23 November 2010
Announcement No. 16/2010
Key features
Q3 2010
• Post-tax profit of DKK 318m (Q3 2009: DKK 519m)
• The combined ratio increased to 93.7% in Q3 2010 from 90.8% in Q3 2009.
Weather-related claims were 2.0pp above a normal level. Excluding run-off
profits the combined ratio was 94.6% this quarter (Q3 2009: 93.0%)
• Premiums declined 0.1% in non-life insurance but increased 21.3% in life
insurance
Q1-Q3 2010
• Post-tax profit of DKK 680m (Q1-Q3 2009: DKK 1,109m)
• The combined ratio increased to 94.7% in Q1-Q3 2010 from 91.1% in Q1-Q3 2009.
Weather-related claims were 4.4pp above a normal level. Excluding run-off
profits the combined ratio increased to 96.6% from 93.4%
• Premiums declined 1.5% in non-life insurance but increased 9.5% in life
insurance
Profit forecast model for 2010
• For the full year of 2010 it is assumed that, excluding any run-off profits /
losses in Q4 2010, the combined ratio will remain unchanged at 94-95%
• The expected growth in non-life premiums in 2010 has been changed from around
minus 1% to minus 1.5%
• The profit forecast model for 2010 has been upgraded to DKK 900-1,000m from
DKK 800- 900m due to a higher investment return and higher recognition of
income from the shadow account in life insurance than had been assumed in the
H1 report
• The share buy-back programme for 2010 has been increased by DKK 100m to DKK
1,000m representing a buy-back yield of 9.2%
Assumptions for non-life insurance in 2011
• For 2011 growth in non-life premiums is assumed to be 1-2% and the combined
ratio to be around 92%, excluding any run-off profits / losses
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 Q1-Q3
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 4950
10-15 minutes before the conference asking the operator to connect you to the
Topdanmark conference call - or listen to the live transmission
(http://webeventservices.stream57.com/20101123topdanmark/) 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
