Codan recorded strong growth in gross earned premiums at 6% for 2006 against 3%
for 2005;
The combined ratio was 94.7%, unchanged from 2005;
The balance on the technical account in general insurance increased by 27% to
DKK 1,638m against DKK 1,290m in 2005;
Profit after tax was DKK 968m against DKK 1,205m for 2005, taking into account
adverse value adjustments of DKK 651m (DKK 223m in 2005);
For 2007 Codan would expect an improved combined ratio of 92%-94% on a basis
comparable to 2006;
In 2007, Codan will change its discounting approach to make it comparable with
other market participants. This change will improve the expected combined ratio
to a range of 90%-92% and a profit after tax of between DKK 1,570m and DKK
1,970m for the full year.
