HELSINKI (dpa-AFX) - Sampo Oyj A (SMP0.F), a property and casualty insurance group, on Wednesday reported a loss for the first quarter, despite growth in revenue.
Profit before tax fell to €28 million from €377 million, primarily due to a negative net financial result.
Net financial result was a loss of €276 million compared with a gain of €101 million last year.
Operating result rose to €347 million or €0.13 per share from €297 million or €0.11 per share in the previous year.
Underwriting result grew 10% to €368 million from €336 million a year ago.
The company recorded a net loss of 46 million or €0.02 per share, compared with a profit of €285 million or €0.11 per share in the same period last year.
Net insurance revenue rose to €2.363 billion from €2.188 billion, while gross written premiums edged up to €3.752 billion from €3.701 billion.
Additionally, Sampo announced a new share buyback programme of up to €350 million.
For the full year, the company has raised its underwriting result guidance to €1.525 billion-€1.625 billion, from €1.485 billion- €1.600 billion.
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