2009-05-06 08:40:00 CEST
2009-05-06 08:40:22 CEST
REGULATED INFORMATION
Sampo - Interim report (Q1 and Q3)
Sampo Group's Results for January - March 2009
SAMPO PLC INTERIM REPORT 6 May 2009, at 9.40 am SAMPO GROUP´S RESULTS FOR JANUARY - MARCH 2009 SURPRISELESS QUARTER IN A DIFFICULT MARKET Sampo Group's profit before taxes for the first quarter of 2009 amounted to EUR 169 million (142). Earnings per share amounted to EUR 0.23 (0.18). Earnings per share, including the change in the fair value reserve, were EUR -0.12 (-0.39). - Net asset value per share decreased to EUR 8.17 (8.28). The fair value reserve on the Group level was EUR -2,560 million (-2,364). Since the end of the reporting period net asset value (NAV) has improved significantly. The impact of appreciation of the values of Sampo Group's investment assets net of tax was in excess of EUR 1.5 billion in April 2009. A dividend of EUR 449 million was paid on 21 April 2009. - Profit before taxes in P&C insurance increased to EUR 144 million (64) and the combined ratio was 94.2 per cent (94.0). - Profit before taxes in life insurance was EUR 27 million (64). Mandatum Life's domestic premium income grew by more than 20 per cent while the Finnish life insurance market in general contracted. - The segment ‘Holding' reported a pre-tax loss of EUR -21 million (14) as a result of Sampo plc selling its Topdanmark shares to its fully-owned subsidiary If P&C Insurance Holding Ltd at a loss of EUR -19 million. The sales loss is eliminated in the consolidated accounts of Sampo Group. - Sampo Group had on 31 March 2009 approximately EUR 1.4 billion of excess capital calculated as the difference between group solvency capital and the economic capital required for the operations. -------------------------------------------------------------------------------- | KEY FIGURES | 1-3 | 1-3 | Change | -------------------------------------------------------------------------------- | EURm | 2009 | 2008 | % | -------------------------------------------------------------------------------- | Profit before taxes | 169 | 142 | 19 | -------------------------------------------------------------------------------- | P&C insurance | 144 | 64 | 125 | -------------------------------------------------------------------------------- | Life insurance | 27 | 64 | -58 | -------------------------------------------------------------------------------- | Holding | -21 | 14 | - | -------------------------------------------------------------------------------- | Profit for the period | 127 | 106 | 21 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.23 | 0.18 | 28 | -------------------------------------------------------------------------------- | EPS (incl. change in FVR), EUR | -0.12 | -0.39 | -69 | -------------------------------------------------------------------------------- | NAV per share, EUR | 8.17 | 13.09 | -38 | -------------------------------------------------------------------------------- | Average number of staff (FTE) | 7,454 | 6,831 | 9 | -------------------------------------------------------------------------------- | Group solvency ratio, % | 424.0 | 735.3 | -42 | -------------------------------------------------------------------------------- | RoE, % | -6.0 | -11.6 | -48 | -------------------------------------------------------------------------------- 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 2008 unless otherwise stated. SAMPO GROUP'S HOLDING IN NORDEA On 10 February 2009 Nordea Bank AB (publ.) announced a rights issue to raise EUR 2.5 billion of capital in a fully underwritten transaction. Sampo Group committed itself to take up the rights corresponding to its pro rata shareholding at the announcement date. Sampo also entered into an agreement to underwrite an additional 13 percent of the rights issue. As the rights offering was oversubscribed, the underwriting guarantees were not utilized. On 30 April 2009 Sampo Group held 662,276,541 Nordea shares and owned 16.4 per cent of the company. Average price paid per share amounted to EUR 6.42 which corresponds to 1.25 times Nordea's book value per share. Nordea's closing price on the NASDAQ OMX Helsinki was EUR 5.55 on 30 April 2009. BUSINESS AREAS P&C insurance If P&C Insurance 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 | 1-3 | 1-3 | Change | -------------------------------------------------------------------------------- | EURm | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Premiums | 1,327 | 1,429 | -7 | -------------------------------------------------------------------------------- | Net income from investments | 102 | 12 | 775 | -------------------------------------------------------------------------------- | Other operating income | 5 | 8 | -32 | -------------------------------------------------------------------------------- | Claims incurred | -630 | -670 | -6 | -------------------------------------------------------------------------------- | Change in insurance liabilities | -435 | -479 | -9 | -------------------------------------------------------------------------------- | Staff costs | -106 | -110 | -4 | -------------------------------------------------------------------------------- | Other expenses | -110 | -120 | -8 | -------------------------------------------------------------------------------- | Finance costs | -8 | -7 | 8 | -------------------------------------------------------------------------------- | Profit before taxes | 144 | 64 | 125 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Key figures | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Combined ratio, % | 94.2 | 94.0 | 0 | -------------------------------------------------------------------------------- | Risk ratio, % | 70.7 | 70.5 | 0 | -------------------------------------------------------------------------------- | Cost ratio, % | 23.5 | 23.5 | 0 | -------------------------------------------------------------------------------- | Expense ratio, % | 17.2 | 17.0 | 1 | -------------------------------------------------------------------------------- | Return on equity, % | 14.4 | 5.5 | 162 | -------------------------------------------------------------------------------- | Average number of staff (FTE) | 6,928 | 6,381 | 9 | -------------------------------------------------------------------------------- Profit before taxes for P&C insurance for the first quarter of 2009 increased significantly to EUR 144 million (64) due to increased net income from investments. Technical result was EUR 105 million (113). Of the technical result, business area Private accounted for 47 per cent, Commercial for 28 per cent, Industrial for 16 per cent and Baltic and Russia for 6 per cent. Insurance margin (technical result in relation to net premiums earned) was 11.8 per cent (11.6). Return on equity (RoE) at market values improved to 14.4 per cent (5.5). Fair value reserve in the end of March 2009 was EUR -464 million (-414). Combined ratio for the first quarter was 94.2 per cent (94.0). Combined ratio increased in business area Private to 94.8 per cent (93.2) mostly due to increased frequency motor claims explained by snowy winter conditions and continued claims inflation in Norway. In Commercial the combined ratio was in line with the previous year at 95.6 per cent (95.7). Combined ratio improved significantly in Industrial to 92.8 per cent (97.6) due to improved risk ratio. In Baltic and Russia the combined ratio increased from an exceptionally low level to 89.1 per cent (81.0) due to both higher claims and costs than in the comparison period. Gross written premiums decreased to EUR 1,422 million (1,548). Growth adjusted for currency changes was, however, positive compared to the previous year. The notable change in the average exchange rate of the Swedish and Norwegian currencies in the first quarter of 2009 compared to the same period in the previous year is reflected also in the growth figures of e.g. claims and technical result in euros. Continued cost efficiency resulted in a cost ratio of 23.5 per cent (23.5). Claims incurred decreased to EUR 630 million (670). Risk ratio was stable at 70.7 per cent (70.5). Frequency claims cost increased affected by winter conditions in Norway and increasing claims inflation in certain areas. EUR 20 million (24) was released from the technical reserves relating to prior year claims. Reserve ratio was 178 percent (177) of net premiums written and 250 per cent (250) of claims paid. Net income from investments increased to EUR 102 million (12) in the first quarter of 2009. On 31 March 2009 total investment assets amounted to EUR 9.4 billion (9.0), of which 94 per cent (95) was invested in fixed income instruments, 6 per cent (5) in equity and 1 per cent (1) in other assets. Investment return at market values for the first quarter of 2009 was 0.5 per cent (0). In the end of March 2009 the duration for interest bearing assets was 2.6 years (3.1). On 31 March 2009 solvency capital amounted to EUR 2,278 million (2,221). Solvency ratio (solvency capital in relation to net premiums written) was 66 per cent (66). Life insurance Mandatum Life Group consists of Mandatum Life, a wholly-owned subsidiary of Sampo plc, operating in Finland, and of 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 | 1-3 | 1-3 | Change | -------------------------------------------------------------------------------- | EURm | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Premiums written | 144 | 123 | 17 | -------------------------------------------------------------------------------- | Net income from investments | 50 | -41 | - | -------------------------------------------------------------------------------- | Other operating income | 0 | 0 | - | -------------------------------------------------------------------------------- | Claims incurred | -187 | -233 | -20 | -------------------------------------------------------------------------------- | Change in liabilities for | 45 | 238 | -81 | | inv. and ins. contracts | | | | -------------------------------------------------------------------------------- | Staff costs | -7 | -6 | 12 | -------------------------------------------------------------------------------- | Other operating expenses | -15 | -14 | 11 | -------------------------------------------------------------------------------- | Finance costs | -3 | -4 | -27 | -------------------------------------------------------------------------------- | Profit before taxes | 27 | 64 | 58 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Key figures | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expense ratio, % | 131 | 119 | 10 | -------------------------------------------------------------------------------- | Return on equity, % | -52.0 | -29.4 | 77 | -------------------------------------------------------------------------------- | Average number of staff (FTE) | 471 | 393 | 20 | -------------------------------------------------------------------------------- Profit before taxes in life insurance for the first three months of 2009 was EUR 27 million (64). Net investment income, excluding income on unit-linked contracts, amounted to EUR 67 million (116). Net income from unit-linked investments was EUR -17 million (-158). Fair value reserve decreased EUR 53 million from the beginning of the year and was EUR -244 million on 31 March 2009. Return on equity (RoE) in life insurance was -52.0 per cent (-29.4). Excluding the assets of EUR 1.7 billion (1.6) covering unit-linked liabilities, Mandatum Life Group's investment assets amounted to EUR 4.6 billion (4.7) at market values on 31 March 2009. Fixed income covered 78 per cent (78), equity 12 per cent (12), private equity 5 per cent (5), real estate 4 per cent (3) and other 2 per cent (2) of the total assets. In order to mitigate the interest rate risk, Mandatum Life entered during the fourth quarter of 2008 into interest rate swap agreements. The nominal amount of the interest rate swap agreements was EUR 1.4 billion on 31 March 2009. Within these swaps, Mandatum Life pays short-term floating rate and receives fixed interest rate of 4.7 per cent in average. The average maturity of these swaps was 3.3 years with swap maturities varying between 2 to 10 years. Return on investments at market values for the first quarter of 2009 was -0.2 per cent (-0.4). At the end of March 2009 the duration of fixed income assets, including swaps, was 3.2 years (3.6). Mandatum Life Group's expense ratio rose to 131 per cent (119). The expense ratio was burdened by investments to new proprietary sales channels. Mandatum Life Group's solvency capital exceeds regulatory requirements and amounted to EUR 348 million (384) on 31 March 2009. Solvency ratio was 7.1 per cent (7.9). The markets have begun to recover after the end of the reporting period, and the solvency ratio is estimated to have strengthened by 30 April 2009 to clearly above 9 per cent. Total technical reserves were EUR 6.1 billion (6.1), from which unit-linked reserves accounted for EUR 1.7 billion (1.6). The share of unit-linked reserves of total technical reserves was 27 per cent (25). Mandatum Life Group's premium income on own account for the first three months of 2009 was EUR 144 million (123). Most of the premium increase came from the Finnish unit-linked insurance. Unit-linked premiums increased to EUR 92 million (80) and the share of unit-linked premiums was 64 per cent of total premiums (65). The premiums in pure risk insurance in Finland totalled EUR 14 million (14). Mandatum Life increased its market share in unit-linked insurance in Finland to 27.3 per cent (23.4). The overall market share measured by premium income was 21.2 per cent (16.2). In the Baltic countries the market share decreased to 10 per cent (18). Premium income from the Baltic subsidiary operations decreased to EUR 6 million (12). Holding Sampo plc owns and controls its subsidiaries engaged in P&C and life insurance. In addition Sampo plc held on 30 April 2009 approximately 16.4 per cent of the share capital of Nordea, the largest bank in the Nordic countries. -------------------------------------------------------------------------------- | Results | 1-3 | 1-3 | Change | -------------------------------------------------------------------------------- | EURm | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net investment income | -6 | 28 | - | -------------------------------------------------------------------------------- | Other operating income | 2 | 1 | 70 | -------------------------------------------------------------------------------- | Staff costs | -2 | -3 | -26 | -------------------------------------------------------------------------------- | Other operating expenses | -6 | -4 | 36 | -------------------------------------------------------------------------------- | Finance costs | -9 | -9 | -1 | -------------------------------------------------------------------------------- | Profit before taxes | -21 | 14 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of staff (FTE) | 55 | 57 | -3 | -------------------------------------------------------------------------------- The segment made a loss of EUR -21 million (14). The loss was due to Sampo plc selling its holding in Topdanmark to its fully-owned subsidiary If P&C Insurance Holding Ltd. at a loss of EUR -19 million. The loss is eliminated in the consolidated Group accounts. The fair value reserve decreased in the first quarter of 2009 to EUR -1,840 million (-1,759). The assets on Sampo plc's balance sheet on 31 March 2009 comprise investment assets of EUR 2.8 billion (2.8), of which liquidity reserve in fixed income instruments covered 30 per cent (39) and equities 70 per cent (61). The largest equity holding was Nordea Bank, the market value of which amounted to EUR 1.9 billion (including the subscription rights). All in all Sampo plc has invested EUR 3.7 billion in Nordea. Sampo plc's assets also include holdings in subsidiaries for EUR 2.4 billion (2.4). On 31 March 2009 balance sheet liabilities also included a subordinated note with face value of EUR 600 million which could be called in April 2009 at the earliest. On 26 March 2009 Sampo plc established a debt programme (Euro Medium Term Note Programme) of EUR 2,000,000,000 in order to enable the issuance of bonds in the international capital markets. The programme is rated Baa2 (stable outlook) by Moody's. Sampo undertook a senior bond issue in the debt capital markets under the Euro Medium Term Note Programme and announced a debt exchange offer in respect of the earlier mentioned subordinated note which was to be exchanged for new Euro Denominated Senior Fixed Rate Notes. Concurrently, Sampo issued additional notes for cash which will be fungible with the new notes. In connection with the Exchange Offer, the following terms were announced: -------------------------------------------------------------------------------- | Aggregate amount of New Notes: | EUR 750,000,000 | -------------------------------------------------------------------------------- | (i) Aggregate amount of New Notes | EUR 562,181,000 | | created in exchange for Existing | | | Notes: | | -------------------------------------------------------------------------------- | (ii) Aggregate amount of Additional | EUR 187,819,000 | | New Notes: | | -------------------------------------------------------------------------------- | Outstanding amount of Existing Notes | EUR 36,597,000 | | after completed Exchange Offer | | -------------------------------------------------------------------------------- | Maturity Date: | 10 April 2012 | -------------------------------------------------------------------------------- | New Issue Price: | 100.00 per cent | -------------------------------------------------------------------------------- | New Issue Coupon: | 6.339 per cent | -------------------------------------------------------------------------------- | (i) New Issue Spread: | 4.00 per cent | -------------------------------------------------------------------------------- | (ii) New Issue Mid-Swap Rate: | 2.339 per cent | -------------------------------------------------------------------------------- To strengthen its liquidity position Sampo plc has restarted to issue under its domestic CP programme and had EUR 34 million of outstanding CPs on 31 March 2009. In addition Sampo plc has signed a EUR 200 million revolving credit facility in April 2009. DEVELOPMENTS IN THE FIRST QUARTER OF 2009 Administration Kari Stadigh started as Group CEO and President of Sampo Group on 8 April 2009 in accordance with the nomination by Sampo's Board of Directors on 5 November 2008. Stadigh's predecessor Björn Wahlroos was elected Chairman of the Sampo Board on 7 April 2009. Jukka Kurki started as CFO and deputy for the Managing Director for Sampo plc's subsidiary Mandatum Life on 1 March 2009. Kurki's nomination was published on 17 December 2008 in connection with the announcement that Matti Rantanen, Deputy Managing Director, would retire from Mandatum Life in February 2009. Markku Pehkonen was appointed as Group Chief Risk Officer for Sampo Group starting from 30 March 2009. Pehkonen has also the responsibility for Sampo Group's Asset & Liability Management. Annual General Meeting of 2009 The Annual General Meeting held on 7 April 2009 decided to distribute a dividend of EUR 0.80 per share for 2008. The dividend was paid on 21 April 2009. The Annual General Meeting adopted the financial accounts for 2008 and discharged the Board of Directors and the Group CEO and President from liability for the financial year. The Annual General Meeting decided to elect eight members to the Board. The following seven members were re-elected to the Board of Directors: Tom Berglund, Anne Brunila, Eira Palin-Lehtinen, Jukka Pekkarinen, Christoffer Taxell, Matti Vuoria and Björn Wahlroos. Veli-Matti Mattila was elected as new Board member. At its organisational meeting, the Board elected Björn Wahlroos as Chairman. The following members were elected to the Nomination and Compensation Committee: Björn Wahlroos (Chairman), Matti Vuoria (Vice Chairman), Christoffer Taxell, Anne Brunila and Eira Palin-Lehtinen. Christoffer Taxell (Chairman), Tom Berglund (Vice Chairman), Jukka Pekkarinen and Veli-Matti Mattila were elected to the Audit Committee. The Board of Directors has assessed the independence of its members based on the Finnish Corporate Governance Code and concluded that Berglund, Brunila, Mattila, Palin-Lehtinen, Pekkarinen and Taxell are non-executive members independent of the company and its major shareholders. Based on the Board's assessment, Wahlroos and Vuoria are not independent of the company. The Annual General Meeting decided to pay the following fees to the members of the Board of Directors until the close of the 2010 Annual General Meeting: the Chairman of the Board will be paid EUR 160,000 per year, the Vice Chairman EUR 100,000 per year and the other members EUR 80,000 per year. After deduction of taxes and similar payments, 50 per cent of the Board members' annual compensation will be paid in Sampo A shares and the rest in cash. Board members employed by the company will not be paid a separate fee for Board work during the validity of the employment or service relationship. Ernst & Young Oy was elected as Auditor. The Annual General Meeting decided that the company's Auditor will be paid on the basis of reasonable invoicing. The Annual General Meeting authorised 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 authorisation will be valid until the close of the next Annual General Meeting, nevertheless not more than 18 months after AGM's decision. The Annual General Meeting decided to reduce the share premium account and the reserve fund on the company's Balance Sheet on 31 December 2008 by transferring all the funds in the share premium account and reserve fund on the Balance Sheet on 31 December 2008 to the invested unrestricted equity. Shares and share capital On 31 March 2009 Sampo plc had 561,372,390 shares, divided into 560,172,390 A shares and 1,200,000 B shares. Sampo plc's share capital amounted to EUR 98 million (98) on 31 March 2009. During the first quarter of 2009 Sampo plc did not repurchase its own shares and on 31 March 2009 it did not hold any of its own shares. The other Group companies held no shares in the parent company. Staff The number of full-time equivalent staff decreased in the first quarter of 2009 to 7,443 employees on 31 March 2009 from 7,458 employees at the end of 2008. In P&C insurance the number of staff increased in Norway and Sweden and decreased in Finland and the Baltic and Russian operations. Approximately 93 per cent of the staff worked in P&C insurance, 6 per cent in life insurance and 1 per cent in the holding company. Geographically, 30 per cent worked in Finland, 25 per cent in Sweden, 23 per cent in Norway and 23 per cent in the Baltic countries and Russia, Denmark and other countries. The average number of employees during the first quarter of 2009 was 7,454 compared with 6,839 in the same period previous year. Management incentive schemes The management incentive schemes in Sampo Group are of two types; long-term management incentive schemes and a share-based incentive scheme. No payments based on these schemes were made in the first quarter of 2009. The long-term management incentive schemes decreased staff costs in the first quarter of 2009 by EUR 0.6 million (0.5) and on 31 March 2009 the total provision for the schemes was EUR 0.4 million (1). The ‘Sampo 2006' share-based incentive scheme increased staff costs by EUR 0.4 million in the first quarter of 2009 (1) and on 31 March 2009 the provision for the scheme was EUR 8 million (5). Ratings Moody's changed Sampo plc's rating from Baa1 to Baa2 in the first quarter. All the other main ratings for Sampo Group companies remained unchanged in the first quarter of 2009. -------------------------------------------------------------------------------- | Rated company | Moody's | Standard and Poor's | -------------------------------------------------------------------------------- | | Rating | Outlook | Rating | Outlook | -------------------------------------------------------------------------------- | Sampo plc | Baa2 | Stable | Not rated | - | -------------------------------------------------------------------------------- | If P&C Insurance | A2 | Stable | A | Stable | | (Sweden) | | | | | -------------------------------------------------------------------------------- | If P&C Insurance Co. | A2 | Stable | A | Stable | | (Finland) | | | | | -------------------------------------------------------------------------------- Group solvency The Group solvency is based on adjusted solvency calculation method for insurance groups according to the Decree of the Ministry of Social Affairs and Health (1106/2000), Chapter 7.1 §. The adjusted solvency is determined on the basis of the Group financial statements as permitted by the Insurance Supervisory Authority. The Group's solvency ratio (own funds in relation to minimum requirements for own funds) on 31 March 2009 was 424.0 per cent (433.6). -------------------------------------------------------------------------------- | SAMPO GROUP SOLVENCY | 31 March 2009 | 31 December 2008 | -------------------------------------------------------------------------------- | EURm | | | -------------------------------------------------------------------------------- | Group capital | 4,573 | 4,631 | -------------------------------------------------------------------------------- | Sectoral items | 397 | 391 | -------------------------------------------------------------------------------- | Intangibles and other deductibles | -1,570 | -1,571 | -------------------------------------------------------------------------------- | Group's own funds, total | 3,400 | 3,452 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minimum requirements for own | 802 | 796 | | funds, total | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group solvency | 2,598 | 2,656 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group solvency ratio | | | -------------------------------------------------------------------------------- | (Own funds % of minimum | 424.0 | 433.6 | | requirements) | | | -------------------------------------------------------------------------------- In Sampo Group, and in its insurance subsidiaries, risks are measured and aggregated internally using an economic capital framework, which quantifies the amount of capital required to protect the economic solvency over a one year time horizon. The economic capital tied up in Group's operations on 31 March 2009 was EUR 1,970 million (1,959) at 99.5 per cent's confidence level. The upcoming Solvency II regulations will use a confidence level of 99.5 per cent. OUTLOOK FOR THE REST OF 2009 Conditions in the investment market were extremely demanding in the first quarter of 2009. It now appears that most of the negative news on the economy was already then discounted in asset values. Developments in March-April 2009 have been more encouraging and a clear change of sentiment seems to have taken place in the market. The global economy will, however, continue to suffer for some time still. Although improving asset values will reflect on valuations of Sampo Group's investment assets and the returns achieved, the Group's result for 2009 will largely depend on the proceeds of the P&C insurance operation. The reported profit is expected to remain on a good level. The volatility of capital markets makes it impossible to estimate the return on investments at any level of accuracy. The macroeconomic situation will only have a small negative impact on premium growth in P&C insurance and the insurance technical result of If P&C is not expected to suffer in 2009 from the economic downturn. If P&C is expected to reach its long-term combined ratio target with a combined ratio of 91 - 94 per cent. Mandatum Life's profit is to a very large extent dependent on investment markets and it is impossible to reliably estimate the results for 2009. Holding segment's profit will mostly consist of dividends of EUR 80 million received from Nordea in April 2009. With its current asset composition Sampo plc's profit contribution will be small in the Group context. Sampo plc may increase its holding in Nordea further provided that market conditions remain favourable. 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 Essi Nikitin, IR Manager, tel. +358 10 516 0066 An English-language telephone conference for investors and analysts will be held at 4 pm Finnish time (2 pm UK time). Please call +44 (0) 20 7162 0025 (UK/European) or +1 334 323 6201 (North American). Password: SAMPO. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/ir. A recorded version will later be available at the same address. In addition, a webcast of Group CEO and President Kari Stadigh's review of developments in the first quarter of 2009 and supplementary information are available at www.sampo.com/ir. Mandatum Life has today published the 2008 Embedded Value Report, which is available at www.sampo.com/ir. Sampo will publish the second quarter 2009 interim report on 12 August 2009. DISTRIBUTION: NASDAQ OMX Helsinki The principal media Financial Supervisory Authority www.sampo.com -------------------------------------------------------------------------------- | GROUP FINANCIAL REVIEW | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCIAL HIGHLIGHTS | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP | | | | -------------------------------------------------------------------------------- | Profit before taxes | EURm | 169 | 142 | -------------------------------------------------------------------------------- | Return on equity (at fair value) | % | -6,0 | -11,6 | -------------------------------------------------------------------------------- | Return on assets (at fair value) | % | 0,6 | -2,1 | -------------------------------------------------------------------------------- | Equity/assets ratio | % | 21,0 | 28,9 | -------------------------------------------------------------------------------- | Group solvency ¹) | EURm | 2 598 | 5 602 | -------------------------------------------------------------------------------- | Group solvency ratio | % | 424,0 | 735,3 | -------------------------------------------------------------------------------- | Average number of staff | | 7 454 | 6 831 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROPERTY & CASUALTY INSURANCE | | | | -------------------------------------------------------------------------------- | Premiums written before reinsurers' | EURm | 1 422 | 1 548 | | share | | | | -------------------------------------------------------------------------------- | Premiums earned | EURm | 892 | 950 | -------------------------------------------------------------------------------- | Profit before taxes | EURm | 144 | 64 | -------------------------------------------------------------------------------- | Return on equity (at current value) | % | 14,4 | 5,5 | -------------------------------------------------------------------------------- | Risk ratio ²) | % | 70,7 | 70,5 | -------------------------------------------------------------------------------- | Cost ratio ²) | % | 23,5 | 23,5 | -------------------------------------------------------------------------------- | Loss ratio ²) | % | 78,7 | 78,5 | -------------------------------------------------------------------------------- | Loss ratio excl. unwinding of discount | % | 77,0 | 76,9 | | ³) | | | | -------------------------------------------------------------------------------- | Expense ratio ²) | % | 17,2 | 17,0 | -------------------------------------------------------------------------------- | Combined ratio | % | 95,9 | 95,5 | -------------------------------------------------------------------------------- | Combined ratio excl. unwinding of | % | 94,2 | 94,0 | | discount | | | | -------------------------------------------------------------------------------- | Average number of staff | | 6 928 | 6 381 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIFE INSURANCE | | | | -------------------------------------------------------------------------------- | Premiums written before reinsurers' | EURm | 147 | 127 | | share | | | | -------------------------------------------------------------------------------- | Profit before taxes | EURm | 27 | 64 | -------------------------------------------------------------------------------- | Return on equity (at current value) | % | -52,0 | -29,4 | -------------------------------------------------------------------------------- | Expense ratio | % | 131,2 | 119,0 | -------------------------------------------------------------------------------- | Average number of staff | | 471 | 393 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | HOLDING | | | | -------------------------------------------------------------------------------- | Profit before taxes | EURm | -21 | 14 | -------------------------------------------------------------------------------- | Average number of staff | | 55 | 57 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PER SHARE KEY FIGURES | | | | -------------------------------------------------------------------------------- | Earnings per share | EUR | 0,23 | 0,18 | -------------------------------------------------------------------------------- | Earnings per share, incl. change in | | | | | fair value | | | | -------------------------------------------------------------------------------- | reserve | EUR | -0,12 | -0,39 | -------------------------------------------------------------------------------- | Capital and reserves per share | EUR | 8,15 | 13,06 | -------------------------------------------------------------------------------- | Net asset value per share | EUR | 8,17 | 13,09 | -------------------------------------------------------------------------------- | Adjusted share price, high | EUR | 14,75 | 19,30 | -------------------------------------------------------------------------------- | Adjusted share price, low | EUR | 8,63 | 14,80 | -------------------------------------------------------------------------------- | Market capitalisation | EURm | 6 242 | 9 807 | -------------------------------------------------------------------------------- ¹) The Group solvency is based on adjusted solvency calculations for insurance groups according to the Decree of the Ministry of Social Affairs and Health (1106/2000), Chapter 7.1 §. The adjusted solvency is determined on the basis of the Group financial statements as permitted by the Insurance Supervisory Authority (Financial Supervisory Authority from 1 Jan. 2009). 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 and as the average number of shares during the period was 561,372,390. 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 Insurance Supervisory Authority (Financial Supervisory Authority from 1 Jan. 2009). -------------------------------------------------------------------------------- | 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 | x 100 % | | valuation 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 | x 100 % | | of 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 | | -------------------------------------------------------------------------------- | Profit for the financial period 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 | 1-3/20 | 10-12/ | 7-9/20 | 4-6/200 | 1-3/200 | | | 09 | 2008 | 08 | 8 | 8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premiums written | 1 470 | 872 | 892 | 1 033 | 1 552 | -------------------------------------------------------------------------------- | Net income from investments | 165 | -6 | 37 | 247 | -3 | -------------------------------------------------------------------------------- | Other operating income | 3 | 11 | 5 | 1 | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | -818 | -761 | -865 | -825 | -904 | -------------------------------------------------------------------------------- | Change in liabilities for | -390 | 367 | 443 | 97 | -241 | | insurance and investment | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Staff costs | -115 | -120 | -127 | -127 | -119 | -------------------------------------------------------------------------------- | Other operating expenses | -129 | -140 | -127 | -130 | -135 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | -17 | -16 | -17 | -16 | -17 | -------------------------------------------------------------------------------- | Share of associates' | 0 | 0 | 0 | 0 | 2 | | profit/loss | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period before | 169 | 206 | 242 | 279 | 142 | | taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | -42 | -53 | -67 | -39 | -37 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | 127 | 153 | 175 | 241 | 106 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | | | for the period | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 10 | -186 | -54 | -9 | 0 | | translating foreign | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Available-for-sale financial | -247 | -1 396 | -36 | -729 | -440 | | assets | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | 8 | 15 | - | - | - | -------------------------------------------------------------------------------- | Income tax relating to | 42 | -99 | 13 | 194 | 115 | | components of other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | -186 | -1 665 | -77 | -544 | -326 | | for the period, net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | -59 | -1 512 | 98 | -304 | -220 | | FOR THE PERIOD, NET OF TAX | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | 127 | 153 | 175 | 241 | 106 | -------------------------------------------------------------------------------- | Non-controlling interests | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | | attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | -59 | -1512 | 98 | -304 | -220 | -------------------------------------------------------------------------------- | Non-controlling interests | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | Note | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premiums written | 1 | 1 470 | 1 552 | -------------------------------------------------------------------------------- | Net income from investments | 2 | 165 | -3 | -------------------------------------------------------------------------------- | Other operating income | | 3 | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | 3 | -818 | -904 | -------------------------------------------------------------------------------- | Change in liabilities for insurance and | | -390 | -241 | | investment contracts | | | | -------------------------------------------------------------------------------- | Staff costs | 4 | -115 | -119 | -------------------------------------------------------------------------------- | Other operating expenses | | -129 | -135 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | | -17 | -17 | -------------------------------------------------------------------------------- | Share of associates' profit/loss | | 0 | 2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | | 169 | 142 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | | -42 | -37 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | 127 | 106 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income for the | | | | | period | | | | -------------------------------------------------------------------------------- | Exchange differences | | 10 | 0 | -------------------------------------------------------------------------------- | Available-for-sale financial assets | | -247 | -440 | -------------------------------------------------------------------------------- | Cash flow hedges | | 8 | - | -------------------------------------------------------------------------------- | Income tax relating to components of | | 42 | 115 | | other comprehensive income | | | | -------------------------------------------------------------------------------- | Other comprehensive income for the | | -186 | -326 | | period, net of tax | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME FOR THE | | -59 | -220 | | PERIOD | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | -------------------------------------------------------------------------------- | Owners of the parent | | 127 | 106 | -------------------------------------------------------------------------------- | Non-controlling interests | | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income attributable | | | | | to | | | | -------------------------------------------------------------------------------- | Owners of the parent | | -59 | -220 | -------------------------------------------------------------------------------- | Non-controlling interests | | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share (eur) | | 0,23 | 0,18 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | Note | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | | 38 | 38 | -------------------------------------------------------------------------------- | Investment property | | 136 | 138 | -------------------------------------------------------------------------------- | Intangible assets | 5 | 657 | 663 | -------------------------------------------------------------------------------- | Investments in associates | | 5 | 5 | -------------------------------------------------------------------------------- | Financial assets | 6, 7 | 15 914 | 16 139 | -------------------------------------------------------------------------------- | Investments related to unit-linked | 8 | 1 660 | 1 637 | | insurance contracts | | | | -------------------------------------------------------------------------------- | Tax assets | | 191 | 158 | -------------------------------------------------------------------------------- | Reinsurers' share of insurance | | 469 | 436 | | liabilities | | | | -------------------------------------------------------------------------------- | Other assets | | 1 668 | 1 473 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 1 048 | 465 | -------------------------------------------------------------------------------- | Total assets | | 21 786 | 21 151 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Liabilities for insurance and | 9 | 13 034 | 12 375 | | investment contracts | | | | -------------------------------------------------------------------------------- | Liabilities for unit-linked insurance | 10 | 1 658 | 1 637 | | and investment contracts | | | | -------------------------------------------------------------------------------- | Financial liabilities | 11 | 1 172 | 1 269 | -------------------------------------------------------------------------------- | Tax liabilities | | 379 | 380 | -------------------------------------------------------------------------------- | Provisions | | 24 | 26 | -------------------------------------------------------------------------------- | Employee benefits | | 94 | 92 | -------------------------------------------------------------------------------- | Other liabilities | | 852 | 739 | -------------------------------------------------------------------------------- | Total liabilities | | 17 213 | 16 519 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Share capital | | 98 | 98 | -------------------------------------------------------------------------------- | Reserves | | 1 531 | 1 531 | -------------------------------------------------------------------------------- | Retained earnings | | 5 742 | 5 614 | -------------------------------------------------------------------------------- | Other components of equity | | -2 798 | -2 612 | -------------------------------------------------------------------------------- | Equity attributable to owners of the | | 4 573 | 4 631 | | parent | | | | -------------------------------------------------------------------------------- | Non-controlling interests | | 0 | 0 | -------------------------------------------------------------------------------- | Total equity | | 4 573 | 4 631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | | 21 786 | 21 151 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENTS OF | | | | | | | | | | CHANGES IN | | | | | | | | | | EQUITY, IFRS | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | Shar | Shar | Lega | Reta | Transla | Availa | Cash | Tota | | | e | e | l | ined | tion of | ble-fo | flow | l | | | capi | prem | rese | earn | foreign | r-sale | hedges | | | | tal | ium | rve | ings | operati | financ | **) | | | | | acco | | | ons | ial | | | | | | unt | | | | assets | | | | | | | | | | *) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at 1 | 98 | 1 | 370 | 5 | -74 | 317 | - | 7 | | Jan. 2008 | | 160 | | 862 | | | | 733 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes in | | | | | | | | | | equity | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | 0 | | | | 0 | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Acquisition | | | | -45 | | | | -45 | | of treasury | | | | | | | | | | shares | | | | | | | | | -------------------------------------------------------------------------------- | Total comprehensive | | | 106 | 0 | -326 | - | -220 | | income for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at | 98 | 1 | 370 | 5 | -75 | -9 | - | 7 | | March 2008 | | 160 | | 924 | | | | 469 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at | 98 | 1 | 370 | 5 | -249 | -2 375 | 11 | 4 | | Jan. 2009 | | 161 | | 614 | | | | 631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes in | | | | | | | | | | equity | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | 0 | | | | 0 | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Total comprehensive | | | 127 | 10 | -191 | -6 | -59 | | income for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at | 98 | 1 | 370 | 5 | -238 | -2 566 | 5 | 4 | | March 2009 | | 161 | | 742 | | | | 573 | -------------------------------------------------------------------------------- *) The amount recognised in equity from available-for-sale financial assets for the period totalled EURm -233 (-311). The amount transferred to p/l amounted to EURm 42 (-14). **) The amount recognised in equity from cash flow hedges for the period totalled EURm -7 (-). The amount transferred to p/l amounted to EURm 1 (-). 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 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalent at the beginning of | 499 | 971 | | the period | | | -------------------------------------------------------------------------------- | Cash flow from/used in operating activities | 928 | 364 | -------------------------------------------------------------------------------- | Cash flow from/used in investing activities | -408 | -227 | -------------------------------------------------------------------------------- | Cash flow from/used in financing activities | 29 | -45 | -------------------------------------------------------------------------------- | Acquisition of own shares | - | -45 | -------------------------------------------------------------------------------- | Increase of liabilities | 29 | - | -------------------------------------------------------------------------------- | Decrease of liabilities | - | - | -------------------------------------------------------------------------------- | Cash and cash equivalent at the end of the | 1 048 | 1 064 | | 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 totalsum 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 | | | | | | | THREE MONTHS ENDED 31 | | | | | | | MARCH 2009 | | | | | | -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina | Group | | | insuranc | insuran | | -tion | | | | e | ce | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premius written | 1 327 | 144 | - | - | 1 470 | -------------------------------------------------------------------------------- | Net income from | 102 | 50 | -6 | 19 | 165 | | investments | | | | | | -------------------------------------------------------------------------------- | Other operating income | 5 | 0 | 2 | -5 | 3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | -630 | -187 | - | - | -818 | -------------------------------------------------------------------------------- | Change in liabilities for | -435 | 45 | - | - | -390 | | insurance and investment | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Staff costs | -106 | -7 | -2 | | -115 | -------------------------------------------------------------------------------- | Other operating expenses | -110 | -15 | -6 | 3 | -129 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | -8 | -3 | -9 | 2 | -17 | -------------------------------------------------------------------------------- | Share of associates' | 0 | 0 | - | - | 0 | | profit/loss | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 144 | 27 | -21 | 19 | 169 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | | | | | -42 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | | | 127 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | | | for the period | | | | | | -------------------------------------------------------------------------------- | Exchange differences | | | | | 10 | -------------------------------------------------------------------------------- | Available-for-sale | | | | | -247 | | financial assets | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | | | | | 8 | -------------------------------------------------------------------------------- | Income tax relating to | | | | | 42 | | components of other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -186 | | for the period, net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | | | | | -59 | | FOR THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | 127 | -------------------------------------------------------------------------------- | Non-controlling interests | | | | | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | | attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | -59 | -------------------------------------------------------------------------------- | Non-controlling interests | | | | | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT BY SEGMENT FOR | | | | | | | THREE MONTHS ENDED 31 | | | | | | | MARCH 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina | Group | | | insuranc | insuran | | -tion | | | | e | ce | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance premius written | 1 429 | 123 | - | - | 1 552 | -------------------------------------------------------------------------------- | Net income from | 12 | -41 | 28 | -1 | -3 | | investments | | | | | | -------------------------------------------------------------------------------- | Other operating income | 8 | 0 | 1 | -4 | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims incurred | -670 | -233 | - | - | -904 | -------------------------------------------------------------------------------- | Change in liabilities for | -479 | 238 | - | - | -241 | | insurance and investment | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Staff costs | -110 | -6 | -3 | - | -119 | -------------------------------------------------------------------------------- | Other operating expenses | -120 | -14 | -4 | 3 | -135 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance costs | -7 | -4 | -9 | 2 | -17 | -------------------------------------------------------------------------------- | Share of associates' | 1 | 0 | 0 | - | 2 | | profit/loss | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 64 | 64 | 14 | 0 | 142 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | | | | | -37 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | | | 106 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | | | for the period | | | | | | -------------------------------------------------------------------------------- | Exchange differences | | | | | 0 | -------------------------------------------------------------------------------- | Available-for-sale | | | | | -440 | | financial assets | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | | | | | - | -------------------------------------------------------------------------------- | Income tax relating to | | | | | 115 | | components of other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -326 | | for the period, net of tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | | | | | -220 | | FOR THE PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | 106 | -------------------------------------------------------------------------------- | Non-controlling interests | | | | | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | | attributable to | | | | | | -------------------------------------------------------------------------------- | Owners of the parent | | | | | -220 | -------------------------------------------------------------------------------- | Non-controlling interests | | | | | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | | | BY SEGMENT AT 31 MARCH | | | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina | Group | | | insuran | insuranc | | -tion | | | | ce | e | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 27 | 5 | 6 | - | 38 | | equipment | | | | | | -------------------------------------------------------------------------------- | Investment property | 28 | 99 | 9 | - | 136 | -------------------------------------------------------------------------------- | Intangible assets | 490 | 168 | 0 | - | 657 | -------------------------------------------------------------------------------- | Investments in associates | 3 | 2 | 0 | - | 5 | -------------------------------------------------------------------------------- | Financial assets | 9 007 | 4 441 | 4 974 | -2 508 | 15 914 | -------------------------------------------------------------------------------- | Investments related to | - | 1 660 | - | - | 1 660 | | unit-linked insurance | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | Tax assets | 158 | 21 | 13 | 0 | 191 | -------------------------------------------------------------------------------- | Reinsurers' share of | 465 | 4 | - | - | 469 | | insurance liabilities | | | | | | -------------------------------------------------------------------------------- | Other assets | 1 556 | 113 | 28 | -28 | 1 668 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 598 | 145 | 305 | - | 1 048 | -------------------------------------------------------------------------------- | Total assets | 12 331 | 6 657 | 5 334 | -2 536 | 21 786 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | | | -------------------------------------------------------------------------------- | Liabilities for insurance | 8 574 | 4 460 | - | - | 13 034 | | and investment contracts | | | | | | -------------------------------------------------------------------------------- | Liabilities for | - | 1 658 | - | - | 1 658 | | unit-linked insurance and | | | | | | | investment contracts | | | | | | -------------------------------------------------------------------------------- | Financial liabilities | 563 | 105 | 640 | -135 | 1 172 | -------------------------------------------------------------------------------- | Tax liabilities | 377 | 0 | 2 | - | 379 | -------------------------------------------------------------------------------- | Provisions | 24 | - | - | - | 24 | -------------------------------------------------------------------------------- | Employee benefits | 94 | - | - | - | 94 | -------------------------------------------------------------------------------- | Other liabilities | 710 | 66 | 103 | -28 | 852 | -------------------------------------------------------------------------------- | Total liabilities | 10 342 | 6 290 | 745 | -164 | 17 213 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | | | -------------------------------------------------------------------------------- | Share capital | | | | | 98 | -------------------------------------------------------------------------------- | Reserves | | | | | 1 531 | -------------------------------------------------------------------------------- | Retained earnings | | | | | 5 742 | -------------------------------------------------------------------------------- | Other components of equity | | | | | -2 798 | -------------------------------------------------------------------------------- | Equity attributable to | | | | | 4 573 | | owners of the parent | | | | | | -------------------------------------------------------------------------------- | Non-controlling interests | | | | | 0 | -------------------------------------------------------------------------------- | Total equity | | | | | 4 573 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | | | | | 21 786 | | liabilities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | | | BY SEGMENT AT 31 DECEMBER | | | | | | | 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EURm | P&C | Life | Holding | Elimina | Group | | | insuran | insuranc | | -tion | | | | ce | e | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 27 | 5 | 5 | - | 38 | | equipment | | | | | | -------------------------------------------------------------------------------- | Investment property | 28 | 100 | 10 | - | 138 | -------------------------------------------------------------------------------- | Intangible assets | 495 | 167 | 0 | - | 663 | -------------------------------------------------------------------------------- | Investments in associates | 3 | 2 | 0 | - | 5 | -------------------------------------------------------------------------------- | 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 | 6 | 0 | 158 | -------------------------------------------------------------------------------- | Reinsurers' share of | 431 | 4 | - | - | 436 | | insurance liabilities | | | | | | -------------------------------------------------------------------------------- | Other assets | 1 176 | 270 | 54 | -27 | 1 473 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 259 | 171 | 35 | - | 465 | -------------------------------------------------------------------------------- | Total assets | 11 437 | 6 868 | 5 370 | -2 525 | 21 151 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | | | -------------------------------------------------------------------------------- | Liabilities for insurance | 7 889 | 4 487 | - | - | 12 375 | | 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 | - | 2 | - | 380 | -------------------------------------------------------------------------------- | Provisions | 26 | - | - | - | 26 | -------------------------------------------------------------------------------- | Employee benefits | 92 | - | - | - | 92 | -------------------------------------------------------------------------------- | Other liabilities | 444 | 242 | 80 | -27 | 739 | -------------------------------------------------------------------------------- | Total liabilities | 9 516 | 6 469 | 686 | -152 | 16 519 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | | | -------------------------------------------------------------------------------- | Share capital | | | | | 98 | -------------------------------------------------------------------------------- | Reserves | | | | | 1 531 | -------------------------------------------------------------------------------- | Retained earnings | | | | | 5 614 | -------------------------------------------------------------------------------- | Other components of equity | | | | | -2 512 | -------------------------------------------------------------------------------- | Equity attributable to | | | | | 4 631 | | owners of the parent | | | | | | -------------------------------------------------------------------------------- | Non-controlling interests | | | | | 0 | -------------------------------------------------------------------------------- | Total equity | | | | | 4 631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | | | | | 21 151 | | liabilities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER NOTES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1 INSURANCE PREMIUMS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- | Premiums from insurance contracts | | | -------------------------------------------------------------------------------- | Premiums written, direct insurance | 1 396 | 1 521 | -------------------------------------------------------------------------------- | Premiums written, assumed reinsurance | 26 | 27 | -------------------------------------------------------------------------------- | Premiums written, gross | 1 422 | 1 548 | -------------------------------------------------------------------------------- | Ceded reinsurance premiums written | -96 | -119 | -------------------------------------------------------------------------------- | P&C Insurance, total | 1 327 | 1 429 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in unearned premium provision | -479 | -533 | -------------------------------------------------------------------------------- | Reinsurers' share | 44 | 54 | -------------------------------------------------------------------------------- | Premiums earned for P&C Insurance, total | 892 | 950 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- | Premiums from insurance contracts | | | -------------------------------------------------------------------------------- | Premiums from contracts with discretionary | 54 | 47 | | participation feature | | | -------------------------------------------------------------------------------- | Premiums from unit-linked contracts | 50 | 79 | -------------------------------------------------------------------------------- | Premiums from other contracts | 1 | 1 | -------------------------------------------------------------------------------- | Insurance contracts, total | 104 | 127 | -------------------------------------------------------------------------------- | Assumed reinsurance | 0 | 0 | -------------------------------------------------------------------------------- | Premiums from investment contracts | | | -------------------------------------------------------------------------------- | Premiums from contracts with discretionary | - | - | | participation feature | | | -------------------------------------------------------------------------------- | Premiums from unit-linked contracts | 43 | 1 | -------------------------------------------------------------------------------- | Investment contracts, total | 43 | 1 | -------------------------------------------------------------------------------- | Reinsurers' shares | -4 | -4 | -------------------------------------------------------------------------------- | Life insurance, total | 144 | 123 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Single and regular premiums from direct | | | | insurance | | | -------------------------------------------------------------------------------- | Regular premiums, insurance contracts | 82 | 90 | -------------------------------------------------------------------------------- | Single premiums, insurance contracts | 22 | 37 | -------------------------------------------------------------------------------- | Single premiums, investment contracts | 43 | 1 | -------------------------------------------------------------------------------- | Total | 147 | 128 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 1 470 | 1 552 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2 NET INCOME FROM INVESTMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C Insurance | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- | Financial assets | | | -------------------------------------------------------------------------------- | Derivative financial instruments | 44 | -6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 6 | 62 | -------------------------------------------------------------------------------- | Equity securities | 0 | -113 | -------------------------------------------------------------------------------- | Total | 6 | -51 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans and receivables | 5 | 10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial asset available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 73 | 70 | -------------------------------------------------------------------------------- | Equity securities | -9 | 5 | -------------------------------------------------------------------------------- | Total | 64 | 76 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total financial assets | 119 | 28 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income from other assets | 0 | 1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fee and commission expense | -2 | -2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Expense on other than financial liabilities | -1 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effect of discounting annuities | -15 | -15 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance, total | 102 | 12 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- | Financial assets | | | -------------------------------------------------------------------------------- | Derivative financial instruments | 16 | 43 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 1 | 0 | -------------------------------------------------------------------------------- | Equity securities | 0 | -1 | -------------------------------------------------------------------------------- | Total | 1 | -1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments related to unit-linked contracts | | | -------------------------------------------------------------------------------- | Debt securities | 1 | -1 | -------------------------------------------------------------------------------- | Equity securities | -17 | -157 | -------------------------------------------------------------------------------- | Loans and receivables | 0 | - | -------------------------------------------------------------------------------- | Other financial assets | -1 | - | -------------------------------------------------------------------------------- | Total | -17 | -158 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment securities held-to-maturity | | | -------------------------------------------------------------------------------- | Debt securities | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans and receivables | 3 | -3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial asset available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 56 | 28 | -------------------------------------------------------------------------------- | Equity securities | -10 | 45 | -------------------------------------------------------------------------------- | Total | 45 | 72 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total income from financial assets | 48 | -46 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other assets | 2 | 2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fee and commission income, net | 0 | 2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance, total | 50 | -41 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- | Financial assets | | | -------------------------------------------------------------------------------- | Derivative financial instruments | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans and other receivables | 1 | 1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 12 | 22 | -------------------------------------------------------------------------------- | Equity securities | -18 | 5 |-------------------------------------------------------------------------------- | Total | -7 | 27 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other assets | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fee expense | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding, total | -6 | 28 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Elimination items between segments | 19 | -1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 165 | -3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3 CLAIMS INCURRED | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims paid | -629 | -648 | -------------------------------------------------------------------------------- | Reinsurers' share | 34 | 42 | -------------------------------------------------------------------------------- | Claims paid, net | -595 | -606 | -------------------------------------------------------------------------------- | Change in provision for claims outstanding | -10 | -104 | -------------------------------------------------------------------------------- | Reinsurers' share | -25 | 40 | -------------------------------------------------------------------------------- | P&C Insurance total | -630 | -670 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Claims paid | -149 | -176 | -------------------------------------------------------------------------------- | Reinsurers' share | 3 | 3 | -------------------------------------------------------------------------------- | Claims paid, net | -146 | -173 | -------------------------------------------------------------------------------- | Change in provision for claims outstanding | -41 | -60 | -------------------------------------------------------------------------------- | Reinsurers' share | 0 | 0 | -------------------------------------------------------------------------------- | Life insurance, total | -187 | -233 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | -818 | -904 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 4 STAFF COSTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Wages and salaries | -78 | -79 | -------------------------------------------------------------------------------- | Granted equity-settled share options | 0 | 0 | -------------------------------------------------------------------------------- | Granted cash-settled share options | 0 | 0 | -------------------------------------------------------------------------------- | Pension costs | -15 | -16 | -------------------------------------------------------------------------------- | Other social security costs | -13 | -14 | -------------------------------------------------------------------------------- | P&C insurance, total | -106 | -110 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Wages and salaries | -5 | -5 | -------------------------------------------------------------------------------- | Granted equity-settled share options | 0 | 0 | -------------------------------------------------------------------------------- | Granted cash-settled share options | 0 | 0 | -------------------------------------------------------------------------------- | Pension costs | -1 | -1 | -------------------------------------------------------------------------------- | Other social security costs | 0 | 0 | -------------------------------------------------------------------------------- | Life insurance, total | -7 | -6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Wages and salaries | -2 | -2 | -------------------------------------------------------------------------------- | Granted equity-settled share options | 0 | 0 | -------------------------------------------------------------------------------- | Granted cash-settled share options | 0 | 0 | -------------------------------------------------------------------------------- | Pension costs | 0 | 0 | -------------------------------------------------------------------------------- | Other social security costs | 0 | 0 | -------------------------------------------------------------------------------- | Holding, total | -2 | -3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | -115 | -119 | -------------------------------------------------------------------------------- | 5 INTANGIBLE ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | 475 | 479 | -------------------------------------------------------------------------------- | Customer relations | 11 | 13 | -------------------------------------------------------------------------------- | Other intangible assets | 4 | 4 | -------------------------------------------------------------------------------- | P&C Insurance, total | 490 | 495 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Goodwill | 153 | 153 | -------------------------------------------------------------------------------- | Other intangible assets | 15 | 14 | -------------------------------------------------------------------------------- | Life insurance, total | 168 | 167 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other intangible assets | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 657 | 663 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 6 FINANCIAL ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 261 | 362 | -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 250 | 333 | -------------------------------------------------------------------------------- | Equity securities | 19 | 22 | -------------------------------------------------------------------------------- | Total | 269 | 355 | -------------------------------------------------------------------------------- | Loans and receivables | | | -------------------------------------------------------------------------------- | Loans | 0 | 0 | -------------------------------------------------------------------------------- | Deposits with ceding undertakings | 1 | 1 | -------------------------------------------------------------------------------- | Total | 1 | 1 | -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 7 878 | 7 671 | -------------------------------------------------------------------------------- | Equity securities | 598 | 484 | -------------------------------------------------------------------------------- | Total | 8 476 | 8 155 | -------------------------------------------------------------------------------- | P&C insurance, total | 9 007 | 8 874 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 121 | 108 | -------------------------------------------------------------------------------- | Financial assets designated as at fair value | | | | through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 42 | 40 | -------------------------------------------------------------------------------- | Equity securities | 1 | 1 | -------------------------------------------------------------------------------- | Total | 43 | 41 | -------------------------------------------------------------------------------- | Investments held-to-maturity | | | -------------------------------------------------------------------------------- | Debt securities | - | 1 | -------------------------------------------------------------------------------- | Loans and receivables | | | -------------------------------------------------------------------------------- | Loans | 7 | 4 | -------------------------------------------------------------------------------- | Deposits with ceding undertakings | 2 | 2 | -------------------------------------------------------------------------------- | Total | 9 | 5 | -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 3 119 | 3 173 | -------------------------------------------------------------------------------- | Equity securities *) | 1 150 | 1 175 | -------------------------------------------------------------------------------- | Total | 4 269 | 4 348 | -------------------------------------------------------------------------------- | Life insurance, total | 4 441 | 4 503 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) of which investments in interest funds | 225 | 213 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | - | 0 | -------------------------------------------------------------------------------- | Loans and receivables | | | -------------------------------------------------------------------------------- | Deposits | 1 | 1 | -------------------------------------------------------------------------------- | Financial assets available-for-sale | | | -------------------------------------------------------------------------------- | Debt securities | 659 | 1 184 | -------------------------------------------------------------------------------- | Equity securities | 1 944 | 1 705 | -------------------------------------------------------------------------------- | Total | 2 604 | 2 890 | -------------------------------------------------------------------------------- | Investments in subsidiaries | 2 370 | 2 370 | -------------------------------------------------------------------------------- | Holding, total | 4 974 | 5 260 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Elimination items between segments | -2 508 | -2 498 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 15 914 | 16 139 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 7 DERIVATIVE FINANCIAL | | | | | | | | INSTRUMENTS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | 3/200 | | | 12/200 | | | | | 9 | | | 8 | | -------------------------------------------------------------------------------- | | | Fair | Fair | | Fair | Fair | | | | value | value | | value | value | -------------------------------------------------------------------------------- | | Contr | Asset | Liabili | Contra | Assets | Liabili | | | act/ | s | ties | ct/ | | ties | | | notio | | | notion | | | | | nal | | | al | | | | | amoun | | | amount | | | | | t | | | | | | -------------------------------------------------------------------------------- | Derivatives held for | | | | | | | | trading | | | | | | | -------------------------------------------------------------------------------- | Interest rate | 774 | 27 | 5 | 78 | 19 | 4 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Foreign exchange | 4 877 | 234 | 123 | 4 977 | 343 | 247 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Equity derivatives | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total | 5 651 | 261 | 128 | 5 055 | 362 | 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivatives held for | | | | | | | | hedging | | | | | | | -------------------------------------------------------------------------------- | Fair value hedges | 78 | 0 | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C Insurance, total | 5 729 | 261 | 128 | 5 055 | 362 | 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | 3/200 | | | 12/200 | | | | | 9 | | | 8 | | -------------------------------------------------------------------------------- | | | Fair | Fair | | Fair | Fair | | | | value | value | | value | value | -------------------------------------------------------------------------------- | | Contr | Asset | Liabili | Contra | Assets | Liabili | | | act/ | s | ties | ct/ | | ties | | | notio | | | notion | | | | | nal | | | al | | | | | amoun | | | amount | | | | | t | | | | | | -------------------------------------------------------------------------------- | Derivatives held for | | | | | | | | trading | | | | | | | -------------------------------------------------------------------------------- | Interest rate | 1 037 | 82 | 1 | 1 062 | 58 | 0 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Foreign exchange | 443 | 9 | 4 | 704 | 17 | 4 | | derivatives | | | | | | | -------------------------------------------------------------------------------- | Total | 1 480 | 91 | 5 | 1 766 | 75 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivatives held for | | | | | | | | hedging | | | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | 459 | 23 | - | 829 | 15 | - | -------------------------------------------------------------------------------- | Fair value hedges | 213 | 7 | - | 226 | 18 | - | -------------------------------------------------------------------------------- | Total | 673 | 31 | - | 1 055 | 33 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance, total | 2 153 | 121 | 5 | 2 821 | 108 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | 3/200 | | | 12/200 | | | | | 9 | | | 8 | | -------------------------------------------------------------------------------- | | | Fair | Fair | | Fair | Fair | | | | value | value | | value | value | -------------------------------------------------------------------------------- | | Contr | Asset | Liabili | Contra | Assets | Liabili | | | act/ | s | ties | ct/ | | ties | | | notio | | | notion | | | | | nal | | | al | | | | | amoun | | | amount | | | | | t | | | | | | -------------------------------------------------------------------------------- | Derivatives held for | | | | | | | | trading | | | | | | | -------------------------------------------------------------------------------- | Exchange derivatives | - | - | - | 70 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 8 INVESTMENTS RELATED TO UNIT-LINKED INSURANCE | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Financial assets as at fair value through p/l | | | -------------------------------------------------------------------------------- | Debt securities | 141 | 121 | -------------------------------------------------------------------------------- | Equity securities | 1 467 | 1 477 | -------------------------------------------------------------------------------- | Loans and receivables | 50 | 38 | -------------------------------------------------------------------------------- | Derivatives | 1 | 1 | -------------------------------------------------------------------------------- | Life insurance, total | 1 660 | 1 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 9 LIABILITIES FOR INSURANCE AND INVESTMENT | | | | CONTRACTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Insurance contracts | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2 062 | 1 521 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 6 512 | 6 367 | -------------------------------------------------------------------------------- | P&C Insurance, total | 8 574 | 7 889 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reinsurers' share | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 98 | 54 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 367 | 377 | -------------------------------------------------------------------------------- | P&C Insurance, total | 465 | 431 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Insurance contracts | | | -------------------------------------------------------------------------------- | Liabilities for contracts with DPF | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2 575 | 2 629 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 1 817 | 1 777 | -------------------------------------------------------------------------------- | Total | 4 392 | 4 406 | -------------------------------------------------------------------------------- | Liabilities for contracts without DPF | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 13 | 13 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 0 | 0 | -------------------------------------------------------------------------------- | Total | 13 | 13 | -------------------------------------------------------------------------------- | Total | 4 406 | 4 419 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assumed reinsurance | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2 | 2 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 2 | 2 | -------------------------------------------------------------------------------- | Total | 4 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Insurance contracts, total | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2 590 | 2 644 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 1 819 | 1 779 | -------------------------------------------------------------------------------- | Total | 4 409 | 4 423 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment contracts | | | -------------------------------------------------------------------------------- | Liabilities for contracts with DPF | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 51 | 63 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities for insurance and investment | | | | contracts, total | | | -------------------------------------------------------------------------------- | Provision for unearned premiums | 2 641 | 2 707 | -------------------------------------------------------------------------------- | Provision for claims outstanding | 1 819 | 1 779 | -------------------------------------------------------------------------------- | Life insurance, total | 4 460 | 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 | 13 034 | 12 375 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 10 LIABILITIES FROM UNIT-LINKED INSURANCE AND | | | | INVESTMENT CONTRACTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Unit-linked insurance contracts | 1 516 | 1 538 | -------------------------------------------------------------------------------- | Unit-linked investment contracts | 143 | 99 | -------------------------------------------------------------------------------- | Life insurance, total | 1 658 | 1 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 11 FINANCIAL LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 128 | 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Subordinated debt securities | | | -------------------------------------------------------------------------------- | Subordinated loans | 435 | 435 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance, total | 563 | 686 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | 5 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Subordinated debt securities | | | -------------------------------------------------------------------------------- | Subordinated loans | 100 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance, total | 105 | 104 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative financial instruments (Note 7) | - | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt securities in issue | | | -------------------------------------------------------------------------------- | Commercial papers | 34 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Subordinated debt securities | | | -------------------------------------------------------------------------------- | Debentures | 600 | 597 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | | | -------------------------------------------------------------------------------- | Other | 6 | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding, total | 640 | 604 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Elimination items between segments | -135 | -125 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group, total | 1 172 | 1 269 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 12 CONTINGENT LIABILITIES AND COMMITMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P&C insurance | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Off-balance sheet items | | | -------------------------------------------------------------------------------- | Guarantees | 28 | 39 | -------------------------------------------------------------------------------- | Other irrevocable commitments | 68 | 75 | -------------------------------------------------------------------------------- | Total | 97 | 114 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets pledged as | | | | | | collateral for liabilities | | | | | | or contingent liabilities | | | | | -------------------------------------------------------------------------------- | | 3/2009 | 3/2009 | 12/2008 | 12/2008 | -------------------------------------------------------------------------------- | Assets pledged as | Assets | Liabilities | Assets | Liabilities | | collateral | pledged | / commit- | pledged | / commit- | | | | ments | | ments | -------------------------------------------------------------------------------- | Cash at balances at central | 10 | 8 | 9 | 8 | | banks | | | | | -------------------------------------------------------------------------------- | Investments | | | | | -------------------------------------------------------------------------------- | - Investment securities | 146 | 113 | 127 | 108 | -------------------------------------------------------------------------------- | Total | 155 | 121 | 136 | 117 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-cancellable operating leases | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Minimum lease payments | | | -------------------------------------------------------------------------------- | not later than one year | 31 | 32 | -------------------------------------------------------------------------------- | later than one year and not later than five years | 88 | 89 | -------------------------------------------------------------------------------- | later than five years | 89 | 90 | -------------------------------------------------------------------------------- | Total | 208 | 212 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Life insurance | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Off-balance sheet items | | | -------------------------------------------------------------------------------- | Fund commitments | 308 | 302 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Other commitments | | | -------------------------------------------------------------------------------- | Acquisition of IT-software | 3 | 3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-cancellable operating leases | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Minimum lease payments | | | -------------------------------------------------------------------------------- | not later than one year | 2 | 2 | -------------------------------------------------------------------------------- | later than one year and not later than five years | 7 | 7 | -------------------------------------------------------------------------------- | later than five years | 2 | 3 | -------------------------------------------------------------------------------- | Total | 11 | 11 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Holding | | | -------------------------------------------------------------------------------- | | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Off-balance sheet items | | | -------------------------------------------------------------------------------- | Fund commitments | 4 | 4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets pledged as | | | | | | collateral for liabilities | | | | | | or contingent liabilities | | | | | -------------------------------------------------------------------------------- | | 3/2009 | 3/2009 | 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 operating leases | 3/2009 | 12/2008 | -------------------------------------------------------------------------------- | Minimum lease payments | | | -------------------------------------------------------------------------------- | not later than one year | 3 | 3 | -------------------------------------------------------------------------------- | later than one year and not later than five years | 3 | 4 | -------------------------------------------------------------------------------- | later than five years | 3 | 3 | -------------------------------------------------------------------------------- | Total | 9 | 9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 13 RESULT ANALYSIS OF P&C INSURANCE BUSINESS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Premiums earned | 892 | 950 | -------------------------------------------------------------------------------- | Claims incurred | -687 | -731 | -------------------------------------------------------------------------------- | Operating expenses | -153 | -162 | -------------------------------------------------------------------------------- | Other technical income and expenses | 0 | 3 | -------------------------------------------------------------------------------- | Allocated investment return transferred from the | 53 | 53 | | non-technical account | | | -------------------------------------------------------------------------------- | Technical result | 105 | 113 | -------------------------------------------------------------------------------- | Investment result | 109 | 19 | -------------------------------------------------------------------------------- | Allocated investment return transferred to the | -68 | -68 | | technical account | | | -------------------------------------------------------------------------------- | Other income and expenses | -2 | -1 | -------------------------------------------------------------------------------- | Operating result | 144 | 64 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 14 SAMPO PLC'S INCOME STATEMENT AND BALANCE SHEET | | | | (FAS) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | | | -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 3 | 2 | -------------------------------------------------------------------------------- | Staff expenses | -2 | -2 | -------------------------------------------------------------------------------- | Depreciation and impairment | 0 | 0 | -------------------------------------------------------------------------------- | Other operating expenses | -6 | -5 | -------------------------------------------------------------------------------- | Operating profit | -5 | -5 | -------------------------------------------------------------------------------- | Finance income and expenses | -15 | 219 | -------------------------------------------------------------------------------- | Profit before appropriations and income taxes | -21 | 214 | -------------------------------------------------------------------------------- | Income taxes | 6 | -4 | -------------------------------------------------------------------------------- | Profit for the financial period | -15 | 210 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 3/2009 | 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 | 120 | 122 | -------------------------------------------------------------------------------- | Shares in participating undertakings | 0 | 0 | -------------------------------------------------------------------------------- | Other shares and participations | 1 949 | 1 710 | -------------------------------------------------------------------------------- | Other receivables | 540 | 1 062 | -------------------------------------------------------------------------------- | Receivables | 39 | 59 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 305 | 35 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 5 328 | 5 364 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Equity | | | -------------------------------------------------------------------------------- | Share capital | 98 | 98 | -------------------------------------------------------------------------------- | Share premium account | 1 160 | 1 160 | -------------------------------------------------------------------------------- | Legal reserve | 366 | 366 | -------------------------------------------------------------------------------- | Fair value reserve | -1 840 | -1 759 | -------------------------------------------------------------------------------- | Other reserves | 273 | 273 | -------------------------------------------------------------------------------- | Retained earnings | 4 548 | 3 993 | -------------------------------------------------------------------------------- | Profit for the year | -15 | 555 | -------------------------------------------------------------------------------- | Total equity | 4 591 | 4 686 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | -------------------------------------------------------------------------------- | Long-term | 600 | 597 | -------------------------------------------------------------------------------- | Short-term | 138 | 81 | -------------------------------------------------------------------------------- | Total liabilities | 738 | 678 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 5 328 | 5 364 | --------------------------------------------------------------------------------
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