8 -8 Profit before taxes 125 144 -13 Key figures       Change Combined ratio, % 98.2 94.2 4.0 Risk ratio, % 74.8 70.7 4.1 Cost ratio, % 23.5 23.5 0.0 Expense ratio, % 16.9 17.2 -0.3 Return on equity, % 52.7 14.4 38.3 Average number of staff (FTE) 6,468 6,928 -460 In the first quarter of 2010 If P&C's technical result suffered from the extreme winter conditions in the Nordic countries. Extraordinary winter related claims amounted to roughly EUR 70 million. Despite adverse claims development marked-to-market result grew to EUR 308 million (69), because of favorable investment environment. Profit before taxes for P&C insurance for the first three months of 2010 decreased to EUR 125 million (144). The technical result was EUR 68 million (105). The technical result for Private business area amounted to EUR 27 million (50), Commercial EUR 24 million (30), Industrial EUR 15 million (17) and Baltic and Russia EUR 1 million (6). The decrease in the technical result, particularly in Business areas Private, Commercial and Baltics&Russia, was due to increased claims frequency in motor and property insurance caused by severe winter conditions increasing water, fire and motor claims. An exceptionally high number of winter related claims was reported to If P&C in the first quarter of 2010. The evaluation of their impact on If's reinsurance programs is underway. The completion of the review is expected to have a minor positive impact on If's technical result.  Insurance margin (technical result in relation to net premiums earned) decreased from the previous year to 7.2 (11.8). Return on equity (RoE) was high at 52.7 per cent (14.4) and the fair value reserve increased to EUR 238 million (105). The combined ratio for January - March 2010 was burdened by the extraordinary winter claims and deteriorated to 98.2 per cent (94.2). EUR 40 million (20) was released from the technical reserves related to prior year claims. Business area Industrial accounted for EUR 13 million of the increase from last year. In the Private business area the combined ratio increased to 99.6 (94.8). Higher claims frequency due to the severe winter conditions deteriorated the risk ratio to 75.9 per cent (71.0). In the Commercial business area risk ratio rose 2 percentage points to 73.6 per cent (71.6) and as the cost ratio remained stable the combined ratio weakened to 97.6 per cent (95.6). Large claims development in the Industrial business area was unfavorable, and despite the improvement in the cost ratio, the combined ratio rose to 94.0 per cent (92.8). In the Baltic&Russia business area the combined ratio deteriorated to 99.7 per cent (89.1) due to increased claims cost related to extraordinary winter. Norwegian and Danish operations were equally negatively hit by the severe winter and increased large claims costs. The combined ratios increased to 107.5 per cent (99.6) and to 110.2 per cent (85.6), respectively. Combined ratios for the Finnish and Swedish operations, however, improved, to 82.7 per cent (90.0) and to 94.6 per cent (95.3), respectively. Gross written premiums grew 6 per cent to EUR 1,507 million (1,422). However, adjusted for currency the premiums decreased 1.1 per cent. In the business area Private the premiums grew 3.2 per cent. In the Industrial business area the premiums were significantly affected by recessionary effects. The sharpest decrease was again felt in the business area Baltic&Russia, where the premiums dropped 21 per cent. The cost ratio was unchanged at 23.5 per cent despite the pressure on premium volume development. Adjusted for currency the costs decreased 1.1 per cent. In business areas Private and Industrial the cost ratio improved whereas in the business area Baltic&Russia it weakened. As at 31 March 2010, total investment assets amounted to EUR 11.3 billion (10.7) of which 87 per cent (89) was invested in fixed income instruments and 12 per cent (11) in equities. Net income from investments rose to EUR 117 million (102). Investment return for the first three months of 2010 was 2.8 per cent (0.5). Duration for interest bearing assets was 2.2 years (2.5). As at 31 March 2010 If P&C's solvency ratio (solvency capital in relation to net premiums written) amounted to 83 per cent (77). The solvency capital was EUR 3,305 million (2,943) in comparison to the regulatory minimum capital requirement of EUR 668 million. Reserving position continues to be strong with reserve ratio of 173 per cent (171) of net premiums written and 239 per cent (240) of claims paid. Life insurance Mandatum Life Group consists of Mandatum Life, a wholly-owned subsidiary of Sampo plc, operating in Finland, and its subsidiary Sampo Life Insurance Baltic SE, which has the form of a European company and is headquartered in Estonia. It operates in the other Baltic countries through branches. Results 1-3 1-3 Change EURm 2010 2009 % Premiums written 348 144 142 Net income from investments 214 50 328 Other operating income 0 0 -55 Claims incurred -208 -187 11 Change in liabilities for inv. and ins. contracts -292 45 - Staff costs -9 -7 39 Other operating expenses -14 -15 -9 Finance costs -2 -3 -6 Profit before taxes 36 27 33 Key figures       Change Expense ratio, % 127.8 131.2 -3.4 Return on equity, % 65.4 -52.0 117.4 Average number of staff (FTE) 461 471 -10 Mandatum Life's first quarter of 2010 was successful both in terms of profitability and sales. Marked-to-market result amounted to EUR 133 million (-32) and premium income rose 142 per cent to EUR 348 million. Profit before taxes in life insurance for January-March 2010 was EUR 36 million (27). Net investment income, excluding income on unit-linked contracts, amounted to EUR 74 million (67). Meanwhile, net income from unit-linked investments was EUR 140 million (-17). The fair value reserve increased to EUR 316 million from EUR 210 million at the end of 2009. Return on equity (RoE) in life insurance surged to 65.4 per cent (-52.0). Excluding the assets of EUR 2.7 billion (2.4) covering unit-linked liabilities, Mandatum Life Group's investment assets amounted to EUR 5.7 billion (5.4) at market values as at 31 March 2010. Fixed income represented 67 per cent (68), equity 25 per cent (23), private equity 4 per cent (4), real estate 3 per cent (3) and other assets 2 per cent (2) of the total assets. Return on investments during January - March 2010 was 3.9 per cent (-0.2). At the end of March 2010 the duration of fixed income assets was 2.6 years (2.6). Mandatum Life's solvency position improved further during the first quarter of 2010. Solvency margin was 4.8 times regulatory minimum and the company also exceeds clearly internal Economic Capital requirements. The solvency ratio was 21.4 (18.5). Mandatum Life Group's total technical reserves were EUR 7.1 billion (6.8), of which unit-linked reserves accounted for 2.6 billion (2.4). The share of unit-linked reserves of total technical reserves increased to 37 per cent (35). Expense ratio in Sampo Group's life operations improved to 127.8 per cent (131.2). This ratio does not take into account all fees intended to cover the operating expenses. Mandatum Life does not defer acquisition costs, which burdens the first year's result. Mandatum Life Group's premium income on own account grew significantly and amounted to EUR 348 million (144). The growth was strongest in unit-linked premiums and their share of total premiums increased to 69 per cent (64). All sales channels improved their performance compared to 2009 with the Wealth management and investment solutions unit posting strongest results. Premium income from the Baltic countries grew 108 per cent and was EUR 12.7 million (6.1). Mandatum Life's overall market share in Finland measured by premium income rose to 25.3 per cent (21.2) and market share in unit-linked business was 32.8 per cent (27.3). Unit-linked market share in the Baltic countries amounted to 32 per cent (17). The embedded value of Sampo Group's life business (excl. Baltics) grew to EUR 1,147 million (620) as at 31 December 2009. The value-in-force decreased to EUR 391 million (415) largely due to change in the tax receivables and a decrease in the investment margin assumptions. A detailed breakdown of VIF is presented in the Supplementary Financial Information published in connection to this report at www.sampo.com/result. Holding Sampo plc controls its subsidiaries engaged in P&C and life insurance. In addition Sampo plc held on 31 March 2010 approximately 20 per cent of the share capital of Nordea, the largest bank in the Nordic countries. Nordea is an associated company to Sampo plc. Results 1-3 1-3 Change EURm 2010 2009 % Net investment income 25 -6 - Other operating income 4 2 83 Staff costs -4 -2 78 Other operating expenses -3 -6 -55 Finance costs -20 -9 123 Share of associates' profit 124 - - Profit before taxes 126 -21 -       Change Average number of staff (FTE) 53 55 -2 The segment's profit before taxes amounted to EUR 126 million (-21), of which EUR 124 million relates to Sampo's share of Nordea's first quarter 2010 profit. The segment, excluding share of Nordea's profit, reported a profit, which was based on the positive marked-to-market effect from interest rate and cross currency swaps used in managing the risk profile of the debt portfolio. The strengthening of the Swedish krona was also beneficial as Sampo had part of its liquidity in Swedish krona. Sampo plc's holding in Nordea Bank was booked in the consolidated balance sheet at EUR 5.2 billion. The market value of the holding was EUR 6.0 billion at 31 March 2010. In addition the assets on Sampo plc's balance sheet as at 31 March 2010 included holdings in subsidiaries for EUR 2.4 billion (2.4). As at 31 March 2010 Sampo plc´s debt financing amounted to EUR 1,660 million, of which senior bonds and notes accounted for EUR 991 million and commercial papers EUR 525 million. Gross debt to Sampo plc's equity was 24 per cent (24). Associated company Nordea Bank On March 2010 Sampo plc held 817,968,606 Nordea shares corresponding to a holding of 20.3 per cent. The average price paid per share amounted to EUR 6.39. The closing price as at 31 March 2010 was EUR 7.29. As Sampo's holding exceeds 20 per cent Nordea is accounted as an associated company in Sampo Group's accounts since 31 December 2009. Sampo's share of Nordea's net profit is shown on the face of Sampo Group's profit and loss account on the line Share of associate´s profit/loss. The following text is based on Nordea's January - March 2010 interim report published on 28 April 2010. Nordea's first quarter 2010 result was significantly better than the previous quarter and also better than the strong first quarter of last year. Total income increased 7 per cent and expenses decreased 5 per cent from the previous quarter. Operating profit was up 48 per cent from the previous quarter, mainly due to higher net result from items at fair value, the restructuring costs in the fourth quarter and lower net loan losses. Risk-adjusted profit increased 27 per cent compared to the previous quarter and decreased 9 per cent compared to the first quarter last year. Net interest income decreased 5 per cent from the previous quarter. Total lending increased 4 per cent in the first quarter. Household lending volumes continued to increase with increasing market shares. Also corporate lending volumes increased in the quarter. The improved business environment has contributed to a decrease of loan losses and a stabilization of the growth of impaired loans. Net loan losses in 2010 are likely to be lower than in 2009. The loan loss ratio was 37 basis points, compared to 52 basis points in the fourth quarter. Credit quality continued to stabilize and impaired loans increased at a lower rate, 5 per cent from the fourth quarter. Net interest income held up well, due to strong customer-related performance, but is still subdued by the exceptionally low interest rates. To reach the ambitious targets for 2013, Nordea's focus is now on the prudent growth strategy and implementing the Group initiatives for growth, efficiency and a strong foundation. In its outlook for 2010, Nordea expects risk-adjusted profit to be lower in 2010 than in 2009, because of lower income in Treasury and Markets. However, net loan losses in 2010 are likely to be lower than in 2009. Credit quality continues to stabilize, in line with the macroeconomic recovery. The core tier 1 capital ratio, i.e. excluding hybrid loans, was 10.1 per cent excluding transition rules according to Basel II, the tier 1 capital ratio was 11.2 per cent and the total capital ratio was 13.6 per cent. Including transition rules, the core tier 1 capital ratio was 9.2 per cent, the tier 1 capital ratio was 10.1.per cent and the total capital ratio was 12.3 per cent. DEVELOPMENTS IN THE FIRST QUARTER OF 2010 Annual General Meeting The Annual General Meeting held on 13 April 2010 decided to distribute a dividend of EUR 1.00 per share for 2009. The record date for dividend payment was 16 April 2010 and the dividend was paid on 23 April 2010. The Annual General Meeting adopted the financial accounts for 2009 and discharged the Board of Directors and the Group CEO and President from liability for the financial year. The following members were re-elected to the Board of Directors: Tom Berglund, Anne Brunila, Veli-Matti Mattila, Eira Palin-Lehtinen, Jukka Pekkarinen, Christoffer Taxell, Matti Vuoria and Björn Wahlroos. At its organisational meeting, the Board elected Björn Wahlroos as Chairman and Matti Vuoria as Vice Chairman. The following members were elected to the Nomination and Compensation Committee: Veli-Matti Mattila, Eira Palin-Lehtinen, Christoffer Taxell, Matti Vuoria, and Björn Wahlroos. Tom Berglund, Jukka Pekkarinen and Christoffer Taxell were elected to the Audit Committee. The Annual General Meeting decided to pay the following fees to the members of the Board of Directors until the close of the 2011 Annual General Meeting: the Chairman of the Board will be paid EUR 160,000 per year, the Vice Chairman EUR 100,000 per year and the other members EUR 80,000 per year. After deduction of taxes and similar payments, approximately 50 per cent of the Board members' annual compensation will be paid in Sampo A shares and the rest in cash. The Annual General Meeting resolved to amend section 12 of the Articles of Association as a result of the amendments to Chapter 5, section 19 of the Finnish Limited Liability Companies Act that entered into force on 3 August 2009 and 31 December 2009. Personnel The number of full-time equivalent personnel in Sampo Group remained fairly stable during the first quarter of 2010. On 31 March 2010 the number of staff was 6,975 compared to 7,087 on 31 December 2009. The average number of employees in January - March amounted to 6,982 (7,454). Approximately 93 per cent of the Sampo Group staff - 6,454 employees - worked in P&C insurance on 31 March 2010. 1,747 employees worked in Finland; 1,845 in Sweden; 1,546 in Norway and 1,316 in Baltics and other countries. The number of personnel decreased slightly in each country due to reorganization of activities. Nearly 7 per cent of the Sampo Group staff - 469 employees - worked in life insurance. Life insurance operations had 363 employees in Finland and 106 employees in Baltics. Recruiting of new staff into the Wealth Management and Investment Solutions, Corporate Sales and IT units increased the number of staff by nearly four per cent. Approximately 1 per cent the Sampo Group staff - 52 employees - worked in the holding company Sampo plc. There were no changes in the number of staff. Management incentive schemes The management incentive schemes of Sampo Group are of two types; long-term management incentive schemes based on share appreciation rights and one share-based incentive scheme. The outcome of the long-term management incentive schemes is determined by Sampo's share-price development over a period of approximately three years starting from the issue of the respective program. The programs are subject to thresholds on share price development and company profitability, as well as ceilings for maximum bonuses. Furthermore, the programs are subject to rules requiring part of the paid bonus to be used to acquire Sampo shares, which must in turn be held for a specified period of time. In 2006, Sampo's Annual General Meeting decided on a share-based incentive scheme for the Executive Management belonging to the Group Executive Committee. Under the program, the participants are granted the right to receive up to a pre-determined number of Sampo shares, if Sampo's share price has outperformed a predefined threshold value and insurance margin targets have been exceeded. The bonus will be paid in Sampo shares, in cash or a combination thereof. Furthermore, the programs are subject to lock-up on Sampo shares received. Payments based on the long-term management incentive schemes in the first quarter of 2010 amounted to EUR 2 million (0). No payments were made on the basis of the share-based incentive scheme 2006 (0). The terms of all incentive schemes are available on Sampo's web pages at www.sampo.com/compensation. Shares and share capital As at 31 March 2010, Sampo plc had 561,372,390 shares, which were divided into 560,172,390 A shares and 1,200,000 B shares. Sampo plc held 90,000 of its own A shares corresponding to 0.02 per cent of the total number of shares and voting rights. The shares were purchased at an average price of EUR 16.53 per share and the total amount paid for the shares was EUR 1.5 million. The shares were purchased in late 2009 under the authorization received in the AGM of 2009. The other Group companies held no shares in the parent company. The Annual General Meeting of 2010 authorised the Board to acquire in one or several lots a maximum of 50,000,000 Sampo A shares. Shares can be repurchased in other proportion than the shareholders' proportional shareholdings (private repurchase). The share price will be no higher than the highest price paid for Sampo shares in public trading at the time of purchase. The authorisation will be valid until the close of the next Annual General Meeting, nevertheless not more than 18 months after AGM's decision. Internal dividends In the first quarter of 2010 no dividends were paid to Sampo plc by its insurance subsidiaries. After the end of the reporting period, Sampo plc received on 13 April 2010 a dividend of EUR 103 million (SEK 1,000 million) from If P&C Insurance Holding. In addition the associated company Nordea Bank AB paid on 8 April 2010 Sampo plc a dividend amounting to EUR 204 million. Ratings All the main ratings for Sampo Group companies remained unchanged in the first quarter of 2010. +------------------------------+------------------+---------------------+ | Rated company | Moody's | Standard and Poor's | +------------------------------+--------+---------+-----------+---------+ |   | Rating | Outlook |  Rating | Outlook | +------------------------------+--------+---------+-----------+---------+ | Sampo plc | Baa2 | Stable | Not rated | - | +------------------------------+--------+---------+-----------+---------+ | If P&C Insurance Ltd | | | | | | (Sweden) | A2 | Stable | A | Stable | +------------------------------+--------+---------+-----------+---------+ | If P&C Insurance Company Ltd | | | | | | (Finland) | A2 | Stable | A | Stable | +------------------------------+--------+---------+-----------+---------+ Group solvency Sampo Group, with Nordea Bank AB (publ) as its associated company, is regarded as a financial and insurance conglomerate according to the Act on the Supervision of Financial and Insurance Conglomerates (2004/699). Group solvency has been calculated according to Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates (2004/699). The Act is based on Directive 2002/87/EC of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment. SAMPO GROUP SOLVENCY 31 March 2010 31 December 2009 EURm Group capital 8,219 7,613 Sectoral items 1,832 1,545 Intangibles and other deductibles -2,373 -2,314 Dividends -702 -561 Group's own funds, total 6,977 6,283 Minimum requirements for own funds, total 4,162 3,968 Group solvency 2,815 2,315 Group solvency ratio (Own funds % of minimum requirements) 167.6 158.3 The Group's solvency ratio (own funds in relation to minimum requirements for own funds) was 167.6 per cent (158.3) as at 31 March 2010. Nordea is treated as an associated company in the solvency calculation and the part of Nordea's capital requirement corresponding to Sampo's holding in Nordea is taken into account in the Group's capital requirement. In Sampo Group solvency is assessed internally by comparing the capital required to the capital available. Capital requirement assessment is based on an economic capital framework, in which Group companies quantify the amount of capital required for measurable risks over a one year time horizon at 99.5 per cent´s confidence level. In addition to economic capital companies are assessing their capital need related to non-measurable risks like risks in business environment. Capital available or Adjusted Solvency Capital include regulatory capital and in addition other loss absorbing items like the effect of discounting technical reserves and other reserves excluded from regulatory capital. The economic capital tied up in Group's operations on 31 March 2010 was EUR 4,024 million (3,783) and adjusted solvency capital was EUR 7,608 million (7,077). OUTLOOK FOR THE REST OF 2010 The recovery of the global economy continued to gather pace in the first quarter of 2010. Expectations of improving corporate earnings bolstered investor confidence resulting in fairly benign capital market conditions. Sampo Group is expected to report a good result for 2010 with a continuing good profitability of its insurance operations supported by the share of Nordea's profit. If P&C is expected to reach its long-term combined ratio target of below 95 per cent in 2010 despite the difficult winter conditions in the first quarter of 2010. Profit is expected to remain on a very good level. The macro economic situation will continue to dampen the premium growth but has a limited impact on profitability. Mandatum Life's marked-to-market profit is highly dependent on capital markets and is expected to remain good. Reported profit is foreseen to reach year 2009 level. The company seeks further growth in the unit-linked volumes. The associated company, Nordea Bank AB, is expected to contribute significantly to the Group profit in 2010. SAMPO PLC Board of Directors For more information, please contact: Peter Johansson, Group CFO, tel. +358 10 516 0010 Jarmo Salonen, Head of Investor Relations and Group Communications, tel. +358 10 516 0030 Maria Silander, Press Officer, tel. +358 10 516 0031 Sampo will arrange a telephone conference for investors and analysts at 4 pm Finnish time (2 pm UK time). The call is held in English. Please call +44 207 162 0025 (Europe) or +1 334 323 6201 (North America). Please be ready to state the conference ID '862905', the conference title 'Sampo plc 2010/Q1 release' and the password 'SAMPO'. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/result. A recorded version will later be available at the same address. In addition, Group CEO and President Kari Stadigh's video interview and Supplementary Financial Information are available at www.sampo.com/result. Sampo will publish the second quarter 2010 interim report on 11 August 2010. DISTRIBUTION: NASDAQ OMX Helsinki The principal media Financial Supervisory Authority www.sampo.com < http://www.sampo.com/> GROUP FINANCIAL REVIEW FINANCIAL HIGHLIGHTS   1-3/2010 1-3/2009 GROUP Profit before taxes EURm 287 169 Return on equity (at fair value) % 30.1 -5.1 Return on assets (at fair value) % 12.6 0.0 Equity/assets ratio % 28.7 21.0 Group solvency ¹) EURm 2,815 2,598 Group solvency ratio % 167.6 424.0 Average number of staff   6,982 7,454 PROPERTY & CASUALTY INSURANCE Premiums written before reinsurers' share EURm 1,507 1,422 Premiums earned EURm 949 892 Profit before taxes EURm 125 144 Return on equity (at current value) % 52.7 14.4 Risk ratio ²) % 74.8 70.7 Cost ratio ²) % 23.5 23.5 Loss ratio ²) % 82.9 78.7 Loss ratio excl. unwinding of discount ²) % 81.3 77.0 Expense ratio ²) % 16.9 17.2 Combined ratio % 99.8 95.9 Combined ratio excl. unwinding of discount % 98.2 94.2 Average number of staff   6,468 6,928 LIFE INSURANCE Premiums written before reinsurers' share EURm 351 147 Profit before taxes EURm 36 27 Return on equity (at current value) % 65.4 -52.0 Expense ratio % 127.8 131.2 Average number of staff   461 471 HOLDING Profit before taxes EURm 126 -21 Average number of staff   53 55 PER SHARE KEY FIGURES Earnings per share EUR 0.44 0.23 Earnings per share, incl. other comprehensive income EUR 1.06 -0.10 Capital and reserves per share EUR 14.64 8.15 Net asset value per share EUR 16.12 8.17 Adjusted share price, high EUR 19.85 14.75 Adjusted share price, low EUR 16.90 8.63 Market capitalisation EURm 11,024 6,242 ¹)  The Group solvency is calculated according to the consolidation method defined inChapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates (2004/699). In the comparison year the solvency was calculated based on adjusted solvency calculations for insurance groups according to the Decree of the Ministry of Social Affairs and Health (1106/2000), determined on the basis of the Group financial statements. ²) The key figures for P&C Insurance are based on activity based costs and cannot, therefore, be calculated directly from the consolidated income statement. The result analysis of P&C insurance is presented in note 13. In calculating the per share key figures, the number of shares used at the balance sheet date and as the average number of shares was 561,282,390. The 90,000 treasury shares held by Sampo plc at the balance sheet date have been deducted from both numbers of shares. The valuation differences on investment property have been taken into account in calculating the return on assets, return on equity, equity/assets ratio and net asset value per share. The tax component includes the tax corresponding to the result for the period, and the deferred tax liability related to valuation differences on investment property. The total comprehensive income has been used in the calculation of the return on assets and return on equity. The key figures for the insurance business have been calculated in accordance with the decree issued by the Ministry of Finance and the specifying regulations and instructions of the Finance Supervisory Authority (former Insurance Supervisory Authority). CALCULATION OF KEY FIGURES Return on equity (fair values), % + total comprehensive income + change in valuation differences on investments - tax (incl. change in deferred tax relating to valuation differences on investments)   x 100 % + total equity + valuation differences on investments after deduction of deferred tax (average of values 1 Jan. and the end of reporting period) Return on assets (at fair values), % + operating profit + other comprehensive income before taxes + interest and other financial charges + calculated interest on technical provisions + change in valuation differences on investments x 100 % ------------------------------------------------------------------------- + balance sheet total -  technical provisions relating to unit-linked insurance + valuation differences on investments (average of values on 1 Jan. and the end of the reporting period) Equity/assets ratio (at fair values), % + total equity + valuation differences on investments after deduction of deferred tax x 100 % ------------------------------------------------------------------------- + balance sheet total + valuation differences on investments Risk ratio for P&C Insurance, % + claims incurred - claims settlement expenses x 100 % ------------------------------------------------------------------------- insurance premiums earned Cost ratio for P&C Insurance, % + operating expenses + claims settlement expenses x 100 % ------------------------------------------------------------------------- insurance premiums earned Loss ratio for P&C Insurance, % claims incurred x 100 % ------------------------------------------------------------------------- insurance premiums earned Expense ratio for P&C Insurance, % operating expenses x 100 % ------------------------------------------------------------------------- insurance premiums earned Combined ratio for P&C Insurance, % Loss ratio + expense ratio Expense ratio for life insurance, % + operating expenses before change in deferred acquisition costs + claims settlement expenses x 100 % ------------------------------------------------------------------------- expense charges Per share key figures Earnings per share profit for the financial period attributable to the parent company's equity holders ------------------------------------------------------------------------- adjusted average number of shares Equity per share equity attributable to the parent company's equity holders ------------------------------------------------------------------------- adjusted number of shares at the balance sheet date Net asset value per share + equity attributable to the parent company's equity holders + valuation differences on listed associates in the Group + valuation differences after the deduction of deferred taxes ------------------------------------------------------------------------- adjusted number of shares at balance sheet date Market capitalisation   number of shares at the balance sheet date x closing share price at the balance sheet date GROUP QUARTERLY INCOME STATEMENT 1-3/ 10-12/ 7-9/ 4-6/ 1-3/ EURm 2010 2009 2009 2009 2009 Insurance premiums written 1,764 1,077 896 1,036 1,470 Net income from investments 354 259 348 384 165 Other operating income 3 6 6 5 3 Claims incurred -918 -792 -767 -729 -818 Change in liabilities for insurance and investment contracts -759 -61 -17 -165 -390 Staff costs -135 -134 -136 -125 -115 Other operating expenses -121 -130 -115 -122 -129 Finance costs -25 -25 -23 -21 -17 Share of associates' profit/loss 124 0 0 0 0 Profit for the period before taxes 287 199 192 264 169 Taxes -41 -51 -44 -46 -42 Profit for the period 245 148 148 217 127 Other comprehensive income for the period Exchange differences on translating foreign operations 83 -8 102 17 10 Available-for-sale financial assets 328 -189 1,549 1,875 -247 Cash flow hedges -2 -3 1 -8 8 Share of other comprehensive income of associates 27 - - - - Income tax relating to components of other comprehensive income -85 -50 -175 -143 42 Other comprehensive income for the period, net of tax 351 -250 1,477 1,741 -186 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 596 -102 1,624 1,959 -59 Profit attributable to   Owners of the parent 245 148 148 217 127   Non-controlling interests 0 0 0 0 0 Total comprehensive income attributable to   Owners of the parent 596 -101 1,625 1,958 -59   Non-controlling interests 0 0 0 0 0 CONSOLIDATED COMPREHENSIVE INCOME STATEMENT EURm Note 1-3/2010 1-3/2009 Insurance premiums written 1 1,764 1,470 Net income from investments 2 354 165 Other operating income   3 3 Claims incurred 3 -918 -818 Change in liabilities for insurance and investment contracts   -759 -390 Staff costs 4 -135 -115 Other operating expenses   -121 -129 Finance costs   -25 -17 Share of associates' profit/loss   124 0 Profit before taxes   287 169 Taxes   -41 -42 Profit for the period   245 127 Other comprehensive income for the period Exchange differences   83 10 Available-for-sale financial assets   328 -247 Cash flow hedges   -2 8 Share of other comprehensive income of associates   27 - Income tax relating to components of other comprehensive income   -85 42 Other comprehensive income for the period, net of tax   351 -186 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   596 -59 Profit attributable to   Owners of the parent   245 127   Non-controlling interests   0 0 Total comprehensive income attributable to   Owners of the parent   596 -59   Non-controlling interests   0 0 Basic earnings per share (eur)   0.44 0.23 CONSOLIDATED BALANCE SHEET EURm Note 03/2010 12/2009 Assets Property, plant and equipment   33 34 Investment property   123 124 Intangible assets 5 717 688 Investments in associates   5,193 5,172 Financial assets 6, 7 16,397 15,479 Investments related to unit-linked insurance contracts 8 2,656 2,366 Tax assets   60 81 Reinsurers' share of insurance liabilities   479 481 Other assets   2,193 1,439 Cash and cash equivalents   832 771 Total assets   28,683 26,635 Liabilities Liabilities for insurance and investment contracts 9 13,803 13,014 Liabilities for unit-linked insurance and investment contracts 10 2,645 2,359 Financial liabilities 11 2,185 2,098 Tax liabilities   592 500 Provisions   33 35 Employee benefits   101 104 Other liabilities   1,104 912 Total liabilities   20,463 19,022 Equity Share capital   98 98 Reserves   1,530 1,530 Retained earnings   6,144 5,889 Other components of equity   446 96 Equity attributable to owners of the parent   8,219 7,613 Non-controlling interests   0 0 Total equity   8,219 7,613 Total equity and liabilities   28,683 26,635 STATEMENTS OF CHANGES IN EQUITY, IFRS Share Invested Translation Share premium Legal unrestricted Retained of foreign Available-for-sale Cash flow EURm capital account reserve equity earnings operations financial assets*) hedges**) Total Equity at 1 Jan. 2009 98 1,161 370 - 5,614 -249 -2,375 11 4,631 Changes in equity Share-based payments         0       0 Total comprehensive income for the period       127 10 -191 -6 -59 Equity at 31 March 2009 98 1,161 370 - 5,742 -238 -2,566 6 4,573 Equity at 1 Jan. 2010 98 0 4 1,527 5,889 -200 287 9 7,613 Changes in equity Share-based payments         -1       -1 Other changes         11       11 Total comprehensive income for the period       245 110 242 -2 596 Equity at 31 March 2010 98 0 4 1,527 6,144 -89 529 7 8,219 *) The amount recognised in equity from available-for-sale financial assets for the period totalled EURm 283 (-233).  The amount transferred to p/l amounted to EURm -41 (42). **) The amount recognised in equity from cash flow hedges for the period totalled EURm -2 (-7). The amount transferred to p/l amounted to EURm - (1). The total comprehensive income includes also the share of the associate Nordea's other comprehensive income,in accordance with the Group's share holding. As Nordea's other comprehensive income comprise mainly the currency hedging of net investments and exchange differences, the Group's share of Nordea's other comprehensive income EURm 27 is also included in the Group's exchange differences in the statement of changes in equity. The amount included in the translation, available-for-sale and cash flow hedge reserves represent other comprehensive income for each component, net of tax. STATEMENT OF CASH FLOWS   1-3/2010 1-3/2009 Cash and cash equivalent at the beginning of the period 761 499 Cash flow from/used in operating activities -27 928 Cash flow from/used in investing activities 138 -408 Cash flow from/used in financing activities -54 29    Increase of liabilities 409 29    Decrease of liabilities -463 - Cash and cash equivalent at the end of the period 819 1,048 The cash flow statement reports cash flows during the period classified by operating, investing and financing activities. Cash flows are reported by using the indirect method. Cash flows from operating activities derive primarily from the principal revenue-producing activities. Cash flows from investments in subsidiaries and associated undertakings and those from investments in intangible assets and property, plant and equipment are presented in investing activities. Financing activities include cash flows resulting from changes in equity and borrowings in order to conduct the business. Cash and cash equivalents consist of cash at bank and in hand and short-term deposits (under 3 months). NOTES ACCOUNTING POLICIES Sampo Group's consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU. The interim financial statements are presented in accordance with IAS 34 Interim Financial Reporting. In preparing the interim financial statements, the same accounting policies and methods of computation are applied as in the financial statements for 2009. Sampo adopted various new or revised standards and interpretations at the beginning of the year 2010. These standards and interpretations are explained in Sampos accounting policies for the financial year 2009. The financial statements are available on Sampo's website at www.sampo.com/result. The most significant of the adopted standards is the revised IFRS 3 Business combinations. The standard includes various significant changes regarding the accounting treatment of business combinations by allowing the company to measure the non-controlling interest at fair value instead of the proportionate interest in the acquiree's net assets. The choice affects the amounts of recognised goodwill and non-controlling interest. CONSOLIDATED INCOME STATEMENT BY SEGMENT FOR THREE MONTHS ENDED 31 MARCH 2010 EURm P&C insurance Life insurance Holding Elimina-tion Group Insurance premius written 1,416 348 - - 1,764 Net income from investments 117 214 25 -2 354 Other operating income 5 0 4 -6 3 Claims incurred -710 -208 - - -918 Change in liabilities for insurance and investment contracts -467 -292 - - -759 Staff costs -122 -9 -4 - -135 Other operating expenses -108 -14 -3 3 -121 Finance costs -7 -2 -20 4 -25 Share of associates' profit/loss 0 0 124 - 124 Profit before taxes 125 36 126 0 287 Taxes -33 -8 -1 0 -41 Profit for the period 92 27 126 0 245 Other comprehensive income for the period Exchange differences 83 0 - - 83 Available-for-sale financial assets 181 145 2 0 328 Cash flow hedges - -2 - - -2 Share of other comprehensive income of associates - - 27 - 27 Income tax relating to components of other comprehensive income -47 -37 0 0 -85 Other comprehensive income for the period, net of tax 216 106 29 0 351 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 308 133 154 0 596 Profit attributable to   Owners of the parent         245   Non-controlling interests         0 Total comprehensive income attributable to   Owners of the parent         596   Non-controlling interests         0 CONSOLIDATED INCOME STATEMENT BY SEGMENT FOR THREE MONTHS ENDED 31 MARCH 2009 EURm P&C insurance Life insurance Holding Elimina-tion Group Insurance premius written 1,327 144 - - 1,470 Net income from investments 102 50 -6 19 165 Other operating income 5 0 2 -5 3 Claims incurred -630 -187 - - -818 Change in liabilities for insurance and investment contracts -435 45 - - -390 Staff costs -106 -7 -2   -115 Other operating expenses -110 -15 -6 3 -129 Finance costs -8 -3 -9 2 -17 Share of associates' profit/loss 0 0 - - 0 Profit before taxes 144 27 -21 19 169 Taxes -36 -6 6 -5 -42 Profit for the period 108 21 -16 14 127 Other comprehensive income for the period Exchange differences 10 0 - - 10 Available-for-sale financial assets -67 -79 -82 -19 -247 Cash flow hedges - 8 - - 8 Income tax relating to components of other comprehensive income 17 18 2 5 42 Other comprehensive income for the period, net of tax -39 -53 -80 -14 -186 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 69 -32 -96 0 -59 Profit attributable to   Owners of the parent         127   Non-controlling interests         0 Total comprehensive income attributable to   Owners of the parent         -59   Non-controlling interests         0 CONSOLIDATED BALANCE SHEET BY SEGMENT AT 31 MARCH 2010 Life EURm P&C insurance insurance Holding Elimina-tion Group Assets Property, plant and equipment 22 5 5 - 33 Investment property 28 86 10 - 123 Intangible assets 550 167 0 - 717 Investments in associates 9 0 5,184 - 5,193 Financial assets 10,715 5,449 2,772 -2,538 16,397 Investments related to unit-linked insurance contracts - 2,656 - - 2,656 Tax assets 50 0 10 1 60 Reinsurers' share of insurance liabilities 475 4 - - 479 Other assets 1,710 177 332 -26 2,193 Cash and cash equivalents 550 99 183 - 832 Total assets 14,108 8,643 8,496 -2,564 28,683 Liabilities Liabilities for insurance and investment contracts 9,332 4,472 - - 13,803 Liabilities for unit-linked insurance and investment contracts - 2,645 - - 2,645 Financial liabilities 571 120 1,660 -166 2,185 Tax liabilities 456 136 - 0 592 Provisions 33 - - - 33 Employee benefits 101 - - - 101 Other liabilities 748 244 138 -26 1,104 Total liabilities 11,241 7,616 1,798 -192 20,463 Equity Share capital         98 Reserves         1,530 Retained earnings         6,144 Other components of equity         446 Equity attributable to owners of the parent         8,219 Non-controlling interests         0 Total equity         8,219 Total equity and liabilities         28,683 CONSOLIDATED BALANCE SHEET BY SEGMENT AT 31 DECEMBER 2009 Life EURm P&C insurance insurance Holding Elimina-tion Group Assets Property, plant and equipment 23 5 5 - 34 Investment property 28 87 10 - 124 Intangible assets 521 167 0 - 688 Investments in associates 3 0 5,168 - 5,172 Financial assets 10,248 5,216 2,554 -2,538 15,479 Investments related to unit-linked insurance contracts - 2,366 - - 2,366 Tax assets 71 - 11 0 81 Reinsurers' share of insurance liabilities 477 4 - - 481 Other assets 1,265 133 76 -36 1,439 Cash and cash equivalents 292 68 412 - 771 Total assets 12,927 8,047 8,235 -2,574 26,635 Liabilities Liabilities for insurance and investment contracts 8,583 4,431 - - 13,014 Liabilities for unit-linked insurance and investment contracts - 2,359 - - 2,359 Financial liabilities 524 132 1,609 -166 2,098 Tax liabilities 403 97 - - 500 Provisions 35 - - - 35 Employee benefits 104 - - - 104 Other liabilities 719 134 95 -36 912 Total liabilities 10,367 7,153 1,703 -202 19,022 Equity Share capital         98 Reserves         1,530 Retained earnings         5,889 Other components of equity         96 Equity attributable to owners of the parent         7,613 Non-controlling interests         0 Total equity         7,613 Total equity and liabilities         26,635 OTHER NOTES 1 INSURANCE PREMIUMS P&C insurance   1-3/2010 1-3/2009 Premiums from insurance contracts Premiums written, direct insurance 1,487 1,396 Premiums written, assumed reinsurance 20 26 Premiums written, gross 1,507 1,422 Ceded reinsurance premiums written -91 -96 P&C Insurance, total 1,416 1,327 Change in unearned premium provision -511 -479 Reinsurers' share 45 44 Premiums earned for P&C Insurance, total 949 892 Life insurance   1-3/2010 1-3/2009 Premiums from insurance contracts Premiums from contracts with discretionary participation feature 111 54 Premiums from unit-linked contracts 101 50 Premiums from other contracts 1 1 Insurance contracts, total 213 104 Assumed reinsurance 1 0 Premiums from investment contracts Premiums from contracts with discretionary participation feature 0 - Premiums from unit-linked contracts 137 43 Investment contracts, total 137 43 Reinsurers' shares -3 -4 Life insurance, total 348 144 Single and regular premiums from direct insurance Regular premiums, insurance contracts 110 82 Single premiums, insurance contracts 103 22 Single premiums, investment contracts 137 43 Total 350 147 Group, total 1,764 1,470 2 NET INCOME FROM INVESTMENTS P&C Insurance   1-3/2010 1-3/2009 Financial assets Derivative financial instruments 4 44 Financial assets designated as at fair value through p/l     Debt securities 4 6     Equity securities 2 0 Total 6 6 Loans and receivables 3 5 Financial asset available-for-sale     Debt securities 112 73     Equity securities 9 -9 Total 121 64 Total financial assets 134 119 Income from other assets 0 0 Fee and commission expense -2 -2 Expense on other than financial liabilities -1 -1 Effect of discounting annuities -15 -15 P&C insurance, total 117 102 Life insurance   1-3/2010 1-3/2009 Financial assets Derivative financial instruments -31 16 Financial assets designated as at fair value through p/l     Debt securities 3 1     Equity securities 0 0 Total 3 1 Investments related to unit-linked contracts     Debt securities 21 1     Equity securities 120 -17     Loans and receivables 0 0     Other financial assets -1 -1 Total 140 -17 Loans and receivables 3 3 Financial asset available-for-sale     Debt securities 58 56     Equity securities 37 -10 Total 95 45 Total income from financial assets 211 48 Other assets 1 2 Fee and commission income, net 2 0 Life insurance, total 214 50 Holding   1-3/2010 1-3/2009 Financial assets Derivative financial instruments 14 0 Loans and other receivables 9 1 Financial assets available-for-sale     Debt securities 2 12     Equity securities 0 -18 Total 2 -7 Other assets 0 0 Fee income, net 0 0 Holding, total 25 -6 Elimination items between segments -2 19 Group, total 354 165 3  CLAIMS INCURRED P&C insurance 1-3/2010 1-3/2009 Claims paid -726 -629 Reinsurers' share 60 34 Claims paid, net -667 -595 Change in provision for claims outstanding 23 -10 Reinsurers' share -66 -25 P&C Insurance total -710 -630 Life insurance 1-3/2010 1-3/2009 Claims paid -176 -149 Reinsurers' share 3 3 Claims paid, net -174 -146 Change in provision for claims outstanding -35 -41 Reinsurers' share 0 0 Life insurance, total -208 -187 Group, total -918 -818 4 STAFF COSTS P&C insurance 1-3/2010 1-3/2009 Wages and salaries -88 -78 Granted cash-settled share options 0 0 Pension costs -15 -15 Other social security costs -18 -13 P&C insurance, total -122 -106 Life insurance 1-3/2010 1-3/2009 Wages and salaries -6 -5 Granted cash-settled share options -1 0 Pension costs -1 -1 Other social security costs -1 0 Life insurance, total -9 -7 Holding 1-3/2010 1-3/2009 Wages and salaries -2 -2 Granted cash-settled share options -1 0 Pension costs 0 0 Other social security costs 0 0 Holding, total -4 -2 Group, total -135 -115 5 INTANGIBLE ASSETS P&C insurance 03/2010 12/2009 Goodwill 535 506 Customer relations 5 6 Other intangible assets 10 8 P&C Insurance, total 550 521 Life insurance 03/2010 12/2009 Goodwill 153 153 Other intangible assets 14 14 Life insurance, total 167 167 Holding 03/2010 12/2009 Other intangible assets 0 0 Group, total 717 688 6 FINANCIAL ASSETS P&C insurance   03/2010 12/2009 Derivative financial instruments (Note 7) 46 84 Financial assets designated as at fair value through p/l    Debt securities 137 136    Equity securities 21 27 Total 158 163 Loans and receivables    Loans 51 2    Deposits with ceding undertakings 1 1 Total 52 3 Financial assets available-for-sale    Debt securities 9,030 8,797    Equity securities 1,428 1,201 Total 10,458 9,998 P&C insurance, total 10,715 10,248 Life insurance   03/2010 12/2009 Derivative financial instruments (Note 7) 68 66 Financial assets designated as at fair value through p/l    Debt securities 46 46    Equity securities 11 4 Total 58 50 Loans and receivables    Loans 26 24    Deposits with ceding undertakings 2 2 Total 28 26 Financial assets available-for-sale    Debt securities 3,325 3,289    Equity securities *) 1,971 1,785 Total 5,296 5,074 Life insurance, total 5,449 5,216 *) of which investments in interest funds 124 157 Holding   03/2010 12/2009 Derivative financial instruments (Note 7) 28 12 Loans and receivables    Deposits 1 1 Financial assets available-for-sale    Debt securities 337 135    Equity securities 37 36 Total 374 172 Investments in subsidiaries 2,370 2,370 Holding, total 2,772 2,554 Elimination items between segments -2,538 -2,538 Group, total 16,397 15,479 7 DERIVATIVE FINANCIAL INSTRUMENTS P&C insurance   03/2010     12/2009 Fair Fair     value Fair value   value Fair value Contract/ Contract/ notional notional   amount Assets Liabilities amount Assets Liabilities Derivatives held for trading Interest rate derivatives 1 208 15 2 849 22 0 Foreign exchange derivatives 3 856 30 133 3 365 62 88 Equity derivatives 64 1 - 1 - 0 Total 5 128 46 135 4 215 84 88 Derivatives held for hedging Fair value hedges 199 0 0 217 0 0 P&C Insurance, total 5 327 46 135 4 432 84 89 Life insurance   03/2010     12/2009 Fair Fair     value Fair value   value Fair value Contract/ Contract/ notional notional   amount Assets Liabilities amount Assets Liabilities Derivatives held for trading Interest rate derivatives 1 640 43 4 1 406 51 3 Foreign exchange derivatives 962 8 8 852 4 29 Commodity derivatives 89 6 4 14 - 0 Total 2 691 56 17 2 272 54 32 Derivatives held for hedging Cash flow hedges 118 12 - 365 12 - Fair value hedges 325 0 3 227 - - Total 443 12 3 591 12 - Life insurance, total 3 134 68 20 2 863 66 32 Holding   03/2010     12/2009 Fair Fair     value Fair value   value Fair value Contract/ Contract/ notional notional   amount Assets Liabilities amount Assets Liabilities Derivatives held for trading Interest rate derivatives 975 22 - 975 7 - Exchange derivatives 38 1 0 48 1 0 Equity derivatives 54 5 8 42 4 7 Total 1 068 28 8 1 065 12 7 8 INVESTMENTS RELATED TO UNIT-LINKED INSURANCE Life insurance   03/2010 12/2009 Financial assets as at fair value through p/l Debt securities 454 365 Equity securities 2,103 1,923 Loans and receivables 85 70 Derivatives 12 8 Life insurance, total 2,656 2,366 9 LIABILITIES FOR INSURANCE AND INVESTMENT CONTRACTS P&C insurance   03/2010 12/2009 Insurance contracts Provision for unearned premiums 2,224 1,668 Provision for claims outstanding 7,108 6,915 P&C Insurance, total 9,332 8,583 Reinsurers' share Provision for unearned premiums 96 49 Provision for claims outstanding 379 428 P&C Insurance, total 475 477 Life insurance   03/2010 12/2009 Insurance contracts Liabilities for contracts with DPF    Provision for unearned premiums 2,527 2,513    Provision for claims outstanding 1,877 1,844 Total 4,404 4,358 Liabilities for contracts without DPF    Provision for unearned premiums 13 13    Provision for claims outstanding 0 0 Total 14 13 Total 4,418 4,371 Assumed reinsurance    Provision for unearned premiums 1 1    Provision for claims outstanding 2 2 Total 3 3 Insurance contracts, total Provision for unearned premiums 2,541 2,528 Provision for claims outstanding 1,879 1,846 Total 4,421 4,374 Investment contracts Liabilities for contracts with DPF    Provision for unearned premiums 51 57 Liabilities for insurance and investment contracts, total Provision for unearned premiums 2,592 2,585 Provision for claims outstanding 1,879 1,846 Life insurance, total 4,472 4,431 Recoverable from reinsurers Provision for unearned premiums 0 0 Provision for claims outstanding 4 4 Life insurance, total 4 4 Investment contracts do not include a provision for claims outstanding. Liability adequacy test does not give rise to supplementary claims. Exemption allowed in IFRS 4 Insurance contracts has been applied to investment contracts with DPF or contracts with a right to trade-off for an investment contract with DPF. These investment contracts have been valued like insurance contracts. Group, total 13,803 13,014 10 LIABILITIES FROM UNIT-LINKED INSURANCE AND INVESTMENT CONTRACTS Life insurance 03/2010 12/2009 Unit-linked insurance contracts 2,123 1,961 Unit-linked investment contracts 522 398 Life insurance, total 2,645 2,359 11 FINANCIAL LIABILITIES P&C insurance 03/2010 12/2009 Derivative financial instruments (Note 7) 135 89 Subordinated debt securities Subordinated loans 436 435 P&C insurance, total 571 524 Life insurance 03/2010 12/2009 Derivative financial instruments (Note 7) 20 32 Subordinated debt securities Subordinated loans 100 100 Life insurance, total 120 132 Holding 03/2010 12/2009 Derivative financial instruments (Note 7) 8 7 Debt securities in issue Commercial papers 525 466 Bonds 991 962 Total 1,516 1,429 Subordinated debt securities Debentures - 37 Other Pension loan 130 130 Other 6 6 Total 136 136 Holding, total 1,660 1,609 Elimination items between segments -166 -166 Group, total 2,185 2,098 12 CONTINGENT LIABILITIES AND COMMITMENTS P&C insurance   03/2010 12/2009 Off-balance sheet items Guarantees 18 19 Other irrevocable commitments 57 69 Total 75 88 Assets pledged as collateral for liabilities or contingent liabilities   03/2010 03/2010 12/2009 12/2009 Assets pledged as Assets Liabilities/ Assets Liabilities/ collateral pledged commit- ments pledged commit- ments Cash at balances at central banks 9 7 9 7 Investments - Investment securities 134 110 124 101 Total 143 117 133 108 Non-cancellable operating leases 03/2010 12/2009 Minimum lease payments not later than one year 32 32 later than one year and not later than five years 80 82 later than five years 105 106 Total 218 220 Life insurance   03/2010 12/2009 Off-balance sheet items Fund commitments 431 357   03/2010 12/2009 Other commitments Acquisition of IT-software 0 0 Non-cancellable operating leases 03/2010 12/2009 Minimum lease payments not later than one year 2 2 later than one year and not later than five years 7 7 later than five years 0 1 Total 9 10 Holding   03/2010 12/2009 Off-balance sheet items Fund commitments 3 3 Assets pledged as collateral for liabilities or contingent liabilities   03/2010 03/2010 12/2009 12/2009 Assets pledged as Assets Liabilities/ Assets Liabilities/ collateral pledged commit- ments pledged commit- ments Investments - Mortgaged collateral notes 15 6 15 6 Non-cancellable operating leases 03/2010 12/2009 Minimum lease payments not later than one year 1 1 later than one year and not later than five years 3 3 later than five years 2 2 Total 6 7 13 RESULT ANALYSIS OF P&C INSURANCE BUSINESS   1-3/2010 1-3/2009 Premiums earned 949 892 Claims incurred -772 -687 Operating expenses -160 -153 Other technical income and expenses 0 0 Allocated investment return transferred from the non-technical account 51 53 Technical result 68 105 Investment result 125 109 Allocated investment return transferred to the technical account -66 -68 Other income and expenses -2 -2 Operating result 125 144 14 SAMPO PLC'S INCOME STATEMENT AND BALANCE SHEET (FAS) INCOME STATEMENT   1-3/2010 1-3/2009 Other operating income 4 3 Staff expenses -4 -2 Depreciation and impairment 0 0 Other operating expenses -3 -6 Operating profit -3 -5 Finance income and expenses 209 -15 Profit before appropriations and income taxes 206 -21 Income taxes -1 6 Profit for the financial period 206 -15 BALANCE SHEET 03/2010 12/2009 ASSETS Non-current assets Intangible assets 1 1 Property, plant and equipment 4 4 Investments   Shares in Group companies 2,370 2,370   Receivables from Group companies 122 122   Shares in participating undertakings 5,226 5,168   Receivables from participating undertakings 50 -   Other shares and participations 42 14   Other receivables 165 41 Receivables 368 98 Cash and cash equivalents 183 412 TOTAL ASSETS 8,531 8,229 LIABILITIES Equity Share capital 98 98 Fair value reserve -2 -3 Invested unrestricted equity 1,527 1,527 Other reserves 273 273 Retained earnings 4,640 4,108 Profit for the year 206 531 Total equity 6,741 6,534 Liabilities Long-term 1,121 1,129 Short-term 669 567 Total liabilities 1,790 1,696 TOTAL LIABILITIES 8,531 8,229 [HUG#1411915] Interim Report (pdf): http://hugin.info/3096/R/1411915/364319.pdf

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