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Topdanmark nudges up full-year outlook
August 21, 2012 / 10:33 AM / 5 years ago

Topdanmark nudges up full-year outlook

COPENHAGEN, Aug 21 (Reuters) - Danish insurance company Topdanmark bumped up guidance for full-year net earnings on Tuesday despite a drop in second-quarter profits caused by lower investment returns and a decline in its life insurance business.

Topdanmark said it expected full-year 2012 net profit to be between 1.30 billion and 1.40 billion Danish crowns instead of a previously guided range of 1.25 billion to 1.35 billion crowns.

The company kept its full-year outlook for premium growth unchanged in the life insurance unit at around 1-2 percent and raised its combined ratio outlook slightly.

It said it expected 2012 combined ratio of around 90 percent instead of a previous forecast of around 91 percent.

Second-quarter net profits fell to 285 million Danish crowns from 301 million in the corresponding period last year, just short of an average 290 million crowns estimate in a Reuters poll of analysts. (Reporting by Copenhagen Newsroom)

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