19 May 2008
Announcement No. 10/2008
Key features:
• The post-tax result for the first quarter was a loss of DKK 234m (Q1 2007:
DKK 379m profit).
• The technical result was slightly better than assumed in the 2008 profit
forecast while the life insurance result and the investment return were
significantly lower.
• The profit forecast of DKK 750 - 850m for the full year remains unchanged.
• The cash flow from operations is not affected by losses on securities,
including equities and CDOs.
• The technical result in non-life insurance increased 8.5% to DKK 369m.
• The 1.1% premium growth in non-life insurance was somewhat lower than
expected while the 20.3% growth in life insurance premiums was significantly
higher than assumed.
• The expense ratio remained unchanged from Q1 2007 at 14.7%.
• The combined ratio for the quarter improved from 86.9% to 86.2%. Excluding
gains on the claims provisions the combined ratio improved from 88.5% to 88.3%.
• Due to the favourable claims trend in 2008 to date it is expected that the
combined ratio for the full year 2008 will improve from just under 89% to just
over 88%.
• The share buy-back programme for 2008 is expected to remain unchanged at DKK
1,050m representing a buy-back yield of 8.9%.
It is recommended that this interim report is read together with
www.topdanmark.com which provides detailed and further information
On www.topdanmark.com Presentations a webcast is available in which
Topdanmark's CEO, Poul Almlund, presents the financial highlights and comments
on the forecast.
Based on the Q1 report and the webcast, a conference call will be held today at
15:30 (CET) when Poul Almlund, CEO, and Christian Sagild, Group Managing
Director will be available for questions. 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
5 - 10 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:
Poul Almlund, Chief Executive Officer
Direct tel.: +45 4474 3453
Christian Sagild, Group Managing Director
Direct tel.: +45 4474 4450
Steffen Heegaard, Head of IR and Group Communications
Direct tel.: +45 4474 4017, Mobile: +45 4025 3524
