May 8, 2019 / 7:57 AM / 3 months ago

UPDATE 1-Nordic financial group Sampo beats Q1 profit forecasts

(Adds details)

HELSINKI, May 8 (Reuters) - Financial group Sampo posted a 7 percent rise in first-quarter profit on Wednesday, boosted by its Danish insurer and a rebound in equity markets, although its main pan-Nordic insurance business missed forecasts.

Sampo’s first quarter pre-tax profit of 475 million euros ($533 million) comfortably topped analyst expectations in a Reuters poll ranging from 362 million to 469 million euros.

Sampo’s share of pre-tax profit from Topdanmark, the Danish insurer in which it owns a 46.7 percent stake, grew 53 percent from a year ago to 92 million euros, beating all analyst forecasts in the poll.

However, Sampo’s main insurance business, If, missed forecasts with a 3 percent rise in pre-tax profit to 198 million euros.

Sampo’s 21.2 percent stake in Nordea netted it 83 million euros, roughly half the amount of a year ago, after the Nordic region’s biggest lender booked a 95 million euro provision for a possible fine for alleged money-laundering.

Shares in Sampo opened 1 percent lower.

$1 = 0.8920 euros Reporting by Tarmo Virki; editing by Jason Neely and Kirsten Donovan

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below