Sampo Advances Most in 14 Months After Profit Exceeds EstimatesKati Pohjanpalo
Sampo Oyj, the owner of the Nordic region’s largest property and casualty insurer, jumped the most in 14 months in Helsinki after fourth-quarter pretax profit beat analyst estimates.
Sampo rose as much as 4.1 percent, the biggest advance on the Nasdaq OMX Helsinki 25 index, and was up 2.2 percent to
27.98 euros as of 10:38 a.m. in Helsinki. The trading volume was 40 percent of the daily three-month average.
Fourth-quarter pretax profit climbed to 444 million euros ($598 million) from 322 million euros a year earlier, beating the 387.3 million-euro average estimate of 12 analysts surveyed by Bloomberg. Sampo proposed raising its payout to investors for a third consecutive year to 1.35 euros a share from 1.20 euros a year ago. Net income at the Helsinki-based company rose 44 percent to 401 million euros.
Sampo’s shares are trading at a 10 percent premium to the average 12-month price estimate of 25.69 euros compiled by Bloomberg.