Topdanmark Interim Report for Q1 - Q3 2009


24 November 2009
Announcement No. 15/2009

Key features:

• Post-tax result increased to a DKK 519m profit this quarter from a DKK 172m
loss in Q3 2008. 

• In Q1 - Q3 2009 the post-tax result increased to a DKK 1,109m profit from a
DKK 163m loss in the corresponding period the previous year. 

• The post-tax profit forecast model for 2009 is being upgraded to DKK 1,200 -
1,300m from DKK 1,100 - 1,200m, calculated as at 13 November 2009 representing
a return on shareholders' equity of 32.4%. 

• The cash distribution for 2009 has been increased to DKK 825m from DKK 725m
representing a yield of 7.7%. 

• Non-life premiums earned declined 3.8% in the first three quarters of 2009
while regular premiums in life insurance increased 6.2%. 

• The investment return turned around to a DKK 995m profit in Q1 - Q3 2009 from
a DKK 818m loss in the same period the previous year. 

• The combined ratio increased to 91.1% in Q1 - Q3 2009 from 82.1% in the same
period the previous year. Excluding gains on the claims provisions the combined
ratio increased to 93.4% from 88.2% primarily due to an increase in fire and
theft claims. 

• For 2010 growth in non-life premiums is expected to be 2% - 3% and the
combined ratio is expected to improve to 91% - 92% excluding any gains on /
strengthening of claims provisions. 

 
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 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

Attachments

topdanmark q1-q3 2009 report.pdf