Artificial Intelligence
Sampo Group’s results for January-March 2023
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SAMPO PLC INTERIM STATEMENT 10 May 2023 at 9:35 am
Sampo Group’s results for January-March 2023
• Strong premium growth of 5 per cent for the Group despite adverse currency effects, driven by price increases, high retention and progress on key growth initiatives
• Underwriting profit increased by 21 per cent year-on-year to EUR 292 million and the combined ratio improved by 2.2 percentage points to 84.0 per cent
• Profit before taxes was EUR 359 million representing an increase of 30 per cent year-on-year after adjusting for IFRS 9 (277) but a decline on a reported basis (692)
• Sampo’s balance sheet remains strong, with solvency coverage of 208 per cent, including dividend accrual, and financial leverage of 27.2 per cent, net of announced capital returns
• Sampo plc’s Board of Directors has proposed to the AGM that Mandatum is separated from the Group by way of a partial demerger of Sampo plc
Key figures
| EURm | 1–3/2023 | 1–3/2022 | Change, % |
| Profit before taxes (P&C Operations) | 359 | 692 | -48 |
| If | 337 | 495 | -32 |
| Topdanmark | 63 | 15 | 325 |
| Hastings | 10 | 21 | -55 |
| Holding | -45 | 164 | — |
| Net profit for the equity holders | 271 | 773 | -65 |
| Underwriting result | 292 | 242 | 21 |
| Change | |||
| Earnings per share (EUR) | 0.53 | 1.42 | -0.90 |
| Operational result per share (EUR) | 0.51 | N/A | — |
| Return on equity, % | 8.6 | 7.3 | 1.3 |
| Profit before taxes (adjusted for IFRS 9), EURm* | 359 | 277 | 30% |
The comparison figures for 2022 have been restated for IFRS 17 but not for IFRS 9, meaning some figures, such as investment income, are not fully comparable between the reporting periods. Net profit for the equity holders, EPS and return on equity figures include results from life operations. Mandatum is classified as discontinued operations as of 31 March 2023.
*) To enhance comparability, a Group profit before taxes (P&C operations) figure adjusted for IFRS 9, reflecting market value movements, has been provided for the prior year.
The figures in this report have not been audited.
Sampo Group key financial targets for 2021-2023
| Target | 1-3/2023 | |
| Group | Mid-single digit UW profit growth annually on average | 21% |
| Group combined ratio: below 86% | 84.0% | |
| Solvency ratio: 170-190% | 213% (208% including dividend accrual) | |
| Financial leverage: below 30% | 23.7% (27.2% including announced capital returns) | |
| If | Combined ratio: below 85% | 82.4% |
| Hastings | Operating ratio: below 88% | 93.3% |
GROUP CEO’S COMMENT
Sampo has enjoyed a good start to 2023, with solid results across all our operations. Group underwriting profit grew by 21 per cent year-on-year to EUR 292 million and profit before taxes increased by 30 per cent to EUR 359 million, after adjusting for IFRS 9 in the comparison period. I am encouraged by the progress on our organic growth initiatives, both in the Nordics and the UK, where we have capitalised on our strong positions.
Our Nordic P&C operations achieved excellent first quarter results despite wintry weather that continued well into March. The If P&C combined ratio improved by 1.5 percentage points to 82.4 per cent and premiums grew by 6 per cent on a currency adjusted basis, leading to underwriting profit growth of 10 per cent year-on-year. We continued to price ahead of claims inflation, which remained broadly at the same level as in the fourth quarter. The outlook for the If P&C combined ratio has been improved to 82-84 per cent from below 85 per cent.
Looking to our organic growth initiatives in the Nordics, we are seeing good momentum in both personal insurance and in SME. Personal insurance premiums grew by 12 per cent year-on-year in the first quarter, while growth in SME and a strong set of renewals helped Commercial to a 7 per cent currency adjusted increase in GWP. Private property also continued to see good development, building on the momentum in the prior year. Retention rates remain at high levels across all business areas.
In the UK, the market is reacting to the poor profitability reported in 2022. Market wide price increases accelerated over the first quarter, allowing Hastings to deliver 39 per cent local currency premium growth mainly as a result of higher average premiums. Rising prices are also translating into greater customer churn that could create more opportunities to win new business, should prices continue to rise. Meanwhile, the strong momentum continued in the home book, with 36 per cent growth year-on-year to 448,000 customers. However, loss cost trends remain challenging; the first quarter saw adverse weather driving spikes in claims frequency and continued high claims inflation weighed on Hastings’ margins.
The volatility in the capital markets continued during the first quarter but Sampo’s investment teams navigated this expertly. The Group has very limited exposure to many key risk areas, such as commercial real estate, and Mandatum saw EUR 291 million of net inflows in the first quarter, up 16 per cent year-on-year, despite the uncertain environment. This follows a strong 2022, when it delivered positive net flows in each and every quarter, and illustrates Mandatum’s excellent service and the trust that clients have in the business. In combination with positive market effects, Mandatum’s unit-linked and third-party assets under management grew by 5 per cent to 10.8 billion.
Turning to strategy; following a period of careful deliberation, the Board of Directors of Sampo plc proposed on 29 March 2023 to separate Mandatum from the Group by means of a partial demerger. This would make Sampo a pure play P&C insurance group, in line with our strategy, enabling higher and more resilient returns on capital. However, I believe that the demerger would also benefit Mandatum, by enabling it to pursue growth more ambitiously. The proposal will be considered by the Annual General Meeting on 17 May 2023.
Having held the position since 2009, and been Group CEO before that, this quarterly report is the last with Björn Wahlroos, or “Nalle” as he is usually known, as Sampo’s Chair. I would like to thank Nalle for his huge commitment and contribution to Sampo for over 20 years and, although he leaves on 17 May, Sampo will retain the razor-sharp focus on profitability and value creation that he has instilled in the Group over his time here.
Torbjörn Magnusson
Group CEO
OUTLOOK
Outlook for 2023
Sampo Group’s P&C insurance operations are expected to achieve underwriting margins that meet the annual targets set for 2021–2023. At Group level, Sampo targets a combined ratio of below 86 per cent, while the target for its largest subsidiary, If P&C, is below 85 per cent. Hastings targets an operating ratio of below 88 per cent. Following strong performance in the first quarter, the outlook for If P&C’s 2023 combined ratio has been improved to 82-84 per cent.
The combined and operating ratios of Sampo Group’s P&C insurance operations are subject to volatility driven by, among other factors, seasonal weather patterns, large claims and prior year development. These effects are particularly relevant for individual segments and business areas, such as the Danish and UK operations.
The net financial result will be significantly influenced by capital markets’ developments. With regard to Topdanmark, reference is made to the profit forecast model that the company publishes on a quarterly basis.
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 major business units. Major risks affecting the Group companies’ profitability and its variation are market, credit, insurance and operational risks. 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. Macroeconomic and financial market developments affect Sampo Group primarily through the market risk exposures it carries via its insurance company investment portfolios and liabilities and through strategic investments. Over time, adverse macroeconomic effects could also have an impact on Sampo’s operational business, for example by reducing economic growth or increasing claims costs.
Curbing inflation may force central banks into further rate hikes and to keep interest rates elevated longer than expected. This may lead to both a significant slowdown in economic growth and a deterioration in the debt service capacity of businesses, households and governments. Furthermore, the re-alignment of energy supplies in Europe will take time, raising the prospect of a potential energy crisis, and the war in Ukraine continues to represent a major economic risk. These developments are currently causing significant uncertainties in economic and capital market development. At the same time rapidly evolving hybrid threats create new challenges for states and businesses. 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.
Sampo Group’s insurance exposures in Russia or Ukraine are limited to certain Nordic industrial line clients, with coverage subject to war exclusions. On the asset side, Sampo has no material direct investments in Russia or Ukraine. Given the limited direct exposure, the biggest risk from the war in Ukraine to Sampo relates to the second order capital markets and macroeconomic effects outlined above. There were no material COVID-19 effects in the Group’s insurance operations during the first quarter. Given the limited impact of COVID-19 and the increasing difficulty in reliably estimating associated effects, Sampo has not disclosed quantitative COVID-19 effects in its financial reporting after February 2022.
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 identified trends are demographic changes, sustainability issues, and technological developments in areas such as artificial intelligence and digitalisation including threats posed by cybercrime.
FINANCIAL HIGHLIGHTS FOR JANUARY-MARCH 2023
Sampo reported its first quarter under the new accounting standard “IFRS 17 Insurance Contracts” as well as under “IFRS 9 Financial Instruments”. The comparison figures for 2022 have been restated for IFRS 17 but not for IFRS 9, meaning some figures, such as investment income, are not fully comparable between the reporting periods.
Sampo Group’s P&C operations had a solid start to 2023. Gross written premiums and other income from insurance contracts increased by 5 per cent to EUR 2,986 million (2,849), driven by positive development across the Group. In the Nordics, the top line growth continued to be good on a currency adjusted basis, due to price increases and continued high retention. The Group saw particularly strong momentum in Private personal insurance, Private property and SME, as well as a strong 1 January renewal, which offset adverse effects from low Nordic new car sales. The premium figures reported by If were negatively affected by unfavourable currency movements, particularly the weakening of the Swedish krona against the Euro. UK premium growth stood out as particularly strong in the first quarter, with a 39 per cent increase on a local currency basis on the back of higher average premiums and continued robust customer growth in home insurance. Total live customer policies in the UK increased by 4 per cent year-on-year.
The Group underwriting result amounted to EUR 292 million (242), representing a year-on-year increase of 21 per cent as the Group combined ratio improved by 2.2 percentage points to 84.0 per cent (86.2). Underwriting profitability was supported by positive development in the Nordics, as first quarter severe weather effects were offset by a positive large claims outcome and the benefit of higher discount rates (year-on-year). If’s adjusted risk ratio improved by 0.3 percentage points year-on-year, excluding discount rate effects. Claims frequencies in the comparison period were somewhat affected by COVID-19 restrictions. In the UK, weather-related frequency claims and continued high claims inflation weighed on margins, leading to an operating ratio of 93.3 per cent (91.3). Sampo targets mid-single digit per cent underwriting profit growth on average and a combined ratio below 86 per cent for 2021-2023.
The first quarter net financial result of EUR 123 million was supported by a rise in equity markets and higher fixed income investment yields relative to the prior year, partly offset by a fall in discount rates, which had a EUR -61 million impact, and the ongoing effect from the unwind of discounting of EUR -60 million. The Holding segment was adversely affected by market value losses of EUR -40 million on Sampo’s stakes in Nexi and Enento.
Sampo Group’s Solvency II coverage stood at 208 per cent, down from 210 per cent at 2022 year-end, as organic capital generation and de-risking actions in Mandatum were offset by a higher Symmetric Adjustment and dividend accrual (based on the proposed regular dividend of EUR 1.80 per share for 2022), Sampo Group’s financial leverage was 23.7 per cent at the end of March 2023, down from 25.6 per cent at the of 2022, mainly as a result of an increase in shareholder equity driven by retained earnings and the transition to IFRS 17. Including the announced capital returns, the financial leverage was 27.2 per cent. Sampo targets a solvency ratio of 170–190 per cent and a financial leverage ratio of below 30 per cent.
On 7 December 2022, the Sampo Board announced a strategic review of Mandatum’s role within the Group. Following an assessment of options, Sampo’s Board resolved on 29 March 2023 to propose to the Annual General Meeting a partial demerger of Sampo plc to separate Mandatum from the Group. Mandatum’s profit before taxes consolidated in the Sampo P&L was EUR 37 million and net profit EUR 28 million in January-March 2023.
On 29 March 2023, Sampo launched a share buyback programme of EUR 400 million as communicated in connection with the full-year results in February. The programme started on 3 April 2023 and will end no later than 1 August 2023. Sampo plc’s Annual General Meeting will be held on 17 May 2023. The Board has proposed on 10 February 2023 to the AGM a dividend of EUR 2.60 per share, of which the regular dividend is EUR 1.80 per share.
Sampo Group results for January-March 2023
| EURm | If | Top-danmark | Hastings | Holding | Elim. | Sampo Group |
| GWP & Other income from insurance contracts | 1,966 | 604 | 416 | — | — | 2,986 |
| Insurance revenue, net | 1,235 | 318 | 246 | — | — | 1,799 |
| Claims incurred and claims handling costs, net | -829 | -203 | -163 | — | — | -1,195 |
| Operating expenses | -189 | -58 | -59 | — | — | -306 |
| Insurance service result | 217 | 57 | 25 | — | — | 298 |
| Other P&C insurance related income or expense | — | — | -6 | — | — | -6 |
| Underwriting result | 217 | 57 | 19 | — | — | 292 |
| Net investment income | 239 | 26 | 14 | -22 | -3 | 253 |
| Insurance finance income or expense, net | -113 | -10 | -7 | — | — | -130 |
| Net financial result | 126 | 17 | 6 | -22 | -3 | 123 |
| Other items | -6 | -10 | -15 | -23 | -1 | -56 |
| Profit before taxes | 337 | 63 | 10 | -45 | -5 | 359 |
| Net profit for the equity holders | 271 | |||||
| – of which from life operations | 28 | |||||
| Combined ratio, % | 82.4 | 82.2 | 93.3 | 84.0 |
Sampo Group results for January-March 2022
| EURm | If | Top-danmark | Hastings | Holding | Elim. | Sampo Group |
| GWP & Other income from insurance contracts | 1,923 | 597 | 328 | — | — | 2,849 |
| Insurance revenue, net | 1,222 | 312 | 184 | — | — | 1,718 |
| Claims incurred and claims handling costs, net | -840 | -232 | -101 | — | — | -1,173 |
| Operating expenses | -185 | -54 | -55 | — | — | -294 |
| Insurance service result | 197 | 26 | 27 | — | — | 250 |
| Other P&C insurance related income or expense | — | — | -9 | — | — | -9 |
| Underwriting result | 197 | 26 | 18 | — | — | 242 |
| Net investment income | 57 | -43 | 3 | 175 | -2 | 190 |
| Insurance finance income or expense, net | 243 | 44 | 17 | — | — | 304 |
| Net financial result | 300 | 1 | 19 | 175 | -2 | 494 |
| Other items | -2 | -13 | -17 | -11 | -2 | -44 |
| Profit before taxes | 495 | 15 | 21 | 164 | -3 | 692 |
| Net profit for the equity holders | 773 | |||||
| – of which from life operations* | 199 | |||||
| Combined ratio, % | 83.9 | 91.5 | 91.3 | 86.2 |
*) Net profit from life operations in January-March 2022 includes Mandatum and Topdanmark’s life operations.
The Interim Statement for January – March 2023, Investor Presentation and a video review with Group CFO Knut Arne Alsaker are available at www.sampo.com/result.
Conference call
A conference call for investors and analysts will be arranged at 4 pm Finnish time (2 pm UK time). Please call tel. +1 786 697 3501, +44 (0) 33 0551 0200, +46 (0) 8 5052 0424, or +358 9 2319 5437.
Conference passcode: Sampo
The conference call can also be followed live at www.sampo.com/result. A recorded version will later be available at the same address.
For more information, please contact
Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031
Sampo Group will today publish its Sustainability Report for 2022 on Sampo’s Annual Reporting site at www.sampo.com/year2022.
Sampo will publish the Half-Year Financial Report on 9 August 2023.
Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
London Stock Exchange
The principal media
FIN-FSA
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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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.
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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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