HELSINKI, Nov 2 (Reuters) - Finnish financial holding company Sampo on Thursday lifted the profitability outlook for its property and casualty insurance firm If following strong performance in the first nine months of the year.
Sampo said it expects If, the Nordic region’s biggest P&C insurer, to reach an all-time-low combined ratio in the range of 85 and 87 percent in the full year 2017.
Analysts in Reuters poll had on average expected a full-year ratio of 86.2, while Sampo had previously forecast a ratio of 86 to 89 percent. A lower ratio indicates better profitability.
Alongside If, Sampo owns life insurance firm Mandatum Life, close to one-fifth of shares in Nordea Bank and close to half of the shares in Danish insurer Topdanmark. (Reporting by Jussi Rosendahl; Editing by Jacob Gronholt-Pedersen)