Finland's Sampo plans to spin off life insurer Mandatum

HELSINKI (Reuters) - The board of Finnish insurer Sampo on Wednesday proposed spinning off life insurance subsidiary Mandatum, the group said in a statement.

Sampo last year said it considered listing Mandatum separately as it would be a logical step in Sampo's strategy to focus on property and casualty insurance.

"The division would create a leading Nordic, purely non-life insurance group capable of delivering high and stable returns on capital," Sampo Chair Bjorn Wahlroos said in the statement.

(Reporting by Essi Lehto, editing by Terje Solsvik)