Sampo posts strong results

Finnish insurer Sampo has posted strong results as it benefitted from favourable market conditions in the Nordic region.

Its profits hit €861 million in the first half, compared with €825 million in the first half of 2013.

At If, Sampo’s property and casualty (P&C) segment, profits rose by 2 percent to €483 million, compared with €473 million in the same period of 2013. Its combined ratio improved to 88.3 percent, compared with 88.8 percent in the first half of 2013. Sampo said that this is the best ever combined ratio in If’s history for the period of January – June.

The insurer added that the P&C insurance operations are expected to reach their long-term combined ratio target of below 95 per cent in 2014 and achieve a combined ratio of 88 - 91 per cent.

In the life insurance segment, profit before taxes rose to €36 million, compared with €33 million in the first half of 2013. Its premiums written grew 18 per cent to €339 million from €288 million at the corresponding period a year ago.