Economic|Interim reports
Sampo has become an almost purely non-life insurance company with excellent profitability.
Financial group Sampo’s result was excellent. The result before taxes for October-December increased to EUR 1,197 million.
Sampo’s Board of Directors will propose to the Annual General Meeting a huge dividend of EUR 4.10 per share.
“I am pleased to announce once again that Sampo Group’s strong quarter was surprising, with excellent, even better-than-expected results. At the same time, I am pleased to highlight the progress made in our strategic goal of focusing on the Group’s unique non-life insurance operations, ” Torbjörn Magnusson says in a press release.
Shut up has become over the past year and a half almost purely an insurance company. It has gradually sold more than a fifth of its holdings in Nordea. The funds released from this were used last year to buy the British non-life insurance company Hastings.
Sampo wholly owns the insurance company If, about half of the Danish non-life insurer Topdanmark and the life insurance and asset management company Mandatum.
According to the latest list of owners, Sampo’s share of Nordea is only six percent and it will also be divested this year.
The sale of the shares started more than a year ago after the US hedge fund Elliott Management registered as the owner of Sampo and suggested that by divesting its banking operations, Sampo could significantly increase its shareholder value.
The return on capital invested in non-life insurance has been significantly higher than in banking in recent years.
Read more: Sampo’s emptying will probably not be done when the company found a better use for its money.
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