Topdanmark A/S
Topdanmark Interim Report Q1-Q3 2011
Topdanmark A/S 15.11.2011 12:16 --------------------------------------------------------------------------- 15 November 2011 Announcement No. 20/2011 Highlights Q1-Q3 2011 -- Post-tax profit: DKK 673m (Q1-Q3 2010: DKK 680m) -- Profit per share: DKK 48.6 (Q1-Q3 2010: DKK 44.4) -- The combined ratio improved to 90.5% (Q1-Q3 2010: 94.7%) primarily due to a lower level of weather-related claims, net of reinsurance -- Combined ratio excluding run-off profits and extraordinary weather-related claims: 90.7% (Q1-Q3 2010: 92.2%) -- Investment return: DKK 399m (Q1-Q3 2010: DKK 623m) -- Result of life insurance: DKK 118m after transfer of DKK 94m to shadow account (Q1-Q3 2010: DKK 193m; no transfer to shadow account) -- Growth in premiums: 1.1% in non-life insurance and 8.9% decline in life insurance. Q3 2011 -- Post-tax loss: DKK 53m (Q3 2010: DKK 318m profit) -- Combined ratio: 91.8% (Q3 2010: 93.7%) -- Combined ratio excluding run-off profits and extraordinary weather-related claims: 89.9% (Q3 2010: 92.0%) -- Investment return: DKK 139m loss (Q3 2010: DKK 257m profit) -- Result of life insurance: DKK 20m loss after transfer of DKK 80m to shadow account (Q3 2010: DKK 99m profit; DKK 39m transferred from shadow account) -- Growth in premiums: 0.4% in non-life insurance and 18.7% decline in life insurance Profit forecast model for 2011 -- Assumed premium growth in non-life insurance continues to be 1-2% -- Assumed combined ratio continues to be 91-92%; excluding run-off profits / losses in Q4 2011 -- The profit forecast model for 2011 has been downgraded by DKK 50m to DKK 900-1,000m solely due to a lower assumed investment return which impacts the results of both non-life and life insurance Share buy-back -- The share buy-back programme for 2011 remains unchanged at DKK 1,200m representing a yield of 9.8% Assumptions for non-life in 2012 -- For 2012 premium growth is assumed to be 1-2% and the combined ratio around 91-92% excluding any run-off profits / losses 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 Q1-Q3 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 906785 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 15.11.2011 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 ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found