8 March 2011
Announcement No. 05/2011
2010 Key features
Q4 2010
- Post-tax profit of DKK 488m (Q4 2009: DKK 337m).
- Combined ratio improved to 89.2% this quarter (Q4 2009: 91.1%); excluding run-off profits it was 93.2% (Q4 2009: 94.3%).
- Premiums declined 0.9% in non-life insurance and 4.1% in life insurance.
2010
- Post-tax profit of DKK 1,168m (2009: DKK 1,446m).
- Actual result around DKK 200m higher than assumed in most recent profit forecast model of DKK 900-1,000m.
- Combined ratio increased to 93.3% (2009: 91.1%); excluding run-off profits it increased to 95.7% (2009: 93.6%). Weather-related claims were 3.0pp above a normal level.
- Premiums declined 1.3% in non-life insurance but increased 5.8% in life insurance.
- Topdanmark bought back own shares of DKK 833m. Buy-back programme was DKK 1bn; consequently DKK 167m transferred to the 2011 programme.
Profit forecast model for 2011
- Assumed combined ratio for 2011 adjusted to around 91% from around 92%, excluding run-off profits / losses.
- Assumed premium growth in non-life insurance continues at 1-2%.
- Post-tax profit forecast model is DKK 1,100-1,200m being DKK 80 profit per share.
- The share buy-back programme is DKK 1,300m; an 11.8% yield.
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 0177
US dial in number: +1 334 323 6203
quoting reference 889198
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
