Sampo Q1 Operating Result Down At EUR 253 Mln
May 7 (Reuters) -Sampo Oyj SAMPO.HE:
Q1 UNDERLYING COMBINED RATIO IMPROVED BY 1.1 PERCENTAGE POINTS
Q1 PRETAX PROFIT EUR 465 MILLION VERSUS EUR 421 MILLION SEEN IN VARA CONSENSUS
Q1 OPERATING RESULT EUR 253 MILLION VERSUS EUR 262 MILLION YEAR AGO
UNDERLYING COMBINED RATIO OUTLOOK FOR 2024 WAS NARROWED TO 83-85 PER CENT (BELOW 85)
Q1 OPERATING EPS WAS BROADLY STABLE AT EUR 0.50 (0.51) DESPITE LOWER UNDERWRITING RESULT
Q1 EPS EUR 0.68 VERSUS EUR 0.61 SEEN IN VARA CONSENSUS
Q1 SOLVENCY II COVERAGE STOOD AT 180 PER CENT (182)
FIRST QUARTER SAW THE MOST SEVERE NORDIC WINTER WEATHER SINCE 2010 AND OUR PRIMARY FOCUS HAS BEEN ON HELPING AFFECTED CUSTOMERS
FIRST QUARTER SEVERE WEATHER CLAIMS AMOUNTED TO APPROXIMATELY EUR 100 MILLION IN IF P&C
HEADLINE UK OPERATING RATIO IMPROVED BY 2 PERCENTAGE POINTS TO 91.4 PER CENT, IN WHAT IS TYPICALLY SEASONALLY MOST CHALLENGING QUARTER
COLD WEATHER ADVERSELY AFFECTED BOTH THE MOTOR AND PROPERTY LINES, PARTICULARLY IN PRIVATE
WE CONTINUE TO COVER ESTIMATED NORDIC CLAIMS INFLATION OF 4-5 PER CENT WITH PRICE INCREASES
CLAIMS INFLATION REMAINED BELOW OUR PRUDENT PRICING ASSUMPTIONS
BY GEOGRAPHY, NORWAY AND SWEDEN WERE MOST AFFECTED, ACCOUNTING FOR ALMOST 90 PER CENT OF RECORDED WINTER CLAIMS, WHILE DENMARK WAS WITHIN THE NORMAL RANGE
EXTENDED PERIOD OF COLD WEATHER, HEAVY SNOW AND ICY ROADS IN JANUARY AND FEBRUARY ADVERSELY AFFECTED BOTH MOTOR AND PROPERTY LINES
UNDERLYING GROUP COMBINED RATIO IMPROVED BY 1.1 PERCENTAGE POINTS YEAR-ON-YEAR, DRIVEN BY POSITIVE MOMENTUM IN ALL SEGMENTS EXCEPT TOPDANMARK, AS CLAIMS INFLATION REMAINED BELOW OUR PRUDENT PRICING ASSUMPTIONS
Source text for Eikon: ID:nGNEbwJkvz
Further company coverage: SAMPO.HE
(Gdansk Newsroom)
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