Sampo Group’s Results for January - June 2019
SAMPO PLC HALF-YEAR FINANCIAL REPORT 7 August 2019 at 9.30 am
Sampo Group’s Results for January - June 2019
Sampo Group’s profit before taxes for January - June 2019 amounted to EUR 981 million (1,153). The comparison figure contains a non-recurring profit item of EUR 197 million related to Mandatum Life’s co-operation agreement with Danske Bank. The total comprehensive income for the period, taking changes in the market value of assets into account, rose to EUR 995 million (679).
-Earnings per share amounted to EUR 1.37 (1.68). Mark-to-market earnings per share were EUR 1.68 (1.14). The return on equity (RoE) for the Group was 15.4 per cent (10.2) for January - June 2019. Net asset value per share on 30 June 2019 was EUR 19.46 (20.60).
-Profit before taxes for the segment If was EUR 440 million (415). Combined ratio for the first half of 2019 amounted to 84.7 per cent (85.8). Premium growth was strong at 4.3 per cent (adjusted for currencies) compared to corresponding period a year ago. Return on equity rose to 35.6 per cent (9.4).
-Topdanmark segment’s profit before taxes was EUR 146 million (105) in Sampo Group’s consolidated accounts. Combined ratio was 79.0 per cent (84.1).
-Sampo’s share of Nordea’s net profit for January - June 2019 amounted to EUR 222 million (388). Nordea’s return on equity was 7.2 per cent (11.7). In segment reporting the share of Nordea’s profit is included in the segment Holding.
-Profit before taxes for the segment Mandatum was EUR 137 million (313). The comparison figure includes the contribution of EUR 197 million from the co-operation agreement with Danske Bank. Return on equity amounted to 30.1 per cent (25.9).
-Sampo plans to distribute an extra dividend in the form of Nordea shares. As a result of the distribution, Sampo’s ownership in Nordea would decrease below 20 per cent. This would lead to a termination of the conglomerate rules (FICO) solvency calculations, which is subject to formal approval by the Finnish Financial Supervisory Authority. In the future, Sampo’s solvency would only be calculated by Solvency II rules and Nordea would be treated as an investment. If Nordea would have been treated as an investment at the end of June 2019, the Sampo Group’s pro forma Solvency II ratio would have been 170 per cent (137 at 30 June 2019 under current rules).
| Key figures | 1-6/2019 | 1-6/2018 | Change, % | 4-6/2019 | 4-6/2018 | Change, % |
| EURm | ||||||
| Profit before taxes | 981 | 1,153 | -15 | 506 | 708 | -29 |
| If | 440 | 415 | 6 | 242 | 222 | 9 |
| Topdanmark | 146 | 105 | 38 | 53 | 45 | 19 |
| Associates | 226 | 386 | -41 | 143 | 221 | -35 |
| Mandatum | 137 | 313 | -56 | 65 | 239 | -73 |
| Holding (excl. associates) | 31 | -46 | - | 2 | 1 | 148 |
| Profit for the period | 826 | 982 | -16 | 429 | 607 | -29 |
| Change | Change | |||||
| Earnings per share, EUR | 1.37 | 1.68 | -0.31 | 0.73 | 1.06 | -0.33 |
| EPS (based on OCI) EUR | 1.68 | 1.14 | 0.54 | 0.74 | 0.99 | -0.25 |
| NAV per share, EUR *) | 19.46 | 21.57 | -2.11 | - | - | - |
| Average number of staff (FTE) | 9,734 | 9,487 | 247 | - | - | - |
| Group solvency ratio, % *) | 130 | 146 | -16 | - | - | - |
| RoE, % | 15.4 | 10.2 | 5.2 | - | - | - |
*) comparison figure from 31.12.2018
The figures in this report are not audited. Income statement items are compared on a year-on-year basis and comparison figures for balance sheet items are from 31 December 2018 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 www.sampo.com/result.
| Exchange rates used in reporting | 1-6/2019 | 1-3/2019 | 1-12/2018 | 1-9/2018 | 1-6/2018 |
| EURSEK | |||||
| Income statement (average) | 10.5181 | 10.4187 | 10.2583 | 10.2374 | 10.1508 |
| Balance sheet (at end of period) | 10.5633 | 10.3980 | 10.2548 | 10.3090 | 10.4530 |
| DKKSEK | |||||
| Income statement (average) | 1.4090 | 1.3959 | 1.3764 | 1.3741 | 1.3630 |
| Balance sheet (at end of period) | 1.4153 | 1.3929 | 1.3733 | 1.3826 | 1.4026 |
| NOKSEK | |||||
| Income statement (average) | 1.0810 | 1.0694 | 1.0688 | 1.0678 | 1.0582 |
| Balance sheet (at end of period) | 1.0897 | 1.0765 | 1.0308 | 1.0890 | 1.0990 |
| EURDKK | |||||
| Income statement (average) | 7.4651 | 7.4637 | 7.4533 | 7.4503 | 7.4477 |
| Balance sheet (at end of period) | 7.4636 | 7.4652 | 7.4673 | 7.4564 | 7.4525 |
SECOND QUARTER 2019 IN BRIEF
Sampo Group’s profit before taxes for the second quarter of 2019 was EUR 506 million (708). The comparison figure contains a non-recurring profit item of EUR 197 million related to Mandatum Life’s co-operation agreement with Danske Bank. Earnings per share were EUR 0.73 (1.06) and mark-to-market earnings per share EUR 0.74 (0.99).
Net asset value per share decreased EUR 2.57 during the second quarter of 2019 and was EUR 19.46. The net asset value was reduced by the dividend of EUR 2.85 paid in April 2019.
If’s combined ratio for the second quarter of 2019 amounted to 83.0 per cent (85.1). Profit before taxes amounted to EUR 242 million (222).
Topdanmark’s combined ratio for the second quarter amounted to 79.8 per cent (83.7) and profit before taxes to EUR 53 million (45).
Sampo’s share of Nordea’s second quarter 2019 net profit was EUR 140 million (223).
Profit before taxes for Mandatum amounted to EUR 65 million (239). Premiums written amounted to EUR 291 million (285).
BUSINESS AREAS
If
Profit before taxes for January - June 2019 for the If segment amounted to EUR 440 million (415). The total comprehensive income for the period after tax rose to EUR 462 million (132). Combined ratio was 84.7 per cent (85.8) and risk ratio 63.0 per cent (64.0).
Net releases from technical reserves relating to prior year claims were EUR 108 million (103) in January - June 2019. Swedish discount rate used to discount the annuity reserves was -0.80 per cent and had a negative impact of EUR 29 million on the profit in the first half of 2019. Technical result increased to EUR 334 million (306). Insurance margin (technical result in relation to net premiums earned) amounted to 15.7 per cent (14.5).
Large claims were only EUR 3 million (1) worse than expected in the first half of 2019. Large loss development in BA Commercial was EUR 15 million worse and in BA Industrial EUR 12 million better than expected. The Norwegian market was particularly impacted by large loss development in the first half.
Gross written premiums were EUR 2,772 million (2,701) in the first half of 2019. Adjusted for currency, premium growth was 4.3 per cent compared to corresponding period a year ago. Growth was positive in all business areas and all markets but particularly strong in BA Industrial, 12.1 per cent, and the Norwegian market, 8.7 per cent. Growth in BA Private was also strong, 3.6 per cent, despite a drop of 12 per cent in the new car sales in the Nordics.
Cost ratio amounted to 21.7 per cent (21.8) and expense ratio to 16.2 per cent (16.3).
At the end of June 2019, the total investment assets of If amounted to EUR 11.4 billion (10.9), of which fixed income investments constituted 82 per cent (88), money market 7 per cent (2) and equity 10 per cent (10). Net income from investments amounted to EUR 120 million (119). Investment return marked-to-market for the first half of 2019 was 3.5 per cent (0.5). Duration for interest bearing assets was 1.3 years (1.4) and average maturity 2.7 years (2.7). Fixed income running yield without taking into account the FX hedging cost as at 30 June 2019 was 1.6 per cent (1.6).
If P&C’s solvency position is described in the section Solvency.
Topdanmark
On 30 June 2019 Sampo plc held 41,997,070 Topdanmark shares, corresponding to 46.7 per cent of all shares and 48.4 per cent of related voting rights in the company. The market value of the holding was EUR 2,083 million at 30 June 2019.
The AGM on 3 April 2019 decided to pay a dividend of DKK 15 per share. Sampo plc’s share of the dividend payment was EUR 84 million.
The following text is based on Topdanmark’s January - June 2019 result release published on 18 July 2019.
Topdanmark’s profit before taxes for January – June 2019 increased to EUR 146 million (105).
Topdanmark’s premium income rose to EUR 1,432 million (1,364) in January – June 2019. Premiums increased by 2.6 per cent in both non-life and in life insurance. The non-life insurance run-off profit of EUR 35 million (18) was primarily generated in motor liability and workers’ compensation.
Weather-related claims amounted to EUR 2 million (0) in January – June 2019, representing a 0.4 percentage points deterioration of the claims trend. The level of large-scale claims decreased to EUR 5 million (9). Adjusted for run-offs, weather-related claims, large-scale claims and other positions including change of risk margin, the claims trend improved to 69.0 per cent (70.0).
The combined ratio amounted to 79.0 per cent (84.1) in the first half of 2019. The expense ratio was 16.6 per cent (16.9.).
Topdanmark’s solvency position is described in the section Solvency.
Further information on Topdanmark and its January - June 2019 result is available at www.topdanmark.com.
Associated company Nordea
On 30 June 2019 Sampo plc held 860,440,497 Nordea shares corresponding to holding of 21.2 per cent. The average price paid per share amounted to EUR 6.46 and the book value in the Group accounts was EUR 8.24 per share. The closing price as at 30 June 2019 was EUR 6.39.
The following text is based on Nordea’s Second Quarter Report 2019 published on 18 July 2019.
Revenues increased 1 per cent this quarter compared to the first quarter and underlying revenues increased 5 per cent compared to the fourth quarter of 2018. Net interest income is impacted positively from higher lending volumes, however, that is more than offset by continued lending margin pressure, mainly towards our household customers. Deposit margins were largely unchanged. Gjensidige contributed with EUR 18 million in the quarter.
Net fee and commission income increased 1 per cent in the quarter and has grown steadily since the third quarter of 2018. Asset management commissions and corporate advisory fees had a positive development, while cards and payments declined. Net results from items at fair value increased 7 per cent in the quarter with customer activity remaining at a good level with treasury improving due to performance in fixed income and positive movements in FX positions, while the operating environment for market making activities continued to be challenging.
Costs were up 3 per cent in local currencies, due to seasonality and higher depreciations. Cost to income ratio increased by 1 per cent to 58 per cent compared to the previous quarter and return on equity increased 40 basis points to 8.5 per cent. Loan loss ratio increased 3 basis points to 10 basis points, as the level of reversals was lower. Nordea reiterates the guidance that credit quality will be largely unchanged in the coming quarters.
Capital position, expressed as Common equity Tier 1 ratio increased by 20 basis points in the quarter, to 14.8 per cent. The ratio is 120 basis points above the nominal capital commitment of 13.6 per cent and is well in line with Nordea’s capital policy.
Further information on Nordea and its January - June 2019 result is available at www.nordea.com.
Mandatum Life
Mandatum segment’s profit before taxes for January - June 2019 amounted to EUR 137 million (313). The comparing profit figure includes a contribution of EUR 197 million from the co-operation agreement made in the second quarter of 2018 with Danske Bank. The total comprehensive income for the period after tax reflecting the changes in market values of assets increased to EUR 190 million (185). Return on equity was 30.1 per cent (25.9).
Mandatum Life Group’s premium income was EUR 529 million in the first six months of 2019. Unit-linked premiums were EUR 457 million, i.e. 86 per cent of total premiums.
Net investment income, excluding income on unit-linked contracts, grew to EUR 203 million (123). Net income from unit-linked contracts increased to EUR 523 million (14). In January - June of 2019 fair value reserve increased to EUR 431 million (351).
Mandatum Life Group’s total technical reserves amounted to EUR 11.6 billion (11.2). Unit-linked reserves rose to EUR 7.5 billion (7.0) at the end of June 2019. The amount corresponds to 64 percent (62) of total technical reserves. At the end of the second quarter of 2019 with-profit reserves decreased to EUR 4.1 billion (4.2). Reserves related to the higher guarantees of 4.5 and 3.5 per cent decreased by EUR 130 million to EUR 2.3 billion in January - June 2019.
Mandatum Life has overall supplemented its technical reserves with a total of EUR 242 million (232) due to low level of interest rates. The figure does not take into account the reserves relating to the segregated fund. The discount rate used for the years 2019, 2020 and 2021 is 0.25 per cent. In the second quarter of 2019 the rate used for 2022 was lowered by 0.25 percentage points to 3.25 per cent. Discount rate applied for the segregated fund is 0.50 per cent.
On 30 June 2019 Mandatum Life Group’s investment assets, excluding the assets of EUR 7.5 billion (7.0) covering unit-linked liabilities, amounted to EUR 5.5 billion (5.6) at market values.
The assets covering Mandatum Life’s original with profit liabilities on 30 June 2019 amounted to EUR 4.5 billion (4.6) at market values. 45 per cent (49) of the assets was in fixed income instruments, 13 per cent (9) in money market, 27 per cent (27) in equities and 14 per cent (15) in alternative investments. The investment return marked-to-market for January - June 2019 was 6.1 per cent (0.4). The duration of fixed income assets at the end of June 2019 was 2.9 years (2.5) and average maturity 3.0 years (2.8). Fixed income running yield without taking into account the FX hedging cost was 2.5 per cent (2.5).
The assets covering the segregated fund amounted to EUR 1.0 billion (1.1), of which 67 per cent (77) was in fixed income, 14 per cent (5) in money market, 13 per cent (11) in equities and 6 per cent (6) in alternative investments. Segregated fund’s investment return marked-to-market for January - June 2019 was 4.5 per cent (-0.5). At the end of June 2019 the duration of fixed income assets was 2.7 years (2.5) and average maturity 3.2 years (3.1). Fixed income (incl. money market) running yield without taking into account the FX hedging cost was 1.9 per cent (2.3).
The expense result in the first half of 2019 amounted to EUR 7 million (13). Risk result was EUR 10 million (10).
Mandatum Life’s solvency position is described in the section Solvency.
Holding
Holding segment’s profit before taxes for January - June 2019 decreased to EUR 258 million (341), because of a drop in Sampo’s share of Nordea’s profit. Sampo’s share of profits of associated companies Nordea and NDX Intressenter amounted to EUR 226 million (386) of which Nordea’s share was EUR 222 million (388) and NDX Intressenter’s EUR 4 million (-2). Segment’s profit before taxes excluding the associates was EUR 31 million (-46).
Changes in market values of derivative instruments and currency exchange rates can cause volatility in the net investment income and finance cost lines.
Sampo plc’s holding in Nordea was booked in the consolidated balance sheet at EUR 7.1 billion, i.e. EUR 8.24 per share. The market value of the holding was EUR 5.5 billion, i.e. EUR 6.39 per share, at 30 June 2019.
In addition, the assets on Sampo plc’s balance sheet included holdings in subsidiaries for EUR 3.4 billion (3.4).
OTHER DEVELOPMENTS
Planned extra dividend in the form of Nordea shares
On 13 June 2019, the Board of Directors of Sampo plc announced that it plans to resolve on the distribution of an extra dividend in the form of Nordea shares in its meeting scheduled 7 August 2019. According to the plan, each shareholder would receive 1 Nordea share for each 10 Sampo shares held.
As a result of the distribution of the extra dividend, if resolved, Sampo’s ownership in Nordea would decrease below 20 per cent. Hence, in the future, the Group’s solvency would only be calculated by the Solvency II rules and Nordea would be treated as a normal equity investment. Terminating the conglomerate rules (FICO) solvency calculation is subject to formal approval by the Finnish Financial Supervisory Authority and requires an application to be submitted by Sampo. Sampo expects to receive the approval before the release date of the January-September 2019 Interim Statement. The consolidation of Nordea as an associated company in Sampo Group’s financial statement (IFRS) would remain unchanged.
The effects of the planned extra dividend on Sampo’s solvency position are described in the section Solvency.
Shares and share capital
The Annual General Meeting authorized the Board to repurchase a maximum of 50,000,000 Sampo A shares. The price paid for the shares repurchased under the authorization shall be based on the current market price of Sampo A shares on the securities market. The authorization will be valid until the close of the next Annual General Meeting, nevertheless not more than 18 months after AGM's decision.
Sampo plc did not repurchase its own shares during the first half of 2019 and at the end of June 2019, neither Sampo plc nor its Group companies held any Sampo A shares.
During the second quarter of 2019 Sampo plc received one notification of change in holding pursuant to Chapter 9, Section 5 of the Securities Markets Act. The notification was received from Solidium Oy on 2 April 2019 indicating that its holding of all shares and related votes had decreased below 10 per cent, to 9.95 and 9.87 per cent respectively.
Internal dividends
On 28 March 2019 Nordea’s Annual General Meeting decided on a dividend of EUR 0.69 per share. Sampo plc’s share of total dividends amounted to EUR 594 million. The dividend was paid on 8 April 2019.
Topdanmark’s Annual General Meeting held on 3 April 2019 decided to pay a dividend of DKK 15 per share. Sampo plc’s share of the dividend payment was EUR 84 million. The dividend was paid on 8 April 2019.
Mandatum Life paid a dividend of EUR 150 million to Sampo plc in March 2019.
If normally pays its dividend towards the end of the calendar year.
Ratings
Relevant ratings for Sampo Group companies are presented in the table below. S&P raised Sampo plc’s rating from A- to A on 18 July 2019.
| Rated company | Moody’s | Standard & Poor’s | ||
| Rating | Outlook | Rating | Outlook | |
| Sampo plc – Long-term Issuer Rating | A3 | Stable | A | Stable |
| If P&C Insurance Ltd (Sweden) – Insurance Financial Strength Rating | A1 | Stable | A+ | Stable |
Solvency
Group solvency
Sampo Group’s capital requirement and the amount of Group’s own funds are currently calculated by both the conglomerate rules (FICO) and the Solvency II directive. Group’s conglomerate solvency ratio (own funds in relation to minimum requirements for own funds) amounted to 130 per cent (147) as at 30 June 2019. At the same time Group solvency calculated according to the Solvency II directive amounted to 137 per cent (140).
Sampo’s capital requirement on Nordea holding has increased more than EUR 800 million since the end of 2018. The underlying risks for Sampo’s holding in Nordea have not changed. The increase is due to the 2 per cent other systemically important institution buffer in Finland and higher REA.
Sampo has actively taken measures to counter the negative impact by i.a. issuing EUR 500 million of hybrid capital. More importantly, the Board received from the AGM in April 2019 an authorization to distribute an extra dividend either in cash and/or in financial instruments held by Sampo plc and announced on 13 June 2019 that it plans to resolve on the distribution of an extra dividend in the form of Nordea shares in its meeting scheduled 7 August 2019. According to the plan, each shareholder would receive 1 Nordea share for each 10 Sampo shares held.
As a result of the distribution of the extra dividend, if resolved, Sampo’s ownership in Nordea would decrease below 20 per cent. Hence, in the future, the Group’s solvency would only be calculated by the Solvency II rules and Nordea would be treated as a normal equity investment. Terminating the conglomerate rules (FICO) solvency calculation is subject to formal approval by the Finnish Financial Supervisory Authority. Sampo expects to receive the approval before the release date of the January-September 2019 Interim Statement.
If Nordea would have been treated as an investment at the end of June 2019, Sampo Group’s pro forma Solvency II ratio would have been 170 per cent.
The consolidation of Nordea as an associated company in Sampo Group’s Financial Statements (IFRS) will remain unchanged.
Solvency position in the subsidiaries
The insurance subsidiaries apply Solvency II rules in their regulatory solvency calculations. If Group companies use either partial internal models or standard model for calculation of their solo solvency position. Mandatum Life reports in accordance with standard formula for Solvency II. Topdanmark uses a partial internal model to report its stand-alone solvency position.
If Group has an A+ rating from S&P which will continue to require significantly more capital than the standard formula and therefore the use of standard formula has no practical implications on If Group’s capital position. On 30 June 2019 If Group’s pro forma Solvency II capital requirement under standard formula amounted to EUR 1,875 million (1,833) and own funds to EUR 3,949 million (3,599). Solvency ratio amounted to 211 per cent (196).
S&P A+ rating requirement for If Group amounted to EUR 3,067 million (2,949) on 30 June 2019 and the capital base was EUR 3,487 million (3,149).
Topdanmark calculates most of its non-life and health risks and their respective solvency capital requirement by a partial internal model approved by the DFSA. Other risks are calculated by Solvency II SCR standard formula. Topdanmark’s solvency ratio under the partial internal model was 182 per cent (196) at the end of June 2019.
On 30 June 2019 Topdanmark’s Solvency II capital requirement under standard formula amounted to EUR 634 million (534) and own funds to EUR 993 million (872). Solvency ratio amounted to 157 per cent (163).
Mandatum Life’s solvency ratio after transitional measures amounted to 155 per cent (176) on 30 June 2019. Own funds was EUR 1,795 million (1,740) and Solvency Capital Requirement (SCR) was EUR 1,160 million (990). The decrease in own funds is largely explained by lower discount rate for liabilities. Without transitional measures, own funds would have amounted to EUR 1,419 million (1,348) and the solvency capital requirement to EUR 1,196 million (1,030) leading to a solvency ratio of 119 per cent (131).
More information on Sampo Group’s capital policy is available in the Risk Management Report 2018 at www.sampo.com/year2018.
Debt financing
Sampo plc’s debt financing on 30 June 2019 amounted to EUR 3,961 million (4,067) and interest bearing assets to EUR 1,192 million (2,114). Interest bearing assets include bank accounts, fixed income instruments and EUR 504 million (503) of hybrid capital and subordinated debt instruments issued by the subsidiaries and associated companies.
At the end of June 2019 the interest bearing net debt amounted to EUR 2,769 million (2,108). The net debt calculation takes into account interest bearing assets and liabilities. Gross debt to Sampo plc’s equity was 55 per cent (52) and financial leverage 36 per cent (34).
On 24 May 2019 Sampo plc repaid EUR 500 million senior notes maturing on that date.
On 23 May 2019 Sampo plc issued 30NC10 Fixed/Floating rate subordinated notes of EUR 500 million due 23 May 2049.
On 30 June 2019 financial liabilities in Sampo plc’s balance sheet consisted of issued senior bonds and notes of EUR 3,419 million (3,942), subordinated notes of EUR 500 million and EUR 48 million (124) of CPs issued. The average interest, net of interest rate swaps, on Sampo plc’s debt as of 30 June 2019 was 1.26 per cent (0.80).
More information on Sampo Group’s outstanding debt issues is available at www.sampo.com/debtfinancing.
OUTLOOK
Outlook for 2019
Sampo Group’s business areas are expected to report good operating results for 2019.
However, the marked-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 is expected to reach a combined ratio of 84 – 86 per cent in 2019.
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 major risks and uncertainties to the Group in the near-term
In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties mainly through its separately managed major business units. Parent company Sampo's contribution to risks is a minor one.
Major risks affecting the Group companies’ profitability and its variation are market, credit, insurance and operational risks that are quantified independently by the major business units. At the group level the sources of risks are the same, but they are not directly additive because of diversification effects.
Uncertainties in form of major unforeseen events may have an immediate impact on the Group’s profitability. Identification of unforeseen events is easier than estimation of their probabilities, timing and potential outcomes. Currently there are a number of widely identified macro-economic, political and other sources of uncertainty which can, in various ways, affect financial services industry negatively. Especially the political risks are at an elevated level at the moment.
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified trends affecting business environment. These external drivers may have long-term impact on how business shall be conducted. Examples of already identified trends are technological development in general, digitalization and sustainability issues that may have profound effects on financial sector companies through the changes in client behavior and entry of new competitors.
SAMPO PLC
Board of Directors
For more information, please contact:
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Jarmo Salonen, Head of Investor Relations and Group Communications, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
Press conference and conference call
Sampo will arrange a press conference at Hotel Kämp (Paavo Nurmi cabinet, 2nd floor, Pohjoisesplanadi 29, Helsinki) today 7 August at 12:30 pm Finnish time. The press conference will be held in Finnish.
An English-language conference call for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +44 (0)333 300 0804, +46 (0)8 5664 2651, +1 855 8570 686 or +358 (0)9 8171 0310. The conference code is 95347729#.
The conference call can also be followed live at www.sampo.com/result. A recorded version will later be available at the same address.
In addition, the Supplementary Financial Information Package is available at www.sampo.com/result.
Sampo will publish the Interim Report for January - September 2019 on 6 November 2019.
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
Attachment
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