News article, 9 February 2012
If P&C Insurance AS annual results in the Baltic countries in 2011 shows outstanding financial performance. The consolidated net profit for If P&C Insurance AS, which includes parent company in Estonia and subsidiaries in Latvia and Lithuania, was 21.5 MEUR in 2011 compared to 16.2 MEUR in 2010 increasing 33%.

The gross written premiums collected on the Baltic market in 2011 were 113.9 MEUR compared to 108.5 MEUR in 2010, increasing 5%. Gross written premiums in Latvia were 16.5 MLVL compared to 14.9 MLVL in 2010, increasing 11%.

During January-December 2011 the amount of gross claims paid in the Baltic were 71.0 MEUR compared to 66.1 MEUR in 2010, increasing 7%.
In Latvia the amount of claims paid was 9.2 MLVL compared to 8.7 MLVL in 2010.

Baltic economies showed moderate recovery. This allowed If to return to growth after several years of volume loss. We are very happy to see customers have more confidence in If comperad to copetitors. This is reflected both in us gaining market share as well as customer surveys returning very positive feedback. Our disciplined approach to risk selection and pricing throughout crisis years has allowed us to sustain strong financial result. Year 2011 is another year we complete with solid net profit of EUR 21.5M. Cost and efficiency focus combined by disciplined underwriting has been the main drivers for that , comments Andris Morozovs, CEO of If P&C Insurance AS.

If Group continues to deliver stable results. The technical result for 2011 was 4 129 MSEK compared to 4 284 MSEK for 2010. Combined ratio was 92.0 percent (92.8 percent) for the full year. The operating result before tax was 5 572 MSEK (6 800 MSEK) for 2011.

If P&C Holding is a part of Sampo Plc. Sampo Group’s profit before taxes was 322 MEUR (361) for October-December 2011. Earnings per share were 0.50 euro (0.54 euro) in the fourth quarter.




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