Sampo Oyj · OMXHEX:SAMPO
Sampo Oyj — Investor Day (August 2016)
10 slides from Sampo Oyj's investor day presentation, Aug 24, 2016
Slide 1: Sampo Group's Funding
Sampo Group’s Funding August 24th, 2016 1
Slide 2: Scope
Scope • Subsidiaries issue Own Funds eligible instruments for solvency purposes and to have efficient structure of own funds – However, in Sweden insurance companies are not allowed to issue ”debt” • Parent Company issues senior debt for funding purposes and to have some efficiency in capital struct
Slide 3: Goals
Goals • Availability of Funds – Leverage – Buffers • Efficiency of Capital Structure (but not with the cost of availability) – Tax-deductibility of interests – Lower WACC • Maturity and Investor Base diversification to mitigate risks – Refinancing risk within Sampo plc – Interest Rate and Currency R
Slide 4: Balance Sheet Flow of Funds Sampo plc
Flow of Funds Balance Sheet Dividends Income Assets EURm 9,179 Liabilities EURm 9,179 • If P&C • Interest on Liquidity Liquidity 416 CPs Issued 305 • Mandatum Life • Income from other • Nordea investments Investment assets 167 LT Senior Debt 2,157 -Real Estate 2 -Private Placements 132 -Fixed Income
Slide 5: Sampo Group ― Conservative Leverage
Sampo Group ― Conservative Leverage EURm 16,000 40% Sampo plc Net debt Net debt/NAV 14,000 35% Group NAV 12,000 Group Equity 30% 10,000 8,000 25% 6,000 20% 4,000 15% 2,000 10% 0 -2,000 5% -4,000 0% Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 Q1/14 Q1/15 Q1/16 Q1/05 Q1/06 Q1/07 Q1/08 Q1/09
Slide 6: Leverage by Moody's Double Leverage
Leverage by Moody’s Double Leverage
Slide 7: Liquid Investments as Buffer
Liquid Investments as Buffer Instrument & Principal Running Yield Call/ Maturity Mandatum Capital Loan 100 m€ 4.57% Every year IF 30NC6.5 90 m€ 4.71% 26.11.2018 IF 30NC10 99 m€ 6.07% 08.12.2021 Nordea AT1 PerpNC5 171 m$ 5.95% 23.9.2019 Nordea AT1 PerpNC5 98 m$ 6.48% 13.9.2021 Topdanmark Tier1 33 m€
Slide 8: Sampo plc Debt Instruments, 30 June 2016
Sampo plc Debt Instruments, 30 June 2016 Effective Instrument & Principal Coupon Swap Maturity Rate Senior Bond 500 EURm (EMTN) 4.2500% Euribor3M + 2,7910% 2.5330% 27.02.2017 If Senior Bond 2,000 SEKm (EMTN) Stibor3M + 1.45% --- 0.9660% 29.05.2018 refinaced today Senior Bond 500 EURm (EMTN) 1.1250%
Slide 9: Summary
Summary • Liquidity is strong, most of investment assets can be sold over time and leverage is modest • Material part of Sampoʼs Debt (5,000 mioSEK) is in SEK to mitigate the FX-risk related to IFʼs SEK dividends and translation risk at Sampo Group level. Duration of Sampo Plcʼs debt is short and av
Slide 10: Sampo plc contact details
Sampo plc Fabianinkatu 27 00100 Helsinki, Finland Phone +358 10 516 0100 Business ID: 0142213-3 www.sampo.com @Sampo_plc sampo-plc 10