Key features
Q1 2012
- Post-tax profit increased to DKK 561m (Q1 2011: DKK 425m).
- The Q1 profit was higher than assumed in the most recent profit forecast model for 2012 due to a higher than expected investment return.
- The combined ratio improved to 90.2% (Q1 2011: 93.0%) primarily due to lower weather-related claims. Excluding run-off profits the combined ratio declined to 92.2% (Q1 2011: 94.0%).
- Premiums increased 0.8% in non-life insurance and 6.0% in life insurance.
Profit forecast model for 2012
- The assumed premium growth in non-life insurance continues to be 1-2%. Topdanmark also continues to assume a decline of around 5% in regular premiums in life insurance.
- The assumed combined ratio for 2012 has been adjusted from 91-92% to around 91%, excluding any run-off results in the last three quarters of 2012.
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The post-tax profit forecast model for 2012 has been upgraded from DKK 1,150-1,250m to
DKK 1,250-1,350m representing a profit per share of DKK 102. This assumption excludes run-off results in the remaining three quarters of 2012.
Share buy-back
- The share buy-back programme for 2012 has been increased by DKK 100m to DKK 1,400m representing a yield of 11.0%.
In a webcast today 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 interim 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: +1 866 779 1135
quoting reference 916654
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
Group Communications and IR Director
Direct tel.: +45 4474 4017, mobile: +45 4025 3524
