Sampo Advances to Record After Profit Beats Analyst Estimates
Sampo (SAMAS) Oyj rose to a record in Helsinki trading after the owner of the Nordic region’s largest non-life insurer reported profit that beat estimates.
The shares gained as much as 2.5 percent to 34.1 euros, the highest since at least July 17, 1989, and their steepest advance since July 8. Sampo rose 2.1 percent to 33.97 euros at 11:29 a.m. in the Finnish capital, with trading volume at 45 percent of the three-month daily average.
Second-quarter net income rose an annual 4 percent to 390 million euros ($518 million), exceeding the average 349 million-euro estimate of eight analysts surveyed by Bloomberg. Insurance premiums written increased 10 percent to 1.36 billion euros while net income from investments advanced 18 percent to 87 million euros, Helsinki-based Sampo said in a statement today.
Sampo owns If, the largest property and casualty insurer in the Nordic region, and is also the largest shareholder in Stockholm-based Nordea Bank AB (NDA), the region’s biggest bank, with a stake of about 21 percent. If owns more than 25 percent of the share capital in Topdanmark A/S (TOP), Denmark’s second-largest publicly traded insurance company.
Sampo sees its business areas reporting “good operating results” for 2013, it said today. The non-life insurance operations are forecast to reach their long-term combined ratio target of below 95 percent this year, achieving a ratio of between 88 percent and 91 percent, it said.
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