Sampo - Financial Statement Release

Sampo Group's results for January-December 2011

SAMPO PLC           STOCK EXCHANGE RELEASE         9 February 2012 at 9.35 am

Sampo Group's results for January-December 2011

The Board proposes a dividend of EUR 1.20 per share

Sampo Group's profit before taxes for 2011 amounted to EUR 1,228 million
(1,320). Total comprehensive income for the period, taking changes in the market
value of assets into account, decreased to EUR 686 million (1,807).

- Earnings per share were EUR 1.85 (1.97). Mark-to-market earnings per share
amounted to EUR 1.22 (3.22) and return on equity for the Group decreased to 7.7
per cent for 2011 (21.8).

- The Board proposes to the Annual General Meeting to be held on 12 April 2012 a
dividend of EUR 1.20 per share (1.15) and an authorization to repurchase a
maximum of 50 million Sampo A shares.

- Net asset value per share on 31 December 2011 was EUR 14.05 (17.79). Fair
value reserve on the Group level amounted to EUR 355 million (736).

- Profit before taxes in the P&C insurance segment amounted to EUR 636 million
(707). Combined ratio improved to 92.0 per cent for the full year 2011 (92.8).
Return on equity was 12.4 per cent (39.8) and fair value reserve decreased to
EUR 139 million (315).

- Sampo's share of Nordea's net profit in 2011 rose to EUR 534 million (523). In
segment reporting the share of Nordea's profit is included in the segment
'Holding'.

- Life insurance segment's profit before taxes remained stable at EUR 137
million (142). Fair value reserve decreased to EUR 214 million as at 31 December
2011 (436). Return on equity was -11.7 per cent (36.2).

KEY FIGURES                                Change,   Q4   Q4 Change,

EURm                            2011  2010       % 2011 2010       %

Profit before taxes            1,228 1,320   -7    322  361    -11

  P&C insurance                 636   707    -10   171  188    -9

  Associate (Nordea)            534   523     2    161  152     6

  Life insurance                137   142    -3     30   42    -27



  Holding (excl.Nordea)         -77   -48    60    -40  -21    93

Profit for the period          1,038 1,104   -6    279  302    -8



                                            Change            Change

Earnings per share, EUR        1.85  1.97   -0.12  0.50 0.54  -0.04



EPS (incl. change in FVR), EUR 1.22  3.22   -2.00  0.94 0.82  0.12

NAV per share, EUR             14.05 17.79  -3.74   -    -      -

Average number of staff (FTE)  6,874 6,914   -40    -    -      -

Group solvency ratio, %        138.6 167.1  -28.5   -    -      -

RoE, %                          7.7  21.8   -14.1   -    -      -




The figures in this report are not audited. Income statement items are compared
on a year-on-year basis whereas comparison figures for balance sheet items are
from 31 December 2010 unless otherwise stated.

Sampo follows the disclosure procedure enabled by the Finnish Financial
Supervisory Authority (Standard 5.2b) and hereby publishes its Financial
Statements Release attached as a PDF file to this stock exchange release. The
Financial Statements Release is also available at www.sampo.com/result.


Fourth quarter 2011 in brief

Sampo Group's profit before taxes for the fourth quarter of 2011 amounted to EUR
322 million (361). Earnings per share were EUR 0.50 (0.54). Mark-to-market
earnings per share were EUR 0.94 (0.82).

Net asset value per share increased in the fourth quarter of 2011 by EUR 0.43
and amounted to EUR 14.05 at the end of 2011.

Good technical profitability was maintained in P&C insurance operation and
combined ratio improved to 90.2 per cent (92.3) with improvement in both risk
and cost ratios. Profit before taxes amounted to EUR 171 million (188).

Sampo's share of Nordea's fourth quarter 2011 net profit rose to EUR 161 million
(152).

Profit before taxes for the life insurance operations decreased to EUR 30
million (42). Premiums written amounted to EUR 237 million (284).


Business areas

P&C insurance

Profit before taxes for P&C insurance decreased to EUR 636 million (707) in
2011. The decrease was mainly explained by financial markets' uncertainty during
the year, which led to lower investment returns. Year 2011 was also
characterized by demanding weather conditions throughout the year. However,
despite the higher than normalized weather-related claims, both risk ratio and
combined ratio improved to 68.4 per cent (69.1) and 92.0 per cent (92.8),
respectively. EUR 135 million (113) was released from technical reserves
relating to prior year gains, out of which EUR 85 in business area Industrial.

If P&C's holding in the Danish insurance company Topdanmark exceeded 20 per cent
on 16 May 2011. With the holding exceeding 20 per cent Topdanmark became an
associated company to If. Topdanmark's profit contribution for 2011 was EUR 7
million. The book value for Topdanmark in the Group balance sheet was EUR 329
million on 31 December 2011. At the end of 2011 If held altogether 3,147,692
Topdanmark shares, corresponding to 23.6 per cent of the votes.

Technical result increased to EUR 457 million (449). Technical result for
Private business area increased to EUR 256 million (236). For business area
Commercial technical result amounted to EUR 124 million (127), Industrial EUR
53 million (65) and Baltic & Russia EUR 22 million (15).

Return on equity (RoE) decreased to 12.4 per cent (39.8) mainly due to lower
investment result mark-to-market and the change in the accounting treatment of
Topdanmark holding in the second quarter of 2011. Insurance margin (technical
result in relation to net premiums earned) was 11.1 per cent (11.5). Fair value
reserve decreased during the year to EUR 139 million (315) at the end of
December 2011.

Associated company Nordea Bank Ab

On 31 December 2011 Sampo plc held 860,440,497 Nordea shares corresponding to a
holding of 21.3 per cent. The average price paid per share amounted to EUR 6.46
and the book value in the Group accounts was EUR 7.27 per share. The closing
price as at 31 December 2011 was EUR 5.98.

The following text is based on Nordea's full-year 2011 result release published
on 24 January 2012.

2011 showed continued high total income, up 2 per cent compared to 2010. Net
interest income increased 6 per cent compared to last year. Lending volumes
increased 7 per cent and deposit volumes 8 per cent. Lending spreads and deposit
spreads have increased from last year.

Net loan losses decreased 16 per to EUR 735 million, compared to last year,
corresponding to a loan loss ratio of 23 basis points (31 basis points last
year).

Operating profit decreased 3 per cent compared to last year. Net profit
decreased 1 per cent from last year to EUR 2,634 million. Risk-adjusted profit
increased 4 per cent compared to last year to EUR 2,714 million.

The Board of Directors proposes to the AGM a dividend of EUR 0.26 per share (EUR
0.29). This corresponds to a payout ratio of 40 per cent of net profit, which is
in line with the dividend policy. Total proposed dividend amounts to EUR 1,048
million.

Life insurance

Profit before taxes in Sampo Group's life insurance operations remained on
previous year's level despite the challenging investment markets in 2011 and
amounted to EUR 137 million (142). Premiums amounted to EUR 849 million which is
the second highest level in the history of the Group. Net investment income,
excluding income on unit-linked contracts, amounted to EUR 255 million (312).
Net income from unit-linked investments was EUR -296 million (333). In 2011 fair
value reserve decreased EUR 222 million amounting to EUR 214 million. Return on
equity (RoE) in life insurance was -11.7 per cent (36.2).

Majority of Mandatum Life's traditional policies carry a guaranteed interest of
3.5 per cent. Individual policies sold in Finland before 1999 carry a guaranteed
interest of 4.5 per cent. The discount rate for these policies has been lowered
to 3.5 per cent and subsequently technical reserves have been supplemented with
EUR 79 million (86). In addition, EUR 29 million has been reserved to lower the
interest rate of all with-profit liabilities to 2.75 per cent in 2012. This
supplement decreases the minimum requirement for investment yield to 2.75 per
cent for 2012. All in all, Mandatum Life has increased its technical reserves
with EUR 108 million (147) due to low level of interest rates.

Holding

The segment's profit before taxes amounted to EUR 457 million (474), of which
EUR 534 million (523) relates to Sampo's share of Nordea's 2011 profit.
Segment's profit without Nordea was EUR -77 million (-48).

As at 31 December 2011 financial liabilities in Sampo plc's balance sheet
consisted of issued senior bonds and notes of EUR 1,677 million and EUR 652
million of outstanding CPs issued. The average interest on Sampo plc's debt as
of 31 December 2011 was 3.73 per cent.


Outlook

The major risks and uncertainties to the Group in the near term

The major risks Sampo Group is exposed to in its normal business activities are
credit risk, market risks and insurance risks. Their contributions to Group's
Economic Capital requirement are currently within normal boundaries at levels
38 per cent, 36 per cent and 14 per cent, respectively.

Sovereign debt crisis, crisis of political system, potential banking crisis and
slow growth may escalate in ways that can affect Group's activities unfavorably
although Sampo Group companies do not have direct exposures in sovereigns under
pressure and have small exposure to banking sector outside the Nordic region.

Outlook for 2012

Sampo Group's business areas are expected to report good operating results for
2012. However, the mark-to-market results are, particularly in life insurance,
highly dependent on capital market developments.

P&C insurance operations are expected to reach their long-term combined ratio
target of below 95 per cent in 2012. Nordea's contribution to the Group's profit
is expected to be significant.

Dividend proposal

According to Sampo Group's dividend policy, total annual dividends paid shall 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 parent company's distributable capital and reserves totaled EUR
6,623,776,460.88, of which profit for the financial year was EUR 682,234,763.79.

The Board proposes to the Annual General Meeting a dividend of EUR 1.20 per
share to company's 560,000,000 shares. The dividends to be paid are EUR
672,000,000.00 in total. 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 17 April
2012. The Board proposes that the dividend be paid on 24 April 2012.

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.

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

Essi Nikitin, IR Manager, tel. +358 10 516 0066

Maria Silander, Press Officer, tel. +358 10 516 0031

Sampo will arrange a Finnish-language press conference (Savoy, Eteläesplanadi
14, Helsinki), at 2 pm Finnish time. An English-language telephone conference
for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time).
Please call +44 207 162 0025 (Europe) or +1 334 323 6201 (North America). Please
be ready to state the conference ID '910679' and the conference title 'Sampo plc
2011/Q4 Release'.

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 Financial Information are available at www.sampo.com/result.

Sampo will publish an on-line Annual Report 2011 in week 10. At the same time
Corporate Governance Statement and Salary and Remuneration Report will be
published.

Sampo will publish an interim report for January - March 2012 on 8 May 2012.

Distribution:
NASDAQ OMX Helsinki
The principal media
Financial Supervisory Authority
www.sampo.com


[HUG#1584030]

Bifogade filer:

Results for 2011.pdf