Finnish insurer Sampo's Q2 pretax profit drops 19%

Credit: REUTERS/Lehtikuva Lehtikuva

Finnish financial group Sampo reported a 19% drop in second-quarter pretax profit on Wednesday but said it had reversed the March to April drop in the market value of its investment assets.

HELSINKI, Aug 5 (Reuters) - Finnish financial group Sampo SAMPO.HE reported a 19% drop in second-quarter pretax profit on Wednesday but said it had reversed the March to April drop in the market value of its investment assets.

The pan-Nordic insurer, which owns 19.9% of Nordea Bank NDAFI.HE, reported a pretax profit of 407 million euros ($481 million) compared with the 442.3 million forecast by analysts, Refinitiv Eikon data showed.

It also announced a joint recommended cash offer with South Africa's Rand Merchant Investment (RMI) RMIJ.J to buy British auto insurer Hastings HSTG.L.

($1 = 0.8463 euros)

(Reporting by Anne Kauranen, editing by Louise Heavens)

((anne.kauranen@thomsonreuters.com; +358925166112;))

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