Sampo Group's Interim Report for January-June 2014 - Seite 3

If's share of Topdanmark's profit for the first half of 2014 amounted to EUR 26 million (34). On 30 June 2014 If P&C held 31,476,920 Topdanmark shares, corresponding to over 28 per cent of all shares. All Topdanmark shares held by Sampo Group are concentrated in If P&C Insurance Holding Ltd (publ).

Claims development in the first half of 2014 was generally benign. Combined ratio for BA Industrial improved significantly as both risk and cost ratios decreased.  All in all large claims outcome was close to expected and ended up EUR 3 million negative. In Sweden, however, the large claims amounted to approximately EUR 20 million above expected level. The continuing decline in discount rates used to discount the annuity reserves also burdened the Swedish result. The strong improvement in the Finnish risk ratio for the second quarter of 2014 is largely due to the fact that the discount rate was lowered in the comparison period. The large claims result in Finland also improved compared to last year.

Gross written premiums decreased to EUR 2,812 million (2,907) because of weakened Swedish krona. Adjusted for currency, premiums rose 1.5 per cent. Premiums in BA Industrial decreased but all other business areas had positive growth. Cost ratio improved to 22.6 per cent (22.9) and expense ratio remained unchanged at 16.7 per cent.

On 30 June 2014 the total investment assets of If P&C amounted to EUR 11.9 billion (11.7). Net income from investments amounted to EUR 209 million (198). Investment return mark-to-market for January-June 2014 was 3.1 per cent (1.9). Duration for interest bearing assets was 1.0 years (1.3) and average maturity 2.2 years (2.3). Fixed income running yield was 2.5 per cent (3.1).

Associated company Nordea Bank AB

On 30 June 2014 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 7.94 per share. The closing price as at end of June 2014 was EUR 10.28. Nordea is accounted as an associated company in Sampo Group's accounts.

The following text is based on Nordea's January - June 2014 interim report published on 17 July 2014.

Net interest income was down 1 per cent compared to last year. Lending volumes were up 3 per cent excluding reversed repurchase agreements in local currencies. Corporate and household lending margins were higher, while deposit margins overall were down from one year ago.