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

Sampo

04/05/2022 08:02

(Adds details)
    May 4 (Reuters) - Finnish insurer Sampo  SAMPO.HE  on
Wednesday reported a smaller-than-expected drop in quarterly
earnings, boosted by continuous good performance of its main
subsidiary If and gains from selling stake and dividends from
Nordea bank  NDAFI.HE .
    The insurer added it sees upside risk to costs of claim
payments that had risen by around 3% in the Nordic region. 
    "The rise in energy and commodity prices triggered by the
war in Ukraine has increased uncertainty over the trajectory of
inflation," Chief Executive Torbjorn Magnusson said in a
statement.
    Sampo's January-March pretax profit fell 10% to 566 million
euros ($595.26 million), beating the 476.5 million euro mean
estimate in a company provided poll. 
    Its first-quarter combined ratio increased 2.3 percentage
points to 83.5%, missing analysts' consensus estimate of 82.8%.
A ratio below 100 means an insurer earns more in premiums than
it pays out in claims.

($1 = 0.9508 euros)

 (Reporting by Essi Lehto, Editing by Louise Heavens)
 ((Essi.Lehto@thomsonreuters.com; +358505412375;))