Sampo Oyj Sampo Group's Results For January - -4-
TIDMSAMPO
SAMPO PLC INTERIM STATEMENT 2 November 2017 at 9:30 am
SAMPO GROUP'S RESULTS FOR JANUARY - SEPTEMBER 2017
Sampo Group's January - September 2017 results were impacted by the
change in accounting status of Topdanmark from an associated company to
a subsidiary triggering a non-recurring profit of EUR 706 million.
Excluding this item Sampo Group's profit before taxes was EUR 1,340
million, earnings per share amounted to EUR 2.09 and RoE to 13.8 per
cent.
-- Sampo Group's profit before taxes for January - September 2017, including
the non-recurring item, amounted to EUR 2,046 million (1,343). The total
comprehensive income for the period, taking changes in the market value
of assets into account, rose to EUR 1,972 million (1,212). Earnings per
share amounted to EUR 3.35 (2.11). Mark-to-market earnings per share were
EUR 3.51 (2.16). The return on equity (RoE) for the Group was 21.4 per
cent (14.1) for January - September 2017. Net asset value per share on 30
September 2017 amounted to EUR 26.84 (24.86).
-- Profit before taxes for the If segment was EUR 603 million (624).
Combined ratio for January-September 2017 was 85.9 per cent (84.0). This
is the best January - September combined ratio that If has ever reported
when adjusted for non-recurring items. Return on equity was 24.6 per cent
(22.3).
-- Sampo's share of Topdanmark's January - September 2017 profit was EUR 90
million (35). In addition, the difference between the carrying value and
the fair value of Sampo's holding on 30 September 2017 of EUR 706 million,
was recognized in profit and loss.
-- Sampo's share of Nordea's net profit for January - September 2017
amounted to EUR 491 million (546). Nordea's RoE amounted to 10.1 per cent
(11.7). Core Tier 1 ratio (excluding transition rules) was 19.2 per cent
(18.4). In segment reporting the share of Nordea's profit is included in
the segment 'Holding'.
-- Profit before taxes for Mandatum Life increased to EUR 180 million (157).
Return on equity amounted to 15.6 per cent (18.0).
KEY FIGURES 1-9/2017 1-9/2016 Change,% 7-9/2017 7-9/2016 Change,%
EURm
Profit before
taxes **) 2,046 1,343 52 1,181 450 162
If 603 624 -3 202 207 -2
Topdanmark 796 35 - 744 17 -
Associate
(Nordea) 491 546 -10 169 182 -7
Mandatum 180 157 15 64 53 20
Holding (excl.
Nordea) -27 -19 -40 0 -9 -
Profit for the
period 1,875 1,179 59 1,122 396 183
Change Change
Earnings per
share, EUR **) 3.35 2.11 1.24 2.01 0.71 1.30
EPS (incl. change
in FVR) EUR 3.51 2.16 1.35 2.04 1.08 0.96
NAV per share, EUR
*) 26.84 24.86 1.98 - - -
Average number of
staff (FTE) 9,418 6,769 2,649 - - -
Group solvency
ratio, % *) 156 154 2 - - -
RoE, % **) 21.4 14.1 7.3 - - -
*) comparison figure from 31 December 2016.
**) excluding the non-recurring profit incurring from the change of
Topdanmark's accounting status from an associated company to a
subsidiary, Sampo Group's profit before taxes was EUR 1,340 million,
earnings per share amounted EUR 2.09 and to RoE 13.8 per cent. The
profit before taxes for the third quarter of 2017 was EUR 475 million
and earnings per share amounted EUR 0.74.
The figures in this report are not audited. Income statement items are
compared on a year-on-year basis whereas comparison figures for balance
sheet items are from 31 December 2016 unless otherwise stated.
Sampo follows the disclosure procedure enabled by the Finnish Financial
Supervisory Authority and hereby publishes its Interim Statement
attached as a PDF file to this stock exchange release. The Interim
Statement is also available at www.sampo.com/result.
Exchange rates used in reporting
1-9/2017 1-6/2017 1-3/2017 1-12/2016 1-9/2016
EURSEK
Income statement (average) 9.5833 9.5968 9.5063 9.4698 9.3739
Balance sheet (at end of
period) 9.6490 9.6398 9.5322 9.5525 9.6210
DKKSEK
Income statement (average) 1.2885 1.2904 1.2785 1.2718 1.2586
Balance sheet (at end of
period) 1.2965 1.2963 1.2816 1.2849 1.2912
NOKSEK
Income statement (average) 1.0376 1.0456 1.0575 1.0192 0.9998
Balance sheet (at end of
period) 1.0251 1.0072 1.0397 1.0513 1.0706
EURDKK
Income statement (average) 7.4373
Balance sheet (at end of
period) 7.4423
THIRD QUARTER 2017 IN BRIEF
Excluding the non-recurring profit of EUR 706 million from the change in
accounting treatment of Topdanmark, Sampo Group's profit before taxes
for the third quarter of 2017 was EUR 475 million and earnings per share
amounted EUR 0.74.
Sampo Group's profit before taxes for the third quarter 2017, including
the non-recurring item, amounted to EUR 1,181 million (450). Earnings
per share amounted to EUR 2.01 (0.71). Marked-to-market earnings per
share increased to EUR 2.04 (1.08). Net asset value per share increased
EUR 1.24 during the third quarter and was EUR 26.84.
Combined ratio for If for the third quarter was 84.8 per cent (84.6).
Profit before taxes amounted to EUR 202 million (207).
Sampo's share of Topdanmark's July - September 2017 profit was EUR 37
million (17). In addition, the difference between the carrying value and
the fair value of Sampo's holding on 30 September 2017 of EUR 706
million, was recognized in profit and loss.
Sampo's share of Nordea's third quarter 2017 net profit amounted to EUR
169 million (182).
Profit before taxes for Mandatum Life rose to EUR 64 million (53).
Premiums written increased to EUR 207 million from EUR 177 million at
the corresponding period a year ago.
In the third quarter of 2017 Sampo plc announced that it will invest EUR
265 million in Saxo Bank Group and EUR 230 million in Nets A/S both
located in Denmark.
BUSINESS AREAS
If Group
Profit before taxes for January-September 2017 for the If Group amounted
to EUR 603 million (624). These figures do not include Sampo Group's
share of Topdanmark's profit.
Combined ratio amounted to 85.9 per cent (84.0) and risk ratio to 64.2
per cent (62.0). In the first quarter of 2017 the discount rate used to
discount Finnish annuities was lowered by 0.3 percentage points to 1.2
per cent. This impacts the combined ratio for January - September 2017
negatively with 2.2 percentage points. The comparison year contains an
extraordinary reserve release in Swedish motor insurance improving the
combined ratio for the first nine months of 2016 by 2.3 percentage
points.
Net releases from technical reserves relating to prior year claims were
EUR 68 million (100) in January - September 2017. Return on equity
increased to 24.6 per cent (22.3) and the fair value reserve at the end
of September 2017 was EUR 590 million (484). Technical result amounted
to EUR 463 million (514). Insurance margin (technical result in relation
to net premiums earned) decreased to 14.5 per cent (16.1).
Large claims were EUR 48 million higher than expected in January -
September 2017 and EUR 31 million higher than expected in the third
quarter of 2017. In business area Commercial large claims were EUR 51
million worse than normalized and in business area Industrial large
claims were EUR 3 million better than normalized. Sweden and Norway were
impacted most. The lowering of the discount rate for annuities in
Finland in the first quarter of 2017 impacted Finnish country specific
result and also on all the business areas excluding Baltic negatively.
The combined ratio for Finland for January - September 2017 increased
9.9 percentage points due to the change. The release from the Swedish
MTPL reserves affected both the Swedish country specific result and the
Private and Commercial business area results positively in the
comparison period.
Swedish discount rate used to discount the annuity reserves decreased to
-0.14 percent (-0.03) and had a negative impact of EUR 7 million on the
January - September 2017 results.
Gross written premiums grew to EUR 3,621 million (3,565) in
January-September 2017. Adjusted for currency, premium growth was 1.5
per cent. Growth was positive in all business areas and in all markets
except Finland.
Cost ratio improved to 21.8 per cent (22.1) and expense ratio to 16.2
per cent (16.6).
At the end of September 2017, the total investment assets of If amounted
to EUR 12.4 billion (12.2), of which fixed income investments
constituted 80 per cent (79), money market 7 per cent (8) and equity 12
per cent (13). Net income from investments increased to EUR 170 million
(123). Investment return marked-to-market for January-September 2017
amounted to 2.8 per cent (2.4). Duration for interest bearing assets was
1.4 years (1.4) and average maturity 2.7 years (2.8). Fixed income
running yield without taking into account the FX hedging cost as at 30
September 2017 was 1.5 per cent (1.6).
Topdanmark
Sampo consolidates Topdanmark as a subsidiary as of 30 September 2017 in
its financial reporting in accordance with IFRS (for further details see
section Consolidation of Topdanmark).
Sampo's share of Topdanmark's profit for January-September 2017 amounted
to EUR 90 million (35). In addition, the difference between the carrying
value and the fair value of Sampo's holding on 30 September 2017 of EUR
706 million, is recognized in profit and loss.
Associated company Nordea Bank AB
On 30 September 2017 Sampo plc held 860,440,497 Nordea shares
corresponding to a holding of 21.2 per cent. The average price paid per
share amounted to EUR 6.46 and the book value in the Group accounts was
EUR 8.71 per share. The closing price as at end of September 2017 was
EUR 11.44.
The following text is based on Nordea's January-September interim report
published on 26 October 2017.
Despite increasing geopolitical risks and imbalances in the economy,
Nordea continues to see synchronised growth in its home markets. Margins
remain stable, although Nordea has not seen the usual pick-up in demand
for corporate advisory services after the summer. Costs developed
according to plan and credit quality improved as expected.
Total income was up 1 percent in local currencies and up 1 per cent in
EUR from the prior year and operating profit was down 1 per cent in both
local currencies and EUR from the previous year excluding non-recurring
items.
Net interest income was up 1 per cent in both local currencies and EUR
from 2016. Average lending volumes in business areas in local currencies
were down by 1 per cent compared to the first nine months of 2016 while
deposits volumes were up by 2 per cent.
Net fee and commission income increased 7 per cent in both local
currencies and in EUR from the previous year.
Net result from items at fair value decreased both in local currencies
and in euros from 2016: 9 per cent in local currencies and 10 per cent
in EUR.
Total expenses were up 5 per cent in both local currencies and EUR from
the previous year excluding non-recurring items and amounted to EUR
3,741 million. Staff costs were up 5 per cent in local currencies
excluding non-recurring items.
Credit quality continues to improve. Net loan losses decreased to EUR
298 million, corresponding to a loan loss ratio of 12 bps (down from 15
bps in the first nine months of 2016). Nordea's expectation is that loan
losses will be below the long-term average of 16 bps in the coming
quarters.
Net profit excluding non-recurring items decreased 4 per cent in both
local currencies and EUR to EUR 2,419 million.
Currency fluctuations had no effect on income and expenses but a
negative effect of 1 percentage point on loan and deposit volumes
compared to a year ago.
Nordea Group's Basel III Common equity tier 1 (CET1) capital ratio
remained flat at 19.2 per cent and the end of the third quarter 2017
compared to 19.2 per cent at the end of the second quarter 2017. Risk
exposure amount, REA, decreased with EUR 1.4 billion. The main drivers
are improved credit quality and lower volumes in the corporate portfolio,
somewhat offset by the PD/ADF implementation. The management buffer
increased to 180 bps to its highest level ever. This is above Nordea's
target level of 50-150 bps.
Nordea announced on Thursday 26 October 2017 that the Group
transformation enters the next phase. So far the focus has been in
technology and build-up of capabilities in compliance and risk
management. Investments start to deliver, so Nordea sees its time to
enter the next phase of the transformation in which it sees it can
structurally bring down costs and increase efficiency. In order to
secure long-term competitiveness, Nordea also plans to reduce the number
of employees and consultants with at least 6,000 of which approximately
2,000 are consultants.
Further information on Nordea Bank AB and its January-September 2017
result is available at www.nordea.com.
Mandatum Life
Mandatum Life's profit before taxes rose to EUR 180 million (157) for
the first three quarters of 2017. The total comprehensive income for the
period after tax reflecting the changes in market values of assets
amounted to EUR 163 million (193). Return on equity (RoE) amounted to
15.6 per cent (18.0). At the end of September 2017 fair value reserve
was EUR 617 million (596). Net investment income, excluding income on
unit-linked contracts, amounted to EUR 310 million (224). Net income
from unit-linked contracts was EUR 335 million (135).
On 30 September 2017 Mandatum Life Group's total technical reserves
amounted to EUR 11.5 billion (11.3). In January - September 2017 with
profit reserves decreased to EUR 4.6 billion (4.8). Reserves related to
the higher guarantees of 4.5 and 3.5 per cent decreased by EUR 170
million to EUR 2.7 billion during January - September 2017. The
unit-linked reserves increased to EUR 6.9 billion (6.4), which
corresponds to 60 per cent (56) of total technical reserves.
Mandatum Life has supplemented its technical reserves with a total of
EUR 325 million (273) due to low level of interest rates. The figure
does not take into account the reserves relating to the segregated fund.
The discount rates used remained the same as at the end of the second
quarter of this year and are for 2017, 2018 and 2019 is 0.25 per cent
and for 2020 the rate is 1.00 per cent. Due to this the discount rate
reserve decreased EUR 33 million. Discount rate applied for the
segregated fund is 0.50 per cent.
Mandatum Life Group's investment assets, excluding the assets of EUR 6.9
billion (6.5) covering unit-linked liabilities, amounted to EUR 6.3
billion (6.6) at market values at the end of September 2017.
The assets covering Mandatum Life's original with profit liabilities on
30 September 2017 amounted to EUR 5.2 billion (5.4) at market values. 45
per cent (41) of the assets are in fixed income instruments, 12 per cent
(14) in money market, 30 per cent (30) in equities and 13 per cent (15)
in alternative investments. The investment return marked-to-market for
January - September 2017 was 5.7 per cent (5.1). The duration of fixed
income assets at the end of September 2017 was 2.1 years (1.9) and
average maturity 2.3 years (2.3). Fixed income (incl. money market)
running yield without taking into account the FX hedging cost as at 30
September 2017 was 2.8 per cent (3.1).
The assets covering the segregated fund amounted to EUR 1.1 billion
(1.2), of which 75 per cent (75) was in fixed income, 9 per cent (10) in
money market, 9 per cent (8) in equities and 7 per cent (7) in
alternative investments. Segregated fund's investment return
marked-to-market for January - September 2017 was 1.8 per cent (3.6). At
the end of September 2017 the duration of fixed income assets was 2.6
years (2.4) and average maturity 3.4 years (3.5). Fixed income (incl.
money market) running yield without taking into account the FX hedging
cost as at 30 September 2017 was 2.1 per cent (1.8).
Mandatum Life's expense result rose to EUR 21 million (17) and risk
result to EUR 21 million (15).
Mandatum Life Group's premium income on own account amounted to EUR 630
million (669) for January - September 2017.
Mandatum Life Insurance Co. Ltd. disclosed on 27 October 2016 that it
will exercise its option to sell the insurance portfolio, sold through
Danske Bank's branch network in Finland, to Danske Bank or its nominee.
The valuation process was finalized by 19 June 2017 and the value of the
insurance portfolio as at the 31 December 2016 was determined to be EUR
334 million. The transfer of the portfolio is expected to take place
during 2018.The sales gain is taxable under the Finnish tax law. The
transaction will have a positive impact on Mandatum Life's solvency
position.
Holding
Holding segment's profit before taxes for January - September 2017
amounted to EUR 464 million (527), of which EUR 491 million (546)
relates to Sampo's share of Nordea's January - September 2017 profit.
Segment's profit excluding Nordea was EUR -27 million (-19).
Sampo plc's holding in Nordea Bank was booked in the consolidated
balance sheet at EUR 7.5 billion. The market value of the holding was
EUR 9.8 billion, i.e. EUR 11.44 per share, at 30 September 2017. In
addition the assets on Sampo plc's balance sheet included holdings in
subsidiaries for EUR 3.4 billion (2.4).
In the third quarter of 2017 Sampo plc announced that it will invest EUR
265 million in Saxo Bank Group and EUR 230 million in Nets A/S both
located in Denmark. Sampo plc will hold 19.9 per cent of shares in Saxo
Bank Group after the transaction.
OTHER DEVELOPMENTS
Consolidation of Topdanmark
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.
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
report four segments; If, Topdanmark, Mandatum and Holding (incl.
Nordea).
In this January - September 2017 Interim Statement Topdanmark's balance
sheet is fully consolidated to Sampo Group's balance sheet. The share of
Topdanmark's profit for January-September 2017 corresponding to Sampo's
holding is 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, EUR 706 million, is recognized in profit and loss.
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 plc's share of Topdanmark's
purchase price allocated to customer relations was EUR 271 million. This
amount will be amortized over a period of 10 years leading to a
quarterly amortization of around EUR 5 million, net of tax.
Changes in the Group structure
The transformation of If's Finnish subsidiary, If P&C Insurance Company
Ltd (Finland), into a branch office of the Swedish company, If P&C
Insurance Ltd, was completed as of 2 October 2017 after all the
necessary regulatory approvals were obtained.
According to the plan published in May 2017 Mandatum Life's Baltic
subsidiary, Mandatum Life Baltic SE, will be merged to the parent
company on 1 December 2017. Mandatum Life's Baltic operations will
thereafter become branches to Mandatum Life.
Changes in Group management
Timo Vuorinen, former Managing Director of If P&C Insurance Company
(Finland), Head of Private Sales and Services (Finland) and Head of
Business Area Baltic has decided to resign from his operative
responsibilities and will hence leave Sampo Group Executive Committee as
of today. This is a consequence of the decision to merge If P&C
Insurance Company Ltd (Finland) with If P&C Insurance Ltd. Vuorinen will
be employed by Sampo Group until the end of 2017.
Remuneration
Sampo plc's Board of Directors decided on 14 September 2017 to adopt a
new long-term incentive scheme 2017:1 for the management of Sampo Group
(including the Group CEO) and other key employees of Sampo Group. Sampo
Board Members are not included in the scheme. The incentive scheme
complies with the Sampo Group Remuneration Principles and the
remuneration policies of the relevant Sampo Group companies.
The incentive rewards to be paid shall be based on the share price
development of the Sampo A share, on the insurance margin in If, on the
return on capital at risk and on the number of theoretical incentive
units granted. The threshold values for the performance conditions are
presented in the terms and conditions of the incentive scheme 2017:1 are
available at www.sampo.com/incentiveterms.
The core of the Remuneration Principles of Sampo Group is that all
remuneration systems in Sampo Group shall safeguard the long-term
financial stability of the Group and shall comply with regulatory and
ethical standards. Risk sensitive but fair and rewarding compensation
mechanisms enhance Sampo Group's ability to create stakeholder and
shareholder value.
In January-September 2017 payments of EUR 19 million (37), including
social costs, were made on the basis of the long-term incentive schemes.
The result impact of the long-term incentive schemes in force in
January-September 2017 was EUR 22 million (8). At the end of September
2017 Sampo Group had provisioned EUR 25 million (15) for future payments
of long-term incentive schemes. EUR 37 million (37), including social
costs, was paid as short-term incentives during the same period.
The terms of the long-term incentive schemes are available at
www.sampo.com/incentiveterms.
Shares in the joint book-entry account
The AGM made on 27 April a decision on the forfeiture of the share
certificates that were still in the joint account and the rights carried
by the shares. The decision did not apply to shares whose transfer into
the book-entry system had been validly requested by 2pm on 27 April 2017
and whose request for conversion after the conversion period was
finalized by 31 October 2017. Approximately 98.9 per cent of the votes
cast at the AGM were in favor of the proposal for the forfeiture of the
share certificates that were still in the joint account and the rights
carried by the shares.
The number of shares on the joint account on 30 September 2017 amounted
to 4,784,390 which corresponds 0.85 per cent of the total number of
shares and votes.
The company's Board of Directors will cancel the treasury shares to be
held by the company as a result of the forfeiture.
Internal dividends
Mandatum Life paid a dividend of EUR 150 million to the parent company
Sampo plc in September 2017. If will pay a dividend of approximately
EUR 620 million (SEK 6 billion) in December 2017.
Solvency
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. As of 30 September 2017 Topdanmark is treated in
the same way as If and Mandatum Life, which means that when the Solvency
Capital Requirement (SCR) for Sampo Group is calculated Topdanmark's
contribution to the Group SCR is calculated using standard formula.
On 30 September 2017 If Group's SCR under standard formula amounted to
EUR 2,004 million (1,942) and own funds to EUR 3,867 million (3,822).
Solvency ratio was 193 per cent (197).
Topdanmark's SCR, calculated by approved Partial Internal Model,
amounted to EUR 400 million and own funds to EUR 956 million. Solvency
ratio was 239 per cent. Respective figures by standard formula needed to
calculate Sampo Group level solvency were the following. SCR was EUR 509
million, own funds EUR 956 million and solvency ratio 188 per cent.
Mandatum Life's solvency ratio with transitional measures amounted to
193 per cent (160) despite the dividend of EUR 150 million paid in
September 2017. Own funds of EUR 2,100 million (1,893) exceed SCR of EUR
1,089 million (1,182) by EUR 1,011 million. Without transitional SCR
capital requirement would have been EUR 1,670 million (1,441) and SCR
EUR 1,273 million (1,409) leading to a solvency ratio of 131 per cent
(102).
Group's conglomerate solvency ratio (own funds in relation to minimum
requirements for own funds) using Solvency II rules for the insurance
subsidiaries was 156 per cent (154) as at 30 September 2017.
Group solvency is also calculated by Solvency II rules. More information
on this method is available at the Risk Management section of the Annual
Report 2016. The results calculated with the two methods differ very
little from one another.
More information on Sampo Group's capital policy is available at the
Risk Management section of the Annual Report 2016 at
www.sampo.com/annualreport.
Debt financing
Sampo plc's debt financing on 30 September 2017 amounted to EUR 3,178
million (3,548) and interest bearing assets to EUR 1,184 million
(2,104). Interest bearing assets include bank accounts, fixed income
instruments and EUR 500 million (637) of hybrid capital and subordinated
debt instruments issued by the subsidiaries and associated company. At
the end of the third quarter of 2017 the net debt amounted to EUR 1,994
million (1,443). The net debt calculation only takes into account
interest bearing assets and liabilities. Gross debt to Sampo plc's
equity was 45 per cent (47) and financial leverage 31 per cent (32).
On 30 September 2017 financial liabilities in Sampo plc's balance sheet
consisted of issued senior bonds and notes of EUR 2,885 million (2,745)
and EUR 293 million (671) of CPs issued. The average interest, net of
interest rate swaps, on Sampo plc's debt as of 30 September 2017 was
0.93 per cent (1.38).
More information on Sampo Group's outstanding debt issues is available
at www.sampo.com/debtfinancing.
OUTLOOK
Outlook for the rest of 2017
Sampo Group's business areas are expected to report good operating
results for 2017.
However, the mark-to-market results are, particularly in Mandatum Life,
highly dependent on capital market developments. The continuing low
interest rate level also creates a challenging environment for
reinvestment in fixed income instruments.
If is expected to reach a combined ratio of 85 - 87 per cent for the
full-year 2017.
With regard to Topdanmark reference is made to the profit forecast model
that the company publishes quarterly.
Nordea's contribution to the Group's profit is expected to be
significant.
The major risks and uncertainties to the Group in the near-term
In its day-to-day business activities Sampo Group is exposed to various
risks and uncertainties mainly through its separately managed major
business units. Parent company Sampo plc's contribution to risks is a
minor one.
Major risks affecting the Group companies' profitability and its
variation are market, credit, insurance and operational risks that are
quantified independently by the major business units. At the Group level
sources of risks are same, but they are not additive because of
diversification effects.
Uncertainties in the form of major unforeseen events may have an
immediate impact on the Group's profitability. Identification of
unforeseen events is easier than estimation of their probabilities,
timing and potential outcomes. Currently there are a number of widely
identified macro-economic, political and other sources of uncertainty
which can in various ways affect financial services industry negatively.
Other sources of uncertainty are unforeseen structural changes in the
business environment and already identified trends and potential
wide-impact events. These external drivers may also have a long-term
impact on how the business shall be conducted.
SAMPO PLC
Board of Directors
For more information, please contact:
Peter Johansson, Group CFO, tel. +358 10 516 0010
Jarmo Salonen, Head of Investor Relations and Group Communications, tel.
+358 10 516 0030
Maria Silander, Communications Manager, tel. +358 10 516 0031
Conference call
An English-language conference call for investors and analysts will be
arranged at 4pm Finnish time (2pm UK time). Please call tel. +44 (0)330
336 9105, +1 719 325 2213, +46 (0)8 5033 6574 or +358 (0)9 7479 0361.
Confirmation Code: 5573363
The conference call can also be followed live at www.sampo.com/result.
A recorded version will later be available at the same address.
In addition the Supplementary Financial Information Package is available
at www.sampo.com/result.
Sampo will publish the Full-Year Financial Report 2017 on 7 February
2018.
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
Interim Statement for January - September 2017:
http://hugin.info/3096/R/2146679/823140.pdf
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
http://www.sampo.com
(END) Dow Jones Newswires
November 02, 2017 03:45 ET (07:45 GMT)