Topdanmark Stock Exchange Announcements

Announcement No. 11/2010: Exercise of warrants

2 September 2010
Announcement No. 11/2010

Exercise of warrants

A new period of exercise of warrants commenced at the publication of Topdanmark's H1 2010 Report in its company announcement No. 10/2010.

By the expiry of the subscription period the holders of the warrants have subscribed and paid for 11,700 shares at a price of DKK 608 per share. Consequently Topdanmark has today increased its share capital by 11,700 shares, giving an increase in nominal share capital of DKK 117,000.

The total number of Topdanmark shares is now 17,060,203.

The subscription proceeds of the issue were DKK 7,113,600.

Please direct any queries to:
Steffen Heegaard, Head of IR and Group Communications
Mobile: +45 4025 3524

Announcement No. 10/2010: Topdanmark's Interim Report for H1 2010

25 August 2010
Announcement No. 10/2010

Key features

Q2 2010

Post-tax profit of DKK 94m (Q2 2009: DKK 555m).
The combined ratio improved to 87.9% (Q2 2009: 91.0%); excluding run-off profits it improved to 89.7% (Q2 2009: 93.4%).
Premiums declined 0.8% in non-life insurance but increased 9.4% in life insurance.
The result of life insurance declined to a loss of DKK 50m (Q2 2009: DKK 43m profit) primarily due to reversal of the allowance for risk and the shadow account included in income in Life I in Q1 2010.

H1 2010

Post-tax profit of DKK 362m (H1 2009: DKK 590m).
The combined ratio increased to 95.3% (H1 2009: 91.3%); excluding run-off profits it increased to 97.6% (H1 2009: 93.6%).
Adjusted for weather-related claims and premium adjustments relating to 2009 and excluding run-off profits the combined ratio was around 91%.
Premiums declined 2.2% in non-life insurance but increased 4.7% in life insurance.
Profit on life insurance increased to DKK 94m (H1 2009: DKK 56m).

Profit forecast model

For the full year of 2010 it is assumed that, excluding run-off profits / losses in H2 2010, the combined ratio will remain unchanged at 94-95%.
Growth in non-life premiums has been adjusted to around minus 1% from around zero due to premium adjustments, relating to 2009, in Q2 2010 and a lower than previously expected growth in unemployment and illness / accident insurance policies.
The post-tax profit forecast model for 2010 has been downgraded to DKK 800-900m from DKK 950-1,050m due to a lower investment return, including a deferred recognition of DKK 90m of income from the shadow account of Life I into a subsequent period.
The share buy-back programme for 2010 has been correspondingly reduced by DKK 150m to DKK 900m representing a yield of 8.3%. To date in 2010 Topdanmark has bought back own shares of DKK 384m which leaves a balance of DKK 516m of the 2010 programme.

Solvency II

Topdanmark continues to expect that solvency capital of DKK 4,500m will be sufficient to cover the capital requirements on the change to Solvency II.

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 H1 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: +1 334 323 6203

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

Read the complete report

Announcement No. 09/2010: Topdanmark increases its holding of own shares

21 June 2010
Announcement No. 09/2010

Topdanmark increases its holding of own shares

Topdanmark now holds own shares representing 10.00% of the share capital as opposed to the 9.3% previously reported in announcement No. 02/2010 (note 45 of the accounts of Topdanmark's 2009 Annual Report) published on 9 March 2010. This is an increase in the holding of own shares to 1,704,888 shares from the 1,411,000 previously reported.

To date in 2010 Topdanmark has bought back own shares for DKK 202m of the programme of DKK 1,050m for 2010 previously announced.

Topdanmark's most recent announcement of share buy-back was in its Q1 2010 Report when it had bought back own shares for DKK 81m.

This announcement is being published with reference to Sections 28 and 29 of the Danish Securities Trading Act.

Please direct any queries to:
Lars Thykier, CFO
Direct tel: +45 4474 3714

Topdanmark Forsikring A/S issues subordinated notes

17 June 2010

Following its previous announcements on the issue of subordinated notes of DKK 350m Topdanmark forsikring A/S has today published the relevant prospectus.

On 18 June 20105 Topdanmark Forsikring A/S will issue subordinated notes with a total nominal value of DKK 350m as subordinated loan capital. In the period from and including 18 June 2010 up to but excluding 18 June 2015 the interest rate on the notes is 7.15% p.a. and in the period from and including 18 June 2015 up to but excluding 18 June 2018 it is a quarterly, floating coupon rate.

These subordinated notes will be redeemed on 18 June 2018 at par. Topdanmark may redeem early at par from 18 June 2015 subject to the prior approval of the Danish Financial Supervisory Authority.

The issue of the notes has been arranged by Danske Bank A/S and they have already been allotted to a group of institutional investors.

The notes will be listed for trading on NASDAQ OMX Copenhagen A/S with the first day of trading on 18 June 2010. The ISIN code of the notes is DK0030247762.

For further details, see the attached prospectus (in Danish) published by NASDAQ OMX Copenhagen A/S on 17 June 2010.

Please direct any queries to:
Steffen Heegaard, Head of IR and Group Communications
Direct tel: +45 4474 4017, Mobile: +45 4025 3524

Topdanmark Forsikring A/S - Redemption of subordinated notes

7 June 2010

Topdanmark Forsikring A/S - Redemption of subordinated notes

On 27 May Topdanmark Forsikring A/S released a company announcement saying that to replace the subordinated loan capital of 250,000,000, which will be redeemed early on 27 June 2010, the Company will issue subordinated notes with a total value of DKK 250,000,000 by way of subordinated loan capital (tier 2) on 18 June 2010.

Because of considerable demand the subordinated loan capital will be extended by DKK 100,000,000, resulting in an issue totalling DKK 350,000,000 of subordinated notes.

The maturity of the notes will be eight years and they will be due for redemption at par on 18 June 2018. Early redemption will be possible after five years subject to the approval of the Danish Financial Supervisory Authority.

The rate of interest for the first five years is 7.15% (fixed with reference to the five-year DKK mid-swap rate at 11:00 on 26 May plus 475 bps).

The issue of the notes has been arranged by Danske Bank A/S and they have already been allotted to a group of institutional investors.

Listing on Nasdaq OMX Copenhagen will be applied for.

Please direct any queries to:

Steffen Heegaard, Head of IR and Group Communications
Direct tel: +45 4474 4017, Mobile: +45 4025 3524

Announcement No. 08/2010: Exercise of warrants

31 May 2010
Announcement No. 08/2010

Exercise of warrants

A new period of exercise of warrants commenced at the publication of Topdanmark's Q1 2010 Report in its company announcement No. 07/2010.

By the expiry of the subscription period the holders of the warrants have subscribed and paid for 17,600 shares at a price of DKK 608 per share. Consequently Topdanmark has today increased its share capital by 17,600 shares, giving an increase in nominal share capital of DKK 176,000.

The subscription proceeds of the issue were DKK 10,700,800.

With reference to Section 6 of Order No. 220 of 10 March 2010 on issuers' disclosure requirements it is hereby announced that the share capital of Topdanmark now totals DKK 170,485,030 divided into 17,048,503 shares of DKK 10 each, corresponding to 17,048,503 voting rights.

Please direct any queries to:

Steffen Heegaard, Head of IR and Group Communications
Direct tel: +45 4474 4017, Mobile: +45 4025 3524

Topdanmark Forsikring A/S - Redemption of subordinated notes

27 May 2010

Topdanmark Forsikring A/S - Redemption of subordinated notes

On 27 June 2005 Topdanmark Forsikring A/S issued bonds with a total value of DKK 250,000,000 as subordinated loan capital by way of floating rate subordinated notes.

These bullet subordinated notes will mature on 27 June 2013 at par, however, from 27 June 2010 Topdanmark Forsikring A/S may redeem early at par subject to the prior approval of the Danish Financial Supervisory Authority.

Given the terms of the bonds and the capital position of Topdanmark Forsikring A/S the Company's Board of Directors has decided to redeem early thus, after a maturity of five years, paying back the loan to the investors at par on 27 June 2010.

The Danish Financial Authority has pre-approved the redemption subject to the issue of a new similar loan of at least the same size.

To replace the subordinated loan capital of DKK 250,000, which will be redeemed early on 27 June 2010, Topdanmark Forsikring A/S will issue subordinated notes with a total value of DKK 250,000,000 by way of subordinated loan capital (tier 2) on 18 June 2010.

The rate of interest for the first five years is 7.15% (fixed with reference to the five-year DKK mid-swap rate at 11:00 on 26 May plus 475 bps).

The issue of the notes has been arranged by Danske Bank A/S and they have already been allotted to a group of institutional investors.

Listing on Nasdaq OMX Copenhagen will be applied for.

Please direct any queries to:
Steffen Heegaard, Head of IR and Group Communications
Direct tel: +45 4474 4017, Mobile: +45 4025 3524

Announcement No. 07/2010: Topdanmark Interim Report for Q1 2010

20 May 2010
Announcement No. 07/2010

Key features:

Post-tax profit increased to DKK 268m in Q1 2010 from DKK 35m in Q1 2009 representing a profit per share of DKK 17.3.
This profit is higher than expected because both the level of winter-related claims was lower and the investment return higher than assumed.
The post-tax profit forecast model for 2010 has been upgraded to DKK 950 - 1,050m from DKK 800 - 900m.
The share buy-back programme for 2010 has been increased to DKK 1,050m from DKK 900m representing a yield of 9.6%. To date in 2010 Topdanmark has bought back own shares of DKK 81m which leaves a balance of DKK 969m of the 2010 programme.
Non-life premiums earned declined 3.5% which was more than assumed. As a result of this deviation, which was due to premium adjustments in workers' compensation, commercial liability and contents insurance on 2009 results, the expected growth in premiums for the full year of 2010 is being revised to around zero from 1% - 2%.
The combined ratio increased to 102.8% this quarter from 91.4% in Q1 2009 and to 105.8% from 93.7 % excluding run-off profits. However, the underlying combined ratio for Q1 2010 was 93.2% excluding run-off profits.
Profit on life insurance increased to DKK 144m in Q1 2010 (Q1 2009: DKK 13m) due to, among other factors, the recognition as income of risk allowances in both Life I and Life V as well as a proportion of the shadow account in Life I.
For the full year of 2010 it is assumed that, excluding any run-off profits / losses in the last three quarters of 2010, the combined ratio will improve to 94% - 95% from 95% - 96%.

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 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: +1 334 323 6203
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

Read the complete report

Announcement No. 06/2010: Annual General Meeting of Topdanmark on 20 April 2010

20 April 2010
Announcement No. 06/2010

Annual General Meeting of Topdanmark on 20 April 2010

The Annual General Meeting was held in accordance with the published agenda, and the Annual Report including the proposal submitted by the Board of Directors for the appropriation of the result for the financial year was adopted.

Accordingly, the AGM adopted the proposal submitted by the Board of Directors for amendment of the Articles of Association as a consequence of the Danish Companies Act passed by the Danish Parliament on 29 May 2009, the proposal for amendment of Article 11(5) of the Articles of Association on notice convening the AGM, the proposal for authorisation to acquire own shares, the proposal for performance-related pay to the Company's Board of Management and other executives and the proposal for remuneration to the Board of Directors.

J�rgen Ajslev retired from the Board of Directors. S�ren Thorup S�rensen was elected as a new member of the Board of Directors.

All the other Board members elected by shareholders in general meeting - Anders Knutsen, Jens Maal�e, Michael Pram Rasmussen, Annette Sadolin and Knud J. Vest - were re-elected.

The Board of Directors elected Michael Pram Rasmussen as Chairman and Anders Knutsen as Deputy Chairman from among its members.

The Company's auditor, Deloitte, Statsautoriseret Revisionsaktieselskab, was re-elected.

Topdanmark's profit forecast model for 2010 continues to be DKK 800 - 900m (see announcement No. 02/2010) subject to an annual 7.0% return on equities and unchanged foreign exchange rates from the level on 26 February 2010. Furthermore it is assumed that the return on interest-bearing assets hedging the discounted provisions is just sufficient to cover discounting and revaluation of the provisions while the return on the remaining interest-bearings assets will be 3.4% (risk-free interest rate plus 2.0pp).

The expected share buy-back for 2010 also remains unchanged at DKK 900m representing a yield of 8.3%.

Please direct any queries to:
Steffen Heegaard, Head of IR and Group Communications
Mobile +45 4025 3524

Announcement No. 05/2010: Share capital and voting rights in Topdanmark

31 March 2010
Announcement No. 05/2010

Share capital and voting rights in Topdanmark

With reference to Section 6 of Order No. 220 of 10 March 2010 on issuers' disclosure requirements it is hereby announced that the share capital of Topdanmark totals DKK 170,309,030 divided into 17,030,903 shares of DKK 10 each, corresponding to 17,030,903 voting rights.

Please direct any queries to:
Steffen Heegaard, Head of IR and Communications
Mobile: +45 4025 3524