Aegon N.V.: Aegon reports second half-year 2020 results
Improved operating performance; dividend well covered by Free Cash Flows
Net loss of EUR 147 million in the second half of 2020, mainly as a result of an increase of the value of liabilities in the Netherlands due to tightening credit spreads, reversing the movement seen in the first half of the year
Underlying earnings before tax increase by 7% to EUR 1,029 million driven by the benefit from higher equity markets in the United States and Asset Management, and expense savings. COVID-19 had a manageable impact, as it led to both adverse mortality and favorable morbidity in the US, which broadly offset each other
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Sampo plc: Sampo impairs the book value of its Nordea shares to EUR 7.50
Sampo impairs the book value of its Nordea shares to EUR 7.50
The Board of Directors of Sampo plc has today, in connection with the approval of the Financial Statement Release for 2020, decided to impair the book value of the Nordea shares from EUR 8.90 per share to EUR 7.50 per share at the end of December 2020. The impairment loss affecting Sampo Group s net profit for 2020 is EUR 899 million.
On 31 December 2020, Nordea s book value per share, after consolidating Nordea s fourth quarter, amounted to EUR 8.90 exceeding its market value of EUR 6.67. Sampo performed an impairment test in accordance with IAS 36 Impairment of Assets where the recoverable amount for Nordea was compared with its carrying amount in the Group. The recoverable amount was defined by using a discounted cash flow model. Based on the value in use test, the recoverable amount was EUR 7.50 per share. As a result, an impairment loss of EUR
Sampo plc: Final Results
Sampo Group s results for 2020
Sampo Group s largest business area If had an extremely strong year 2020 in all respects. The combined ratio for the full-year 2020 was 82.1 per cent (84.5). This is the strongest combined ratio If has ever reported. Because of the impairment loss of EUR 899 million and the sales loss of EUR 262 million on Nordea shares, Group s reported profit before taxes for 2020 decreased to EUR 380 million (1,541). Without the extraordinary items relating to the Nordea holding, the profit before taxes would have been EUR 1,541 million for 2020 and EUR 1,696 million for 2019. The total comprehensive income for the period, taking changes in the market value of assets into account, amounted to EUR 434 million (1,565).