First quarter 2009 results (compared with first quarter 2008)
Premium growth higher than expectations and results impacted by more claims in
Norway and a decline in NOK/DKK exchange rate. Outlook 2009 for pre-tax profit
upgraded from DKK 1.8bn to DKK 2.1bn.
Premium growth of 5.6% in local currency (-0.5% in DKK) to DKK 4,212m.
Performance impacted by 13% decline in NOK/DKK exchange rate.
Technical result of DKK 427m against DKK 637m due to higher claims cost in
Norway
Combined ratio 91.4 against 87.9
Gross investment return of DKK 527m or equivalent to 1.4% return and net
investment result of DKK 46m
Pre-tax profit up 76 % to DKK 460m versus DKK 261m
Profit after tax of DKK 320m against DKK 178m
TrygVesta upgrades the outlook for 2009 due to the development in the first
quarter of 2009 and the acquisition of Moderna. The premium growth is now
expected to be at 8%, and the technical result is upgraded from DKK 1.5bn to
DKK 1.8bn. Pre-tax profit is upgraded from DKK 1.8bn to DKK 2.1bn.
Download the full report at www.trygvesta.com/investor
