UPDATE 2-Sampo's Q3 misses forecasts, keeps outlook

* Q3 pretax profit 192 million euros, vs forecast 204 mln

* Hones 2009 non-life combined ratio guidance to 92-93 pct

* Says set to continue raising Nordea stake

* Shares up 1.6 percent

(Adds detail, quotes, share price)

HELSINKI, Nov 4 (Reuters) - Finnish insurer Sampo (SAMAS.HE) reported third-quarter pretax earnings at the low end of forecasts, hit in part by weaker currencies and financial costs, but stuck to its outlook for a "good" 2009.

Sampo also said on Wednesday it was ready to increase its stake in Nordic bank Nordea (NDA.ST) to 22-23 percent from around 20 percent, but its stake was unlikely to top 25 percent.

"We are a long term shareholder in Nordea," chief executive Kari Stadigh said, adding: "I think that bank comsolidation will come back ... (and) Nordea is going to be really well-placed (for sector) consolidation".

Sampo's July-September pretax profit fell 21 percent to 192 million euros ($283 million), below the average forecast for 204 million in a Reuters poll but within the range of forecasts.

Earnings at Sampo's non-life If unit dropped 22 percent to 167 million euros, also below the average forecast.

"(Non-life) premium income in euros decreased four percent ... due to the weakness of the Swedish and Norwegian currencies," Sampo said, adding net investment income fell versus a year ago.

Sampo's Holding unit also weighed on the result, falling to a loss of 12 million euros from a year-ago profit of six million due to unspecified financial costs.

Analysts said that despite the group's profit drop, underlying business looked solid, and Sampo shares were 1.6 percent firmer at 16.51 euros at 0915 GMT on a positive Dow Jones Stoxx Insurance index .SXIP.

Analysts also welcomed the company honing its combined ratio target -- a key measure of underwriting profitability which expresses costs and claims expenses as a proportion of premium income -- for If to 92-93 percent for 2009 from a previous 91-94 percent.

"The group guidance is largely unchanged, but the narrowing down of the combined ratio is a good sign of visibility for the firm," one Helsinki-based analyst said.

Analysts in the poll forecast a combined ratio of 92 percent for Sampo in 2009. [ID:nLT194143] (Reporting by Brett Young; Editing by Dan Lalor) ($1 = 0.6782 euro)