27 November 2007 Announcement No. 25/2007 Key features: • Post-tax profit for Q1 - Q3 2007 was DKK 968m (Q1 - Q3 2006: DKK 1,167m). • As compared with the Q1 - Q3 2006 result, this result reflected on the one hand a DKK 238m lower investment return and a DKK 55m increase in weather-related claims, on the other hand a DKK 197m increase in gains on the claims provisions. • Post-tax profit per share decreased from DKK 60.2 to DKK 54.8. • The profit represented a 29.8% pre-tax return on shareholders' equity (41.6% annualised) and a 23.1% post-tax return (31.9% annualised). • Premiums earned increased 0.7% in non-life insurance and 11.4% in life insurance. • The expense ratio declined from 14.4% to 14.3%. • The combined ratio declined from 85.8% in Q1 - Q3 2006 to 85.2% this year. Excluding the gains on the claims provisions the combined ratio increased from 86.2% to 88.5% due to weather-related claims and price cuts of 2.8 and 2.6 percentage points respectively. • In announcement No. 23/2007the 2007 profit forecast of DKK 1,200m - 1,300m remained unchanged. However, due to lower than assumed investment income on equities and Danish mortgage credit bonds since 2 November 2007, the 2007 profit forecast has been downgraded by DKK 100m of which DKK 38m is due to a risk allowance not being expected to be included in income in Liv V now. Instead it will be transferred to a shadow account to be included in income in a subsequent period when the investment return is sufficiently high. • Consequently the 2007 profit forecast is now DKK 1,100m - 1,200m representing a post-tax return on shareholders' equity of 28.7%. • The share buy-back programme for 2007 has been correspondingly downgraded by DKK 100m from the previous DKK 2.1bn to DKK 2.0bn representing a "yield" of 11.1%. • Topdanmark expects 2008 premium growth to be in line with or just over the expected market growth of 2% - 3%. • The combined ratio for 2008 is expected to be just over 89% excluding any gains on the claims provisions but including a contingency safety margin of 1 percentage point. • It is recommended that this interim report is read together with www.topdanmark.com which provides detailed and further 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 Q1 - Q3 report and the webcast, a conference call will be held today at 14:30 (CET) when Poul Almlund, CEO, Christian Sagild, Group Managing Director and Lars Thykier, Managing of Topdanmark's asset management company, 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 0025 US dial in number: +1 334 323 6201 5 - 10 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: Poul Almlund, Chief Executive Officer Direct tel.: +45 4474 3453 Christian Sagild, Group Managing Director Direct tel.: +45 4474 4450 Steffen Heegaard, Head of IR and Group Communications Direct tel.: +45 4474 4017, Mobile: +45 4025 3524 Read the full report in the attached PDF-file