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TM´s profit in 2012 was 2.6 billion ISK

TM's Annual Report 2012 - key figures
•       TM´s net income after tax was 2,638 million ISK, thereof 1,167 million ISK are capital gains from securities.
•       Net premiums earned amounted to 10,925 million ISK, a 7% growth from prior year. Investment income was 
        2,078 million ISK. TM´s total income was 13,094 million ISK.
•       Net claims incurred were 7,368 million ISK compared to 7,324 million ISK in 2011. Operating expenses
        amounted to 2,613 million ISK. TM´s total expenses were10,088 million ISK.
•       Claims ratio (FOA) decreased from 71.4% in 2011 to 67.4% in 2012. Cost ratio was 21%, unchanged from 2011.
        TM´s combined ratio was 88.5% in 2012 which is a 4% decrease from previous year when the combined ratio 
        was 92.5%.
•       TM´s total assets were 27,412 million ISK at year-end 2012. Total liabilities were 17,180 million ISK and equity 
        amounted to 10,231 million ISK which equals equity ratio of 37.3%.
•       Roughly 44% of TM´s investment assets are allocated in government bonds and cash. 63% of TM´s investment 
        assets are liquid, thus making TM highly fit to meet its current and future obligations. Solvency capital was 10,047
        million ISK at year-end 2012, approximately 4 times the minimum mandatory solvency capitalrequirement.
Sigurður Viðarsson, TM´s CEO:

“TM´s operation delivered good results in 2012, as in previous years. Our goal to further improve our technical results was met, but earned premiums for own account now cover insurance claims and operating costs in all of our business lines, including professional liability insurance, but the line´s technical result had been unacceptable following the Icelandic banking collapse. Investments delivered good returns as well which was in line with estimates.
Preparations for TM´s listing on the Nasdaq OMX in Iceland are well underway and will likely be finalized in the first half of2013. Recent S&P´s upgrade of our credit rating is an important milestone for TM and its future. The upgrade further enhances TM´s ability to seek underwriting opportunities in foreign markets which is one of the key elements for future growth.”

Further information

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