First half 2009 results (compared with first half 2008)
Premium growth was higher than expected and the results impacted by better
investment result and lower insurance technical result. Outlook 2009 for
pre-tax profit upgraded from DKK 2.1bn to DKK 2.2bn and net income upgraded
from DKK 1.4bn to DKK 1.7bn.
Premium growth of 8.6% in local currency (2.9% in DKK and inclusive Moderna
Försäkringar) to DKK 8,820m.
2Q 2009 premium growth was 11.6% in local currency to DKK 4,608m. Excluding
Moderna the growth was 5.2% in local currency.
DKKm Q2 08 Q2 09 H1 08 H1 09
Premium income 4,212 4,608 8,571 8,820
Insurance technical result 684 376 1,321 803
Investment results -135 498 -500 544
Pre-tax profit 540 861 801 1.321
Net income 356 710 534 1.030
The development in insurance technical result was caused by more large claims
as well as lower interest rates, which increases the net present value of claim
provisions.
Combined ratio 91.9 against 87.6.
TrygVesta upgrades the outlook for 2009 due to the development in the second
quarter of 2009. Premium growth is maintained at 8%, and the technical result
is reduced from DKK 1.8bn to DKK 1.6bn, pre-tax profit is upgraded from DKK
2.1bn to DKK 2.2bn and net income is upgraded from DKK 1.4bn to DKK 1.7bn.
See the full report at www.trygvesta.com
