Profits for Sampo Group's insurance businesses increased, challenges faced in investment market
(Thomson Reuters ONE) -
SAMPO PLC PRESS RELEASE 11 May 2016 at 9:35 am
Profits for Sampo Group's insurance businesses increased, challenges faced in
investment market
Sampo Group's profit before taxes for January-March 2016 declined to EUR 416
million compared to EUR 487 million a year earlier. The total comprehensive
income for the period, taking changes in the market value of assets into
account, decreased to EUR 204 million (701).
- P&C and life insurance businesses improved their reported profits further but
there were challenges in investment market pushing asset values down. Nordea
already reported lower profits. Consequently, this was reflected negatively in
Sampo Group's total comprehensive income taking changes in the market value of
assets into account, says Kari Stadigh, Group CEO and President.
Profit before taxes for the P&C insurance segment increased from EUR 200 million
to EUR 216 million. In life insurance operations profit before taxes rose from
EUR 39 million to EUR 53 million. Sampo's share of Nordea's net profit for the
first quarter of 2016 decreased from EUR 223 to EUR 159 million.
Other key figures
* Sampo Group's earnings per share was EUR 0.65 (0.78).
* The return on equity for the Group was 7.1 per cent (24.8).
* Net asset value per share on 31 March 2016 amounted to EUR 22.09 (23.79).
* Combined ratio for P&C insurance for January-March 2016 improved to 83.0 per
cent (89.2) including a release from reserves. Excluding the release
combined ratio was 89.8 per cent.
Outlook for 2016
Sampo Group's business areas are expected to report good operating results for
2016.
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 88 - 91
per cent excluding the release from the Swedish MTPL reserves.
Nordea's contribution to the Group's profit is expected to be significant.
Please find the Interim Statement for January - March 2016 and the Supplementary
Financial Information Package 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)20 3194 0552, +46 (0)8
566 427 02, +1 855 716 1597 or +358 (0)9 8171 0495. 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
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#2011589]
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2016 - 08:35 Uhr
Sprache: Deutsch
News-ID 470184
Anzahl Zeichen: 3616
contact information:
Town:
Helsinki
Kategorie:
Business News
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