Sampo Group in 2010
Sampo Group's profit before taxes for 2010 grew strongly and amounted to EUR 1,320 million (825). Total comprehensive income for the period, taking changes in the market value of assets into account, was EUR 1,807 million (3,423).
Earnings per share rose to EUR 1.97 (1.14). Mark-to-market earnings per share were EUR 3.22 (5.88) and return on equity for the Group was 21.8 per cent for 2010 (55.7).
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) and an authorization to repurchase a maximum of 50 million Sampo A shares.
Net asset value per share increased by more than EUR 3 during 2010 and on 31 December 2010 amounted to EUR 17.79 (14.63). Fair value reserve on the Group level increased to EUR 736 million (296).
If P&C, Sampo Group's P&C insurance operation, 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). Profit before taxes rose to EUR 707 million (644). Return on equity was 39.8 per cent (53.2) and fair value reserve increased to EUR 315 million (105).
Sampo's share of Nordea's net profit amounted to EUR 523 million. Year 2010 was the first year when Nordea was accounted for as an associated company. In segment reporting the share of Nordea's profit is included in the segment ‘Holding'.
Profit before taxes for Mandatum Life, Sampo Group's life insurance operation, increased to EUR 142 million (121). Fair value reserve increased to EUR 436 million as at 31 December 2010 (210). Return on equity was 36.2 per cent (97.6). Premiums grew almost 40 per cent and exceeded one billion euro for the first time ever.
Sampo Group's total investment assets at the end of 2010 amounted to EUR 18.3 billion (16), of which 78 per cent was invested in fixed income instruments (82), 18 per cent in equities (14) and 4 per cent in other assets (3). Reported investment income amounted to EUR 1,183 million (1,155).
The Group's equity as at 31 December 2010 amounted to EUR 8,886 million (7,613). Equity was strengthened mainly by the profit for the year of EUR 1,104 million and change in the fair value reserve of EUR 447 million. The largest reduction was the dividends of EUR 561 million.
Sampo Group's own funds exceeded the minimum solvency requirements at the end of 2010 by EUR 3,038 million (2,315) and solvency ratio stood at 167.1 per cent (158.3).
Results, Sampo Group, 2010
|Profit before taxes||1,320||825||60|
|Holding (excl. Nordea)||-48||36||-|
|Profit for the period||1,104||641||72|
|Earnings per share, EUR||1.97||1.14||0.83|
|EPS (incl. change in FVR), EUR||3.22||5.88||-2.66|
|NAV per share, EUR||17.79||14.63||3.16|
|Average number of staff (FTE)||6,914||7,311||-397|
|Group solvency ratio, %||167.1||158.3||8.8|