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Sampo Annual Report 2005

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Sampo Annual Report 2005 SAMPO GROUP REVIEW 2005 Sampo’s year did not surprise anyone... ampo Group Sampo is a financial services group comprising • If, the leading P&C insurance company in the Nordic countries • Sampo Bank, an expert in retail and corporate banking services for customers in Finland and the Baltic countries • Sampo Life, an expert in life and pension insurance products for customers in Finland and the Baltic countries • Sampo Group also operates under brand names such as Arvo Asset Management, Realty World (Kiinteistömaailma), Mandatum and Volvia. Sampo Group’s core businesses are banking, long-term savings and property and casualty insurance. P&C insurance RoE 24.1% Banking and investment services Combined ratio 90.5% RoE 23.1% If P&C Insurance is the leading property and Cost to income ratio 57.3% casualty insurance company in the Nordic countries, with approximately 3.6 million custo- Sampo Bank provides banking services and mers and a staff of about 6,600 people. In 2005, services required for managing money affairs If’s total premiums written were EUR and financially securing the future for 4 billion. If offers P&C insurance retail, corporate and institutional in Finland, Sweden, Norway, customers. About 1,1 million Denmark, Estonia, Latvia retail customers and almost and Lithuania. 100,000 corporate and institutional customers use these banking and long-term savings services. Sampo’s RoE 28.4% banking and investment Earning per share, EUR 1.68 Profit before taxes EURm 1,295 Life insurance services employ about 4,200 people and are available in RoE 39.0% Finland, Sweden, Estonia, Latvia Expense ratio 93.4% and Lithuania. Sampo is also well-known to Finnish custo- Sampo Life specialises in life and pension insurance, mers for its Mandatum brand in asset mana- with operations in Finland, Sweden, Norway, Estonia, Latvia gement, private banking, corporate finance and Lithuania. Sampo employs approximately 370 people in and stock brokerage. Some of the mutual its life and pension insurance businesses. funds also still bear the name Mandatum. In real estate, Realty World (Kiinteistömaailma) offers real estate agency services for houses and apartments on our behalf all over Finland. Group profit before taxes Sampo Group staff per country, per cent EURm Lithuania 4% Latvia 1% 1,200 Others 1% 1,000 Estonia 8% 800 Denmark 3% 600 400 Norway 15% Finland 52% 200 0 Banking Life IF P&C Other Sampo Sweden 16% and Insurance Insurance Group Investment Services ...nor did our return on equity – negatively, that is. RoE rose to per cent 28.4 (26.5). Contents 2 Chief Executive Officer’s Review 4 Strategy 5 Sampo Group’s Return Targets 6 Sampo’s Year 2005 8 Sampo’s History 9 Corporate Governance 14 Organisation 15 Main Legal Structure 16 Board of Directors 18 Group Executive Committee 20 Group Staff 21 Corporate Responsibility 22 Shares and Shareholders Chief Executive Officer’s Review 2 Sampo Group | Sampo Group Review 2005 At Sampo we have had to get used to the In 2005, If substantially expanded of control, not housing loans. Historically fact that the markets, media and equity its product portfolio by launching a set low debt service costs have now made analysts from time to time seem taken by of new health insurance policies in all owning your own home possible to ever surprise by our strategic moves. In 2005, Nordic countries. The Norwegian par- increasing numbers of Finns – and with- we apparently amazed many again – but liament recently passed legislation that out government intervention. The indebt- this time by focusing on our core busi- requires companies to complement their edness of Finnish households still remains nesses and recording superb results. employees’ statutory pension cover with well below the Eurozone average. Despite For the second consecutive year our unit-linked group pension plans from the strong growth and competition, Sampo profit before taxes exceeded one billion beginning of 2006. In our P&C operation Bank does not compromise on its lending euros, and this time by rather a wide mar- we have an efficient distribution chan- criteria. We plan on sustaining growth in gin. Following the outstanding year 2004 nel for this product, and If will therefore the coming years, but without compromis- I did not dare predict an improvement start offering Sampo Life’s OTP-pen- ing profitability or credit quality. of this magnitude and, as a consequence, sion product to its Norwegian corporate characterized our results as “almost too customers. To support these products and A good year for investments good to be true” at the close of the third services, Sampo Life has established a A substantial part of last year’s result was quarter. The final quarter did not weaken Swedish subsidiary, If Livförsäkring, and due to good investment income. Sampo the results. is considering a similar arrangement in Group’s investment assets of EUR 16 Norway. billion yielded EUR 1.3 billion (about If, the Nordic market 8%). EUR 1.1 billion of these returns were leader, is fighting fit Sampo Bank: a big success recognised in the consolidated income in the mortgage markets Our P&C insurance division, If, appears statement, while the rest, EUR 0.2 bil- to go from strength to strength. Its com- Sampo Bank rose to the growth chal- lion, were added to the fair value reserve. bined ratio fell further to reach 90.5 per lenge I offered it a year ago and actually The equity weighting in our investment cent (92.6). The main driver behind the reached or surpassed all its targets. The portfolio was about 16 per cent at the end improvement was greater operational ef- banking division wrote one in every four of the year. ficiency, since, unlike the year before, large new mortgage loans in Finland last year. Although the past year offered us claims were somewhat higher than ex- Growth was similarly rapid in Estonia and good returns, I do not wish to count on pected. As a consequence, I am absolutely Lithuania. Success on this scale cannot investments for future results. We want to convinced that our combined ratio target be accomplished by just a trick or two; it stand out in the bank and insurance in- of less than 95 per cent at every stage of requires persistence and determined effort dustry by insisting on the profitability of the cycle is realistic. over the long term. Our bank operates our core businesses in all economic condi- In P&C insurance, we are further in- in Finland and all three Baltic countries. tions, even at times when capital markets creasing our emphasis on risk selection. As During 2005, we expanded operations are offering superior returns. To this end, the leading Nordic P&C insurer, we have in a restricted product area by establish- we will continue our efforts to cut costs access to a unique pool of information and ing a branch office in Sweden, and late in and improve our risk selection in the experience. We will continue to prioritise the year we announced a project aimed at present year as well. efficiency and sensible risk selection over commencing operations in Russia as well. I wish to thank our customers and market share. Thereby we can offer our In both Finland and Estonia the shareholders, and particularly our staff, for customers the best pricing of risk in the end of the year was marked by a public the past year. It is your determination and market and reach our own profitability debate on the risks associated with the commitment that have made our year an targets. This approach has, among other fast growth in housing loans. It was sug- outstanding one. Your role will continue things, led to our success in the competi- gested that, in granting new mortgages to be crucial in building Sampo’s future. tion for Nordic branded auto insurance. with longer maturities and lower margins, I trust that you all – in whichever of our While focusing on the many positives it banks may have forgotten the lessons of businesses you are employed – will join me should not be forgotten that there is still the banking crisis of more than a decade in taking Sampo further forward. room for improvement in the efficiency of ago. To me it seems that some of the crit- If´s operations, particularly in Finland. By ics may themselves have chosen to disre- the look of things, dramatic measures are gard what I believe were the real reasons unlikely to be called for, but targeted cost behind the crisis; failed monetary policies Björn Wahlroos cuts will be the order of the day. and unsecured corporate lending run out Chief Executive Officer Sampo Group | Sampo Group Review 2005 Sampo’s Strategy We take care of your assets Sampo Group’s strategy is to be the P&C insurance ers with convenient, costefficient services. most innovative, cost-efficient and In the P&C insurance business, If ’s Sampo Bank’s real competitive strengths customer-oriented bank and insu- strategy is to benefit from the economies are its expertise and good service. This is rance company in the Nordic and of scale offered by its Nordic organisa- expressed in the retail customer business Baltic countries. Sampo Group’s core tion. These occur mainly in back office through its Personal Financial Plans serv- business areas are P&C insurance functions, IT and standardised work ice and in the corporate customer business (marketed under the If brand in the processes. With an efficient organisation through its knowledge of customers and Nordic and Baltic countries), banking If can achieve underwriting excellence, ability to anticipate their needs.
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