Holding

Sampo plc owns and controls its subsidiaries engaged in P&C and life insurance. In addition Sampo plc held on 31 December 2017 approximately 21.2 per cent of the share capital of Nordea, the largest bank in the Nordic countries. Nordea is an associated company to Sampo plc.

Results Holding, 2017
Results
Holding, 2015
EURm 2017 2016 Change, %
Net investment income 10 36 -72
Other operating income 18 17 9
Staff costs -18 -16 15
Other operating expenses -14 -18 -21
Finance costs -36 -14 168
Share of associates' profit 616 773 -20
Profit before taxes 576 778 -26
Key Figures Change
Average number of staff (FTE) 60 57 3

Holding segment’s profit before taxes amounted to EUR 576 million (778), of which EUR 616 million (773) relates to Sampo’s share of Nordea’s 2017 profit. Segment’s profit excluding Nordea was EUR -40 million (6). The result is burdened by currency losses from US Dollar and Swedish krona to the amount of EUR -39 million impacting both investment income and finance costs.

Sampo plc’s holding in Nordea Bank was booked in the consolidated balance sheet at EUR 7.6 billion. The market value of the holding was EUR 8.7 billion, i.e. EUR 10.09 per share, at 31 December 2017. In addition the assets on Sampo plc’s balance sheet included holdings in subsidiaries for EUR 3.4 billion (2.4).