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Sampo Group’s Results for January – September 2020
SAMPO PLC INTERIM STATEMENT 4 November 2020 at 9:40 am
Sampo Group’s Results for January – September 2020
In the third quarter of 2020 Sampo Group’s largest subsidiary, If P&C, again delivered an excellent technical result and, in addition, the market values of the investment assets continued to appreciate and approached the pre-COVID-19 levels. The Group’s good result was supported by Nordea’s strong development. Sampo Group’s profit before taxes for January-September 2020 was EUR 1,054 million (1,073). The total comprehensive income, taking changes in the market value of assets into account, amounted to EUR 665 million (879) for January-September 2020 and EUR 632 million (-116) for the third quarter of 2020 alone.
– Earnings per share were EUR 1.51 (1.38) and mark-to-market earnings per share was EUR 1.12 (1.44). Return on equity for the Group amounted to 7.0 per cent (9.2) for the first three quarters of 2020. The net asset value per share on 30 September 2020 was EUR 18.63 (18.90).
-If segment’s profit before taxes amounted to EUR 616 million (655). The combined ratio for January – September 2020 amounted to 82.4 per cent (84.3). The discount rate used to discount the annuity reserves in Finland was lowered from 0.95 per cent to 0.75 per cent. Excluding the discount rate reduction, the January-September 2020 combined ratio was 80.9 per cent. Premiums grew by 5.2 per cent on a fixed currency basis. All business areas and all markets recorded growth.
-If P&C will pay a dividend of SEK 6,300 million (approx. EUR 600 million) to Sampo plc in December 2020.
-Topdanmark segment’s profit before taxes decreased to EUR 85 million (180) and the combined ratio deteriorated to 85.7 per cent (80.5).
-Nordea’s performance in the third quarter of 2020 was strong. Sampo’s share of Nordea’s net profit for January-September 2020 amounted to EUR 299 million (147). Nordea intends to pay out a dividend for the financial year 2019 and the Board will review the situation in the fourth quarter of 2020 in the light of any further European Central Bank communication.
-Profit before taxes for the Mandatum segment amounted to EUR 100 million (212). For the first time in Mandatum Life’s history the amount of with-profit reserves with higher guarantees of 4.5 and 3.5 per cent decreased below EUR 2.0 billion.
-Sampo and Rand Merchant Investment Holdings Limited (RMI) announced a recommended cash offer to acquire all issued and to be issued shares in Hastings Group Holdings Plc not currently owned or controlled by Sampo and RMI on 5 August 2020. The Offer is subject to certain conditions, including the receipt of certain regulatory and antitrust approvals. All of the conditions relating to regulatory and antitrust approvals have now been satisfied and a Court Hearing to sanction the Scheme is anticipated to be held on 13 November 2020.
KEY FIGURES | 1-9/2020 | 1-9/2019 | Change, % | 7-9/2020 | 7-9/2019 | Change, % |
EURm | ||||||
Profit before taxes | 1,054 | 1,073 | -2 | 485 | 92 | 425 |
If | 616 | 655 | -6 | 233 | 215 | 8 |
Topdanmark | 85 | 180 | -53 | 46 | 34 | 35 |
Associates *) | 308 | 0 | – | 170 | -227 | – |
Mandatum | 100 | 212 | -53 | 60 | 75 | -20 |
Holding (excl. associates) | -53 | 26 | – | -25 | -6 | -333 |
Profit for the period | 881 | 848 | 4 | 412 | 22 | 1,777 |
Change | Change | |||||
Earnings per share, EUR | 1.51 | 1.38 | 0.13 | 0.70 | 0.01 | 0.69 |
EPS (based on OCI) EUR | 1.12 | 1.44 | -0.32 | 1.10 | -0.24 | 1.34 |
NAV per share, EUR **) | 18.63 | 20.71 | -2.08 | – | – | – |
Average number of staff (FTE) | 10,309 | 9,769 | 540 | – | – | – |
Group solvency ratio, % **) | 214 | 167 | 47 | – | – | – |
RoE, % | 7.0 | 9.2 | -2.2 | – | – | – |
*) the valuation loss of EUR -155 million on distribution of Nordea shares in Q3/2019 is included in the comparison figures
**) 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 | 1-9/2020 | 1-6/2020 | 1-3/2020 | 1-12/2019 | 1-9/2019 |
EURSEK | |||||
Income statement (average) | 10.5622 | 10.6621 | 10.6649 | 10.5853 | 10.5679 |
Balance sheet (at end of period) | 10.5713 | 10.4948 | 11.0613 | 10.4468 | 10.6958 |
DKKSEK | |||||
Income statement (average) | 1.4157 | 1.4280 | 1.4279 | 1.4183 | 1.4158 |
Balance sheet (at end of period) | 1.4197 | 1.4813 | 1.4813 | 1.3982 | 1.4326 |
NOKSEK | |||||
Income statement (average) | 0.9857 | 0.9932 | 1.0195 | 1.0749 | 1.0816 |
Balance sheet (at end of period) | 0.9523 | 0.9618 | 0.9610 | 1.0591 | 1.0809 |
EURDKK | |||||
Income statement (average) | 7.4581 | 7.4648 | 7.4714 | 7.4661 | 7.4644 |
Balance sheet (at end of period) | 7.4462 | 7.4526 | 7.4674 | 7.4715 | 7.4662 |
GROUP CEO’S COMMENT
Sampo Group is pleased to report strong results for the third quarter of 2020. The largest profit contributor, If P&C, continued to deliver an excellent underwriting performance combined with healthy top-line growth above 5 per cent. In addition, investment results were supported by the capital market developments. The markets continued to be backed by policymakers and central banks, and the good liquidity together with the strong risk appetite led asset prices to recover towards the pre-COVID-19 levels.
Encouragingly, Nordea produced a solid set of numbers and increased both its efficiency and market shares. The bank exceeded investor expectations on virtually all lines and remains committed to meeting the financial targets 2022. Nordea’s strong financial position also means that it is well-placed to pay out dividends. The bank intends to pay a dividend for the financial year 2019, given necessary regulatory approvals.
In addition to Nordea’s dividend statement, I received confirmation this week that If P&C has decided to distribute a dividend of SEK 6,300 million in December of this year. Topdanmark has also repeated its earlier commitment to pay the remainder of its 2019 dividend and with Mandatum having a very solid solvency position, I am confident that Sampo will have no cash flow issues as regards distributing a dividend in the spring in accordance with the dividend policy.
I am pleased to report that the recommended cash offer to acquire Hastings Group Holdings Plc, which Sampo made together with RMI on 5 August 2020, is proceeding according to plan. The offer was approved by the requisite majorities of Hastings’ shareholders on 29 September 2020. Furthermore, all of the regulatory and antitrust approvals have been received. We look forward to welcoming Hastings to the Group following the Court Hearing, which is expected to be held on 13 November 2020.
In closing, in spite of the turbulent times, Sampo Group has made steady progress throughout 2020, both from an operational and strategic perspective. To this end, we plan to give a full presentation of our strategy during our next Capital Market Day which is scheduled to be held on 24 February 2021. I sincerely hope that the COVID-19 situation will have eased enough by then for us to be able to meet in person.
Torbjörn Magnusson
Group CEO and President
THIRD QUARTER 2020 IN BRIEF
Sampo Group’s profit before taxes for the third quarter of 2020 amounted to EUR 485 million (92). Earnings per share was EUR 0.70 (0.01) and mark-to-market earnings per share EUR 1.10 (-0.24). Net asset value per share increased EUR 1.64 during the third quarter of 2020 and was EUR 18.63.
If’s combined ratio for the third quarter of 2020 amounted to 82.9 per cent (83.5). Excluding the lowering of the discount rate in Finland the combined ratio was 78.3 per cent. Profit before taxes amounted to EUR 233 million (215).
Topdanmark’s combined ratio for the third quarter 2020 was 88.7 per cent (83.5) and profit before taxes rose to EUR 46 million (34).
Sampo’s share of Nordea’s third quarter 2020 net profit was EUR 166 million (-75).
Profit before taxes for Mandatum amounted to EUR 60 million (75). Premiums written decreased to EUR 172 million (295).
EFFECTS OF COVID-19 ON SAMPO GROUP
When the COVID-19 pandemic hit the Nordic countries in mid-March 2020, priority was given to maintaining service level and to supporting customers in the best possible way in the changed working conditions.
The safety of customers and personnel has been ensured through following the instructions and recommendations given by the local authorities and by utilizing digital technology. During the third quarter, majority of employees continued to work remotely. At the end of September, approximately 70 per cent of If’s and Mandatum’s personnel were working from home. Despite the challenging situation, the companies have been able to offer normal service level and customer satisfaction has remained at a high level.
Impacts on business activities
If
Claims cost for the first nine months was negatively impacted from travel insurance policies primarily following imposed travel restrictions from governments due to COVID-19. At the end of the reporting period, the total number of reported claims amounted to approximately 50,000 claims corresponding to a gross claims cost of EUR 35 million, mostly in BA Private and Norway. For this event, If had a reinsurance cover with a net retention of approximately EUR 10 million.
From the end of the second quarter governments started to lift restrictions and during the third quarter claims frequency continued to return closer to a more normalized level however with some variation between countries and lines of businesses and some effect still remaining on the frequency development. The effect of COVID-19 on If’s risk ratio is approximately 3 percentage points positive in the third quarter. Going forward repair costs might increase due to a lack of material, delays in transportation of material or shortage of personnel following implemented government travel restrictions.
During the third quarter premium volume was slightly impacted by the COVID-19 situation, primarily by travel insurance in BA Private and continued negative effects related to decommissioning of vehicles and lowered sums insured in the Commercial segment but as a whole the effects were not significant. There is still some uncertainty in regards of possible lagging effects to premium through for example lower insurable sums and lower turnover in the corporate segments.
Topdanmark
Topdanmark has reported on the impacts of the COVID-19 pandemic in its interim report for Q1-Q3 2020 published on 23 October 2020.
Mandatum Life
The COVID-19 related shock experienced in last spring was temporary and its impacts on expense result were insignificant. The premium income wasn’t substantially affected by the pandemic. Premium income decreased in the third quarter from the comparison period, but the difference is explained by excellent premium development a year ago. The short-term effects on the business activities have been minor.
Effects on investment activities
Capital markets developed favorably during the third quarter, although markets were more stable after the strong rebound in the second quarter. Interest rates continued their slide downwards and credit spreads tightened which generated good investment returns to Sampo.
Solvency positions
The solvency positions of Sampo Group and its subsidiaries remained robust in the third quarter of 2020. More information is available in the section Solvency.
BUSINESS AREAS
If
Profit before taxes for January – September 2020 for the If segment was EUR 616 million (655). The total comprehensive income for the period after tax was EUR 391 million (544). The combined ratio for the period was 82.4 per cent (84.3) and the risk ratio was 61.7 per cent (62.8). The effect of COVID-19 on the combined ratio is approximately 2 percentage points positive in January-September 2020 and 3 percentage points on the third quarter.
Net releases from the technical reserves relating to the prior year claims were EUR 136 million (159) in January-September. The technical result increased to EUR 594 million (520). The insurance margin (the technical result in relation to the net premiums earned) increased to 18.0 per cent (16.1).
Large claims were EUR 84 million worse than expected in January – September 2020. Large loss development in BA Commercial was EUR 6 million worse and in BA Industrial EUR 79 million worse than expected.
The Finnish discount rate used to discount the annuity reserves decreased from 0.95 to 0.75 per cent and had a negative impact of EUR 51 million on the profit, corresponding to 1.5 percentage points on the January-September 2020 combined ratio. The Swedish discount rate used to discount the annuity reserves was -0.80 per cent and had a negative impact of EUR 1 million in the first three quarters.
Gross written premiums increased to EUR 3,840 million (3,717) in January –September 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. Gross written premiums grew by 6.1 per cent in Norway, 4.7 per cent in Sweden, and 2.5 per cent in Finland. In BA Industrial, premium growth amounted to 11.0 per cent, in BA Commercial it was 5.3 per cent, in BA Baltic it reached 2.5 per cent, and in BA Private 3.8 per cent.
The risk ratio 62.4 (62.5) for the third quarter improved compared to last year. It was impacted by an extraordinary benign frequency situation also in the third quarter due to the COVID-19 situation however the impact was less than in the previous quarter. The positive effect on the net risk ratio in the third quarter was approximately 3 percentage points.
The cost ratio was 20.7 per cent (21.5) and the expense ratio was 15.2 per cent (15.9).
At the end of September 2020, the total investment assets of If amounted to EUR 11.0 billion (11.5).
If’s solvency position is described in the section entitled ‘Solvency’.
Topdanmark
At the end of September 2020, Sampo plc held 41,997,070 Topdanmark shares, which corresponds to 46.7 per cent of all shares and 48.13 per cent of related voting rights in the company. The market value of the holding was EUR 1,732 million on 30 September 2020.
Topdanmark’s profit before taxes for January–September 2020 decreased to EUR 85 million (180).
The combined ratio amounted to 85.7 (80.5) in January–September 2020.
The following text is based on Topdanmark’s Interim Report for Q1–Q3 published on 23 October 2020.
Premiums increased by 2.8 per cent in non-life insurance and by 3.6 per cent in life insurance in January – September 2020. In non-life insurance, the private segment accounted for a 0.7 per cent increase, while the SME segment accounted for a 5.2 per cent increase. 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.
The claims trend deteriorated to 70.8 in January–September 2020 from 66.4 in January – September 2019. In the same period, weather-related claims represented a 0.6 percentage point deterioration and large-scale claims represented a 0.5 percentage point deterioration of the claims trend. The claims trend was negatively impacted by the lower level of interest rates. The discounting effect had a negative impact on the claims trend of 1.0 percentage point compared with January – September 2019. The house insurance corresponded to a negative impact on the claims trend of 2.1 percentage points. Among the reasons are a higher level of water claims due to the rainy start of the year, COVID-19 has caused a higher level of refurbishment on houses increasing the number of water pipe and fungus claims and a couple of very large fire claims.
Topdanmark’s solvency position is described in the section entitled ‘Solvency’.
Further information on Topdanmark A/S and its January–September 2020 Interim Report is available at www.topdanmark.com.
Nordea (associated company)
On 30 September 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 8.62 per share. The closing price as at 30 September 2020 was EUR 6.49.
Sampo’s share of Nordea’s profit before taxes for January–September 2020 amounted to EUR 299 million (147).
Further information on Nordea Bank’s Interim Report for January–September 2020 is available at www.nordea.com.
Mandatum Life
Mandatum segment’s profit before taxes for January – September 2020 amounted to EUR 100 million (212). The total comprehensive income after tax reflecting the changes in market values of assets amounted to EUR 53 million (224) in January – September of 2020 and EUR 143 million (34) in the third quarter of the year. Return on equity for January – September 2020 was 5.0 per cent (25.9).
Mandatum Life Group’s premium income amounted to EUR 670 million (824), of which unit-linked premiums were EUR 590 million (720).
Net investment income, excluding income on unit-linked contracts, decreased to EUR 81 million (280). In the third quarter of 2020, net investment income, excluding unit-linked contracts, was EUR 52 million. In January – September of 2020 fair value reserve decreased to EUR 410 million (438).
Net income from unit-linked contracts decreased to EUR -86 million (680). In the third quarter, net income from unit-linked contracts amounted to EUR 226 million.
Mandatum Life Group’s total technical reserves amounted to EUR 11.7 billion (12.0). Unit-linked reserves were close to the all-time high of EUR 8.1 billion (8.1) and around EUR 850 million higher than at the end of March.
The with-profit reserves with higher guarantees of 4.5 and 3.5 per cent continued to decrease and dropped below EUR 2.0 billion for the first time. In total, with-profit reserves decreased to EUR 3.6 billion (3.9).
Mandatum Life has overall supplemented its technical reserves with a total of EUR 160 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 245 million (263) at the end of September 2020.
The expense result for January – September 2020 amounted to EUR 19 million (17). The risk result was EUR 16 million (15).
Mandatum Life’s solvency position is described in the section Solvency.
Holding
Profit before taxes for January – September 2020 for the Holding segment amounted to EUR 254 million (26). Sampo’s share of profits for the associated companies Nordea and Nordax for January – September 2020 amounted to EUR 308 million (0), of which Nordea’s share was EUR 299 million (-8) and Nordax’s share was EUR 9 million (8).
The Holding segment’s profit before taxes, excluding the associates for January – September 2020, was EUR -53 million (26).
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 6.9 billion, i.e. EUR 8.62 per share. The market value of the holding was EUR 5.2 billion, i.e. EUR 6.49 per share, on 30 September 2020.
OTHER DEVELOPMENTS
Cash offer on Hastings Group Holdings Plc
Sampo and Rand Merchant Investment Holdings Limited (RMI) announced a recommended cash offer to acquire all issued and to be issued shares in Hastings Group Holdings Plc not currently owned or controlled by Sampo and RMI on 5 August 2020.
The 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 offer price represents a premium of approximately 37.5 per cent to the volume-weighted average price of GBp 182 per Hastings Share for the three-month period ended 28 July 2020 (being the last Business Day before Hastings announced it had received an approach that may or may not lead to an offer).
Sampo and RMI formed a new jointly-owned company (“Bidco”) for the purposes of acquiring Hastings. Following completion of the offer, Sampo and RMI will own and control 70 per cent and 30 per cent respectively of the shares and votes in Bidco. The governance of Bidco reflects the relative shareholdings of Sampo and RMI, recognizing Sampo’s controlling position, but protecting RMI’s interest with customary minority protections. The shareholders agreement includes customary exit arrangements for joint investments of this type.
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 will fund the acquisition costs with EUR 1 billion of hybrid Tier 2 capital issued on 3 September 2020 with the residual coming from existing cash resources.
Strategic rationale for acquisition
Sampo has a strategic ambition to expand further into non-life insurance, a segment where it has extensive experience and expertise. As part of this strategy, and in the context of its leading market positions in the Nordic markets, Sampo has been considering a geographic expansion beyond its current footprint. Sampo believes that the UK, as one of the largest retail P&C markets in Europe, offers an attractive scale opportunity.
In this context, the acquisition of Hastings represents an attractive opportunity for Sampo to advance its strategy and accelerate its repositioning towards retail P&C insurance. Hastings is a leading motor insurer in the UK and has recently been diversifying into other non-life insurance products including home insurance. Both motor and home insurance represent large markets in the UK with growth potential for the Hastings business.
The acquisition of Hastings provides an attractively positioned platform in one of the most digitally advanced markets globally. The UK is characterized by its high levels of digital distribution and Hastings is one of the leading distributors of motor insurance policies in this market. Sampo believes that, under its ownership together with that of RMI, Hastings will be able to further develop its agile and digital business model to create long-term value.
RMI has a similar investment philosophy to Sampo, with a long-term horizon and a focus on building enduring value over many and differing market cycles. Given the significant retail P&C insurance experience and expertise of Sampo, through its subsidiaries If P&C Insurance and Topdanmark, and RMI, through its ownership of OUTsurance and existing shareholding in Hastings, the intention is to combine this knowledge to drive the strategic direction of Hastings. RMI brings institutional knowledge in Hastings and the UK P&C market to the jointly owned company.
Sampo and RMI intend for Hastings to continue to be operated on a standalone but unlisted basis. Sampo believes that a private partnership with RMI provides an optimal structure for Hastings to fulfil its potential and build long-term value for its stakeholders. As a private company, Sampo believes Hastings will benefit from a more long-term approach to decision making.
Sampo and RMI believe with their experience and under private ownership there are a number of areas of Hastings’ operations that can be improved, including claims handling sophistication, expansion into home insurance, customer retention and the reinsurance strategy.
Financial impact of an acquisition on Sampo Group
The Sampo Board expects the acquisition of Hastings to be accretive to earnings per share and RoE from the first full year following completion. Sampo estimates the transaction will have a positive impact on earnings per share in the mid-single digits (%).
Meanwhile, Sampo’s pro forma solvency position remained robust at approximately 185 per cent at the end of the third quarter 2020. In connection to announcing the offer, Sampo estimated the Group pro forma solvency position to be approximately 175 per cent at the end of the second quarter 2020. The estimate has, however, risen because of the profit generated by the businesses and favorable capital market developments. Any estimated dividend to be paid by Sampo in 2021 has not been deducted from the solvency estimates.
Both S&P and Moody’s have maintained Sampo’s credit ratings with stable outlook. The Sampo Board do not expect the acquisition to impact Sampo’s dividend policy in the short-term but is expected to enhance the dividend potential in the long-term.
The transaction structure and timetable
The offer has been recommended by Hastings’ independent directors. The offer is being implemented by way of a court-sanctioned scheme of arrangement under English law, which was approved by the requisite majorities at the Hastings shareholder meetings on 29 September 2020. All of the conditions relating to regulatory and antitrust approvals have now been satisfied. The Scheme will be effective following completion of the Court Hearing procedure, which is anticipated to be held on 13 November 2020.
More information on the offer at www.sampo.com/offer and www.hastingsplc.com.
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 – September 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 September 2020.
Internal dividends
If has decided to pay a dividend of SEK 6.30 billion (approx. EUR 600 million) to Sampo plc in December 2020.
Nordea’s AGM on 28 May 2020 mandated the Board of Directors to decide on a dividend payment for the financial year 2019. According to Nordea’s interim report for the third quarter of 2020, the bank intends to pay out a dividend for the financial year 2019. Nordea’s Board of Directors will refrain from deciding on the 2019 dividend payment before 1 January 2021 and review the situation in the fourth quarter of 2020 in the light of any further European Central Bank communication.
Following the Danish FSA’s recommendation, Topdanmark’s Board of Directors decided to postpone paying out 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 of DKK 17 per share.
Mandatum Life decided not to pay the dividend of EUR 150 million planned for March 2020.
Ratings
The relevant ratings for Sampo Group companies did not change in the third quarter of 2020. The ratings at the end of September 2020 are presented in the table below.
Both S&P and Moody’s confirmed all Sampo Group’s ratings after the announcement of the bid on Hastings and maintained the Stable outlook for the ratings.
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 214 per cent (167) at the end of September 2020. The ratio includes the subordinated Tier 2 notes of EUR 1 billion issued on 3 September 2020 to partly finance the offer on Hastings Group Holdings Plc.
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 September 2020, If Group’s Solvency II capital requirement under the standard formula amounted to EUR 1,804 million (1,890) and own funds amounted to EUR 3,167 million (3,592). The solvency ratio amounted to 176 per cent (190).
The S&P single-A capital requirement for If Group amounted to EUR 2,959 million (3,083) on 30 September 2020 and the capital base was EUR 3,387 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 200 per cent (177) at the end of September 2020.
Mandatum Life’s solvency ratio after transitional measures amounted to 206 per cent (176) on 30 September 2020. Own funds were EUR 2,245 million (2,117) and the Solvency Capital Requirement (SCR) was EUR 1,091 million (1,204). Without transitional measures, own funds would have amounted to EUR 1,906 million (1,756) and the solvency capital requirement would have amounted to EUR 1,102 million (1,234), leading to a solvency ratio of 175 per cent (142).
Debt financing
On 30 September 2020, Sampo plc’s debt financing amounted to EUR 4,714 million (3,908) and interest bearing assets amounted to EUR 548 million (1,725). Interest bearing assets include bank accounts, fixed income instruments and EUR 345 million (359) of hybrid capital and subordinated debt instruments issued by the subsidiaries and associated companies.
Sampo plc’s net debt amounted to EUR 4,166 million (2,183). The net debt calculation takes into account interest bearing assets and liabilities. Gross debt to Sampo plc’s equity was 70 per cent (52) and financial leverage was 41 per cent (34).
On 3 September 2020 Sampo plc issued 32-nc-12 Tier 2 notes of EUR 1,000 million maturing on 3 September 2032.
On 30 September 2020, financial liabilities in Sampo plc’s balance sheet consisted of issued senior bonds and notes of EUR 3,089 million (3,414). In addition, Sampo plc has issued subordinated notes of EUR 1,486 million (494). Outstanding commercial papers amounted to EUR 140 million (0). The average interest, net of interest rate swaps, on Sampo plc’s debt as of 30 September 2020 was 1.6 per cent (1.2).
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 – 84 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 and the measures taken to contain the virus are causing significant negative effects on economies and uncertainties on capital market development. 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 within 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 and analysts will be arranged today at 2 pm Finnish time (12 pm UK time). To participate, please call one of the following telephone numbers: +1 631 913 1422, +44 33 3300 0804, +46 8 5664 2651, or +358 9 8171 0310. The conference code is 50800225#.
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 a Financial Statement Release for 2020 on 11 February 2021.
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]
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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.
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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
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