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TM's six months 2009 results

ISK 491 m profit on core operations at Tryggingamiðstöðin (TM) in first half of 2009 Highlights for the period January-June 2009

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 primary task in recent months has been to improve our performance in insurance operations, which has resulted in a considerable decrease in growth and claims charges.

TM's goal to increase profit from property insurance and voluntary motor insurance was reached in the first half of 2009. However, profit from marine insurance, accident insurance and liability insurance during this period did not meet expectations. Concentrated efforts are being made to improve these lines of business, which will continue until our goal is met. Results of these efforts can be expected in the first quarter of 2009. 

TM's profit from investment operations is mainly due to interest income, lower yield to maturity on government bonds, and increased share price. Profit from discontinued operations is due to foreign exchange gain from the sale of the Norway-based insurance company Nemi.

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.” 

Further information

Tel: +354 591 4400