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Sampo Group Report and Financial Statements 2004 Sampo Group

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Sampo Group Report and Financial Statements 2004 Sampo Group Sampo Group Report and Financial Statements 2004 Sampo Group Sampo is a financial services group In addition, Sampo Group operates in institutions have banking relations comprising: Finland in selected market segments with Sampo. Sampo Bank operates in under the Mandatum and Realty Finland, Estonia, Lithuania and, most ● If, the leading P&C insurance World (Kiinteistömaailma) brands. recently, Latvia where it still operates company in the Nordic and Baltic under the Māras banka name. Sampo countries, If P&C Insurance is the leading P&C employs approximately 4,00 people in insurance company in the Nordic ● Sampo, Finland’s leading bank its banking and investment services. and Baltic countries and serves about specialising in long-term savings, 3.6 million customers. If ’s premiums Sampo Life specialises in life and with subsidiary banks in all the written in 2004 totalled EUR 4. billion pension insurance, with operations Baltic countries, and and its staff numbered approximately in Finland, Estonia, Latvia and ● Sampo Life, with life insurance 6,800. Lithuania. Sampo also has life insur- operations in Finland and the Baltic ance and pension fund management Sampo Bank specialises both in countries, as well as life insurance operations in Poland. Sampo employs traditional banking products, such as and pension fund management approximately 400 people in its life housing loans, and in investment and operations in Poland. and pension insurance businesses. savings. More than . million people and over 00,000 companies and Key Figures EUR m 2004 2003 Change-% Results Operating profit 1,014 472 115 Banking 287 231 24 P&C insurance 478 – – Share of associated company If’s profit 27 84 –68 Life insurance 211 182 16 Holding company 20 –4 Group profit for the accounting period 779 354 120 Per share key figures Earnings per share, EUR 1.40 0.64 119 Net asset value per share, EUR *) 5.97 5.64 6 Dividend per share, EUR **) 0.20 1.50 –87 Volume Loans 14,749 13,908 6 Deposits 9,567 9,392 2 Mutual funds 6,783 5,214 30 P&C insurance premiums written 4,136 4,285 –3 Life insurance savings 5,274 5,026 5 *) Less full deferred tax. **) Board of Director’s dividend proposal. The internal dividends and sales profits between the different lines of business have not been eliminated in the result analysis and specifications or key figures of banking and investment services and the insurance business. The above-mentioned items have been eliminated in the Group operating profit. Furthermore, the profit or loss corresponding to the share earlier held in the associated company, If, has been added or deducted in the operating profit until Q1. Therefore, the Group operating profit is not equal to the sum of the business area operating profits. SAMPO GROUP REPORT AND FINANCIAL STATEMENTS 2004 Contents 2 Chief Executive Officer’s Review 4 Strategy 5 Sampo Group’s Return Targets 5 Organisation 6 Holding Company’s Year 2004 8 Sampo’s History 10 Corporate Governance 15 Main Legal Structure 16 Board of Directors 18 Group Executive Committee 20 Group Staff 21 Corporate Responsibility 22 Shares and shareholders 26 Financial Statements 27 Sampo plc – Board of Directors’ Report 2004 36 Consolidated Profit and Loss Account 40 Consolidated Balance Sheet 47 Parent Company Profit and Loss Account 48 Parent Company Balance Sheet 50 Notes to the Accounts 50 Risk Management 64 Accounting Policies 72 Transition to IFRS reporting 74 Calculation of key figures 78 Key Figures 81 Other Notes to the Account 136 Auditors’ Report 137 Contact Information 1 Chief Executive Officer’s Review In 2004 we achieved most of the long- Our banking and long-term savings term targets I set for Sampo Group businesses are now in excellent when I became Chief Executive condition. Sampo Bank is among the Officer in 200. These were to raise the most efficient in the Nordic countries. efficiency of the banking and long- Now our goal is to grow on a broader term savings businesses, to reorganise front, both in Finland and outside the P&C insurance business, to use its borders. You can read more on capital more efficiently and to lower this subject in the separate report on the overall risk level. banking and long-term savings. Bank to focus on growth Our focus on growth in banking and The efficiency measures undertaken in long-term savings does not mean banking and long-term savings have that we will neglect costs. For Sampo yielded better results than expected. Group, cost control and the drive for We have succeeded in reducing costs greater efficiency are not just aspects by approximately EUR 50 million of a one-off campaign, but established on an annual level. Despite the cost practice. discipline, we have made notable If became a success story advances in those market segments we The P&C insurance business has have focused on, such as the mutual undergone a major transformation. fund business and unit-linked pension The integration of Sampo’s P&C insurance. The banking world has insurance business into If, the Nordic undergone extraordinary change, but leader in this field, and the re-engi- we have nevertheless been successful. neering of its strategy have produced a For this, credit is due to our entire success story that I could hardly have staff. imagined a couple of years ago. 2 SAMPO GROUP REPORT AND FINANCIAL STATEMENTS 2004 In February 2004 Sampo bought out continue, as parliament has authorised future ahead of it, and I want to be the other Nordic owners of If and the government to sell its total hold- involved in building that future. then, in October, the Varma Mutual ing in Sampo. I wish to thank our staff for the past Pension Insurance Company as well. For Sampo shareholders, the State’s year. I am convinced that we can do During the past two years, If ’s staff share sales have been a positive move. even better in the coming year. The and management, working with the Share liquidity has significantly employees are crucial to the success company’s Sampo-controlled Board of increased as shares have largely been of a service company. I believe that all Directors, have achieved outstanding bought by international investors. our employees in all Sampo’s busi- results. The best evidence is that If ’s nesses share my views on our future We have systematically dismantled combined ratio decreased to 92.7 per potential, and I trust that you will risk concentrations that had been cent in 2004. be ready to join me in taking Sampo built up in the old Sampo. We have further down the road to continued Our P&C insurance business has diversified our investment holdings success. excellent prospects of maintaining and both geographically and in terms of even strengthening its position as the sectors. It would have been extremely market leader in the Nordic and Baltic expensive, for example, to hold on to countries. the excessive Nokia position we held in 2000. We have also off-loaded risky Björn Wahlroos From the outset, I was convinced businesses, such as Marine & Energy that there would be no significant Chief Executive Officer in P&C insurance, and export and synergies between P&C insurance project finance on the banking side. and banking and long-term savings. This does not mean, however, that Towards growth they cannot constitute major core Sampo’s businesses are now in great businesses for Sampo. The common shape. Our aim is to increase our denominators in Sampo’s businesses banking and long-term savings are shareholder-focused management, businesses and maintain our leading cost efficiency and a focus on long- position in P&C insurance. I believe term customer relationships. that the banking sector will undergo Efficient use of capital further restructuring. Sampo may or may not be involved. Luckily, we are For banks and insurance companies, in a position where we ourselves can the optimal use of capital is an consider the pros and cons and choose essential pillar of strategy. At the our future. I am ready to discuss all beginning of 2003, Sampo had nearly rational solutions, but, on the other one billion euros of excess capital. We hand, we have no reason to join this distributed most of this in dividends process on unfavourable terms. to our shareholders in the spring, in anticipation of a change in Finnish When I became Sampo’s Chief dividend taxation. Executive four years ago, I agreed to take the job for five years. This period Over the last four years, Sampo’s will come to an end by the close of shareholders have benefited from this year. I am not yet ready, however, dividends totalling EUR 2.3 billion. The to engage in the full-time pursuit of lion’s share has gone to our largest my hobbies, nor does farming seem to shareholder, the Finnish State, which me a growth area. has received dividends of EUR 0.9 billion. During 2004, the State twice Sampo is financially fit and stream- sold shares in Sampo totalling EUR 0.9 lined. It has an extremely interesting billion. The State’s sales will probably 3 Strategy We take care of your assets Sampo Group’s strategy is to be the will continue to be strategically Sampo Life’s strong expertise and most innovative, cost-efficient and important. market position provides a good customer-oriented bank and insurance Banking, long-term savings foundation for success in the long- company in the Nordic and Baltic and life insurance term savings market in the future, too. countries. Sampo Group’s core busi- Significant growth can be expected In the banking and long-term savings ness areas are P&C insurance (mar- in the coming years, particularly in business, Sampo’s strategy is to be a keted under the If brand in the Nordic supplementary pension insurance and long-term partner for its customers, and the Baltic countries), banking and pure risk policies for key corporate rather than just a vendor of individual long-term savings (marketed under personnel, as well as in the manage- products.
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