Sampo Oyj · OMXHEX:SAMPO
Sampo Oyj — Investor Day (August 2015)
7 slides from Sampo Oyj's investor day presentation, Aug 13, 2015
Slide 1: Changes in If's Norwegian Pension Plan
CHANGES IN IF’S NORWEGIAN PENSION PLAN Knut Arne Alsaker, 13 Aug 2015
Slide 2: Background
BACKGROUND • A reformation of the Norwegian pension system started in 2011 • Fundamental changes of the statutory pension system (Folketrygden) • Amended occupational pension laws implemented in 2014 • The Board of If P&C Insurance decided on the proposed plan amendments on 7 May 2015
Slide 3: Decided Amendments of the Pension Plan
DECIDED AMENDMENTS OF THE PENSION PLAN • Transfer of employees born in 1958 and later from DB to DC • Increase of contribution rates in DC for employees with DC today and for employees who will be transferred from DB to DC • Termination of responsibility for indexation of pension payments • Implemen
Slide 4: Comparison of Pension Benefits
COMPARISON OF PENSION BENEFITS Previous pension plans Pension plans from 2016 • Defined contribution plan for all • Defined contribution plan for the new employees since 2006 vast majority of employees • Contribution rate 5% from 1 G to • Contribution rate 7% from the 6 G and 8% from 6 G to 12 G fir
Slide 5: Consequences of the Amendments
CONSEQUENCES OF THE AMENDMENTS • Risk transfer from If to its employees/retirees and redistribution of pension costs • Most employees will be covered by a competitive defined contribution pension plan • Significant increase in predictability and stability of pension costs • A positive non-recurring
Slide 6: Combined Ratio – If Total 6M-15
COMBINED RATIO – IF TOTAL 6M-15 Spec of One-off effects 87,2% - 88,3% 5,0% 7,1% 85,0% 64,7% 65,7% 69,7% Risk ratio Cost ratio 22,5% 22,6% 15,4% 6M-15 excl Disc effect Norwegian 6M-15 6M-14 one-offs pensions Reported
Slide 7: Combined Ratio – If Total Q2-15
COMBINED RATIO – IF TOTAL Q2-15 Spec of One-off effects 9,9% -- 86,5% 85,2% 14,2% 80,9% 62,8% 64,0% Risk ratio 72,7% Cost ratio 22,4% 22,5% 8,3% Q2-15 excl Disc effect Norwegian Q2-15 Q2-14 one-offs pensions Reported