27 March 2007 Trading report No. 03/2007 To the Copenhagen Stock Exchange Trading in Topdanmark shares by insiders In accordance with Section 28(a) of the Danish Securities Trading Act, Topdanmark is required to publish details of the transactions in Topdanmark's shares and related securities effected by senior management and their connected persons. The following has been reported to Topdanmark: Name: Michael Pram Rasmussen Reason: Chairman of the Board of Directors Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Subscription upon exercise of warrants Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 39,618 Share price (DKK): 42,491,097 Name: Michael Pram Rasmussen Reason: Chairman of the Board of Directors Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Sale Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 39,618 Share price (DKK): 42,491,097 Pre-tax net gain after strike (DKK): 28,247,634 Name: Anders Knutsen Reason: Deputy Chairman of the Board of Directors Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Exercise of share options Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 1,736 Share price (DKK): 1.861,895 Name: Anders Knutsen Reason: Deputy Chairman of the Board of Directors Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Sale Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 1,736 Share price (DKK): 1.861,895 Pre-tax net gain after strike (DKK): 1,493,280 Name: Knud J. Vest Reason: Member of the Board of Directors Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Exercise of share options Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 1,314 Share price (DKK): 1.409,291 Name: Knud J. Vest Reason: Member of the Board of Directors Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Sale Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 1,314 Share price (DKK): 1.409,291 Pre-tax net gain after strike (DKK): 1,185,228 Name: Poul Almlund Reason: CEO Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Subscription upon exercise of warrants Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 18,829 Share price (DKK): 20,194,479 Name: Poul Almlund Reason: CEO Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Sale Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 18,829 Share price (DKK): 20,194,479 Pre-tax net gain after strike (DKK): 13,425,077 Name: Christian Sagild Reason: Group Managing Director Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Exercise of share options Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 14,053 Share price (DKK): 15,072,124 Name: Christian Sagild Reason: Group Managing Director Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Sale Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 14,053 Share price (DKK): 15,072,124 Pre-tax net gain after strike (DKK): 12,500,806 Name: Kim Bruhn-Petersen Reason: Group Managing Director Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Subscription upon exercise of warrants Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 9,000 Share price (DKK): 9,652,680 Name: Kim Bruhn-Petersen Reason: Group Managing Director Issuer: Topdanmark A/S ISIN code: 1025953 Designation: Shares Transaction: Sale Trade date: 26 March 2007 Market: Copenhagen Stock Exchange Number: 9,000 Share price (DKK): 9,652,680 Pre-tax net gain after strike (DKK): 6,417,000 Please direct any queries to: Steffen Heegaard, Communication and IR Manager Mobile: +45 4025 3524