HELSINKI, May 11 (Reuters) - 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 income securities.
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 Jason Neely