UPDATE 2-Sampo's Q3 misses forecasts, keeps outlook

Wed Nov 4, 2009 9:49am GMT
 
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* Q3 pretax profit 192 million euros, vs forecast 204 mln

* Hones 2009 non-life combined ratio guidance to 92-93 pct

* Says set to continue raising Nordea stake

* Shares up 1.6 percent

(Adds detail, quotes, share price)

HELSINKI, Nov 4 (Reuters) - Finnish insurer Sampo (SAMAS.HE) reported third-quarter pretax earnings at the low end of forecasts, hit in part by weaker currencies and financial costs, but stuck to its outlook for a "good" 2009.

Sampo also said on Wednesday it was ready to increase its stake in Nordic bank Nordea (NDA.ST) to 22-23 percent from around 20 percent, but its stake was unlikely to top 25 percent.

"We are a long term shareholder in Nordea," chief executive Kari Stadigh said, adding: "I think that bank comsolidation will come back ... (and) Nordea is going to be really well-placed (for sector) consolidation".

Sampo's July-September pretax profit fell 21 percent to 192 million euros ($283 million), below the average forecast for 204 million in a Reuters poll but within the range of forecasts.  Continued...

 

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