Finnish insurer Sampo's quarterly earnings beat forecast (updated)

Sampo

03/08/2022 07:58

(Adds CEO comment, combined ratio)
    HELSINKI, Aug 2 (Reuters) - Finnish insurer Sampo  SAMPO.HE 
on Wednesday posted a smaller-than-expected drop in quarterly
earnings as its main subsidiary If continued to deliver growth
even as overall profits retreated from highs seen during the
pandemic.
    Payments to cover insurance claims rose by just over 4%, but
this was compensated by rising insurance rates, the company
said.
    "We continue to monitor claims trends carefully and will
react with further price adjustments, should these be needed,"
Chief Executive Torbjorn Magnusson said in a statement.
    The group's combined ratio rose by 0.4 percentage points to
81.1%. A ratio below 100 means an insurer earns more in premiums
than it pays out in claims.
    April-June pretax profit fell 30% to 499 million euros 
($507.68 million), beating the 473 million euro mean estimate in
a Refinitiv poll of analysts.  urn:newsml:reuters.com:*:nL8N2ZD1DH

($1 = 0.9829 euros)

 (Reporting by Essi Lehto, editing by Terje Solsvik)
 ((essi.lehto@thomsonreuters.com; +358505412375;))