11/06/2019 | Press release | Distributed by Public on 11/06/2019 01:32
06 Nov 2019 08:30 CET
Sampo Group's Results for January - September 2019
SAMPO PLC INTERIM STATEMENT 6 November 2019 at 9.30 am
Sampo Group's Results for January - September 2019
Sampo Group's profit before taxes for January - September 2019 amounted to EUR 1,073 million (1,643). The profit was impacted by the one-offs in Nordea's third quarter results and the EUR 155 million negative profit item resulting from the distribution of an extra dividend in the form of Nordea shares. The comparison figure contains a non-recurring profit item of EUR 197 million related to Mandatum Life's co-operation agreement with Danske Bank. The total comprehensive income for the period, taking changes in the market value of assets into account, amounted to EUR 879 million (1,142).
-Earnings per share was EUR 1.38 (2.38). Mark-to-market earnings per share was EUR 1.44 (1.92). The return on equity (RoE) for the Group amounted to 9.2 per cent (11.2) for January - September 2019. Net asset value per share on 30 September 2019 was EUR 18.90 (20.60).
-Profit before taxes for the segment If amounted to EUR 655 million (626). Combined ratio for January - September 2019 was 84.3 per cent (85.8). Strong premium growth continued at 5.0 per cent (adjusted for currencies) compared to corresponding period a year ago. Return on equity was 27.3 per cent (16.4).
-Profit before taxes for the segment Topdanmark amounted to EUR 180 million (170) in Sampo Group's consolidated accounts. The combined ratio was 80.5 per cent (82.7).
-Sampo's share of Nordea's net profit for January - September 2019 amounted to EUR 147 million (527). In addition Sampo booked a loss of EUR -155 million because of the extra dividend paid in Nordea shares. Nordea's third quarter result was negatively impacted by one-off items of EUR 1.3 billion. Nordea's return on equity for January - September 2019 was 3.4 per cent (10.9). In segment reporting, the share of Nordea's profit is included in the segment Holding.
-Profit before taxes for the segment Mandatum amounted to EUR 212 million (385). The comparison figure includes the contribution of EUR 197 million from the co-operation agreement with Danske Bank. Premiums grew to EUR 824 million (681). Return on equity amounted to 25.9 per cent (22.5).
-On 7 August 2019 the Board of Directors of Sampo plc resolved to distribute an extra dividend in the form of shares of Nordea Bank Abp. The share dividend was paid on 12 August 2019 and cash compensation on 16 August 2019. As a result of the distribution of the extra dividend, Sampo's ownership in Nordea decreased to 804 922 858 shares, corresponding to 19.87 per cent of all shares and voting rights. The Finnish Supervisory Authority approved Sampo's application for the termination of the conglomerate rules (FICO) on 21 October 2019. Henceforth, Sampo Group's solvency is calculated only by Solvency II rules. The consolidation of Nordea as an associated company in Sampo Group's financial statement (IFRS) remains unchanged.
-On 24 October 2019 Sampo announced a change in its view on expected dividends. Sampo's management expects to propose to the Board of Directors a dividend of EUR 2.10 - 2.30 per share for 2019. The Board will review the dividend policy in early February 2020.
|Key figures||1-9/2019||1-9/2018||Change, %||7-9/2019||7-9/2018||Change, %|
|Profit before taxes||1,073||1,643||-35||92||490||-81|
Valuation loss on distribution of
|Holding (excl. associates)||26||-42||-||-6||4||-|
|Profit for the period||848||1,397||-39||22||414||-95|
|Earnings per share, EUR||1.38||2.38||-1.00||0.01||0.70||-0.69|
|EPS (based on OCI) EUR||1.44||1.92||-0.48||-0.24||0.78||-1.02|
|NAV per share, EUR *)||18.90||20.60||-1.70||-||-||-|
|Average number of staff (FTE)||9,769||9,504||265||-||-||-|
|Group solvency ratio, % *)||178||140||38||-||-||-|
*) comparison figure from 31.12.2018
The figures in this report are not audited. Income statement items are compared on a year-on-year basis and comparison figures for balance sheet items are from 31 December 2018 unless otherwise stated.
Sampo follows the disclosure procedure enabled by the Finnish Financial Supervisory Authority and hereby publishes its Interim Statement attached as a PDF file to this stock exchange release. The Interim Statement is also available at www.sampo.com/result.
|Exchange rates used in reporting||1-9/2019||1-6/2019||1-3/2019||1-12/2018||1-9/2018|
|Income statement (average)||10.5679||10.5181||10.4187||10.2583||10.2374|
|Balance sheet (at end of period)||10.6958||10.5633||10.3980||10.2548||10.3090|
|Income statement (average)||1.4158||1.4090||1.3959||1.3764||1.3741|
|Balance sheet (at end of period)||1.4326||1.4153||1.3929||1.3733||1.3826|
|Income statement (average)||1.0816||1.0810||1.0694||1.0688||1.0678|
|Balance sheet (at end of period)||1.0809||1.0897||1.0765||1.0308||1.0890|
|Income statement (average)||7.4644||7.4651||7.4637||7.4533||7.4503|
|Balance sheet (at end of period)||7.4662||7.4636||7.4652||7.4673||7.4564|
THIRD QUARTER 2019 IN BRIEF
Sampo Group's profit before taxes for the third quarter of 2019 was EUR 92 million (490). The profit was impacted by the one-offs in Nordea's third quarter results and the EUR 155 million negative profit item resulting from the distribution of an extra dividend in the form of Nordea shares. Earnings per share was EUR 0.01 (0.70) and mark-to-market earnings per share EUR -0.24 (0.78).
Net asset value per share decreased EUR 0.56 during the third quarter of 2019 amounting to EUR 18.90. The decrease was due to the extra dividend distributed in Nordea shares and the decline in the market value of Topdanmark in the third quarter.
If's combined ratio for the third quarter of 2019 amounted to 83.5 per cent (85.8). Profit before taxes amounted to EUR 215 million (211).
Topdanmark's combined ratio for the third quarter was 83.5 per cent (79.9) and profit before taxes EUR 34 million (65).
Sampo's share of Nordea's third quarter 2019 net profit was EUR -75 million (139). The figure does not include the loss of EUR -155 million incurred because of the extra dividend. Nordea booked one-off items amounting to EUR 1.3 billion in the third quarter result.
Profit before taxes for Mandatum rose to EUR 75 million (72). Premiums written amounted to EUR 295 million (152).
Profit before taxes for January - Septemper 2019 for the If segment amounted to EUR 655 million (626). The total comprehensive income for the period after tax rose to EUR 544 million (358). Combined ratio was 84.3 per cent (85.8) and risk ratio 62.8 per cent (64.2).
Net releases from technical reserves relating to prior year claims were EUR 159 million (129) in January - September 2019. The Swedish discount rate used to discount the annuity reserves was -1.0 per cent and had a negative impact of EUR 9 million on the profit in the third quarter of 2019. The negative impact for January - September 2019 amounted to EUR 38 million. Technical result increased to EUR 520 million (463). Insurance margin (technical result in relation to net premiums earned) amounted to 16.1 per cent (14.5).
Large claims were EUR 17 million (19) worse than expected in January - September 2019. Large loss development in BA Commercial was EUR 11 million worse and in BA Industrial EUR 7 million worse than expected.
Gross written premiums increased to EUR 3,717 million (3,595) in January - September 2019. Adjusted for currency, premium growth was 5.0 per cent. Growth was positive in all business and market areas. The growth was particularly strong in BA Industrial, 13.9 percent and in Norway, 9.1 per cent.
Cost ratio amounted to 21.5 per cent (21.6) and expense ratio to 15.9 per cent (16.1).
At the end of September 2019, the total investment assets of If amounted to EUR 11.5 billion (10.9), of which fixed income investments constituted 82 per cent (88), money market 8 per cent (2) and equity 10 per cent (10). Net income from investments amounted to EUR 158 million (182). Investment return marked-to-market in January - September 2019 was 3.7 per cent (1.3). Duration for interest bearing assets was 1.2 years (1.4) and average maturity 2.6 years (2.7). Fixed income running yield without taking into account the FX hedging cost as at 30 September 2019 was 1.6 per cent (1.6).
If P&C's solvency position is described in the section Solvency.
On 30 September 2019 Sampo plc held 41,997,070 Topdanmark shares, corresponding to 46.7 per cent of all shares and 48.4 per cent of related voting rights in the company. The market value of the holding was EUR 1,860 million at 30 September 2019.
The following text is based on Topdanmark's January - September 2019 result release published on 24 October 2019.
Topdanmark's profit before taxes for January - September 2019 increased to EUR 180 million (170).
Topdanmark's premium income rose to EUR 2,146 million (1,983) in January - September 2019. Premiums increased by 2.4 per cent in non-life and by 13.5 per cent in life insurance. The non-life insurance run-off gain of EUR 46 million (28) was primarily generated in motor liability, workers' compensation and illness & accident.
Weather-related claims rose to EUR 8 million (0) in January - September 2019 and large claims decreased to EUR 5 million (14).
The combined ratio amounted to 80.5 per cent (82.7) in the first three quarters of 2019. The expense ratio improved to 15.7 per cent (15.9).
Topdanmark and Nordea have entered into a new non-life agreement for distribution on the Danish market. The agreement comes into force on 1 January 2020. From 2021, it is expected that the Nordea agreement in terms of premiums will compensate fully for the terminated distribution agreement with Danske Bank, which was terminated at the end of June 2019.
Topdanmark's solvency position is described in the section Solvency.
Further information on Topdanmark and its January - September 2019 result is available at www.topdanmark.com.
Associated company Nordea
On 30 September 2019 Sampo plc held 804,922,858 shares of Nordea, corresponding to 19.87 per cent of all shares and voting rights. The average price paid per share amounted to EUR 6.46 and the book value in the Group accounts was EUR 8.10 per share. The closing price as at 30 September 2019 was EUR 6.50.
The following text is based on Nordea's Third Quarter Report 2019 published on 24 October 2019.
In January - September 2019, total income was down 9 per cent in local currencies and down 10 per cent in EUR from the prior year and operating profit was down 66 per cent in both local currencies and EUR from the previous year.
The reported operating profit of EUR -1.1 billion includes several one-off items totalling EUR 1.3 billion.
Nordea Group's Common Equity Tier 1 (CET1) capital ratio increased to 15.4 per cent (15.5 per cent excluding profit) at the end of third quarter of 2019, compared to 14.8 per cent in the second quarter of 2019.
Nordea has developed a new business plan to ensure stronger financial results meeting new financial targets.
Nordea's new financial targets for 2022:
- A return on equity above 10 per cent
- A cost to income ratio of 50 per cent
For 2020, Nordea expects to reach a cost base of below EUR 4.7 billion with planned continued net cost reductions beyond 2020. Nordea's new capital policy stipulates a management buffer of 150 - 200 bps above the regulatory CET1 requirement and a dividend pay-out ratio of 60 - 70 per cent, both starting from 2020. Nordea will continuously assess the opportunity to use share buy-backs as a tool to distribute excess capital. For 2019, Nordea targets a dividend of EUR 0.4 per share.
Further information on Nordea and its January - September 2019 result is available at www.nordea.com.
Mandatum segment's profit before taxes for January - September 2019 amounted to EUR 212 million (385). The comparable profit figure includes a contribution of EUR 197 million from the co-operation agreement made in the second quarter of 2018 with Danske Bank. The total comprehensive income for the period after tax reflecting the changes in market values of assets decreased to EUR 224 million (232). Return on equity was 25.9 per cent (22.5).
Mandatum Life Group's premium income for January - September 2019 increased to EUR 824 million (681). Unit-linked premiums were EUR 720 million, i.e. 87 per cent of total premiums.
Net investment income, excluding unit-linked contracts, increased to EUR 280 million (196). Net investment income from unit-linked contracts amounted to EUR 680 million (130). In January - September 2019, fair value reserve increased to EUR 406 million (352).
Mandatum Life's total technical reserves increased to EUR 11.7 billion (11.2). Unit-linked reserves were at a record-high level of EUR 7.8 billion (7.0) at the end of September 2019. The amount corresponds to 65 per cent (64) of total technical reserves. By the end of September 2019, with-profit reserves had decreased to EUR 4.0 billion (4.2). Reserves related to the higher guarantees of 4.5 and 3.5 per cent decreased by EUR 198 million to EUR 2.2 billion (2.4).
Mandatum Life has overall supplemented its technical reserves with a total of EUR 227 million (232) due to low level of interest rates. The figure does not take into account the reserves relating to the segregated fund. The discount rate used for the years 2019, 2020 and 2021 is 0.25 per cent. In the third quarter of 2019 the rate used for 2022 was lowered by 0.75 percentage points to 2.50 per cent. The discount rate applied for the segregated fund is 0.50 per cent.
At the end of September 2019, Mandatum Life's investment assets, excluding the assets of EUR 7.8 billion (7.0) covering unit-linked liabilities, amounted to EUR 5.7 billion (5.6) at market values.
The assets covering Mandatum Life's original with-profit liabilities on 30 September 2019 amounted to EUR 4.7 billion (4.6) at market values. 45 per cent (49) of the assets was in fixed income instruments, 17 per cent (9) in money market, 24 (27) in equities and 15 per cent (15) in alternative investments. The investment return marked-to-market for January - September 2019 was 6.7 per cent (1.4). The duration of fixed income assets at the end of September 2019 was 2.7 years (2.5) and average maturity 2.8 years (2.8). Fixed income running yield without taking into account the FX hedging cost was 2.3 per cent (2.7).
The assets covering the segregated fund amounted to EUR 1.0 billion (1.1), of which 67 per cent (77) was in fixed income, 15 per cent (5) in money market, 12 per cent (11) in equities and 5 per cent (6) in alternative investments. Segregated fund's investment return marked-to-market for January - September 2019 was 5.3 per cent (0.0). At the end of September 2019 the duration of fixed income assets was 2.8 years (2.5) and average maturity 3.2 years (3.1). Fixed income (incl. money market) running yield without taking into account the FX hedging cost was 1.9 per cent (2.4).
The expense result for January - September 2019 amounted to EUR 17.0 million (19.5) and risk result amounted to EUR 15.1 million (15.1).
Mandatum Life Insurance Company received a issuer credit rating of A+ from S&P on 18 September 2019.
Mandatum Life's solvency position is described in the section Solvency.
Holding segment's profit before taxes for January - September 2019 amounted to EUR 26 million (482), which includes EUR 155 million loss incurred when distributing Nordea shares as dividends. Nordea's result in the third quarter was also impacted by one-off items of EUR 1.3 billion. With the afore-mentioned items included Sampo's share of profits of associated companies Nordea and NDX Intressenter for January - September 2019 amounted to EUR 0 million (524) of which Nordea's share was EUR -8 million (527) and NDX Intressenter's EUR 8 million (-3). The segment's profit before taxes excluding the associates was EUR 26 million (-42).
Changes in market values of derivative instruments and currency exchange rates can cause volatility in the net investment income and finance cost lines.
Sampo plc's holding in Nordea was booked in the consolidated balance sheet at EUR 6.5 billion, i.e. EUR 8.10 per share. The market value of the holding was EUR 5.2 billion, i.e. EUR 6.50 per share, at 30 September 2019.
In addition, the assets on Sampo plc's balance sheet included holdings in subsidiaries of EUR 3.4 billion (3.4).
Extra dividend in the form of Nordea shares
On 7 August 2019, the Board of Directors of Sampo plc, as planned and announced on 13 June 2019, resolved to distribute an extra dividend in the form of shares of Nordea Bank Abp. Each shareholder received 1 Nordea share for each 10 Sampo shares held. Fractional entitlements to Nordea shares were paid in cash. The share dividend was paid on 12 August 2019 and cash compensation on 16 August 2019.
In total, Sampo distributed 55,517,639 Nordea shares. The value of the share dividend, based on the volume weighted average price of Nordea on the payment date, was EUR 5.661. The total amount of the extra dividend was EUR 314,484,010.20, of which EUR 314,384,682.29 was paid in the form of Nordea shares and EUR 99,327.91 in cash. In addition, Sampo paid the Finnish transfer tax in total of EUR 4,819,931.14 on behalf of the shareholders.
As a result of the distribution of the extra dividend, Sampo's ownership in Nordea decreased to 804 922 858 shares, corresponding to 19.87 per cent of all shares and voting rights. On 7 August 2019, Sampo filed an application with the Finnish Supervisory Authority for the termination of the conglomerate rules (FICO) calculation. The Finnish Supervisory Authority approved the application on 21 October 2019. Henceforth, Sampo Group's solvency is calculated only by Solvency II rules. The consolidation of Nordea as an associated company in Sampo Group's financial statement (IFRS) remains unchanged.
The effects of the termination of FICO on Sampo's solvency position are described in the section Solvency.
Change in Sampo's view on expected dividends
On 24 October 2019 Sampo management announced that it no longer thinks the company's and its shareholders' interests are best served by an increase in the dividend. The change is due to the increasingly difficult operating environment, with government bond yields expected to remain negative for some time to come, and Nordea's new dividend policy announced on 24 October 2019.
Management expects to propose to the Board a dividend of EUR 2.10 - 2.30 a share for 2019, not including the extra dividend paid in the form of Nordea shares in August 2019. Management's target going forward is to maintain a sustainable and attractive dividend. Sampo's current dividend policy is to pay out at least 50 per cent of the net profit as dividends. Over the last five years Sampo's pay-out ratio has on average been approximately 80 per cent. The Board will review the dividend policy in early February 2020.
In January - September 2019 payments of EUR 18 million (23), including social costs, were made on the basis of the long-term incentive schemes. The result impact of the long-term incentive schemes in force in January - September 2019 was EUR 9 million (12). At the end of September 2019 Sampo Group had provisioned EUR 4 million (23) for future payments of long-term incentive schemes. EUR 41 million (36), including social costs, was paid as short-term incentives during January - September 2019.
The terms of the long-term incentive schemes are available at www.sampo.com/incentiveterms.
On 28 March 2019 Nordea's Annual General Meeting decided on a dividend of EUR 0.69 per share. Sampo plc's share of total dividends amounted to EUR 594 million. The dividend was paid on 8 April 2019.
Topdanmark's Annual General Meeting held on 3 April 2019 decided to pay a dividend of DKK 15 per share. Sampo plc's share of the dividend payment was EUR 84 million. The dividend was paid on 8 April 2019.
Mandatum Life paid a dividend of EUR 150 million to Sampo plc in March 2019.
If decided on 5 November 2019 to distribute a dividend of SEK 7.5 billion (approx. EUR 710 million).
Relevant ratings for Sampo Group companies are presented in the table below. S&P gave Mandatum Life Insurance Company a long-term issuer credit rating of A+ on 18 September 2019 and raised Sampo plc's rating from A- to A on 18 July 2019.
|Rated company||Moody's||Standard & Poor's|
Sampo plc - Long-term Issuer Rating
If P&C Insurance Ltd
(Sweden) - Insurance Financial Strength Rating
|Mandatum Life Insurance Company Ltd -Issuer Credit Rating||-||
Sampo plc distributed in August 2019 a total of 55,517,639 shares of Nordea Bank Abp as an extra dividend (See section Extra dividend in the form of Nordea shares). As a result of the dividend, Sampo's ownership in Nordea decreased below 20 per cent. On 21 October 2019 the Finnish Financial Supervisory Authority gave its formal approval to terminate the conglomerate rules (FICO).
Going forward Sampo Group calculates its group solvency only under the Solvency II rules and Nordea will be treated as an equity investment. Sampo Group's solvency ratio according to the Solvency II directive amounted to 178 per cent (140) at the end of September 2019. The pro forma Solvency II ratio at the end of June 2019 amounted to 170 per cent. The potential dividend has not been deducted from own funds in the Solvency II calculation. According to the FICO rules the solvency ratio was 125 per cent (147) at the end of September 2019.
The consolidation of Nordea as an associated company in Sampo Group's Financial Statements (IFRS) will remain unchanged.
Solvency position in the subsidiaries
The insurance subsidiaries apply Solvency II rules in their regulatory solvency calculations. If Group companies use either partial internal models or standard model for calculation of their solo solvency position. Mandatum Life reports in accordance with standard formula for Solvency II. Topdanmark uses a partial internal model to report its stand-alone solvency position.
If Group has an A+ rating from S&P which will continue to require significantly more capital than the standard formula and therefore the use of standard formula has no practical implications on If Group's capital position. On 30 September 2019 If Group's Solvency II capital requirement under standard formula amounted to EUR 1,846 million (1,833) and own funds to EUR 3,212 million (3,599). The solvency ratio amounted to 174 per cent (196).
The S&P A+ rating capital requirement for If Group amounted to EUR 3,026 million (2,949) on 30 September 2019 and the capital base was EUR 3,534 million (3,149).
Topdanmark calculates most of its non-life and health risks and their respective solvency capital requirement by a partial internal model approved by the DFSA. Other risks are calculated by Solvency II SCR standard formula. Topdanmark's solvency ratio under the partial internal model was 185 per cent (196) at the end of September 2019.
Mandatum Life's solvency ratio after transitional measures amounted to 178 per cent (176) on 30 September 2019. Own funds was EUR 2,051 million (1,740) and Solvency Capital Requirement (SCR) was EUR 1,152 million (990). The increase in own funds is mostly due to the Tier 2 issue of EUR 250 million in September 2019. Without transitional measures, own funds would have amounted to EUR 1,683 million (1,348) and the solvency capital requirement to EUR 1,183 million (1,030) leading to a solvency ratio of 142 per cent (131).
More information on Sampo Group's capital policy is available in the Risk Management Report 2018 at www.sampo.com/year2018.
Sampo plc's debt financing on 30 September 2019 amounted to EUR 3,906 million (4,067) and interest bearing assets to EUR 1,045 million (2,114). Interest bearing assets include bank accounts, fixed income instruments and EUR 361 million (503) of hybrid capital and subordinated debt instruments issued by the subsidiaries and associated companies.
At the end of September 2019 the interest bearing net debt amounted to EUR 2,861 million (2,108). The net debt calculation takes into account interest bearing assets and liabilities. Gross debt to Sampo plc's equity was 57 per cent (52) and financial leverage 36 per cent (34).
On 26 September 2019 Mandatum Life issued 30NC5 Tier 2 notes of EUR 250 million due 4 October 2049.
At the end of September 2019 financial liabilities in Sampo plc's balance sheet consisted of issued senior bonds and notes of EUR 3,412 million (3,942) and subordinated notes of EUR 494 million. The average interest, net of interest rate swaps, on Sampo plc's debt as of 30 September 2019 was 1.3 per cent (0.80).
More information on Sampo Group's outstanding debt issues is available at www.sampo.com/debtfinancing.
Outlook for the rest of 2019
Sampo Group's business areas are expected to report good operating results for 2019.
However, the marked-to-market results are, particularly in life insurance, highly dependent on capital market developments. The continuing low interest rate level also creates a challenging environment for reinvestment in fixed income instruments.
If is expected to reach a combined ratio of 84 - 86 per cent in 2019.
With regard to Topdanmark reference is made to the profit forecast model that the company publishes quarterly.
Nordea's contribution to the Group's profit is expected to be significant.
The major risks and uncertainties to the Group in the near-term
In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties mainly through its separately managed major business units.
Major risks affecting the Group companies' profitability and its variation are market, credit, insurance and operational risks that are quantified independently by the major business units. At the group level sources of risks are the same, but they are not directly additive because of diversification effects.
Uncertainties in form of major unforeseen events may have an immediate impact on the Group's profitability. Identification of unforeseen events is easier than estimation of their probabilities, timing and potential outcomes. Currently there are a number of widely identified macro-economic, political and other sources of uncertainty which can, in various ways, affect the financial services industry negatively. Especially the political risks are at an elevated level at the moment.
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified trends and potential wide-impact events. These external drivers may have long-term impacts on how business shall be conducted. Examples of already identified trends are technological development in areas such as artificial intelligence and digitalization, demographic changes and sustainability issues that may have profound effects on financial sector companies as well.
Board of Directors
For more information, please contact:
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Jarmo Salonen, Head of Investor Relations and Group Communications, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
An English-language conference call for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +44 (0)333 300 0804, +46 (0)8 5664 2651, +1 855 8570 686 or +358 (0)9 8171 0310. The conference code is 50866649#.
The conference call can also be followed live at www.sampo.com/result. A recorded version will later be available at the same address.
In addition, the Supplementary Financial Information Package is available at www.sampo.com/result.
Sampo will publish the Full-year Financial Report 2019 on 6 February 2020.
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