Sampo posts third quarter profit below market expectations
HELSINKI Nov 9 (Reuters) - Finnish insurer Sampo reported a smaller-than-expected rise in third quarter pretax profit on Friday.
Sampo's July-September profit before taxes rose 146 percent from a year ago to 368 million euros ($468.35 million), but this fell short of an average forecast for 384 million in a Reuters poll.
Sampo said that the full-year profitability ratio at its property and casualty business would be stronger than its earlier forecast. The insurer said this business was now expected to reach a combined ratio of 89-91 per cent for the full year. Its earlier estimate was 89-92 percent.
The group's property and casualty insurance business had a combined ratio - a measure of profitability - of 89.3 percent in the third quarter, roughly meeting analysts' expectations.
($1 = 0.7857 euros) (Reporting By Jussi Rosendahl. Editing by Jane Merriman)
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