Sampo Group's profit before taxes for 2010 grew strongly and amounted to EUR 1,320 million compared to EUR 825 million a year earlier. Results for all business areas improved. Total comprehensive income for the period, taking changes in the market value of assets into account, was EUR 1,807 million (3,423).
The Board proposes to the Annual General Meeting to be held on 14 April 2011 a dividend of EUR 1.15 per share (1.00).
- In 2010 our earnings per share increased to almost two euros per share. On top of this our NAV increased by three euros to 17,79 euros per share, Kari Stadigh, Group CEO and President, comments the Board's dividend proposal.
Return on equity for Sampo Group was 21.8 per cent (55.7) for 2010. Fair value reserve on the Group level increased to EUR 736 million (296).
If P&C sustained a high insurance technical profitability in 2010 despite the difficult winter. Combined ratio was 92.8 per cent for the full year 2010 (92.1). This was the 7th consecutive year of reaching the target of under 95 per cent combined ratio. If P&C's profit before taxes rose to EUR 707 million (644).
- We have a much lower volatility in our results than our peer group. The main reasons for this are size, scale and geographical diversification as well as focus on underwriting excellence, Stadigh says.
Sampo's share of Nordea's net profit amounted to EUR 523 million.
Profit before taxes for Mandatum Life increased to EUR 142 million (121). Premiums grew almost 40 per cent and exceeded EUR 1 billion for the first time ever.
Sampo Group's P&C and life insurance operations are expected to report good and stable results for 2011 and the contribution to profit of associated company Nordea Bank is anticipated to remain strong. The continuing rise of short term interest rates will also further strengthen Sampo Group's profits. If P&C is expected to reach its long-term combined ratio target of below 95 per cent in 2011.
The Financial Statement Release for January-December 2010, Group CEO and President Kari Stadigh's video interview and supplementary financial information are available at www.sampo.com/result.
Sampo will arrange a Finnish-language press conference at Savoy, Eteläesplanadi 14 Helsinki (7th floor), today at 12.30 pm Finnish time. An English-language telephone conference will be held at 4 pm Finnish time (2 pm UK time). Please call +44 (0) 20 7162 0025 (UK/Europe) or +1 334 323 6201 (North America). Please be ready to state the conference ID 886644 and the conference title ‘Sampo plc 2010/Q4 Release'. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/result.
For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031
The principal media