Topdanmark 2011 Half Year Report

23 August 2011 Announcement No. 18/2011

 | Quelle: Topdanmark A/S Topdanmark A/S

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

Anhänge