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Sampo Q1 profit falls YOY, as premiums decrease

SampoOyj reported first-quarter group profit of €362 million, down from€435 million in the year-ago period.

EPS for the period amounted to 65 cents, compared to 78cents a year earlier.

The group's pretax profit fell year over year to €416million from €487 million.

In the property and casualty insurance segment, pretaxprofit increased to €216 million from the year-ago €200 million. The combinedratio fell to 83.0% from 89.2%; excluding a nonrecurring reserve release of €72million from the Swedish motor third-party liability reserves following areview of mortality tables by the Swedish insurance federation, the combinedratio for the first quarter would have been 89.8%. For 2016, Sampo said itexpects the P&C insurance operations to reach a combined ratio of 88% to91% excluding the release from the Swedish MTPL reserves.

Sampo said its share of associated company 's pretax profitfor the quarter amounted to €159 million, down from the year-ago €223 million.

TopdanmarkA/S' pretax profit contribution for the quarter amounted to €5million, compared to €12 million a year earlier.

Sampo's gross written premiums in P&C declined on ayearly basis to €1.62 billion from €1.67 billion

In its life insurance operations, Sampo reported an increasein pretax profit to €53 million from €39 million. Premiums writtentotaled €244 million, down from €377 million a year ago.

Sampo's group solvency ratio was 143.4% at March-end.