TM's six months 2009 results
TM's profit from core operations in the first six months of 2009 amounted to ISK 491m, compared with a loss of ISK 2,519m for the same period last year.
Insurance operations during the period yielded a profit of ISK 27m before tax, compared with ISK 29m the same period last year.
Net insurance premium revenue for the first six months of 2009 amounted to ISK 4,524m, increasing by 5% from the same period last year.
Net insurance claims decreased by 6%, amounting to ISK 4,185m in the first half of 2009, compared with ISK 4,464m the same period last year.
TM's net claims ratio decreased from 104% to 92% between 2009 and 2008.
Investment income in the first six months of 2009 amounted to ISK 2,194m, compared with a loss of ISK 499m the same period last year.
Profit from discontinued operations amounted to ISK 3,021m.
TM's total assets as of 30 June 2009 stood at ISK 30,699m, decreasing by ISK 39,166m from the sale of the Norway-based insurance company Nemi Forsikring ASA. As of 30 June 2009 TM's equity stood at ISK 8,622m and the equity ratio was 28%.
Sigurdur Vidarsson, TM's President and CEO:
TM's financial position remains strong, with secure assets against insurance provisions. The company's ability to meet its provisions is well beyond the requirements of public authorities.”