Topdanmark A/S
Topdanmark Annual Report 2011
Topdanmark A/S 06.03.2012 12:01 --------------------------------------------------------------------------- 6 March 2012 Announcement No. 02/2012 2011 Key features 2011 -- Post-tax profit of DKK 1,023m (2010: DKK 1,168m). -- Better than assumed result as most recent profit forecast model for 2011 was DKK 900-1,000m (Q1-Q3 2011 interim report). -- Profit per share was DKK 74.4 (2010: DKK 77.2). -- Combined ratio improved to 90.3% (2010: 93.3%). 1.5pp of the improvement was due to lower weather-related claims. -- Combined ratio excluding run-off profits improved to 92.0% (2010: 95.7%). -- Premiums increased 1.4% in non-life insurance but declined 2.7% in life insurance. -- Investment return declined to DKK 622m (2010: DKK 879m) -- Result of life insurance was DKK 187m after transfer of DKK 114m to shadow account (2010: DKK 384m after recognition as income of shadow account balance of DKK 144m). -- Topdanmark bought back own shares of DKK 1,159m. Buy-back programme was DKK 1,200m; consequently DKK 41m transferred to the 2012 programme. Q4 2011 -- Post-tax profit of DKK 350m (Q4 2010: DKK 488m). -- Combined ratio increased to 89.6% (Q4 2010: 89.2%). -- Combined ratio excluding run-off profits improved to 91.5% (Q4 2010: 93.2%). -- Premiums increased 2.3% in non-life insurance and 16.4% in life insurance. Profit forecast model for 2012 -- Assumed combined ratio for 2012 continues at 91-92%, excluding run-off profits / losses. -- Assumed premium growth in non-life insurance continues at 1-2%. -- Post-tax profit forecast model is DKK 1,150-1,250m, excluding run-off profits / losses, being DKK 90 profit per share. -- Share buy-back programme is DKK 1,300m; a 10.6% yield. Capital -- Forecast for necessary solvency capital on change to Solvency II raised from DKK 4.5bn to DKK 4.7bn, primarily due to lower interest rates. In a webcast today Topdanmark's CEO, Christian Sagild, presents the financial highlights and comments on the forecast. A conference call will be held today at 15:30 (CET) when Christian Sagild, CEO, and Lars Thykier, CFO, will be available for questions based on the Annual Report and the webcast. The call will be conducted in English. In order to participate in the conference call, please phone: UK dial in number: +44 (0)20 7162 0125 US dial in number: +1 866 803 8344 quoting reference 912852 10-15 minutes before the conference asking the operator to connect you to the Topdanmark conference call - or listen to the live transmission of the call. Please direct any queries to: Christian Sagild Chief Executive Officer Direct tel.: +45 4474 4450 Lars Thykier Chief Financial Officer Direct tel.: +45 4474 3714 Steffen Heegaard Head of IR and Group Communications Direct tel.: +45 4474 4017, mobile: +45 4025 3524 News Source: NASDAQ OMX 06.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Topdanmark A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010259530 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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