UPDATE 1-Tryg Q4 profit falls, to revise Finland strategy

(Adds details, quotes, share price)

* Q4 pretax profit 447 mln DKK vs 534 mln forecast

* Q4 gross earned premiums 5.10 bln DKK vs 5.29 bln forecast

* Says sees 2012 combined ratio, technical result improving

COPENHAGEN, Feb 8 (Reuters) - Danish insurer Tryg posted a below-forecast profit for the fourth quarter after premium growth stalled and the group took a 1.6 billion crowns hit from storm claims for the year.

Denmark's largest insurance company by market capitalisation said it expected its 2012 combined ratio and technical result to improve, but gave no further details.

The Nordic region's second-biggest insurer said pretax profit fell to 447 million Danish crowns ($79.71 million) in the three months to end-December from 512 million a year earlier.

The result fell short of a 534 million crowns average forecast in a Reuters survey of analysts.

"The result was achieved in a year impacted by major events resulting in claims and difficult economic conditions, which both affected the insurance business and resulted in volatile financial markets," Tryg said in a statement.

In 2011, the group said claims from storms and heavy rain spiked at 1.6 billion crowns from 291 million in 2010.

"The year was impacted by storm and cloudburst claims," Tryg, whose main markets are Denmark and Norway, said in a statement.

Tryg said gross earned premiums grew to 5.10 billion crowns in the fourth quarter from 5.05 billion a year earlier, but missed a poll forecast of 5.29 billion.

Combined ratio for the quarter also steadied at 95.5 percent matching the combined ration from the same quarter a year earlier, against an average 93.0 percent forecast by analysts.

The combined ratio is the percentage of revenue spent on claims and costs. A figure below 100 shows an underwriter is profitable.

Tryg said it would reconsider its strategy for Finland as the division had failed to perform satisfactorily.

A review would examine all options including ownership, niche specialisation, partnership and continuation of the current business model.

Tryg's shares closed down 1.4 percent before the report, underperforming a 0.2 percent rise in the Copenhagen Stock Exchange's benchmark index. ($1 = 5.6077 Danish crowns) (Reporting by Mette Fraende)