Finnish insurer Sampo tops Q1 earnings forecasts
Adds combined ratio in paragraph 3, outlook in paragraph 4, background in paragraph 5
May 7 (Reuters) -Finnish insurer Sampo SAMPO.HE reported a bigger than expected rise in first-quarter earnings on Tuesday, citing strong operational momentum despite severe weather claims in the quarter.
Its first-quarter profit before tax rose 29% to 465 million euros ($500 million), above analysts' estimate of 421 million euros in a poll by Vara Research.
The shares were down about 1% at 0751 GMT.
The group's combined ratio, a key earnings metric, calculated by adding the loss ratio and expense ratio, rose by 1.1 percentage points year-on-year. A ratio below 100 means an insurer earns more in premiums than it pays out in claims.
Sampo narrowed its 2024 combined ratio outlook to 83%–85% from below 85% seen previously.
However, Sampo, like its Nordic peers, continued to be hit by a high frequency of claims related to cold weather and winter storms in the region.
($1 = 0.9295 euros)
Reporting by Marta Frąckowiak in Gdańsk; Editing by Louise Heavens and David Evans
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