Moody's on Dec. 15 upgraded Sampo Oyj's long-term issuer rating to Baa1 from Baa2 and revised the outlook on the Finnish insurer to stable from positive.

The rating agency also upgraded the insurance financial strength ratings of Sampo units If P&C Insurance Ltd. and If P&C Insurance Co. Ltd., to A1 from A2. The outlook on both units were revised to stable from positive.

Moody's said the upgrade of If P&C's ratings reflect its strong position in the property and casualty markets in Sweden, Norway and Finland; strong and sustainable profitability; relatively low financial leverage; and robust capitalization.

If P&C is Sampo's main operating company, as reflected in the upgrade of the parent company's ratings.