Topdanmark A/S
Topdanmark 2012 Half-Year Report
Topdanmark A/S 21.08.2012 12:06 --------------------------------------------------------------------------- 21 August 2012 Announcement No. 09/2012 Key features H1 2012 -- Post-tax profit increased to DKK 846m (H1 2011: DKK 726m). -- Profit per share increased to DKK 64.8 (H1 2011: DKK 52.0). -- The combined ratio improved to 87.6% (H1 2011: 89.8%). Excluding run-off profits it improved to 89.5% (H1 2011: 91.1%). -- Premiums increased 1.2% in non-life insurance and 1.9% in life insurance. -- The Danish Financial Supervisory Authority (DFSA) has required Danish non-life insurance companies to base the calculation of the value of their provisions on a new interest rate curve from 12 June 2012. As a result Topdanmark has generated a capital gain of DKK 76m in non-life insurance. Q2 2012 -- Post-tax profit: DKK 285m (Q2 2011: DKK 301m). -- Profit per share: DKK 22.1 (Q2 2011: DKK 21.8). -- Combined ratio: 84.9% (Q2 2011: 86.6%). -- Combined ratio excluding run-off profits: 86.8% (Q2 2011: 88.1%). -- Trend in premiums: 1.7% growth in non-life insurance and 3.5% decline in life insurance. Profit forecast model for 2012 -- Topdanmark continues to assume premium growth of 1-2% for non-life insurance and a decline of around 5% for regular premiums in life insurance. -- The assumed combined ratio for 2012 has been adjusted from around 91% to around 90%, excluding run-off results in H2 2012. -- The post-tax profit forecast model for 2012 has been upgraded from DKK 1,250-1,350m to DKK 1,300-1,400m representing a profit per share of DKK 106. This assumption excludes run-off results in H2 2012. -- In the profit forecast for 2012 the shadow account in life insurance has been increased by DKK 144m from the previous profit forecast, after which the balance of the shadow account will be DKK 244m at the end of 2012. The shadow account will be included as income in a subsequent period. Share buy-back -- The share buy-back programme for 2012 has been increased by DKK 50m to DKK 1,450m representing a yield of 10.7%. -- Topdanmark has bought back own shares of DKK 550m which leaves a balance of DKK 900m of the 2012 programme. In a webcast today Topdanmark's CEO, Christian Sagild, will be presenting 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 regarding the half-year 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 920954 10-15 minutes before the conference ask 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 Group Communications and IR Director Direct tel.: +45 4474 4017, mobile: +45 4025 3524 News Source: NASDAQ OMX 21.08.2012 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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