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
