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)