Interim Results

SAMPO PLC         STOCK EXCHANGE RELEASE         1 (51)

            10 August 2005, at 9.30 a.m.

 

 

 

 

Sampo plc Interim Report January - June 2005

 

 

Strong operating performance enhanced by investment returns

 

Sampo Group's profitability remained good in the second quarter of 2005. Profit before taxes for January - June 2005 rose to EUR 632 million (414) and RoE was 30.3 per cent (25.6), exceeding the target of 19 per cent.

 

Earnings per share, as reported in the income statement, were EUR 0.81 (0.75). The comparison figure for January - June 2004 contains three significant one-off items contributing EUR 0.37 per share. Taking the change in the fair value reserve into account, earnings were EUR 0.98 per share (0.73). Net asset value per share rose to EUR 6.74 (5.23).

 

- Sampo Group's operating profit for January - June 2005 rose to EUR 630 million (417). Profit for the financial period was EUR 465 million (431), translating to earnings per share of EUR 0.81 (0.75). Taking the change in the fair value reserve into account increases earnings by an additional EUR 0.17 per share.

 

- Profit before taxes for banking and investment services was EUR 136 million (137). The underlying profitability improved, as the comparison figure contains significant one-off items. Net interest income rose to EUR 165 million (160). RoE in banking and investment services was 20.1 per cent compared with the target of 20 per cent.

 

- The combined ratio in P&C insurance operations developed favourably in the second quarter of 2005 and was down to 92.9 per cent for January - June 2005 (96.2). Profit before taxes amounted to EUR 376 million. Net investment income rose to EUR 250 million due to good equity returns and falling interest rates. The targeted RoE of 17.5 per cent was exceeded, as an annualised return of 23.8 per cent was achieved.

 

- Profit before taxes in life insurance operations was supported by the strong performance of equity investments and rose to EUR 145 million (60). RoE target of 17.5 per cent was exceeded as the annualised return for the first half of 2005 was 51.7 per cent. Single premium contracts increased volume and the overall market share measured by premium income rose to 20.5 per cent.

 

- The results of Sampo plc, the Group's parent company, and Primasoft, its IT-services provider, are reported in the Other segment. The segment reported a loss of EUR 24 million (125) mainly because of the interest paid on financing for the acquisition of the P&C subsidiary, If. The comparison figure contains EUR 95 million in sales gains from Skandia shares and EUR 40 million in If's first quarter 2004 profit.

 

 

 

 

 

 

 

 

 

 

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The figures in this interim report are unaudited.

 

                                   

Sampo Group will publish its first audited consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) for the period 1 January to 31 December 2005. This interim report for January - June 2005 has been prepared in accordance with IFRS and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) issued and effective at the time of preparing these statements. The consolidated financial statements for 2005 will be prepared in accordance with the IFRS standards effective at 31 December 2005. Sampo's consolidated financial statements were prepared in accordance with Finnish Accounting Standards (FAS) until 31 December 2004. FAS differs in some areas from IFRS. The comparative figures for 2004 have been restated to comply with the IFRS.

 

Sampo Group

 

Sampo Group's profit before taxes for the first half of 2005 rose to EUR 632 million (414). Earnings per share amounted to EUR 0.81 (0.75) and, taking into account the change in the fair value reserve, to EUR 0.98 (0.73).

 

Following the dividending back of excess capital to shareholders and repayment of the short-term debt associated with the If transactions carried out in 2004, Sampo Group is now approaching an optimal capital structure. Therefore, at its meeting of 22 June 2005 the Board of Directors voted to replace business area RoEC targets by RoE targets. The following targets were set:

 

- Banking and investment services > 20 per cent;

- P&C insurance > 17.5 per cent 

- Life insurance > 17.5 per cent

- Group > 19 per cent

 

 

Annualised RoE for Sampo Group was 30.3 per cent (25.6), exceeding the target of 19 per cent. Annualised RoEC for January - June 2005 rose to 28.8 per cent (28.3).

             

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The Group's equity grew by EUR 384 million to EUR 3,825 million in the first half of 2005. Equity was strengthened by the profit for the period, a EUR 98 million increase in the fair value reserve and new capital of EUR 18 million through subscriptions with option rights. Equity was reduced by the dividends of EUR 113 million paid in April and the initial repurchase of own shares, EUR 8.8 million, in late June.  As of 1 January 2005 Sampo Group's capital adequacy has been measured by the Finnish rules on conglomerate capital adequacy based on the European Union's Directive 2002/87/EU. At the end of June 2005 Sampo Group's own funds exceeded the minimum solvency requirements by EUR 2,077 million and the solvency ratio was 196.5 per cent, up from 170.6 per cent at 31 December 2004.

 

 

 

                       

Second quarter in brief

 

Sampo Group's profit before taxes for the second quarter of 2005 was EUR 403 million (223). Earnings per share were EUR 0.51 (0.47). Net asset value per share increased by EUR 0.28 from the end of the first quarter of 2005 and amounted to EUR 6.74.

 

The Group's total operating expenses in the second quarter of 2005 were EUR 344 million, up by EUR 1 million from the first quarter. The increase in costs is due to the management incentive schemes, the payout of which is partly dependent on Sampo's share price. Reflecting the favourable development of the share price in the second quarter, an additional EUR 11 million was recognised for later payment. At 30 June 2005 the total provision for management incentive schemes, including social security costs, was EUR 32 million. The schemes cover the financial years 2005 - 2007.

 

 

 

 

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Profit before taxes in banking and investment services was EUR 75 million (81) in the second quarter. Net interest income grew to EUR 83 million (80) supported by strong lending growth. Fees and commissions continued to develop favourably and credit quality remained good.

 

Profit before taxes in P&C insurance for the second quarter was EUR 259 million. In the seasonally good quarter the combined ratio improved to 90.9 per cent (91.6). The risk ratio in the second quarter improved in the Private, Commercial and Baltic business areas compared with the second quarter last year. A few large claims resulted in a slightly higher risk ratio for the Industrial business area. Net income from investments was EUR 176 million, largely due to the good performance of equities and falling interest rates.

 

Life operations made a profit before taxes of EUR 83 million (48). Net investment income rose to EUR 162 million (81) as equity returns, in particular, were high. Premiums written were EUR 193 million compared with EUR 131 million in the previous quarter. The increase was attributable to two large single premium contracts.

 

The Other segment recorded an operating loss of EUR 12 million in the second quarter (3), largely because of the EUR 10 million interest expenses relating to the If transactions.

 

Changes in Group structure

 

In April 2005, Sampo Life Insurance Company Limited was granted permission to pursue the life insurance business in Sweden. Finansinspektionen, the supervisory authority for the banking and insurance industry in Sweden, granted a license for the new company, If Livförsäkring AB. The company is fully owned by Sampo Life.

 

In June 2005, Sampo plc signed a binding agreement to sell its subsidiaries in Poland - the pension company Sampo PTE S.A. and the life insurance company Sampo T.U. Zycie S.A. - to Nordea Life Holding A/S. The transaction is conditional on the purchaser obtaining the necessary permits. The consideration is EUR 95 million, of which Sampo will recognise a sales gain of EUR 25 million at the closing of the transaction. Sampo has earlier written off most of the goodwill associated with the acquisition of the sold companies.

 

In May 2005, Sampo plc established a new asset management company focusing on value stocks. Sampo will own at least 51 per cent of the new company, called Arvo Asset Management Ltd, with the remainder being held by the management.

 

Administration

 

The Annual General Meeting held on 11 April 2005 re-elected the earlier eight members to the Board of Directors - Tom Berglund, Anne Brunila, Georg Ehrnrooth, Jyrki Juusela, Olli-Pekka Kallasvuo, Christoffer Taxell, Matti Vuoria and Björn Wahlroos. The Board re-elected Olli-Pekka Kallasvuo as Chairman and Jyrki Juusela as Vice Chairman.

 

The Annual General Meeting approved the financial accounts for 2004 and

discharged the Board of Directors and the Chief Executive Officer from liability.

 

 

 

 

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In addition, the Annual General Meeting decided to approve the following amendments, as proposed by the Board, to the Articles of Association:
- In accordance with Article 2 of the Articles of Association, Sampo plc's domicile was changed from Turku to Helsinki, where Sampo plc's head office and administrative domicile are already located.
- Paragraph 3 of Article 8 of the Articles of Association and the reference contained therein to the age of Board members at the beginning of their term of office was deleted.
- The reference in Paragraph 2 of Article 17 of the Articles of Association to the publication of a Notice of General Meeting in a newspaper published in Turku was deleted due to the above-mentioned amendment to Article 2 of the Articles of Association.

 

The firm of authorised public accountants, Ernst & Young Oy, was re-elected Auditor.

 

On 5 April 2005, Sampo plc's Board of Directors appointed Morten Thorsrud as Head of If P&C Insurance business area Industrial. On 22 June 2005 the Board nominated Line Hestvik as Head of If P&C Insurance's business area Private and member of Sampo Group's Executive Committee. Line Hestvik will replace Gunnar Rogstad as a member of the Board of If P&C Insurance Ltd in Sweden and If P&C Insurance Company Ltd in Finland and also as a member of Sampo Group's Executive Committee.

 

Changes in share capital

 

The Annual General Meeting of 11 April 2005 authorised the Board of Directors to repurchase Sampo's own shares. The authorisation is valid until 11 April 2006. The maximum amount of A shares that can be repurchased is 5 per cent of the company's share capital or of the number of votes attached to all shares. Shares can be bought back either through an offer made to all holders of A shares in proportion to their holdings and on equal terms determined by the Board, or through public trading on the Helsinki Stock Exchange. Shares can only be repurchased to be cancelled.

 

On 22 June 2005, the Board of Directors decided pursuant to the above-mentioned authorisation, to repurchase a maximum of 7 million Sampo A shares through public trading on the Helsinki Stock Exchange.

 

Repurchases started on 29 June 2005 and continued until the maximum amount was achieved. EUR 87.7 million was used to acquire the shares, of which the shares bought during the second quarter amounted to EUR 8.8 million. At the end of the review period Sampo plc held 684,200 of its own A shares, which corresponds to approx. 0.1 per cent of the total amount of shares and votes in the company. After completing the repurchase programme on 13 July 2005, Sampo held 7 million of its own A shares corresponding to 1.2 per cent of the total amount of shares and votes. The repurchased shares corresponded to EUR 0.1 million in share capital at 30 June 2005 and EUR 1.2 million at 13 July 2005.

 

The Annual General Meeting of 11 April 2005 also decided, in accordance with the proposal of the Board of Directors, to pay a dividend of EUR 0.20 per share for 2004. The dividend was paid on 21 April 2005.

 

 

 

 

 

 

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During the second quarter the Board approved subscriptions of 3,736,800 A shares with the warrants of Sampo plc's 1998 option programme. The subscription period for the options ended on 31 May 2005 and trading in them on the Helsinki Stock Exchange was terminated. In addition, subscriptions of 440,000 A shares with the options of Sampo plc's 2000 option programme were approved by the Board. An increase of EUR 18,161,596.99 was received in equity, including EUR 702,487.33 in share capital. Sampo plc's share capital after the increase amounts to EUR 95,860,065.11 and the number of A shares totals 568,758,065 shares. After the increase, the total number of shares of the company, including 1,200,000 B shares, is 569,958,065 shares.

                                   

After the end of the review period, on 5 July 2005 Sampo received a disclosure under chapter 2, section 9 of the Securities Markets Act, according to which Varma Mutual Pension Insurance Company's holding in Sampo A shares and connected voting rights had decreased below 15 per cent. 

 

Staff

 

The number of staff decreased in a year by 107 employees to 11,783 employees at 30 June 2005. Of the staff, 36 per cent worked in banking and investment services, 56 per cent in P&C insurance, 3 per cent in life insurance, 1 per cent in the holding company and 4 per cent in Primasoft. The staff decreased slightly in all business areas, but increased in the rapidly growing Baltic subsidiaries.  The average number of employees during the first half of 2005 was 11,749, compared with 11,889 during the first half of 2004.

 

Ratings

 

During the first half of 2005, the major credit ratings assigned to Sampo Group companies did not change. On 10 August 2005 the ratings were as follows:

 

Group solvency 

 

New rules on calculating solvency for financial conglomerates entered into force at 1 January 2005. Group solvency consists of the difference between the Group's own funds and the minimum requirement set for them. The rules determine the own funds and minimum own funds requirements for subsidiaries and associated companies operating in banking or insurance sector to be calculated according to sectoral rules. In the group solvency calculation, funds that cannot be used to cover losses in other group companies are not taken into consideration. Sampo Group applies the consolidation method to calculate its solvency position. The Group's solvency ratio (own funds in relation to minimum requirements for own funds) at 30 June 2005 was 196.5 per cent compared to 170.6 per cent at 31 December 2004.

 

 

 

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Banking and investment services

 

The Group's main banking and investment service companies are Sampo Bank plc, which operates in Finland and through subsidiaries in all the Baltic countries, Sampo Fund Management Ltd, Mandatum Asset Management Ltd, Mandatum Stockbrokers Ltd, Mandatum & Co Ltd, Mandatum Private Equity Funds Ltd and 3C Asset Management Ltd. Sampo PTE S.A., a pension fund company in Poland to be sold, has been treated as a discontinued operation. The branch network operates as a distribution channel for a wide range of advisory services and long-term savings products.

 

 

Profit before taxes in the banking and investment services segment was stable at EUR 136 million (137), but the underlying operating profitability improved. Period's profit includes a one-off sales gain from private equity worth EUR 8 million whereas the comparison period includes EUR 23 million from a VAT refund. The annualised RoE was 20.1 per cent for the first half of the year. Total operating income was EUR 346 million (338) and expenses were EUR 210 million (199). The growth in expenses derives from provisions for management incentive schemes. In terms of operations, the period was characterised by continued strong growth in retail lending and mutual funds. In retail marketing, focus on housing loans was complemented with a stronger emphasis on consumer credit.

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Net interest income rose to EUR 165 million (160), because strong growth in lending volumes more than compensated for tightening of spreads. Moreover, the comparison figure contains Sampo Credit plc which was merged into Sampo plc in September 2004. The merger reduces net interest income by approximately EUR 3 million per quarter. The growth of loans and advances accelerated during the period and the total of EUR 16,612 million was 16 per cent higher than one year earlier. Housing loans grew by 22 per cent in Finland exceeding market growth, thus Sampo Bank's market share of Finnish housing loans rose to 15.0 per cent (14.2). Driven mainly by consumer credits, other loans to personal customers also grew fast by 20 per cent.

 

Corporate lending growth rose to 8 per cent, with the largest increases being in overdrafts and other commercial loans, which was partly influenced by M&A related short term funding. As in 2004, the growth in lending and deposits was the fastest in the Baltic countries. Credit quality remained good. Deposit growth also picked up, signalling growth in the number of customer relationships, and deposits increased by 6 per cent to EUR 9,196 million at the end of June. Impairment on loans and receivables was positive and added EUR 7 million (10) to the profit.

 

Net fee and commission income grew to EUR 107 million (96) mainly because of growth in mutual funds and asset management. Mutual fund assets grew by 35 per cent to EUR 8,264 million (6,139), with the biggest increases in balanced and bond funds. Assets include EUR 1.4 billion in Group investments (1.0). Sampo's market share of the assets of mutual funds registered in Finland was 20.6 per cent at 30 June 2005 (22.3).

 

Sampo Bank Group's capital adequacy declined to 9.9 per cent (10.8) because the strong growth in lending increased risk-weighted assets and dividends paid to Sampo plc reduced the capital base. The tier 1 ratio decreased to 6.7 per cent (7.1) and tier 1 capital rose to EUR 1,041 million (930).

 

P&C insurance

 

If is the leading property and casualty insurance company in the Nordic region, with insurance operations that also encompass the Baltic countries. If P&C Insurance Holding Ltd is the parent company for property and casualty insurance within the Sampo Group. Business operations are conducted via subsidiaries and branch offices in the Nordic and Baltic countries.

 

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Sampo plc's holding in If P&C was 38.05 per cent in the first quarter of 2004 and the company was treated as an associated company. As of 1 April 2004 the company has been fully consolidated in Sampo Group's accounts. Accordingly, the comparison figures for the first half of 2004 only reflect the second quarter.

 

In P&C insurance profit before taxes for the first six months of 2005 amounted to EUR 376 million (92). The annualised RoE for P&C insurance was 23.8 per cent and thus exceeded the target of 17.5 per cent. The strong insurance technical performance continued due to a favourable claims result, and improved risk selection and cost efficiency. In addition, the investment return was good because of lower interest rates and strong equity returns in the second quarter. Despite the storms of the first quarter, combined ratios improved in most of the business areas - Private, Commercial and the Baltics. Industrial produced a satisfactory result although it experienced a few large claims.

 

Premium growth, excluding exchange rate and net pricing effects, was 3 per cent. Premiums in all business areas grew, with the exception of Industrial. In Industrial premium development was stable in the second quarter of 2005.  

 

The risk ratio improved to 68.2 per cent for the first half of 2005 and was 66.4 per cent for the second quarter. Careful risk selection continued to contribute favourably to the results. The claims inflation was low and the large claims outcome was normal for the period.

 

The cost ratio decreased by 1.3 percentage points in the first half of 2005 because of reduced staffing and lower commission costs. Total costs amounted to EUR 457 million. The Finnish operations, in particular, were subject to a comprehensive cost reduction programme.

 

Falling interest rates and improving equity returns in the second quarter of 2005 increased the investment income to EUR 250 million (34). The return on all investments amounted to 3.1 percent for the first six months of 2005, with equity returns rising to approx. 7 per cent. Of all investment assets, 82 per cent was invested in fixed income instruments (74), 13 per cent in equity-linked instruments (15) and 5 per cent in other assets (11). Although the duration for interest-bearing assets was increased, it was consistently kept below the target length of 3.5 years and was 2.0 years at 30 June 2005. 

 

The solvency ratio, solvency capital in relation to net premiums written, rose to 78.8 percent (59.4) and solvency capital increased to EUR 2,818 million (2,214). Increased equity and a deferred tax liability contributed to the higher solvency ratio. In addition, the issuance in June 2005 of a subordinated loan of EUR 150 million increased the solvency ratio by 4 percentage points.

 

Life insurance

 

Sampo Group's life insurance subsidiary, Sampo Life, operates in Finland and through subsidiaries in all the Baltic countries. The company also has a subsidiary in Sweden to complement the product offering of If P&C. Sampo T.U. Zycie S.A., the Polish life insurance company due to be sold, has been treated as a discontinued operation.

 

 

 

The annualised RoE of life insurance operations was 51.7 per cent, which exceeds the target of 17.5 per cent. Profit before taxes in Sampo Group's life insurance companies amounted to EUR 145 million (60). Largely because of the good performance of equities, the investment yield at market values for the first half of 2005 was 6.1 per cent (3.5). Net investment income rose to EUR 286 million (173), which includes EUR 67 million in investment income on unit-linked contracts (26).

                                   

The market value of investment assets (excl. assets covering unit-linked liabilities) rose to EUR 5.7 billion (5.5) at 30 June 2005. 63 per cent of all assets were invested in fixed income instruments (62), 33 per cent in equity-linked instruments (30) and 4 per cent in real estate (6). Finnish equities accounted for 87 per cent of all direct equity investments, while 4 per cent was invested elsewhere in the euro zone and 9 per cent outside the euro zone.

 

Sampo Life's solvency position strengthened further. The solvency capital amounted to EUR 1,068 million (906) and solvency ratio rose to 21.6 per cent of technical reserves on own account (18.9). For the first time Sampo Life's technical reserves for unit linked insurance exceeded EUR 1 billion and were EUR 1,046 million (740).

 

Sampo Group's life insurance companies' premium income rose by approximately 40 per cent in the first half of 2005 and was EUR 324 million (228). The increase derived from insurance contracts transferring the liabilities of two pension funds to Sampo Life. Because of these single payment transactions, the share of regular premiums fell to 45 per cent (55) and the share of unit-linked premiums to 41 per cent (59) of total premiums.

 

Unit-linked premiums remained at the same level as a year earlier and amounted to EUR 134 million (134). Premium income from the Baltic operations increased by 14 per cent to EUR 7.2 million. Sampo Life's market share in unit-linked insurance fell to 21.8 per cent (25.4), but the overall market share in Finland rose to 20.5 per cent (16.1).

 

Other

 

The operations of Sampo plc (the holding company) and Primasoft are reported in this segment. Sampo plc's main function is to own and control the subsidiaries engaged in insurance, banking and investment services. Primasoft provides IT services for various companies in Sampo Group.

 

 

 

 

 

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The segment's loss before taxes amounted to EUR 24 million (125). The comparison figure contains EUR 95 million in sales gains from the sale of Skandia shares held by Sampo plc and Sampo plc's share of If's profits (EUR 40 million) in the first quarter of 2004, when If was treated as an associated company.

 

Sampo plc's balance sheet total was EUR 3.7 billion. Of this amount, holdings in banking and investment services companies accounted for EUR 0.9 billion and holdings in insurance companies for EUR 2.4 billion. In addition to short term operational financing, liabilities include two debt instruments - a EUR 600 million subordinated note and senior notes to the amount of EUR 300 million. The EUR 200 million bank loan used to finance the purchase of If shares held by Varma Mutual in October 2004 was paid back in June 2005, i.e. earlier than originally planned. At current market rates Sampo plc is liable for interest payments on the above instruments of approximately EUR 10 million per quarter.

 

Primasoft has a negligible impact on the profit or loss of the Other segment.

Outlook for the second half of 2005

 

Sampo Group's profitability is expected to remain good in the second half of 2005. The Group is estimated to surpass its RoE target of at least 19 per cent. However, the full-year result is dependent on capital market developments and therefore difficult to forecast accurately.

 

Sampo Group's banking and investment services is expected to continue its stable performance. It is estimated that the growth of loan portfolios will be positively reflected in net interest income and that credit quality will continue to be excellent. Baltic banking will continue its rapid growth. Banking and investment services is expected to reach its RoE target of 20 per cent.

 

The P&C insurance business area has a long-term combined ratio target of below 95 per cent. The development in the first half of 2005 has been favourable and the business area is expected to achieve a combined ratio of 93 per cent or better for the full year 2005. The P&C insurance business area is consequently expected to reach its RoE target of 17.5 per cent.

 

The profitability of Sampo Group's life operations is highly dependent on the capital markets. The Board has set an RoE target of at least 17.5 per cent for life insurance. The target will be exceeded unless conditions in the investment markets turn significantly worse. Volume growth in the focus areas, particularly in unit-linked insurance, is a key priority for the second half of 2005.

 

Sampo plc, the parent company, will report a loss of approximately EUR 12 million per quarter, because of interest payments on the finance associated with the If acquisition in 2004.

 

 

 

 

 

 

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SAMPO PLC

Board of Directors

 

For more information, please contact:

Peter Johansson, CFO, tel. +358 10 516 0010

Jarmo Salonen, Head of Investor Relations, tel. +358 10 516 0030

Hannu Vuola, Head of Group Communications, tel. +358 10 516 0040

 

An English-language telephone conference for investors and analysts will be held at 4.00 p.m. Please call +44 (0) 20 7162 0183(UK/European) or +1 334 323 6203 (North American). Password: SAMPO.

 

The conference can also be followed from a direct transmission on the Internet at www.sampo.com/ir. A recorded version will later be available at the same address.

 

Sampo will publish the third quarter 2005 interim report on 9 November 2005.

 

DISTRIBUTION:

Helsinki Stock Exchange

Principal media

www.sampo.com

Financial Supervisory Authority

 

 

 

 

*) Group solvency is calculated according to the consolidation method defined in Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates, which entered into force on 1 January 2005. Solvency ratio is defined as the ratio of own funds to the sum of minimum requirements calculated under sectoral rules.                    

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**) The net investment income of other business includes the income from If Group, accounted for by the equity method, for the first quarter of 2004.                     

                       

***) The dilution effect has been calculated as if all the remaining subscription rights (5,111,000/the option programme of 2000 at the end of June, 2005) would have been realised. One subscription right entitles to subscribe 5 shares.                       

                       

In calculating the key figures the tax corresponding to the result for the accounting period has been taken into account. The valuation differences of investment property and held-to-maturity debt securities have been taken into account in return on equity, equity/assets ratio and net asset value per share. A deferred tax liabilities has been deducted from valuation differences.                   

                       

The key figures for Banking and Investment Services and the holding company have been calculated according to regulation 20/420/98 of the Financial Supervision. The key figures for the insurance business have been calculated according to the decree of the Ministry of Finance and the specifying instruction 5/002/2005 of the Insurance Supervisory Authority.                  

 

 

 

 

 

 

 

 

 

 

 

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