STOCKHOLM, Sweden, February 27, 2002 (PRIMEZONE) -- If P&C Insurance is the leading property & casualty insurance company in the Nordic area with a Nordic market share of 24% and 8000 employees.
After the completion of the merger with Sampo's P&C business on January 2, 2002, If has operations in Denmark, Finland, Norway, Sweden and in the Baltic Rim. The head office is located in Stockholm, Sweden.
To update the market on the new group financials, If has prepared 2001 full-year pro forma accounts including Sampo P&C.
The pro forma profit and loss statement is prepared on a consolidated Group level for 2001, assuming the merger took place in January 2001, and all transactions on January 2, 2002 relating to the merger are taken into account as of December 31, 2001 in the pro forma Balance sheet.
Group pro forma highlights If FY 2001 Sampo FY 2001 (MSEK), unaudited FY 2001 Consolidated Premiums written, gross 25 520 9 211 34 731 Premiums earned, net 22 237 8 034 30 271 Claims incurred, net -20 531 -6 877 -27 409 Operating expenses -5 121 -1 694 -6 815 Underwriting result -3 415 -537 -3 953 Investment result, normalized 2 310 1 309 3 619 Operating result -1 549 301 -1 248 Claims ratio 92.3% 85.6% 90.5% Expense ratio 23.0% 21.1% 22.5% Combined ratio 115.3% 106.7% 113.0% Total assets 60 908 31 674 93 783 Investment assets 42 080 23 496 65 576 Net Asset Value 7 433 9 464 18 098
The pro forma consolidated solvency ratio based on risk capital (net asset value + hybrid capital) as of year-end 2001 was 64%.
In the consolidation of the accounts, the Sampo P&C accounts have been converted into Swedish GAAP and If's accounting principles have been applied. A normalized investment return of 5.6% has been applied to the investment asset total, based on If's group investment policy for 2002.
For 2002, the target asset allocation within live business is fixed-income 73%, equities 20%, real estate 3.5% and other 3.5%.
Further technical information can be found in the appendices. Please also see the Sampo 2001 year-end report, available at www.sampo.fi.Appendices
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The report, along with financial tables, can be found at the following link: www.waymaker.net/bitonline/2002/02/27/20020227BIT00610/wkr0003.xls