Sampo Group's interim report for January - March 2013 - Seite 2

The average EUR-SEK exchange rate used for income statement items for the first quarter of 2013 is 8.4955 and the end of period exchange rate used for balance sheet items is 8.3553.

Sampo follows the disclosure procedure enabled by the Finnish Financial Supervisory Authority (Standard 5.2b) and hereby publishes its Interim Report attached as a PDF file to this stock exchange release. The Interim Report is also available at www.sampo.com/result.

BUSINESS AREAS

P&C insurance

Profit before taxes for P&C insurance rose to EUR 204 million (198) in January-March 2013. Combined ratio improved to 90.9 per cent (91.7), because of the lower risk ratio 67.6 per cent (69.0). Improvement in risk ratio was due to less large claims than in the comparison period. EUR 14 million (26) was released from technical reserves relating to prior year claims.

Technical result was stable at EUR 122 million (120) although the allocated investment return continued to decrease. Technical result for Private and Commercial business areas improved to EUR 73 million (68) and to EUR 32 million (26), respectively. For business area Industrial technical result decreased to EUR 11 million (13) and for Baltic to EUR 2 million (4). Insurance margin (technical result in relation to net premiums earned) amounted to 10.9 per cent (11.1).

Return on equity (RoE) was 39.2 per cent (52.1). Fair value reserve increased from the end of 2012 to EUR 421 million (364).

Topdanmark's profit contribution for January-March 2013 was EUR 16 million (12). At the end of March 2013 If P&C held altogether 31,476,920 Topdanmark shares, corresponding to approximately 23 per cent of all shares and over 26 per cent of the related votes. The increase in the number of shares held is due to the 1:10 share split that Topdanmark conducted with effect from 13 March 2013.

At the end of March 2013 the total investment assets of If P&C amounted to EUR 12.0 billion (11.7). Duration for interest bearing assets was 1.1 years (1.3) and average maturity 2.3 years (2.5). Fixed income running yield was 3.4 per cent (3.9).                     

Associated company Nordea Bank Ab

On 31 March 2013 Sampo plc held 860,440,497 Nordea shares corresponding to a holding of 21.2 per cent. The average price paid per share amounted to EUR 6.46 and the book value in the Group accounts was EUR 7.57 per share. The closing price as at end of March 2013 was EUR 8.83.

Sampo's holding exceeds 20 per cent and Nordea has been accounted as an associated company in Sampo Group's accounts since 31 December 2009. Sampo's share of Nordea's net profit is shown on the face of Sampo Group's profit and loss account on the line Share of associate's profit/loss.