Change in Sampo Group's reporting -Topdanmark becomes a new segment
(Thomson Reuters ONE) -
SAMPO PLC STOCK EXCHANGE RELEASE 2 October 2017 at 9:45 am
Change in Sampo Group's reporting - Topdanmark becomes a new segment
Sampo Group has since May 2011 consolidated Danish insurer Topdanmark A/S as an
associated company by reporting in the P&C Insurance segment the share of
Topdanmark's profit corresponding to Sampo's holding. Sampo consolidates
Topdanmark as a subsidiary as of 30 September 2017 in its financial reporting in
accordance with IFRS. This implies no other change in the relationship between
Sampo Group and Topdanmark.
Previously Sampo reported three segments; P&C Insurance (including Topdanmark),
Life Insurance and Holding segment (including Sampo's share of Nordea's profit).
Subsequent to consolidation of Topdanmark as a subsidiary, Sampo will change its
reporting structure and going forward disclose four reportable segments; If,
Topdanmark, Mandatum Life and Holding (incl. Nordea).
In the January - September 2017 Interim Statement to be published on 2 November
2017 Topdanmark's balance sheet will be fully consolidated to Sampo Group's
balance sheet. The share of Topdanmark's profit for January-September 2017
corresponding to Sampo's holding will be reported as share of associate's
profit/loss in the segment Topdanmark as a separate line. In addition, the
difference between the carrying value and the fair value of Sampo's holding on
30 September 2017 will be recognized in profit and loss. The exact amount of the
latter item depends on the closing price of Topdanmark share on 30 September
2017 and the share of Topdanmark's profit/loss for the third quarter of 2017.
The amount is over EUR 700 million.
As of 1 October 2017 Topdanmark's profit and loss items will be recognized line-
by-line in Sampo Group's consolidated financial statements in the segment
Topdanmark.
Sampo Group calculates and reports its Group solvency according to the Act on
the Supervision of Financial and Insurance Conglomerates (2004/699) which is
based on Directive 2002/87/EC of the European Parliament and of the Council on
the supplementary supervision of credit institutions, insurance undertakings and
investment. The consolidation will change the treatment of Topdanmark in the
Group Conglomerate Solvency calculation. Going forward Topdanmark will be
treated in the same way as If P&C and Mandatum Life, which also means that the
Solvency Capital Requirement (SCR) for Topdanmark is calculated according to
standard model. The change is not expected to have a major impact on Sampo
Group's solvency ratio.
SAMPO PLC
Investor Relations and Group Communications
Further information:
Peter Johansson
Group CFO
tel. +358 10 516 0010
Maria Silander
Communications Manager
tel. +358 10 516 0031
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sampo Oyj via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 02.10.2017 - 08:45 Uhr
Sprache: Deutsch
News-ID 561998
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contact information:
Town:
Helsinki
Kategorie:
Business News
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"Change in Sampo Group's reporting -Topdanmark becomes a new segment"
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