Summary : Finnish insurer Sampo (SAMPO.HE) on Wednesday posted a smaller-than-expected drop in quarterly earnings as its main subsidiary If continued to deliver growth even as overall profits retreated from highs seen during the pandemic.
Payments to cover insurance claims rose by just over 4%, but this was compensated by rising insurance rates, the company said.
“We continue to monitor claims trends carefully and will react with further price adjustments, should these be needed,” Chief Executive Torbjorn Magnusson said in a statement.
April-June pretax profit fell 30% to 499 million euros ($507.68 million), beating the 473 million euro mean estimate in a Refinitiv poll of analysts.
Sampo Group logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration
HELSINKI, Aug 2 (Reuters) – Finnish insurer Sampo (SAMPO.HE) on Wednesday posted a smaller-than-expected drop in quarterly earnings as its main subsidiary If continued to deliver growth even as overall profits retreated from highs seen during the pandemic.
Payments to cover insurance claims rose by just over 4%, but this was compensated by rising insurance rates, the company said.
“We continue to monitor claims trends carefully and will react with further price adjustments, should these be needed,” Chief Executive Torbjorn Magnusson said in a statement.The group’s combined ratio rose by 0.4 percentage points to 81.1%. A ratio below 100 means an insurer earns more in premiums than it pays out in claims.
