Sampo: Good results again, combined ratio remained unparalleled strong

SAMPO PLC                  PRESS RELEASE       3 November 2016 at 9:50 am

Sampo: Good results again, combined ratio remained unparalleled strong

Sampo Group's profit before taxes for January-September 2016 amounted to EUR 1,343 million compared to EUR 1,475 million in the comparison period.

- The results were good despite challenging conditions and the insurance technical result was as much as excellent. The combined ratio for If P&C remained unparalleled strong, says Kari Stadigh, Group CEO and President.

The combined ratio in P&C insurance for January-September 2016 amounted to 84.0 per cent including non-recurring items and 86.3 per cent excluding these one-offs. In the comparison period January-September 2015, the corresponding figures were 84.6 and 86.1 per cent.

Other key figures for January-September 2016

• Earnings per share decreased to EUR 2.11 (2.31). Mark-to-market earnings per share rose to EUR 2.16 (1.84).
• The total comprehensive income for the period, taking changes in the market value of assets into account, rose to EUR 1,212 million (1,031).
• The return on equity for the Group was 14.1 per cent (12.6).
• Net asset value per share on 30 September 2016 amounted to EUR 21.81 (23.79).
• Profit before taxes for the P&C insurance segment amounted to EUR 660 million (756).
• Sampo's share of Nordea's net profit amounted to EUR 546 million (577).
• Profit before taxes in life insurance operations amounted to EUR 157 million (132).

Outlook for the rest of 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.