Sampo Group - good performance on all fronts in January - June 2010
(Thomson Reuters ONE) -
SAMPO PLC PRESS RELEASE 11 AUGUST 2010 at 9.55 am
Sampo Group - good performance on all fronts in January - June 2010
Sampo Group's profit before taxes for the first six months of 2010 rose to EUR
621 million (433). The total comprehensive income for the period, taking changes
in the market value of assets into account, was EUR 773 million (1,900).
Earnings per share amounted to EUR 0.92 (0.61).
- Sampo reports a very good result. I'm especially pleased with the second
quarter. 48 eurocents per share as EPS is up 26 per cent from comparable quarter
last year, Group CEO and President Kari Stadigh says.
- All our operational areas performed really well. Profit for non-life insurance
increased by 27 per cent in the second quarter compared to last year, Mandatum
Life's sales improved by more than 80 per cent during the first half of this
year and Nordea had a very stable result as well.
Net asset value per share amounted to EUR 14.50 (14.63). The dividend paid in
April 2010 decreased the NAV per share. Nordea's share price has risen
significantly since the end of June and consequently Sampo Group's net asset
value has increased by roughly one billion euro by early August. The fair value
reserve after tax on the Group level increased to EUR 401 million (296). The
return on equity for the Group was 19.9 per cent for the period (69.5).
The insurance technical performance of the P&C insurance operation returned to
normal after the difficult first quarter of 2010. The combined ratio for the
second quarter of 2010 improved to 89.9 per cent (90.7) and was 94.1 per cent
(92.5) for the first half of 2010. The profit before taxes increased to EUR 333
million (308) and marked-to-market result was EUR 414 million (438). Return on
equity remained high at 35.4 per cent (47.0).
Profit before taxes for the life insurance operations rose to EUR 69 million
(52) and the marked-to-market result decreased to EUR 100 million (166). The
return on equity was 25.0 per cent (95.7).
The profit before taxes for the holding segment amounted to EUR 222 million
(52), of which Nordea's share was EUR 231 million.
Sampo Group is expected to report a good result for 2010 with a continuing good
profitability of its insurance operations supported by the share of Nordea's
profit.
Please find Sampo Group's complete interim report January-June 2010, video
interview with Group CEO and President Kari Stadigh and Supplementary Financial
Information on the Internet at www.sampo.com/result.
For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031
Sampo will arrange a Finnish-language press conference (Savoy, Eteläesplanadi
14, Helsinki), at 12:30 pm Finnish time. An English-language telephone
conference will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44
207 162 0025 (Europe) or +1 334 323 6201 (North America). Please be ready to
state the conference ID '869182', the conference title 'Sampo plc 2010/Q2
release' and the password 'SAMPO'. The telephone conference can also be followed
from a direct transmission on the Internet at www.sampo.com/result.
Distribution:
The principal media
www.sampo.com
[HUG#1437054]
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Source: Sampo Oyj via Thomson Reuters ONE
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Datum: 11.08.2010 - 08:55 Uhr
Sprache: Deutsch
News-ID 39344
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