TIDMSAMPO
SAMPO PLC INTERIM STATEMENT 5 May 2021 at 9:30 am
Sampo Group's results for January -- March 2021
Sampo Group had a strong start to the year in all business areas. Profit
before taxes for January -- March 2021 rose to EUR 632 million (162) and
earnings per share increased to EUR 0.82 (0.26). Mark-to-market earnings
per share saw a positive year-on-year increase of more than three euros
per share to EUR 1.39 (-1.71).
Sampo Group's core business, P&C insurance, reported the strongest
underwriting results in its history. Group underwriting profits grew by
37 per cent year-on-year to EUR 317 million driven by a 4.5 percentage
point improvement in the combined ratio to 81.2 per cent (85.7). The
result represents a strong first step towards Sampo's annual financial
targets of mid-single digit growth in underwriting profits and a
combined ratio below 86 per cent. COVID-19 effects supported
underwriting margins but underlying development was nonetheless strong.
The Group's largest business unit, If P&C, reported underwriting profit
of EUR 213 million with growth of 18 per cent year-on-year and a
combined ratio of 81.5 per cent, both of which are the best-ever
recorded in a first quarter. Following the strong performance in the
quarter, If's 2021 combined ratio outlook has been improved to 82 - 84
per cent, well in line with the target of below 85 per cent. Favourable
investment markets further supported earnings, leading profit before
taxes to almost double to EUR 257 million (129).
Topdanmark's profit before taxes for January-March 2021 amounted to EUR
137 million (-13) in Sampo Group's consolidated accounts. The combined
ratio improved to 84.7 per cent (88.7).
Hastings achieved strong underwriting margins in the first quarter of
2021, supported by lower claims frequencies as a result of COVID-19
restrictions and the ongoing progress on strategic and operational
initiatives. Hastings' operating ratio for the first quarter was 75.1
per cent and the profit before taxes was EUR 46 million. Pressure on UK
motor pricing led Hastings to take a disciplined underwriting approach,
as a result of which the number of live customer policies remained
stable over the quarter at 3.1 million (7 per cent growth year-on-year).
The profit before taxes for Mandatum in January -- March 2021 amounted
to EUR 76 million (-16). Benign investment markets drove a strong
mark-to-market investment return of 3.5 per cent and a rise in the
Solvency II ratio to 200 per cent (188). Unit linked assets under
management increased to EUR 9.2 billion. A reduction in the discount
rate for with-profit liabilities had a negative impact of EUR 31 million
in the quarter, while with-profit reserves relating to the higher
guarantees (4.5 and 3.5 per cent) decreased to EUR 1.8 billion (1.9).
Sampo's share of Nordea's net profit for the first quarter of 2021 was
EUR 121 million (84).
The Group Solvency II ratio of 189 per cent stood within the target
range of 170 -- 190 per cent, while Group financial leverage ratio of 28
per cent met the target of below 30 per cent.
Return on equity for the Group amounted to 26.0 per cent (-33.2) for the
first quarter of 2021. Net asset value per share on 31 March 2021 was
EUR 23.28 (19.82).
Sampo plc's Annual General Meeting will be held on 19 May 2021. The
Board has proposed on 11 February 2021 to the Annual General Meeting a
dividend of EUR 1.70 per share (1.50). The proposed dividend payment
amounts in total to EUR 944 million (833).
Change,
Key figures 1-3/2021 1-3/2020 %
--------------------------- -------- -------- -------
EURm
--------------------------- -------- -------- -------
Profit before taxes 632 162 290
--------------------------- -------- -------- -------
If 257 129 99
--------------------------- -------- -------- -------
Topdanmark 137 -13 -
--------------------------- -------- -------- -------
Hastings 46 - -
--------------------------- -------- -------- -------
Associates 126 86 47
--------------------------- -------- -------- -------
Mandatum 76 -16 -
--------------------------- -------- -------- -------
Holding (excl. Associates) -11 -24 -54
--------------------------- -------- -------- -------
Profit for the period 526 139 278
--------------------------- -------- -------- -------
Change
--------------------------- -------- -------- -------
Earnings per share, EUR 0.82 0.26 0.56
--------------------------- -------- -------- -------
EPS (based on OCI) EUR 1.39 -1.71 3.10
--------------------------- -------- -------- -------
NAV per share, EUR *) 23.28 19.82 3.46
--------------------------- -------- -------- -------
Average number of staff
(FTE) 13,204 10,303 2,901
--------------------------- -------- -------- -------
Group solvency ratio,
% *) 189 176 13
--------------------------- -------- -------- -------
RoE, % 26.0 -33.2 59.2
--------------------------- -------- -------- -------
*) comparison figures of 31 December 2020
The figures in this report have not been audited.
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.
GROUP CEO'S COMMENT
Sampo delivered strong operational and financial performance in the
first quarter of 2021, particularly in our strategic focus area of P&C
insurance. The Group outperformed its primary financial targets,
reporting underwriting profit growth of 37 per cent and a combined ratio
of 81.2 per cent (85.7).
Our largest business unit, If P&C, delivered an excellent result despite
some wintry Nordic weather. Underwriting profit grew by 18 per cent to
EUR 213 million on the back of a 2.2 percentage points year-on-year
improvement in the combined ratio to 81.5 per cent (83.7). This is If
P&C's best-ever first quarter combined ratio and well within our annual
target for 2021-2023 of below 85 per cent. Consequently, we have
improved our outlook for 2021 to 82 -- 84 per cent. Adjusting for
COVID-19 effects and harsher winter weather, underwriting profit growth
clearly supported the mid-single digit target for 2021-2023.
Operationally, If P&C continued to benefit from the investments made in
IT development, which enable excellent customer service, risk selection
and cost efficiency. Customer satisfaction in If Private increased over
the quarter and retention remained high. If P&C also benefitted from its
strong Nordic partnership network, taking a leading share in a new car
market that grew by 11 per cent year-on-year.
Our digital UK P&C insurance business, Hastings, also outperformed its
targets on loss ratio and operating ratio in the first quarter of 2021.
The result was partly attributable to the UK lockdown, which led to low
motor claims frequencies, but at the same time pricing trends have
become more challenging. Hastings is taking a disciplined approach in
the current market, keeping motor insurance customer count broadly
stable over the quarter (7 per cent growth year-on-year). The strength
of Hastings' business model, combined with ongoing operational
improvements, gives me confidence in its ability to deliver growth at
attractive margins over the medium term.
The integration of Hastings into Sampo has proceeded according to plan
in the first quarter. A number of specific areas have been identified
for knowledge transfer that are expected to bring concrete operational
benefits to both If and Hastings. The group will continuously update the
market on progress.
Sampo was well placed to profit from the buoyant capital markets
environment in the first quarter of 2021. Our 15.9 per cent investment
in Nordea benefitted from higher interest rates and improved sentiment
toward banks; combined with robust operational performance, this drove a
share price increase of 26 per cent over the quarter. The environment
also favoured Mandatum Life, which saw a rise in its Solvency II ratio
to 200 per cent and strong growth in unit-linked assets under
management.
Turning to ESG, I am pleased to report that Sampo has taken another step
in the right direction with an upgrade from Sustainalytics to Low Risk.
Sampo is now in the top five of the 71 insurers rated by Sustainalytics
and the highest rated insurer with a market cap of EUR 20 -- 40 billion.
Nonetheless, I see room to further improve our ESG performance and feel
it is important to continue to develop opportunities in this area.
At our February Capital Markets Day, my colleagues and I laid out
Sampo's new, P&C-focussed strategy and financial targets, placing
underwriting profitability at the core of our ambitions. The first
quarter has represented a solid first step in executing against these
objectives. Given our strong positioning and business plan, I feel
confident about the Group's trajectory in 2021 and beyond.
Torbjörn Magnusson
Group CEO and President
OUTLOOK
Outlook for 2021
Sampo Group's insurance businesses are expected to report good insurance
technical results for 2021, although the mark-to-market component of
investment returns will be significantly influenced by capital markets'
developments, particularly in life insurance.
If P&C is expected to reach a combined ratio of 82 - 84 per cent in
2021.
With regard to Topdanmark, reference is made to the profit forecast
model that the company publishes on a quarterly basis.
Hastings is on track to deliver against its financial targets but
uncertainties relating to COVID-19 development, regulatory reform and
Brexit remain.
Nordea continues to focus on creating great customer experiences,
growing income and improving operational efficiency. The results are
progressing well towards 2022 targets.
The major risks and uncertainties for the Group in the near-term
In its current day-to-day business activities Sampo Group is exposed to
various risks and uncertainties, mainly through its separately managed
major business units.
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 the same, although they are not directly additive
due to the effects of diversification.
Uncertainties in the form of major unforeseen events may have an
immediate impact on the Group's profitability. The identification of
unforeseen events is easier than the estimation of their probabilities,
timing, and potential outcomes. Currently, the COVID-19 pandemic and the
measures taken to contain the virus are causing significant
uncertainties on economic and capital market development. There are also
a number of widely identified macroeconomic, political and other sources
of uncertainty which can, in various ways, affect the financial services
industry in a negative manner.
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 have a long-term impact
on how Sampo Group's business will be conducted. Examples of identified
trends are demographic changes, sustainability issues, and technological
developments in areas such as artificial intelligence and digitalization
including threats posed by cybercrime.
THE BOARD'S DIVID PROPOSAL
The Board proposes to the Annual General Meeting a dividend of EUR 1.70
per share to the company's 555,351,850 shares. The dividends to be paid
are EUR 944,098,145.00 in total. The remainder of the funds are left in
the equity.
The dividend will be paid to the shareholders registered in the Register
of Shareholders held by Euroclear Finland Ltd as the record date of 21
May 2021. The Board proposes that the dividend be paid on 28 May 2021.
EFFECTS OF COVID-19 ON SAMPO GROUP
The COVID-19 pandemic continued to affect societies, businesses and
individual people during the first quarter of 2021. However, as a
technologically advanced insurance group, Sampo has been able to meet
the challenges created by COVID-19 and to accelerate support and
services, both for its customers and for its employees.
There have been no COVID-19 related lay-offs among Sampo Group personnel
and none of the Group companies has required any government funding
support during the COVID-19 pandemic.
If's claims cost for the first quarter was positively impacted by low
claims frequency, especially in motor and travel insurance, following
from continued lockdown measures implemented by governments to contain
the spread of the pandemic and a low level of activity in society. The
effect of COVID-19 on If's risk ratio is approximately 3 percentage
points positive in the first quarter. Claims frequency levels are
expected to increase towards more normal levels following the improved
situation and as a consequence of lockdown measures.
Hastings' motor claims frequencies have reduced, reflecting reduced
motor vehicle usage as a result of the national and local restrictions
resulting from COVID-19 which continued throughout most of 2020 and the
first quarter of 2021. Claim severities increased due to interruptions
in the repair networks and supply of parts caused by COVID-19 and
increased car rental costs, with repairs typically taking longer than
anticipated.
Topdanmark has reported on the impacts of the COVID-19 pandemic in its
interim report for January--March 2021 published on 26 April 2021. The
report is available at www.topdanmark.com.
BUSINESS AREAS
If
The underwriting result for the If segment of EUR 213 million was the
best-ever recorded in a first quarter, as was the combined ratio of 81.5
per cent. Weather losses were slightly above the normal and large losses
were broadly at normal levels while COVID-19 loss frequency effects
benefitted the combined ratio by approximately 3 percentage points.
Prior year development had a 4 percentage points positive impact on the
combined ratio, which is within the range of outcomes observed over
recent years. Following the strong performance in the quarter, If's 2021
combined ratio outlook has been improved to 82 -- 84 per cent, well in
line with the target of below 85 per cent.
The underwriting result of EUR 213 million (180) represented 18 per cent
growth over the previous year. Adjusting for COVID-19 effects and
harsher winter weather, underwriting profit growth clearly supported the
mid-single digit target for 2021-2023.
The first quarter combined ratio of 81.5 per cent was 2.2 percentage
points better than the year before (83.7) mainly as a result of an
improvement in the risk ratio to 61.0 per cent (63.4). The combined
ratio benefitted from rating actions, particularly in BA Industrial and
BA Commercial, as well as ongoing operational work on risk selection and
cost efficiency.
Large claims declined year-on-year, supporting risk ratio development by
approximately 1.8 percentage points. Weather conditions were roughly 2
percentage points harsher than in the previous year with cold
temperatures and snowfall leading to freeze claims. COVID-effects
supported year-on-year development in the risk ratio by approximately 3
percentage points.
In the first quarter of 2021 EUR 47 million (62) was released from the
technical reserves relating to prior year claims. The reserve releases
had a positive impact of 4 percentage points on the combined ratio,
which was 1.6 percentage points less than a year ago.
The cost ratio was stable relative to the previous year at 20.5 per cent
(20.4).
Gross written premiums amounted to EUR 1,801 million (1,733) in January
-- March 2021. Excluding the currency effects, premiums grew 2.6 per
cent (7.0), driven by stable and high retention levels and strong
business momentum. The renewals of corporate lines on 1 January 2021
were characterised by stable retention and selective rate actions.
If's most profitable business, BA Private, was the main driver of growth
but premiums grew in all business areas. Geographically, Sweden and
Norway saw growth; in Sweden, new car sales had a notable positive
impact on premium growth. COVID-19 has a negative impact on premium
volumes in the Finnish workers compensation and the travel insurance
portfolio across all markets. The growth in the Baltics was
significantly stronger than the market average.
If reported a strong investment result of EUR 52 million driven by
highly supportive equity and credit markets. Mark-to-market return on
investments increased to 1.5 per cent (-5.6). Asset allocation remained
stable. Fixed income comprises 88 per cent (88) and equity 12 per cent
(12) of the total assets of EUR 11.6 billion (11.0).
As a result of the strong underwriting result and investment income
achieved in the first quarter, profit before taxes almost doubled to EUR
257 (129) million relative to the difficult first quarter of 2020. Total
comprehensive income for the period after tax was EUR 292 million
(-518).
If's solvency position is described in the section Solvency.
Topdanmark
At the end of March 2021 Sampo plc held 41,997,070 Topdanmark shares,
corresponding to 46.7 per cent of all shares and 47,9 per cent of
related voting rights in the company. The market value of the holding
was EUR 1,639 million on 31 March 2021.
Topdanmark's profit before taxes for January-March 2021 amounted in
Sampo Group's profit and loss account to EUR 137 million (-13). The
combined ratio improved to 84.7 per cent (88.7). The expense ratio was
16.8 per cent (17.2).
Further information on Topdanmark A/S and its January-March 2021 result
is available at www.topdanmark.com.
Hastings
Hastings achieved strong underwriting margins in the first quarter of
2021, supported by lower claims frequencies as a result of COVID-19
restrictions and the ongoing progress on strategic and operational
initiatives.
Gross written premiums amounted to EUR 238 million, with lower average
premiums than previously recorded, primarily reflecting lower claims
frequencies, a competitive pricing environment and a change in mix of
customers to lower risk segments, as well as the ongoing support given
to Hastings' customers.
Rate reduction has been observed across the UK motor market during the
first quarter of 2021. Hastings has remained disciplined in its pricing
approach, resulting in live customer policies being broadly stable
compared to the year end at 3.1 million, and up 7 per cent year-on-year.
Customer retention rates continue to be high and above market averages.
Motor claims frequencies have remained low, reflecting reduced motor
vehicle usage as a result of COVID-19 restrictions that continued
throughout most of the first quarter of 2021. Uncertainty over ultimate
costs has been recognized in a continued cautious approach to reserving.
Hastings operating ratio for the first quarter was 75.1 per cent. The
ratio includes a 3.4 percentage points benefit from acquisition
accounting across revenue and operating expenses for deferred
acquisition costs and other fair value adjustments that will continue
until the end of 2021.
Hastings segment's profit before taxes for January -- March 2021
amounted to 46 million. This includes a EUR 10 million charge for
amortization of non-operational intangibles, which will continue for the
next seven years.
Hastings continues to make good progress on its strategic initiatives,
including digital capabilities. More customers are choosing to make
contact through the mobile app and customer engagement and feedback on
the app remains positive. Claims transformation initiatives, spanning
accidental damage, third party property damage and bodily injury, also
continue to make good progress. Home insurance customer policies were up
28 per cent year-on-year.
Colleague engagement remains very positive. Investment continues to be
made in home and flexible working, which Hastings intends to continue
beyond COVID-19, to ensure the training and development and wellbeing of
Colleagues, as well as on the diversity and inclusion agenda, including
a focus on the progression of women into senior roles.
Whiplash reforms, designed to reduce the cost of small bodily injury
claims, will come into effect across the UK market at the end of May. In
addition, the final report of the FCA's general insurance pricing
practices market study is also expected in May, with full implementation
required by the end of December 2021. Hastings remains supportive of
both reforms and its agile pricing, superior risk selection and business
model means that it is well positioned to adapt and become a net
beneficiary versus competitors over time.
Mandatum
The profit before taxes for Mandatum Group in January -- March 2021
amounted to EUR 76 million (-16). The result benefitted from favorable
investment markets, which supported net investment income of EUR 105
million (-23), excluding income on unit-linked contracts. The net income
from unit-linked contracts was EUR 375 million (-884). The total
comprehensive income for the period after tax reflecting the changes in
market value of assets, was EUR 108 million (-323).
Mandatum Life's total technical reserves increased to EUR 12.7 billion
(12.3). The increase was driven by unit-linked reserves, which grew to
EUR 9.2 billion (8.8) at the end of March on the back of good momentum
in the capital markets. Mandatum's expense result was EUR 8 million (6)
and the risk result stood at EUR 6 million (5).
The with-profit reserves related to the higher guarantees of 4.5 and 3.5
per cent decreased by EUR 50 million to EUR 1.8 billion (1.9) at the end
of March 2021. In total, with-profit reserves equaled EUR 3.4 billion
(3.5).
Mandatum Life's discount rate for 2024 was lowered to 1.5 per cent,
which had a negative impact of EUR 31 million on the result. Mandatum
Life has overall supplemented its technical reserves with a total of EUR
232 million (218). The figure does not take into account the reserves
relating to the segregated fund. The discount rate is 0.25 per cent for
2021 - 2023 and 1.5 per cent for 2024. The discount rate of segregated
liabilities is 0.0 per cent and the discount rate reserve of the
segregated liabilities amounted to EUR 221 million (232).
Mandatum Life's premium income amounted to EUR 269 million (287), of
which unit-linked premiums were EUR 201 million (224).
Mandatum's solvency position is described in the section Solvency.
Holding
Holding segment's profit before taxes for January - March 2021 rose to
EUR 115 million (62).
On 31 March 2021 Sampo plc held 642,924,782 Nordea shares corresponding
to a holding of 15.87 per cent. The average purchase price per share
amounted to EUR 6.46. Nordea is valued in the consolidated balance sheet
at EUR 4.9 billion, i.e. EUR 7.68 per share on 31 March 2021. On the
same date the market value of the holding was EUR 5.4 billion, i.e. EUR
8.41 per share.
Sampo's share of profits of associated companies Nordea and Nordax
Holding for January -- March 2021 amounted to EUR 126 million (86), of
which Nordea's share was EUR 121 million (84) and Nordax's share was EUR
5 million (2).
OTHER DEVELOPMENTS
Changes in Group Structure
Mandatum Group announced on 12 February 2021 that it will establish
Mandatum Asset Management. In connection with this, Sampo Group's asset
management operations will be merged and changes to Mandatum Group's
corporate structure have been made. In the new structure Mandatum Life
and Mandatum Asset Management Ltd ("MAM", previously Mandatum Life
Investment Services Ltd) will operate as affiliates under a new parent
company Mandatum Holding Ltd, that is a wholly-owned subsidiary of
Sampo.
Remuneration
A total of EUR 19 million (5), including social costs, was paid as
short-term incentives during the first quarter of 2021, of which the
major part was paid out in Hastings. In the same period, a total of EUR
1 million (0) was paid as long-term incentives, of which all was paid
out in Topdanmark. The long-term incentive schemes in force in Sampo
Group produced a negative result impact of EUR -6 million (6).
Shareholders
During the first quarter of 2021 Sampo plc received altogether 14
notifications of change in holding pursuant to Chapter 9, Section 5 of
the Securities Markets Act, according to which the total number of Sampo
A shares or related voting rights owned by BlackRock, Inc. (tax ID
32-0174421) and its funds directly or through financial instruments had
decreased below 5 per cent or increased above 5 per cent.
After the end of the reporting period Sampo plc had received 10
notifications of change in holding pursuant to Chapter 9, Section 5 of
the Securities Markets Act, from BlackRock, Inc.
The details of the notifications are available at
www.sampo.com/flaggings.
Ratings
Relevant ratings for Sampo Group companies on 31 March 2021 are
presented in the table below.
Rated company Moody's Standard & Poor's
----------------------------- --------------- -------------------
Rating Outlook Rating Outlook
----------------------------- ------ ------- -------- ---------
A3 Stable A
Sampo plc -- Issuer Credit Stable
Rating
----------------------------- ------ ------- -------- ---------
If P&C Insurance Ltd -- A1 Stable A+ Stable
Insurance Financial Strength
Rating
----------------------------- ------ ------- -------- ---------
If P&C Insurance Holding - - A Stable
Ltd (publ)
- Issuer Credit Rating
----------------------------- ------ ------- -------- ---------
Mandatum Life Insurance - - A+ Stable
Company Ltd -- Issuer Credit
Rating
----------------------------- ------ ------- -------- ---------
In addition, Hastings Group (Finance) Plc has an outstanding senior bond
of GBP 250 million maturing in 2025 for which Fitch has an Issuer
Default Rating (IDR) of A- with a positive outlook.
SOLVENCY
Group solvency
Sampo Group calculates its group solvency under the Solvency II rules.
In this calculation Nordea is treated as an equity investment.
On 24 February 2021 Sampo published a target for its Group solvency
ratio. Sampo targets a solvency ratio between 170 and 190 per cent
according to the Solvency II rules. On 31 March 2021 Sampo Group's
solvency ratio was at the upper end of the target range and amounted to
189 per cent (176).
Solvency position in the subsidiaries
The insurance subsidiaries apply Solvency II rules in their regulatory
solvency calculations. If Group companies use either partial internal
models or standard model for calculation of their solo solvency
position. Mandatum Life reports in accordance with standard formula for
Solvency II. Topdanmark uses a partial internal model to report its
stand-alone solvency position.
Hastings is fully consolidated into the Sampo Group's Own funds and SCR.
As a stand-alone entity AICL, Hastings underwriting company, calculates
its solo solvency position according to Solvency II rules.
If Group has an A+ rating from S&P which will continue to require
significantly more capital than the standard formula and therefore the
use of standard formula has no practical implications on If Group's
capital position. On 31 March 2021 If Group's Solvency II capital
requirement under standard formula amounted to EUR 2,020 million (1,916)
and own funds to EUR 4,289 million (3,623). The solvency ratio amounted
to 212 per cent (189).
The S&P A+ rating capital requirement for If Group amounted to EUR 3,081
million (3,083) on 31 March 2021 and the capital base was EUR 3,732
million (3,234).
Topdanmark calculates most of its non-life and health risks and their
respective solvency capital requirement by applying a partial internal
model approved by the DFSA. Other risks are calculated by the Solvency
II SCR standard formula. During the first quarter of 2021, Topdanmark
has updated its model apparatus for calculating the Solvency Capital
Requirement (SCR) and the own funds in life insurance. Topdanmark's
solvency ratio under the partial internal model rose to 243 per cent
(170) at the end of March 2021.
Mandatum Group's solvency ratio amounted to 204 per cent on 31 March
2021. The life company in the Group, Mandatum Life, had a solvency ratio
of 200 per cent (188). Its Own funds were EUR 2,491 million (2,308) and
the Solvency Capital Requirement (SCR) was EUR 1,243 million (1,230).
Without transitional measures the solvency ratio was 173 per cent (159).
Leverage position
On 24 February 2021 Sampo published a target of below 30 per cent for
its Group leverage ratio calculated as Group's financial debt divided by
the sum of IFRS equity and financial debt. Leverage ratio was 28 per
cent on 31 March 2021. Group's financial debt amounted EUR 5,060 million
and the IFRS equity was EUR 12,979 million.
Sampo plc's debt financing on 31 March 2021 amounted to EUR 3,932
million (3,934) and interest-bearing assets to EUR 1,839 million
(1,529). Financial liabilities consisted of issued senior bonds and
notes of EUR 2,446 million (2,448) and of subordinated notes of EUR
1,486 million (1,486). No CPs were outstanding (0). The average interest,
net of interest rate swaps, on Sampo plc's debt as of 31 March 2021 was
1.7 per cent (1.6). At the end of March 2021, the interest-bearing net
debt of Sampo plc amounted to EUR 2,093 million (2,405).
More information on Sampo Group's outstanding debt issues is available
at www.sampo.com/debtfinancing.
SAMPO PLC
Board of Directors
For more information, please contact:
Knut Arne Alsaker, 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, Media Relations, tel. +358 10
516 0031
Conference call
An English-language conference call for investors and analysts will be
arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +1 631
913 1422, +44 33 3300 0804, +46 8 5664 2651, or +358 9 8171 0310. The
conference code is 84759037#.
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 Half-Year Financial Report for January - June
2021 on 4 August 2021.
Exchange rates used in reporting
1-3/2021 1-12/2020 1-9/2020 1-6/2020 1-3/2020
--------------------------- -------- --------- -------- -------- --------
EURSEK
--------------------------- -------- --------- -------- -------- --------
Income statement (average) 10.1173 10.4882 10.5622 10.6621 10.6649
--------------------------- -------- --------- -------- -------- --------
Balance sheet (at end
of period) 10.2383 10.0343 10.5713 10.4948 11.0613
--------------------------- -------- --------- -------- -------- --------
DKKSEK
--------------------------- -------- --------- -------- -------- --------
Income statement (average) 1.3608 1.4066 1.4157 1.4280 1.4279
--------------------------- -------- --------- -------- -------- --------
Balance sheet (at end
of period) 1.3766 1.3485 1.4197 1.4813 1.4813
--------------------------- -------- --------- -------- -------- --------
NOKSEK
--------------------------- -------- --------- -------- -------- --------
Income statement (average) 0.9865 0.9778 0.9857 0.9932 1.0195
--------------------------- -------- --------- -------- -------- --------
Balance sheet (at end
of period) 1.0243 0.9584 0.9523 0.9618 0.9610
--------------------------- -------- --------- -------- -------- --------
EURDKK
--------------------------- -------- --------- -------- -------- --------
Income statement (average) 7.4373 7.4544 7.4581 7.4648 7.4714
--------------------------- -------- --------- -------- -------- --------
Balance sheet (at end
of period) 7.4373 7.4409 7.4462 7.4526 7.4674
--------------------------- -------- --------- -------- -------- --------
EURGBP
--------------------------- -------- --------- -------- -------- --------
Income statement (average) 0.8748 0.8892
--------------------------- -------- --------- -------- -------- --------
Balance sheet (at end
of period) 0.8521 0.8990
--------------------------- -------- --------- -------- -------- --------
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
Attachment
-- Interim Statement Q1/2021
https://ml-eu.globenewswire.com/Resource/Download/7538fea0-3a21-4df0-b744-329d176e03ab
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