Sampo Group increased its profit before taxes and reached the best ever combined ratio for January-June 2015
(Thomson Reuters ONE) -
SAMPO PLC PRESS RELEASE 12 August 2015 at 9:35 am
Sampo Group increased its profit before taxes and reached the best ever combined
ratio for January-June 2015
Sampo Group's profit before taxes for January-June 2015 amounted to EUR 1,015
million compared to EUR 861 million a year earlier. The total comprehensive
income for the period, taking changes in the market value of assets into
account, increased to EUR 1,147 million (790).
- All business areas increased their profits. Sampo Group's profit before taxes
for April-June 2015 was the best ever during the second quarter at EUR 528
million. Also earnings per share of EUR 0.82 for the second quarter reached a
new record for the period, says Kari Stadigh, Group CEO and President.
- If P&C reached its best ever January-June combined ratio. The combined ratio
was 85.0 per cent including two non-recurring items - the reform of the pension
system in If Norway and the lowering of the interest rate used in discounting
annuities in Finland.
Excluding the two non-recurring items the combined ratio amounted in January-
June 2015 to 87.2 per cent, which is still the best ever combined ratio for the
first half of the year for If P&C. In comparison period January-June 2014 the
combined ratio was 88.3 per cent.
Other key figures
* Earnings per share for January-June 2015 rose to EUR 1.60 (1.34) and marked-
to-market EPS to EUR 2.05 per share (1.41).
* The return on equity for the Group was 20.9 per cent (14.9).
* Net asset value per share on 30 June 2015 was EUR 25.01 (22.63).
* Fair value reserve after tax on the Group level increased to EUR 1,153
million (1,017).
* P&C insurance's profit before taxes increased to EUR 511 million (483). The
profit contains two non-recurring items - the reform of the pension system
in If Norway and the lowering of the interest rate used in discounting
annuities in Finland.
* Sampo's share of the profit of its associated company Nordea for January -
June 2015 amounted to EUR 418 million (309).
* Profit before taxes for the life insurance operations was EUR 81 million
(73).
Outlook for the rest of 2015
Sampo Group's business areas are expected to report good operating results for
2015.
However, the marked-to-market results are, particularly in life insurance,
highly dependent on capital market developments. The very 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 2015 and achieve a full year combined ratio
of 87 - 90 per cent excluding the positive total effect of the Norwegian pension
reform and the change in discount rate for Finnish annuities.
Nordea's contribution to the Group's profit is expected to be significant.
Please find Sampo Group's January-June 2015 Interim Report as well as
Supplementary Financial Information Package at www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
Conference call and press conference
Sampo will today arrange a Finnish-language press conference at Hotel Kämp
(Meeting room Paavo Nurmi), at 12.30 pm Finnish time.
An English-language conference call for investors and analysts will be arranged
at 4 pm Finnish time (2 pm UK time). Please call +44 (0)203
194 0552, +1 855 7161 597, +46 (0)8 5664 2702 or +358 (0)9 8171 0495.
The conference call can also be followed live at www.sampo.com/result.
Distribution:
Nasdaq Helsinki
The principal media
Financial Supervisory Authority
www.sampo.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. 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 GlobeNewswire
[HUG#1945049]
Unternehmensinformation / Kurzprofil:
Datum: 12.08.2015 - 08:35 Uhr
Sprache: Deutsch
News-ID 413088
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contact information:
Town:
Helsinki
Kategorie:
Business News
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