2009 Key features
• Topdanmark's post-tax result for 2009 increased to a DKK 1,446m profit from a
DKK 189m loss in 2008 representing a profit per share of DKK 91.7.
• The actual result was an improvement of around DKK 200m on the DKK 1,200 -
1,300m assumed in the most recent profit forecast model.
• Premiums earned in non-life insurance declined 3.2% in 2009 whereas regular
premiums in life insurance increased 3.8%.
• The expense ratio increased to 14.9% from 14.7%.
• The combined ratio increased from 82.4% to 91.1% in 2009. Excluding gains on
claims provisions it increased from 88.1% to 93.6%.
• The post-tax profit forecast model for 2010 is DKK 800 - 900m. Premium growth
for 2010 is assumed to be 1 - 2% and the combined ratio 95 - 96% (2009: 93.6%).
• The assumed combined ratio of 95 - 96% has been extraordinarily affected by
the recent winter weather-related claims that exceeded a normal level by 3 -
4pp. The underlying assumed combined ratio for 2010 is around 92% excluding any
gains on / strengthening of claims provisions.
• The share buy-back for 2010 is DKK 900m representing a yield of 8.3%.
Topdanmark has not bought back own shares since the announcement of the interim
report for Q1 - Q3 2009.
Q4 2009 Key features
• The post-tax result increased to a DKK 337m profit in Q4 2009 (Q4 2008: DKK
26m loss).
• The combined ratio increased to 91.1% in Q4 2009 (Q4 2008: 83.3).
• Premiums earned in non-life insurance declined 1.3% in Q4 and regular
premiums in life insurance declined 2.6%.
On www.topdanmark.com Presentations a webcast is available in which
Topdanmark's CEO, Christian Sagild, presents the financial highlights and
comments on the forecast.
A conference call will be held today at 15:30 (CET) when Christian Sagild, CEO,
and Lars Thykier, CFO, will be available for questions based on the Annual
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: +1 334 323 6203
10 - 15 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:
Christian Sagild
Chief Executive Officer
Direct tel.: +45 4474 4450
Lars Thykier
Chief Financial Officer
Direct tel.: +45 4474 3714
Steffen Heegaard
Head of IR and Group Communications
Direct tel.: +45 4474 4017, Mobile: +45 4025 3524
