Sampo expects to free up 1.2 billion euros ($1.34 billion) when it cuts its stake in Nordea to 19.9% from 21.3% to help it comply with solvency regulations. The plan was first mooted in June and confirmed on Wednesday.
“People know that we are over-capitalised and that we are quick decision makers.”
Stadigh said the company’s preference would be to make bolt-on investments in its existing businesses.
Sampo last year joined forces with private equity firm Nordic Capital to buy niche Swedish lender Nordax and acquired a 5% stake in Swedish credit management company Intrum .
The group also owns 46.7% of Danish insurer Topdanmark .
Earlier on Wednesday Sampo reported a smaller than forecast drop in quarterly earnings and said its largest business, insurance company If, would be more profitable this year than previously expected.
Sampo posted a 29% fall in pretax profit to 506 million euros ($566.9 million), citing one-off losses and weakness at Nordea. That compared with a forecast of 492 million euros in a Refinitiv poll.
Profit at If grew 9% year on year and the business now expects a so-called combined cost ratio – a key earnings metric – of 84-86% this year, beating its previous target of 85-88%.
Stadigh said the combined ratio was Sampo’s lowest ever score at this time of year, indicating improved profitability.
With large holdings of stocks and fixed-income instruments in its portfolio, Sampo’s share price has fallen by 13% in the past month amid a rout in global shares and falling yields. The share price hit a three-year low this week.
Sampo’s Helsinki-listed shares rose 2.4% by 1247 GMT.