May 6, 2020 / 6:56 AM / 22 days ago

Finnish insurer Sampo's Q1 pretax profit drops 66%, cuts dividend

HELSINKI, May 6 (Reuters) - Finnish financial group Sampo reported a 66% drop in first-quarter pretax profit and cut its dividend by roughly 30% on Wednesday, citing a sharp decrease in the market value of its investment assets.

The pan-Nordic insurer, which owns 19.9% of Nordea Bank , reported a pretax profit of 162 million euros ($175 million) compared with the 379 million forecast by analysts, Refinitiv Eikon data showed.

At the end of March, Nordea postponed its dividend plan and Sampo followed suit on Wednesday by lowering its payout by roughly 30% to 1.5 euros per share from an earlier proposal of 2.2 euros per share. ($1 = 0.9240 euros) (Reporting by Anne Kauranen, editing by Louise Heavens)

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