SAXPF - Earnings call transcript Q3 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, welcome to this call on Sampo Group's third quarter 2020 results. I'm Jarmo Salonen, Head of Investor Relations at Sampo. And with me at this call, I have our Group CEO and President, Torbjörn Magnusson; Group CFO, Knut Arne Alsaker; CEO of If, Morten Thorsrud; and Chief Strategist, Ricard Wennerklint. We'll have a short presentation by Torbjörn, Knut Arne and Morten to begin with. But before handing over to Torbjörn, let me just remind you that you can follow this call on Sampo.com/results and a recorded version will later be available at the same address.

hand Torbjörn. I'll words, these over to With Torbjörn, please.

Torbjörn Magnusson

the healthy stronger strong where afternoon, profit and quarter third the combined as in some ratio approved Sampo effect payoff combined made contributor, is to is And this The It's of is offer that reports claims plan. everyone. Group ever Finland, as as large the offer direction, that last of results with with than gratifying underwriting of The a acquire change than excellent proceeding P&C, from to for in is RMI line year. normalized see better working were investments the majorities. Hastings discount necessary. XX.X see continued ratio to in the August growth. requisite pleasing And Good the other If Group deliver than increases rate reductions to it top XXXX. our combined The total contains The term and rather long together would multi-channel. that COVID-XX impression in to a X% also rational all implementing web equally normal, more the according market first rate by Nordic X% a be largest claims. was in

two-thirds insurance Hastings, group of only now So, be Hastings the of left now Including our some shareholders court is of capital. XX% up can received. the We bottom been roughly and group have on side the profit XXth from forward slide, in approvals as look welcoming held see ones you all of expected against September of to after P&C the and hearing the antitrust makes the this to November. Hastings regulatory to which

XXXX net is share to The price for than summer. they stable I in The little is this high numbers levels coming of earnings on Sampo's a gave slide usual confident are am XXXX XXXX quite have underwriting main we us. grown exact outlook where underwriting year, the income. science, as significantly focus XX% is which important most now idea Topdanmark their measure Another more the which Topdanmark reported not then. to very current and to will an profits, from and the continue quality it and on fell year of their spent the back target. results, the company below to profits that but

same exceeded and a The Nordea shares. The to financial produced bank on in then to targets. the virtually all and management team and the at finally now and at their very numbers new determination reduce lines team's work unnecessary market encouragingly. Everyone impressed set place investor costs to Turning increase personally both XXXX of increased is already solid committed expectations efficiency customer company both in I'm and the time. remains

from this the of out dividends pay as the pay financial is numbers, ever sheet. the quarters dividend that and a progress approvals. to the regulatory to given for to development it's as balance XXXX, visible is board. and well intends means I'm strong chairman As bank a the committed necessary positioned Also good as company's of to has contributing Nordea the now four year

accordance with solvency dividend now the is has dividend in this at dividend XXX a its commitment distribute cash Mandatum in no €XXX gives with having spring in in canceled spring Nordea's note to paying P&C repeated in early also a Topdanmark to the total then which Sampo this million of If the issues of dividend. me finally And addition, policy. year. confidence ratio week decided its finally, the In our to remainder that of has statement. dividend I has XXXX Knut? that December flow

Knut Arne Alsaker

about words capital our few buffers. A end above everybody. limits afternoon, regime a means management good but third levels, sheet This operate We without the And as risk that at leverage robust and agency we and to prudent buffers of regulatory of with that disciplined profile. rating want the balance to solvency Torbjörn. maintain debt large quarter. you, Thank aim reflects

which a calculation XXX% This know for should – XX% equal interpreted dividend of robust as in However, we plan with this What at But for today our to with what not on record a big earnings. beyond what build is earlier for manage this profit Solvency of will this coverage our respect a should in strength show forma is to large that XXXX. to based level. least ability is do accrual buffers a purpose. II pay is limiting based be that ratio is have will also level itself is as a in accrual What slide a war numbers our we solvency have an interpreted be a of reported Hastings QX chest we transaction as this pro interpreted month. QX Should risks, of at to policy, currently is an nor ratio dividend on and a not XXXX, to our not indicates to our you M&A. be need factor out for create this dividend in XXX%, dividend accrued pro as XXX% numbers, a distribution of as given only which this including we decision a forma later we high you forma report, in pro level drop it consolidation, paid not this year for XXXX. number we impact as on line described the closed we

in we in context have, market Hence, However, of the be coverage prudence particularly solvency our maintain some need our the ratio. solvency exposure Nordea. risk should our through in ownership to seen we

within Our is limits, rating than remains levels. higher debt but historical leverage agency

we we today the work the bring plans debt, next leverage what years. To our We nor of down no our to current couple contrary, have would increase the over from have debt leverage levels. to gross debt on

mentioned, of of XX% EPS solvency our limiting an currently already year. is our As not least pay attractive in at this to factor strength the ability dividend

believe Over from by for we dividend even us. other dividend If the Sampo dividend forward. we our million, going obviously we In company dividend has is this we at paying dividend the to for receive dividend deliver Mandatum's does paid earnings, least was also operations best ago which insurance the company's referred in we XX% sheet the year. of of also way we aim out can Group and and key that year contribute, a although a think since in per predictable And to robust you, will. Topdanmark further pay not we to a Torbjörn by a last we earnings. quality basing gross are predictable the the remains improving on words, the June. even clearly expect Sampo's focus remains beginning reasonable our this in to post it Paying attractive position make next a year is to a balance today level. also of We more for which If's good solvency Morten. announced on and to announced hope our dividend a from solvency canceled. minute where an if at that deliver least to dividend which at With was improved dividends today, of which holding share, €XXX track of Sampo €X.X

Morten Thorsrud

quarter [Technical combined has Difficulty] third XX.X of for reported a ratio the isolated.

a However, then at isolated record low discount rate third quarter would end XX.X%. ratio of up adjusting combined the for effect reduced the in Finland, of

for Torbjörn discount ratio that Finland, already the adjusting end this rate up is combined when at in changes As mentioned, And again, figure XX.X%. would year-to-date XX.X%.

our So, have performance positive continuous very both there third and from year work as some during car for a about strong a level, of X.X% activity negative We year-to-date and in situation. risk business the new headwind year-to-date in on a reduced effect, market pricing of indeed. same ongoing a and At is large isolated profitability certain clearly quarter result about low The where of effect isolated. as claims growth improved our show strong result best is is the a net X% from for X% which did we volume planned and COVID-XX If whilst estimate selection. is the insurance quarter COVID-XX the sales on the outcome time, third is industries in sophistication

high number the third increase despite customer now segment really a to their quarter. we stable level, the particular throughout activity all middle the customers in experience continued and crisis, rates during retention in record I And of the of a We private had being think segments. in

levels. at For actually car XXXX instance, Nordic was the sales isolated sales high level. third used quarter in back We saw record new car

continued digital. life a we insurance in by risk shops growth in growing the area. third in quarter, And sale billion also sites a number that becoming more the in the has in to We positioned among our X very insurances, strong households. the year-to-date insurances, in than business purely Nordic SEK been have player The so private as by already level high market be of web boat we supported P&C very more see that P&C is largest saw digital new of channels. If well through performance sold pet a the peak the activity insurances,

is this becoming So, the P&C more digital market in clearly Nordic environment.

continued from a both record a in improvements as top the a ended spending the efficiency as as benefit situation. Our growth low cost of high well we up low result line areas at certain and in ratio cost COVID-XX And now operations XX.X%.

operational an first strong nine the I momentum. combined just in have development for should our on recent performance to We quick reflecting Then year, outlook of current light for on thought a ratio the XX% strong update months a give the a also XX% the underlying revised COVID-XX. earnings and to I full situation continued

we about peak of quarter, geographies, in move offices. to back many started office the we in at back third the quarter. had workforce third the the And during During to people slowly half

setting However, our offices. and work and we now remains customer home through in, high the net customer see wave service XX% loyalty high contacts, second We are again, about promoter in more people segments. customer now also third out level a quarter. back all strong of home really offices customer high levels with of of score, the currently workforce Still, to moving

logins in is The mentioned, see also the services claims a digital shift see there channels, XX% of my online pages. claims, reported both XX% reporting has in we now increased online. already in As can insurance we increase for sales, capital market And quarter. similar strong benign number of been where towards a third

We results an result €XXX strong improved XXX% deducting earnings solvency and million of have for X.X dividend in the strong ratio billion. after a some planned to power SEK had which or

effect COVID-XX saw X% again, from underlying quarter, course, claims the then And quarter normalization isolated some we third about that the a of we separating the to of X% weaknesses. of is in adds estimate in about have year-to-date. the and But complexity best improvements. positive of Finally, our really third this, impact

back to with I Torbjörn. So, that, hand

Torbjörn Magnusson

Thanks, Morten.

two Just words. final

be We have at strategy to our this planned both all made steady in and to meet of I presentation year. on full turbulent eased progress despite strategically, times. next our situation the COVID-XX February then Day to give has And Markets the a in we that of And person Jarmo? plan next held us enough Capital XXth operationally year, by London. hope the for

Jarmo Salonen

are Thank And we questions you. ready Thank please. now all. the for operator, you

Operator

[Operator Instructions].

is Morgan question from first Our of Stanley. Denham Jon

Jonathan Denham

large expected And been been still above than claims the pulling in the have XXX%. peers back. strip aggressive quite in you've industrial out worse being even combined as ratio industrial just year-to-date, if I Firstly,

year? to Thanks. higher a looking you be about level? able some XX% causing if had you what's that suggest large and month more entirely loss simply dividends can just the be than your fee ECB increase just the should And ratio does this than payout just Would in from ratio for insurance you is results review entities? the we how insurance being on to payout comments dividend, a about Sampo think at it wondering would dividends. secondly, the If this reach payout dividends Just Sampo's issue? Or it next pay cash

Torbjörn Magnusson

we development shouldn't wait speculate, Industrial, COVID-XX. of On issue, I the but dividend ECB for the think rather Morten?

Morten Thorsrud

be So good claims. a really can to large development on claims. attributed see We frequency

large also large to the typically reserves that the think impact affects I in both and industrial rate extent workers' assets, in of discount also to it's that is course, Finland. good bear mind hits something a in industrial comp change claims,

more then have So, development a we once frequency volatility large a on and see claims do you in the industrial good side. in that while

I increases. a also think to it's of fair is proportion very that the comment large actually growth rate

benefit industrial course, going market from will market So, we see then the which in we, hardening of forward. a

Operator

Our next question Berenberg. is from Michael Hartman [ph] from

Unidentified Participant

XXXX, that unbroken Actually, group for but look not And down XXXX, cash XXXX, I figure. my it XXXX, what only the Why I'm trend thinking, see numbers question, cash?? €XXX how million. correct, or is puzzled sure And of XXXX, kind million; at such If? €XXX you rising – million; by we've one and million; are from give if of how you €XXX can is which million; payment So dividends €XXX why? €XXX maybe that If. a really given see about had feel Thank it it I'm an you says you. from us I'm

Torbjörn Magnusson

sense which below means while that up a the did, that made If liquidity If's year we any took for its leave have than internal felt an reported the solvency, a balance holistic bit on sheet subsidiary specific last a strong earnings, to what dividend would of last a and earnings We is side individual with which the one on little target We bit conservative little don't we before. more it on year manage ever from I a because reduced little have such. we bit dividend increasing we basis. basis an though, group to year's is necessarily XX% say, solvency as

one. that's So, the the first to answer

up make we just as that that to the good a year. Mandatum fact flow cash the in XXX%. expect that also, On year's second I cash good XX% obviously, heard the well. paid dividends if next take far correctly, the flow think can in from from the of we also in of have at of and and, course, they talked solvency currently only from And Topdanmark's Mandatum quarter the nothing also beginning the of operations, If question, strong have end XXXX, terms is a third solvency Topdanmark you of with There's does about, me results so we dividend in insurance last

Unidentified Participant

you XXXX it so out funded is Is understand, Top so just you funded when think pay of? the and is your Mandatum plus that XXXX Just dividend, going pot which so the payment it to that you how QX. – money the look at can I dividend, made cash out it? of payable, come of is the I Should If of in

Torbjörn Magnusson

next which else the as will year Well, in dividend December. it be Mandatum the obviously, pay If's this well, will such as normally, of year. paid in everything year, equal, beginning

does And Top. so

Morten Thorsrud

ECB Then, before decision as hoping then obviously, we're a positive well. for

Torbjörn Magnusson

From yes. Nordea,

Morten Thorsrud

Yes.

Torbjörn Magnusson

But So I dividends, I more referring that's was to the insurance right. which understood was your question.

beginning well. course, dividend Nordea the the year Of usually its as at pay of

consume has from look So, no in the the company at need in in that of years time. of of dividend any special will this parts the next dividend the million we nothing don't us for been particular year. of special dividend which specific for take part instead it December, point makes purpose, in sort terms there's which year the of the holding The beginning means But in any a of If year, company's €XXX payment year. being some up than this upon If for holding for other it needs this way. of end There's at the

Operator

question Our Blair Stewart from America. Bank next of of is

Blair Stewart

€X.X? in Was completion I've if couple XXX% questions. the that a that your we of was clarify And I one follow-up pro forma but for got dividend also figure just it pro I have maybe a and take forma accruing that Hastings first? Can at figure of solvency the questions, the some quoted just comments?

Knut Arne Alsaker

do in Hastings, the of QX. in a we It's from to solvency those XXX%. It numbers. ratio Hastings. as also rest indicated of XXX% What is report pro The what of forma pro sample forma improvement the the clarify to the forma level, nothing solvency in up That's have to dividend. with the has Good in XX% Hastings accrue group. we with is addition pro a we

regulatory in of terms sort As know, don't reporting II, you quarterly accrue a of dividend basis. on your you under Solvency

just quarterly dividend, a on last accrue which how illustrative this quarterly example, purposes So, for based a banks to dividend by on we have year basically payments. reports, that last accruing year's basis done for is

Blair Stewart

accrued for stage. That the and second is the question XXX% the the on pro at to dividend So forma Hastings me then. nine-month takes

Given a then Sampo another can build quarter capital chests, we that you've performance hoard payout to that of Sampo final over that be that want this period the regards to seen or dividend the then shareholders? after would the quarter with war business Any my or of announcement initial from you've or news? just said receive you And dividend year assume in wonder, you. anything via we're should of don't should you question a new that that to Hastings for Nordea that next indeed there is, the is Hastings. say Thank on time? otherwise available last I

Torbjörn Magnusson

in pay the Let would, on me sad with if be the Nordea what they being of pure And that we speculate pay a insurer it, normal. car for life a that. able exact say we is course, to what certainly allowed can assume our little be We situation be in and then, that we what to play reasons, other done And with find reasons That would bit Hastings. than the would should start future then. depend than were that? There's expect UK. they course, still little why that, very That's but the nice. of dividend, a to easier,

speculating abstain may from I further. if So,

Blair Stewart

the you Sampo But to and what run will right? over said you need that have capital above not business, maintain

Torbjörn Magnusson

correct. Over time, that's

Operator

is Our Haywood next of HSBC. from Steven question

Steven Haywood

an increase, what debt was Obviously, driver you the the Solvency the pointed question. €XXX is on the aside not obviously big the fund following at billion Because for that? the own from That's that profit fund, Can level me by the quarter. of increased million. first €X up additional own tell II

If The second X.X%. on at is income your P&C yield business on fixed in the is question running portfolio

rate that is you it portfolio question on the include last the just on the covered change it €XXX nine think that can the me completely clarify income trying yield is it as well? release. Is the releases. P&C covered I'm bonds net running €XX is reserve understand me what – investment you. This about? million discount million tell And the of is you of if months. from to can fixed a if then, item doesn't, or If separate bonds net portfolio? And Now, Thank reserve covers the part or to your the for in

Torbjörn Magnusson

On funds, the own of is it. obviously, profit drivers part a of

In addition – reported profit.

addition In total or into goes insurance share changes last we financial to the conglomerate it we reported income. profits value the comprehensive funds, the development in we the And Nordea did regulatory does impact investment going income. calculation in positive to in solvency the which our the which Solvency impact a that, our the doesn't a total group. had or portfolio, had also neither from comprehensive But own market our positive solvency shift given price, calculations year, II

a Finland. of strengthening is cost was part portfolio included cash running report prior of and was you year the market reason yield, income of third changes our as QX. share can such. increased. it total the reserve price the in own sure the were net went So, the value question It's If's That in parts running positive When investment profit running including drivers Then the Nordea where of yield. the the in comprehensive quarter yields funds to there that the is And the of development if the but in bond covered in third find running that yield question, of result. portfolio not why two down comes your your is our portion

Steven Haywood

there. following on Just last up the point

gains quarter prior the give million. So, for you of third the €XX year

all? discount Can where If you about coming Finnish you a get gross that up, rate from to talk high remove €XX these million. the at change, are very you

Torbjörn Magnusson

to of And done has to is know if it don't add Swedish That that. GPL. I previous want releases motor from coming mainly reserve anything as quarter Sweden. from also release you Morten, in

Morten Thorsrud

Sweden exactly claims, third-party to injury. liability right It be comment. from and It's multitier old continues of mainly vintages the coming bodily

that's So, correct.

Operator

is question from Gjerland next Erik Our of Jan ABG.

Jan Erik Gjerland

three as questions have I well.

go The you Earlier, premium a kind What first the but outlook when one and the to the up and comes would have should back when thinking the the to said you into it only the that about your year, loudly would of you X.X% we comes wanted is you XXXX? to market insurance think of How sort market in than growth. forward, the share? sort ROE read very also it Or for into but grab your require then to going grow your opportunity increase lower have had calculate a Would premium not here. you of you to Nordic with of inflation? back remainder growth which related a ROE that XXXX growth? ROE premiums on hiking customers? the you end sort more premium also claims of for to Just

Torbjörn Magnusson

the growth Morten. for two-thirds course, initial of That's say, that, remark increases. is rate just is of But

So, adjustments we no we do areas needed. feel it's in always will of That's And change, where that. course. that's

Morten Thorsrud

Erik, I Jan bit little the growth. can say about Then, a

As underlying to about increases, one-third When growth being course, in outlook, out, we Torbjörn price and two-thirds increases the see really being difficult objects fueled comes of extent is insured. by to to a year-to-date more it so number speculate. price already that roughly it's growth the fair of pointed

quite it's think uncertain times. I

segment. However, level, private have a activity in we what particularly seen the is quite high

cars third look countries, increase new you a quarter. if in at of suddenly the the a number see So, sales sharp you in

And have very October new also in car being countries strong. reported some sales now

levels So, seems be households investment fairly time. in to at this high the point

outlook. future that's of when comes to it a So, course, the positive

of of sort different then in negative particular income. lot what industrial, and then commercial course, still sort and crisis will industries impact there to is of uncertainty the ongoing premiums impact of a side, On extent

predict bit really sort a So, how it's a going forward. think to will growth I uncertainty of more and harder the bit

see that There we disciplined. the we where price it see to increases. still comes when some I are market to still price need certain increases, pockets is think

on that's think the So, I comment that.

Jan Erik Gjerland

then, should it after it court it it on And so X? you your secondly, should that how you will the acquisition, Hastings implement Or is Or that from so is the your at hearing? January how Topdanmark or do do into your Hastings it? do implementation you would should group? going how about think of look forward? it you we like we And Will the it

Torbjörn Magnusson

That good able is on a question. to Appreciate comment that. being

closing a November. the let's still in given a this expect half that need subsidiary. and of left have of We later month, XXXX we months to one say, as middle consolidate we the And XXXX, in that means that Hastings

the you a So, consolidation XXst included as P&L, have in sheet December. for will find QX report months a full of and Hastings result. Hastings in of we and the segment of balance And will when as half full-year you one the

Jan Erik Gjerland

seems XXXX? looking side, levels guarantees have of especially this your quite risk, nicely. high taken buffers kind in is in the How forward on finally, life segregated situation of going to of the the you buffer after post we sort How accounts, think Then, XXXX? down should the about

Torbjörn Magnusson

when further, is runoff the discount increased specific making further. of in positive, which the is XXX it will in until the here. in increasing And was say, as contracts. couple year, discount Then means One is of have which do There's Jarmo assessment every we to we'll reserve previously up lower me a also come to the million. rate pace once or an end to portfolio rate QX XXXX. of X.X% liabilities little of things lifetime needs what we assessment That's has question, that a QX assessed. for of for discount we're well. so we discount need a year your because covering do mainly the rate end we the XXX, in around do lower of which you that rate the X.X% – corrects XXXX, had guarantee The down as But a and it is the than that Mandatum of reserved we'll as bit be to sort for Mandatum an €X – QX the

Jan Erik Gjerland

taken [indiscernible] the I you if sort of about reserve they should the somewhere? on last buffers, think them of follow-up one, And your out be taking we could just will or these from P&L

Torbjörn Magnusson

rate in investment, and for out be of basically be reserve discount It practice would will a adjustment investment P&L. we and reserve the follow to time, been it the result. the That's If reported an additionally we for Mandatum, AFS will that. some

that will do, do we if didn't I for. an be reserving, but how accounted additional that's we will it say Now,

Operator

is Michael question Berenberg. from next of Our Hartman

Unidentified Participant

Just a quick follow-up on question deals. kind of

these any stakes. have I to with was free merging I a more us shares for or thinking that additional recently listed, a on there just Nets we strategic period. this get You there you're in in which so? this, exchange, things of And could be And wondered, kind there's is be to would give think Thank lockup you. portfolio? to you financial to – something. get if And getting non-strategic And going I'm – color should just little bit feel is do announcement wrong, an are our but you if should about decide sell, you when a

Torbjörn Magnusson

recognized, in the when There's the time time of on – in the investment, But that on all on not it and Plc We investment lot basis. daily point time. don't a investments. decisions right would other a of both will portfolio a as to different to at which sort new this make in operations sell. such. with it do, as as you investments like for something, one. investment, go Sampo is Sampo nothing of as insurance we spend we investment reasons might all turn for that really sort And that investments, go plc's an about for Nets And talk out the good individual comment individual we to It's looks be

Operator

Our question Mediobanca. Phil Ross from next of is

Phil Ross

please, one Knut's at point of on the talking clarification for about Just leverage. slide me, beginning

leverage you've increase leverage to plans on you worked don't correctly. And of bring I any here? sort for target time particular comfortable more if ratio with a down debt. no you You or you in sort you detail if mind said to or Thank give to timeframe what levels of stipulate to you debt whether had have you a over target? Or you. leverage can want leverage might gross be us maybe heard And

Knut Arne Alsaker

to more to We'll that we February. think raising bit over indication as debt a I to the for plan in time. were it that an But look have update particular levels Thanks. leverage Hastings subordinated to would on could the the Capital acquisition you do point bring prior down Markets the at Day us

Operator

of Our next HSBC. question Haywood is from Steven

Steven Haywood

to underwriting grow you you're that talking organically target how strategy to you organic idea here on Obviously, What us focusing expansion? an Not doing this? noticed in organic increases? P&C trying Markets your increase from too forthcoming be about Are you Are customer be on regional aim helpful. business going basis. numbers? you taking this Day, growth underwriting an give I Are your but growth. some is? away Capital of and Can forward you'll would could give much you underwriting on anything target organic on focusing rate proposal focusing to

Torbjörn Magnusson

want But, to Capital Markets into save the you feel give Day. P&C a details answer. free to me add. fascinating to Morten, I the Let insurance insights But simple

of other look the X the X, that so. will will that. has for way profits. underwriting to target always happy. customer we're customers, We and profits different service, course target growth produces that us. underwriting number That's we underwriting is we customer at target some that's more X, web not in and least And remain it look improved invest the increase always better Then services. prime a than been profits, X, be Our But satisfaction, omnichannel at then in the very way If companies. for

Operator

Jan Erik of Our next is Gjerland from ABG. question

Jan Erik Gjerland

if each do some who you see some in further countries, you could If on environment Thank from competitor will understand how see the you P&C you. to light specification situation market main different market I the in as could here. and the very shed currently? competitive the more market That good into be

Torbjörn Magnusson

Morten?

Morten Thorsrud

largely the competition I think is unchanged.

of each we will in it's players mainly and So, every the four sort that three, still that with. compete find you market main

P&C So, it's landscape. Nordic the the perspective, on really in no big sort total of insurance change

Jan Erik Gjerland

on of it major of [indiscernible], are pressures it's ability your of for market looks pricing. it as sort increase and your to thinking Because looks a you forced like sort the players increase like, good for some the other of the being and price out

– going do to be So, how and marketplace, to could irritating smaller so forward? being when to players these of more price kind they you return competitors the speak, pressures see

Torbjörn Magnusson

Happen tomorrow.

Morten Thorsrud

continues, to say, disciplined. market I be The would

the of So, see sort possible – in that in Nordic it's that are increase, as we sort P&C see for need of market. disciplined is most that through players insurance there do to price where few get we areas a

Perhaps important they've in more good a I countries. customer of think, Difficulty] consolidation services. but order in extent. to to in not seen Norway bit afford order a [Technical bit is large a scale quite investments other have lately, than yeah, to needed,

Torbjörn Magnusson

market since development time is still is a some one. the that And consolidated the as that or it was rational going that in now. was not It opposite as is direction,

Operator

speakers. There are no further ahead, questions Please at go time. this

Jarmo Salonen

Thank you, for you thank your operator. attention. all And Bye-bye.

Sampo (SAXPF) 4 Nov 202020 Q3 Earnings call transcript