Sampo Group's result improved further in Januar...
SAMPO PLC PRESS RELEASE 5 November 2013 at 9.05 am
Sampo Group's result improved further in January-September 2013
Sampo Group's profit before taxes for January-September 2013 rose to EUR 1,228 million compared to EUR 1,183 million in the comparison period.
- The result was excellent. The most striking fact is that all business areas succeeded very well in all market areas simultaneously, says Kari Stadigh, Group CEO and President.
Key Figures
- Earnings per share amounted to EUR 1.88 (1.81).
- Net asset value per share at the end of the third quarter of 2013 was EUR 20.53 (17.38).
- The return on equity for the Group was 14.6 per cent for the period (20.6). Return on equity for the P&C insurance was 26.0 per cent (38.9). The return on equity at market value for life operation was 15.7 per cent (29.9).
- The combined ratio of the P&C insurance operations improved further to 88.2 per cent (88.9) for the first three quarters of 2013. The profit before taxes amounted to EUR 700 million (660).
- Sampo's share of the associated company Nordea's profit for January-September 2013 amounted to EUR 477 million (466).
- Profit before taxes for the life insurance operations rose to EUR 103 million (98).
- The total comprehensive income for the period, taking changes in the market value of assets into account, decreased to EUR 1,112 million (1,425).
Outlook for the rest of 2013
Sampo Group's business areas are expected to report good operating results for 2013.
However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The low interest rate level also creates a challenging environment for reinvestment in fixed income assets.
The P&C insurance operations are expected to reach their long-term combined ratio target of below 95 per cent in 2013 and achieve a combined ratio of 88-90 per cent.
Nordea's contribution to the Group's profit is expected to be significant.
Please find Sampo Group's interim report for January-September 2013 as well as a Supplementary Financial Information Package at www.sampo.com/result.
For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031
Sampo will today arrange a conference call at 4 pm Finnish time (2 pm UK time). The call is held in English. Please call +44 (0)20 7162 0077, +46 (0)8 5052 0110, +1 334 323 6201 or +358 (0)9 2313 9201. Please be ready to state the conference code '937722' and title 'Sampo plc Q3 Release'. The conference call can also be followed live at www.sampo.com/result.
Distribution:
The principal media
www.sampo.com
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Sampo Oyj via Thomson Reuters ONE
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