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Codan Posts Surprisingly Positive Earnings
05-08-2010
12:56
Danish insurance company Codan has surprised analysts with an unexpectedly good set of half yearly results. In the first half of 2010, the company earned approximately DKK 1.1 billion on its insurance operations, no less than 24 percent higher than the same period last year.
The company’s combined ratio was down to 82.8, a total of 3.4 percentage points lower than the same period in 2009. This figure is widely used in the insurance sector to calculate the cost of claims, administration and other expenses in relation to income from premiums. The lower the ratio, the better.
According to Sydbank Equity Analyst Rune Dahl Majlund, the company’s positive accounts bode well for upcoming financial statements from Tryg and Topdanmark, Codan’s main rivals.
"Codan’s accounts look surprisingly good” Dahl Majlund the news agency Direkt. “A combined ratio of 82.8 is significantly lower than I expect that other insurers to come out with. I have no expectations that Tryg or Topdanmark’s combined ratios will fall below 90 in the second quarter,"
In general, the fact that Codan has achieved such positive results bodes well for all Danish insurers, he added
The company’s combined ratio was down to 82.8, a total of 3.4 percentage points lower than the same period in 2009. This figure is widely used in the insurance sector to calculate the cost of claims, administration and other expenses in relation to income from premiums. The lower the ratio, the better.
According to Sydbank Equity Analyst Rune Dahl Majlund, the company’s positive accounts bode well for upcoming financial statements from Tryg and Topdanmark, Codan’s main rivals.
"Codan’s accounts look surprisingly good” Dahl Majlund the news agency Direkt. “A combined ratio of 82.8 is significantly lower than I expect that other insurers to come out with. I have no expectations that Tryg or Topdanmark’s combined ratios will fall below 90 in the second quarter,"
In general, the fact that Codan has achieved such positive results bodes well for all Danish insurers, he added
*****||*****Codan Posts Surprisingly Positive Earnings *****||*****Danish insurance company Codan has surprised analysts with an unexpectedly good set of half yearly results. In the first half of 2010, the company earned approximately DKK 1.1 billion on its insurance operations, no less than 24 percent higher than the same period last year.*****||*****
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