Pohjola receives temporary permission to treat insurance

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Nov 28, 2013 at 10:30 AM

Pohjola receives temporary permission to treat insurance holdings as risk-weighted assets

Pohjola Bank plc Stock exchange release 28 November 2013 at 5:15 pm Pohjola receives temporary permission to treat insurance holdings as risk- weighted assets The Finnish Financial Supervisory Authority has given permission, valid until 31 December 2014, to Pohjola and OP-Pohjola Group not to deduct insurance holdings under supervision of financial and insurance conglomerates from their capital base and to treat these holdings as risk-weighted assets in accordance with the principles of capital adequacy measurement. In determining the risk weight of insurance holdings, Pohjola and OP-Pohjola Group will apply a method which, in accordance with the Supervisory Authority's permission, will lead to a risk weight of approximately 280 per cent. The change in the treatment stems from the new Capital Requirements Directive (CRD4) and Capital Requirements Regulation (CRR) published on 27 June 2013. Pohjola confirms its earlier estimate that it expects its Core Equity Tier 1 ratio to be at least at the level of the current Core Tier 1 ratio or to improve slightly after the change. Other changes caused by CRD4/CRR are expected to have a minor one-off negative effect on capital adequacy. The table below shows the estimated net effect of the change in the treatment of insurance holdings and other changes caused by CRDIV/CRR, pro forma as of 30 September 2013. Pohjola capital adequacy 30 Sept. 2013 % CRD IV/CRR pro forma, % ------------------------------------------------------------------------- Core Tier 1 ratio 10.7 - Common Equity Tier 1 ratio (CET1) - 11.5 Tier 1 ratio 12.1 12.8 Capital adequacy ratio 12.1 16.2 Pohjola's capital adequacy under the Act on the Supervision of Financial and Insurance Conglomerates is expected to decrease from 1.71 to 1.65, pro forma as of 30 September 2013, in comparison with the minimum statutory requirement of 1.0. At the end of September, OP-Pohjola Group's Core Tier 1 ratio, Tier 1 ratio and capital adequacy ratio all stood at 13.9% and capital adequacy under the Act on the Supervision of Financial and Insurance Conglomerates at 1.86. OP-Pohjola Group confirms its earlier estimate that it expects the change in the treatment of insurance holdings to strengthen its Core Tier 1 ratio by approximately 1 percentage point and the capital adequacy ratio by approximately 2 percentage points. The change will have no substantial effect on OP-Pohjola Group's capital adequacy under the Act on the Supervision of Financial and Insurance Conglomerates. The permission will be valid from 1 January 2014 until 31 December 2014 at the latest. As a result of the European Central Bank taking over supervisory responsibilities for OP-Pohjola Group as credit institution, the ECB will decide on whether any further special permission is given to OP-Pohjola Group. Pohjola Bank plc Carina Geber-Teir Chief Communications Officer DISTRIBUTION NASDAQ OMX Helsinki LSE London Stock Exchange SIX Swiss Exchange Major media pohjola.com, op.fi FOR MORE INFORMATION, PLEASE CONTACT Vesa Aho, CFO, tel. +358 (0)10 252 2336 Niina Pullinen, Senior Vice President, Investor Relations, tel. +358 (0)10 252 4494 Pohjola is a Finnish financial services group which provides its customers with banking, non-life insurance and asset management services. Our mission is to promote the sustainable prosperity, security and wellbeing of our customers. Profitable growth and an increase in company value form our key objectives. Pohjola Group serves corporate customers in Finland and abroad by providing an extensive range of financial, investment, cash- management and non-life insurance services. We offer non-life insurance and private banking services to private customers. Pohjola Series A shares have been listed on the Large Cap List of the NASDAQ OMX Helsinki since 1989. The number of shareholders totals around 32,000. Pohjola's consolidated earnings before tax came to 374 million euros in 2012 and the balance sheet total amounted to 45 billion euros on 31 December 2012. Pohjola is part of OP-Pohjola Group, the leading financial services group in Finland with over four million customers. www.pohjola.com [HUG#1746487]

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Moore Law Urges Millrose Investors: Join the Action

Is Millrose Playing a Risky Game? When I caught wind of this latest debacle with Millrose Properties, Inc. (NYSE: MRP), my gut reaction was a mix of curiosity and skepticism. Hunterbrook Media's report just blasted across the headlines, digging up some dirt on Millrose's recent financial maneuvers. Apparently, these cats have been busy buying homes to the tune of $200...

TilePix Expands into Walmart with Nail-Free Decor Launch

TilePix Makes Big Moves with Walmart TilePix is launching their new line of nail-free wall décor at Walmart—this ain’t your grandma’s wall art. This company's bringing their magnetic, nail-free wizardry to retail stores nationwide for the first time, and they’ve chosen a real heavyweight partner—Walmart. What comes in the package? Well, they’re dealing in...

AAI Rolls Out Agency Gauge: AI-Driven Insights Platform

Bringing Artificial Intelligence to the Insurance Table Affordable American Insurance (AAI) is shaking things up in the insurance world with their new tool, Agency Gauge. Picture this: you're running an independent agency, neck-deep in data, and this AI-powered marvel swoops in and turns those confusing numbers into actionable business insights. It's like having a wise...

DOCS Faces Investor Legal Battle for Alleged Misconduct

The DOCS Predicament: Investors Facing Class Action Doximity, Inc., trading as NYSE:DOCS, finds itself in hot water again as shareholders gear up for a legal skirmish over alleged securities fraud. Schall, Brown & Schwartz LLP, the firm rallying the shareholders, has fired the opening salvo, pointing fingers at Doximity for cooking the books about their Newsfeed’s...

Roof Inspections: Richmond's Key to Home Longevity

Inspect, Protect, and Forget Your Worries Homeowners in the Greater Richmond area wisely take to heart the old saying: an ounce of prevention is worth a pound of cure. But let's cut through the noise for a moment and zero in on a foundational truth: regular roof inspections are not a luxury—they're an absolute must. Roofing expert Seth Brown, from BNH Roofing, makes it...

AI-Designed Antivirals: A Brave New World

Pushing the Boundaries with AI in Drug Discovery It seems some smart folks over in South Korea are giving the pharma game a fresh twist, pitting artificial intelligence against viral invaders in a newfangled brawl. Professors from Korea University have managed to blend AI's computing prowess with good ol' lab doggedness to sniff out potential antiviral compounds. The...

Kansai Medical Ushers in New Era of Cancer Research

Breaking Ground in Cancer Treatment Trials I've seen some thrilling breakthroughs in my time following the pharmaceutical industry, but what Kansai Medical University and Daiichi Sankyo are doing elevates the game. They're rolling out the first patient dose of DS1025 in Osaka, Japan—a move that marks the onset of a global Phase 1 clinical trial. This is no ordinary...

2GenPen & LordCap Team Up: Game-Changer in ABS?

New Kids on the Structured Credit Block? Well, it looks like we're in for a ride with 2GenPen teaming up with Lord Capital to shake up the asset-backed securities (ABS) world. They're strutting their stuff by launching a strategic collaboration to boost credit analysis. Think of it as a power-up for ABS transactions—because nobody loves a murky credit rating. The Heart...

Ama La Vida's New Coaching: More Than a Financial Plan

Breaking the Retirement Myth Retirement ain't just about sailing off into the sunset with a fat wallet. What happens when the honeymoon period of the "golden years" ends and you're left pacing the floorboards, unsure of what comes next? Enter Ama La Vida's fresh approach to retirement coaching, tackling the side of retirement that's rarely spoken about: identity,...

Endava Faces Securities Fraud Lawsuit: Investor Implications

Endava in Hot Water Over Alleged Misleading Statements Alright, folks, gather around—there's a storm brewing over at Endava with shareholders mightier than the Greek gods, furrowing their brows with intent. You see, Schall, Brown & Schwartz LLP, a firm that practically eats legal challenges for breakfast, is beating the drums of a securities fraud lawsuit. Yep, I'm...