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Sampo sees Q2 profit rise YOY, names new CFO

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Sampo sees Q2 profit rise YOY, names new CFO

Sampo Oyj reported an increase in second-quarter profits and named a new CFO who will begin in 2019.

The Finnish insurer's second-quarter group profit attributable to owners of the parent totaled €586 million, up from €375 million in the year-ago period.

EPS for the quarter was €1.06, compared to 67 cents a year earlier.

Pretax profit amounted to €708 million, up from the year-ago €435 million. Sampo's share of associated company Nordea Bank AB (publ)'s net profit for the quarter amounted to €223 million, compared to €150 million a year earlier. Topdanmark A/S' pretax profit contribution totaled €45 million, up from the year-ago €31 million, while Mandatum Life Insurance Co. Ltd.'s pretax profit contribution amounted to €239 million, up from €62 million a year earlier.

The insurer's insurance premiums written rose on a yearly basis to €1.86 billion from €1.23 billion. Net income from investments also increased, to €330 million from €270 million.

Claims incurred amounted to €1.26 billion, compared to €902 million a year earlier. The change in liabilities for insurance and investment contracts totaled a negative €271 million, compared to the year-ago negative €66 million.

The combined ratio, a measure of underwriting profitability, in the If property and casualty segment stood at 85.1%, compared to 85.7% in the second quarter of 2017. The group said If P&C is expected to reach a combined ratio target of between 86% and 88% for full year 2018.

For the first half, Sampo's group profit attributable to owners of the parent rose year over year to €934 million from €753 million. ROE for the half stood at 10.2%, compared to 14.1% a year ago.

Group pretax profit for the first half totaled €1.15 billion, up from the year-ago €865 million. Sampo said the figure includes a nonrecurring profit item of €197 million related to Mandatum Life's cooperation agreement with Danske Bank A/S.

Sampo's group solvency ratio was 146% at June-end, compared to 154% a year earlier.

Separately, Sampo said Group CFO Peter Johansson will retire from his post with effect from Jan. 1, 2019.

Knut Arne Alsaker, who currently serves as CFO of business area If P&C Group, will take over from Johansson effective the same day. Alsaker is also a member of Sampo Group's executive committee.