Sampo Group had a good start for the year 2019
SAMPO PLC PRESS RELEASE 8 May 2019 at 9:35 am
Sampo Group had a good start for the year 2019
Sampo Group's profit before taxes for January - March 2019 increased to EUR 475 million compared to EUR 445 million in the comparison period.
- Both our P&C and life insurance businesses continued their strong performance in the first quarter of the year. After the sharp decline at the end of last year, the rebound in the equity markets supported the marked-to-market results, 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, increased to EUR 561 million (108).
- Earnings per share increased to EUR 0.64 (0.63). Mark-to-market earnings per share were EUR 0.94 (0.15).
- The return on equity for the Group was 16.5 per cent (2.5).
- Net asset value per share on 31 March 2019 amounted to EUR 22.03 (20.60).
- Profit before taxes for the segment If amounted to EUR 198 million (193). Combined ratio for January - March was 86.5 per cent (86.5.)
- Topdanmark segment's profit before taxes amounted to EUR 92 million (60) in Sampo Group's consolidated accounts. Combined ratio was 78.2 per cent (83.7).
- Sampo's share of Nordea's net profit for the first quarter of 2019 amounted to EUR 83 million (165).
- Profit before taxes for the Mandatum segment amounted to EUR 72 million (73).
Outlook for 2019
Sampo Group's business areas are expected to report good operating results for 2019.
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 85 - 88 per cent for the full-year 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 interim statement for January - March 2019 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)333 300 0804, +46 (0)8 5664 2651, +1 631 913 1422 or +358 (0)9 8171 0310. The conference code is 77854006#.
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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