By Dominic Chopping

Finnish insurance group Sampo Oyj (SAMAS.HE) Thursday posted a rise in third quarter net profit as an increase in its share of profits from associates helped offset lower premiums.

Net profit rose to EUR400 million from EUR345 million in the same period last year while insurance premiums written slipped to EUR1.07 billion from EUR1.15 billion. Claims incurred rose to EUR916 million compared to EUR909 million.

The net asset value per share on 30 September 2014 was EUR23.29, up from EUR22.15.

The combined ratio for the Property & Casualty (P&C) insurance operations -- a measure of profitability where a value below 100% means the company is earning more than it is paying out -- totaled 87.8%, an improvement from 88.2%.

The company said despite the challenges in the operational environment, there are good prerequisites for continued operational profitability.

Sampo's 21.2% share of Nordea's (NDA.SK) profit for the third quarter was EUR192 million compared to EUR158 million last year, and in the nine month period totaled EUR501 million from EUR477 million. Its third quarter share of Topdanmark (TOP.KO) profits totaled EUR18 million compared to EUR8 million last year.

It said Sampo's business areas are expected to report good operating results for 2014. However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments. The low interest rate level also creates a challenging environment for reinvestment in fixed income assets.

The P&C insurance operations are expected to reach their long-term combined ratio target of below 95% in 2014 and achieve a combined ratio of 88%-90%.

Nordea's contribution to the group's profit is expected to be significant.

At 0845 GMT shares traded 0.9% lower at EUR38.40.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics

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