November 7, 2018 / 7:51 AM / 8 days ago

Nordic holding firm Sampo's profit drops in third quarter

HELSINKI, Nov 7 (Reuters) - Nordic insurance and financial holding company Sampo reported on Wednesday a drop in third quarter profits driven by weaker earnings from the region’s largest bank Nordea, in which it owns a 21 percent stake.

Pretax profit in the third quarter fell 59 percent from a year ago to 490 million euros ($562 million), compared to analysts’ average forecast of 478 million euros in a Reuters poll.

Sampo reported a strong underlying result at its property and casualty insurance business and upgraded its view of the unit’s full-year combined ratio to 85-87 percent from a previous forecast of 86-88 percent. A lower ratio indicates better profitability. ($1 = 0.8724 euros) (Reporting by Jussi Rosendahl, editing by Terje Solsvik)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below