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TM's 2009 Results

Strong position and operational turnaround.

Highlights for the year 2009

• TM‘s profit from core operations in the year 2009 was ISK 237m, compared with a loss of ISK 5,529m in the year 2008.
• Insurance operations in 2009 yielded a profit of ISK 342m before tax, compared with ISK 166m in 2008.
• Net insurance premium for 2009 increased by 5%, amounting to ISK 9,431m in 2009, compared with ISK 8,980 in        2008.
• Operational expenses decreased by 6%, amounting to ISK 2,192m in 2009, compared with ISK 2,320m in 2008.
• TM‘s net claims ratio decreased form 104% to 94% since the previous year.
• Investment income in 2009 amounted to ISK 3,359m, compared with a loss of ISK 1,630m in 2008.
• As of 31 December 2009 TM‘s total assets were ISK 28,477m, equity amounted to ISK 8,039m and the equity ratio was    28%.

Sigurdur Vidarsson, TM‘s President and CEO:

"In light of current economic and competitive conditions, TM‘s growth and profit in the year 2009 was satisfactory. Insurance premium revenue increased by 5% while profit from insurance operations increased at the same time. Streamlining operations in 2009 successfylly reduced operational expenses considerably. TM‘s investment profit has seen a significant turnaround and the company‘s financial position remains solid. TM‘s strengths lie in its great relationship with its client base and our objectives going forward are to take full advantage of the numerous opportunities available to TM in Iceland‘s domestic insurance market."

Further information

Tel: +354 591 4400