Topdanmark A/S
Topdanmark 2011 Half Year Report
Topdanmark A/S 23.08.2011 12:00 --------------------------------------------------------------------------- 23 August 2011 Announcement No. 18/2011 Highlights H1 2011 -- Post-tax profit: DKK 726m (H1 2010: DKK 362m) -- Profit per share: DKK 51.9 (H1 2010: DKK 23.3) -- The combined ratio improved to 89.8% (H1 2010: 95.3%) due to lower weather-related claims -- Combined ratio excluding run-off profits: 91.1% (H1 2010: 97.6%) -- Growth in premiums: 1.5% in non-life insurance and 4.4% decline in life insurance -- Pre-tax result of life insurance: DKK 138m (H1 2010: DKK 94m) Q2 2011 -- Post-tax profit: DKK 301m (Q2 2010: DKK 94m) -- Profit per share: DKK 21.8 (Q2 2010: DKK 6.1) -- Combined ratio: 86.6% (Q2 2010: 87.9) -- Combined ratio excluding run-off profits: 88.1% (Q2 2010: 89.7%) -- Growth in premiums: 0.1% in non-life insurance and 6.9% decline in life insurance -- Pre-tax result of life insurance: DKK 72m (Q2 2010: DKK 50m loss) Profit forecast model for 2011 -- Assumed premium growth in non-life insurance continues to be 1-2%. -- The assumed combined ratio has been changed to 91-92% from around 91% due to expenses related to cloudburst and lower interest rates; excluding run-off gains / losses in H2 2011 -- The profit forecast model for 2011 has been downgraded by DKK 250m to DKK 950-1,050m primarily due to both the investment return and the result of life insurance being lower than assumed in the Q1 report Share buy-back -- The share buy-back programme for 2011 has been reduced by DKK 200m to DKK 1,200m representing a yield of 9.8% In a webcast 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 H1 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: +1 334 323 6203 quoting reference 901647 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 23.08.2011 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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