Solid results for If P&C Insurance

Combined ratio was 94.4 percent (98.2 percent) for the period. The operating result before tax was 1 958 MSEK (1 257 MSEK) for January-March 2011.

- The results for the first quarter are satisfactory. Although the winter was quite severe, on the whole it was still more normal than in 2009 and the claims for If are thus somewhat fewer this time. Overall, If has had a fairly good start to the year, for example in the industrial market and when it comes to car insurance, where the increase in new sales of cars benefit If. In the Baltic area the recession finally starts to recede with a stabilizing insurance market as a result", says Torbjörn Magnusson, CEO of If.

If P&C Holding is a part of Sampo Plc. Sampo Group’s profit before taxes was 387 MEuro (287) for January-March 2011. Earnings per share was 0,58 euro (0,44 euro) in the first quarter.