Sampo Group's interim report for January - March 2013 - Seite 3

Nordea paid a total dividend of EUR 1,370 million in March 2013, of which Sampo plc's share amounted to EUR 293 million.

Total expenses were unchanged compared to the first quarter of 2012 in local currencies when excluding performance-related salaries and profit-sharing, i.e. with the cost definition for the cost target in the financial plan. Staff costs were down 2 per cent in local currencies when excluding performance-related salaries and profit-sharing.

Net loan loss provisions decreased to EUR 199 million, corresponding to a loan loss ratio of 23 basis points (25 basis points last year excluding provisions related to the Danish deposit guarantee fund).

Net profit increased 3 per cent to EUR 796 million, due to higher income and stable costs.

The Group's core tier 1 capital ratio, excluding transition rules, was 13.2 per cent at the end of the first quarter, a strengthening of 0.1 percentage points from the end of the previous quarter. The tier 1 capital ratio excluding transition rules decreased 0.3 percentage point to 14.0 per cent due changed regulatory deductions for holding in insurance companies. The total capital ratio excluding transition rules increased 0.3 percentage point to 16.5 per cent. Improved core tier 1 capital ratio has been achieved by strong profit generation but countered by the implementation of revised IAS 19, Employee Benefits.

Life insurance

Profit before taxes in life insurance for January-March 2013 rose to EUR 36 million (33). EUR 20 million was used in the first quarter of 2013 to lower the interest rate used to discount all with profit liabilities in 2014 with 2.7 per cent. The discount rate for 2013 has already earlier been lowered to 2.5 per cent. All in all, Mandatum Life has increased its technical reserves with a total of EUR 128 million due to low level of interest rates. Return on equity (RoE) amounted to 22.4 per cent (72.3). The total comprehensive income for the period, taking changes in the market value of assets into account, decreased to EUR 66 million (172).

Excluding the assets of EUR 4.1 billion (3.8) covering unit-linked liabilities, Mandatum Life Group's investment assets on 31 March 2013 amounted to EUR 5.6 billion (5.5) at market values. Investment return mark-to-market during January - March 2013 was 2.3 per cent (5.2). The fair value reserve increased from the end of 2012 by EUR 38 million to EUR 429 million. At the end of March 2013 the duration of fixed income assets was 1.7 years (1.8) and average maturity 2.0 years (2.4). Fixed income running yield decreased to 4.4 per cent (5.3).