English | 简体中文 | 繁體中文 | 한국어
Share:
The valuation of Mandatum Life's portfolio to be sold to Danske Bank finalized

SAMPO PLC            STOCK EXCHANGE RELEASE         19 June 2017 at 4:45 pm

The valuation of Mandatum Life's portfolio to be sold to Danske Bank finalized

Mandatum Life Insurance Co. Ltd. disclosed on 27 October 2016 that it will exercise its option to sell the insurance portfolio, sold through Danske Bank's branch network in Finland, to Danske Bank or its nominee. The valuation process, by which the value of the portfolio was to be determined, is now finalized by the external valuators.

As a result of the valuation process the value of the insurance portfolio as at the 31 December 2016 is EUR 334 million. Mandatum Life and Danske Bank have agreed that the theoretical result from the beginning of 2017 until the date of the transfer as determined in the valuation process will be deducted from the final sales price. This theoretical result for year 2017 is determined to be EUR 18.1 million and for year 2018 EUR 18.6 million. Mandatum Life and Danske Bank have agreed that the actual result produced by the portfolio until the transfer remains with Mandatum Life. The Transitional Agency Agreement between Mandatum Life and Danske Bank will continue until closing.

After the transfer has been completed the transaction is expected to have a negative impact of EUR 20 - 25 million on Mandatum Life's annual profit before taxes. The transfer of the portfolio is expected to take place during 2018.

For Mandatum Life sales gain from the transaction equals the value of the insurance portfolio adjusted with items explained in the previous chapter. The sales gain is taxable under the Finnish tax law. In Sampo Group's consolidated accounts a goodwill of approximately EUR 75 million will be deducted from the sales gain. The transaction will have a positive impact on Mandatum Life's solvency position.

The sale of the portfolio is related to Mandatum Life's decision of not prolonging its agency agreement with Danske Bank as of 31 December 2016. In relation to the agency agreement Mandatum Life had the right to sell the insurance portfolio, sold through Danske Bank's branch network in Finland, to Danske Bank.

SAMPO PLC

Maria Silander
Communications Manager
tel. +358 10 516 0031

Further information:

Petri Niemisvirta
Managing Director, Mandatum Life
tel. +358 10 516 7200

Jukka Kurki
CFO, Mandatum Life
tel. +358 50 424 6630

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

Copyright © Thomson Reuters 2017. All rights reserved.
Press Releases
Sequa Petroleum N.V. (the "Company") General Meeting Results 8 December 2017  
Dec 11, 2017 17:53 ET
Aker Solutions to Provide Subsea Production System for Aker BP's Ærfugl  
Dec 11, 2017 11:01 ET
Nokia appoints Joerg Erlemeier as Chief Operating Officer and member of the Nokia Group Leadership Team  
Dec 11, 2017 08:31 ET
Galapagos to enter NASDAQ Biotech Index  
Dec 11, 2017 07:30 ET
DNO Steps Up Production from Peshkabir Field in Kurdistan  
Dec 11, 2017 07:00 ET
Volta Finance Limited : Early Estimated Net Asset Value - November 2017  
Dec 8, 2017 18:32 ET
Eastman Board Increases Dividend for Eighth Consecutive Year  
Dec 8, 2017 06:23 ET
AIR Updates Insured Loss Estimates for Hurricane Maria  
Dec 7, 2017 07:03 ET
Verisk to Discuss Revenue Growth Drivers and Strong Capital Allocation Track Record at Investor Day on Thursday, December 7, 2017, in New York City  
Dec 7, 2017 05:13 ET
INGREDION ANNOUNCES EXECUTIVE LEADERSHIP CHANGES  
Dec 5, 2017 03:03 ET
More News >>
Copyright © 2017 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 5791 1818

Connect With us: