26 August 2008
Announcement No. 13/2008
Key features:
• The Q2 post-tax result was a profit of DKK 243m (Q2 2007: DKK 385m).
• The Q2 technical result on non-life insurance was slightly better than
assumed in the profit forecast in the Q1 2008 report while the investment
return was substantially lower.
• The pre-tax technical result on non-life insurance increased 5.4% to DKK 752m
in H1 2008.
• Including the loss of DKK 234m incurred in Q1 2008 the post-tax result for H1
2008 was a profit of DKK 9m (H1 2007: DKK 764m).
• The growth in premiums in H1 2008 was 2.0% in non-life insurance and 15.2% in
life insurance.
• The combined ratio for the half-year remained unchanged at 85.9%.
• The expected growth for 2008 in life insurance has been increased from 5 -
10% to around 10%.
• Due to the favourable claims trend in 2008 to date it is expected that the
combined ratio for the full year will improve from just over 88% to 88%.
• In spite of a better than assumed claims trend the post-tax profit forecast
for 2008 has been reduced by DKK 300m to DKK 450 - 550m due to the turbulence
in the capital markets. This represents a 13.9% post-tax return on
shareholders' equity.
• The expected share buy-back programme for 2008 has also been reduced by DKK
300m to DKK 750m representing a buy-back yield of 6.4%.
It is recommended that this half-year 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.
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 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: +1 334 420 4951
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 file
