Artificial Intelligence
Sampo Group’s Results for January – June 2020
SAMPO PLC HALF-YEAR FINANCIAL REPORT 5 August 2020 at 9:35 am
Sampo Group’s Results for January – June 2020
Sampo Group’s profit before taxes for the first half of 2020 was EUR 569 million (981). The Group’s insurance technical performance continued to excel and a large part of the decrease in the market values of investment assets in March – April 2020 was recovered. The total comprehensive income, taking changes in the market value of assets into account, amounted to EUR 34 million (995) for the first half of 2020 and EUR 987 million (434) for the second quarter of 2020.
- Earnings per share was EUR 0.81 (1.37) and mark-to-market earnings per share was EUR 0.02 (1.68). Return on equity for the Group amounted to 0.2 per cent (15.4) for the first half of 2020. Meanwhile, the net asset value per share on 30 June 2020 was EUR 16.99 (20.71).
- Sampo confirmed on 29 July 2020 after market rumours started to circulate that it is, together with Rand Merchant Investment Holdings Limited (RMI), in discussions with Hastings Group Holdings Plc regarding a possible cash offer to acquire the issued and to be issued share capital of Hastings not already owned or controlled by Sampo and RMI. Today Sampo and RMI have announced a recommended cash offer, through a newly-formed jointly owned company, to acquire Hastings.
- If segment’s profit before taxes was EUR 383 million (440). The insurance technical result increased to EUR 398 million (334) and the combined ratio for January – June 2020 amounted to 82.1 per cent (84.7). Premiums grew by 5 per cent on a fixed currency basis. Furthermore, all business areas and all markets recorded growth.
- Topdanmark segment’s profit before taxes decreased to EUR 38 million (146). Meanwhile, the combined ratio amounted to 84.2 per cent (79.0).
- Sampo’s share of Nordea’s net profit for January – June 2020 amounted to EUR 132 million (222). With regard to segment reporting, the share of Nordea’s profit is included in the segment entitled ‘Holding’.
- Profit before taxes for the Mandatum segment amounted to EUR 39 million (137). Meanwhile, premiums decreased to EUR 498 million (529).
Key figures | 1-6/2020 | 1-6/2019 | Change, % | 4-6/2020 | 4-6/2019 | Change, % |
EURm | ||||||
Profit before taxes | 569 | 981 | -42 | 407 | 506 | -19 |
If | 383 | 440 | -13 | 254 | 242 | 5 |
Topdanmark | 38 | 146 | -74 | 52 | 53 | -3 |
Associates | 137 | 226 | -39 | 51 | 143 | -64 |
Mandatum | 39 | 137 | -71 | 55 | 65 | -15 |
Holding (excl. associates) | -29 | 31 | – | -5 | 2 | – |
Profit for the period | 469 | 826 | -45 | 330 | 428 | -23 |
Change | Change | |||||
Earnings per share, EUR | 0.81 | 1.37 | -0.56 | 0.55 | 0.73 | -0.18 |
EPS (based on OCI) EUR | 0.02 | 1.68 | -1.66 | 1.73 | 0.74 | 0.99 |
NAV per share, EUR *) | 16.99 | 20.71 | -3.72 | – | – | – |
Average number of staff (FTE) | 10,322 | 9,734 | 588 | – | – | – |
Group solvency ratio, % *) | 187 | 167 | 20 | – | – | – |
RoE, % | 0.2 | 15.4 | -15.2 | – | – | – |
*) comparison figure from 31.12.2019
The figures in this report have not been audited. Income statement items are compared on a year-on-year basis and comparison figures for balance sheet items are from 31 December 2019, unless otherwise stated.
Sampo follows the disclosure procedure enabled by the Finnish Financial Supervisory Authority and hereby publishes its Interim Statement attached as a PDF file to this stock exchange release. The Interim Statement is also available at www.sampo.com/result.
EXCHANGE RATES USED IN REPORTING
|
1-6/2020 | 1-3/2020 | 1-12/2019 | 1-9/2019 | 1-6/2019 |
EURSEK | |||||
Income statement (average) | 10.6621 | 10.6649 | 10.5853 | 10.5679 | 10.5181 |
Balance sheet (at end of period) | 10.4948 | 11.0613 | 10.4468 | 10.6958 | 10.5633 |
DKKSEK | |||||
Income statement (average) | 1.4280 | 1.4279 | 1.4183 | 1.4158 | 1.4090 |
Balance sheet (at end of period) | 1.4813 | 1.4813 | 1.3982 | 1.4326 | 1.4153 |
NOKSEK | |||||
Income statement (average) | 0.9932 | 1.0195 | 1.0749 | 1.0816 | 1.0810 |
Balance sheet (at end of period) | 0.9618 | 0.9610 | 1.0591 | 1.0809 | 1.0897 |
EURDKK | |||||
Income statement (average) | 7.4648 | 7.4714 | 7.4661 | 7.4644 | 7.4651 |
Balance sheet (at end of period) | 7.4526 | 7.4674 | 7.4715 | 7.4662 | 7.4636 |
GROUP CEO’S COMMENT
The second quarter was a strong quarter for Sampo Group, despite the uncertainty related to COVID-19. Firstly, we continued to excel in P&C insurance underwriting, the backbone of our profit generation, and secondly, the investment markets reversed the negative experience from March and April, as the equity markets surged and bond spreads narrowed during May and June.
Business has been stable during the summer months, and we have also been able to focus on project Dorset. The code name refers to the offer we have published today, together with RMI, to acquire all shares in the UK motor insurance company Hastings Group Holdings Plc.
The offer is of course a step in the strategy to allocate more capital to P&C insurance, and Hastings is a unique company which we have followed for some time. It operates in the large UK motor insurance market and, more importantly, in the fast-growing segment of modern digital distribution which continues to take market share from the traditional operators. Hastings results have been impressive since the IPO in 2015.
The UK is certainly an interesting insurance market. It is not only very large, but also very advanced in digital terms. I am excited about the opportunities to develop Sampo with these digital capabilities, at the same time as our Nordic expertise in other areas like retention techniques and car manufacturer collaboration can support Hasting’s future development.
The fact that we do this together with RMI, a long-term shareholder in Hastings, reduces the acquisition risks significantly. RMI is a South African financial services investment holding company and has been the largest shareholder in Hastings since 2017.
Coming back to our existing businesses, If P&C posted a technical result that improved further from the already excellent level. Stable operations where premium increases corresponded well to claims inflation. Topdanmark also recovered from the difficult first quarter of this year.
Nordea’s progress in the second quarter was encouraging. The bank remains committed to meeting the financial targets 2022, and leading indicators on cost and customer satisfaction developed strongly. It has maintained the strong financial position it had when entering the COVID-19 crisis and with its high equity tier 1 ratio and ample credit loss buffers, the bank is well prepared to meet the challenges ahead.
Of all our business areas, Mandatum Life is the most exposed to the volatility in the financial markets. At the same time Mandatum is the one to benefit most from the upturn in the equity markets as witnessed in the second quarter of this year when the other comprehensive income rose to EUR 234 million. The company’s Solvency II ratio continues to be solid at 201 per cent.
Torbjörn Magnusson
Group CEO and President
SECOND QUARTER 2020 IN BRIEF
Sampo Group’s profit before taxes for the second quarter of 2020 was EUR 407 million (506). Earnings per share was EUR 0.55 (0.73) and mark-to-market earnings per share EUR 1.73 (0.74).
Net asset value per share increased EUR 1.63 during the second quarter of 2020 and was EUR 16.99. The net asset value increased mainly because of equity market recovery, and particularly, the increase in Nordea’s share price.
If’s combined ratio for the second quarter of 2020 amounted to 80.5 per cent (83.0). Profit before taxes amounted to EUR 254 million (242).
Topdanmark’s combined ratio for the second quarter 2020 amounted to 79.7 per cent (79.8) and profit before taxes to EUR 52 million (53).
Sampo’s share of Nordea’s second quarter 2020 net profit was EUR 48 million (140).
Profit before taxes for Mandatum amounted to EUR 55 million (65). Premiums written decreased to EUR 210 million (291).
EFFECTS OF COVID-19 ON SAMPO GROUP
Personnel and customer relations
Sampo Group has followed the recommendations from authorities in its respective countries both during the lock-down in the acute phase of the crisis as well as now that societies are gradually re-opening in The Nordic and Baltic countries.
In Sampo Group’s biggest subsidiary If P&C, 6,000 of more than 7,000 employees have been working remotely during the crisis and the remainder have been working in offices where social distancing measures have been observed. Mandatum Life also has followed the government advice and continues with remote work. Only a few percent of employees are working at the office premises. Also, in Topdanmark 95 per cent of employees have been working remotely.
When the COVID-19 pandemic reached the Nordic countries in mid-March 2020 priority was given to continuity and continued service and support to customers in the best way in the changed working conditions.
Operational efficiency and availability have been good and early indications show sick leave to have declined during the crisis.
Physical customer visits to our offices have been stopped or are subject to extra precautions. Business travel and conferences have also been halted. During this period subsidiaries have been able to offer a normal service level and customer satisfaction has remained on a high level. There has been no disruption in the customer service.
Insurance business
If’s claims cost for the first six months of 2020 was negatively impacted from travel insurance policies primarily following imposed government travel restrictions due to COVID-19. At the end of the reporting period, the total number of reported claims amounted to just over 50 000, corresponding to a gross claims cost of approximately SEK 400 million (EUR 38 million) mostly in BA Private and Norway. The net claims cost is expected to be significantly reduced by a reinsurance cover with a net retention for this event of SEK 100 million (EUR 9 million).
The lock down activities in the Nordic countries had a positive effect on claims cost especially at the beginning of the second quarter of 2020. The largest factor being reduced traffic on the roads that resulted in an extraordinary and temporary decrease in motor claims. Towards the end of the period, as governments started to reopen societies, claims frequency also returned to a more normal level. At the same time an increase in repair costs is likely because of lack of material, delays in transportation of material or shortage of personnel following implemented government travel restrictions.
During the second quarter of 2020 there was a clear negative impact on premium volume because of the COVID-19 situation. This was a result of many variables including fewer new cars sold, decommissioning of vehicles and lower insurable sums and goods.
Mandatum Life’s claims cost in January-June 2020 was in line with the previous year. Premium income was 6 per cent, EUR 32 million, below the previous year in January-June, but in April-June both claims paid and premium income were around EUR 80 million below the previous year.
In its Half-year Report for 2020 published on 17 July 2020 Topdanmark described the impact COVID-19 had on its operations. The report is available at www.topdanmark.com.
Investment activities
The swift monetary responses by central banks and governments have helped to stabilize the financial markets after the initial shock reaction in March 2020. Leading equity indices have rebounded strongly and credit spreads on bonds have narrowed since then.
Companies in Sampo Group have enjoyed good returns in the second quarter of 2020. However, the mark-to-market losses in the investment portfolio suffered during March – April 2020 had not been fully recovered by the end of the quarter.
Solvency positions
The solvency positions of Sampo Group and its subsidiaries remained robust in the second quarter of 2020. More information is available in the section Solvency.
Impacts on future operating models
As Sampo Group’s personnel gradually returns to the offices, the Group follows the recommendations of authorities in individual countries. This means that operations are returning to normal step by step and with somewhat varying speed in each country. Social distancing measures are still in effect also during the re-opening phase and the principle is to offer employees the flexibility to continue working from home for the foreseeable future, while re-opening the offices for those employees who wish to return.
The COVID-19 pandemic will have lasting effects on how operations are organized in the Group. The crisis has accelerated the digitalization of work life. Remote work has proven itself both effective and to be an important tool for handling unexpected crises. Going forward, increased flexibility will be expected by employees and recruitment candidates.
Group companies have started several “Post Corona” initiatives relating to the use of remote work in the future and the required changes in HR and employment relations.
BUSINESS AREAS
If
Profit before taxes for January – June 2020 for the If segment was EUR 383 million (440). The total comprehensive income for the period after tax was EUR 106 million (462). The combined ratio for the period was 82.1 per cent (84.7) and the risk ratio was 61.4 per cent (63.0).
Net releases from the technical reserves relating to the prior year claims were EUR 103 million (108) in January-June. The technical result increased to EUR 398 million (334). The insurance margin (the technical result in relation to the net premiums earned) increased to 18.3 per cent (15.7).
Large claims were EUR 47 million worse than expected in the first half of 2020. The Norwegian market was particularly impacted by large loss development in the first half.
The Swedish discount rate used to discount the annuity reserves was -0.81 per cent and had a negative effect of EUR 2 million on the profit in the first half of 2020.
Gross written premiums increased to EUR 2,846 million (2,772) in January – June 2020. Adjusted for currency, premium growth was 5.2 per cent compared to the corresponding period a year ago. Furthermore, growth was positive in all business and market areas – it was highest in Denmark where it accelerated to 12.0 per cent. Gross written premiums grew by 6.6 per cent in Norway, 4.6 per cent in Sweden, and 2.0 per cent in Finland. In BA Industrial, premium growth amounted to 9.4 per cent, in BA Commercial it was 6.6 per cent, in BA Baltic it reached 2.1 per cent, and in BA Private 3.2 per cent.
The risk ratio 59.3 (61.2) for the second quarter improved compared to last year. This was driven by an underlying improvement from implemented actions over a longer period as well as an extraordinary benign frequency situation in the second quarter due to the COVID-19 which resulted in a significant reduction in traffic and lower activity especially at the beginning of the quarter. Towards the end of the period claims returned to more normal levels. The positive effect on the net risk ratio in the second quarter was approximately 4 percentage points.
The cost ratio was 20.8 per cent (21.7) and the expense ratio was 15.2 per cent (16.2).
On 30 June 2020, the total investment assets of If amounted to EUR 10.8 billion (10.8).
If’s solvency position is described in the section entitled ‘Solvency’.
Topdanmark
At the end of June 2020, Sampo plc held 41,997,070 Topdanmark shares, which corresponds to 46.7 per cent of all shares and 48.1 per cent of related voting rights in the company. The market value of the holding was EUR 1,544 million on 30 June 2020.
As a consequence of the COVID-19 situation, only DKK 8.5 of the previously announced dividend of DKK 17 per share was paid following the AGM on 2 April 2020. Consequently, Sampo received EUR 48 million in dividends from Topdanmark on 7 April.
Topdanmark’s Board of Directors has decided to postpone payment of the remainder of the dividend for 2019 until the AGM on 25 March 2021. It is still the intention to distribute in part or in full the remaining DKK 8.5 of the previously announced dividend.
Topdanmark’s profit before taxes for January–June 2020 amounted to EUR 38 million (146). During the second quarter of 2020, Topdanmark’s profit before taxes was almost unchanged despite a lower life result.
The combined ratio amounted to 84.2 per cent (79.0). The expense ratio was almost unchanged at 16.7 per cent.
The following text is based on Topdanmark’s Half-year report 2020 report, which was published on 17 July 2020.
During the first half of 2020, Topdanmark’s premiums increased 2.7 per cent in non-life insurance and 20.7 per cent in life insurance. In the private segment, premiums were negatively impacted by the termination of the distribution agreement with Danske Bank at the end of the first half of 2019. From 2021, it is expected that the Nordea agreement will compensate fully for the terminated distribution agreement with Danske Bank in terms of premiums.
During the first half of 2020, Topdanmark’s technical result decreased due to lower run-off, and by a higher level of weather-related claims. During the second quarter, however, the technical result increased.
In the first half of 2020, weather-related claims represented a 1.0 percentage point deterioration of the claims trend. Thereby, the level of weather-related claims was EUR 1 million below the assumed normal level.
The level of large claims represented a 0.1 percentage point deterioration of the claims trend in the first half of 2020.
Topdanmark’s solvency position is described in the section entitled ‘Solvency’.
Further information on Topdanmark A/S and its January – June 2020 results is available at www.topdanmark.com.
NORDEA (associated company)
On 30 June 2020, Sampo plc held 804,922,858 Nordea shares, which corresponds to a holding of 19.87 per cent. The average price paid per share amounted to EUR 6.46 and the book value in the Group accounts was EUR 8.42 per share. The closing price as at 30 June 2020 was EUR 6.15.
The AGM on 28 May 2020 mandated the Board of Directors to decide on a dividend payment of a maximum of EUR 0.40 per share for the financial year 2019 to be distributed in one or several instalments. The Board of Directors intends to follow the recommendation adopted by the ECB and refrain from deciding on a dividend payment based on the authorization before 1 October 2020.
The following text is based on Nordea’s Half-Year Financial Report 2020 published on 17 July 2020.
Nordea reported a solid result with revenues largely unchanged. Net interest income increased by 2 per cent, supported by volume growth, especially in mortgages, in all countries. Operating profit was EUR 306 million − significantly impacted by loan loss provisions.
Nordea estimates total net loan losses for the full year 2020 to be below EUR 1 billion.
In the quarter underlying net loan losses were EUR 310 million. On top of that Nordea has made additional management judgement allowances of EUR 388 million leading to total Q2 net loan losses of EUR 698 million. Nordea now has a management judgement buffer of EUR 650 million in place to cover for future loan losses, IFRS 9 model improvements and the European Central Bank’s new guidance on non-performing loans.
Nordea’s capital position remains very strong with a common equity tier 1 ratio of 15.8 per cent, which is 5.6 percentage points above the requirement.
Sampo’s share of Nordea’s profit before taxes for January–June 2020 amounted to EUR 132 million (222).
Mandatum Life
Mandatum segment’s profit before taxes for January – June 2020 amounted to EUR 39 million (137). The total comprehensive income for the period after tax reflecting the changes in market values of assets decreased to EUR -90 million (190). Return on equity was -13.3 per cent (30.1).
Mandatum Life Group’s premium income amounted to EUR 498 million (529) for the first half of 2020 Unit-linked premiums were EUR 439 million, i.e. 88 per cent of total premiums.
Net investment income, excluding income on unit-linked contracts, decreased to EUR 30 million (203) due to the market turmoil in the first quarter of 2020. In April – June, net investment income, excluding unit-linked contracts, was EUR 53 million.
Net income from unit-linked contracts decreased to EUR -312 million (523). In the second quarter of 2020, net income from unit-linked contracts amounted to EUR 572 million. In January – June of 2020 fair value reserve decreased to EUR 316 million (438).
Mandatum Life Group’s total technical reserves amounted to EUR 11.5 billion (12.0). Unit-linked reserves decreased to EUR 7.8 billion (8.1) at the end of June 2020. The amount corresponds to 67 percent (68) of total technical reserves. Since the end of March 2020, unit-linked reserves increased by almost EUR 600 million.
At the end of June 2020, with-profit reserves decreased to EUR 3.7 billion (3.9). Reserves related to the higher guarantees of 4.5 and 3.5 per cent decreased by EUR 149 million to EUR 2.0 billion in January – June 2020.
Mandatum Life has overall supplemented its technical reserves with a total of EUR 184 million (230) due to low level of interest rates. The figure does not take into account the reserves relating to the segregated fund. The discount rate used for the years 2020 and 2021 is 0.25 per cent. The rate used for 2022 is 1.25 per cent.
The discount rate for segregated liabilities is 0.0 per cent and the discount rate reserve of segregated liabilities amounted to EUR 250 (263) at the end of June 2020.
At the end of June 2020, Mandatum Life’s investment assets, excluding the assets of EUR 7.8 billion (8.1) covering unit-linked liabilities, amounted to EUR 5.3 billion (5.7) at market values.
The expense result in the first half of 2020 amounted to EUR 10 million (7). Risk result was EUR 11 million (10).
Mandatum Life’s solvency position is described in the section Solvency.
Holding
Profit before taxes for January – June 2020 for the Holding segment amounted to EUR 109 million (258). Sampo’s share of profits for the associated companies Nordea and NDX Intressenter for January – June 2020 amounted to EUR 137 million (226), of which Nordea’s share was EUR 132 million (222) and NDX Intressenter’s share was EUR 5 million (4).
The Holding segment’s profit before taxes, excluding the associates for January – June 2020, was EUR -29 million (31).
Changes in market values of derivative instruments and currency exchange rates can cause volatility in the net investment income and finance cost lines.
Sampo plc’s holding in Nordea was booked in the consolidated balance sheet at EUR 6.8 billion, i.e. EUR 8.42 per share. The market value of the holding was EUR 4.9 billion, i.e. EUR 6.15 per share, on 30 June 2020.
OTHER DEVELOPMENTS
Events after the end of the reporting period
Sampo confirmed on 29 July 2020 after market rumours started to circulate that it is, together with a South-African financial services investment holding company Rand Merchant Investment Holdings Limited (RMI), in discussions with the UK P&C insurance company Hastings Group Holdings Plc (Hastings) regarding a possible cash offer to acquire the issued and to be issued share capital of Hastings not already owned or controlled by Sampo and RMI.
Following the announcement on 29 July 2020, Sampo and RMI have today announced a recommended cash offer, through a newly-formed jointly owned company, to acquire all issued and to be issued shares Hastings not already owned or controlled by Sampo and RMI.
The cash offer price is GBp 250 for each Hastings share, valuing Hastings’ entire issued and to be issued share capital at approximately GBP 1.66 billion or approximately EUR 1.84 billion.
The cash offer represents a premium of approximately 37.5 per cent to volume-weighted average price of GBp 182 per Hastings share for the three-month period ended on 4 August 2020, the last business day before of the date of the offer announcement.
Following the completion of the offer, Sampo and RMI will own and control 70 per cent and 30 per cent of the shares and votes in the jointly owned company, respectively.
The size of Sampo’s investment, based on its 70 per cent stake, would be GBP 1.16 billion or EUR 1.29 billion valued at the offer price. Sampo expects to fund its part of the acquisition with approximately EUR 1 billion of newly issued hybrid Tier 2 capital with the residual coming from existing cash resources.
Sampo estimates that the acquisition of Hastings will have a positive impact on its earnings per share in the mid-single digits. The acquisition is not expected to impact on Sampo’s dividend policy in the short term but is expected to enhance the dividend potential in the long term.
Meanwhile it is expected that Sampo’s solvency position will remain robust at approximately 175 per cent (post planned issuance of approximately EUR 1 billion of hybrid Tier 2 capital). Sampo does not believe that the transaction will lead to a change in the Group’s credit ratings subject to the planned financing structure.
The independent directors of Hastings intend to recommend unanimously that Hastings’ shareholders approve the offer and have entered into irrevocable undertakings to do so in an amount of 0.33 per cent of the company’s issued share capital.
The transaction is subject to Hastings’ shareholder approval and regulatory approvals and is expected to be closed by the end of 2020.
More information on the offer at www.sampo.com/offer and www.hastingsplc.com.
Annual General Meeting
The Board of Directors of Sampo plc decided on 25 March 2020 to postpone the Annual General Meeting that was scheduled to be held on 23 April 2020. The postponement was made in order to ensure the safety and well-being of Sampo’s shareholders, Sampo’s employees, and other stakeholders, in light of the COVID-19 outbreak and the related health threat.
On 6 May 2020 Sampo Board decided to cancel the previous dividend proposal of EUR 2.20 per share and announce a new proposal of EUR 1.50 per share. The Annual General Meeting, held on 2 June 2020, decided to distribute the proposed dividend of EUR 1.50 per share for 2019. The record date for dividend payment was 4 June 2020 and the dividend was paid on 11 June 2020. The Annual General Meeting adopted the financial accounts for 2019 and discharged the Board of Directors and the CEO from liability for the financial year.
The Annual General Meeting elected eight members to the Board of Directors. The following members were re-elected to the Board: Christian Clausen, Fiona Clutterbuck, Jannica Fagerholm, Johanna Lamminen, Risto Murto, Antti Mäkinen and Björn Wahlroos. Georg Ehrnrooth was elected as a new member to the Board. The Members of the Board were elected for a term continuing until the close of the next Annual General Meeting.
At its organizational meeting, the Board elected Björn Wahlroos as Chair of the Board and Jannica Fagerholm as Vice Chair. Christian Clausen, Risto Murto, Antti Mäkinen and Björn Wahlroos (Chair) were elected to the Nomination and Remuneration Committee. Fiona Clutterbuck, Georg Ehrnrooth, Jannica Fagerholm (Chair) and Johanna Lamminen were elected to the Audit Committee.
All the proposed Board members have been determined to be independent of the company and its major shareholders under the rules of the Finnish Corporate Governance Code 2020. The curriculum vitaes of the Board Members are available at www.sampo.com/board.
The Annual General Meeting decided to pay the following fees to the members of the Board of Directors until the close of the 2021 Annual General Meeting: the Chair of the Board will be paid an annual fee of EUR 180,000 and other members of the Board will be paid EUR 93,000 each. Furthermore, the members of the Board and its Committees will be paid the following annual fees: the Vice Chair of the Board EUR 26,000, the Chair of the Audit Committee EUR 26,000 and the member of the Audit Committee EUR 6,000. A Board member shall in accordance with the resolution of the Annual General Meeting acquire Sampo plc’s A shares at the price paid in public trading for 50 per cent of his/her annual fee excluding taxes and similar payments.
The Annual General Meeting accepted Sampo plc’s Remuneration Policy for Governing Bodies. The resolution on the Remuneration Policy was advisory.
Ernst & Young Oy was elected as Auditor. The Auditor will be paid a fee determined by an invoice approved by Sampo. Kristina Sandin, APA, will act as the principally responsible auditor.
At the general meeting 320,359,477 shares (57.7 per cent of shares) and 325,159,477 votes (58.0 per cent of all votes) were represented, including advance voting and a proxy representation.
The minutes of the Annual General Meeting are available for viewing at www.sampo.com/agm and at Sampo plc’s head office at Fabianinkatu 27, Helsinki, Finland.
Shares and shareholders
The Annual General Meeting held on 2 June 2020 authorized the Board to repurchase a maximum of 50,000,000 Sampo A shares. The price paid for the shares repurchased under the authorization shall be based on the current market price of Sampo A shares on the securities market. The authorization will be valid until the close of the next Annual General Meeting, nevertheless not more than 18 months after AGM’s decision.
During January – June 2020 Sampo plc made no repurchases of its own shares and it has not purchased any shares after the end of the reporting period. Furthermore, Sampo plc and its subsidiaries did not hold any Sampo shares as at 30 June 2020.
Internal dividends
Topdanmark’s Annual General Meeting on 2 April 2020 decided to pay one-half of the planned dividend and postpone the decision on the payment of the other half until autumn. Sampo received EUR 48 million on 7 April in dividends from Topdanmark. On 17 July 2020 Topdanmark’s Board of Directors decided to follow the recommendation by the Danish FSA and postpone the payment of the remainder of the dividend until the AGM on 25 March 2021.
Mandatum Life decided not to pay the dividend of EUR 150 million planned for March 2020.
Nordea’s AGM on 28 May 2020 mandated the Board of Directors to decide on a dividend payment for the financial year 2019. The Board of Directors intends to follow the recommendation adopted by the ECB and refrain from deciding on a dividend payment based on the authorization before 1 October 2020.
If normally pays its dividend at the end of each year. The company had already paid a dividend of SEK 7.5 billion (EUR 710 million) in December 2019.
Ratings
The relevant ratings for Sampo Group companies did not change in the first half of 2020. The ratings at the end of June 2020 are presented in the table below.
Rated company | Moody’s | Standard & Poor’s | ||
Rating | Outlook | Rating | Outlook | |
Sampo plc – Issuer Credit Rating |
A3 | Stable | A |
Stable |
If P&C Insurance Ltd – Insurance Financial Strength Rating | A1 | Stable | A+ | Stable |
If P&C Insurance Holding Ltd (publ) – Issuer Credit Rating | – | – | A | Stable |
Mandatum Life Insurance Company Ltd – Issuer Credit Rating | – | – | A+ | Stable |
Group solvency
Sampo Group calculates its group solvency under the Solvency II rules. In this calculation Nordea is treated as an equity investment. According to the Solvency II directive, Sampo Group’s solvency ratio amounted to 187 per cent (167) at the end of June 2020. Had the year-end 2019 solvency been calculated taking into account the revised dividend proposal, the adjusted solvency ratio would have been 174 per cent.
Positive development in the equity market, strong underwriting result and the narrowing of bond spreads increased Sampo Group’s own funds. On the other hand, changes in the symmetric adjustment and the volatility adjustment increased SCR (Solvency Capital Requirement) and reduced the solvency level. The volatility adjustment changes also decreased Group’s Own funds. The rise in Nordea’s share price during the second quarter of 2020 increased SCR, but had, in aggregate, a positive impact on the solvency by increasing the own funds even more.
Solvency position in the subsidiaries
The insurance subsidiaries apply Solvency II rules in their regulatory solvency calculations. The If Group companies use either partial internal models or the standard model for the calculation of their solo solvency position. Mandatum Life reports in accordance with the standard formula for Solvency II. Meanwhile, Topdanmark uses a partial internal model to report its stand-alone solvency position.
If Group has an A+ rating from S&P which will continue to require significantly more capital than the standard formula and therefore the use of the standard formula has no practical implications on If Group’s capital position. On 30 June 2020, If Group’s Solvency II capital requirement under the standard formula amounted to EUR 1,794 million (1,890) and own funds amounted to EUR 3,474 million (3,592). The solvency ratio amounted to 194 per cent (190).
The S&P single-A capital requirement for If Group amounted to EUR 2,939 million (3,083) on 30 June 2020 and the capital base was EUR 3,121 million (3,151).
Topdanmark calculates most of its non-life and health risks and their respective solvency capital requirement by applying a partial internal model approved by the DFSA. Other risks are calculated by the Solvency II SCR standard formula. Topdanmark’s solvency ratio under the partial internal model was 197 per cent (177) at the end of June 2020.
Mandatum Life’s solvency ratio after transitional measures amounted to 201 per cent (176) on 30 June 2020. The comparison figure would have increased from 176 per cent to 194 per cent if the cancellation of the EUR 150 million dividend payment in March 2020 was taken into account. Own funds were EUR 2,127 million (2,117) and the Solvency Capital Requirement (SCR) was EUR 1,058 million (1,204). The strong investment returns and growth in unit-linked savings increased own funds. On the other hand, tightening volatility adjustment intensified the negative effect of the decreased interest rate level. SCR increased because of the higher equity risk exposure and the change in the symmetric adjustment factor.
Without transitional measures, own funds would have amounted to EUR 1,781 million (1,756) and the solvency capital requirement would have amounted to EUR 1,070 million (1,234), leading to a solvency ratio of 166 per cent (142).
Debt financing
On 30 June 2020, Sampo plc’s debt financing amounted to EUR 3,659 million (3,908) and interest bearing assets amounted to EUR 787 million (1,725). Interest bearing assets include bank accounts, fixed income instruments and EUR 351 million (359) of hybrid capital and subordinated debt instruments issued by the subsidiaries and associated companies.
Sampo plc’s net debt amounted to EUR 2,797 million (2,183). The net debt calculation takes into account interest bearing assets and liabilities. Gross debt to Sampo plc’s equity was 54 per cent (51) and financial leverage was 35 per cent (34).
On 28 May 2020 Sampo plc repaid SEK 3,000 million senior notes maturing on that date.
On 30 June 2020, financial liabilities in Sampo plc’s balance sheet consisted of issued senior bonds and notes of EUR 3,109 million (3,414). In addition, Sampo plc has issued subordinated notes of EUR 495 million (494). Outstanding commercial papers amounted to EUR 50 million (0). The average interest, net of interest rate swaps, on Sampo plc’s debt as of 30 June 2020 was 1.3 per cent (1.3).
More information on Sampo Group’s outstanding debt issues is available at: www.sampo.com/debtfinancing.
OUTLOOK
Outlook for 2020
Sampo Group’s insurance businesses are expected to report good insurance technical results for 2020. However, the investment results are at this point in time more uncertain than usual. The mark-to-market results for 2020 are highly dependent on capital market developments, particularly in life insurance.
If P&C is expected to reach a combined ratio of 82 – 85 per cent in 2020.
With regard to Topdanmark, reference is made to the profit forecast model that the company publishes on a quarterly basis.
Nordea’s contribution to the Group’s profit is expected to be significant.
The major risks and uncertainties for the Group in the near-term
In its current day-to-day business activities Sampo Group is exposed to various risks and uncertainties, mainly through its separately managed major business units.
Major risks affecting the Group companies’ profitability and its variation are market, credit, insurance and operational risks that are quantified independently by the major business units. At the group level, sources of risks are the same, although they are not directly additive due to the effects of diversification.
Uncertainties in the form of major unforeseen events may have an immediate impact on the Group’s profitability. The identification of unforeseen events is easier than the estimation of their probabilities, timing, and potential outcomes. Currently, the COVID-19 pandemic is causing significant negative effects on the Nordic economies. The duration of the measures taken to contain the virus and their effects on economic and capital market development are uncertain. There are also a number of widely identified macroeconomic, political and other sources of uncertainty which can, in various ways, affect the financial services industry in a negative manner.
Other sources of uncertainty are unforeseen structural changes in the business environment and already identified trends and potential wide-impact events. These external drivers may have a long-term impact on how Sampo Group’s business will be conducted. Examples of already identified trends are technological developments in areas such as artificial intelligence and digitalization, demographic changes, and sustainability issues that may also have profound effects on companies from the financial sector.
SAMPO PLC
Board of Directors
For more information, please contact:
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Jarmo Salonen, Head of Investor Relations and Group Communications, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
Conference call
An English language conference call for investors, analysts and the media will be arranged today at 1 pm Finnish time (11 am UK time). To participate, please call one of the following telephone numbers: +1 631 913 1422, +44 333 300 0804, +46 856 642 651, or +358 981 710 310. The conference code is 25893753#.
The conference call can also be followed live at: www.sampo.com/result. A recorded version will be available later at the same address.
In addition, the Supplementary Financial Information Package is available at: www.sampo.com/result.
Sampo will publish the Interim Statement for the period January–September 2020 on 4 November 2020.
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
Attachment
Artificial Intelligence
IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry
Up to $187M CAD to be invested to progress expansion of chip packaging capacity and capabilities and to strengthen R&D at IBM Canada’s Bromont plant
BROMONT, QC, April 26, 2024 /PRNewswire/ — IBM (NYSE: IBM), the Government of Canada, and the Government of Quebec today announced agreements that will strengthen Canada’s semiconductor industry, and further develop the assembly, testing and packaging (ATP) capabilities for semiconductor modules to be used across a wide range of applications including telecommunications, high performance computing, automotive, aerospace & defence, computer networks, and generative AI, at IBM Canada’s plant in Bromont, Quebec. The agreements reflect a combined investment valued at approximately $187M CAD.
“Today’s announcement is a massive win for Canada and our dynamic tech sector. It will create high-paying jobs, invest in innovation, strengthen supply chains, and help make sure the most advanced technologies are Canadian-made. Semiconductors power the world, and we’re putting Canada at the forefront of that opportunity,” said the Right Honourable Justin Trudeau, Prime Minister of Canada
In addition to the advancement of packaging capabilities, IBM will be conducting R&D to develop methods for scalable manufacturing and other advanced assembly processes to support the packaging of different chip technologies, to further Canada’s role in the North American semiconductor supply chain and expand and anchor Canada’s capabilities in advanced packaging.
The agreements also allow for collaborations with small and medium-sized Canadian-based enterprises with the intent of fostering the development of a semiconductor ecosystem, now and into the future.
“IBM has long been a leader in semiconductor research and development, pioneering breakthroughs to meet tomorrow’s challenges. With the demand for compute surging in the age of AI, advanced packaging and chiplet technology is becoming critical for the acceleration of AI workloads,” said Darío Gil, IBM Senior Vice President and Director of Research. “As one of the largest chip assembly and testing facilities in North America, IBM’s Bromont facility will play a central role in this future. We are proud to be working with the governments of Canada and Quebec toward those goals and to build a stronger and more balanced semiconductor ecosystem in North America and beyond.”
IBM Canada’s Bromont plant is one of North America’s largest chip assembly and testing facilities, having operated in the region for 52 years. Today, the facility transforms advanced semiconductor components into state-of-the-art microelectronic solutions, playing a key role in IBM’s semiconductor R&D leadership alongside IBM’s facilities at the Albany NanoTech Complex and throughout New York’s Hudson Valley. These agreements will help to further establish a corridor of semiconductor innovation from New York to Bromont.
“Advanced packaging is a crucial component of the semiconductor industry, and IBM Canada’s Bromont plant has led the world in this process for decades,” said Deb Pimentel, president of IBM Canada. “Building upon IBM’s 107-year legacy of technology innovation and R&D in Canada, the Canadian semiconductor industry will now become even stronger, allowing for robust supply chains and giving Canadians steady access to even more innovative technologies and products. This announcement represents just one more example of IBM’s leadership and commitment to the country’s technology and business landscape.”
Chip packaging, the process of connecting integrated circuits on a chip or circuit board, has become more complex as electronic devices have shrunk and the components of chips themselves get smaller and smaller. IBM announced the world’s first 2 nanometer chip technology in 2021 and, as the semiconductor industry moves towards new methods of chip construction, advances in packaging will grow in importance.
“Semiconductors are part of our everyday life. They are in our phones, our cars, and our appliances. Through this investment, we are supporting Canadian innovators, creating good jobs, and solidifying Canada’s semiconductor industry to build a stronger economy. Canada is set to play a larger role in the global semiconductor industry thanks to projects like the one we are announcing today. Because, when we invest in semiconductor and quantum technologies, we invest in economic security.” — The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“This investment by IBM in Bromont will ensure that Quebec continues to stand out in the field of microelectronics. An increase in production capacity will solidify Quebec’s position in the strategic microelectronics sector in North America.” — The Honourable Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal region
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in semiconductors, AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media ContactLorraine BaldwinIBM [email protected]
Willa HahnIBM [email protected]
Photo – https://mma.prnewswire.com/media/2397908/IBM_Canada_employee_at_the_IBM_Bromont_plant_holding_a_wafer.jpg
Logo – https://mma.prnewswire.com/media/95470/ibm_logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ibm-government-of-canada-government-of-quebec-sign-agreements-to-strengthen-canadas-semiconductor-industry-302128212.html
Artificial Intelligence
HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.
MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group.
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence. We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
Website
*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia. For more information, please visit www.jrautomation.com.
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
Photo – https://mma.prnewswire.com/media/2398552/CENTAURI_IVD_Platform.jpg Logo – https://mma.prnewswire.com/media/2392427/4673549/JR_Automation_and_Hitachi_Combined_Mark_full_color_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/hitachi-acquires-ma-micro-automation-of-germany-in-effort-to-accelerate-global-expansion-of-robotic-si-business-in-the-medical-and-other-fields-302128612.html
Artificial Intelligence
$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members
D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).
XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
View original content:https://www.prnewswire.co.uk/news-releases/10-million-artificial-intelligence-mathematical-olympiad-prize-appoints-further-advisory-committee-members-302128542.html
-
Artificial Intelligence4 days ago
9fin grows leadership team with VP Content promotion
-
Artificial Intelligence6 days ago
Aurionpro Solutions acquires Arya.ai, to power next generation Enterprise AI platforms for Financial Institutions
-
Uncategorized3 days ago
Deutsche Telekom: Your Trusted Partner for AI Solutions in Business
-
Uncategorized4 days ago
US Pushes for AI Partnerships in UAE to Counter China Influence
-
Uncategorized1 day ago
Cherrypicks Partners with AWS DevAx Leading Cloud Technology Innovation for Hong Kong Enterprises
-
Artificial Intelligence5 days ago
Rockwell Automation and Microsoft announce significant technology integrations connecting the physical and digital industrial worlds at Hannover Messe 2024
-
Artificial Intelligence5 days ago
Dahua Technology Showcases “The Road to a Sustainable Future” at Intertraffic Amsterdam 2024
-
Artificial Intelligence4 days ago
New CPS Protection Platform: TXOne Networks Unveils SageOne at GISec Global