Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
Hybrid View
-
08-12-2010, 01:40 AM #1
Sampo 2Q Net Profit Up 26%, Beating Estimates
AUGUST 11, 2010, 3:01 A.M. ET.
Sampo 2Q Net Profit Up 26%, Beating Estimates
By Erik Durhan Of DOW JONES NEWSWIRES
STOCKHOLM (Dow Jones)--Finnish insurer Sampo Oyj (SAMAS.HE) said Wednesday that second-quarter net profit climbed 26% from a year earlier and said performance was good on all fronts.
"Sampo Group is expected to report good result for 2010 with a continuing good profitability of its insurance operations supported by the share of Nordea's profits," the company said.
The Nordic region's largest property-and-casualty insurer said net profit rose to EUR273 million from EUR217 million in the second quarter of 2009, exceeding analyst estimates of a EUR246 million profit.
The company's net asset value per share rose to EUR14.50 from EUR10.87 a year earlier, missing expectations of EUR14.93
The combined ratio was 89.9%, from 90.7 a year ago, compared with estimates of 91.1%.
Sampo holds a 20.6% stake in Nordea, the Nordic regions biggest bank, and has started as of this year to consolidate Nordea's earnings into Sampo accounts. The Nordea holdings contributed EUR106 million to reported profit before taxes.
Nordea is expected to contribute significantly to Sampo's profit for the full year 2010, the company said.
Sampo shares have risen 22% in value in the last 12 months, underperforming a 30% increase in the broader Finnish market. Tuesday, they closed at EUR19.35.
Company website: http://www.sampo.com
-By Erik Durhan, Dow Jones Newswires; +46-8-5451-3091; erik.durhan@dowjones.com
http://online.wsj.com/article/BT-CO-201 ... 02466.htmlNO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Listen to Frosty Wooldridge on Rense May 14, 2024 talking Third...
05-16-2024, 12:31 PM in Americans Killed By illegal immigrants / illegals