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SAMPO PLC INTERIM STATEMENT 4 May 2022 at 9:35 am
Sampo Group’s results for January–March 2022
- Group P&C premiums grew by 7 per cent, supported by strong development in If P&C and Hastings.
- The Group combined ratio increased to 83.5 per cent (81.2), driven mainly by lower COVID-19 effects. Underlying margin development in If remained positive.
- Underwriting profit amounted to EUR 290 million (317). Excluding COVID-19 effects reported in the first quarter of 2021, underwriting profit increased 4 per cent.
- Profit before taxes declined to EUR 566 million (632), while earnings per share increased to EUR 0.86 (0.82).
- Group Solvency II coverage including dividend accrual increased to 200 per cent (185), above the 170-190 per cent target, supported by a 6 percentage point benefit from higher interest rates.
- A new EUR 250 million share buyback programme was launched in March 2022, following the completion of the previous EUR 750 million programme.
Key figures
| EURm | 1–3/2022 | 1–3/2021 | Change, % |
| Profit before taxes | 566 | 632 | -10 |
| If | 283 | 257 | 10 |
| Topdanmark | 37 | 137 | -73 |
| Hastings | 2 | 46 | -95 |
| Mandatum | 80 | 76 | 5 |
| Holding | 164 | 115 | 42 |
| Profit for the period | 483 | 526 | -8 |
| Underwriting profit | 290 | 317 | -8 |
| Change | |||
| Earnings per share, EUR | 0.86 | 0.82 | 0.04 |
| EPS (based on OCI) EUR | -0.12 | 1.39 | -1.51 |
| RoE, % | -2.1 | 26.0 | -28.1 |
The figures in this report have not been audited.
| Sampo Group financial targets for 2021-2023 | ||
| Target | 1-3/2022 | |
| Group | Mid-single digit UW profit growth annually on average (excluding COVID-19 effects) | -8% (4% excluding reported COVID-19 effects in Q1/2021) |
Full story available on Benzinga.com
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