22 May 2007 - Announcement No. 09/2007
Key features:
• Topdanmark's post-tax profit was DKK 379m in Q1 2007 which exceeded the
profit forecast assumed in the 2006 Annual Report (Q1 2006: DKK 418m).
• Post-tax profit per share was DKK 20.9 (Q1 2006: DKK 21.2).
• The profit represented an 11.6% pre-tax return on shareholders' equity (54.9%
annualised) and an 8.5% post-tax return (38.4% annualised).
• Premium income increased 0.7% in non-life insurance and 1.0% in life
insurance. In 2007 premiums are expected to grow by around 1% in non-life
insurance and 5% in life insurance.
• The expense ratio remained unchanged at 14.7%.
• The combined ratio for the quarter improved from 88.8% to 86.9%.
• Given the claims trend in 2007 to date, the combined ratio for 2007 in full
is expected to improve from just over 88% to just below 88%.
• The post-tax profit forecast for 2007 has been upgraded by DKK 100m to DKK
1,300 - 1,400m.
• The share buy-back programme for 2007 has also been upgraded by DKK 100m and
is now expected to be DKK 1,800 representing a "yield" of 10.7%.
• It is recommended that this interim report is read together with
www.topdanmark.com which provides detailed and supplementary 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 interim 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.
Listen to the live transmission of the call:
http://wcc.webeventservices.com/view/wl/r.htm?e=46900&s=1&k=FEA3E65697B903971497
7ABDF6EDF464&cb=genesys
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, Communication and IR Manager
Direct tel.: +45 4474 4017, Mobile: +45 4025 3524
Read the full interim report in the attached file
