2010-02-11 08:40:00 CET
2010-02-11 08:40:06 CET
REGULATED INFORMATION
Sampo - Financial Statement Release
SAMPO GROUP´S RESULTS FOR 2009 AND DIVIDEND PROPOSAL
SAMPO PLC FINANCIAL STATEMENT RELEASE 11 February 2010 at 9.40 am SAMPO GROUP´S RESULTS FOR 2009 AND DIVIDEND PROPOSAL Mark-to-market result reached an all-time high Sampo Group's total comprehensive income for the period, taking changes in the market value of assets into account, surged to EUR 3,423 million (-2,254). The profit before taxes for 2009 amounted to EUR 825 million (870). Earnings per share amounted to EUR 1.14 (1.18) and EPS, including the change in the fair value reserve, rose to EUR 5.88 per share (-3.52). Without the change in the accounting treatment of Sampo's holding in Nordea, EPS, including the change in the fair value reserve, would have been more than one euro higher. The return on equity for the Group was 53.7 per cent for 2009 (-32.4). The Board proposes to the Annual General Meeting to be held on 13 April 2010 a dividend of EUR 1.00 per share (0.80). Net asset value per share amounted to EUR 14.63 (8.28). The fair value reserve after tax on the Group level increased to EUR 296 million (-2,364). The P&C insurance operation produced its highest ever mark-to-market result of EUR 1,353 million (-19). The insurance technical performance remained sound with a combined ratio of 92.1 per cent for the full year 2009 (91.8). The profit before taxes rose to EUR 644 million (549). Return on equity was 53.2 per cent (-0.8). Reported profit before taxes for the life insurance operation decreased slightly to EUR 121 million (140) but the mark-to-market result was the highest ever at EUR 658 million (-511). The return on equity at market value was 97.6 per cent (-68.8). Profit before taxes for the ‘Holding' segment decreased to EUR 36 million (180). The fair value reserve increased to EUR -3 million (-1,759). -------------------------------------------------------------------------------- | KEY FIGURES | | | Change | Q4 | Q4 | Change | -------------------------------------------------------------------------------- | EURm | 2009 | 2008 | % | 2009 | 2008 | % | -------------------------------------------------------------------------------- | Profit before taxes | 825 | 870 | -5 | 199 | 206 | -3 | -------------------------------------------------------------------------------- | P&C insurance | 644 | 549 | 17 | 168 | 154 | 9 | -------------------------------------------------------------------------------- | Life insurance | 121 | 140 | -13 | 36 | 26 | 37 | -------------------------------------------------------------------------------- | Holding | 36 | 180 | -80 | -5 | 26 | - | -------------------------------------------------------------------------------- | Profit for the period | 641 | 675 | -5 | 148 | 153 | -3 | -------------------------------------------------------------------------------- | | | | Change | | | Change | -------------------------------------------------------------------------------- | Dividend per share, EUR | 1.00 | 0.80 | 0.20 | - | - | - | -------------------------------------------------------------------------------- | Earnings per share, EUR | 1.14 | 1.18 | -0.04 | 0.26 | 0.27 | -0.01 | -------------------------------------------------------------------------------- | EPS (incl. change in | 5.88 | -3.52 | 9.40 | -0.17 | -2.33 | 2.16 | | FVR) EUR | | | | | | | -------------------------------------------------------------------------------- | NAV per share, EUR | 14.63 | 8.28 | 6.35 | - | - | - | -------------------------------------------------------------------------------- | Average number of staff | 7,311 | 7,145 | 166 | - | - | - | | (FTE) | | | | | | | -------------------------------------------------------------------------------- | Group solvency ratio, % | 158.3 | 433.6 | -275.3 | - | - | - | -------------------------------------------------------------------------------- | RoE, % | 53.7 | -32.4 | 86.1 | - | - | - | -------------------------------------------------------------------------------- The figures in this report are unaudited. NORDEA BANK BECAME AN ASSOCIATED COMPANY IN DECEMBER 2009 Sampo plc's Board of Directors decided on 27 August 2009 to submit an application to the Swedish Financial Supervisory Authority for a license to increase the holding in Nordea Bank AB (publ) above 20 per cent. The Swedish Financial Supervisory Authority granted Sampo plc on 20 October 2009 the license and subsequently on 11 December 2009 Sampo plc's ownership in Nordea exceeded 20 per cent. As at 11 February 2010 Sampo plc held 809,429,180 Nordea shares corresponding to a holding of 20.1 per cent. With Sampo's holding exceeding 20 per cent Nordea is accounted as an associated company in Sampo Group's accounts as of 31 December 2009. In connection with this the carrying value of the Nordea shares held by Sampo and valued at fair value, was on 31 December 2009 reinstated at acquisition cost of EUR 5,168 million. The ensuing reduction of the fair value reserve decreased Sampo Group's equity by EUR 588 million. The equity accounting of Nordea has, however, no effect on Sampo Group's net asset value because in the NAV calculation Nordea is valued at fair value. The purchase price in excess of the carrying amount of the net assets of Nordea was EUR 1.2 billion. Based on the purchase price allocation EUR 330 million was allocated to customer related intangibles and will be depreciated in equal installments during 10 years. The annual depreciation will be EUR 24 million. As of 1 January 2010 Sampo's share of Nordea's net profit will be shown on the face of Sampo Group's profit and loss account on the line Share of associate´s profit/loss. Sampo Group's solvency capital on 31 December 2009 includes the proportion of Nordea's solvency capital corresponding to Sampo's shareholding. FOURTH QUARTER 2009 IN BRIEF Sampo Group's reported profit before taxes in the fourth quarter of 2009 amounted to EUR 199 million (206). Earnings per share were EUR 0.26 (0.27). If P&C produced in the fourth quarter of 2010 a combined ratio of 92.7 per cent (91.9) and the reported profit before taxes amounted EUR 168 million (154). Reported net investment income was EUR 110 million (88). The profit before taxes for life insurance operations increased to EUR 36 million (26). Premiums written continued to grow and reached a new quarterly record EUR 289 million (148). Segment ‘Holding' reported a profit before taxes of EUR -5 million in the fourth quarter (26). BUSINESS AREAS IN 2009 P&C insurance If P&C is the leading property and casualty insurance company in the Nordic region, with insurance operations that also encompass the Baltic countries and Russia. The P&C insurance group's parent company, If P&C Insurance Holding Ltd, is located in Sweden, and the If subsidiaries provide insurance solutions and services in Finland, Sweden, Norway, Denmark, the Baltic countries and Russia. If's operations are divided into four business areas: Private, Commercial, Industrial and Baltic & Russia. -------------------------------------------------------------------------------- | Results | | | Change | Q4 | Q4 | Change | -------------------------------------------------------------------------------- | EUR m | 2009 | 2008 | % | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Premiums, net | 3,677 | 3,821 | -4 | 787 | 724 | 9 | -------------------------------------------------------------------------------- | Net income from | 394 | 268 | 47 | 110 | 88 | 25 | | investments | | | | | | | -------------------------------------------------------------------------------- | Other operating income | 23 | 26 | -13 | 6 | 6 | -10 | -------------------------------------------------------------------------------- | Claims incurred | -2,47 | -2,592 | -4 | -630 | -621 | 1 | | | 7 | | | | | | -------------------------------------------------------------------------------- | Change in insurance | -33 | -14 | 145 | 144 | 198 | -27 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Staff costs | -470 | -460 | 2 | -123 | -113 | 9 | -------------------------------------------------------------------------------- | Other expenses | -439 | -473 | -7 | -118 | -121 | -3 | -------------------------------------------------------------------------------- | Finance costs | -30 | -29 | 3 | -8 | -7 | 3 | -------------------------------------------------------------------------------- | Profit (loss) before | 644 | 549 | 17 | 168 | 154 | 9 | | taxes | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Key figures | | | | | | | -------------------------------------------------------------------------------- | | | | Change | | | Change | -------------------------------------------------------------------------------- | Combined ratio, % | 92.1 | 91.8 | 0.3 | 92.7 | 91.9 | 0.8 | -------------------------------------------------------------------------------- | Risk ratio, % | 68.0 | 68.1 | -0.1 | 67.6 | 67.4 | 0.2 | -------------------------------------------------------------------------------- | Cost ratio, % | 24.1 | 23.7 | 0.4 | 25.0 | 24.5 | 0.5 | -------------------------------------------------------------------------------- | Expense ratio, % | 17.6 | 17.4 | 0.2 | 18.5 | 18.2 | 0.3 | -------------------------------------------------------------------------------- | Return on equity, % | 53.2 | -0.8 | 54.0 | - | - | - | -------------------------------------------------------------------------------- | Average number of | 6,807 | 6,655 | 152 | - | - | - | | staff (FTE) | | | | | | | -------------------------------------------------------------------------------- In 2009 If P&C, Sampo Group's P&C insurance arm, maintained its excellent technical result and produced its best ever mark-to-market result of EUR 1,353 million (-19). Profit before taxes for P&C insurance for the 2009 calendar year rose to EUR 644 million (549). The technical result was EUR 488 million (548), of which the Private business area accounted for 50 per cent, Commercial 29 per cent, Industrial 15 per cent and Baltic and Russia 5 per cent. The decrease in the technical result was due to the smaller allocation of investment income in the result caused by lower interest rates. Insurance margin (technical result in relation to net premiums earned) decreased from the previous year to 13.4 (14.3). Return on equity (RoE) was high at 53.2 per cent (-0.8) while the fair value reserve increased to EUR 105 million (-414). The combined ratio for 2009 was 92.1 per cent (91.8), which is significantly better than the long-term target of below 95 per cent. In the Private business area the combined ratio increased to 92.5 (91.3). Higher claims frequency and large claims deteriorated the risk ratio to 68.0 per cent (67.3). In the Commercial business area risk ratio improved to 68.3 per cent (68.6) but the weakening cost ratio drove the combined ratio slightly up to 92.6 per cent (92.4). Large claims and claims frequency developed favorably in the Industrial business area and the combined ratio consequently improved to 90.7 per cent (93.4). Although the premiums written decreased substantially in the Baltic and Russia business area the stable trends in average claims and frequency continue and the combined ratio improved to 91.7 per cent (92.6). Geographically the development was mixed as the combined ratios for the Swedish and Danish operations increased to 95.2 per cent (92.0) and to 93.7 per cent (91.3), respectively, but improved for the Finnish and Norwegian operations, to 88.5 per cent (89.3) and to 92.0 per cent (93.3),respectively. Gross written premiums decreased by 4 per cent to EUR 3,888 million (4,057). However, adjusted for currency the premiums were flat for the whole If Group and increased 2.2 per cent in the Private business area. The cost ratio increased by 0.4 percentage points to 24.1 per cent compared to a year earlier. The increase was mainly due to the premium volume development. The consolidation of the Russian SOAO Region since June 2008 increased the cost ratio by 0.2 percentage points. The total costs decreased to EUR 939 million (962) largely because of the weakening of Swedish krona. Claims incurred decreased to EUR 2,477 million (2,592) and risk ratio improved to 68.0 per cent (68.1). EUR 87 million (90) was released from the technical reserves, which related to prior year claims. Reserve ratio was 170 per cent (177) of net premiums written and 238 per cent (250) of claims paid. Investment markets improved clearly from the year before and net income from investments amounted to EUR 394 million (268). Net income from investments contains impairment losses of EUR 86 million. As at 31 December 2009, total investment assets amounted to EUR 10.7 billion (9.0) of which 89 per cent (95) was invested in fixed income instruments and 11 per cent (5) in equities. Investment return for 2009 was 12.3 per cent (-3.1). Duration for interest bearing assets was 2.5 years (3.1). As at 31 December 2009 If P&C had a solvency ratio (solvency capital in relation to net premiums written) of 77 per cent (66). Despite the EUR 488 million paid to Sampo plc in dividends during 2009, the solvency capital amounted to EUR 2,943 million (2,221) in comparison to the regulatory minimum capital requirement of EUR 634 million. Life insurance Mandatum Life Group consists of Mandatum Life, a wholly-owned subsidiary of Sampo plc, operating in Finland, and its subsidiary Sampo Life Insurance Baltic SE, which has the form of a European company and is headquartered in Estonia. It operates in the other Baltic countries through branches. -------------------------------------------------------------------------------- | Results | | | Change | Q4 | Q4 | Change | -------------------------------------------------------------------------------- | EURm | 2009 | 2008 | % | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Premiums written | 803 | 529 | 52 | 289 | 148 | 96 | -------------------------------------------------------------------------------- | Net income from | 629 | -222 | - | 133 | -128 | -205 | | investments | | | | | | | -------------------------------------------------------------------------------- | Other operating | 0 | 0 | - | 0 | 0 | - | | income | | | | | | | -------------------------------------------------------------------------------- | Claims incurred | -628 | -763 | -18 | -162 | -140 | 16 | -------------------------------------------------------------------------------- | Change in liabilities | -600 | 681 | - | -205 | 169 | - | | for | | | | | | | | inv. and ins. | | | | | | | | contracts | | | | | | | -------------------------------------------------------------------------------- | Staff costs | -29 | -23 | 25 | -9 | -6 | 57 | -------------------------------------------------------------------------------- | Other operating | -46 | -51 | -9 | -9 | -15 | -36 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Finance costs | -8 | -11 | -29 | -2 | -2 | -27 | -------------------------------------------------------------------------------- | Profit before taxes | 121 | 140 | -13 | 36 | 26 | 37 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Key figures | | | | | | | -------------------------------------------------------------------------------- | | | | Change | | | | -------------------------------------------------------------------------------- | Expense ratio, % | 111.0 | 113.1 | -2.1 | - | - | - | -------------------------------------------------------------------------------- | Return on equity, % | 97.6 | -68.8 | - | - | - | - | -------------------------------------------------------------------------------- | Average number of | 450 | 437 | 13 | - | - | - | | staff (FTE) | | | | | | | -------------------------------------------------------------------------------- In 2009 Mandatum Life, Sampo Group's life insurance arm, performed well both in terms of profitability and growth. Mark-to-market result rose to an all-time high at EUR 658 million (-511). Profit before taxes in life insurance for 2009 was EUR 121 million (140). Net investment income, excluding income on unit-linked contracts, amounted to EUR 270 million (263). Meanwhile, net income from unit-linked investments was EUR 359 million (-485). The fair value reserve increased to EUR 210 million from EUR -192 million a year earlier. Return on equity (RoE) in life insurance surged to 97.6 per cent (-68.8). Excluding the assets of EUR 2.4 billion (1.6) covering unit-linked liabilities, Mandatum Life Group's investment assets amounted to EUR 5.4 billion (4.7) at market values as at 31 December 2009. Fixed income represented 68 per cent (78), equity 23 per cent (12), private equity 4 per cent (5), real estate 3 per cent (3) and other assets 2 per cent (2) of the total assets. Return on investments during 2009 was 16.8 per cent (-7.8) because of high equity returns and well-performing fixed income markets. Net investment income contains impairment losses of EUR 140 million. At the end of December 2009 the duration of fixed income assets was 2.6 years (3.6). Mandatum Life Group's solvency margin strengthened significantly during 2009 and amounted to EUR 926 million (378) as at 31 December 2009, exceeding clearly the minimum requirements of EUR 226 million. The solvency ratio was 18.5 (7.9). Total technical reserves were EUR 6.8 billion (6.1) based on the strong growth of unit-linked reserves, which accounted for 2.4 billion (1.6). The share of unit-linked reserves of total technical reserves increased to 35 per cent (27). Expense ratio in Sampo Group's life operations improved slightly to 111.0 per cent (113.1). This ratio does not take into account all fees intended to cover the operating expenses. Assuming all fees were to be taken into account, Mandatum Life Group's expense ratio would be 91.8 per cent (89.6). Mandatum Life does not defer acquisition costs, which burdens the first year's result. Mandatum Life Group's premium income on own account reached an all-time high. Premiums increased by 52 per cent to EUR 803 million (529). Premiums in the main focus area of unit-linked insurance almost doubled to EUR 551 million (287) and the share of unit-linked premiums was 68 per cent of total premiums (54). Good performance was due to the successful cooperation between the wealth management unit and the proprietary corporate sales force. Towards the end of 2009 the sales through Sampo Bank also picked up significantly. Premium income from the Baltic countries grew by 32 per cent and was EUR 43 million (31). Mandatum Life's overall market share in Finland measured by premium income rose to 24.8 per cent (19.3) and market share in unit-linked business was 27.8 per cent (21.5). Unit-linked market share in the Baltic countries amounted to 26.6 per cent (17.9). Holding Sampo plc controls its subsidiaries engaged in P&C and life insurance. In addition Sampo plc held on 31 December 2009 approximately 20 per cent of the share capital of Nordea, the largest bank in the Nordic countries. Nordea is an associated company to Sampo plc. -------------------------------------------------------------------------------- | Results | | | Change | Q4 | Q4 | Change | -------------------------------------------------------------------------------- | EURm | 2009 | 2008 | % | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net investment income | 109 | 232 | -53 | 17 | 34 | -51 | -------------------------------------------------------------------------------- | Other operating income | 13 | 8 | 52 | 4 | 5 | -23 | -------------------------------------------------------------------------------- | Staff costs | -11 | -11 | -2 | -3 | -2 | 60 | -------------------------------------------------------------------------------- | Other operating | -17 | -13 | 36 | -4 | -2 | 53 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Finance costs | -58 | -37 | 58 | -19 | -9 | 104 | -------------------------------------------------------------------------------- | Profit before taxes | 36 | 180 | -80 | -5 | 26 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of | 54 | 53 | 2 | - | | - | | staff (FTE) | | | | | - | | -------------------------------------------------------------------------------- The segment's profit before taxes amounted to EUR 36 million (180). The decrease in the reported profit reflects the change in segment's investment assets with an increase in Nordea holding and a decrease in fixed income assets. With regard to Nordea in 2009 only the dividend of EUR 80 million was included in the income statement. The change in Nordea's valuation is shown in the fair value reserve which at the end of 2009 had grown to EUR -3 million (-1,759). On 31 December 2009 Sampo started to account Nordea as an associated company and in connection with this the carrying value of the Nordea shares was on 31 December 2009 reinstated at acquisition cost. Without this the fair value reserve would have been EUR 588 million larger. On 31 December 2009 Sampo plc held shares in Nordea Bank to a market value of EUR 5.8 billion. Sampo plc has invested EUR 5.2 billion in Nordea and at the end of 2009 held 809,429,180 Nordea shares corresponding to a holding of 20.1 per cent. Average price paid per share amounted to EUR 6.38 and the closing price of Nordea on 31 December 2009 was EUR 7.11. The assets on Sampo plc's balance sheet as at 31 December 2009 included holdings in subsidiaries for EUR 2.4 billion (2.4). DEVELOPMENTS IN 2009 Staff The number of full-time equivalent staff decreased to 7,087 employees as at 31 December 2009 (7,458). In P&C insurance, the number of staff mainly decreased in the Baltic and Russian operations. In life insurance, the number of staff decreased slightly both in Finland and the Baltics. During 2009, approximately 93 per cent of the staff was working in P&C insurance, 6 per cent in life insurance and 1 per cent in the holding company. Geographically, 31 per cent were working in Finland, 27 per cent in Sweden, 22 per cent in Norway and 20 per cent in the Baltic countries, Russia, Denmark and other countries. The average number of employees during 2009 was 7,311, which compares to an average of 7,145 during 2008. Management incentive schemes The management incentive schemes of Sampo Group are of two types; long-term management incentive schemes based on share appreciation rights and one share-based incentive scheme. The outcome of the long-term management incentive schemes is determined by Sampo's share-price development over a period of approximately three years starting from the issue of the respective program. The programs are subject to thresholds on share price development and company profitability, as well as ceilings for maximum bonuses. Furthermore, the programs are subject to rules requiring part of the paid bonus to be used to acquire Sampo shares, which must in turn be held for a specified period of time. In 2006, Sampo's Annual General Meeting decided on a share-based incentive scheme for the Executive Management belonging to the Group Executive Committee. Under the program, the participants are granted the right to receive up to a pre-determined number of Sampo shares, if Sampo's share price has outperformed a predefined threshold value and insurance margin targets have been exceeded. The bonus will be paid in Sampo shares, in cash or a combination thereof. Furthermore, the programs are subject to lock-up on Sampo shares received. No payments based on the long-term management incentive schemes were made during 2009 and EUR 2 million was paid out based on the share-based incentive scheme. Continuity is emphasized in committing and remunerating Sampo Group's management and other key employees. Sampo plc's Board of Directors decided on 27 August 2009 to adopt a new long-term incentive scheme 2009:1. The scheme complements earlier schemes and is targeted at Sampo Group's management and other key employees. Currently 115 key employees are participating in the scheme. The long-term management incentive schemes 2006II - 2009I extend to 2013. The terms of all incentive schemes are available on Sampo's web pages at www.sampo.com/compensation. Shares and share capital As at 31 December 2009, Sampo plc had 561,372,390 shares, which were divided into 560,172,390 A shares and 1,200,000 B shares. The Annual General Meeting authorized the Board to acquire in one or several lots a maximum of 50,000,000 Sampo A shares. Shares can be repurchased in other proportion than the shareholders' proportional shareholdings (private repurchase). The share price will be no higher than the highest price paid for Sampo shares in public trading at the time of purchase. The authorization will be valid until the close of the next Annual General Meeting, nevertheless not more than 18 months after AGM's decision. Based on the above authorization, Sampo plc's Board of Directors decided on 11 December 2009 to repurchase Sampo's A shares with distributable capital and reserves. The maximum amount to be repurchased is 5,000,000 A shares, corresponding to approximately 0.9 per cent of the total number of shares. Repurchases shall decrease the distributable capital and reserves. During 2009, Sampo plc repurchased a total of 90,000 of its own A shares corresponding to 0.02 per cent of the total number of shares and voting rights. The shares were purchased at an average price of EUR 16.53 per share and the total amount paid for the shares was EUR 1.5 million. At the end of the financial year, Sampo plc held 90,000 of its own A shares. The other Group companies held no shares in the parent company. During 2009, Sampo received the following notification of change in holdings pursuant to Chapter 2, Section 9 of the Securities Markets Act: On 17 December 2009, Sampo plc received a disclosure according to which Capital Research and Management Company (taxpayer I.D. 86-0206507) had on 16 December 2009 risen above one twentieth (1/20) of Sampo plc's entire stock and voting rights. According to the notification Capital Research held 5.1 per cent of Sampo's total share capital and 5.0 per cent of related votes. The complete disclosure is available at www.sampo.com. Internal dividends In 2009, Sampo plc received a total of EUR 488 million (SEK 5.1 billion) in dividends from If P&C Insurance Holding AB. Mandatum Life paid no dividends to Sampo plc during 2009. Ratings All the main ratings for Sampo Group companies remained unchanged in 2009. -------------------------------------------------------------------------------- | Rated company | Moody's | Standard and Poor's | -------------------------------------------------------------------------------- | | Rating | Outlook | Rating | Outlook | -------------------------------------------------------------------------------- | Sampo plc | Baa2 | Stable | Not rated | - | -------------------------------------------------------------------------------- | If P&C Insurance Ltd | A2 | Stable | A | Stable | | (Sweden) | | | | | -------------------------------------------------------------------------------- | If P&C Insurance Company | A2 | Stable | A | Stable | | Ltd | | | | | | (Finland) | | | | | -------------------------------------------------------------------------------- Group solvency With Nordea Bank AB (publ) as its associated company as of 31 December 2009 Sampo Group became a financial and insurance conglomerate according to the Act on the Supervision of Financial and Insurance Conglomerates (2004/699). Group solvency has in 2009 been calculated according to Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates (2004/699). The Act is based on Directive 2002/87/EC of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment. -------------------------------------------------------------------------------- | SAMPO GROUP SOLVENCY | 31 December 2009 | 31 December 2008 | -------------------------------------------------------------------------------- | EURm | | | -------------------------------------------------------------------------------- | Group capital | 7,613 | 4,631 | -------------------------------------------------------------------------------- | Sectoral items | 1,545 | 391 | -------------------------------------------------------------------------------- | Intangibles and other deductibles | -2,314 | -1,571 | -------------------------------------------------------------------------------- | Dividends for the current period | -561 | - | -------------------------------------------------------------------------------- | Group's own funds, total | 6,283 | 3,452 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minimum requirements for own | 3,968 | 796 | | funds, total | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group solvency | 2,315 | 2,656 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group solvency ratio | | | -------------------------------------------------------------------------------- | (Own funds % of minimum | 158.3 | 433.6 | | requirements) | | | -------------------------------------------------------------------------------- The Group's solvency ratio (own funds in relation to minimum requirements for own funds) was 158.3 per cent (433.6) as at 31 December 2009. The decrease is due to the treatment of Nordea as an associated company in the solvency calculation for 2009. The part of Nordea's capital requirement corresponding to Sampo's holding in Nordea is taken into account in the Group's capital requirement. In Sampo Group solvency is assessed internally by comparing the capital required to the capital available. Capital requirement assessment is based on an economic capital framework, in which Group companies quantify the amount of capital required for measurable risks over a one year time horizon at 99.5 per cent´s confidence level. In addition to economic capital companies are assessing their capital need related to non-measurable risks like risks in business environment. Capital available or Adjusted Solvency Capital include regulatory capital and in addition other loss absorbing items like the effect of discounting technical reserves and other reserves excluded from regulatory capital. The economic capital tied up in Group's operations on 31 December 2009 was EUR 3,783 million (1,895) and adjusted solvency capital was EUR 7,077 million (4,023). OUTLOOK FOR 2010 Markets have once again proved their resilience and the clouds of systemic collapse have evaporated from the financial market. In early 2010 expectations of economic recovery have risen significantly and confidence has largely been restored in the capital markets. Equities are expected to continue to perform well with current low interest rates and the short end of the yield curve is not expected to move upwards any time soon. Sampo Group is expected to report a good result for 2010 on the back of stable insurance technical results supported by solid investment performance and the profit contribution of the associated company Nordea Bank. If P&C is expected to reach its long-term combined ratio target of below 95 per cent in 2010 and profit-wise produce another excellent year. The macro economic situation will continue to dampen the premium growth but has a limited impact on profitability. Mandatum Life's mark-to-market profit is highly dependent on capital markets and is expected to remain good. Reported profit is foreseen to reach year 2009 level. The company seeks further growth in the unit-linked volumes. As of 1 January 2010 Sampo will consolidate its share of Nordea's profit with equity method. Nordea's contribution to the Group profit is expected to be significant. DIVIDEND PROPOSAL According to its dividend policy, Sampo plc aims to distribute an annual dividend corresponding to a dividend yield of 4-6 per cent. However, dividends cannot exceed reported profit after tax (excluding extraordinary items) for the calendar year for which the dividend is paid. Share buy-backs can be used to complement dividends. The parent company's distributable capital and reserves totaled EUR 6,435,539,685.41, of which profit for the financial year was EUR 531,142,474.88. The Board proposes to the Annual General Meeting a dividend of EUR 1.00 per share to company's 561,372,390 shares. The dividends to be paid are EUR 561,282,390 in total as no dividend is paid to the 90,000 Sampo A shares held by the company itself. Rest of funds are left in the equity capital. The dividend will be paid to shareholders registered in the Register of Shareholders held by Euroclear Finland Ltd as at the record date of 16 April 2010. The Board proposes that the dividend be paid on 23 April 2010. No significant changes have taken place in the company's financial position since the end of the financial year. The company's liquidity position is good and in the view of the Board, the proposed distribution does not jeopardize the company's ability to fulfill its obligations. The Board has on 11 February 2010 decided to change the existing dividend policy. According to the new policy total annual dividends paid will be higher than 50 per cent of Group's net profit for the year (excluding extraordinary items). In addition share buy-backs can be used to complement the cash dividend. The new policy will for the first time be applied to the dividend paid for 2010. SAMPO PLC Board of Directors For more information, please contact: Peter Johansson, Group CFO, tel. +358 10 516 0010 Jarmo Salonen, Head of Investor Relations and Group Communications, tel. +358 10 516 0030 Maria Silander, Press Officer, tel. +358 10 516 0031 Sampo will arrange a Finnish language press conference on the 2009 results at Pörssitalo, Fabianinkatu 14 Helsinki, today at 12.30 pm Finnish time. An English-language telephone conference for investors and analysts will be held at 4 pm Finnish time (3 pm CET). Please call +44 (0) 20 7162 0125 (UK/European) or +1 334 323 6203 (North American). Password: SAMPO. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/result. A recorded version will later be available at the same address. In addition, Group CEO and President Kari Stadigh's video interview and supplementary information are available at www.sampo.com/result. Sampo will publish the first quarter 2010 interim report on 5 May 2010 and the Annual Report 2009 in week 11. DISTRIBUTION: NASDAQ OMX Helsinki The principal media Financial Supervisory Authority www.sampo.com -------------------------------------------------------------------------------- | GROUP FINANCIAL REVIEW | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCIAL HIGHLIGHTS | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP | | | | -------------------------------------------------------------------------------- | Profit before taxes | EURm | 825 | 870 | -------------------------------------------------------------------------------- | Return on equity (at fair value) | % | 53.7 | -32.4 | -------------------------------------------------------------------------------- | Return on assets (at fair value) | % | 16.5 | -7.4 | -------------------------------------------------------------------------------- | Equity/assets ratio | % | 28.6 | 21.9 | -------------------------------------------------------------------------------- | Group solvency ¹) | EURm | 2,315 | 2,656 | -------------------------------------------------------------------------------- | Group solvency ratio | % | 158.3 | 433.6 | -------------------------------------------------------------------------------- | Average number of staff | | 7,311 | 7,145 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROPERTY & CASUALTY INSURANCE | | | | -------------------------------------------------------------------------------- | Premiums written before reinsurers' | EURm | 3,888 | 4,057 | | share | | | | -------------------------------------------------------------------------------- | Premiums earned | EURm | 3,643 | 3,807 | -------------------------------------------------------------------------------- | Profit before taxes | EURm | 644 | 549 | -------------------------------------------------------------------------------- | Return on equity (at current value) | % | 53.2 | -0.8 | -------------------------------------------------------------------------------- | Risk ratio ²) | % | 68.0 | 68.1 | -------------------------------------------------------------------------------- | Cost ratio ²) | % | 24.1 | 23.7 | -------------------------------------------------------------------------------- | Loss ratio ²) | % | 76.2 | 76.0 | -------------------------------------------------------------------------------- | Loss ratio excl. unwinding of discount | % | 74.6 | 74.4 | | ³) | | | | -------------------------------------------------------------------------------- | Expense ratio ²) | % | 17.6 | 17.4 | -------------------------------------------------------------------------------- | Combined ratio | % | 93.8 | 93.4 | -------------------------------------------------------------------------------- | Combined ratio excl. unwinding of | % | 92.1 | 91.8 | | discount | | | | -------------------------------------------------------------------------------- | Average number of staff | | 6,807 | 6,655 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIFE INSURANCE | | | | -------------------------------------------------------------------------------- | Premiums written before reinsurers' | EURm | 809 | 536 | | share | | | | -------------------------------------------------------------------------------- | Profit before taxes | EURm | 121 | 140 | -------------------------------------------------------------------------------- | Return on equity (at current value) | % | 97.6 | -68.8 | -------------------------------------------------------------------------------- | Expense ratio | % | 111.0 | 113.1 | -------------------------------------------------------------------------------- | Average number of staff | | 450 | 437 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | HOLDING | | | | -------------------------------------------------------------------------------- | Profit before taxes | EURm | 36 | 180 | -------------------------------------------------------------------------------- | Average number of staff | | 54 | 53 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PER SHARE KEY FIGURES | | | | -------------------------------------------------------------------------------- | Earnings per share | EUR | 1.14 | 1.18 | -------------------------------------------------------------------------------- | Earnings per share, incl. change in | | | | | fair value | | | | -------------------------------------------------------------------------------- | reserve | EUR | 5.88 | -3.52 | -------------------------------------------------------------------------------- | Capital and reserves per share | EUR | 13.56 | 8.25 | -------------------------------------------------------------------------------- | Net asset value per share | EUR | 14.63 | 8.28 | -------------------------------------------------------------------------------- | Adjusted share price, high | EUR | 17.72 | 19.30 | -------------------------------------------------------------------------------- | Adjusted share price, low | EUR | 8.63 | 11.42 | -------------------------------------------------------------------------------- | Market capitalisation | EURm | 9,553 | 7,433 | -------------------------------------------------------------------------------- ¹) The Group solvency is calculated according to the consolidation method defined in Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates (2004/699). In the comparison year the solvency was calculated based on adjusted solvency calculations for insurance groups according to the Decree of the Ministry of Social Affairs and Health (1106/2000), determined on the basis of the Group financial statements. ²) The key figures for P&C Insurance are based on activity based costs and cannot, therefore, be calculated directly from the consolidated income statement. The result analysis of P&C insurance is presented in note 13. In calculating the per share key figures, the number of shares used at the balance sheet date was 561,282,390 and the average number of shares 561,369,678. The 90,000 treasury shares held by Sampo plc at the balance sheet date have been deducted from both numbers of 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 assets, return on equity, equity/assets ratio and net asset value per share. Additionally, the change in fair value reserve has been taken into account in return on assets and return on equity. A deferred tax liability has been deducted from the valuation differences. The key figures for the insurance business have been calculated in accordance with the decree issued by the Ministry of Finance and the specifying regulations and instructions of the Finance Supervisory Authority (former Insurance Supervisory Authority). -------------------------------------------------------------------------------- | CALCULATION OF KEY FIGURES | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity (fair values), % | | -------------------------------------------------------------------------------- | + profit before taxes | | -------------------------------------------------------------------------------- | + change in fair value reserve | | -------------------------------------------------------------------------------- | + change in valuation differences on investments | | -------------------------------------------------------------------------------- | - tax (incl. change in deferred tax relating to valuation | x 100 % | | differences on investments) | | -------------------------------------------------------------------------------- | + total equity | | -------------------------------------------------------------------------------- | + valuation differences on investments after deduction of | | | deferred tax | | -------------------------------------------------------------------------------- | (average of values 1 Jan. and the end of reporting period) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on assets (at fair values), % | | -------------------------------------------------------------------------------- | + operating profit | | -------------------------------------------------------------------------------- | + interest and other financial charges | | -------------------------------------------------------------------------------- | + calculated interest on technical provisions | | -------------------------------------------------------------------------------- | + change in fair value reserve | | -------------------------------------------------------------------------------- | + change in valuation differences on investments | x 100 % | -------------------------------------------------------------------------------- | + balance sheet total | | -------------------------------------------------------------------------------- | - technical provisions relating to unit-linked insurance | | -------------------------------------------------------------------------------- | + valuation differences on investments | | -------------------------------------------------------------------------------- | (average of values on 1 Jan. and the end of the reporting | | | period) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity/assets ratio (at fair values), % | | -------------------------------------------------------------------------------- | + total equity | | -------------------------------------------------------------------------------- | + valuation differences on investments after deduction of | x 100 % | | deferred tax | | -------------------------------------------------------------------------------- | + balance sheet total | | -------------------------------------------------------------------------------- | + valuation differences on investments | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Risk ratio for P&C Insurance, % | | -------------------------------------------------------------------------------- | + claims incurred | | -------------------------------------------------------------------------------- | - claims settlement expenses | x 100 % | -------------------------------------------------------------------------------- | insurance premiums earned | | -------------------------------------------------------------------------------- | | | -------------------------------------------------------------------------------- | Cost ratio for P&C Insurance, % | | -------------------------------------------------------------------------------- | + operating expenses | | -------------------------------------------------------------------------------- | + claims settlement expenses | x 100 % | -------------------------------------------------------------------------------- | insurance premiums earned | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loss ratio for P&C Insurance, % | | -------------------------------------------------------------------------------- | claims incurred | x 100 % | -------------------------------------------------------------------------------- | insurance premiums earned | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expense ratio for P&C Insurance, % | | -------------------------------------------------------------------------------- | operating expenses | x 100 % | -------------------------------------------------------------------------------- | insurance premiums earned | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Combined ratio for P&C Insurance, % | | -------------------------------------------------------------------------------- | Loss ratio + expense ratio | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expense ratio for life insurance, % | | -------------------------------------------------------------------------------- | + operating expenses before change in deferred acquisition | | | costs | | -------------------------------------------------------------------------------- | + claims settlement expenses | x 100 % | -------------------------------------------------------------------------------- | expense charges | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per share key figures | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | -------------------------------------------------------------------------------- | profit for the financial period attributable to the parent | | -------------------------------------------------------------------------------- | company's equity holders | | -------------------------------------------------------------------------------- | adjusted average number of shares | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share | | -------------------------------------------------------------------------------- | equity attributable to the parent company's equity holders | | -------------------------------------------------------------------------------- | adjusted number of shares at the balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net asset value per share | | -------------------------------------------------------------------------------- | + equity attributable to the parent company's equity holders | | -------------------------------------------------------------------------------- | + valuation differences after the deduction of deferred taxes | | -------------------------------------------------------------------------------- | adjusted number of shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market capitalisation | | -------------------------------------------------------------------------------- | number of shares at the balance sheet date | | -------------------------------------------------------------------------------- | x closing share price at the balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP QUARTERLY INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | 10-12/ | 7-9/ | 4-6/ | 1-3/ | 10-12/ | | | 2009 | 2009 | 2009 | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premiums | 1,077 | 896 | 1,036 | 1,470 | 872 | | written | | | | | | -------------------------------------------------------------------------------- | Net income from | 259 | 348 | 384 | 165 | -6 | | investments | | | | | | -------------------------------------------------------------------------------- | Other operating income | 6 | 6 | 5 | 3 | 11 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | -792 | -767 | -729 | -818 | -761 | -------------------------------------------------------------------------------- | Change in liabilities for | -61 | -17 | -165 | -390 | 367 | | insurance and investment | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Staff costs | -134 | -136 | -125 | -115 | -120 | -------------------------------------------------------------------------------- | Other operating expenses | -130 | -115 | -122 | -129 | -140 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | -25 | -23 | -21 | -17 | -16 | -------------------------------------------------------------------------------- | Share of associates' | 0 | 0 | 0 | 0 | 0 | | profit/loss | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | 199 | 192 | 264 | 169 | 206 | | before taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | -51 | -44 | -46 | -42 | -53 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | 148 | 148 | 217 | 127 | 153 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | | income for the period | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | -8 | 102 | 17 | 10 | -186 | | translating foreign | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Available-for-sale | -189 | 1,549 | 1,875 | -247 | -1,396 | | financial assets | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | -3 | 1 | -8 | 8 | 15 | -------------------------------------------------------------------------------- | Income tax relating to | -50 | -175 | -143 | 42 | -99 | | components of other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | -250 | 1,477 | 1,741 | -186 | -1,665 | | income for the period, | | | | | | | net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | -102 | 1,624 | 1,959 | -59 | -1,512 | | INCOME FOR THE PERIOD, | | | | | | | NET OF TAX | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | 148 | 148 | 217 | 127 | 153 | -------------------------------------------------------------------------------- | Non-controlling interests | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | | | | | income attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | -101 | 1,625 | 1,958 | -59 | -1,512 | -------------------------------------------------------------------------------- | Non-controlling interests | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED COMPREHENSIVE INCOME STATEMENT | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | Note | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premiums written | 1 | 4,479 | 4,350 | -------------------------------------------------------------------------------- | Net income from investments | 2 | 1,155 | 275 | -------------------------------------------------------------------------------- | Other operating income | | 20 | 23 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | 3 | -3,105 | -3,355 | -------------------------------------------------------------------------------- | Change in liabilities for insurance and | | -633 | 667 | | investment contracts | | | | -------------------------------------------------------------------------------- | Staff costs | 4 | -510 | -494 | -------------------------------------------------------------------------------- | Other operating expenses | | -495 | -532 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | | -87 | -66 | -------------------------------------------------------------------------------- | Share of associates' profit/loss | | 1 | 2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | | 825 | 870 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | | -184 | -195 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | 641 | 675 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income for the | | | | | period | | | | -------------------------------------------------------------------------------- | Exchange differences | | 123 | -248 | -------------------------------------------------------------------------------- | Available-for-sale financial assets | | 2,989 | -3,029 | -------------------------------------------------------------------------------- | Cash flow hedges | | -3 | 15 | -------------------------------------------------------------------------------- | Income tax relating to components of | | -326 | 333 | | other comprehensive income | | | | -------------------------------------------------------------------------------- | Other comprehensive income for the | | 2,782 | -2,928 | | period, net of tax | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME FOR THE | | 3,423 | -2,254 | | PERIOD | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | -------------------------------------------------------------------------------- | Owners of the parent | | 641 | 675 | -------------------------------------------------------------------------------- | Non-controlling interests | | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income attributable | | | | | to | | | | -------------------------------------------------------------------------------- | Owners of the parent | | 3,423 | -2,254 | -------------------------------------------------------------------------------- | Non-controlling interests | | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share (eur) | | 1.14 | 1.18 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | Note | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | | 34 | 38 | -------------------------------------------------------------------------------- | Investment property | | 124 | 138 | -------------------------------------------------------------------------------- | Intangible assets | 5 | 688 | 663 | -------------------------------------------------------------------------------- | Investments in associates | | 5,172 | 5 | -------------------------------------------------------------------------------- | Financial assets | 6, 7 | 15,479 | 16,139 | -------------------------------------------------------------------------------- | Investments related to unit-linked | 8 | 2,366 | 1,637 | | insurance contracts | | | | -------------------------------------------------------------------------------- | Tax assets | | 81 | 156 | -------------------------------------------------------------------------------- | Reinsurers' share of insurance | | 481 | 436 | | liabilities | | | | -------------------------------------------------------------------------------- | Other assets | | 1,439 | 1,473 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 771 | 465 | -------------------------------------------------------------------------------- | Total assets | | 26,635 | 21,149 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Liabilities for insurance and | 9 | 13,014 | 12,375 | | investment contracts | | | | -------------------------------------------------------------------------------- | Liabilities for unit-linked insurance | 10 | 2,359 | 1,637 | | and investment contracts | | | | -------------------------------------------------------------------------------- | Financial liabilities | 11 | 2,098 | 1,269 | -------------------------------------------------------------------------------- | Tax liabilities | | 500 | 379 | -------------------------------------------------------------------------------- | Provisions | | 35 | 26 | -------------------------------------------------------------------------------- | Employee benefits | | 104 | 92 | -------------------------------------------------------------------------------- | Other liabilities | | 912 | 739 | -------------------------------------------------------------------------------- | Total liabilities | | 19,022 | 16,517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Share capital | | 98 | 98 | -------------------------------------------------------------------------------- | Reserves | | 1,530 | 1,531 | -------------------------------------------------------------------------------- | Retained earnings | | 5,889 | 5,688 | -------------------------------------------------------------------------------- | Other components of equity | | 96 | -2,687 | -------------------------------------------------------------------------------- | Equity attributable to owners of the | | 7,613 | 4,631 | | parent | | | | -------------------------------------------------------------------------------- | Non-controlling interests | | 0 | 0 | -------------------------------------------------------------------------------- | Total equity | | 7,613 | 4,631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | | 26,635 | 21,149 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMEN | | | | | | | | | | | TS OF | | | | | | | | | | | CHANGES | | | | | | | | | | | IN | | | | | | | | | | | EQUITY, | | | | | | | | | | | IFRS | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | Sha | Shar | Leg | Inve | Retain | Trans | Availa | Cash | Total | | | re | e | al | sted | ed | latio | ble-fo | flow | | | | cap | prem | res | unre | earnin | n of | r-sale | hedge | | | | ita | ium | erv | stri | gs | forei | financ | s**) | | | | l | acco | e | cted | | gn | ial | | | | | | unt | | equi | | opera | assets | | | | | | | | ty | | tions | *) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 98 | 1,16 | 370 | - | 5,862 | -75 | 317 | - | 7,733 | | at 1 | | 1 | | | | | | | | | Jan. | | | | | | | | | | | 2008 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes | | | | | | | | | | | in | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Share-ba | | | | | 2 | | | | 2 | | sed | | | | | | | | | | | payments | | | | | | | | | | -------------------------------------------------------------------------------- | Acquisit | | | | | -167 | | | | -167 | | ion of | | | | | | | | | | | treasury | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Recognit | | | | | 3 | | | | 3 | | ion of | | | | | | | | | | | undrawn | | | | | | | | | | | dividend | | | | | | | | | | | s | | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -686 | | | | -686 | | s | | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | | 675 | -248 | -2,692 | 11 | -2,25 | | comprehensive | | | | | | | | 4 | | income for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 98 | 1,16 | 370 | - | 5,688 | -323 | -2,375 | 11 | 4,631 | | at 31 | | 1 | | | | | | | | | December | | | | | | | | | | | 2008 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes | | | | | | | | | | | in | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Transfer | | -1,1 | -36 | 1,52 | | 1 | | | 0 | | s | | 61 | 6 | 7 | | | | | | | between | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Share-ba | | | | | -1 | | | | -1 | | sed | | | | | | | | | | | payments | | | | | | | | | | -------------------------------------------------------------------------------- | Acquisit | | | | | -1 | | | | -1 | | ion of | | | | | | | | | | | treasury | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Recognit | | | | | 11 | | | | 11 | | ion of | | | | | | | | | | | undrawn | | | | | | | | | | | dividend | | | | | | | | | | | s | | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -449 | | | | -449 | | s | | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | | 641 | 122 | 2,662 | -2 | 2,433 | | comprehensive | | | | | | | | | | income for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 98 | 0 | 4 | 1,52 | 5,889 | -200 | 287 | 9 | 7,613 | | at 31 | | | | 7 | | | | | | | December | | | | | | | | | | | 2009 | | | | | | | | | | -------------------------------------------------------------------------------- *) The amount recognised in equity from available-for-sale financial assets for the period totalled EURm 2,626 (-2,755). The amount transferred to p/l amounted to EURm 35 (63). **) The amount recognised in equity from cash flow hedges for the period totalled EURm -2 (11) . The amount included in the translation, available-for-sale and cash flow hedge reserves represent other comprehensive income for each component, net of tax. -------------------------------------------------------------------------------- | STATEMENT OF CASH FLOWS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalent at the beginning of | 499 | 971 | | the period | | | -------------------------------------------------------------------------------- | Cash flow from/used in operating activities | 1,484 | 824 | -------------------------------------------------------------------------------- | Cash flow from/used in investing activities | -1,771 | -451 | -------------------------------------------------------------------------------- | Cash flow from/used in financing activities | 549 | -845 | -------------------------------------------------------------------------------- | Dividends paid | -444 | -678 | -------------------------------------------------------------------------------- | Acquisition of own shares | -1 | -167 | -------------------------------------------------------------------------------- | Increase of liabilities | 2,002 | - | -------------------------------------------------------------------------------- | Decrease of liabilities | -1,008 | - | -------------------------------------------------------------------------------- | Cash and cash equivalent at the end of the | 761 | 499 | | period | | | -------------------------------------------------------------------------------- The cash flow statement reports cash flows during the period classified by operating, investing and financing activities. Cash flows are reported by using the indirect method. Cash flows from operating activities derive primarily from the principal revenue-producing activities. Cash flows from investments in subsidiaries and associated undertakings and those from investments in intangible assets and property, plant and equipment are presented in investing activities. Financing activities include cash flows resulting from changes in equity and borrowings in order to conduct the business. Cash and cash equivalents consist of cash at bank and in hand and short-term deposits (under 3 months). NOTES ACCOUNTING POLICIES Sampo Group's consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU. The interim financial statements are presented in accordance with IAS 34 Interim Financial Reporting. In preparing the interim financial statements, the same accounting policies and methods of computation are applied as in the financial statements for 2008. Sampo adopted various new or revised standards and interpretations at the beginning of the year 2009. These standards and interpretations are explained in Sampos accounting policies for the financial year 2008. The financial statements are available on Sampo's website at www.sampo.com/ir. The revised IAS 1 Presentation of Financial Statements changed the presentation of the income statement and the statement of changes in equity, and the used terminology. Only the transactions with the owners and potential changes in accounting policies as well as error corrections are presented in the statement of changes in equity. Non-owner transactions are presented in the statement of comprehensive income. These transactions show only as a total sum in the statement of changes in equity. IFRS 8 Operating Segments changed the segment reporting by requiring the reported segment information to be based on the information reported to the management, and to comply with those accounting policies. The adoption of the standard did not have a material effect on Sampo's segment reporting, as the segment information published previously has already been based on the Group's internal reporting structure. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT BY SEGMENT | | | | | | | FOR TVELWE MONTHS ENDED | | | | | | | 31 DECEMBER 2009 | | | | | | -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina- | Group | | | insuranc | insuranc | | tion | | | | e | e | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premius | 3,677 | 803 | - | - | 4,479 | | written | | | | | | -------------------------------------------------------------------------------- | Net income from | 394 | 629 | 109 | 24 | 1,155 || investments | | | | | | -------------------------------------------------------------------------------- | Other operating income | 23 | 0 | 13 | -16 | 20 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | -2,477 | -628 | - | - | -3,105 | -------------------------------------------------------------------------------- | Change in liabilities | -33 | -600 | - | - | -633 | | for insurance and | | | | | | | investment contracts | | | | | | -------------------------------------------------------------------------------- | Staff costs | -470 | -29 | -11 | - | -510 | -------------------------------------------------------------------------------- | Other operating | -439 | -46 | -17 | 7 | -495 | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | -30 | -8 | -58 | 9 | -87 | -------------------------------------------------------------------------------- | Share of associates' | 0 | 0 | - | - | 1 | | profit/loss | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 644 | 121 | 36 | 23 | 825 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | | | | | -184 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | | | 641 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | | income for the period | | | | | | -------------------------------------------------------------------------------- | Exchange differences | | | | | 123 | -------------------------------------------------------------------------------- | Available-for-sale | | | | | 2,989 | | financial assets | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | | | | | -3 | -------------------------------------------------------------------------------- | Income tax relating to | | | | | -326 | | components of other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | | | | | 2,782 | | income for the period, | | | | | | | net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | | | | | 3,423 | | INCOME FOR THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | 641 | -------------------------------------------------------------------------------- | Non-controlling | | | | | 0 | | interests | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | | | | | income attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | 3,423 | -------------------------------------------------------------------------------- | Non-controlling | | | | | 0 | | interests | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT BY SEGMENT | | | | | | | FOR TWELVE MONTHS ENDED | | | | | | | 31 DECEMBER 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina- | Group | | | insuranc | insuranc | | tion | | | | e | e | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premius | 3,821 | 529 | - | - | 4,350 | | written | | | | | | -------------------------------------------------------------------------------- | Net income from | 268 | -222 | 232 | -3 | 275 | | investments | | | | | | -------------------------------------------------------------------------------- | Other operating income | 26 | 0 | 8 | -11 | 23 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | -2,592 | -763 | - | - | -3,355 | -------------------------------------------------------------------------------- | Change in liabilities | -4 | 681 | - | - | 667 | | for insurance and | | | | | | | investment contracts | | | | | | -------------------------------------------------------------------------------- | Staff costs | -460 | -23 | -11 | - | -494 | -------------------------------------------------------------------------------- | Other operating | -473 | -51 | -13 | 4 | -532 | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | -29 | -11 | -37 | 10 | -66 | -------------------------------------------------------------------------------- | Share of associates' | 2 | 0 | 0 | - | 2 | | profit/loss | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 549 | 140 | 180 | 1 | 870 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | | | | | -195 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | | | 675 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | | income for the period | | | | | | -------------------------------------------------------------------------------- | Exchange differences | | | | | -248 | -------------------------------------------------------------------------------- | Available-for-sale | | | | | -3,029 | | financial assets | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | | | | | 15 | -------------------------------------------------------------------------------- | Income tax relating to | | | | | 333 | | components of other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | | | | | -2,928 | | income for the period, | | | | | | | net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | | | | | -2,254 | | INCOME FOR THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | 675 | -------------------------------------------------------------------------------- | Non-controlling | | | | | 0 | | interests | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | | | | | income attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | -2,254 | -------------------------------------------------------------------------------- | Non-controlling | | | | | 0 | | interests | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE | | | | | | | SHEET BY SEGMENT AT 31 | | | | | | | DECEMBER 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina- | Group | | | insuranc | insuranc | | tion | | | | e | e | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 23 | 5 | 5 | - | 34 | | equipment | | | | | | -------------------------------------------------------------------------------- | Investment property | 28 | 87 | 10 | - | 124 | -------------------------------------------------------------------------------- | Intangible assets | 521 | 167 | 0 | - | 688 | -------------------------------------------------------------------------------- | Investments in | 3 | 0 | 5,168 | - | 5,172 | | associates | | | | | | -------------------------------------------------------------------------------- | Financial assets | 10,248 | 5,216 | 2,554 | -2,538 | 15,479 | -------------------------------------------------------------------------------- | Investments related to | - | 2,366 | - | - | 2,366 | | unit-linked insurance | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Tax assets | 71 | - | 11 | 0 | 81 | -------------------------------------------------------------------------------- | Reinsurers' share of | 477 | 4 | - | - | 481 | | insurance liabilities | | | | | | -------------------------------------------------------------------------------- | Other assets | 1,265 | 133 | 76 | -36 | 1,439 | -------------------------------------------------------------------------------- | Cash and cash | 292 | 68 | 412 | - | 771 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Total assets | 12,927 | 8,047 | 8,235 | -2,574 | 26,635 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | | | -------------------------------------------------------------------------------- | Liabilities for | 8,583 | 4,431 | - | - | 13,014 | | insurance and | | | | | | | investment contracts | | | | | | -------------------------------------------------------------------------------- | Liabilities for | - | 2,359 | - | - | 2,359 | | unit-linked insurance | | | | | | | and investment | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Financial liabilities | 524 | 132 | 1,609 | -166 | 2,098 | -------------------------------------------------------------------------------- | Tax liabilities | 403 | 97 | - | - | 500 | -------------------------------------------------------------------------------- | Provisions | 35 | - | - | - | 35 | -------------------------------------------------------------------------------- | Employee benefits | 104 | - | - | - | 104 | -------------------------------------------------------------------------------- | Other liabilities | 719 | 134 | 95 | -36 | 912 | -------------------------------------------------------------------------------- | Total liabilities | 10,367 | 7,153 | 1,703 | -202 | 19,022 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | | | -------------------------------------------------------------------------------- | Share capital | | | | | 98 | -------------------------------------------------------------------------------- | Reserves | | | | | 1,530 | -------------------------------------------------------------------------------- | Retained earnings | | | | | 5,889 | -------------------------------------------------------------------------------- | Other components of | | | | | 96 | | equity | | | | | | -------------------------------------------------------------------------------- | Equity attributable to | | | | | 7,613 | | owners of the parent | | | | | | -------------------------------------------------------------------------------- | Non-controlling | | | | | 0 | | interests | | | | | | -------------------------------------------------------------------------------- | Total equity | | | | | 7,613 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | | | | | 26,635 | | liabilities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE | | | | | | | SHEET BY SEGMENT AT 31 | | | | | | | DECEMBER 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina- | Group | | | insuranc | insuranc | | tion | | | | e | e | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 27 | 5 | 5 | - | 38 | | equipment | | | | | | -------------------------------------------------------------------------------- | Investment property | 28 | 100 | 10 | - | 138 | -------------------------------------------------------------------------------- | Intangible assets | 495 | 167 | 0 | - | 663 | -------------------------------------------------------------------------------- | Investments in | 3 | 2 | 0 | - | 5 | | associates | | | | | | -------------------------------------------------------------------------------- | Financial assets | 8,874 | 4,503 | 5,260 | -2,498 | 16,139 | -------------------------------------------------------------------------------- | Investments related to | - | 1,637 | - | - | 1,637 | | unit-linked insurance | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Tax assets | 144 | 8 | 4 | 0 | 156 | -------------------------------------------------------------------------------- | Reinsurers' share of | 431 | 4 | - | - | 436 | | insurance liabilities | | | | | | -------------------------------------------------------------------------------- | Other assets | 1,176 | 270 | 54 | -27 | 1,473 | -------------------------------------------------------------------------------- | Cash and cash | 259 | 171 | 35 | - | 465 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Total assets | 11,437 | 6,868 | 5,370 | -2,525 | 21,149 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | | | -------------------------------------------------------------------------------- | Liabilities for | 7,889 | 4,487 | - | - | 12,375 | | insurance and | | | | | | | investment contracts | | | | | | -------------------------------------------------------------------------------- | Liabilities for | - | 1,637 | - | - | 1,637 | | unit-linked insurance | | | | | | | and investment | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Financial liabilities | 686 | 104 | 604 | -125 | 1,269 | -------------------------------------------------------------------------------- | Tax liabilities | 379 | - | - | - | 379 | -------------------------------------------------------------------------------- | Provisions | 26 | - | - | - | 26 | -------------------------------------------------------------------------------- | Employee benefits | 92 | - | - | - | 92 | -------------------------------------------------------------------------------- | Other liabilities | 444 | 242 | 80 | -27 | 739 | -------------------------------------------------------------------------------- | Total liabilities | 9,516 | 6,469 | 686 | -152 | 16,517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | | | -------------------------------------------------------------------------------- | Share capital | | | | | 98 | -------------------------------------------------------------------------------- | Reserves | | | | | 1,531 | -------------------------------------------------------------------------------- | Retained earnings | | | | | 5,688 | -------------------------------------------------------------------------------- | Other components of | | | | | -2,687 | | equity | | | | | | -------------------------------------------------------------------------------- | Equity attributable to | | | | | 4,631 | | owners of the parent | | | | | | -------------------------------------------------------------------------------- | Non-controlling | | | | | 0 | | interests | | | | | | -------------------------------------------------------------------------------- | Total equity | | | | | 4,631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | | | | | 21,149 | | liabilities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER NOTES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1 INSURANCE PREMIUMS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Premiums from insurance contracts | | | -------------------------------------------------------------------------------- | Premiums written, direct insurance | 3,770 | 3,967 | -------------------------------------------------------------------------------- | Premiums written, assumed reinsurance | 118 | 90 | -------------------------------------------------------------------------------- | Premiums written, gross | 3,888 | 4,057 | -------------------------------------------------------------------------------- | Ceded reinsurance premiums written | -211 | -236 | -------------------------------------------------------------------------------- | P&C Insurance, total | 3,677 | 3,821 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in unearned premium provision | -28 | -12 | -------------------------------------------------------------------------------- | Reinsurers' share | -5 | -2 | -------------------------------------------------------------------------------- | Premiums earned for P&C Insurance, total | 3,643 | 3,807 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Premiums from insurance contracts | | | -------------------------------------------------------------------------------- | Premiums from contracts with discretionary | 231 | 242 | | participation feature | | | -------------------------------------------------------------------------------- | Premiums from unit-linked contracts | 273 | 240 | -------------------------------------------------------------------------------- | Premiums from other contracts | 4 | 5 | -------------------------------------------------------------------------------- | Insurance contracts, total | 508 | 487 | -------------------------------------------------------------------------------- | Assumed reinsurance | 2 | 2 | -------------------------------------------------------------------------------- | Premiums from investment contracts | | | -------------------------------------------------------------------------------- | Premiums from contracts with discretionary | 20 | 0 | | participation feature | | | -------------------------------------------------------------------------------- | Premiums from unit-linked contracts | 279 | 47 | -------------------------------------------------------------------------------- | Investment contracts, total | 299 | 47 | -------------------------------------------------------------------------------- | Reinsurers' shares | -6 | -7 | -------------------------------------------------------------------------------- | Life insurance, total | 803 | 529 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Single and regular premiums from direct | | | | insurance | | | -------------------------------------------------------------------------------- | Regular premiums, insurance contracts | 381 | 365 | -------------------------------------------------------------------------------- | Single premiums, insurance contracts | 127 | 121 | -------------------------------------------------------------------------------- | Single premiums, investment contracts | 299 | 47 | -------------------------------------------------------------------------------- | Total | 807 | 534 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 4,479 | 4,350 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2 NET INCOME FROM INVESTMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C Insurance | | | -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Financial assets | | | -------------------------------------------------------------------------------- | Derivative financial instruments | 55 | 83 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 28 | 21 | -------------------------------------------------------------------------------- | Equity securities | 10 | -131 | -------------------------------------------------------------------------------- | Total | 38 | -109 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans and receivables | 13 | 25 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial asset available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 411 | 345 | -------------------------------------------------------------------------------- | Equity securities | -54 | 11 | -------------------------------------------------------------------------------- | Total | 357 | 356 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total financial assets | 463 | 354 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income from other assets | 0 | 1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fee and commission expense | -6 | -12 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest expense on repurchase agreements | - | -16 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expense on other than financial liabilities | -3 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effect of discounting annuities | -59 | -60 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance, total | 394 | 268 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Financial assets | | | -------------------------------------------------------------------------------- | Derivative financial instruments | 50 | 59 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 5 | -5 | -------------------------------------------------------------------------------- | Equity securities | 0 | -1 | -------------------------------------------------------------------------------- | Total | 6 | -6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments related to unit-linked contracts | | | -------------------------------------------------------------------------------- | Debt securities | 43 | 0 | -------------------------------------------------------------------------------- | Equity securities | 314 | -486 | -------------------------------------------------------------------------------- | Loans and receivables | 0 | 1 | -------------------------------------------------------------------------------- | Other financial assets | 2 | 1 | -------------------------------------------------------------------------------- | Total | 359 | -485 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment securities held-to-maturity | | | -------------------------------------------------------------------------------- | Debt securities | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans and receivables | 4 | -1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial asset available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 189 | 103 | -------------------------------------------------------------------------------- | Equity securities | -5 | 92 | -------------------------------------------------------------------------------- | Total | 184 | 194 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total income from financial assets | 604 | -239 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other assets | 20 | 7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fee and commission income, net | 5 | 10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance, total | 629 | -222 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | | -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Financial assets | | | -------------------------------------------------------------------------------- | Derivative financial instruments | 15 | 14 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans and other receivables | 8 | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 15 | 76 | -------------------------------------------------------------------------------- | Equity securities | 62 | 137 | -------------------------------------------------------------------------------- | Total | 77 | 213 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other assets | 1 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fee income, net | 8 | -1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding, total | 109 | 232 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Elimination items between segments | 24 | -3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 1,155 | 275 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3 CLAIMS INCURRED | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims paid | -2,437 | -2,522 | -------------------------------------------------------------------------------- | Reinsurers' share | 103 | 122 | --------------------------------------------------------------------------------| Claims paid, net | -2,333 | -2,400 | -------------------------------------------------------------------------------- | Change in provision for claims outstanding | -162 | -187 | -------------------------------------------------------------------------------- | Reinsurers' share | 18 | -5 | -------------------------------------------------------------------------------- | P&C Insurance total | -2,477 | -2,592 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims paid | -564 | -652 | -------------------------------------------------------------------------------- | Reinsurers' share | 4 | 4 | -------------------------------------------------------------------------------- | Claims paid, net | -560 | -648 | -------------------------------------------------------------------------------- | Change in provision for claims outstanding | -67 | -116 | -------------------------------------------------------------------------------- | Reinsurers' share | 0 | 1 | -------------------------------------------------------------------------------- | Life insurance, total | -628 | -763 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | -3,105 | -3,355 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 4 STAFF COSTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Wages and salaries | -330 | -328 | -------------------------------------------------------------------------------- | Granted cash-settled share options | -4 | -2 | -------------------------------------------------------------------------------- | Pension costs | -74 | -64 | -------------------------------------------------------------------------------- | Other social security costs | -62 | -65 | -------------------------------------------------------------------------------- | P&C insurance, total | -470 | -460 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Wages and salaries | -23 | -18 | -------------------------------------------------------------------------------- | Granted cash-settled share options | -1 | 0 | -------------------------------------------------------------------------------- | Pension costs | -3 | -3 | -------------------------------------------------------------------------------- | Other social security costs | -2 | -1 | -------------------------------------------------------------------------------- | Life insurance, total | -29 | -23 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Wages and salaries | -7 | -7 | -------------------------------------------------------------------------------- | Granted cash-settled share options | -1 | -2 | -------------------------------------------------------------------------------- | Pension costs | -2 | -2 | -------------------------------------------------------------------------------- | Other social security costs | -1 | -1 | -------------------------------------------------------------------------------- | Holding, total | -11 | -11 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | -510 | -494 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 5 INTANGIBLE ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | 506 | 479 | -------------------------------------------------------------------------------- | Customer relations | 6 | 13 | -------------------------------------------------------------------------------- | Other intangible assets | 8 | 4 | -------------------------------------------------------------------------------- | P&C Insurance, total | 521 | 495 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | 153 | 153 | -------------------------------------------------------------------------------- | Other intangible assets | 14 | 14 | -------------------------------------------------------------------------------- | Life insurance, total | 167 | 167 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other intangible assets | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 688 | 663 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 6 FINANCIAL ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 84 | 362 | -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 136 | 333 | -------------------------------------------------------------------------------- | Equity securities | 27 | 22 | -------------------------------------------------------------------------------- | Total | 163 | 355 | -------------------------------------------------------------------------------- | Loans and receivables | | | -------------------------------------------------------------------------------- | Loans | 2 | 0 | -------------------------------------------------------------------------------- | Deposits with ceding undertakings | 1 | 1 | -------------------------------------------------------------------------------- | Total | 3 | 1 | -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 8,797 | 7,671 | -------------------------------------------------------------------------------- | Equity securities | 1,201 | 484 | -------------------------------------------------------------------------------- | Total | 9,998 | 8,155 | -------------------------------------------------------------------------------- | P&C insurance, total | 10,248 | 8,874 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 66 | 108 | -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 46 | 40 | -------------------------------------------------------------------------------- | Equity securities | 4 | 1 | -------------------------------------------------------------------------------- | Total | 50 | 41 | -------------------------------------------------------------------------------- | Investments held-to-maturity | | | -------------------------------------------------------------------------------- | Debt securities | - | 1 | -------------------------------------------------------------------------------- | Loans and receivables | | | -------------------------------------------------------------------------------- | Loans | 24 | 4 | -------------------------------------------------------------------------------- | Deposits with ceding undertakings | 2 | 2 | -------------------------------------------------------------------------------- | Total | 26 | 5 | -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 3,289 | 3,173 | -------------------------------------------------------------------------------- | Equity securities *) | 1,785 | 1,175 | -------------------------------------------------------------------------------- | Total | 5,074 | 4,348 | -------------------------------------------------------------------------------- | Life insurance, total | 5,216 | 4,503 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) of which investments in interest funds | 157 | 213 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 12 | - | -------------------------------------------------------------------------------- | Loans and receivables | | | -------------------------------------------------------------------------------- | Deposits | 1 | 1 | -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 135 | 1,184 | -------------------------------------------------------------------------------- | Equity securities | 36 | 1,705 | -------------------------------------------------------------------------------- | Total | 172 | 2,890 | -------------------------------------------------------------------------------- | Investments in subsidiaries | 2,370 | 2,370 | -------------------------------------------------------------------------------- | Holding, total | 2,554 | 5,260 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Elimination items between segments | -2,538 | -2,498 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 15,479 | 16,139 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 7 DERIVATIVE | | | | | | | | FINANCIAL | | | | | | | | INSTRUMENTS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | 12/2009 | | | 12/200 | | | | | | | | 8 | | -------------------------------------------------------------------------------- | | | Fair | Fair | | Fair | Fair | | | | value | value | | value | value | -------------------------------------------------------------------------------- | | Contr | Assets | Liabilit | Contract/ | Assets | Liabilit | | | act/ | | ies | notional | | ies | | | notio | | | amount | | | | | nal | | | | | | | | amoun | | | | | | | | t | | | | | | -------------------------------------------------------------------------------- | Derivatives | | | | | | | | held for | | | | | | | | trading | | | | | | | -------------------------------------------------------------------------------- | Interest rate | 849 | 22 | 0 | 78 | 19 | 4 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Foreign | 3,365 | 62 | 88 | 4,977 | 343 | 247 | | exchange | | | | | | | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Equity | 1 | - | 0 | 0 | 0 | 0 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Total | 4,215 | 84 | 88 | 5,055 | 362 | 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivatives | | | | | | | | held for | | | | | | | | hedging | | | | | | | -------------------------------------------------------------------------------- | Fair value | 217 | 0 | 0 | - | - | - | | hedges | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C Insurance, | 4,432 | 84 | 89 | 5,055 | 362 | 251 | | total | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | 12/2009 | | | 12/200 | | | | | | | | 8 | | -------------------------------------------------------------------------------- | | | Fair | Fair | | Fair | Fair | | | | value | value | | value | value | -------------------------------------------------------------------------------- | | Contr | Assets | Liabilit | Contract/ | Assets | Liabilit | | | act/ | | ies | notional | | ies | | | notio | | | amount | | | | | nal | | | | | | | | amoun | | | | | | | | t | | | | | | -------------------------------------------------------------------------------- | Derivatives | | | | | | | | held for | | | | | | | | trading | | | | | | | -------------------------------------------------------------------------------- | Interest rate | 1,406 | 51 | 3 | 1,062 | 58 | 0 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Foreign | 852 | 4 | 29 | 704 | 17 | 4 | | exchange | | | | | | | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Commodity | 14 | - | 0 | - | - | - | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Total | 2,272 | 54 | 32 | 1,766 | 75 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivatives | | | | | | | | held for | | | | | | | | hedging | | | | | | | -------------------------------------------------------------------------------- | Cash flow | 365 | 12 | - | 829 | 15 | - | | hedges | | | | | | | -------------------------------------------------------------------------------- | Fair value | 227 | - | - | 226 | 18 | - | | hedges | | | | | | | -------------------------------------------------------------------------------- | Total | 591 | 12 | - | 1,055 | 33 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance, | 2,863 | 66 | 32 | 2,821 | 108 | 4 | | total | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | 12/2009 | | | 12/200 | | | | | | | | 8 | | -------------------------------------------------------------------------------- | | | Fair | Fair | | Fair | Fair | | | | value | value | | value | value | -------------------------------------------------------------------------------- | | Contr | Assets | Liabilit | Contract/ | Assets | Liabilit | | | act/ | | ies | notional | | ies | | | notio | | | amount | | | | | nal | | | | | | | | amoun | | | | | | | | t | | | | | | -------------------------------------------------------------------------------- | Derivatives | | | | | | | | held for | | | | | | | | trading | | | | | | | -------------------------------------------------------------------------------- | Interest rate | 975 | 7 | - | - | - | - | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Exchange | 48 | 1 | 0 | 70 | 0 | 0 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Equity | 42 | 4 | 7 | - | - | - | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Total | 1,065 | 12 | 7 | 70 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 8 INVESTMENTS RELATED TO UNIT-LINKED INSURANCE | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- | Financial assets as at fair value through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 365 | 121 | -------------------------------------------------------------------------------- | Equity securities | 1,923 | 1,477 | -------------------------------------------------------------------------------- | Loans and receivables | 70 | 38 | -------------------------------------------------------------------------------- | Derivatives | 8 | 1 | -------------------------------------------------------------------------------- | Life insurance, total | 2,366 | 1,637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 9 LIABILITIES FOR INSURANCE AND INVESTMENT | | | | CONTRACTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- | Insurance contracts | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 1,668 | 1,521 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 6,915 | 6,367 | -------------------------------------------------------------------------------- | P&C Insurance, total | 8,583 | 7,889 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reinsurers' share | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 49 | 54 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 428 | 377 | -------------------------------------------------------------------------------- | P&C Insurance, total | 477 | 431 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- | Insurance contracts | | | -------------------------------------------------------------------------------- | Liabilities for contracts with DPF | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2,513 | 2,629 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 1,844 | 1,777 | -------------------------------------------------------------------------------- | Total | 4,358 | 4,406 | -------------------------------------------------------------------------------- | Liabilities for contracts without DPF | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 13 | 13 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 0 | 0 | -------------------------------------------------------------------------------- | Total | 13 | 13 | -------------------------------------------------------------------------------- | Total | 4,371 | 4,419 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assumed reinsurance | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 1 | 2 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 2 | 2 | -------------------------------------------------------------------------------- | Total | 3 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance contracts, total | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2,528 | 2,644 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 1,846 | 1,779 | -------------------------------------------------------------------------------- | Total | 4,374 | 4,423 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment contracts | | | -------------------------------------------------------------------------------- | Liabilities for contracts with DPF | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 57 | 63 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities for insurance and investment | | | | contracts, total | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2,585 | 2,707 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 1,846 | 1,779 | -------------------------------------------------------------------------------- | Life insurance, total | 4,431 | 4,487 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Recoverable from reinsurers | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 0 | 0 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 4 | 4 | -------------------------------------------------------------------------------- | Life insurance, total | 4 | 4 | -------------------------------------------------------------------------------- Investment contracts do not include a provision for claims outstanding. Liability adequacy test does not give rise to supplementary claims. Exemption allowed in IFRS 4 Insurance contracts has been applied to investment contracts with DPF or contracts with a right to trade-off for an investment contract with DPF. These investment contracts have been valued like insurance contracts. -------------------------------------------------------------------------------- | Group, total | 13,014 | 12,375 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 10 LIABILITIES FROM UNIT-LINKED INSURANCE AND | | | | INVESTMENT CONTRACTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Unit-linked insurance contracts | 1,961 | 1,538 | -------------------------------------------------------------------------------- | Unit-linked investment contracts | 398 | 99 | -------------------------------------------------------------------------------- | Life insurance, total | 2,359 | 1,637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 11 FINANCIAL LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 89 | 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Subordinated debt securities | | | -------------------------------------------------------------------------------- | Subordinated loans | 435 | 435 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance, total | 524 | 686 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 32 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Subordinated debt securities | | | -------------------------------------------------------------------------------- | Subordinated loans | 100 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance, total | 132 | 104 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 7 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt securities in issue | | | -------------------------------------------------------------------------------- | Commercial papers | 466 | - | -------------------------------------------------------------------------------- | Bonds | 962 | - | -------------------------------------------------------------------------------- | Total | 1,429 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Subordinated debt securities | | | -------------------------------------------------------------------------------- | Debentures | 37 | 597 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | | | -------------------------------------------------------------------------------- | Pension loan | 130 | - | -------------------------------------------------------------------------------- | Other | 6 | 6 | -------------------------------------------------------------------------------- | Total | 136 | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding, total | 1,609 | 604 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Elimination items between segments | -166 | -125 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 2,098 | 1,269 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 12 CONTINGENT | | | | | | LIABILITIES AND | | | | | | COMMITMENTS | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | | | -------------------------------------------------------------------------------- | Off-balance sheet items | | | | | -------------------------------------------------------------------------------- | Guarantees | 19 | 39 | | | -------------------------------------------------------------------------------- | Other irrevocable | 69 | 75 | | | | commitments | | | | | -------------------------------------------------------------------------------- | Total | 88 | 114 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets pledged as | | | | | | collateral for | | | | | | liabilities or | | | | | | contingent liabilities | | | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2009 | 12/2008 | 12/2008 | -------------------------------------------------------------------------------- | Assets pledged as | Assets | Liabilities | Assets | Liabilities/ | | collateral | pledged | / commit- | pledged | commit- | | | | ments | | ments | -------------------------------------------------------------------------------- | Cash at balances at | 9 | 7 | 9 | 8 | | central banks | | | | | -------------------------------------------------------------------------------- | Investments | | | | | -------------------------------------------------------------------------------- | - Investment securities | 124 | 101 | 127 | 108 | -------------------------------------------------------------------------------- | Total | 133 | 108 | 136 | 117 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-cancellable | 12/2009 | 12/2008 | | | | operating leases | | | | | -------------------------------------------------------------------------------- | Minimum lease payments | | | | | -------------------------------------------------------------------------------- | not later than one year | 32 | 32 | | | -------------------------------------------------------------------------------- | later than one year and | 82 | 89 | | | | not later than five | | | | | | years | | | | | -------------------------------------------------------------------------------- | later than five years | 106 | 90 | | | -------------------------------------------------------------------------------- | Total | 220 | 212 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | | | -------------------------------------------------------------------------------- | Off-balance sheet items | | | | | -------------------------------------------------------------------------------- | Fund commitments | 357 | 308 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | | | -------------------------------------------------------------------------------- | Other commitments | | | | | -------------------------------------------------------------------------------- | Acquisition of | 0 | 3 | | | | IT-software | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-cancellable | 12/2009 | 12/2008 | | | | operating leases | | | | | -------------------------------------------------------------------------------- | Minimum lease payments | | | | | -------------------------------------------------------------------------------- | not later than one year | 2 | 2 | | | -------------------------------------------------------------------------------- | later than one year and | 7 | 7 | | | | not later than five | | | | | | years | | | | | -------------------------------------------------------------------------------- | later than five years | 1 | 3 | | | -------------------------------------------------------------------------------- | Total | 10 | 11 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2008 | | | -------------------------------------------------------------------------------- | Off-balance sheet items | | | | | -------------------------------------------------------------------------------- | Fund commitments | 3 | 4 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets pledged as | | | | | | collateral for | | | | | | liabilities or | | | | | | contingent liabilities | | | | | -------------------------------------------------------------------------------- | | 12/2009 | 12/2009 | 12/2008 | 12/2008 | -------------------------------------------------------------------------------- | Assets pledged as | Assets | Liabilities | Assets | Liabilities/ | | collateral | pledged | / commit- | pledged | commit- | | | | ments | | ments | -------------------------------------------------------------------------------- | Investments | | | | | -------------------------------------------------------------------------------- | - Mortgaged collateral | 15 | 6 | 15 | 6 | | notes | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-cancellable | 12/2009 | 12/2008 | | | | operating leases | | | | | -------------------------------------------------------------------------------- | Minimum lease payments | | | | | -------------------------------------------------------------------------------- | not later than one year | 1 | 3 | | | -------------------------------------------------------------------------------- | later than one year and | 3 | 4 | | | | not later than five | | | | | | years | | | | | -------------------------------------------------------------------------------- | later than five years | 2 | 3 | | | -------------------------------------------------------------------------------- | Total | 7 | 9 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 13 RESULT ANALYSIS OF | | | | | | P&C INSURANCE BUSINESS | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Premiums earned | 3,643 | 3,807 | | | -------------------------------------------------------------------------------- | Claims incurred | -2,717 | -2,834 | | | -------------------------------------------------------------------------------- | Operating expenses | -640 | -662 | | | -------------------------------------------------------------------------------- | Other technical income | 0 | 4 | | | | and expenses | | | | | -------------------------------------------------------------------------------- | Allocated investment | 201 | 233 | | | | return transferred from | | | | | | the non-technical | | | | | | account | | | | | -------------------------------------------------------------------------------- | Technical result | 488 | 548 | | | -------------------------------------------------------------------------------- | Investment result | 423 | 299 | | | -------------------------------------------------------------------------------- | Allocated investment | -261 | -293 | | | | return transferred to | | | | | | the technical account | | | | | -------------------------------------------------------------------------------- | Other income and | -6 | -5 | | | | expenses | | | | | -------------------------------------------------------------------------------- | Operating result | 644 | 549 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 14 SAMPO PLC'S INCOME STATEMENT AND BALANCE SHEET | | | | (FAS) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | | | -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 14 | 9 | -------------------------------------------------------------------------------- | Staff expenses | -12 | -9 | -------------------------------------------------------------------------------- | Depreciation and impairment | 0 | -1 | -------------------------------------------------------------------------------- | Other operating expenses | -18 | -13 | -------------------------------------------------------------------------------- | Operating profit | -15 | -14 | -------------------------------------------------------------------------------- | Finance income and expenses | 538 | 579 | -------------------------------------------------------------------------------- | Profit before appropriations and income taxes | 522 | 566 | -------------------------------------------------------------------------------- | Income taxes | 9 | -11 | -------------------------------------------------------------------------------- | Profit for the financial period | 531 | 555 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 12/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Intangible assets | 1 | 1 | -------------------------------------------------------------------------------- | Property, plant and equipment | 4 | 4 | -------------------------------------------------------------------------------- | Investments | | | -------------------------------------------------------------------------------- | Shares in Group companies | 2,370 | 2,370 | -------------------------------------------------------------------------------- | Receivables from Group companies | 122 | 122 | -------------------------------------------------------------------------------- | Shares in participating undertakings | 5,168 | 0 | -------------------------------------------------------------------------------- | Other shares and participations | 14 | 1,710 | -------------------------------------------------------------------------------- | Other receivables | 41 | 1,062 | -------------------------------------------------------------------------------- | Receivables | 98 | 59 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 412 | 35 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 8,229 | 5,364 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Equity | | | -------------------------------------------------------------------------------- | Share capital | 98 | 98 | -------------------------------------------------------------------------------- | Share premium account | - | 1,160 | -------------------------------------------------------------------------------- | Legal reserve | - | 366 | -------------------------------------------------------------------------------- | Fair value reserve | -3 | -1,759 | -------------------------------------------------------------------------------- | Other reserves | 1,799 | 273 | -------------------------------------------------------------------------------- | Retained earnings | 4,108 | 3,993 | -------------------------------------------------------------------------------- | Profit for the year | 531 | 555 |-------------------------------------------------------------------------------- | Total equity | 6,534 | 4,686 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | -------------------------------------------------------------------------------- | Long-term | 1,129 | 597 | -------------------------------------------------------------------------------- | Short-term | 567 | 81 | -------------------------------------------------------------------------------- | Total liabilities | 1,696 | 678 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 8,229 | 5,364 | --------------------------------------------------------------------------------
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