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SAMPO Group's target: profit growth

SAMPO Group's profit before taxes for the first half of 2009 amounted to EUR 433 million. Strong stock market development and tightening of credit spreads were reflected in assets values and SAMPO Group's net asset value per share increased to EUR 10.87.

Profit before taxes in Property & Casualty insurance increased to EUR 308 million and the combined ratio remained stable, at 92.5%. General economic conditions slowed down premium growth and, with fixed currency rates premiums remained at previous year's level, the gross written premiums decreased to EUR 2.2 billion.

Profit before taxes in life insurance was EUR 52 million. Life's domestic premium income continued to grow strongly, in contrast to the Finnish life insurance market in general. Also, the group's life premium income on own account for the first half of  2009 was EUR 332 million (EUR 233 million in 1H 2008). Premium income from the Baltic operations decreased to EUR 19 million, but the market share in the Baltic countries increased to 15% (13% in 1H 2008), and the unit-linked market share - to 25% (20% in 2008).

Author: Vlad BOLDIJAR on 29.10.2009

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