UPDATE 3-Zurich Financial misses forecast on hedge spend

* Q3 business operating profit 1.5 bln Sfr, up 138 pct

* Solvency ratio rises to 209 pct, combined ratio 98 pct

* CFO says still aims for "sustainable, healthy" div

* Shares fall 4 percent

(Adds analyst comment, updated shares)

By Jason Rhodes

ZURICH, Nov 5 (Reuters) - Zurich Financial Services AG's (ZURN.VX) third-quarter profit missed expectations due to spending on additional hedges, but the Swiss insurer hinted at healthy payouts to shareholders and strengthened capital.

Europe's fourth-largest insurer by market value said on Thursday third-quarter business operating profit was $1.5 billion, up from $636 million a year earlier, when hurricanes Gustav and Ike battered earnings. The average forecast was $1.6 billion in a Reuters poll of analysts.

Chief Financial Officer Dieter Wemmer said additional balance sheet and credit exposure hedges probably explained the shortfall on consensus profit estimate.