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
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html
Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
View original content:https://www.prnewswire.co.uk/news-releases/jp-morgan-life-sciences-private-capital-blue-horizon-advisors-and-united-al-saqer-announce-winner-of-inaugural-2024-life-sciences-innovation-summit-302149186.html
Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html
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