Stable development in Sampo's results in Januar...
SAMPO PLC PRESS RELEASE 6 November 2014 at 9.35 am
Stable development in Sampo's results in January - September 2014
Sampo Group's profit before taxes for January - September 2014 rose to EUR 1,313 million compared to EUR 1,228 million in the comparison period in 2013.
- Sampo's results for January - September were strong: All the business areas increased their results compared to a year before. If P&C reached the best ever January - September combined ratio of 87.8 per cent and the unit-linked savings of Mandatum Life grew to a new record as well, says Kari Stadigh, Group CEO and President.
- The financial position of both the Group and the subsidiaries is solid. If P&C's solvency at the end of September was the highest ever. Despite the challenges in the operational environment, there are good prerequisites for continued operational profitability.
Key figures
- The total comprehensive income for the period, taking changes in the market values of assets into account, decreased slightly to EUR 1,099 million (1,112).
- Earnings per share amounted to EUR 2.05 (1.88). Mark-to-market EPS remained almost unchanged at EUR 1.96 per share (1.99).
- The return on equity for the Group was 13.6 per cent for the period (14.6).
- Net asset value per share on 30 September 2014 was EUR 23.29 (22.15).
- The fair value reserve after tax on the Group level amounted to EUR 1,042 million (960).
- The combined ratio for the P&C insurance operations decreased to 87.8 per cent (88.2) for January - September 2014.
- Profit before taxes for P&C insurance operations rose to EUR 711 million (700). Sampo's 21.2 per cent share of Nordea's profit for January - September 2014 amounted to EUR 501 million (477). Profit before taxes in life insurance operations rose to EUR 112 million (103).
Outlook for the rest of 2014
Sampo Group's business areas are expected to report good operating results for 2014.
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 2014 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 results for January - September 2014 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
An English-language conference call will be arranged today at 4 pm Finnish time (2 pm UK time). Please call +44 203 194 0550, +1 855 269 2605, +46 8 5199 9355 or +358 (0)9 8171 0465. The title for the conference is 'Sampo Group's Interim Report for January - September 2014'.The conference call can also be followed live at www.sampo.com/result.
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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