Nordic insurer Sampo's Q4 profit beats forecasts (updated)
09/02/2022 08:23
(Adds combined ratio, comment, dividend)
HELSINKI, Feb 9 (Reuters) - Finnish financial group Sampo
SAMPO.HE on Wednesday reported a bigger-than-expected rise in
fourth-quarter pretax profit boosted by the strong performance
of its core insurance operations.
The pan-Nordic insurer reported a pretax profit of 1.2
billion euros ($1.37 billion) for the quarter, compared with a
loss of 675 million a year ago, beating the 998 million euro
average estimate in a poll provided by the company.
October-December profit before taxes amounted to 452 million
euros excluding one-offs from Sampo significantly reducing its
holding in pan-Nordic bank Nordea NDAFI.HE to focus on the
insurance business. urn:newsml:reuters.com:*:nL1N2KU0KC
Sampo said the group's combined ratio for its property and
casualty insurance business improved 2 percentage points to
81.4% in full-year 2021, beating the mean estimate of 82.8%. A
ratio below 100 means the insurer earns more in premiums than it
pays out in claims.
"The result was supported by excellent profitability in our
largest subsidiary, If P&C, which achieved a combined ratio of
81.3 per cent and underwriting profit of 891 million euros in
2021, representing growth of 15% year-on-year excluding COVID-19
effects," Sampo's Chief Executive Torbjorn Magnusson said in a
statement.
Sampo's board proposed a dividend of 4.10 euros per share,
including an insurance dividend of 1.70 euros per share.
($1 = 0.8763 euros)
(Reporting by Anne Kauranen, Editing by Louise Heavens)
((anne.kauranen@thomsonreuters.com; +358401895560;))