Sampo Group

Annual Report 2011
Dividend Proposal
Calculation of the Key Figures

Key Figures

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Group key figures 1)   2011 2010 2009 2008 2007
               
Profit before taxes EURm 1,228 1,320 825 870 3,833
Return on equity (at fair values) % 7.7 21.8 55.7 -32.4 52.6
Return on assets (at fair values) % 3.7 10.0 18.6 -7.4 11.5
Equity/assets ratio % 29.7 29.8 28.6 21.9 30.5
Group solvency 2) EURm 1,892 3,038 2,315 2,656 5,969
Group solvency ratio 2) % 138.6 167.1 158.3 433.6 774.6
Average number of staff   6,874 6,914 7,311 7,145 6,855
               
               
P&C insurance   2011 2010 2009 2008 2007
Premiums written before reinsurers' share EURm 4,414 4,189 3,888 4,057 4,085
Premiums earned EURm 4,094 3,894 3,643 3,807 3,797
Profit before taxes EURm 636 707 644 549 534
Return on equity (at fair values) % 12.4 39.8 53.2 -0.8 19.2
Risk ratio 3) % 68.4 69.1 68.0 68.1 66.9
Cost ratio 3) % 23.5 23.7 24.1 23.7 23.7
Loss ratio excl. unwinding of discount 3) % 74.7 75.6 74.6 74.4 73.4
Expense ratio 3) % 17.3 17.2 17.6 17.4 17.2
Combined ratio excl. unwinding of discount % 92.0 92.8 92.1 91.8 90.6
Solvency capital **) EURm 3,080 3,373 2,943 2,221 2,681
  % of technical provisions *) % 34.2 38.2 36.3 29.8 33.3
Solvency ratio *) % 72.4 79.5 77.3 65.7 71.3
Average number of staff   6,299 6,392 6,807 6,655 6,415
               
*) Based on the financial statements of If Group.      
               
               
Life insurance   2011 2010 2009 2008 2007
Premiums written before reinsurers' share   854 1,117 809 536 622
Profit before taxes EURm 137 142 121 140 342
Return on equity (at fair values) EURm -11.7 36.2 97.6 -68.8 9.1
Expense ratio % 111.6 112.1 111.0 113.1 101.6
Solvency capital (IFRS) % 1,046 1,335 927 382 844
  % of technical provisions (IFRS) EURm 20.9 25.7 18.5 7.8 16.4
Average number of staff % 521 470 450 437 384
               
               
Holding   2011 2010 2009 2008 2007
Profit before taxes EURm 456 474 36 180 95
Average number of staff   54 52 54 53 56
               
               
Per share key figures   2011 2010 2009 2008 2007
Earnings per share EUR 1.85 1.97 1.14 1.18 6.18
Earnings per share, continuing operations EUR - - - - 1.25
Earnings per share, incl. change in fair
value reserve
EUR 1.22 3.22 5.88 -3.52 5.89
Earnings per share, incl. change in fair
value reserve, continuing operations
EUR - - - - 0.95
Capital and reserves per share EUR 15.93 15.83 13.56 8.25 13.47
Net asset value per share EUR 14.05 17.79 14.63 8.28 13.49
Dividend per share 4) EUR 1.20 1.15 1.00 0.80 1.20
Dividend per earnings % 64.9 58.4 87.7 67.8 19.4
Effective dividend yield % 6.3 5.7 5.9 6.0 6.6
Price/earnings ratio   10.4 10.2 14.9 11.2 2.9
Adjusted number of shares at 31 Dec. 5) 1,000 560,000 561,282 561,282 561,372 574,209
Average adjusted number of shares 5) 1,000 560,863 561,321 561,370 569,442 577,802
Weighted average number of shares,
incl. dilutive potential shares 6)
1,000 560,863 561,321 561,370 569,442 577,802
Market capitalisation EURm 10,735 11,254 9,553 7,433 10,382
               
               
A shares   2011 2010 2009 2008 2007
Adjusted number of shares at 31 Dec. 5) 1,000 558,800 560,082 560,082 560,172 573,009
Average adjusted number of shares 5) 1,000 559,663 560,121 560,170 568,242 576,602
Weighted average number of shares,
incl. dilutive potential shares 5)
1,000 559,663 560,121 560,170 568,242 576,602
Weighted average share price EUR 20.63 18.46 13.84 15.96 21.43
Adjusted share price, high EUR 23.90 20.71 17.72 19.30 24.79
Adjusted share price, low EUR 16.85 16.13 8.63 11.42 17.95
Adjusted closing price EUR 19.17 20.05 17.02 13.24 18.08
Share trading volume during the
financial year
1,000 399,759 381,863 452,367 650,816 750,748
Relative share trading volume % 71.4 68.2 80.8 114.5 130.2
               
               
B shares   2011 2010 2009 2008 2007
Adjusted number of shares at 31 Dec. 1,000 1,200 1,200 1,200 1,200 1,200
Average adjusted number of shares 1,000 1,200 1,200 1,200 1,200 1,200
               
1) Sampo plc's sales gain (EURm 2,830) arising from the disposal of the share stock of Sampo Bank plc to Danske Bank A/S is included in the Group key figures for the year 2007.
               
2) On 31 Dec. 2009 Nordea was consolidated as an associate to Sampo and Sampo became a financial and insurance conglomerate, in accordance with the Act on Supervision on Financial and Insurance Conglomerates (2004/699). In 2009–2010, the group solvency was calculated according to Chapter 3. In 2007 and 2008 the group solvency was based on adjusted solvency calculations for insurance groups according to the Decree of the Ministry of Social Affairs and Health (1106/2000). The adjusted solvency wass determined on the basis of the Group financial statements as permitted by the Financial Supervisory Authority (former Insurance Supervisory Authority). In 2006, the solvency was calculated according to the consolidation method defined in Chapter 3 of the Act on the Supervision of Financial and Insurance Conglomerates.
               
3) Key figures for P&C Insurance are based on activity based costs and cannot, therefore, be calculated directly from the consolidated income statement.
               
4) The Board of Director's proposal to the Annual General Meeting for the accounting period 2011.
               
5) In calculating the per share key figures, the treasury shares (1,282,390 shares) held by Sampo pcl during the financial year have been taken into account. The number of shares used at the balance sheet date was 560,000,000 and the average number of shares 560,862,572.
               
In calculating the key figures the tax corresponding to the result for the accounting period has been taken into account. The valuation differences, adjusted with deferred tax liability, on investment property and held-to-maturity debt securities have been taken into account in return on assets, return on equity, equity/assets ratio and net asset value per share. Additionally, other comprehensive income have been taken into account in return on assets and return on equity. In net asset value per share, the Group valuation difference on associate Nordea has also been taken into account.
Dividend Proposal
Calculation of the Key Figures