2012-11-09 08:37:14 -
SAMPO PLC PRESS RELEASE 9 November 2012 at
Sampo Group's third-quarter results: Simply a good quarter
Sampo Group's profit before taxes for January - September 2012 amounted to EUR
1,172 million (906). The total comprehensive income for the period, taking
changes in the market value of assets into account, rose sharply to EUR 1,447
- We've witnessed simply a good quarter. Nordic P&C insurance business and
especially If P&C as the market leader maintained a strong profitability despite
low interest rates, Kari Stadigh, Group CEO and President, says.
- As the leading Nordic banking group, Nordea is prepared to meet new
requirements based on the increased regulation. The bank has significantly
increased its core tier 1 ratio. The profitability increased from last year and
net interest income was very
good in the third quarter. In addition, the number
of customers developed favorably during the first nine months of a year.
Earnings per share rose to EUR 1.79 (1.35) and mark-to-market EPS surged to EUR
2.58 per share (0.29). The return on equity for the Group amounted to 20.7 per
cent (2.5). Net asset value per share increased to EUR 17.75 (14.05). The fair
value reserve after tax on the Group level amounted to EUR 681 million (355).
The combined ratio for P&C insurance operations in January - September 2012
amounted to 89.4 per cent (92.6), and the profit before taxes rose to EUR 648
million (465). Sampo's share of the associated company Nordea's profit for
January - September 2012 was EUR 466 million (373). Profit before taxes for the
life insurance operations amounted to EUR 98 million (107).
Sampo Group's business areas are expected to report good operating results for
2012. However, the mark-to-market results are, particularly in life insurance,
highly dependent on capital market developments.
P&C insurance operations are expected to reach a combined ratio of 89 - 91 per
cent for the full year 2012 and thus achieve the long-term target of below 95
per cent. Nordea's contribution to the Group's profit is expected to be
Please find Sampo Group's complete Interim Report January - September 2012 at
www.sampo.com/result. Supplementary Financial Information is also available at
the same address.
For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031
An English-language telephone conference for investors and analysts will be
arranged at 4 pm Finnish time (2 pm UK time). Please call +44 (0)20 3003 2666
(Standard International Access), +1 866 966 5335 (US Toll Free), +44 (0)808
109 0700 (UK Toll Free) or +358 (0)800 914672 (Finland Toll Free). Please be
ready to state the conference name 'Sampo plc Q3 2012 Release' and password
'Sampo'. The telephone conference can also be followed from a direct
transmission on the Internet at www.sampo.com/result.
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Source: Sampo Oyj via Thomson Reuters ONE