Record low combined ratio for P&C insurance operations
(Thomson Reuters ONE) -
SAMPO PLC PRESS RELEASE 10 August 2016 at 9:35 am
Record low combined ratio for P&C insurance operations
Sampo Group's profit before taxes for January - June 2016 amounted to EUR 893
million compared to EUR 1,015 a year earlier.
- Profits decreased because investment income was negatively affected by the
difficult investment environment and low interest rates. P&C insurance had a
strong first half of 2016 in terms of technical result. The combined ratio was
record low at 83.7 per cent including non-recurring items, says Group CEO and
President Kari Stadigh.
- Excluding these non-recurring items, the combined ratio for January - June
2016 was 87.1 per cent which was the best ever as well, Stadigh says.
For the corresponding period in 2015, the combined ratio excluding non-recurring
items was 87.2 per cent.
Other key figures
* Sampo Group's total comprehensive income for January-June 2016, taking
changes in the market value of assets into account, decreased to EUR 607
million (1,147).
* Earnings per share were EUR 1.40 (1.60).
* The return on equity for the Group was 10.9 per cent (20.9).
* Net asset value per share on 30 June 2016 amounted to EUR 18.83 (23.79).
* Profit before taxes for the P&C insurance segment amounted to EUR 436
million (511).
* Sampo's share of Nordea's net profit for the first half of 2016 amounted to
EUR 364 million (418).
* Profit before taxes in life insurance operations rose to EUR 103 million
(81).
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 87-90 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 Sampo Group's Half-Year Financial Report for January-June 2016 and
the Supplementary Financial Information Package is available at
www.sampo.com/result.
For more information, please contact:
Maria Silander, Communications Manager, tel. +358 10 516 0031
Sampo will arrange a press conference at Hotel Kämp (Conference room Paavo
Nurmi, Pohjoisesplanadi 29, Helsinki) today at 12:30 pm Finnish time. The press
conference will be held in Finnish.
An English-language conference call will be arranged at 4:00 pm Finnish time
(2:00 pm UK time). Please call tel. +44 (0)203 194 0552, +46 (0)8
5664 2702, +1 855 7161 597, or +358 (0)9 8171 0465.
The conference call can also be followed live at www.sampo.com/result.
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#2034228]
Unternehmensinformation / Kurzprofil:
Datum: 10.08.2016 - 08:35 Uhr
Sprache: Deutsch
News-ID 488222
Anzahl Zeichen: 3898
contact information:
Town:
Helsinki
Kategorie:
Business News
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