August 8, 2018 / 7:00 AM / 7 days ago

Finland's Sampo Q2 pretax profit below expectations

STOCKHOLM, Aug 8 (Reuters) - Nordic financial holding company Sampo, the largest shareholder in Nordea Bank , on Wednesday reported slightly lower second-quarter profit than expected.

Pretax profit in the second quarter rose to 708 million euros ($822 million) from 435 million a year ago, below the 737 million euros expected by analysts in Reuters’ poll.

Sampo’s property and casualty If P&C insurance business reported second-quarter pretax profit of 222 million euros, in line with expectations of 220 million.

Sampo sees a full-year combined ratio for If P&C in the range of 86 and 88 percent. It had previously forecast a ratio of 86 to 89 percent. A lower ratio indicates better profitability. ($1 = 0.8611 euros) (Reporting by Olof Swahnberg; additional reporting by Jacob Gronholt-Pedersen; editing by Johan Sennero)

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