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(Reuters) — Finnish investment and insurance company Sampo could sell its property and casualty insurance arm If for about €12billion to €14 billion ($16.6-19.3 billion), Sampo chief executive was quoted as saying on Thursday.
“We sold Sampo Bank for a profit-earning ratio of 16, and I think that If’s value should be 16 or higher,” CEO Kari Stadigh told magazine Arvopaperi in an interview. “That makes 12 to 14 billion euros.”
Sampo sold its retail bank Sampo Bank to Danske Bank in 2006.
Stadigh said that Sampo, which also holds large stakes in Nordea Bank and Danish insurer Topdanmark and has a life insurance unit, is ready to sell any of its businesses if the price is right, but he added it was not actively looking to sell those.
He also said that Sampo had no ambitions to expand outside of the Nordic countries. If is the Nordic region’s biggest property and casualty insurer.