|
TrygVesta Q3 Pretax Profit Down 35 Percent
Danish insurer TrygVesta on Friday reported a 35 percent drop in third-quarter pretax profit after lower investment income and kept its full-year profit forecast unchanged. Pretax profit for the period was 726 million Danish crowns ($144.4 million), compared to 1.1 billion in the same quarter of 2006 and 687 million expected in a Reuters survey. The company's combined ratio -- a measure of costs and claims as a percentage of premium income -- was unchanged in the quarter at 83.7 percent despite many weather-related losses and a greater number of large claims, TrygVesta said. Gross earned premiums amounted to 4.2 billion crowns in the quarter, up 4 percent from last year and in line with analysts' expectations. Profit on investments was 331 million crowns in the quarter, but equities generated a negative return of 1.5 percent. "The full-year pretax profit forecast is reaffirmed despite adverse performance in the equity markets during the quarter," TrygVesta said in a statement. For 2008, the company said it expects premium growth of about 5 percent in local currencies and a combined ratio before investment run-off of around 90. The company said it promoted Peter Falkenham to Chief Operating Officer. Article from Reuters.com No one has commented on this article. |
Business News 
