Last checked at 4 Nov 2009 06:30
Sampo / 3rd Quarter Results 04.11.2009 08:30 Dissemination of a UK Regulatory Announcement, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.--------------------------------------------------------------------------- SAMPO PLC INTERIM REPORT 4 November 2009, at 9.30 am SAMPO GROUP'S RESULTS FOR JANUARY - SEPTEMBER 2009 MARKED TO MARKET RESULT EXCEEDED EUR 3.5 BILLION Total comprehensive income for the period, taking changes in the market value ofassets into account, rose to EUR 3,524 million (-743). Sampo Group reported a profit before taxes for January - September 2009 of EUR 625 million (664). Earnings per share amounted to EUR 0.88 (0.91). Earnings per share, including the change in the fair value reserve, shot up to EUR 6.05 (-1.19). - Sampo Group's net asset value per share increased to EUR 13.76 (8.28). The fair value reserve on the Group level rose by more than EUR 2.9 billion from theend of 2008 and was EUR 538 million (-2,364). - Profit before taxes in P&C insurance increased to EUR 476 million (395) and the combined ratio remained stable at 92.0 per cent (91.8). The third quarter profit at fair value was higher than ever before in If P&C's history. - Profit before taxes in life insurance was EUR 85 million (114). Marked to market profit rose to EUR 535 million (-327). Premium income grew 35 percent to EUR 513 million (381). Market share in unit-linked insurance in Finland grew to 26.6 per cent (20.9). - The segment 'Holding' reported a profit before taxes of EUR 41 million (155). The profit contains EUR 80 million of dividends (130) received from Nordea in April 2009. - Sampo's Board applied on 27 August 2009 from the Swedish Financial SupervisoryAuthority for permission to increase the holding in Nordea Bank AB (publ) above 20 per cent. The permission was granted on 20 October 2009. On 2 November 2009 Sampo plc held 802,759,000 Nordea shares and owned 19.88 per cent of company's total capital. Average price paid per share amounted to EUR 6.38. Nordea's closing price on 2 November 2009 was EUR 7.29. --------------------------------------------------------------------------------| KEY FIGURES | 1-9 | 1-9 | Change | Q3 | Q3 | Change |--------------------------------------------------------------------------------| EURm | 2009 | 2008 | % | 2009 | 2008 | % |--------------------------------------------------------------------------------| Profit before taxes | 625 | 664 | -6 | 192 | 242 | -20 |--------------------------------------------------------------------------------| P&C insurance | 476 | 395 | 21 | 167 | 213 | -21 |--------------------------------------------------------------------------------| Life insurance | 85 | 114 | -25 | 32 | 22 | 45 |--------------------------------------------------------------------------------| Holding | 41 | 155 | -74 | -12 | 6 | - |--------------------------------------------------------------------------------| Profit for the period | 493 | 521 | -6 | 148 | 175 | -15 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | Change | | | Change |--------------------------------------------------------------------------------| Earnings per share, EUR | 0.88 | 0.91 | -0.03 | 0.27 | 0.31 | -0.04 |--------------------------------------------------------------------------------| EPS (incl. change in | 6.05 | -1.19 | 7.24 | 2.72 | -0.29 | 3.01 || FVR) EUR | | | | | | |--------------------------------------------------------------------------------| NAV per share, EUR *) | 13.76 | 8.28 | 5.48 | - | - | - |--------------------------------------------------------------------------------| Average number of staff | 7,376 | 7,029 | 347 | - | - | - || (FTE) | | | | | | |--------------------------------------------------------------------------------| Group solvency ratio, % | 810.8 | 433.6 | 377.2 | - | - | - || *) | | | | | | |--------------------------------------------------------------------------------| RoE, % | 73.1 | -12.9 | 86.0 | - | - | - |-------------------------------------------------------------------------------- *) comparison figure from 31.12.2008 The figures in this report are not audited. Income statement items are compared on a year-on-year basis whereas comparison figures for balance sheet items are from 31 December 2008 unless otherwise stated. TREATMENT OF NORDEA AS AN ASSOCIATED COMPANY Sampo's holding in Nordea is expected to exceed 20 percent by the end of 2009 and then Nordea will be accounted by equity method in Sampo Group's accounts. In connection with this the carrying value of the Nordea shares held by Sampo, and valued at fair value, will be reinstated at acquisition cost. The ensuing reduction of the fair value reserve will decrease Sampo Group's equity. The equity accounting of Nordea will, however, have no effect on Sampo Group's net asset value reported at fair value. Sampo Group's solvency capital will include the proportion of Nordea's solvency capital corresponding to Sampo's shareholding reduced by the acquisition price for the shares. Sampo Group's minimum solvency requirement will similarly increase with the same proportion of Nordea's minimum solvency requirement. Accounting by equity method is expected to commence on 31 December 2009. THIRD QUARTER 2009 IN BRIEF For the third quarter of 2009 Sampo Group reported a profit before taxes of EUR 192 million (242). Earnings per share were EUR 0.27 (0.31). Taking the change inthe fair value reserve into account earnings per share rose to EUR 2.72 (-0.29). Net asset value per share increased in the third quarter of 2009 by EUR 2.89. The change in the fair value reserve on the Group level amounted to EUR 1,375 million. P&C insurance reported a profit before taxes of EUR 167 million (213) for the third quarter. The combined ratio amounted to 90.9 per cent (90.6). Premium income in euros decreased four percent to EUR 715 million (744) due to weakness of Swedish and Norwegian currencies. Profit before taxes for Sampo Group's life insurance operations amounted to EUR 32 million (22). Solvency capital continued to strengthen and the solvency ratiorose to 16.8 per cent from 11.6 per cent at the end of June 2009. Premiums written increased to EUR 181 million (148). Segment 'Holding' reported a loss before taxes of EUR 12 million (6) in the third quarter of 2009 due to finance cost of EUR 16 million. BUSINESS AREAS P&C insurance If P&C is the leading property and casualty insurance company in the Nordic region, with insurance operations that also encompass the Baltic countries and Russia. The P&C insurance group's parent company, If P&C Insurance Holding Ltd, is located in Sweden, and the If subsidiaries provide insurance solutions and services in Finland, Sweden, Norway, Denmark, the Baltic countries and Russia. If's operations are divided into four business areas: Private, Commercial, Industrial and Baltic & Russia. --------------------------------------------------------------------------------| KEY FIGURES | 1-9 | 1-9 | Change | Q3 | Q3 | Change |--------------------------------------------------------------------------------| EURm | 2009 | 2008 | % | 2009 | 2008 | % |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Premiums, net | 2,889 | 3,096 | -7 | 715 | 744 | -4 |--------------------------------------------------------------------------------| Net income from | 284 | 180 | 58 | 93 | 130 | -29 || investments | | | | | | |--------------------------------------------------------------------------------| Other operating | 17 | 20 | -14 | 6 | 6 | 4 || income | | | | | | |--------------------------------------------------------------------------------| Claims incurred | -1,847 | -1,971 | -6 | -613 | -654 | -6 |--------------------------------------------------------------------------------| Change in insurance | -177 | -212 | -16 | 201 | 228 | -12 || liabilities | | | | | | |--------------------------------------------------------------------------------| Staff costs | -347 | -346 | 0 | -127 | -120 | 6 |--------------------------------------------------------------------------------| Other expenses | -321 | -352 | -9 | -100 | -114 | -12 |--------------------------------------------------------------------------------| Finance costs | -22 | -22 | 4 | -7 | -8 | -5 |--------------------------------------------------------------------------------| Profit before taxes | 476 | 395 | 21 | 167 | 213 | -21 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | Change | | | Change |--------------------------------------------------------------------------------| Combined ratio, % | 92.0 | 91.8 | 0.2 | 90.9 | 90.6 | 0.3 |--------------------------------------------------------------------------------| Risk ratio, % | 68.1 | 68.3 | -0.2 | 66.9 | 67.3 | -0.3 |--------------------------------------------------------------------------------| Cost ratio, % | 23.8 | 23.5 | 0.3 | 24.0 | 23.3 | 0.7 |--------------------------------------------------------------------------------| Expense ratio, % | 17.3 | 17.1 | 0.2 | 17.3 | 17.1 | 0.2 |--------------------------------------------------------------------------------| Return on equity, % | 54.0 | 0.2 | 53.8 | - | - | - |--------------------------------------------------------------------------------| Average number of | 6,863 | 6,562 | 301 | - | - | - || staff | | | | | | || (FTE) | | | | | | |-------------------------------------------------------------------------------- Profit before taxes for P&C insurance for the first three quarters of 2009 grew more than 20 percent to EUR 476 million (395). Technical result was EUR 374 million (419). Of the technical result, business area Private accounted for 50 per cent, Commercial for 28 per cent, Industrial for 15 per cent and Baltic and Russia for 5 per cent. Insurance margin (technical result in relation to net premiums earned) was 13.8 per cent (14.4). Return on equity (RoE) at market values improved to 54.0 per cent (0.2). Fair value reserve at the end of September 2009 was EUR 28 million (-414). Combined ratio for January - September 2009 was 92.0 per cent (91.8). Risk ratioimproved to 68.1 percent (68.3) but cost ratio weakened to 23.8 per cent (23.5).Cost ratio deteriorated in all business areas due to the volume decline following the recession. The consolidation of Russian business contributed 0.2 percentage points to the weakening. Due to decreasing risk ratio the combined ratio improved in business area Industrial and was 90.9 per cent (94.9). In other business areas combined ratiosweakened slightly with Private at 92.3 per cent (91.5) and Commercial at 93.1 per cent (92.6). Combined ratio for Baltic and Russia weakened by 5 percentage points but was still very strong at 89.4 per cent (84.4). Combined ratio in Finland improved to 85.2 per cent (88.1) due to favourable development of both risk and cost ratios. In other countries the combined ratiosweakened with Sweden at 94.6 per cent (92.7), Norway at 95.0 per cent (94.4) andDenmark at 92.7 per cent (91.6). During 2009 If has implemented a number of profitability actions, e.g. significant premium increases in Norway and Denmark. Gross written premiums decreased seven percent to EUR 3,083 million (3,317). With fixed currency rates the premiums grew 0.3 percent, compared to the same period in 2008, with significant effects from the economic downturn. Premiums grew in business area Private with 1.6 percent and in business area Industrial with 1.1 percent, whereas they decreased in business area Commercial with 0.5 percent and in business area Baltic&Russia with 12.0 percent. The notable weakening in the average exchange rate of the Swedish and Norwegian currencies against euro in 2009 is reflected also in the growth figures of e.g. claims and technical result in euros. Claims incurred decreased by 6 per cent to EUR 1,847 million (1,971). Risk ratioimproved to 68.1 per cent (68.3). EUR 79 million (80) was released from the technical reserves relating to prior year claims. Reserve ratio was 172 percent (177) of net premiums written and 240 per cent (250) of claims paid. Reported net income from investments grew more than 50 percent to EUR 284 million (180) in the first three quarters of 2009. Realized gains and losses also contain impairment losses of EUR 22 million. During the same period the fair value reserve in the P&C insurance segment grew by EUR 442 million to EUR 28 million. On 30 September 2009 total investment assets amounted to EUR 10.8 billion (9.0),of which 90 per cent (95) was invested in fixed income instruments, 9 per cent (5) in equity and 1 per cent (1) in other assets. Investment return at market values for January-September 2009 was 10.1 per cent (-1.7). At the end of September 2009 the duration for interest bearing assets was 2.5 years (3.1) and running yield on fixed income instruments was 4 per cent. On 30 September 2009 solvency capital amounted to EUR 3,133 million (2,221) and the solvency ratio (solvency capital in relation to net premiums written) strengthened further to 83 per cent (66). Life insurance Mandatum Life Group consists of Mandatum Life, a wholly-owned subsidiary of Sampo plc, operating in Finland, and its subsidiary Sampo Life Insurance Baltic SE, which has the form of a European company and is headquartered in Estonia. Itoperates in the other Baltic countries through branches. --------------------------------------------------------------------------------| KEY FIGURES | 1-9 | 1-9 | Change | Q3 | Q3 | Change |--------------------------------------------------------------------------------| EURm | 2009 | 2008 | % | 2009 | 2008 | % |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Premiums | 513 | 381 | 35 | 181 | 148 | 22 |--------------------------------------------------------------------------------| Net income from | 495 | -94 | - | 244 | -111 | - || investments | | | | | | |--------------------------------------------------------------------------------| Claims incurred | -466 | -623 | -25 | -154 | -211 | -27 |--------------------------------------------------------------------------------| Change in liabilities | -395 | 512 | - | -217 | 215 | - || for | | | | | | || inv. and ins. | | | | | | || contracts | | | | | | |--------------------------------------------------------------------------------| Staff costs | -20 | -17 | 15 | -7 | -5 | 32 |--------------------------------------------------------------------------------| Other expenses | -37 | -36 | 2 | -13 | -11 | 12 |--------------------------------------------------------------------------------| Finance costs | -6 | -9 | -30 | -2 | -3 | -37 |--------------------------------------------------------------------------------| Profit before taxes | 85 | 114 | -25 | 32 | 22 | 45 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | Change | | | |--------------------------------------------------------------------------------| Expense ratio, % | 116.5 | 112.1 | 4.4 | | | |--------------------------------------------------------------------------------| Return on equity, % | 116.5 | -51.6 | 168.1 | | | |--------------------------------------------------------------------------------| Average number of | 459 | 414 | 45 | | | || staff (FTE) | | | | | | |-------------------------------------------------------------------------------- Profit before taxes in life insurance for January - September 2009 was EUR 85 million (114). Net investment income, excluding income on unit-linked contracts,amounted to EUR 205 million (235). Realized gains and losses also contain impairment losses of EUR 96 million. Net income from unit-linked investments wasEUR 290 million (-330). Fair value reserve strengthened by EUR 337 million from the end of 2008 and was EUR 146 million (-192) on 30 September 2009. The annualized return on equity (RoE) in life insurance was 116.5 per cent (-51.6). Excluding the assets of EUR 2.2 billion (1.6) covering unit-linked liabilities, Mandatum Life Group's investment assets amounted to EUR 5.2 billion (4.7) at market values on 30 September 2009. Fixed income covered 73 per cent (78), equity 19 per cent (12), private equity 4 per cent (5), real estate 3 per cent (3) and other instruments 2 per cent (2) of the total assets. Return on investments at market values for January - September 2009 was 14.0 percent (-4.1). At the end of September 2009 the duration of fixed income assets was 2.6 years (2.4) and running yield on fixed income instruments was 5.3 per cent. Mandatum Life Group's expense ratio was 116 per cent (112). Taking into account all fee income intended to cover expenses, expense ratio was 98 % (89). The slight increase in costs is related to start-up costs of the new wealth management services and the fact that Mandatum Life does not defer acquisition costs. Mandatum Life Group's solvency capital amounted to EUR 832 million (384) on 30 September 2009 clearly exceeding the regulatory requirements. Solvency ratio was16.8 per cent (7.9). Total technical reserves were EUR 6.6 billion (6.1), from which unit-linked reserves accounted for EUR 2.1 billion (1.6). The share of unit-linked reserves of total technical reserves was 32 per cent (25). Mandatum Life Group's premium income on own account for the first three quartersof 2009 was EUR 513 million (381). Unit-linked premiums increased to EUR 355 million (212) and the share of unit-linked premiums was 69 per cent of total premiums (55). Growth is mainly driven by Mandatum Life's own wealth management services and its successful co-operation with existing corporate channels. Mandatum Life's market share measured by premium income in unit-linked insurancein Finland rose to 26.6 per cent (20.9). The overall market share was 23.6 per cent (19.2). Premium income from the Baltic operations increased to EUR 29 million (25). Market share in the Baltic countries at the end of August 2009 increased to 15 per cent (12) and unit-linked market share to 25 per cent (18). Holding Sampo plc controls its subsidiaries engaged in P&C and life insurance. In addition Sampo plc held on 30 September 2009 approximately 19.8 per cent of the share capital of Nordea, the largest bank in the Nordic countries. --------------------------------------------------------------------------------| KEY FIGURES | 1-9 | 1-9 | Change | Q3 | Q3 | Change |--------------------------------------------------------------------------------| EURm | 2009 | 2008 | % | 2009 | 2008 | % |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Net investment | 93 | 198 | -53 | 6 | 18 | -66 || income | | | | | | |--------------------------------------------------------------------------------| Other operating | 9 | 4 | 152 | 3 | 2 | 57 || income | | | | | | |--------------------------------------------------------------------------------| Staff costs | -8 | -9 | -13 | -2 | -3 | -12 |--------------------------------------------------------------------------------| Other expenses | -14 | -10 | 32 | -3 | -2 | 41 |--------------------------------------------------------------------------------| Finance costs | -39 | -27 | 43 | -16 | -9 | 77 |--------------------------------------------------------------------------------| Profit before taxes | 41 | 155 | -74 | -12 | 6 | - |----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | Change | | | |--------------------------------------------------------------------------------| Average number of | 54 | 53 | 1 | | | || staff (FTE) | | | | | | |-------------------------------------------------------------------------------- Holding segment reported a profit before taxes of EUR 41 million (155) for the first three quarters of 2009. The profit contains EUR 80 million (130) in dividends received from Nordea in April 2009 and a loss of EUR 19 million due toSampo plc selling its holding in Topdanmark to its fully-owned subsidiary If P&CInsurance Holding Ltd in the first quarter of the year. The loss is eliminated in the consolidated Group accounts. The fair value reserve strengthened by EUR 902 million to EUR 381 million (-521)in the third quarter and by EUR 2,140 million from the end of 2008. On 30 September 2009 Sampo plc held shares in Nordea Bank to a market value of EUR 5.5 billion. All in all Sampo plc has invested EUR 5.1 billion in Nordea andon 30 September 2009 held 800,000,000 Nordea shares corresponding to a holding of 19.8 per cent. Average price paid per share amounted to EUR 6.38 and the closing price of Nordea on 30 September 2009 was EUR 6.86. Other Sampo Group companies held no shares in Nordea. In addition Sampo plc had approximately EUR 120 million in cash and short-term fixed income instruments as liquidity reserve. Sampo plc's assets also include holdings in subsidiaries for EUR 2.4 billion (2.4). On 30 September 2009 Sampo plc's balance sheet liabilities include issued seniorbonds and notes of EUR 949 million and EUR 460 million of outstanding CPs issuedunder its domestic CP programme. After the exchange offer EUR 37 million of the subordinated note remains on the balance sheet. Net debt on 30 September amounted to EUR 1,353 million (500). Sampo plc signed a EUR 200 million revolving credit facility in April 2009. The facility is undrawn. DEVELOPMENTS IN THE THIRD QUARTER OF 2009 Administration On 27 August 2009 Sampo's Board of Directors nominated Timo Vuorinen as a memberof Group Executive Committee starting from 1 September 2009. Vuorinen is responsible for BA Baltic and Russia in If P&C Insurance, Sampo plc's subsidiary, and Managing Director of If P&C Insurance Company Ltd (Finland). Changes in group structure If P&C Insurance Holding Ltd finalized the project of combining its Baltic subsidiaries into one company on 1 July 2009. The new company, If P&C Insurance AS, operates in all the Baltic countries and has its domicile in Estonia and branches in Latvia and Lithuania. On 17 July 2009 Mandatum Life sold its Topdanmark shares to If P&C. All Topdanmark shares owned by Sampo Group are now held by If P&C. The holding amounts to 1,889,076 shares corresponding to 11.2 per cent of Topdanmark's sharecapital. Shares and share capital On 30 September 2009 Sampo plc had 561,372,390 shares, divided into 560,172,390 A shares and 1,200,000 B shares. Sampo plc's share capital amounted to EUR 98 million (98) on 30 September 2009. The Annual General Meeting held on 7 April 2009 authorized the Board to acquire in one or several lots a maximum of 50,000,000 Sampo A shares. Shares can be repurchased in other proportion than the shareholders' proportional shareholdings (private repurchase). The authorization will be valid until the close of the next Annual General Meeting, nevertheless not more than 18 months after AGM's decision. During the first nine months of 2009 Sampo plc did not repurchase its own shares. On 30 September 2009 none of the companies in Sampo Group held any shares in Sampo plc. Staff The number of full-time equivalent staff decreased in January - September 2009 to 7,219 employees on 30 September 2009 from 7,458 employees on 31.12.2008. Approximately 93 per cent of the staff worked in P&C insurance, 6 per cent in life insurance and 1 per cent in the holding company. Geographically, 30 per cent worked in Finland, 26 per cent in Sweden, 22 per cent in Norway and 21 per cent in the Baltic countries and Russia, Denmark and other countries. The average number of employees during the first three quarters of 2009 was 7,376 compared with 7,029 in the same period previous year. Management incentive schemes The management incentive schemes in Sampo Group are of two types; long-term management incentive schemes and a share-based incentive scheme. No payments based on these schemes have been made during 2009. Continuity is emphasized in committing and remunerating Sampo Group's managementand other key employees. Sampo plc's Board of Directors decided on 27 August 2009 to adopt a new long-term incentive scheme 2009:1. The scheme complements earlier schemes and is targeted at Sampo Group's management and other key employees. Currently 117 key employees are participating in the scheme. The terms of the incentive scheme 2009:1 and other schemes are available on Sampo's internet site at www.sampo.com/compensation. Ratings All the main ratings for Sampo Group companies remained unchanged in the third quarter of 2009. --------------------------------------------------------------------------------| Rated company | Moody's | Standard and Poor's |--------------------------------------------------------------------------------| | Rating | Outlook | Rating | Outlook |--------------------------------------------------------------------------------| Sampo plc | Baa2 | Stable | Not rated | - |--------------------------------------------------------------------------------| If P&C Insurance Ltd | A2 | Stable | A | Stable || (Sweden) | | | | |--------------------------------------------------------------------------------| If P&C Insurance Company | A2 | Stable | A | Stable || Ltd | | | | || (Finland) | | | | |-------------------------------------------------------------------------------- Group solvency The Group solvency is based on adjusted solvency calculation method for insurance groups according to the Decree of the Ministry of Social Affairs and Health (1106/2000), Chapter 7.1 ?. The adjusted solvency is determined on the basis of the Group financial statements as permitted by the Insurance Supervisory Authority. The Group's solvency ratio (own funds in relation to minimum requirements for own funds) on 30 September 2009 was 810.8 per cent (433.6). --------------------------------------------------------------------------------| SAMPO GROUP SOLVENCY | 30 September 2009 | 31 December 2008 |--------------------------------------------------------------------------------| EURm | | |--------------------------------------------------------------------------------| Group capital | 7,715 | 4,631 |--------------------------------------------------------------------------------| Sectoral items | 633 | 391 |--------------------------------------------------------------------------------| Intangibles and other deductibles | -1,389 | -1,571 |--------------------------------------------------------------------------------| Group's own funds, total | 6,960 | 3,452 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Minimum requirements for own | 858 | 796 || funds, total | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group solvency | 6,101 | 2,656 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group solvency ratio | | |--------------------------------------------------------------------------------| (Own funds % of minimum | 810.8 | 433.6 || requirements) | | |-------------------------------------------------------------------------------- In Sampo Group risks are assessed and aggregated internally using an economic capital framework, which quantifies the amount of capital required to protect the economic solvency over a one year time horizon. The economic capital tied up in Group's operations on 30 September 2009 was EUR 3,279 million (1,959) at 99.5 per cent's confidence level. The upcoming SolvencyII regulations will use a confidence level of 99.5 per cent. The change in the economic capital required was based on the increase of the Nordea holding. As Nordea is not yet consolidated in the Group accounts, it is treated in the calculation as an equity investment. OUTLOOK FOR THE REST OF 2009 Financial conditions have improved significantly during the last quarter and many economies are on the verge of starting to expand again. Market sentiment has rebounded with banks raising capital and wholesale funding markets reopening. The pace of recovery will, however, not be explosive and consumers cannot be expected to boost the growth with current employment outlook. Volatility remains high and injects a measure of uncertainty into any forecast for the immediate future. Sampo Group is expected to report a good result for 2009 largely based on the earnings of the P&C insurance operation. Improving asset values are reflected invaluations of Sampo Group's investment assets and the returns achieved. Marked to market result is expected to be very good. The insurance technical result of If P&C is not expected to suffer in 2009 from the macro economic development. If P&C is expected to reach a combined ratio of 92 - 93 per cent, well below its long-term target of 95 per cent. A dividend of EUR 400 million is planned to be paid to Sampo plc in December 2009, in additionto an earlier dividend of approximately EUR 100 million in May 2009. Mandatum Life's reported pre-tax profit is expected to remain stable at the samelevel as in earlier quarters of 2009. The marked to market result for 2009 will be significantly higher barring any dramatic adverse changes in the investment markets during the rest of the year. Sampo plc is expected to increase its holding in Nordea to exceed 20 per cent before the end of 2009 and to start accounting the holding with equity method asof 31 December 2009. SAMPO PLC Board of Directors For more information, please contact: Peter Johansson, Group CFO, tel. +358 10 516 0010 Jarmo Salonen, Head of Investor Relations and Group Communications, tel. +358 10516 0030 Maria Silander, Press Officer, tel. +358 10 516 0031 A telephone conference in English for investors and analysts on the third quarter results will be held at 4 pm Finnish time (2 pm UK time). Please call +44?207 162 0025 (UK/European) or +1 334 323 6201 (North American). Password: SAMPO. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/ir. A recorded version will later be available at the same address. In addition, a webcast of Group CEO and President Kari Stadigh's review of developments in the third quarter of 2009 and supplementary information are available at www.sampo.com/ir. Sampo will publish the full-year 2009 Financial Statement Release on 11 February2010. DISTRIBUTION: NASDAQ OMX Helsinki The principal media Financial Supervisory Authority www.sampo.com --------------------------------------------------------------------------------| GROUP FINANCIAL REVIEW | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| FINANCIAL HIGHLIGHTS | | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| GROUP | | | |--------------------------------------------------------------------------------| Profit before taxes | EURm | 625 | 664 |--------------------------------------------------------------------------------| Return on equity (at fair value) | % | 73.1 | -12.9 |--------------------------------------------------------------------------------| Return on assets (at fair value) | % | 22.4 | -2.0 |--------------------------------------------------------------------------------| Equity/assets ratio | % | 28.8 | 25.2 |--------------------------------------------------------------------------------| Group solvency (1)) | EURm | 6,101 | 4,796 |--------------------------------------------------------------------------------| Group solvency ratio | % | 810.8 | 655.9 |--------------------------------------------------------------------------------| Average number of staff | | 7,376 | 7,029 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| PROPERTY & CASUALTY INSURANCE | | | |--------------------------------------------------------------------------------| Premiums written before reinsurers' | EURm | 3,083 | 3,317 || share | | | |--------------------------------------------------------------------------------| Premiums earned | EURm | 2,712 | 2,884 |--------------------------------------------------------------------------------| Profit before taxes | EURm | 476 | 395 |--------------------------------------------------------------------------------| Return on equity (at current value) | % | 54.0 | 0.2 |--------------------------------------------------------------------------------| Risk ratio (2)) | % | 68.1 | 68.3 |--------------------------------------------------------------------------------| Cost ratio (2)) | % | 23.8 | 23.5 |--------------------------------------------------------------------------------| Loss ratio (2)) | % | 75.8 | 76.2 |--------------------------------------------------------------------------------| Loss ratio excl. unwinding of discount | % | 74.7 | 74.7 || (3)) | | | |--------------------------------------------------------------------------------| Expense ratio (2)) | % | 17.3 | 17.1 |--------------------------------------------------------------------------------| Combined ratio | % | 93.1 | 93.4 |--------------------------------------------------------------------------------| Combined ratio excl. unwinding of | % | 92.0 | 91.8 || discount | | | |--------------------------------------------------------------------------------| Average number of staff | | 6,863 | 6,562 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| LIFE INSURANCE | | | |--------------------------------------------------------------------------------| Premiums written before reinsurers' | EURm | 519 | 388 || share | | | |--------------------------------------------------------------------------------| Profit before taxes | EURm | 85 | 114 |--------------------------------------------------------------------------------| Return on equity (at current value) | % | 116.5 | -51.6 |--------------------------------------------------------------------------------| Expense ratio | % | 116.5 | 112.1 |--------------------------------------------------------------------------------| Average number of staff | | 459 | 414 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| HOLDING | | | |--------------------------------------------------------------------------------| Profit before taxes | EURm | 41 | 155 |--------------------------------------------------------------------------------| Average number of staff | | 54 | 53 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| PER SHARE KEY FIGURES | | | |--------------------------------------------------------------------------------| Earnings per share | EUR | 0.88 | 0.91 |--------------------------------------------------------------------------------| Earnings per share, incl. change in | | | || fair value | | | |--------------------------------------------------------------------------------| reserve | EUR | 6.05 | -1.19 |--------------------------------------------------------------------------------| Capital and reserves per share | EUR | 13.74 | 10.95 |--------------------------------------------------------------------------------| Net asset value per share | EUR | 13.76 | 10.98 |--------------------------------------------------------------------------------| Adjusted share price, high | EUR | 17.60 | 19.30 |--------------------------------------------------------------------------------| Adjusted share price, low | EUR | 8.63 | 14.74 |--------------------------------------------------------------------------------| Market capitalisation | EURm | 9,661 | 9,039 |-------------------------------------------------------------------------------- (1)) The Group solvency is based on adjusted solvency calculations for insurance groups according to the Decree of the Ministry of Social Affairs and Health (1106/2000), Chapter 7.1 ?. The adjusted solvency is determined on the basis of the Group financial statements as permitted by the Financial Supervisory Authority (former Insurance Supervisory Authority ). (2)) The key figures for P&C Insurance are based on activity based costs and cannot, therefore, be calculated directly from the consolidated income statement. The result analysis of P&C insurance is presented in note 13. In calculating the per share key figures, the number of shares used at the balance sheet date and as the average number of shares during the period was 561,372,390. In calculating the key figures, the tax corresponding to the result for the accounting period has been taken into account. The valuation differences of investment property and held-to-maturity debt securities have been taken into account in return on assets, return on equity, equity/assets ratio and net assetvalue per share. Additionally, the change in fair value reserve has been taken into account in return on assets and return on equity. A deferred tax liability has been deducted from the valuation differences. The key figures for the insurance business have been calculated in accordance with the decree issued by the Ministry of Finance and the specifying regulationsand instructions of the Finance Supervisory Authority (former Insurance Supervisory Authority). --------------------------------------------------------------------------------| CALCULATION OF KEY FIGURES | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Return on equity (fair values), % | |--------------------------------------------------------------------------------| + profit before taxes | |--------------------------------------------------------------------------------| + change in fair value reserve | |--------------------------------------------------------------------------------| + change in valuation differences on investments | |--------------------------------------------------------------------------------| - tax (incl. change in deferred tax relating to | x 100 % || valuation differences on investments) | |--------------------------------------------------------------------------------| + total equity | |--------------------------------------------------------------------------------| + valuation differences on investments after deduction | || of deferred tax | |--------------------------------------------------------------------------------| (average of values 1 Jan. and the end of reporting | || period) | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Return on assets (at fair values), % | |--------------------------------------------------------------------------------| + operating profit | |--------------------------------------------------------------------------------| + interest and other financial charges | |--------------------------------------------------------------------------------| + calculated interest on technical provisions | |--------------------------------------------------------------------------------| + change in fair value reserve | |--------------------------------------------------------------------------------| + change in valuation differences on investments | x 100 % |--------------------------------------------------------------------------------| + balance sheet total | |--------------------------------------------------------------------------------| - technical provisions relating to unit-linked | || insurance | |--------------------------------------------------------------------------------| + valuation differences on investments | |--------------------------------------------------------------------------------| (average of values on 1 Jan. and the end of the | || reporting period) | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity/assets ratio (at fair values), % | |--------------------------------------------------------------------------------| + total equity | |--------------------------------------------------------------------------------| + valuation differences on investments after deduction | x 100 % || of deferred tax | |--------------------------------------------------------------------------------| + balance sheet total | |--------------------------------------------------------------------------------| + valuation differences on investments | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Risk ratio for P&C Insurance, % | |--------------------------------------------------------------------------------| + claims incurred | |--------------------------------------------------------------------------------| - claims settlement expenses | x 100 % |--------------------------------------------------------------------------------| insurance premiums earned | |--------------------------------------------------------------------------------| | |--------------------------------------------------------------------------------| Cost ratio for P&C Insurance, % | |--------------------------------------------------------------------------------| + operating expenses | |--------------------------------------------------------------------------------| + claims settlement expenses | x 100 % |--------------------------------------------------------------------------------| insurance premiums earned | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Loss ratio for P&C Insurance, % | |--------------------------------------------------------------------------------| claims incurred | x 100 % |--------------------------------------------------------------------------------| insurance premiums earned | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Expense ratio for P&C Insurance, % | |--------------------------------------------------------------------------------| operating expenses | x 100 % |--------------------------------------------------------------------------------| insurance premiums earned | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Combined ratio for P&C Insurance, % | |--------------------------------------------------------------------------------| Loss ratio + expense ratio | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Expense ratio for life insurance, % | |--------------------------------------------------------------------------------| + operating expenses before change in deferred | || acquisition costs | |--------------------------------------------------------------------------------| + claims settlement expenses | x 100 % |--------------------------------------------------------------------------------| expense charges | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Per share key figures | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Earnings per share | |--------------------------------------------------------------------------------| profit for the financial period attributable to the | || parent | |--------------------------------------------------------------------------------| company's equity holders | |--------------------------------------------------------------------------------| adjusted average number of shares | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity per share | |--------------------------------------------------------------------------------| equity attributable to the parent company's equity | || holders | |--------------------------------------------------------------------------------| adjusted number of shares at the balance sheet date | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Net asset value per share | |--------------------------------------------------------------------------------| + equity attributable to the parent company's equity | || holders | |--------------------------------------------------------------------------------| + valuation differences after the deduction of deferred | || taxes | |--------------------------------------------------------------------------------| adjusted number of shares at balance sheet date | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Market capitalisation | |--------------------------------------------------------------------------------| number of shares at the balance sheet date | |--------------------------------------------------------------------------------| x closing share price at the balance sheet date | |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| GROUP QUARTERLY INCOME | | | | | || STATEMENT | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| EURm | 7-9/ | 4-6/ | 1-3/ | 10-12/ | 7-9/ || | 2009 | 2009 | 2009 | 2008 | 2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Insurance premiums | 896 | 1,036 | 1,470 | 872 | 892 || written | | | | | |--------------------------------------------------------------------------------| Net income from | 348 | 384 | 165 | -6 | 37 || investments | | | | | |--------------------------------------------------------------------------------| Other operating income | 6 | 5 | 3 | 11 | 5 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Claims incurred | -767 | -729 | -818 | -761 | -865 |--------------------------------------------------------------------------------| Change in liabilities | -17 | -165 | -390 | 367 | 443 || for insurance and | | | | | || investment contracts | | | | | |--------------------------------------------------------------------------------| Staff costs | -136 | -125 | -115 | -120 | -127 |--------------------------------------------------------------------------------| Other operating | -115 | -122 | -129 | -140 | -127 || expenses | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Finance costs | -23 | -21 | -17 | -16 | -17 |--------------------------------------------------------------------------------| Share of associates' | 0 | 0 | 0 | 0 | 0 || profit/loss | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit for the period | 192 | 264 | 169 | 206 | 242 || before taxes | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Taxes | -44 | -46 | -42 | -53 | -67 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit for the period | 148 | 217 | 127 | 153 | 175 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other comprehensive | | | | | || income for the period | | | | | |--------------------------------------------------------------------------------| Exchange differences | 102 | 17 | 10 | -186 | -54 || on translating foreign | | | | | || operations | | | | | |--------------------------------------------------------------------------------| Available-for-sale | 1,549 | 1,875 | -247 | -1,396 | -36 || financial assets | | | | | |--------------------------------------------------------------------------------| Cash flow hedges | 1 | -8 | 8 | 15 | - |--------------------------------------------------------------------------------| Income tax relating to | -175 | -143 | 42 | -99 | 13 || components of other | | | | | || comprehensive income | | | | | |--------------------------------------------------------------------------------| Other comprehensive | 1,477 | 1,741 | -186 | -1,665 | -77 || income for the period, | | | | | || net of tax | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| TOTAL COMPREHENSIVE | 1,624 | 1,959 | -59 | -1,512 | 98 || INCOME FOR THE PERIOD, | | | | | || NET OF TAX | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit attributable to | | | | | |--------------------------------------------------------------------------------| Owners of the parent | 148 | 217 | 127 | 153 | 175 |--------------------------------------------------------------------------------| Non-controlling | 0 | 0 | 0 | 0 | 0 || interests | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total comprehensive | | | | | || income attributable to | | | | | |--------------------------------------------------------------------------------| Owners of the parent | 1,625 | 1,958 | -59 | -1,512 | 98 |--------------------------------------------------------------------------------| Non-controlling | 0 | 0 | 0 | 0 | 0 || interests | | | | | |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| CONSOLIDATED COMPREHENSIVE INCOME | | | || STATEMENT | | | |--------------------------------------------------------------------------------| EURm | Note | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Insurance premiums written | 1 | 3,403 | 3,478 |--------------------------------------------------------------------------------| Net income from investments | 2 | 897 | 281 |--------------------------------------------------------------------------------| Other operating income | | 14 | 12 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Claims incurred | 3 | -2,314 | -2,594 |--------------------------------------------------------------------------------| Change in liabilities for insurance and | | -572 | 300 || investment contracts | | | |--------------------------------------------------------------------------------| Staff costs | 4 | -375 | -373 |--------------------------------------------------------------------------------| Other operating expenses | | -365 | -392 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Finance costs | | -62 | -50 |--------------------------------------------------------------------------------| Share of associates' profit/loss | | 0 | 2 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit before taxes | | 625 | 664 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Taxes | | -133 | -143 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit for the period | | 493 | 521 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other comprehensive income for the | | | || period | | | |--------------------------------------------------------------------------------| Exchange differences | | 130 | -62 |--------------------------------------------------------------------------------| Available-for-sale financial assets | | 3,178 | -1,636 |--------------------------------------------------------------------------------| Cash flow hedges | | 0 | 2 |--------------------------------------------------------------------------------| Income tax relating to components of | | -276 | 432 || other comprehensive income | | | |--------------------------------------------------------------------------------| Other comprehensive income for the | | 3,032 | -1,264 || period, net of tax | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| TOTAL COMPREHENSIVE INCOME FOR THE | | 3,524 | -743 || PERIOD | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit attributable to | | | |--------------------------------------------------------------------------------| Owners of the parent | | 493 | 521 |--------------------------------------------------------------------------------| Non-controlling interests | | 0 | 0 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total comprehensive income attributable | | | || to | | | |--------------------------------------------------------------------------------| Owners of the parent | | 3,524 | -743 |--------------------------------------------------------------------------------| Non-controlling interests | | 0 | 0 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Basic earnings per share (eur) | | 0.88 | 0.91 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| CONSOLIDATED BALANCE SHEET | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| EURm | Note | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Assets | | | |--------------------------------------------------------------------------------| Property, plant and equipment | | 35 | 38 |--------------------------------------------------------------------------------| Investment property | | 126 | 138 |--------------------------------------------------------------------------------| Intangible assets | 5 | 688 | 663 |--------------------------------------------------------------------------------| Investments in associates | | 5 | 5 |--------------------------------------------------------------------------------| Financial assets | 6, 7 | 21,050 | 16,139 |--------------------------------------------------------------------------------| Investments related to unit-linked | 8 | 2,151 | 1,637 || insurance contracts | | | |--------------------------------------------------------------------------------| Tax assets | | 67 | 156 |--------------------------------------------------------------------------------| Reinsurers' share of insurance | | 472 | 436 || liabilities | | | |--------------------------------------------------------------------------------| Other assets | | 1,605 | 1,473 |--------------------------------------------------------------------------------| Cash and cash equivalents | | 608 | 465 |--------------------------------------------------------------------------------| Total assets | | 26,805 | 21,149 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Liabilities | | | |--------------------------------------------------------------------------------| Liabilities for insurance and | 9 | 13,130 | 12,375 || investment contracts | | | |--------------------------------------------------------------------------------| Liabilities for unit-linked insurance | 10 | 2,145 | 1,637 || and investment contracts | | | |--------------------------------------------------------------------------------| Financial liabilities | 11 | 2,072 | 1,269 |--------------------------------------------------------------------------------| Tax liabilities | | 496 | 379 |--------------------------------------------------------------------------------| Provisions | | 32 | 26 |--------------------------------------------------------------------------------| Employee benefits | | 102 | 92 |--------------------------------------------------------------------------------| Other liabilities | | 1,112 | 739 |--------------------------------------------------------------------------------| Total liabilities | | 19,090 | 16,517 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity | | | |--------------------------------------------------------------------------------| Share capital | | 98 | 98 |--------------------------------------------------------------------------------| Reserves | | 1,530 | 1,531 |--------------------------------------------------------------------------------| Retained earnings | | 5,667 | 5,614 |--------------------------------------------------------------------------------| Other components of equity | | 419 | -2,612 |--------------------------------------------------------------------------------| Equity attributable to owners of the | | 7,715 | 4,631 || parent | | | |--------------------------------------------------------------------------------| Non-controlling interests | | 0 | 0 |--------------------------------------------------------------------------------| Total equity | | 7,715 | 4,631 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total equity and liabilities | | 26,805 | 21,149 |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| STATEM | | | | | | | | | || ENTS | | | | | | | | | || OF | | | | | | | | | || CHANGE | | | | | | | | | || S IN | | | | | | | | | || EQUITY | | | | | | | | | || , IFRS | | | | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| EURm | Shar | Shar | Leg | Inves | Retain | Transl | Avail | Cash | Total || | e | e | al | ted | ed | ation | able- | flow | || | capi | prem | res | unres | earnin | of | for-s | hedg | || | tal | ium | erv | trict | gs | foreig | ale | es** | || | | acco | e | ed | | n | finan | ) | || | | unt | | equit | | operat | cial | | || | | | | y | | ions | asset | | || | | | | | | | s*) | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity | 98 | 1,16 | 370 | - | 5,862 | -74 | 317 | - | 7,733 || at 1 | | 0 | | | | | | | || Jan. | | | | | | | | | || 2008 | | | | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Change | | | | | | | | | || s in | | | | | | | | | || equity | | | | | | | | | |--------------------------------------------------------------------------------| Share- | | | | | 2 | | | | 2 || based | | | | | | | | | || paymen | | | | | | | | | || ts | | | | | | | | | |--------------------------------------------------------------------------------| Acquis | | | | | -52 | | | | -52 || ition | | | | | | | | | || of | | | | | | | | | || treasu | | | | | | | | | || ry | | | | | | | | | || shares | | | | | | | | | |--------------------------------------------------------------------------------| Recogn | | | | | 3 | | | | || ition | | | | | | | | | || of | | | | | | | | | || undraw | | | | | | | | | || n | | | | | | | | | || divide | | | | | | | | | || nds | | | | | | | | | |--------------------------------------------------------------------------------| Divide | | | | | -686 | | | | || nds | | | | | | | | | |--------------------------------------------------------------------------------| Total | | | | 521 | -62 | -1,20 | 1 | -743 || comprehensive | | | | | | 3 | | || income for | | | | | | | | || the period | | | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity | 98 | 1,16 | 370 | - | 5,649 | -137 | -886 | 1 | 6,256 || at 30 | | 0 | | | | | | | || Septem | | | | | | | | | || ber | | | | | | | | | || 2008 | | | | | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity | 98 | 1,16 | 370 | - | 5,614 | -249 | -2,37 | 11 | 4,631 || at | | 1 | | | | | 5 | | || Jan. | | | | | | | | | || 2009 | | | | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Change | | | | | | | | | || s in | | | | | | | | | || equity | | | | | | | | | |--------------------------------------------------------------------------------| Transf | | -1,1 | -36 | 1,527 | | | | | -1 || ers | | 61 | 6 | | | | | | || betwee | | | | | | | | | || n | | | | | | | | | || equity | | | | | | | | | |--------------------------------------------------------------------------------| Share- | | | | | -2 | | | | -2 || based | | | | | | | | | || paymen | | | | | | | | | || ts | | | | | | | | | |--------------------------------------------------------------------------------| Recogn | | | | | 11 | | | | 11 || ition | | | | | | | | | || of | | | | | | | | | || undraw | | | | | | | | | || n | | | | | | | | | || divide | | | | | | | | | || nds | | | | | | | | | |--------------------------------------------------------------------------------| Divide | | | | | -449 | | | | -449 || nds | | | | | | | | | |--------------------------------------------------------------------------------| Total | | | | 493 | 130 | 2,902 | 0 | 3,524 || comprehensive | | | | | | | | || income for | | | | | | | | || the period | | | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity | 98 | 0 | 4 | 1,527 | 5,667 | -119 | 527 | 11 | 7,715 || at 30 | | | | | | | | | || Septem | | | | | | | | | || ber | | | | | | | | | || 2009 | | | | | | | | | |-------------------------------------------------------------------------------- *) The amount recognised in equity from available-for-sale financial assets for the period totalled EURm 2,851 (-1,219). The amount transferred to p/l amountedto EURm 50 (16). **) The amount recognised in equity from cash flow hedges for the period totalled EURm 0 (1). The amount included in the translation, available-for-sale and cash flow hedge reserves represent other comprehensive income for each component, net of tax. --------------------------------------------------------------------------------| STATEMENT OF CASH FLOWS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Cash and cash equivalent at the beginning of | 499 | 971 || the period | | |--------------------------------------------------------------------------------| Cash flow from/used in operating activities | 1,257 | 503 |--------------------------------------------------------------------------------| Cash flow from/used in investing activities | -1,700 | -300 |--------------------------------------------------------------------------------| Cash flow from/used in financing activities | 531 | -730 |--------------------------------------------------------------------------------| Dividends paid | -443 | -678 |--------------------------------------------------------------------------------| Acquisition of own shares | - | -52 |--------------------------------------------------------------------------------| Increase of liabilities | 1,497 | - |--------------------------------------------------------------------------------| Decrease of liabilities | -522 | - |--------------------------------------------------------------------------------| Cash and cash equivalent at the end of the | 588 | 445 || period | | |-------------------------------------------------------------------------------- The cash flow statement reports cash flows during the period classified by operating, investing and financing activities. Cash flows are reported by using the indirect method. Cash flows from operating activities derive primarily from the principal revenue-producing activities. Cash flows from investments in subsidiaries and associated undertakings and those from investments in intangible assets and property, plant and equipment are presented in investing activities. Financing activities include cash flows resulting from changes in equity and borrowings in order to conduct the business. Cash and cash equivalents consist of cash at bank and in hand and short-term deposits (under 3months). NOTES ACCOUNTING POLICIES Sampo Group's consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU. The interim financial statements are presented in accordance with IAS 34 Interim Financial Reporting. In preparing the interim financial statements, the same accounting policies and methods of computation are applied as in the financial statements for 2008. Sampo adopted various new or revised standards and interpretations at the beginning of the year 2009. These standards and interpretations are explained inSampos accounting policies for the financial year 2008. The financial statementsare available on Sampo's website at www.sampo.com/ir. The revised IAS 1 Presentation of Financial Statements changed the presentation of the income statement and the statement of changes in equity, and the used terminology. Only the transactions with the owners and potential changes in accounting policies as well as error corrections are presented in the statement of changes in equity. Non-owner transactions are presented in the statement of comprehensive income. These transactions show only as a total sum in the statement of changes in equity. IFRS 8 Operating Segments changed the segment reporting by requiring the reported segment information to be based on the information reported to the management, and to comply with those accounting policies. The adoption of the standard did not have a material effect on Sampo's segment reporting, as the segment information published previously has already been based on the Group's internal reporting structure. --------------------------------------------------------------------------------| CONSOLIDATED INCOME | | | | | || STATEMENT BY SEGMENT | | | | | || FOR NINE MONTHS ENDED | | | | | || 30 SEPTEMBER 2009 | | | | | |--------------------------------------------------------------------------------| EURm | P&C | Life | Holding | Elimina- | Group || | insurance | insurance | | tion | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Insurance premius | 2,889 | 513 | - | - | 3,403 || written | | | | | |--------------------------------------------------------------------------------| Net income from | 284 | 495 | 93 | 25 | 897 || investments | | | | | |--------------------------------------------------------------------------------| Other operating | 17 | 0 | 9 | -12 | 14 || income | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Claims incurred | -1,847 | -466 | - | - | -2,314 |--------------------------------------------------------------------------------| Change in liabilities | -177 | -395 | - | - | -572 || for insurance and | | | | | || investment contracts | | | | | |--------------------------------------------------------------------------------| Staff costs | -347 | -20 | -8 | - | -375 |--------------------------------------------------------------------------------| Other operating | -321 | -37 | -14 | 6 | -365 || expenses | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Finance costs | -22 | -6 | -39 | 6 | -62 |--------------------------------------------------------------------------------| Share of associates' | 0 | 0 | - | - | 0 || profit/loss | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit before taxes | 476 | 85 | 41 | 24 | 625 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Taxes | | | | | -133 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit for the period | | | | | 493 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other comprehensive | | | | | || income for the period | | | | | |--------------------------------------------------------------------------------| Exchange differences | | | | | 130 |--------------------------------------------------------------------------------| Available-for-sale | | | | | 3,178 || financial assets | | | | | |--------------------------------------------------------------------------------| Cash flow hedges | | | | | 0 |--------------------------------------------------------------------------------| Income tax relating | | | | | -276 || to components of | | | | | || other comprehensive | | | | | || income | | | | | |--------------------------------------------------------------------------------| Other comprehensive | | | | | 3,032 || income for the | | | | | || period, net of tax | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| TOTAL COMPREHENSIVE | | | | | 3,524 || INCOME FOR THE PERIOD | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit attributable | | | | | || to | | | | | |--------------------------------------------------------------------------------| Owners of the parent | | | | | 493 |--------------------------------------------------------------------------------| Non-controlling | | | | | 0 || interests | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total comprehensive | | | | | || income attributable | | | | | || to | | | | | |--------------------------------------------------------------------------------| Owners of the parent | | | | | 3,524 |--------------------------------------------------------------------------------| Non-controlling | | | | | 0 || interests | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| CONSOLIDATED INCOME | | | | | || STATEMENT BY SEGMENT | | | | | || FOR NINE MONTHS ENDED | | | | | || 30 SEPTEMBER 2008 | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| EURm | P&C | Life | Holding | Elimina- | Group || | insurance | insurance | | tion | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Insurance premius | 3,096 | 381 | - | - | 3,478 || written | | | | | |--------------------------------------------------------------------------------| Net income from | 180 | -94 | 198 | -2 | 281 || investments | | | | | |--------------------------------------------------------------------------------| Other operating | 20 | 0 | 4 | -11 | 12 || income | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Claims incurred | -1,971 | -623 | - | - | -2,594 |--------------------------------------------------------------------------------| Change in liabilities | -212 | 512 | - | - | 300 || for insurance and | | | | | || investment contracts | | | | | |--------------------------------------------------------------------------------| Staff costs | -346 | -17 | -9 | - | -373 |--------------------------------------------------------------------------------| Other operating | -352 | -36 | -10 | 6 | -392 || expenses | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Finance costs | -22 | -9 | -27 | 7 | -50 |--------------------------------------------------------------------------------| Share of associates' | 2 | 0 | 0 | - | 2 || profit/loss | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit before taxes | 395 | 114 | 155 | 1 | 664 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Taxes | | | | | -143 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit for the period | | | | | 521 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other comprehensive | | | | | || income for the period | | | | | |--------------------------------------------------------------------------------| Exchange differences | | | | | -62 |--------------------------------------------------------------------------------| Available-for-sale | | | | | -1,636 || financial assets | | | | | |--------------------------------------------------------------------------------| Cash flow hedges | | | | | 2 |--------------------------------------------------------------------------------| Income tax relating | | | | | 432 || to components of | | | | | || other comprehensive | | | | | || income | | | | | |--------------------------------------------------------------------------------| Other comprehensive | | | | | -1,264 || income for the | | | | | || period, net of tax | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| TOTAL COMPREHENSIVE | | | | | -743 || INCOME FOR THE PERIOD | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Profit attributable | | | | | || to | | | | | |--------------------------------------------------------------------------------| Owners of the parent | | | | | 521 |--------------------------------------------------------------------------------| Non-controlling | | | | | 0 || interests | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total comprehensive | | | | | || income attributable | | | | | || to | | | | | |--------------------------------------------------------------------------------| Owners of the parent | | | | | -743 |--------------------------------------------------------------------------------| Non-controlling | | | | | 0 || interests | | | | | |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| CONSOLIDATED BALANCE | | | | | || SHEET BY SEGMENT AT 30 | | | | | || SEPTEMBER 2009 | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| EURm | P&C | Life | Holding | Elimina- | Group || | insuranc | insurance | | tion | || | e | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Assets | | | | | |--------------------------------------------------------------------------------| Property, plant and | 24 | 5 | 5 | - | 35 || equipment | | | | | |--------------------------------------------------------------------------------| Investment property | 28 | 88 | 10 | - | 126 |--------------------------------------------------------------------------------| Intangible assets | 520 | 167 | 0 | - | 688 |--------------------------------------------------------------------------------| Investments in | 3 | 2 | - | - | 5 || associates | | | | | |--------------------------------------------------------------------------------| Financial assets | 10,450 | 5,109 | 8,001 | -2,511 | 21,050 |--------------------------------------------------------------------------------| Investments related to | - | 2,151 | - | - | 2,151 || unit-linked insurance | | | | | || contracts | | | | | |--------------------------------------------------------------------------------| Tax assets | 58 | - | 9 | 0 | 67 |--------------------------------------------------------------------------------| Reinsurers' share of | 467 | 4 | - | - | 472 || insurance liabilities | | | | | |--------------------------------------------------------------------------------| Other assets | 1,378 | 202 | 60 | -35 | 1,605 |--------------------------------------------------------------------------------| Cash and cash | 442 | 43 | 123 | - | 608 || equivalents | | | | | |--------------------------------------------------------------------------------| Total assets | 13,371 | 7,771 | 8,208 | -2,546 | 26,805 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Liabilities | | | | | |--------------------------------------------------------------------------------| Liabilities for | 8,701 | 4,429 | - | - | 13,130 || insurance and | | | | | || investment contracts | | | | | |--------------------------------------------------------------------------------| Liabilities for | - | 2,145 | - | - | 2,145 || unit-linked insurance | | | | | || and investment | | | | | || contracts | | | | | |--------------------------------------------------------------------------------| Financial liabilities | 516 | 107 | 1,588 | -139 | 2,072 |--------------------------------------------------------------------------------| Tax liabilities | 395 | 101 | - | - | 496 |--------------------------------------------------------------------------------| Provisions | 32 | - | - | - | 32 |--------------------------------------------------------------------------------| Employee benefits | 102 | - | - | - | 102 |--------------------------------------------------------------------------------| Other liabilities | 878 | 186 | 82 | -35 | 1,112 |--------------------------------------------------------------------------------| Total liabilities | 10,624 | 6,969 | 1,670 | -173 | 19,090 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity | | | | | |--------------------------------------------------------------------------------| Share capital | | | | | 98 |--------------------------------------------------------------------------------| Reserves | | | | | 1,530 |--------------------------------------------------------------------------------| Retained earnings | | | | | 5,667 |--------------------------------------------------------------------------------| Other components of | | | | | 419 || equity | | | | | |--------------------------------------------------------------------------------| Equity attributable to | | | | | 7,715 || owners of the parent | | | | | |--------------------------------------------------------------------------------| Non-controlling | | | | | 0 || interests | | | | | |--------------------------------------------------------------------------------| Total equity | | | | | 7,715 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total equity and | | | | | 26,805 || liabilities | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| CONSOLIDATED BALANCE | | | | | || SHEET BY SEGMENT AT 31 | | | | | || DECEMBER 2008 | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| EURm | P&C | Life | Holding | Elimina- | Group || | insuranc | insurance | | tion | || | e | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Assets | | | | | |--------------------------------------------------------------------------------| Property, plant and | 27 | 5 | 5 | - | 38 || equipment | | | | | |--------------------------------------------------------------------------------| Investment property | 28 | 100 | 10 | - | 138 |--------------------------------------------------------------------------------| Intangible assets | 495 | 167 | 0 | - | 663 |--------------------------------------------------------------------------------| Investments in | 3 | 2 | 0 | - | 5 || associates | | | | | |--------------------------------------------------------------------------------| Financial assets | 8,874 | 4,503 | 5,260 | -2,498 | 16,139 |--------------------------------------------------------------------------------| Investments related to | - | 1,637 | - | - | 1,637 || unit-linked insurance | | | | | || contracts | | | | | |--------------------------------------------------------------------------------| Tax assets | 144 | 8 | 4 | 0 | 156 |--------------------------------------------------------------------------------| Reinsurers' share of | 431 | 4 | - | - | 436 || insurance liabilities | | | | | |--------------------------------------------------------------------------------| Other assets | 1,176 | 270 | 54 | -27 | 1,473 |--------------------------------------------------------------------------------| Cash and cash | 259 | 171 | 35 | - | 465 || equivalents | | | | | |--------------------------------------------------------------------------------| Total assets | 11,437 | 6,868 | 5,370 | -2,525 | 21,149 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Liabilities | | | | | |--------------------------------------------------------------------------------| Liabilities for | 7,889 | 4,487 | - | - | 12,375 || insurance and | | | | | || investment contracts | | | | | |--------------------------------------------------------------------------------| Liabilities for | - | 1,637 | - | - | 1,637 || unit-linked insurance | | | | | || and investment | | | | | || contracts | | | | | |--------------------------------------------------------------------------------| Financial liabilities | 686 | 104 | 604 | -125 | 1,269 |--------------------------------------------------------------------------------| Tax liabilities | 379 | - | - | - | 379 |--------------------------------------------------------------------------------| Provisions | 26 | - | - | - | 26 |--------------------------------------------------------------------------------| Employee benefits | 92 | - | - | - | 92 |--------------------------------------------------------------------------------| Other liabilities | 444 | 242 | 80 | -27 | 739 |--------------------------------------------------------------------------------| Total liabilities | 9,516 | 6,469 | 686 | -152 | 16,517 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Equity | | | | | |--------------------------------------------------------------------------------| Share capital | | | | | 98 |--------------------------------------------------------------------------------| Reserves | | | | | 1,531 |--------------------------------------------------------------------------------| Retained earnings | | | | | 5,614 |--------------------------------------------------------------------------------| Other components of | | | | | -2,512 || equity | | | | | |--------------------------------------------------------------------------------| Equity attributable to | | | | | 4,631 || owners of the parent | | | | | |--------------------------------------------------------------------------------| Non-controlling | | | | | 0 || interests | | | | | |--------------------------------------------------------------------------------| Total equity | | | | | 4,631 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total equity and | | | | | 21,149 || liabilities | | | | | |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| OTHER NOTES | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| 1 INSURANCE PREMIUMS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | | |--------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |--------------------------------------------------------------------------------| Premiums from insurance contracts | | |--------------------------------------------------------------------------------| Premiums written, direct insurance | 3,002 | 3,241 |--------------------------------------------------------------------------------| Premiums written, assumed reinsurance | 81 | 76 |--------------------------------------------------------------------------------| Premiums written, gross | 3,083 | 3,317 |--------------------------------------------------------------------------------| Ceded reinsurance premiums written | -194 | -220 |--------------------------------------------------------------------------------| P&C Insurance, total | 2,889 | 3,096 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Change in unearned premium provision | -211 | -250 |--------------------------------------------------------------------------------| Reinsurers' share | 34 | 38 |--------------------------------------------------------------------------------| Premiums earned for P&C Insurance, total | 2,712 | 2,884 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | | |--------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |--------------------------------------------------------------------------------| Premiums from insurance contracts | | |--------------------------------------------------------------------------------| Premiums from contracts with discretionary | 157 | 135 || participation feature | | |--------------------------------------------------------------------------------| Premiums from unit-linked contracts | 173 | 181 |--------------------------------------------------------------------------------| Premiums from other contracts | 3 | 3 |--------------------------------------------------------------------------------| Insurance contracts, total | 333 | 319 |--------------------------------------------------------------------------------| Assumed reinsurance | 2 | 0 |--------------------------------------------------------------------------------| Premiums from investment contracts | | |--------------------------------------------------------------------------------| Premiums from contracts with discretionary | 3 | 38 || participation feature | | |--------------------------------------------------------------------------------| Premiums from unit-linked contracts | 182 | 31 |--------------------------------------------------------------------------------| Investment contracts, total | 185 | 69 |--------------------------------------------------------------------------------| Reinsurers' shares | -6 | -7 |--------------------------------------------------------------------------------| Life insurance, total | 513 | 381 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Single and regular premiums from direct | | || insurance | | |--------------------------------------------------------------------------------| Regular premiums, insurance contracts | 256 | 268 |--------------------------------------------------------------------------------| Single premiums, insurance contracts | 77 | 51 |--------------------------------------------------------------------------------| Single premiums, investment contracts | 185 | 69 |--------------------------------------------------------------------------------| Total | 518 | 388 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group, total | 3,403 | 3,478 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| 2 NET INCOME FROM INVESTMENTS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C Insurance | | |--------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |--------------------------------------------------------------------------------| Financial assets | | |--------------------------------------------------------------------------------| Derivative financial instruments | 34 | 55 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Financial assets designated as at fair value | | || through p/l | | |--------------------------------------------------------------------------------| Debt securities | 25 | 56 |--------------------------------------------------------------------------------| Equity securities | 10 | -129 |--------------------------------------------------------------------------------| Total | 34 | -73 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Loans and receivables | 11 | 22 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Financial asset available-for-sale | | |--------------------------------------------------------------------------------| Debt securities | 275 | 226 |--------------------------------------------------------------------------------| Equity securities | -20 | 11 |--------------------------------------------------------------------------------| Total | 255 | 237 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total financial assets | 335 | 242 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Income from other assets | 0 | 1 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Fee and commission expense | -4 | -7 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Interest expense on repurchase agreements | - | -9 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Expense on other than financial liabilities | -2 | -1 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Effect of discounting annuities | -45 | -45 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance, total | 284 | 180 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | | |--------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |--------------------------------------------------------------------------------| Financial assets | | |--------------------------------------------------------------------------------| Derivative financial instruments | 52 | 20 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Financial assets designated as at fair value | | || through p/l | | |--------------------------------------------------------------------------------| Debt securities | 4 | -3 |--------------------------------------------------------------------------------| Equity securities | 0 | -1 |--------------------------------------------------------------------------------| Total | 4 | -4 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Investments related to unit-linked contracts | | |--------------------------------------------------------------------------------| Debt securities | 33 | -1 |--------------------------------------------------------------------------------| Equity securities | 254 | -329 |--------------------------------------------------------------------------------| Other | 2 | - |--------------------------------------------------------------------------------| Total | 290 | -330 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Investment securities held-to-maturity | | |--------------------------------------------------------------------------------| Debt securities | 0 | 0 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Loans and receivables | 4 | -1 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Financial asset available-for-sale | | |--------------------------------------------------------------------------------| Debt securities | 141 | 105 |--------------------------------------------------------------------------------| Equity securities | -19 | 100 |--------------------------------------------------------------------------------| Total | 122 | 206 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Total income from financial assets | 473 | -108 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other assets | 20 | 5 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Fee and commission income, net | 3 | 9 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance, total | 495 | -94 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding | | |--------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |--------------------------------------------------------------------------------| Financial assets | | |--------------------------------------------------------------------------------| Derivative financial instruments | 9 | -3 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Loans and other receivables | 1 | 11 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Financial assets available-for-sale | | |--------------------------------------------------------------------------------| Debt securities | 13 | 64 |--------------------------------------------------------------------------------| Equity securities | 61 | 133 |--------------------------------------------------------------------------------| Total | 74 | 197 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other assets | 9 | -8 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Fee expense | 0 | - |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding, total | 93 | 198 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Elimination items between segments | 25 | -2 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group, total | 897 | 281 |--------------------------------------------------------------------------------| | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| 3 CLAIMS INCURRED | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Claims paid | -1,773 | -1,866 |--------------------------------------------------------------------------------| Reinsurers' share | 87 | 92 |--------------------------------------------------------------------------------| Claims paid, net | -1,687 | -1,774 |--------------------------------------------------------------------------------| Change in provision for claims outstanding | -133 | -208 |--------------------------------------------------------------------------------| Reinsurers' share | -28 | 12 |--------------------------------------------------------------------------------| P&C Insurance total | -1,847 | -1,971 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Claims paid | -413 | -480 |--------------------------------------------------------------------------------| Reinsurers' share | 4 | 5 |--------------------------------------------------------------------------------| Claims paid, net | -409 | -476 |--------------------------------------------------------------------------------| Change in provision for claims outstanding | -57 | -148 |--------------------------------------------------------------------------------| Reinsurers' share | 0 | 1 |--------------------------------------------------------------------------------| Life insurance, total | -466 | -623 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group, total | -2,314 | -2,594 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| 4 STAFF COSTS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Wages and salaries | -245 | -246 |--------------------------------------------------------------------------------| Granted equity-settled share options | 0 | -1 |--------------------------------------------------------------------------------| Granted cash-settled share options | 0 | -2 |--------------------------------------------------------------------------------| Pension costs | -56 | -49 |--------------------------------------------------------------------------------| Other social security costs | -46 | -49 |--------------------------------------------------------------------------------| P&C insurance, total | -347 | -346 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Wages and salaries | -16 | -14 |--------------------------------------------------------------------------------| Granted equity-settled share options | 0 | 0 |--------------------------------------------------------------------------------| Granted cash-settled share options | -1 | 0 |--------------------------------------------------------------------------------| Pension costs | -3 | -2 |--------------------------------------------------------------------------------| Other social security costs | -1 | -1 |--------------------------------------------------------------------------------| Life insurance, total | -20 | -17 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Wages and salaries | -6 | -5 |--------------------------------------------------------------------------------| Granted equity-settled share options | 1 | -1 |--------------------------------------------------------------------------------| Granted cash-settled share options | -1 | -1 |--------------------------------------------------------------------------------| Pension costs | -2 | -2 |--------------------------------------------------------------------------------| Other social security costs | 0 | -1 |--------------------------------------------------------------------------------| Holding, total | -8 | -9 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group, total | -375 | -373 |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| 5 INTANGIBLE ASSETS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Goodwill | 507 | 479 |--------------------------------------------------------------------------------| Customer relations | 8 | 13 |--------------------------------------------------------------------------------| Other intangible assets | 5 | 4 |--------------------------------------------------------------------------------| P&C Insurance, total | 520 | 495 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Goodwill | 153 | 153 |--------------------------------------------------------------------------------| Other intangible assets | 14 | 14 |--------------------------------------------------------------------------------| Life insurance, total | 167 | 167 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other intangible assets | 0 | 0 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group, total | 688 | 663 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| 6 FINANCIAL ASSETS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivative financial instruments (Note 7) | 176 | 362 |--------------------------------------------------------------------------------| Financial assets designated as at fair value | | || through p/l | | |--------------------------------------------------------------------------------| Debt securities | 173 | 333 |--------------------------------------------------------------------------------| Equity securities | 27 | 22 |--------------------------------------------------------------------------------| Total | 200 | 355 |--------------------------------------------------------------------------------| Loans and receivables | | |--------------------------------------------------------------------------------| Loans | 2 | 0 |--------------------------------------------------------------------------------| Deposits with ceding undertakings | 1 | 1 |--------------------------------------------------------------------------------| Total | 3 | 1 |--------------------------------------------------------------------------------| Financial assets available-for-sale | | |--------------------------------------------------------------------------------| Debt securities | 9,029 | 7,671 |--------------------------------------------------------------------------------| Equity securities | 1,042 | 484 |--------------------------------------------------------------------------------| Total | 10,072 | 8,155 |--------------------------------------------------------------------------------| P&C insurance, total | 10,450 | 8,874 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivative financial instruments (Note 7) | 77 | 108 |--------------------------------------------------------------------------------| Financial assets designated as at fair value | | || through p/l | | |--------------------------------------------------------------------------------| Debt securities | 39 | 40 |--------------------------------------------------------------------------------| Equity securities | 4 | 1 |--------------------------------------------------------------------------------| Total | 44 | 41 |--------------------------------------------------------------------------------| Investments held-to-maturity | | |--------------------------------------------------------------------------------| Debt securities | - | 1 |--------------------------------------------------------------------------------| Loans and receivables | | |--------------------------------------------------------------------------------| Loans | 20 | 4 |--------------------------------------------------------------------------------| Deposits with ceding undertakings | 1 | 2 |--------------------------------------------------------------------------------| Total | 22 | 5 |--------------------------------------------------------------------------------| Financial assets available-for-sale | | |--------------------------------------------------------------------------------| Debt securities | 3,495 | 3,173 |--------------------------------------------------------------------------------| Equity securities *) | 1,472 | 1,175 |--------------------------------------------------------------------------------| Total | 4,967 | 4,348 |--------------------------------------------------------------------------------| Life insurance, total | 5,109 | 4,503 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| *) of which investments in interest funds | 149 | 213 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivative financial instruments (Note 7) | 9 | 0 |--------------------------------------------------------------------------------| Loans and receivables | | |--------------------------------------------------------------------------------| Deposits | 1 | 1 |--------------------------------------------------------------------------------| Financial assets available-for-sale | | |--------------------------------------------------------------------------------| Debt securities | 102 | 1,184 |--------------------------------------------------------------------------------| Equity securities | 5,520 | 1,705 |--------------------------------------------------------------------------------| Total | 5,622 | 2,890 |--------------------------------------------------------------------------------| Investments in subsidiaries | 2,370 | 2,370 |--------------------------------------------------------------------------------| Holding, total | 8,001 | 5,260 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Elimination items between segments | -2,511 | -2,498 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group, total | 21,050 | 16,139 |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| 7 DERIVATIVE | | | | | | || FINANCIAL | | | | | | || INSTRUMENTS | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C | | 9/2009 | | | 12/2008 | || insurance | | | | | | |--------------------------------------------------------------------------------| | | Fair | Fair | | Fair | Fair || | | value | value | | value | value |--------------------------------------------------------------------------------| | Contrac | Assets | Liabiliti | Contract | Assets | Liabiliti || | t/ | | es | / | | es || | notiona | | | notional | | || | l | | | amount | | || | amount | | | | | |--------------------------------------------------------------------------------| Derivatives | | | | | | || held for | | | | | | || trading | | | | | | |--------------------------------------------------------------------------------| Interest | 369 | 18 | 4 | 78 | 19 | 4 || rate | | | | | | || derivatives | | | | | | |--------------------------------------------------------------------------------| Foreign | 3,592 | 158 | 76 | 4,977 | 343 | 247 || exchange | | | | | | || derivatives | | | | | | |--------------------------------------------------------------------------------| Equity | 1 | - | 0 | 0 | 0 | 0 || derivatives | | | | | | |--------------------------------------------------------------------------------| Total | 3,962 | 176 | 80 | 5,055 | 362 | 251 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivatives | | | | | | || held for | | | | | | || hedging | | | | | | |--------------------------------------------------------------------------------| Fair value | 192 | - | 0 | - | - | - || hedges | | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C | 4,153 | 176 | 80 | 5,055 | 362 | 251 || Insurance, | | | | | | || total | | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Life | | 9/2009 | | | 12/2008 | || insurance | | | | | | |--------------------------------------------------------------------------------| | | Fair | Fair | | Fair | Fair || | | value | value | | value | value |--------------------------------------------------------------------------------| | Contrac | Assets | Liabiliti | Contract | Assets | Liabiliti || | t/ | | es | / | | es || | notiona | | | notional | | || | l | | | amount | | || | amount | | | | | |--------------------------------------------------------------------------------| Derivatives | | | | | | || held for | | | | | | || trading | | | | | | |--------------------------------------------------------------------------------| Interest | 1,146 | 48 | 5 | 1,062 | 58 | 0 || rate | | | | | | || derivatives | | | | | | |--------------------------------------------------------------------------------| Foreign | 699 | 9 | 2 | 704 | 17 | 4 || exchange | | | | | | || derivatives | | | | | | |--------------------------------------------------------------------------------| Equity | 9 | 0 | 0 | - | - | - || derivatives | | | | | | |--------------------------------------------------------------------------------| Commodity | 10 | - | 0 | - | - | - || derivatives | | | | | | |--------------------------------------------------------------------------------| Total | 1,864 | 57 | 7 | 1,766 | 75 | 4 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivatives | | | | | | || held for | | | | | | || hedging | | | | | | |--------------------------------------------------------------------------------| Cash flow | 365 | 15 | - | 829 | 15 | - || hedges | | | | | | |--------------------------------------------------------------------------------| Fair value | 164 | 5 | - | 226 | 18 | - || hedges | | | | | | |--------------------------------------------------------------------------------| Total | 528 | 20 | - | 1,055 | 33 | - |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life | 2,392 | 77 | 7 | 2,821 | 108 | 4 || insurance, | | | | | | || total | | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding | | 9/2009 | | | 12/2008 | |--------------------------------------------------------------------------------| | | Fair | Fair | | Fair | Fair || | | value | value | | value | value |--------------------------------------------------------------------------------| | Contrac | Assets | Liabiliti | Contract | Assets | Liabiliti || | t/ | | es | / | | es || | notiona | | | notional | | || | l | | | amount | | || | amount | | | | | |--------------------------------------------------------------------------------| Derivatives | | | | | | || held for | | | | | | || trading | | | | | | |--------------------------------------------------------------------------------| Interest | 750 | 5 | - | - | - | - || rate | | | | | | || derivatives | | | | | | |--------------------------------------------------------------------------------| Exchange | - | - | - | 70 | 0 | 0 || derivatives | | | | | | |--------------------------------------------------------------------------------| Equity | 11 | 1 | 0 | - | - | - || derivatives | | | | | | |--------------------------------------------------------------------------------| Other | 23 | 3 | 6 | - | - | - || derivatives | | | | | | |--------------------------------------------------------------------------------| Total | 784 | 9 | 6 | 70 | 0 | 0 |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| 8 INVESTMENTS RELATED TO UNIT-LINKED INSURANCE | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 |--------------------------------------------------------------------------------| Financial assets as at fair value through p/l | | |--------------------------------------------------------------------------------| Debt securities | 299 | 121 |--------------------------------------------------------------------------------| Equity securities | 1,791 | 1,477 |--------------------------------------------------------------------------------| Loans and receivables | 54 | 38 |--------------------------------------------------------------------------------| Derivatives | 7 | 1 |--------------------------------------------------------------------------------| Life insurance, total | 2,151 | 1,637 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| 9 LIABILITIES FOR INSURANCE AND INVESTMENT | | || CONTRACTS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 |--------------------------------------------------------------------------------| Insurance contracts | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 1,848 | 1,521 |--------------------------------------------------------------------------------| Provision for claims outstanding | 6,853 | 6,367 |--------------------------------------------------------------------------------| P&C Insurance, total | 8,701 | 7,889 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Reinsurers' share | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 90 | 54 |--------------------------------------------------------------------------------| Provision for claims outstanding | 378 | 377 |--------------------------------------------------------------------------------| P&C Insurance, total | 467 | 431 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 |--------------------------------------------------------------------------------| Insurance contracts | | |--------------------------------------------------------------------------------| Liabilities for contracts with DPF | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 2,527 | 2,629 |--------------------------------------------------------------------------------| Provision for claims outstanding | 1,833 | 1,777 |--------------------------------------------------------------------------------| Total | 4,360 | 4,406 |--------------------------------------------------------------------------------| Liabilities for contracts without DPF | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 13 | 13 |--------------------------------------------------------------------------------| Provision for claims outstanding | 0 | 0 |--------------------------------------------------------------------------------| Total | 13 | 13 |--------------------------------------------------------------------------------| Total | 4,373 | 4,419 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Assumed reinsurance | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 1 | 2 |--------------------------------------------------------------------------------| Provision for claims outstanding | 2 | 2 |--------------------------------------------------------------------------------| Total | 3 | 4 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Insurance contracts, total | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 2,542 | 2,644 |--------------------------------------------------------------------------------| Provision for claims outstanding | 1,835 | 1,779 |--------------------------------------------------------------------------------| Total | 4,376 | 4,423 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Investment contracts | | |--------------------------------------------------------------------------------| Liabilities for contracts with DPF | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 53 | 63 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Liabilities for insurance and investment | | || contracts, total | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 2,594 | 2,707 |--------------------------------------------------------------------------------| Provision for claims outstanding | 1,835 | 1,779 |--------------------------------------------------------------------------------| Life insurance, total | 4,429 | 4,487 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Recoverable from reinsurers | | |--------------------------------------------------------------------------------| Provision for unearned premiums | 0 | 0 |--------------------------------------------------------------------------------| Provision for claims outstanding | 4 | 4 |--------------------------------------------------------------------------------| Life insurance, total | 4 | 4 |-------------------------------------------------------------------------------- Investment contracts do not include a provision for claims outstanding. Liability adequacy test does not give rise to supplementary claims. Exemption allowed in IFRS 4 Insurance contracts has been applied to investment contracts with DPF or contracts with a right to trade-off for an investment contract with DPF. These investment contracts have been valued like insurance contracts. --------------------------------------------------------------------------------| Group, total | 13,130 | 12,375 |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| 10 LIABILITIES FROM UNIT-LINKED INSURANCE AND | | || INVESTMENT CONTRACTS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Unit-linked insurance contracts | 1,844 | 1,538 |--------------------------------------------------------------------------------| Unit-linked investment contracts | 301 | 99 |--------------------------------------------------------------------------------| Life insurance, total | 2,145 | 1,637 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| 11 FINANCIAL LIABILITIES | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivative financial instruments (Note 7) | 80 | 251 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Subordinated debt securities | | |--------------------------------------------------------------------------------| Subordinated loans | 435 | 435 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance, total | 516 | 686 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivative financial instruments (Note 7) | 7 | 4 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Subordinated debt securities | | |--------------------------------------------------------------------------------| Subordinated loans | 100 | 100 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance, total | 107 | 104 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Derivative financial instruments (Note 7) | 6 | 0 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Debt securities in issue | | |--------------------------------------------------------------------------------| Commercial papers | 460 | - |--------------------------------------------------------------------------------| Bonds | 949 | - |--------------------------------------------------------------------------------| Total | 1,409 | - |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Subordinated debt securities | | |--------------------------------------------------------------------------------| Debentures | 37 | 597 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other | | |--------------------------------------------------------------------------------| Pension loan | 130 | - |--------------------------------------------------------------------------------| Other | 6 | 6 |--------------------------------------------------------------------------------| Total | 136 | 6 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding, total | 1,588 | 604 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Elimination items between segments | -139 | -125 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Group, total | 2,072 | 1,269 |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| 12 CONTINGENT LIABILITIES | | | | || AND COMMITMENTS | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| P&C insurance | | | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 | | |--------------------------------------------------------------------------------| Off-balance sheet items | | | | |--------------------------------------------------------------------------------| Guarantees | 19 | 39 | | |--------------------------------------------------------------------------------| Other irrevocable | 80 | 75 | | || commitments | | | | |--------------------------------------------------------------------------------| Total | 100 | 114 | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Assets pledged as | | | | || collateral for liabilities | | | | || or contingent liabilities | | | | |--------------------------------------------------------------------------------| | 9/2009 | 9/2009 | 12/2008 | 12/2008 |--------------------------------------------------------------------------------| Assets pledged as | Assets | Liabilities/ | Assets | Liabilities || collateral | pledged | commit- | pledged | / commit- || | | ments | | ments |--------------------------------------------------------------------------------| Cash at balances at | 9 | 7 | 9 | 8 || central banks | | | | |--------------------------------------------------------------------------------| Investments | | | | |--------------------------------------------------------------------------------| - Investment securities | 124 | 101 | 127 | 108 |--------------------------------------------------------------------------------| Total | 132 | 108 | 136 | 117 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Non-cancellable operating | 9/2009 | 12/2008 | | || leases | | | | |--------------------------------------------------------------------------------| Minimum lease payments | | | | |--------------------------------------------------------------------------------| not later than one year | 32 | 32 | | |--------------------------------------------------------------------------------| later than one year and | 85 | 89 | | || not later than five years | | | | |--------------------------------------------------------------------------------| later than five years | 84 | 90 | | |--------------------------------------------------------------------------------| Total | 201 | 212 | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Life insurance | | | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 | | |--------------------------------------------------------------------------------| Off-balance sheet items | | | | |--------------------------------------------------------------------------------| Fund commitments | 331 | 308 | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 9/2009 | 12/2008 | | |--------------------------------------------------------------------------------| Other commitments | | | | |--------------------------------------------------------------------------------| Acquisition of IT-software | 0 | 3 | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Non-cancellable operating | 9/2009 | 12/2008 | | || leases | | | | |--------------------------------------------------------------------------------| Minimum lease payments | | | | |--------------------------------------------------------------------------------| not later than one year | 2 | 2 | | |--------------------------------------------------------------------------------| later than one year and | 7 | 7 | | || not later than five years | | | | |--------------------------------------------------------------------------------| later than five years | 1 | 3 | | |--------------------------------------------------------------------------------| Total | 10 | 11 | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| Holding | | | | |--------------------------------------------------------------------------------| | 9/2009 | 12/2008 | | |--------------------------------------------------------------------------------| Off-balance sheet items | | | | |--------------------------------------------------------------------------------| Fund commitments | 4 | 4 | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Assets pledged as | | | | || collateral for liabilities | | | | || or contingent liabilities | | | | |--------------------------------------------------------------------------------| | 9/2009 | 9/2009 | 12/2008 | 12/2008 |--------------------------------------------------------------------------------| Assets pledged as | Assets | Liabilities/ | Assets | Liabilities || collateral | pledged | commit- | pledged | / commit- || | | ments | | ments |--------------------------------------------------------------------------------| Investments | | | | |--------------------------------------------------------------------------------| - Mortgaged collateral | 15 | 6 | 15 | 6 || notes | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Non-cancellable operating | 9/2009 | 12/2008 | | || leases | | | | |--------------------------------------------------------------------------------| Minimum lease payments | | | | |--------------------------------------------------------------------------------| not later than one year | 2 | 3 | | |--------------------------------------------------------------------------------| later than one year and | 3 | 4 | | || not later than five years | | | | |--------------------------------------------------------------------------------| later than five years | 2 | 3 | | |--------------------------------------------------------------------------------| Total | 7 | 9 | | |-------------------------------------------------------------------------------- --------------------------------------------------------------------------------| 13 RESULT ANALYSIS OF P&C INSURANCE BUSINESS | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Premiums earned | 2,712 | 2,884 |--------------------------------------------------------------------------------| Claims incurred | -2,025 | -2,154 |--------------------------------------------------------------------------------| Operating expenses | -468 | -494 |--------------------------------------------------------------------------------| Other technical income and expenses | 1 | 4 |--------------------------------------------------------------------------------| Allocated investment return transferred from the | 156 | 178 || non-technical account | | |--------------------------------------------------------------------------------| Technical result | 374 | 419 |--------------------------------------------------------------------------------| Investment result | 306 | 204 |--------------------------------------------------------------------------------| Allocated investment return transferred to the | -200 | -224 || technical account | | |--------------------------------------------------------------------------------| Other income and expenses | -5 | -4 |--------------------------------------------------------------------------------| Operating result | 476 | 395 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| 14 SAMPO PLC'S INCOME STATEMENT AND BALANCE SHEET | | || (FAS) | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------| INCOME STATEMENT | | |--------------------------------------------------------------------------------| | 1-9/2009 | 1-9/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Other operating income | 10 | 5 |--------------------------------------------------------------------------------| Staff expenses | -9 | -8 |--------------------------------------------------------------------------------| Depreciation and impairment | 0 | -1 |--------------------------------------------------------------------------------| Other operating expenses | -14 | -10 |--------------------------------------------------------------------------------| Operating profit | -13 | -14 |--------------------------------------------------------------------------------| Finance income and expenses | 157 | 371 |--------------------------------------------------------------------------------| Profit before appropriations and income taxes | 144 | 357 |--------------------------------------------------------------------------------| Income taxes | 8 | -7 |--------------------------------------------------------------------------------| Profit for the financial period | 152 | 350 |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| BALANCE SHEET | 9/2009 | 12/2008 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| ASSETS | | |--------------------------------------------------------------------------------| Non-current assets | | |--------------------------------------------------------------------------------| Intangible assets | 1 | 1 |--------------------------------------------------------------------------------| Property, plant and equipment | 4 | 4 |--------------------------------------------------------------------------------| Investments | | |--------------------------------------------------------------------------------| Shares in Group companies | 2,370 | 2,370 |--------------------------------------------------------------------------------| Receivables from Group companies | 100 | 122 |--------------------------------------------------------------------------------| Shares in participating undertakings | - | 0 |--------------------------------------------------------------------------------| Other shares and participations | 5,526 | 1,710 |--------------------------------------------------------------------------------| Other receivables | 2 | 1,062 |--------------------------------------------------------------------------------| Receivables | 76 | 59 |--------------------------------------------------------------------------------| Cash and cash equivalents | 123 | 35 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| TOTAL ASSETS | 8,201 | 5,364 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| LIABILITIES | | |--------------------------------------------------------------------------------| Equity | | |--------------------------------------------------------------------------------| Share capital | 98 | 98 |--------------------------------------------------------------------------------| Share premium account | - | 1,160 |--------------------------------------------------------------------------------| Legal reserve | - | 366 |--------------------------------------------------------------------------------| Fair value reserve | 381 | -1,759 |--------------------------------------------------------------------------------| Other reserves | 1,799 | 273 |--------------------------------------------------------------------------------| Retained earnings | 4,110 | 3,993 |--------------------------------------------------------------------------------| Profit for the year | 152 | 555 |--------------------------------------------------------------------------------| Total equity | 6,540 | 4,686 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| Liabilities | | |--------------------------------------------------------------------------------| Long-term | 1,116 | 597 |--------------------------------------------------------------------------------| Short-term | 546 | 81 |--------------------------------------------------------------------------------| Total liabilities | 1,662 | 678 |----------------------------------------------------------------------------------------------------------------------------------------------------------------| TOTAL LIABILITIES | 8,201 | 5,364 |-------------------------------------------------------------------------------- News Source: NASDAQ OMX 04.11.2009 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: EnglishCompany: Sampo FinlandPhone: Fax: E-mail: Internet: ISIN: FI0009003305Category Code: QRTLSE Ticker: 0HAGSequence Number: 315Time of Receipt: Nov 04, 2009 08:29:59 End of Announcement DGAP News-Service ---------------------------------------------------------------------------UK-Regulatory-announcement transmitted by DGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.