HELSINKI, May 7 (Reuters) - Finnish insurance and investment group Sampo reported its quarterly result rose 7 percent due to strong profit contribution from its stake in Nordea Bank
Sampo, which owns 21 percent of the bank, said its total pretax profit for the first quarter rose to 396 million euros ($552 million), a tad short of analysts’ average expectation of 403 million in a Reuters poll.
The property and casualty insurance unit If’s combined ratio, which measures profitability, improved to 90.3 percent from 90.9 a year earlier.
Sampo specified its outlook for If, saying it expects the unit to reach a full-year combined ratio between 89 and 92 percent. ($1 = 0.7177 Euros) (Reporting by Jussi Rosendahl)