HELSINKI May 11 Finnish financial holding
company Sampo reported on Thursday a rise in
first-quarter profit on a stronger profit contribution from
Nordea Bank as well as better investment returns.
Profit before taxes grew 3 percent to 430 million euros
($468 million), topping the 415 million expected by analysts in
a Reuters poll.
Sampo said it expects its property and casualty insurance
business to reach a full-year combined ratio in the range of 87
and 90 percent. It had previously forecast a ratio of below 95
percent. A lower ratio indicates better profitability.
However, Sampo added that low interest rates create a
challenging environment for reinvesting its fixed
Sampo owns P&C insurer If, life insurance firm Mandatum
Life, a fifth of Nordea and a stake of more than 40 percent in
Danish insurer Topdanmark.
($1 = 0.9194 euros)
(Reporting by Jussi Rosendahl and Tuomas Forsell; editing by