2001 result (proforma) for If P&C
12 February 2002 If P&C publicly announced an operating result for 2001 of minus SEK 2,752 million, and a combined ratio of 115.3 %. Sampo P&C's combined ratio calculated in accordance with Swedish accounting principles is 106.7 % for 2001. Proforma combined ratio inclusive Sampo P&C is 113.0%.
Proforma operating result for If, inclusive Sampo is calculated based on estimates for the investment result. The reason for this is the significant deviation in capitalisation and asset allocation in the reported numbers from Sampo, compared with the business that is transferred to If. Assuming the actual risk adjusted return for If, of 2.5%, used on Sampo's portfolio which are transferred til If, the proforma operating result for the merged operation would be minus SEK 3,175 million for 2001. If normalised return on assets is equal to expected return of 5.6 %, based on the 2002 investment policy for If, proforma operating result for the enlarged If will be minus SEK 1,248 for 2001.
Storebrand's share of If P&C will be reduced from 44.0 % to 22.47 %, as an effect of the merger between If and Sampo P&C. The share of the result will as previously be incorporated in Storebrand's accounts according to the equity method.
Storebrand's share of the actual result for If in 2001 is reported to minus NOK 769 million. Storebrand's share of the proforma 2001 result, based on the proforma operating result in If of minus SEK 3,175 million, is minus NOK 447 million after tax. Proforma consolidated result for Storebrand 2001 will, based on this assumption, be minus NOK 1,108 million. This is NOK 322 million better than actual reported consolidated result, which was minus NOK 1,430 million. The proforma numbers have not been audited.
Oslo, 02.27.2002
Enclosed is the press release from If.
Contacts in Storebrand: <br>Lars Aa Løddesøl, Executive Vice President Finance, Tel.: +47 22 31 56 24 <br>Mob.: +47 93 48 01 51 <br>Nils Robert Hodnesdal, Investor Relations, Tel.: +47 22 31 55 33 Mob.: +47 <br>93 40 38 13 <br> <br>Contacts in If: <br>Nils Henriksson, CIO, Tel.: +46 8 788 12 82 <br>Susanna Halse, Investor Relations, Tel.: +46 8 788 24 28 <br>