Finnish insurer Sampo tops Q1 earnings forecasts (updated)

Sampo

07/05/2024 09:08

(Adds combined ratio in paragraph 3, outlook in paragraph 4,
background in paragraph 5)
       May 7 (Reuters) - Finnish insurer Sampo  SAMPO.HE 
reported a bigger than expected rise in first-quarter earnings
on Tuesday, citing strong operational momentum despite severe
weather claims in the quarter.
    Its first-quarter profit before tax rose 29% to 465 million
euros ($500 million), above analysts' estimate of 421 million
euros in a poll by Vara Research.
    The shares were down about 1% at 0751 GMT.
    The group's combined ratio, a key earnings metric,
calculated by adding the loss ratio and expense ratio, rose by
1.1 percentage points year-on-year. A ratio below 100 means an
insurer earns more in premiums than it pays out in claims.
    Sampo narrowed its 2024 combined ratio outlook to 83%–85%
from below 85% seen previously.
    However, Sampo, like its Nordic peers, continued to be hit
by a high frequency of claims related to cold weather and winter
storms in the region. 
        
  
($1 = 0.9295 euros)

 (Reporting by Marta Frąckowiak in Gdańsk; Editing by Louise
Heavens and David Evans)
 ((marta.frackowiak@thomsonreuters.com; +48 58 769 65 30;))