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2016-05-11

Sampo Oyj: Profits for Sampo Group's insurance businesses increased, challenges faced in investment market

SAMPO PLC PRESS RELEASE 11 May 2016 at 9:35 am

Profits for Sampo Group's insurance businesses increased, challenges faced in
investment market

Sampo Group's profit before taxes for January-March 2016 declined to EUR 416
million compared to EUR 487 million a year earlier. The total comprehensive
income for the period, taking changes in the market value of assets into
account, decreased to EUR 204 million (701).

- P&C and life insurance businesses improved their reported profits further
but there were challenges in investment market pushing asset values down.
Nordea already reported lower profits. Consequently, this was reflected
negatively in Sampo Group's total comprehensive income taking changes in the
market value of assets into account, saysKari Stadigh
, Group CEO and President.

Profit before taxes for the P&C insurance segment increased from EUR 200
million to EUR 216 million. In life insurance operations profit before taxes
rose from EUR 39 million to EUR 53 million. Sampo's share of Nordea's net
profit for the first quarter of 2016 decreased from EUR 223 to EUR 159
million.

Other key figures

* Sampo Group's earnings per share was EUR 0.65 (0.78).
* The return on equity for the Group was 7.1 per cent (24.8).
* Net asset value per share on 31 March 2016 amounted to EUR 22.09 (23.79).
* Combined ratio for P&C insurance for January-March 2016 improved to 83.0
per cent (89.2) including a release from reserves. Excluding the release
combined ratio was 89.8 per cent.

Outlook for 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.

The P&C insurance operations are expected to reach a combined ratio of 88 - 91
per cent excluding the release from the Swedish MTPL reserves.

Nordea's contribution to the Group's profit is expected to be significant.

Please find the Interim Statement for January - March 2016 and the
Supplementary Financial Information Package at
www.sampo.com/result.

An English-language conference call will be arranged at 4 pm Finnish time (2
pm UK time). Please call tel. +44 (0)20 3194 0552, +46 (0)8 566 427 02, +1
855 716 1597 or +358 (0)9 8171 0495. The conference call can also be followed
live atwww.sampo.com/result.

For more information, please contact:

Maria Silander, Communications Manager, tel. +358 10 516 0031

Distribution:

The principal media
www.sampo.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

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