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SAMPO PLC STOCK EXCHANGE RELEASE 1 (39) 11 May 2006, at 9:30 Sampo Group's results for January - March 2006 STRONG PROFITABILITY CONTINUED Sampo Group's earnings per share in the first quarter 2006 rose by almost 50 per cent to EUR 0.44 (0.30). Taking the change in the fair value reserve into account, earnings were EUR 0.52 per share (0.37). Profit before taxes amounted to EUR 339 million (230). Group annualised RoE exceeded the target of 19 per cent and rose to 26.8 per cent (23.3). Net asset value per share amounted to EUR 8.17 (6.46). - - Operating performance of banking and investment services continued to develop favourably. Profit before taxes rose to EUR 91 million (62) supported by rapid growth in fees and commissions and an increase in net interest income. Net income from investments includes a one-off private equity gain of EUR 24 million. Banking and investment services exceeded its RoE target of 20 per cent as the annualised RoE rose to 25.8 per cent (18.2). - - The combined ratio for P&C insurance, in a seasonally difficult winter quarter, was 94.3 per cent (94.9). Cost ratio decreased by 1.1 percentage points to 23.8 per cent. Although rising interest rates were reflected in investment income, the profit before taxes increased to EUR 133 million (117). The RoE target of 17.5 per cent was not achieved as the annualised RoE amounted to 14.8 per cent (15.8). - - Net investment income in life insurance, excluding investments on unit-linked contracts, rose to EUR 171 million (98). Profit before taxes more than doubled to EUR 128 million (62). The change in the fair value reserve in the first quarter of 2006 amounted to EUR 45 million (42). The annualised RoE was 54.2 per cent (48.3) exceeding the target of 17.5 per cent. KEY FIGURES EUR m 1-3/2006 1-3/2005 Change Profit before taxes Banking 91 62 +29 P&C insurance 133 117 +16 Life insurance 128 62 +66 Other -19 -12 -7 Group total 339 230 +109 Earnings per share, EUR 0.44 0.30 +0.14 Earnings per share (incl. change in fair value reserve) EUR 0.52 0.37 +0.15 Net asset value per share, EUR * ) 8.17 6.46 +1.71 Average number of staff (FTE) 11,499 11,736 -237 Group solvency ratio, % 203.8 182.3 +21.5 RoEC, % 35.6 26.7 +8.9 RoE, % 26.8 23.3 +3.5 * ) Less full deferred tax. The figures in this report are unaudited. Profit&loss items are compared on a year-on-year basis whereas comparison figures for balance sheet items are from 31.12.2005 unless otherwise stated. Changes in Group structure No changes in group structure took place during the reporting period. On 27 April 2006 Sampo Bank plc signed an agreement to acquire Industry and Finance Bank (Profibank) based in St. Petersburg. Administration The Annual General Meeting of Sampo plc held on 5 April 2006 re-elected the following members to the company's Board of Directors: Tom Berglund, Anne Brunila, Georg Ehrnrooth, Christoffer Taxell, Matti Vuoria and Björn Wahlroos. The Annual General Meeting elected Jussi Pesonen and Jukka Pekkarinen as new members. At its first meeting, the Board elected Georg Ehrnrooth Chairman and Matti Vuoria Vice Chairman. The Annual General Meeting adopted the financial accounts and discharged those accountable from liability. The firm of authorised public accountants, Ernst & Young Oy, was re-elected Auditor. On 15 February 2006 Sampo plc's Board of Directors nominated Morten Thorsrud, head of If Industrial business area, to the Group's Executive Committee. Changes in share capital The Annual General Meeting of 5 April 2006 decided, in accordance with the proposal of the Board of Directors, to pay a dividend of EUR 0.60 per share for 2005. The Annual General Meeting also authorised the Board of Directors to repurchase Sampo shares. The authorisation is valid until 5 April 2007. The maximum amount of A shares that can be repurchased is 5 per cent of the company's share capital or of the number of votes carried by all shares. Shares can be bought back either through an offer made to all holders of A shares in proportion to their holdings and on equal terms determined by the Board, or through public trading on the Helsinki Stock Exchange. Shares can be bought back to implement Sampo Group's equity-based incentive plans and/or to be cancelled. Sampo plc did not repurchase any of its own shares during the first quarter of 2006. On 20 January 2006 the Board approved subscriptions with the warrants of the 2000 option programme for 382,200 A shares. The subscriptions increased the share capital by EUR 64,281.43. On 31 March 2006 Sampo plc's share capital amounted to EUR 96,153,124.17, and the number of A shares totalled 570,500,515. The total number of shares of the company, including 1,200,000 B-shares was 571,700,515. The Annual General Meeting decided to decrease company's share capital by cancelling the 7,000,000 Sampo A shares repurchased in 2005. The number of A shares decreased by a corresponding number. Reduction in share capital by EUR 1,777,315.50 was registered on 26 April 2006, after which Sampo plc's share capital amounted to EUR 94,975,808.67, and the number of A shares totalled 563,500,515. The total number of shares of the company, including 1,200,000 B-shares was 564,700,515. After the cancellation Sampo plc and its subsidiaries do not possess Sampo shares. On 16 February 2006 Sampo received disclosure under chapter 2, section 9 of the Securities Markets Act, according to which the total number of Sampo A shares held by Varma Mutual Pension Insurance Company had decreased below 10 per cent. On 30 March 2006 Exafin B.V. notified Sampo that it's holding of Sampo A shares had risen above 5 per cent. On 24 April 2006 Sampo received a disclosure according to which the total number of Sampo A shares held by Barclays and the funds managed by it had risen above 5 per cent. On 27 April 2006 Sampo received a disclosure that the holding of Sampo by Barclays and the funds managed by it had decreased below 5 per cent. Staff Sampo Group's full-time equivalent staff at 31 March 2006 amounted to 11,511 employees. The number of staff decreased with 237 in a year. Of the employees, 37 per cent worked in banking and investment services, 56 per cent in P&C insurance, 3 per cent in life insurance, 1 per cent in the holding company and 3 per cent in Primasoft. Geographically, 51 per cent worked in Finland, 16 per cent in Sweden, 14 per cent in Norway, 14 per cent in the Baltic countries, 4 per cent in Denmark and 1 per cent in other countries. The staff decreased in P&C insurance and Primasoft, but increased in the Baltic banking operations, because of rapid growth. The average number of employees during the first quarter of 2006 was 11,499 (11,736). Management long-term incentive schemes The payout on Sampo Group's long-term management incentive schemes is dependent on Sampo's financial and share price performance. Payments under the schemes cover the financial years 2005 - 2008. At 31 March 2006 the total provision for management incentive schemes, including social security costs, was EUR 55.8 million and the impact on the first quarter 2006 result was EUR 17.7 million. The Annual General Meeting approved on 5 April 2006 the "Sampo 2006" equity-based incentive plan. The "Sampo 2006" equity-based incentive plan applies to senior executive management of Sampo plc or its subsidiaries as decided by Sampo's Board of Directors and to Sampo's President and CEO. Within the share-based incentive scheme, the maximum number of Sampo's A shares distributable as a reward is 1,500,000. Ratings All the main ratings for Sampo Group companies remained unchanged in the first quarter of 2006. Rated company Moody's Standard and Poor's Sampo plc Baa1 not rated Sampo Bank plc A1/P-1 A/A-1 AS Sampo Pank (Estonia) A2*/P1 not rated If P&C Insurance Co. Ltd (Finland) A2 A If P&C Insurance Ltd (Sweden) A2 A * Long-term bank deposit rating At 3 April 2006 Moody's upgraded AS Sampo Pank's (Estonia) Financial Strength Rating (FSR) from D to D+ with stable outlook. Group solvency Group solvency is calculated according to the consolidation method defined in the Chapter 3 of the Act of the Supervision of Financial and Insurance Conglomerates, which entered into force on 1 January 2005. The Group's solvency ratio (own funds in relation to minimum requirements for own funds) at 31 March 2006 was 203.8 per cent (196.1). SAMPO GROUP SOLVENCY 31.3.2006 31.12.2005 31.3.2005 EUR m Group capital 4,623.4 4,348.1 3,630.9 Sectoral items 2,823.7 2,733.1 2,156.5 Intangibles and sectoral deductibles -2,508.4 -2,254.5 -1,702.4 Other sectoral non-transferable items -305.1 -493.8 -238.8 Group's own funds, total 4,633.6 4,332.9 3,845.9 Minimum requirements for own funds, total 2,273.4 2,209.3 2,110.0 Group solvency 2,360.2 2,123.6 1,735.9 Group solvency ratio (Own funds % of minimum requirements) 203.8 % 196.1 % 182.3 % In Sampo Group risks are described and aggregated internally through economic capital, which describes the amount of capital needed to bear different kinds of risks. The economic capital tied up in the Group's operations at 31 March 2006 was EUR 3,252 million (3,148). Banking and investment services Sampo Group's banking and investment service companies are organised under Sampo Bank Group. Sampo Bank plc, the parent company, operates mainly in Finland and through subsidiaries in all the Baltic countries. Sampo Bank also has a branch office for corporate clients in Stockholm. The investment services companies are Sampo Fund Management Ltd, Mandatum Asset Management Ltd, Mandatum Securities Ltd (former Mandatum Stockbrokers Ltd), Mandatum & Co Ltd, 3C Asset Management Ltd and Arvo Asset Management Ltd. Sampo Bank's branch network also operates as a distribution channel for other products like life insurance and offers financial advisory services. Results 1-3/2006 1-3/2005 Change EUR m Net interest income 86 82 +4 Net income from financial transactions 17 17 0 Net fee and commission income 65 51 +14 Other operating income 36 12 +24 Total operating expenses -112 -104 -8 Profit (loss) before taxes 91 62 +29 Key figures Cost to income ratio *) % 55.2 64.5 -9.3 Return on equity % 25.8 18.2 +7.6 Average number of staff (FTE) 4,282 4,110 +172 *) Fees and commissions net Operating performance of banking and investment services continued to improve. Profit before taxes rose to EUR 91 million (62) supported by strong growth in asset management and lending. Profit includes one-off sales gain from private equity worth EUR 24 million before minority interests of EUR 9 million. Annualised return on equity amounted to 25.8 per cent (18.2). Net interest income was EUR 86 million (82). Strong volume growth continued in lending. Margins are still under some pressure, but were relative stable during the period. Higher interest rate levels first affect shorter term funding costs and only gradually interest income, which is mostly tied to 12-month Euribor. During the first quarter higher rates increased funding costs, and this had a negative impact on net interest income. Assuming the current interest rate levels will prevail, the positive impact from already realised interest rate rises will materialize during 2006. One percentage point's interest rate rise is estimated to improve Sampo Bank's net interest income and net income from financial transactions by EUR 40 million. Net fee and commission income increased by 28 per cent compared with first quarter 2005 and climbed to EUR 65 million (51). Robust growth continued in asset management and equity brokerage fees, which were favourably impacted by good equity market performance. Total operating costs were EUR 112 million (105). The growth in costs derives from provisions for performance-related management incentive schemes and Baltic growth. Cost-to-income ratio was 55.2 per cent (64.5). Loans and advances increased by 4 per cent from year-end 2005 and totalled EUR 19,219 million (18,483). Mortgages continued to grow briskly and the growth of mortgage stock year on year was 30.4 per cent in total and 25.4 per cent in Finland, exceeding market growth of 16 per cent. Sampo Bank's market share of Finnish housing loans increased to 15.7 per cent (14.6). Healthy growth of consumer credit continued and the volume grew by 16.4 per cent from one year ago. Corporate lending grew by 15.7 per cent to EUR 7,626 million during the same period. As in earlier quarters, geographically growth in lending and deposits was fastest in the Baltic countries with lending volumes increasing to EUR 1,626 million (1,447). Credit quality remained healthy and net impairment losses for the first quarter of 2006 were 0 euros (4). Deposits amounted to EUR 11,358 million decreasing 1 per cent from the year-end 2005 (11,442) but growing by 3 per cent from the comparable 31 March 2005 figure. The Finnish mutual fund market experienced strong growth and Sampo's mutual fund assets increased by 15 per cent from year-end 2005 to a new record level of EUR 10.2 billion (8.9) at end of March 2006. Sampo's market share of the assets of mutual funds registered in Finland was stable during the review period and amounted to 19.8 per cent (19.9) on 31 March 2006. Mutual fund assets include EUR 1.0 billion of Sampo Group investments (1.3), representing 10 per cent of total assets (18). Sampo Bank Group's capital adequacy was 10.1 per cent (10.6). The tier 1 ratio was 7.3 per cent (7.6) and tier 1 capital rose to EUR 1,268 million (1,255) due to retained earnings. Risk-weighted assets grew to EUR 17,313 million (16,466) because of the strong growth in lending. On 27 April 2006 Sampo Bank signed an agreement to acquire Industry and Finance Bank (Profibank) in St. Petersburg, Russia. Profibank possesses all relevant banking licenses in Russia including the licence to attract deposits. After having built and strengthened the current operations, Sampo intends to offer corporate banking for Nordic customers operating in Russia as well as retail banking services in St. Petersburg region. P&C insurance If is the leading property and casualty insurance company in the Nordic region, with insurance operations that also encompass the Baltic countries. If P&C Insurance Holding Ltd, headquartered in Sweden, is the parent company for property and casualty insurance within the Sampo Group. Business operations are conducted via subsidiaries and branch offices in the Nordic and Baltic countries. Results 1-3/2006 1-3/2005 Change EUR m Insurance premiums earned 920 906 +14 Net income from investments 83 74 +9 Claims incurred -648 -634 -14 Other expenses -227 -233 +6 Profit (loss) before taxes 133 117 +16 Key figures Combined ratio % 94.3 94.9 -0.6 Risk ratio % 70.4 70.0 +0.4 Cost ratio % 23.8 24.9 -1.1 Expense ratio % 17.5 18.3 -0.8 Return on equity % 14.8 15.8 -1.0 Average number of staff (FTE) 6,421 6,650 -229 Profit before taxes for the P&C insurance operations rose to EUR 133 million (117). The annualised RoE was 14.8 per cent (15.8) and the target of 17.5 per cent was not achieved. The technical result remained strong at EUR 93 million (95), of which Private business area accounted for 57 per cent, Commercial for 29 per cent and Industrial for 15 per cent. The insurance margin - technical result in relation to net premiums earned - remained at a healthy level and was 10.2 per cent (10.5). The combined ratio improved by 0.6 percentage points to 94.3 per cent (94.9). Risk ratio rose to 70.4 per cent (70.0), which is mainly explained by a slight increase in the number of frequency claims, particularly motor claims in Norway. Business area Baltics experienced two large claims, which led to an increase in the claims ratio to 77.2 per cent (65.0). EUR 21 million was released from technical reserves relating to prior year claims (23). The cost ratio improved by 1.1 percentage points to 23.8 per cent. Total costs decreased to EUR 227 million (233) mainly as a result of number of staff decreasing. Cost reductions were most significant in business areas Industrial and Commercial. Gross written premiums grew by 6 per cent to EUR 1,504 million. Excluding the currency effects the growth was 2 per cent. Premiums earned amounted to EUR 920 million (906) in the first quarter of 2006. Premiums grew by 3 per cent in the Commercial business area and by 12 per cent in the Baltics. In the Private and Industrial business areas, premium growth was approximately 1 per cent. Total investment assets of If amounted to EUR 10.1 billion (9.4) at 31 March 2006. Of all investment assets, 89 per cent was invested in fixed income instruments (87), 10 per cent in equity (13) and 1 per cent in other assets (1). Investment income rose to EUR 83 million (74), because the strong performance of equities compensated the decrease in the value of fixed income investments. The return on investment was 1.0 percent at market value (1.0). The solvency ratio - i.e. solvency capital in relation to net premiums written - was 78 per cent (88) and solvency capital decreased to EUR 2,912 million (3,216). The decrease is entirely due to the 2005 dividend of EUR 428 million paid to the parent company, Sampo plc. Shareholders' equity amounted to EUR 2,260 million (2,595). Reserve ratio development was stable and reserves were 156 per cent (157) of net premiums written. If signed in March 2006 a co-operation agreement with the Swedish housing finance corporation SBAB. The agreement will make it possible for SBAB's customers to purchase If's P&C insurance products through SBAB. SBAB has a 15 per cent market share in Sweden of the corporate mortgage market and 9.4 per cent on the retail market. Life insurance Sampo Life Group consists of Sampo Life, a wholly-owned subsidiary of Sampo plc, operating in Finland and of its subsidiaries in all the Baltic countries. The company also has a subsidiary in Sweden and a branch office in Norway to complement the product offering of If P&C. Results 1-3/2006 1-3/2005 Change EUR m Premiums written 174 130 +44 Net income from investments 247 124 +123 Claims incurred -143 -169 +26 Change in liabilities for inv. and ins. contracts -135 -9 -126 Other expenses -15 -14 -1 Profit (loss) before taxes 128 62 +66 Key figures Expense ratio % 114.5 108.3 +6.2 Return on equity % 54.2 48.3 +5.9 Average number of staff (FTE) 356 368 -12 Sampo Life Group's profit before taxes rose to EUR 128 million (62). Net investment income, excluding the return on investments in unit-linked contracts, amounted to EUR 171 million (98). Net income from unit-linked investments was EUR 76 million (26). The fair value reserve increased by EUR 45 million (42) in the first quarter of 2006. The return on investments at market value amounted to 4.0 per cent (2.8) supported by rising equity prices. Life operations have an RoE target of 17.5 per cent, which was clearly exceeded as the annualised RoE rose to 54.2 per cent (48.3). Excluding the assets of EUR 1.5 billion (1.0) covering unit-linked liabilities, the investment assets of Sampo Life Group were at 31 March 2006 EUR 6.1 billion at market value (5.4). Fixed income covered 65 per cent (63), equity 32 per cent (32) and real estate 3 per cent (5) of the total assets. Equity investments include direct equity holdings, equity funds and private equity. Investments in Finland accounted for 42 per cent (42) of total investments at 31 March 2006, the rest of the euro zone for 26 per cent (27) and other foreign investments for 32 per cent (31). Finnish equity investments were 86 per cent of all direct equity investments. Sampo Life Group's solvency strengthened further and the solvency capital amounted to EUR 1,232 million (949). The solvency ratio rose to 24.3 per cent of technical reserves (19.8). Technical reserves for unit-linked insurance increased to EUR 1,447 million (1,262) of the total technical reserves of EUR 6.2 billion (6.0). The share of unit-linked reserves of total technical reserves grew to 23.5 per cent (21.0). Sampo Life Group's total premium income increased by more than 30 per cent to EUR 174 million (130). The growth came exclusively from unit-linked policies, which incurred a premium income of EUR 127 million (75). The share of unit-linked premiums rose to 71 per cent (58) of total premiums. Regular premiums amounted to EUR 69 million (70) and their share of total premiums decreased to 39 per cent (54). The determined efforts to improve the sales performance in unit-linked insurance bore fruit already in the first quarter of 2006, as Sampo Life's market share of unit-linked insurance in Finland increased to 24.3 per cent (22.2). The overall market share in Finland rose to 19.8 per cent (16.4). Market shares increased also in all the Baltic countries due to the extremely high premium growth. Premiums almost tripled to EUR 12 million (4). Sampo Life Group's share was 32 per cent (15) of the Latvian market, 28 per cent (13) of the Estonian market and 7 per cent (7) of the Lithuanian market. Sampo Group's Scandinavian life operations are in a start-up phase and If Liv's premium income was EUR 0.6 million. Other The operations of Sampo plc (the holding company) and Primasoft are reported in this segment. Sampo plc's main function is to own and control the subsidiaries engaged in insurance, banking and investment services. Primasoft provides IT services for various companies in Sampo Group. Results 1-3/2006 1-3/2005 Change EUR m Total operating income 9 14 -5 Total operating expenses -28 -25 -3 Profit (loss) before taxes -19 -12 -7 The segment's loss before taxes amounted to EUR 19 million (-12). In connection to the legal proceedings against the former management and owners of Interbank Ltd concerning credit and collateral arrangements between Interbank Ltd and Savings Bank of South-Western Finland at the District Court of Salo, Sampo plc was ordered, as the successor of Interbank Ltd's liabilities, to indemnify Arsenal-SSP Oy a total of almost EUR 13 million, including interest on arrears. All parties have appealed against the decision. The interest arrears weakened the net interest income by EUR 7 million. Sampo plc's balance sheet total was EUR 4.1 billion. Of this amount, holdings in banking and investment services companies accounted for EUR 0.8 billion and holdings in insurance companies for EUR 2.4 billion. In addition to short-term operational financing, liabilities include two debt instruments - a subordinated note and a senior note with face values of EUR 600 million and EUR 300 million respectively. At current market rates Sampo plc is liable for interest payments on the above instruments of approximately EUR 10 million per quarter. Primasoft has a negligible impact on the profit or loss of the Other segment. Outlook for the rest of 2006 Sampo Group's result for 2006 is expected to remain good, because of high operating profitability in all its business areas. Rapid growth in Finnish consumer, mortgage and Baltic lending volumes is foreseen to continue. However, Sampo Bank Group no longer aims to significantly outpace market growth. Instead the bank focuses on servicing its existing client base in their various financial needs. Credit quality remains firm and operating profitability will improve further. The RoE target for banking and investment services is 20 per cent. If, Sampo Group's P&C insurance operation, is once again well on track to achieve its combined ratio target of better than 95 per cent, despite a long winter and marginal increase in price competition. If continues to focus on realising efficiency and underwriting gains from its pan-Nordic structure. The RoE target for P&C insurance operations is 17.5 per cent. Sampo Life Group's profitability is expected to remain good in the coming quarters. Marked-to-market results are highly dependent on capital market development. The renewed focus on unit-linked insurance is already reflected in the first quarter 2006 sales and premiums. The trend is anticipated to continue. The RoE target for life insurance operations is 17.5 per cent. Sampo plc, the parent company, is included in the Other segment, which reports a loss of approximately EUR 12 million per quarter, mainly because of interest payments on the financing associated with the If acquisition in 2004. The most significant risk for the outlook is a severe adverse development in the capital markets with falling equity prices and sharply rising interest rates. SAMPO PLC Board of Directors For more information, please contact: Peter Johansson, CFO, tel. +358 10 516 0010 Jarmo Salonen, Head of Investor Relations, tel. +358 10 516 0030 Hannu Vuola, Head of Group Communications, tel. +358 10 516 0040 Sampo will arrange an English-language telephone conference for investors and analysts on the first quarter results at 4 p.m. Please call +44 (0) 20 7162 0025 (UK/Europe) or +1 334 323 6201 (North America). Password: SAMPO. The conference can also be followed from a direct transmission on the Internet at www.sampo.com/ir. A recorded version will later be available at the same address. Sampo Life has today published the 2005 Embedded Value Report, which is available at www.sampo.com/ir. Sampo will publish the second quarter 2006 interim report on 10 August 2006. DISTRIBUTION: The Helsinki Stock Exchange The principal media www.sampo.com Financial Supervisory Authority GROUP FINANCIAL REVIEW FINANCIAL HIGHLIGHTS 1-3/2006 1-3/2005 1-12/2005 GROUP Revenue EURm 1,836 1,583 6,843 Profit before taxes EURm 339 230 1,295 % of revenue % 18.5 14.5 18.9 Return on equity (at fair value) % 26.8 23.3 28.4 Return on assets (at fair value) % 4.2 3.4 4.4 Equity/assets ratio % 10.1 9.1 10.1 RoEC % 35.6 26.7 30.2 Group solvency ¹) EURm 2,360 1,736 2,124 Group solvency ratio % 203.8 182.3 196.1 Average number of staff 11,499 11,736 11,730 BANKING AND INVESTMENT SERVICES Revenue EURm 322 251 1,105 Net interest income EURm 101 96 394 Profit before taxes EURm 91 62 316 % of revenue % 28.3 24.5 28.6 Cost to income ratio % 55.2 64.5 57.3 Return on equity (at fair value) % 25.8 18.2 23.1 Average number of staff 4,282 4,110 4,201 PROPERTY & CASUALTY INSURANCE Revenue EURm 1,059 1,049 4,398 Premiums written before reinsurers' share EURm 1,504 1,419 3,962 Premiums earned EURm 920 906 3,709 Profit before taxes EURm 133 117 800 % of revenue % 12.5 11.2 18.2 Return on equity (at current value) % 14.8 15.8 24.1 Risk ratio ²) % 70.4 70.0 66.2 Cost ratio ²) % 23.8 24.9 24.3 Loss ratio ²) % 78.2 78.1 74.1 Loss ratio before unwinding of discount ²) % 76.8 76.6 72.7 Expense ratio ²) % 17.5 18.3 17.8 Combined ratio % 95.7 96.4 91.9 Combined ratio before unwinding of discount % 94.3 94.9 90.5 Average number of staff 6,421 6,650 6,592 LIFE INSURANCE Revenue EURm 424 256 1,240 Premiums written before reinsurers' share EURm 178 132 655 Profit before taxes EURm 128 62 234 % of revenue % 30.3 24.3 18.8 Return on equity (at current value) % 54.2 48.3 39.0 Expense ratio % 114.5 108.3 93.4 Average number of staff 356 368 370 OTHER BUSINESS Profit before taxes EURm -19 -12 -49 Average number of staff 440 608 567 PER SHARE KEY FIGURES Earnings per share EUR 0.44 0.30 1.68 Earnings per share, incl. change in fair value reserve EUR 0.52 0.37 1.97 Diluted earnings per share ³) EUR 0.43 0.29 1.65 Capital and reserves per share EUR 8.15 6.42 7.65 Net asset value per share EUR 8.17 6.46 7.67 Adjusted share price, high EUR 17.99 11.20 14.95 Adjusted share price, low EUR 14.73 9.83 9.83 Market capitalisation EURm 9,645 6,337 8,312 ¹) Group solvency is calculated according to the consolidation method defined in Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates, which entered into force on 1 January 2005. Solvency ratio is defined as the ratio of own funds to the sum of minimum requirements calculated under sectoral rules. ²) 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 20. In calculating the per share key figures the number of shares used at the balance sheet date was 564,700,515, the average number of shares during the period 564,700,515 and the diluted average number of shares 578,999,337. ³) The dilution effect has been calculated as if all the remaining subscription rights (4,762,510/the option programme of 2000 at the end of March, 2006) would have been realised. One subscription right entitles to subscribe 5 shares. In calculating the key figures the tax corresponding to the result for the accounting period has been taken into account. The valuation differences of investment property and held-to-maturity debt securities have been taken into account in return on 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 liabilities has been deducted from valuation differences. The key figures for Banking and Investment Services and other business have been calculated according to standard 3.1 of the Financial Supervision. The key figures for the insurance business have been calculated according to the decree of the Ministry of Finance and the specifying instruction 12/002/2005 of the Insurance Supervisory Authority. GROUP QUARTERLY INCOME STATEMENT 1-3/ 10-12/ 7-9/ 4-6/ 1-3/ EURm 2006 2005 2005 2005 2005 Net interest income 72 85 75 77 73 Net income from financial transactions 19 17 24 12 18 Net fee and commission income 60 50 57 51 45 Impairment losses on loans and receivables 2 -4 -1 3 4 Insurance premiums 1,094 1,161 1,058 1,104 1,035 Net income from investments 367 203 320 356 204 Other operating income 13 40 11 10 11 Total operating income 1,626 1,551 1,545 1,613 1,391 Claims incurred -791 -710 -765 -736 -803 Change in liabilities for insurance and investment contracts -135 -186 -70 -125 -9 Staff costs -171 -201 -161 -171 -172 Other operating expenses -190 -166 -175 -178 -176 Total operating expenses -1,287 -1,263 -1,171 -1,210 -1,161 Profit before taxes from continuing operations 339 287 374 403 230 Profit before taxes from discontinued operations - 1 0 -1 -1 Profit before taxes 339 288 374 403 230 Taxes -81 -63 -102 -110 -58 Profit for the period 258 225 273 293 172 Attributable to Equity holders of parent company 248 222 270 288 169 Minority interest 9 3 3 5 3 CONSOLIDATED INCOME STATEMENT 1-3/ 1-3/ 1-12/ EURm Note 2006 2005 Change 2005 Net interest income 1 72 73 -2 310 Net income from financial transactions 2 19 18 1 71 Net fee and commission income 3 60 45 15 203 Impairment losses on loans and receivables 4 2 4 -2 1 Insurance premiums 5 1,094 1,035 58 4,358 Net income from investments 6 367 204 162 1,084 Other operating income 13 11 2 72 Total operating income 1,626 1,391 235 6,100 Claims incurred -791 -803 12 -3,014 Change in liabilities for insurance and investment contracts -135 -9 -125 -390 Staff costs 7 -171 -172 1 -706 Other operating expenses -190 -177 -14 -695 Total operating expenses -1,287 -1,161 -126 -4,805 Profit before taxes from continuing operations 339 230 109 1,295 Profit before taxes from discontinued operations - -1 1 - Profit before taxes 339 230 109 1,295 Taxes -81 -58 -24 -332 Profit for the period 258 172 86 963 Attributable to Equity holders of parent company 248 169 949 Minority interest 9 3 14 Earning per share (eur) Basic 0.44 0.30 1.68 Diluted 0.43 0.29 1.65 CONSOLIDATED BALANCE SHEET EURm Note 3/2006 12/2005 3/2005 Assets Cash and balances at central banks 1,808 1,665 1,443 Financial assets at fair value through p/l 8, 9 2,644 2,537 2,655 Loans and receivables 10 19,673 18,918 16,532 Investments 11 16,055 15,312 14,503 Investments related to unit-linked insurance 12 1,450 1,262 979 Reinsurers' share of insurance liabilities 612 558 800 Intangible assets 13 838 843 938 Property, plant and equipment 134 135 244 Other assets 2,417 1,581 2,078 Tax assets 175 173 175 Total assets 45,806 42,985 40,347 Liabilities Financial liabilities at fair value through p/l 8, 9 568 649 621 Amounts owed to credit institutions and customers 14 12,204 12,260 11,663 Debt securities in issue 15 10,384 9,647 7,824 Liabilities for insurance and investment contracts 16 13,197 12,623 12,812 Liabilities for unit-linked insurance and investment contracts 17 1,447 1,262 976 Other liabilities 2,792 1,650 2,405 Tax liabilities 592 545 395 Total liabilities 41,183 38,637 36,695 Equity Share capital 96 96 95 Reserves 1,858 1,814 1,660 Retained earnings 2,648 2,412 1,876 Equity attributable to parent company's equityholders 4,603 4,322 3,631 Minority interest 21 26 21 Total equity 4,623 4,348 3,652 Total equity and liabilities 45,806 42,985 40,347 STATEMENT OF CHANGES IN EQUITY Share Fair Share premium Legal value Retained Minority EURm capital account reserve reserve earnings Total interest Total Equity at 1 Jan. 2005 95 1,019 370 233 1,723 3,440 26 3,465 Cash flow hedges: - recognised in equity during the financial year 2 2 2 - recognised in p/l -4 -4 -4 Financial assets available-for-sale - change in fair value 90 90 90 - recognised in p/l -50 -50 -50 Exchange rate translation difference -16 -16 -16 Profit for the financial year 169 169 3 172 Total income and expenses recognised for the period 38 153 191 3 194 Dividends -8 -8 Equity at 31 March 2005 95 1,019 370 271 1,876 3,631 21 3,652 Equity at 1 Jan. 2006 96 1,048 370 396 2,412 4,322 26 4,348 Cash flow hedges: - recognised in equity during the financial year 0 0 0 - recognised in p/l -1 -1 -1 Financial assets available-for-sale - change in fair value 117 117 117 - recognised in p/l -72 -72 -72 Exchange rate translation difference -12 -12 -12 Profit for the financial year 248 248 9 258 Total income and expenses recognised for the period 44 236 280 9 290 Subscription for shares with options 0 0 0 0 Dividends -15 -15 Equity at 31 March 2006 96 1,048 370 440 2,648 4,603 21 4,623 CASH FLOW STATEMENT 1-3/2006 1-3/2005 1-12/2005 Cash and cash equivalent at the beginning of the period 1,787 1,254 1,254 Cash flows from/used in operating activities -600 435 -1,147 Cash flows from/used in investing activities -7 -103 75 Cash flows from/used in financing activities 764 -19 1,605 Cash and cash equivalent at the end of the period 1,943 1,566 1,787 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, balances with central banks, loans and advances to credit institutions repayable on demand 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 2005. The financial statements for 2005 are available on Sampo's website at the address www.sampo.com/ir. CONSOLIDATED INCOME STATEMENT BY SEGMENT FOR THREE MONTHS ENDED 31 MARCH 2006 Banking and P&C Life EURm investment insurance insurance Other Elimina-tion Group Net interest income 86 -17 2 72 Net income from financial transactions 17 2 19 Net fee and commission income 65 0 -4 60 Impairment losses on loans and receivables 0 2 2 Insurance premiums 920 174 1,094 Net income from investments 28 83 247 7 2 367 Other operating income 8 5 0 16 -15 13 Total operating income 203 1,008 421 9 -16 1,626 Claims incurred -648 -143 -791 Change in liabilities for insurance and investment contracts -135 -135 Staff costs -53 -103 -6 -10 1 -171 Other operating expenses -59 -124 -9 -19 21 -190 Total operating expenses -112 -875 -293 -28 22 -1,287 net income between the segments 6 3 2 -16 Profit before taxes 91 133 128 -19 6 339 Taxes -81 Profit for the period 258 Attributable to Equity holders of parent company 248 Minority interest 9 CONSOLIDATED INCOME STATEMENT BY SEGMENT FOR THREE MONTHS ENDED 31 MARCH 2005 Banking and P&C Life EURm investment insurance insurance Other Elimina-tion Group Net interest income 82 -11 2 73 Net income from financial transactions 17 1 18 Net fee and commission income 51 0 -5 45 Impairment losses on loans and receivables 4 4 Insurance premiums 906 130 1,035 Net income from investments 5 74 124 4 -3 204 Other operating income 7 6 0 21 -22 11 Total operating income 166 985 254 14 -28 1,391 Claims incurred -634 -169 -803 Change in liabilities for insurance and investment contracts -9 -9 Staff costs -49 -106 -6 -12 2 -172 Other operating expenses -54 -127 -8 -13 26 -177 Total operating expenses -104 -867 -192 -25 28 -1,161 net income between the segments 4 11 5 -20 Profit before taxes from continuing operations 62 117 62 -12 - 230 Profit before taxes from discontinued operations 0 0 -1 Profit before taxes 62 117 62 -12 - 230 Taxes -58 Profit for the period 172 Attributable to Equity holders of parent company 169 Minority interest 3 CONSOLIDATED INCOME STATEMENT BY SEGMENT FOR YEAR ENDED 31 DECEMBER 2005 Banking and P&C Life EURm investment insurance insurance Other Elimina-tion Group Net interest income 341 -39 8 310 Net income from financial transactions 65 0 6 71 Net fee and commission income 221 -1 -17 203 Impairment losses on loans and receivables 3 -2 1 Insurance premiums 3,709 649 4,358 Net income from investments 46 460 586 15 -23 1,084 Other operating income 60 18 2 76 -84 72 Total operating income 736 4,187 1,238 49 -111 6,100 Claims incurred -2,457 -557 -3,014 Change in liabilities for insurance and investment contracts -390 -390 Staff costs -200 -447 -20 -44 5 -706 Other operating expenses -220 -484 -37 -55 100 -695 Total operating expenses -420 -3,387 -1,004 -98 105 -4,805 net income between the segments 28 35 18 -81 Profit before taxes from continuing operations 316 800 234 -49 -6 1,295 Profit before taxes from discontinued operations 0 0 0 Profit before taxes 316 800 234 -49 -6 1,295 Taxes -332 Profit for the period 963 Attributable to Equity holders of parent company 949 Minority interest 14 CONSOLIDATED BALANCE SHEET BY SEGMENT AT 31 MARCH 2006 Banking and P&C Life EURm investment insurance insurance Other Elimina-tion Group Assets Cash and balances at central banks 1,262 545 152 -151 1,808 Financial assets at fair value through p/l 2,531 91 28 3 -8 2,644 Loans and receivables 19,672 20 -19 19,673 Investments 68 10,326 5,936 3,352 -3,627 16,055 Investments related to unit-linked insurance 1,450 1,450 Reinsurers' share of insurance liabilities 607 5 612 Intangible assets 69 589 157 24 838 Property, plant and equipment 81 28 5 19 134 Other assets 632 1,635 133 90 -73 2,417 Tax assets 18 125 3 28 1 175 Total assets 24,332 13,945 7,870 3,536 -3,877 45,806 Liabilities Financial liabilities at fair value through p/l 454 87 26 3 -2 568 Amounts owed to credit institutions and customers 12,280 99 -175 12,204 Debt securities in issue 9,369 442 100 949 -476 10,384 Liabilities for insurance and investment contracts 8,474 4,723 13,197 Liabilities for unit-linked insurance and investment contracts 1,447 1,447 Other liabilities 1,126 1,474 130 135 -73 2,792 Tax liabilities 24 367 196 5 592 Total liabilities 23,253 10,845 6,621 1,190 -726 41,183 Equity Share capital 96 Reserves 1,858 Retained earnings 2,648 Equity attributable to parent company's equityholders 4,603 Minority interest 21 Total equity 4,623 Total equity and liabilities 45,806 CONSOLIDATED BALANCE SHEET BY SEGMENT AT 31 DECEMBER 2005 Banking and P&C Life EURm investment insurance insurance Other Elimina-tion Group Assets Cash and balances at central banks 1,290 366 211 -201 1,665 Financial assets at fair value through p/l 2,409 87 46 3 -8 2,537 Loans and receivables 18,911 62 -55 18,918 Investments 74 9,625 5,707 3,374 -3,468 15,312 Investments related to unit-linked insurance 1,262 1,262 Reinsurers' share of insurance liabilities 553 5 558 Intangible assets 66 595 157 26 843 Property, plant and equipment 82 29 5 19 135 Other assets 344 1,104 92 108 -67 1,581 Tax assets 18 127 7 20 1 173 Total assets 23,194 12,484 7,493 3,611 -3,797 42,985 Liabilities Financial liabilities at fair value through p/l 464 149 36 649 Amounts owed to credit institutions and customers 12,336 106 -182 12,260 Debt securities in issue 8,461 443 100 1,036 -393 9,647 Liabilities for insurance and investment contracts 7,885 4,738 12,623 Liabilities for unit-linked insurance and investment contracts 1,262 1,262 Other liabilities 892 654 70 101 -67 1,650 Tax liabilities 21 339 180 5 545 Total liabilities 22,175 9,470 6,386 1,248 -642 38,637 Equity Share capital 96 Reserves 1,814 Retained earnings 2,412 Equity attributable to parent company's equityholders 4,322 Minority interest 26 Total equity 4,348 Total equity and liabilities 42,985 CONSOLIDATED BALANCE SHEET BY SEGMENT AT 31 MARCH 2005 Banking and P&C Life EURm investment insurance insurance Other Elimina-tion Group Assets Cash and balances at central banks 1,028 402 146 -133 1,443 Financial assets at fair value through p/l 2,633 58 8 5 -48 2,655 Loans and receivables 16,503 466 -436 16,532 Investments 68 9,113 5,388 3,535 -3,602 14,503 Investments related to unit-linked insurance 979 0 979 Reinsurers' share of insurance liabilities 784 16 0 800 Intangible assets 139 621 156 23 938 Property, plant and equipment 168 32 20 24 0 244 Other assets 503 1,419 116 87 -47 2,078 Tax assets 20 141 1 13 0 175 Total assets 21,060 12,571 6,828 4,153 -4,265 40,347 Liabilities Financial liabilities at fair value through p/l 547 56 18 0 621 Amounts owed to credit institutions and customers 11,916 313 -566 11,663 Debt securities in issue 6,625 295 100 1,145 -342 7,824 Liabilities for insurance and investment contracts 8,232 4,580 12,812 Liabilities for unit-linked insurance and investment contracts 976 976 Other liabilities 953 1,223 169 107 -47 2,405 Tax liabilities 53 199 134 9 395 Total liabilities 20,094 10,006 5,976 1,573 -954 36,695 Equity Share capital 95 Reserves 1,660 Retained earnings 1,876 Equity attributable to parent company's equityholders 3,631 Minority interest 21 Total equity 3,652 Total equity and liabilities 40,347 OTHER NOTES 1 NET INTEREST INCOME Banking and investment services 1-3/2006 1-3/2005 1-12/2005 Interest income Loans and receivables 186 153 659 Other interest income 3 2 7 Total 189 155 666 Interest expenses Amounts owed to credit institutions and customers -44 -34 -145 Debt securities in issue -59 -38 -179 Other interest expenses 1 -1 -1 Total -102 -73 -325 Banking and investment services, total 86 82 341 Other business Other business, total -17 -11 -39 Elimination items between segments 2 2 8 Group, total 72 73 310 Net interest income from banking and investment services, total In net interest income 86 82 341 In net income from financial transactions 15 14 55 In net income from investments 0 0 -2 Total 101 96 394 Interest income and expenses from P&C insurance and life insurance business are presented in Net income from investments. 2 NET INCOME FROM FINANCIAL TRANSACTIONS Banking and investment services 1-3/2006 1-3/2005 1-12/2005 Trading assets/liabilities Debt securities and interest rate derivatives 14 4 29 Equity securities and equity derivatives 1 1 2 Other 0 0 1 Financial assets designated as at fair value through p/l Debt securities -1 10 19 Foreign exchange dealing 4 4 14 Net income from hedge accounting Change in fair value of hedging derivative instruments -30 -15 -20 Change in fair value of hedged items 30 13 19 Total 0 -1 -1 Banking and investment service, total 17 17 65 Other business Other business, total 2 1 0 Elimination items between segments - - 6 Group, total 19 18 71 3 FEE AND COMMISSION INCOME AND EXPENSES Banking and investment services 1-3/2006 1-3/2005 1-12/2005 Fee and commission income Lending 10 9 39 Borrowing 5 5 20 Payment transactions 14 13 56 Asset management 34 23 101 Guarantees 4 3 13 Investment banking 8 5 25 Other 10 7 30 Total 84 64 283 Fee and commission expenses -20 -14 -63 Banking and investment services, total 65 51 221 Other business Other business, total 0 0 -1 Elimination items between segments -4 -5 -17 Group, total 60 45 203 4 IMPAIRMENT LOSSES ON LOANS AND RECEIVABLES Banking and investment services 1-3/2006 1-3/2005 1-12/2005 Loans and receivables Impairment losses -7 -4 -36 Reversal of impairment losses and recoveries of loan receivables previously written off 7 8 39 Total 0 4 3 Banking and investment services, total 0 4 3 Other business Other business, total 2 - -2 Group, total 2 4 1 5 INSURANCE PREMIUMS P&C insurance 1-3/2006 1-3/2005 1-12/2005 Premiums from insurance contracts Premiums written, direct insurance 1,466 1,392 3,886 Premiums written, assumed reinsurance 38 28 76 Premiums written, gross 1,504 1,419 3,962 Ceded reinsurance premiums written -128 -77 -244 Premiums written, net 1,376 1,343 3,717 Change in unearned premium provision -528 -457 -23 Recoverable from reinsurers 73 20 15 Insurance premiums earned, net 920 906 3,709 Life insurance Premiums from insurance contracts Premiums from contracts with discretionary participation feature 48 54 377 Premiums from unit-linked contracts 102 74 284 Premiums from other contracts 1 0 3 Insurance contracts, total 151 128 664 Assumed reinsurance 0 1 -13 Premiums from investment contracts Premiums from contracts with discretionary participation feature 2 0 1 Premiums from unit-linked contracts 25 1 4 Investment contracts, total 27 2 4 Reinsurers' shares -4 -1 -5 Premiums written, total 174 130 649 Single and regular premiums from direct insurance Regular premiums, insurance contracts 69 70 370 Single premiums, insurance contracts 82 57 293 Single premiums, investment contracts 27 2 4 Total 178 129 668 Group, total 1,094 1,035 4,358 6 NET INCOME FROM INVESTMENTS Banking and investment services 1-3/2006 1-3/2005 1-12/2005 Financial assets Investment securities held-to-maturity 0 0 1 Financial asset available-for-sale Debt securities 0 0 4 Equity securities 24 4 25 Other assets 3 1 15 Banking and investment services, total 28 5 46 P&C insurance 1-3/2006 1-3/2005 1-12/2005 Financial assets Trading assets and derivative financial instrument 4 18 -7 Financial assets designated as at fair value through p/l Debt securities -18 56 258 Equity securities 115 20 280 Loand and receivables 4 1 16 Financial liabilities Debt securities in issue Interest expenses from subordinated debt securities -7 -5 -23 Other financial expenses -1 -4 -10 Other assets 1 2 7 Effect of discounting annuities -13 -14 -52 Fee and commission expenses -3 -2 -9 P&C insurance, total 83 74 460 Life insurance 1-3/2006 1-3/2005 1-12/2005 Financial assets Trading assets and derivative financial instrument 6 -20 -56 Financial assets designated as at fair value through p/l Debt securities 1 1 4 Equity securities 0 0 1 Investments related to unit-linked contracts Equity securities 77 26 163 Investment securities held-to-maturity Debt securities 0 2 3 Loans and receivables 0 0 4 Financial asset available-for-sale Debt securities 24 51 201 Equity securities 143 64 258 Financial liabilities Debt securities in issue Interest expenses from subordinated debt securities -2 -1 -6 Other -1 0 -3 Other assets 3 5 30 Fee and commission expenses -4 -3 -13 Life insurance, total 247 124 586 Other business 1-3/2006 1-3/2005 1-12/2005 Financial assets Financial assets available-for-sale 6 3 11 Other assets 1 1 4 Other business, total 7 4 15 Elimination items between segments 2 -3 -23 Group, total 367 204 1,084 7 STAFF COSTS Banking and investment services 1-3/2006 1-3/2005 1-12/2005 Staff costs Wages and salaries -43 -39 -160 Pension costs -5 -6 -23 Other social security costs -4 -5 -18 Banking and investment services, total -53 -49 -200 P&C insurance 1-3/2006 1-3/2005 1-12/2005 Staff costs Wages and salaries -77 -74 -303 Pension costs -13 -16 -76 Other social security costs -13 -16 -68 P&C insurance, total -103 -106 -447 Life insurance 1-3/2006 1-3/2005 1-12/2005 Staff costs Wages and salaries -5 -5 -17 Pension costs -1 -1 -2 Other social security costs -1 0 -1 Life insurance, total -6 -6 -20 Other business 1-3/2006 1-3/2005 1-12/2005 Staff costs Wages and salaries -8 -9 -36 Pension costs -1 -2 -5 Other social security costs -1 -1 -2 Other business, total -10 -12 -44 Elimination items between segments 1 2 5 Group, total -171 -172 -706 8 FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH P/L 3/2006 3/2006 12/2005 12/2005 3/2005 3/2005 Assets Liabilities Assets Liabilities Assets Liabilities Banking and investment services Assets/liabilities held for trading 1,372 - 1,255 - 771 160 Derivative financial instruments (note 9) 471 454 506 464 395 387 Financial assets designated as at fair value through p/l 688 - 648 - 1,467 - Banking and investment services, total 2,531 454 2,409 464 2,633 547 P&C insurance Derivative financial instruments (note 9) 91 87 87 149 58 56 Life insurance Derivative financial instruments (note 9) 28 26 46 36 8 18 Other business Assets/liabilities held for trading - - 1 - 1 0 Derivative financial instruments (note 9) 3 3 2 - 5 - Other business, total 3 3 3 - 5 0 Elimination items between segments -8 -2 -8 - -48 Group, total 2,644 568 2,537 649 2,655 621 9 DERIVATIVE FINANCIAL INSTRUMENTS Banking and investment services 3/2006 12/2005 Fair Fair value Fair value value Fair value Contract/ Contract/ Derivatives held for notional notional trading amount Assets Liabilities amount Assets Liabilities Interest rate derivatives 42,186 135 143 40,131 174 190 Foreign exchange derivatives 8,855 48 52 8,484 98 115 Equity derivatives 9 3 4 8 3 3 Commodity derivatives 588 65 64 382 21 20 Total derivative assets/(liabilities) held for trading 51,638 252 263 49,004 295 327 Derivatives held for hedging Derivatives designated as fair value hedges 4,253 219 191 3,984 210 136 Derivatives designated as cash flow hedges 80 0 - 170 1 - Total derivative assets/(liabilities) held for hedging 4,332 219 191 4,154 211 136 Total derivative assets/(liabilities) 55,970 471 454 53,157 506 464 3/2005 Fair value Fair value Contract/ Derivatives held for trading notional amount Assets Liabilities Interest rate derivatives 37,597 110 125 Foreign exchange derivatives 9,404 93 97 Equity derivatives 0 - - Commodity derivatives 158 4 4 Total derivative assets/(liabilities) held for trading 47,159 207 226 Derivatives held for hedging Derivatives designated as fair value hedges 2,320 183 161 Derivatives designated as cash flow hedges 328 5 - Total derivative assets/(liabilities) held for hedging 2,648 188 161 Total derivative assets/(liabilities) 49,807 395 387 P&C insurance 3/2006 12/2005 Fair Fair value Fair value value Fair value Contract/ Contract/ notional notional amount Assets Liabilities amount Assets Liabilities Derivatives held for trading Interest rate derivatives 1,127 4 2 0 0 5 Foreign exchange derivatives 5 76 85 4,562 80 144 Equity derivatives 13 10 - 4 6 - Total derivative assets/(liabilities) held for trading 1,146 91 87 4,566 87 149 3/2005 Fair value Fair value Contract/ notional amount Assets Liabilities Derivatives held for trading Interest rate derivatives 0 1 0 Foreign exchange derivatives 3,557 56 55 Equity derivatives 0 1 1 Total derivative assets/(liabilities) held for trading 3,557 58 56 Life insurance 3/2006 12/2005 Fair Fair value Fair value value Fair value Contract/ Contract/ notional notional amount Assets Liabilities amount Assets Liabilities Derivatives held for trading Interest rate derivatives 2,623 15 15 3,986 36 25 Foreign exchange derivatives 1,110 10 5 1,057 7 8 Equity derivatives 16 3 5 20 2 3 Commodity derivatives 42 0 1 31 1 0 Total derivative assets/(liabilities) 3,790 28 26 5,094 46 36 3/2005 Fair value Fair value Contract/ notional amount Assets Liabilities Derivatives held for trading Interest rate derivatives 1,132 2 6 Foreign exchange derivatives 2,207 4 9 Equity derivatives 48 2 0 Commodity derivatives 50 - 1 Total derivative assets/(liabilities) held for trading 3,438 7 16 Derivatives held for hedging Derivatives designated as fair value hedges 123 0 1 Total derivative assets/(liabilities) held for hedging 123 0 1 Total derivative assets/(liabilities) 3,561 8 18 Other business 3/2006 12/2005 Fair Fair value Fair value value Fair value Contract/ Contract/ notional notional amount Assets Liabilities amount Assets Liabilities Derivatives held for trading Foreign exchange derivatives 100 2 - - - - Derivatives held for hedging Derivatives designated as fair value hedges 631 1 3 633 2 - Total derivative assets/(liabilities) 731 3 3 633 2 - 3/2005 Fair value Fair value Contract/ notional amount Assets Liabilities Derivatives held for hedging Derivatives designated as fair value hedges 640 5 0 Total derivative assets/(liabilities) 640 5 0 10 LOANS AND RECEIVABLES Banking and investment services 3/2006 12/2005 3/2005 Loans and advances to credit institutions By type of loan - - Deposits 194 119 419 - - Reverse repos - - 227 - - Other loans 259 310 238 Total 453 428 884 Loans and advances to customers By type of loan Home loans 8,538 8,158 6,549 Consumer loans 1,120 1,103 962 Other consumer loans 1,146 1,111 909 Finance lease assets 790 766 607 Money market loans 15 15 15 Other commercial loans 7,626 7,348 6,593 Impairment losses -16 -18 -16 Total 19,219 18,483 15,619 Banking and investment services, total 19,672 18,911 16,503 Other business Other business loans and receivables, total 20 62 466 Elimination items between segments -19 -55 -436 Group, total 19,673 18,918 16,532 11 INVESTMENTS 3/2006 12/2005 3/2005 Banking and investment services Investments held-to-maturity Debt securities 42 46 36 Financial assets available-for-sale Debt securities 0 - 2 Equity securities 13 14 14 Investment property Carrying amount 1 1 1 Fair value 1 1 1 Investments in associates 12 14 15 Banking and investment services, total 68 74 68 P&C insurance Financial assets designated as at fair value through p/l Debt securities 9,315 8,509 7,967 Equity securities 943 1,026 1,039 Loans and receivables Deposits with ceding undertakings 2 3 3 Investment property Carrying amount 62 83 102 Fair value 63 83 102 Investments in associates 4 4 3 P&C insurance, total 10,326 9,625 9,113 Life insurance Financial assets designated as at fair value through p/l Debt securities 79 49 11 Equity securities 5 5 3 Investments held-to-maturity Debt securities 16 16 113 Loans and receivables Deposits 3 3 4 Deposits with ceding undertakings 2 2 18 Financial assets available-for-sale Debt securities 3,483 3,230 3,000 Equity securities 2,215 2,270 1,981 Investment property Carrying amount 131 130 256 Fair value 145 146 287 Investments in associates 1 1 1 Life insurance, total 5,936 5,707 5,388 Other business Financial assets available-for-sale Debt securities 131 132 99 Equity securities 53 51 55 Investment property Carrying amount 20 21 51 Fair value 21 21 49 Investments in associates 0 21 19 Investments in subsidiaries 3,149 3,149 3,311 Other business, total 3,352 3,374 3,535 Elimination items between segments -3,627 -3,468 -3,602 Group, total 16,055 15,312 14,503 12 INVESTMENTS RELATED TO UNIT-LINKED INSURANCE Life insurance 3/2006 12/2005 3/2005 Financial assets as at fair value through p/l Debt securities 12 12 2 Equity securities 1,439 1,251 977 Financial assets as at fair value through p/l total 1,450 1,262 979 Other 0 0 - Life insurance, total 1,450 1,262 979 13 INTANGIBLE ASSETS Banking and investment services 3/2006 12/2005 3/2005 Goodwill 5 5 70 Other intangible assets 64 61 69 Total 69 66 139 P&C insurance 3/2006 12/2005 3/2005 Goodwill 531 533 550 Customer relations 36 38 45 Other intangible assets 22 23 26 Total 589 595 621 Life insurance 3/2006 12/2005 3/2005 Goodwill 153 153 153 Other intangible assets 4 4 3 Total 157 157 156 Other business 3/2006 12/2005 3/2005 Other intangible assets 24 26 23 Group, total 838 843 938 14 AMOUNTS OWED TO CREDIT INSTITUTIONS AND CUSTOMERS Banking and investment services 3/2006 12/2005 3/2005 Amounts owed to credit institutions Deposits from credit insitutions 642 664 434 Other liabilities owed to credit institutions 280 202 432 Total 922 867 866 Amounts owed to customers Deposits Demand deposits 2,692 2,856 2,486 Savings accounts 1,114 1,075 1,047 Current accounts 4,250 3,716 3,822 Money market deposits 791 1,122 1,529 Other time deposits 2,482 2,673 2,142 Total deposits 11,329 11,442 11,025 Other liabilities Other liabilities 29 28 25 Total amounts owed to customers 11,358 11,470 11,050 Banking and investment services, total 12,280 12,336 11,916 Other business 3/2006 12/2005 3/2005 Amounts owed to credit institutions Other liabilities 6 6 207 Amounts owed to customers Other liabilities 92 99 106 Other business, total 99 106 313 Elimination items between segments -175 -182 -566 Group, total 12,204 12,260 11,663 15 DEBT SECURITIES IN ISSUE Banking and investment services 3/2006 12/2005 3/2005 Debt securities in issue Certificates of deposit 3,154 3,384 3,009 Bonds and notes 5,381 4,238 2,897 Total 8,535 7,621 5,906 Subordinated debt securities Subordinated loans 348 352 223 Debentures 399 399 416 Perpetuals 87 89 81 Total 834 840 720 Banking and investment services, total 9,369 8,461 6,625 P&C insurance 3/2006 12/2005 3/2005 Subordinated debt securities Subordinated loans 442 443 295 P&C insurance, total 442 443 295 Life insurance 3/2006 12/2005 3/2005 Subordinated debt securities Subordinated loans 100 100 100 Life insurance, total 100 100 100 Other business 3/2006 12/2005 3/2005 Debt securities in issue Certificates of deposit 101 149 247 Bonds and notes 254 290 299 Total 354 438 546 Subordinated debt securities Debentures 594 597 599 Other business, total 949 1,036 1,145 Elimination items between segments -476 -393 -342 Group, total 10,384 9,647 7,824 16 LIABILITIES FROM INSURANCE AND INVESTMENT CONTRACTS P&C insurance Liabilities from insurance contracts 3/2006 12/2005 3/2005 Insurance contracts Provision for unearned premiums 2,157 1,628 2,114 Provision for claims outstanding 6,317 6,257 6,119 Total 8,474 7,885 8,232 Recoverable from insurers Provision for unearned premiums 120 49 114 Provision for claims outstanding 487 504 670 Total 607 553 784 Life insurance 3/2006 12/2005 3/2005 Insurance contracts Liabilities for contracts with DPF Provision for unearned premiums 3,055 3,108 2,995 Provision for claims outstanding 1,497 1,463 1,371 Liabilities for contracts without DPF Provision for unearned premiums 16 15 17 Provision for claims outstanding 3 3 15 Total 4,571 4,589 4,398 Assumed reinsurance Provision for unearned premiums 4 3 21 Provision for claims outstanding 2 2 3 Total 6 6 24 Insurance contracts, total Provision for unearned premiums 3,074 3,127 3,033 Provision for claims outstanding 1,502 1,468 1,389 Total 4,576 4,595 4,422 Investment contracts Liabilities for contracts with DPF Provision for unearned premiums 146 144 158 Investment contracts, total 146 144 158 Liabilities for insurance and investment contracts, total Provision for unearned premiums 3,220 3,270 3,190 Provision for claims outstanding 1,502 1,468 1,389 Life insurance, total 4,723 4,738 4,580 Recoverable from reinsurers Provision for unearned premiums 0 0 3 Provision for claims outstanding 5 5 13 Total 5 5 16 Investment contracts do not include a provision for claims outstanding. Liability adequacy test does not give rise to supplementary claims. Exemption allowed in the standard 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 13,197 12,623 12,812 17 LIABILITIES FROM UNIT-LINKED INSURANCE AND INVESTMENT CONTRACTS Life insurance 3/2006 12/2005 3/2005 Unit-linked insurance contracts 1,405 1,246 962 Unit-linked investment contracts 42 16 14 Total 1,447 1,262 976 18 CONTINGENT LIABILITIES AND COMMITMENTS Banking and investment services 3/2006 12/2005 3/2005 Off-balance sheet items Guarantees 2,705 2,811 2,618 Undrawn loans, overdraft facilities and other commitments to lend 4,020 4,062 3,772 - - original maturity less than one year 870 642 992 - - original maturity more than one year 3,150 3,420 2,780 Other irrevocable commitments 56 17 15 Total 6,780 6,890 6,405 Assets pledged as collateral for liabilities or contingent liabilities 3/2006 3/2006 12/2005 12/2005 3/2005 3/2005 Assets Liabilities/ Liabilities/ Liabilities/ pledged as Assets commit- Assets commit- Assets commit- collateral pledged ments pledged ments pledged ments Financial assets at fair value through p/l - - Trading securities 1,586 1,040 1,593 1,038 1,253 1,007 Loans and receivables - - Security deposits 1,140 1,700 94 779 112 799 Non-cancellable operating leases 3/2006 12/2005 3/2005 Minimum lease payments under non-cancellable operating leases not later than one year 21 21 20 later than one year and not later than five years 48 53 51 later than five years 41 43 48 Total 109 118 119 P&C insurance 3/2006 12/2005 3/2005 Off-balance sheet items Guarantees 48 62 25 Other irrevocable commitments 28 31 40 Total 76 93 65 Other Assets covered by policyholders' beneficiary rights 303 303 295 Assets pledged as collateral for liabilities or contingent liabilities 3/2006 3/2006 12/2005 12/2005 3/2005 3/2005 Assets Liabilities/ Liabilities/ Liabilities/ pledged as Assets commit- Assets commit- Assets commit- collateral pledged ments pledged ments pledged ments Cash at balances at central banks 24 11 42 0 50 12 Investments - - Investment securities 260 116 267 129 202 92 Non-cancellable operating leases 3/2006 12/2005 3/2005 Minimum lease payments under non-cancellable operating leases not later than one year 30 26 27 later than one year and not later than five years 83 72 73 later than five years 81 39 20 Total 194 137 119 Life insurance 3/2006 12/2005 3/2005 Off-balance sheet items Fund commitments 178 184 179 Assets pledged as collateral for liabilities or contingent liabilities 3/2006 3/2006 12/2005 12/2005 3/2005 3/2005 Assets Liabilities/ Liabilities/ Liabilities/ pledged as Assets commit- Assets commit- Assets commit- collateral pledged ments pledged ments pledged ments Investments - - Investment securities 5 0 4 0 9 3 Non-cancellable operating leases 3/2006 12/2005 3/2005 Minimum lease payments under non-cancellable operating leases not later than one year 2 2 - later than one year and not later than five years 6 6 - later than five years 7 7 - Total 14 15 - 19 MUTUAL FUND CAPITAL 3/2006 12/2005 3/2005 Equity funds 3,922 3,637 2,844 Balanced funds 1,213 1,020 752 Money market funds 2,834 2,316 2,533 Bond funds 1,513 1,407 860 Absolute return funds 586 472 484 Risk funds 105 32 22 Total 10,173 8,885 7,495 20 P&C INSURANCE'S PROFIT AND LOSS ACCOUNT 1-3/2006 1-3/2005 1-12/2005 Profit and loss account Premiums earned 920 906 3,709 Claims incurred -706 -694 -2,697 Operating expenses -161 -165 -661 Other technical income and expenses (+collective guarantee item) -1 - -2 Allocated investment return transferred from the non-technical account 41 49 166 Technical result 93 95 516 Investment result 96 87 510 Allocated investment return transferred to the technical account -55 -63 -217 Other income and expenses -2 -2 -9 Operating result 133 117 800 21 SAMPO PLC'S INCOME STATEMENT AND BALANCE SHEET ACCORDING TO FINNISH ACCOUNTING POLICY (FAS) INCOME STATEMENT 1-3/ 1-3/ 1-12/ 2006 2005 Change 2005 Net interest income -15 -10 -5 -34 Divident income 630 497 133 540 Net income from transaction of securities and foreign exchange dealing -1 1 -2 0 Other income 11 3 8 10 Administrative expenses -7 -6 -1 -26 Depreciation and impairment on property, plant and equipment and intangible assets -2 -2 0 -7 Other operating expenses -5 -2 -4 -22 Operating profit 610 482 129 460 Income taxes 7 4 4 14 Profit for the period 617 485 132 474 BALANCE SHEET 3/2006 12/2005 3/2005 ASSETS Loans and advances to credit institutions 10 47 420 Loans and advances to customers - - 14 Debt securities 131 132 100 Shares and participations 53 51 55 Shares and participations in associates 1 18 18 Shares and participations in Group companies 3,157 3,157 3,277 Intangible assets 24 26 22 Property, plant and equipment Properties and shares in property companies 29 31 81 Other 4 5 5 Other assets 737 119 90 TOTAL ASSETS 4,147 3,586 4,083 LIABILITIES Liabilities Liabilities to credit institutions - - 200 Liabilities to customers 92 99 106 Debt securities in issue 354 438 546 Other liabilities 135 98 102 Subordinated liabilities 594 597 599 1,176 1,233 1,553 Equity Share capital 96 96 95 Share premius account 1,048 1,048 1,019 Other undistributable reserves 366 366 366 Distributable reserves Fair value reserve -10 -9 -11 Other reserves 273 273 273 Retained earnings 668 194 303 Treasury shares -88 -88 - Profit for the year 617 474 485 2,971 2,354 2,530 TOTAL LIABILITIES 4,147 3,586 4,083 Off-balance sheet items Commitments Other than sale and option to resell transactions 11 12 15 - ---END OF MESSAGE--- Copyright © Hugin ASA 2006. 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