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Capitalization by Regulatory Criteria

Sampo Group reports its group solvency quarterly to the Finnish supervisory authorities monitoring Sampo Group. Subsidiaries' solvency is reported to the local supervisors.

The regulatory capital requirements and the regulatory solvency capital of If P&C and Mandatum Life are presented in figure "Regulatory capital measures, If P&C and Mandatum Life, 31 Dec 2010 and 31 Dec 2009". All companies fulfilled their regulatory capital requirement during the year 2010. Regulatory solvency capital, which is used to assess the solvency of an insurance company, is not calculated for the parent company Sampo plc.

Regulatory solvency capital of If P&C increased to EUR 2,956 million (EUR 2,427 million) while the regulatory capital requirement was EUR 735 million (EUR 634 million). Regulatory solvency capital in Mandatum Life Group increased to EUR 1,324 million (EUR 926 million) while the regulatory capital requirement was EUR 231 million (EUR 226 million). Also Sampo Group's consolidated capital position was very strong. The Group solvency ratio was 167 per cent (158 per cent).

The calculation of group solvency according to the Act on the Supervision of Financial and Insurance Conglomerates (1193/2004) is broken down in table "Group solvency, 31 Dec 2010 and 31 Dec 2009". The group solvency ratio on 31 December 2010 was 167 per cent (158 per cent).

Group solvency, 31 Dec 2010 and 31 Dec 2009

EURm

31 Dec 2010

31 Dec 2009

Group capital

8,886

7,613

Sectoral items

1,711

1,545

Valuation differences and deferred taxes

508

369

Subordinated loans

289

287

Share of Nordea's capital not included in Group capital

915

889

Intangibles and other deductables

-3,033

-2,875

Intangibles (insurance companies)

-742

-688

Intangibles (Nordea)

-1,218

-1,179

Equalisation provision (Finland)

-361

-348

Contingency reserve (Finland)

0 -33

Other

-67 -66

Planned dividends for the current period

-645

-561

Solvency capital, total

7,564

6,283

Minimum requirements for solvency capital, total

4,526

3,968

     
Group solvency

3,038

2,315

Group solvency ratio

(solvency capital % of minimum requirement)

167%

158%

 

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