• / Free eNewsletters & Magazine
  • / My Account
Home>Sampo Oyj Change In Sampo Group's Reporting -Topdanmark Becomes A New Segment

Sampo Oyj Change In Sampo Group's Reporting -Topdanmark Becomes A New Segment

Sampo Oyj Change In Sampo Group's Reporting -Topdanmark Becomes A New Segment


 TIDMSAMPO SAMPO PLC STOCK EXCHANGE RELEASE 2 October 2017 at 9:45 am Change in Sampo Group's reporting - Topdanmark becomes a new segment Sampo Group has since May 2011 consolidated Danish insurer Topdanmark A/S as an associated company by reporting in the P&C Insurance segment the share of Topdanmark's profit corresponding to Sampo's holding. Sampo consolidates Topdanmark as a subsidiary as of 30 September 2017 in its financial reporting in accordance with IFRS. This implies no other change in the relationship between Sampo Group and Topdanmark. Previously Sampo reported three segments; P&C Insurance (including Topdanmark), Life Insurance and Holding segment (including Sampo's share of Nordea's profit). Subsequent to consolidation of Topdanmark as a subsidiary, Sampo will change its reporting structure and going forward disclose four reportable segments; If, Topdanmark, Mandatum Life and Holding (incl. Nordea). In the January - September 2017 Interim Statement to be published on 2 November 2017 Topdanmark's balance sheet will be fully consolidated to Sampo Group's balance sheet. The share of Topdanmark's profit for January-September 2017 corresponding to Sampo's holding will be reported as share of associate's profit/loss in the segment Topdanmark as a separate line. In addition, the difference between the carrying value and the fair value of Sampo's holding on 30 September 2017 will be recognized in profit and loss. The exact amount of the latter item depends on the closing price of Topdanmark share on 30 September 2017 and the share of Topdanmark's profit/loss for the third quarter of 2017. The amount is over EUR 700 million. As of 1 October 2017 Topdanmark's profit and loss items will be recognized line-by-line in Sampo Group's consolidated financial statements in the segment Topdanmark. Sampo Group calculates and reports its Group solvency according to the Act on the Supervision of Financial and Insurance Conglomerates (2004/699) which is based on Directive 2002/87/EC of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment. The consolidation will change the treatment of Topdanmark in the Group Conglomerate Solvency calculation. Going forward Topdanmark will be treated in the same way as If P&C and Mandatum Life, which also means that the Solvency Capital Requirement (SCR) for Topdanmark is calculated according to standard model. The change is not expected to have a major impact on Sampo Group's solvency ratio. SAMPO PLC Investor Relations and Group Communications Further information: Peter Johansson Group CFO tel. +358 10 516 0010 Maria Silander Communications Manager tel. +358 10 516 0031 Distribution: Nasdaq Helsinki London Stock Exchange The principal media Financial Supervisory Authority www.sampo.com This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Sampo Oyj via Globenewswire http://www.sampo.com 

(END) Dow Jones Newswires

October 02, 2017 03:00 ET (07:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.


©2017 Morningstar Advisor. All right reserved.