Good operational performance in challenging mar...
SAMPO PLC PRESS RELEASE 9 May 2018 at 9:35 am
Good operational performance in challenging market environment for Sampo Group
Sampo Group's profit before taxes for January - March 2018 increased to EUR 445 million compared to EUR 430 million in the comparison period.
- Our insurance businesses performed well with strong underwriting result and good growth in all key areas. However, the market environment was challenging during the first quarter of the year and results were affected particularly by weak Swedish krona, says Kari Stadigh, Group CEO and President.
Other key figures
- Sampo Group's total comprehensive income, taking changes in the market value of assets into account, decreased to EUR 108 million (557).
- Earnings per share decreased to EUR 0.63 (0.68). Mark-to-market earnings per share were EUR 0.15 (0.99).
- The return on equity for the Group was 2.5 per cent (18.4).
- Net asset value per share on 31 March 2018 amounted to EUR 24.27 (25.37).
- Profit before taxes for the segment If amounted to EUR 193 million (180). Combined ratio for January - March was 86.5 per cent (87.4.)
- Topdanmark segment's profit before taxes amounted to EUR 60 million in Sampo Group's consolidated accounts. Combined ratio was 83.7 per cent.
- Sampo's share of Nordea's net profit for the first quarter of 2018 amounted to EUR 165 million (171).
- Profit before taxes for the Mandatum segment amounted to EUR 73 million (54).
Outlook for 2018
Sampo Group's business areas are expected to report good operating results for 2018.
However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.
If P&C insurance is expected to reach a combined ratio target of 86 - 89 per cent for the full-year 2018.
With regard to Topdanmark, reference is made to the profit forecast model that the company publishes quarterly.
Nordea's contribution to the Group's profit is expected to be significant.
The interim statement for January - March 2018 and the supplementary financial information package are available atwww.sampo.com/result.
An English-language conference call will be arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +44 (0)330 336 9104, +46 (0)8 5033 6573, +1 929 477 0630 or +358 (0)9 7479 0360. The conference code is 381231.
The conference call can also be followed live at www.sampo.com/result.
For more information, please contact:
Mirko Hurmerinta, IR & Communications Specialist, Media Relations, tel. +358 10 516 0032
Distribution:
The principal media
www.sampo.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sampo Oyj via Globenewswire
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