HELSINKI (Reuters), – The Finnish financial company Sampo reported Wednesday a higher-than-expected increase in pretax profits for the fourth quarter, largely due to its strong core insurance operations.

Pan-Nordic Insurance reported a pretax profit in the third quarter of €1.27 billion ($6.75 billion). This is compared to a loss last year of 675 millions. It beats the 998million euro average estimate in the poll.

Oct-December profit before taxes was 452 million euros, with no one-offs for Sampo. It had significantly decreased its hold in Nordea pan Nordic bank Nordea, to concentrate on the insurance business.

Sampo stated that Sampo’s group’s property and casualty ratio increased by 2 percentage points to 81.4 percent in full-year 2020, surpassing the median estimate of 82.8%. An insurer that has a ratio lower than 100 indicates it earns less in premiums and more in claims.

“The result was supported by excellent profitability in our largest subsidiary, If P&C, which achieved a combined ratio of 81.3 per cent and underwriting profit of 891 million euros in 2021, representing growth of 15% year-on-year excluding COVID-19 effects,” Sampo’s Chief Executive Torbjorn Magnusson said in a statement.

Sampo’s Board proposed a dividend at 4.10 Euros per share. This includes an insurance dividend at 1.70 euro per share.

($1 = 0.8763 euros)