Good results for all of Sampo Group's business areas in January - June 2013
(Thomson Reuters ONE) -
SAMPO PLC PRESS RELEASE 7 August 2013 at 9.35 am
Good results for all of Sampo Group's business areas in January - June 2013
Sampo Group's profit before taxes for the first half of 2013 amounted to EUR
825 million compared to EUR 813 million a year earlier. The total comprehensive
income for the period, taking changes in the market value of assets into
account, decreased to EUR 579 million (846) largely because of the depreciation
of Swedish krona and the decrease in the market value of investment assets.
- All business areas reported good results and If P&C's combined ratio was even
excellent. Combined ratio equals to the record from a year ago, says Group CEO
and President Kari Stadigh.
P&C insurance operations reported a combined ratio of 88.8 per cent (88.8) for
the first half of 2013, despite the lowering of the interest rate used to
discount the Finnish annuity reserves to 2.5 per cent.
Key Figures
* Sampo Group's earnings per share rose to EUR 1.27 (1.24) and mark-to-market
EPS was EUR 1.03 per share (1.51).
* The return on equity for the Group amounted to 11.6 per cent for the period
(18.9).
* Net asset value per share on 30 June 2013 was EUR 19.27 (17.38).
* The fair value reserve after tax on the Group level decreased to EUR 710
million (749).
* The profit before taxes for the P&C insurance operations was EUR 473 million
(452).
* Sampo's share of Nordea's profit for the first half of 2013 was EUR 319
million (326).
* Profit before taxes for the life insurance operations rose to EUR 69 million
(65). The interest rate used to discount with profit liabilities was lowered
and consequently all with profit policies are discounted with 2.5 per cent
in 2013 and 2014.
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 -
91 per cent. Nordea's contribution to the Group's profit is expected to be
significant.
Please find Sampo Group's results for January - June 2013 as well as a
Supplementary Financial Information Package at www.sampo.com/result.
Sampo will today arrange a Finnish-language press conference (Savoy,
Eteläesplanadi 14, Helsinki), at 12.30 pm Finnish time.
An English-language conference call will be arranged at 4 pm Finnish time (2 pm
UK time). Please call +44 (0)20 7162 0077 or +1 334 323 6201. Please be ready to
state the ID number 934057 and title 'Sampo'. The conference call can also be
followed live at www.sampo.com/result.
Sampo's latest releases, share price information and other relevant news about
Sampo are now covered on Twitter. Follow Sampo on Twitter (at)Sampo_plc.
For further information, please contact:
Press Officer Maria Silander, tel. +358 10 516 0031
Distribution:
The principal media
www.sampo.com
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Source: Sampo Oyj via Thomson Reuters ONE
[HUG#1721598]
Unternehmensinformation / Kurzprofil:
Datum: 07.08.2013 - 08:35 Uhr
Sprache: Deutsch
News-ID 285375
Anzahl Zeichen: 4248
contact information:
Town:
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Kategorie:
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"Good results for all of Sampo Group's business areas in January - June 2013"
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