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2017-05-11 08:35 CEST
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Strong performance for Sampo in the first quarter - profit before taxes increased and solvency developed very favorably

SAMPO PLC                PRESS RELEASE                11 May 2017 at 9.35 am

Strong performance for Sampo in the first quarter - profit before taxes increased and solvency developed very favorably

Sampo Group's profit before taxes for January - March 2017 increased to EUR 430 million compared to EUR 416 million in the comparison period.

- All our business areas have very favorable solvency development. For instance Mandatum Life reported strongest ever solvency ratio due to higher interest rates and good investment performance. In addition, Common Equity Tier 1 ratio of our subsidiary Nordea increased further, 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, rose to EUR 557 million (204).
  • Earnings per share increased to EUR 0.68 (0.65). Mark-to-market earnings per share were EUR 0.99 (0.36).
  • The return on equity for the Group was 18.4 per cent (7.1).
  • Net asset value per share on 31 March 2017 amounted to EUR 26.67 (24.86).
  • Combined ratio for January - March 2017 was 87.4 per cent (83.0). Excluding one-off items the combined ratio for the comparison period was 89.8 per cent.
  • Profit before taxes for the P&C insurance segment amounted to EUR 202 million (216).
  • Sampo's share of Nordea's net profit for the first quarter of 2017 amounted to EUR 171 million (159).
  • Profit before taxes in life insurance operations amounted to EUR 54 million (53).

Outlook for 2017

Sampo Group's business areas are expected to report good operating results for 2017.

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.

The P&C insurance operations are expected to reach a combined ratio of 87 - 90 per cent for the full-year 2017.

Nordea's contribution to the Group's profit is expected to be significant.


The Interim Statement for January - March 2017 and the Supplementary Financial Information Package are available at www.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 9105, +46 (0)8 5033 6574, +1 719 325 4746 or +358 (0)9 7479 0361. The conference code is 7569563.

The conference call can also be followed live at www.sampo.com/result.

For more information, please contact:

Maria Silander, Communications Manager, tel. +358 10 516 0031

Distribution:
The principal media
www.sampo.com

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