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TM's 2010 Results

TM’s profit in the year 2010 was ISK 765 m.

Highlights for the year 2010:

TM’s profit from continuing operations in the year 2010 was ISK 765 m, compared with ISK 237 m in the year 2009.

TM‘s total income for the year 2010 was ISK 11.6 billion compared with ISK 12.8 billion in the year 2009. Total expenses in 2010 were ISK 10.8 billion, down from ISK 12.5 billion in 2009.

Net insurance premium for 2010 increased by 8%, amounting to ISK 10.170m in 2010, compared with ISK 9.431m in 2009.

Net insurance claims for 2010 decreased by 12%, amounting to ISK 7.794m in 2010, compared with ISK 8.859m in 2009.

Operational expenses decreased by 2%, amounting to ISK 2.145m in 2010, compared with ISK 2.192m in 2009.

TM’s net claims ratio was 77%, decreasing by 17% from the previous year’s 94%.

TM’s combined ratio was 95%, the lowest in the company’s history and down by 19% from the previous year’s 114%. 

Investment income in 2010 amounted to ISK 1.363m, compared with ISK 3.359m in 2009. 

As of 31 December 2010 TM’s total assets were ISK 29.407m, equity amounted to ISK 8.803m and the equity ratio was 30%. 

Sigurdur Vidarsson, TM’s President and CEO:

„In light of current economic and competitive conditions, TM’s growth and profit for the year 2010 was exceptionally good. Insurance premium revenue increased while net insurance claims decreased, resulting in profits from insurance operations that are among the highest in TM’s history. This is a testament to our staff's unwavering commitment towards better service to our customers and overall improvement to our underwriting operations. Conditions in financial markets were tough and investment profits were below expectations, yet TM’s financial position remains solid and equity increased from the previous year. TM’s strengths lie in its strong relationship with its customers and we aim at taking full advantage of the various opportunities present in Iceland’s domestic insurance market.“

Further information

Tel: +354 591 4400