ISK million profit from operations of TM

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1 Earnings announcement Reykjavík, 9. February 2006 ISK million profit from operations of TM Tryggingamidstodin s hf. (TM) earnings after taxes in 2005 amounted to ISK million. Earnings for the same period last year amounted to ISK million. This is the largest profit in the history of the company. Earnings after taxes in the fourth quarter of 2005 amount to ISK million, compared with ISK 608 million for the same period last year. Earnings per share in 2005 amounted to ISK 7,89 compared with ISK 2,24 in Loss from the operation of the insurance business in 2005 amounts to ISK 481 million. The main reasons are increased claims for vehicles and an increase in the number of accidents of fishermen, especially in the fourth quarter. After a cyclical recession the booked premium revenue increase by 2,2% in the year 2005 and now amount to ISK million. On the other hand, the company s net insurance premiums decrease at the same time by 1,5% and amount to ISK million in The company s investment income amounts to ISK million, nearly twice as much as in 2004 when it amounted to ISK million. Investment income amounted to ISK million in the fourth quarter of 2005 compared with ISK million for the same period last year. The company s claims and loss adjustment expenses amount to ISK million in 2005, an increase of 12,4% from the previous year when it amounted to ISK million. Net insurance claims increase by 5% from the previous year and amount to ISK in The company s operating expenses amount to ISK in 2005, an increase of 17,3% from 2004 when it amounted to ISK million. TM s total assets increase from ISK million on January 1, 2005 to ISK million on December 31, 2005, or by 33%. Regarding the 2005 results Óskar Magnússon, TM s President & CEO, claims that the overall return of the company is good, being the best in the company s history. The explanation for this is first and foremost an excellent return on the company s investments. Recently quite a few changes have been made on the company s portfolio intended to further disperse risk. After a cyclical recession the booked premium revenue increase on the whole in 2005 by 2,2% or ISK 130 million. The performance of the insurance business is however not acceptable. Mainly two things explain a worse performance than expected, in addition to increased competition and lower insurance premiums. On one hand, the increase in claims provisions for vehicles. The increase is modelled on calculations that do not allow for as quick a payoff of claims as is customary at TM. On the other hand, the increase in claims provisions is explained by an increase in reported accidents of fishermen. Around 40% of reported accidents of fishermen were reported in the last quarter of These claims are more than often very costly. For additional information, please contact Ágúst H. Leósson, CFO, at or Pétur Pétursson, VP of insurance and finance, at

2 Key figures from the operations of Tryggingamidstodin hf. In ISK thousands Q Q Q Q Q Net insurance premium revenue Investment income Net Income Net insurance claims ( ) ( ) ( ) ( ) ( ) ( ) ( ) Other operating expenses ( ) ( ) ( ) ( ) ( ) ( ) ( ) Expenses ( ) ( ) ( ) ( ) ( ) ( ) ( ) Results of operating activities Finance costs (3.143) (876) (300) (118) (86) (4.438) (2.271) Share of profit of associates (82.401) (40.759) Profit before tax Income tax expense ( ) ( ) ( ) ( ) ( ) ( ) ( ) Profit for the period Attributable to: Equity holders of the Company Minority interest (937) (837) (1.774) Key figures from the balance sheet In ISK thousands 31. Dec Jan 2005 Change Total assets ,2% Total equity of the Company's holders ,5% Minority interest Total liabilities ,9% Income statement Tryggingamidstodin s hf. (TM) earnings in 2005 amount to ISK million compared to ISK in TM s earnings after taxes in the fourth quarter amount to ISK million compared to ISK 608 million for the same period in the year The company s profit from operations, before finance expenses and share in the results of associate companies, amounted to ISK in 2005 compared to in The company s profit from operations, before finance expenses and share in the results of associate companies, amounted to ISK million for the period of October to December 2005 compared to ISK 814 million for the same period the year before. Earnings per share amounted to ISK 7,89 compared with ISK 2,24 the year before. Earnings per share in the fourth quarter amounted to ISK 1,95 compared to ISK 0,65 for the same period the year before. Revenues TM s booked premium revenue amounted to ISK million in 2005 compared to ISK million the previous year. The company s net insurance premiums amount to ISK million in 2005 compared to ISK million in the year before, a decrease of 1,5%. The company s net insurance premiums amount to ISK in the fourth quarter of 2005 compared with ISK for the same period the year before. 2

3 Investment income amounted to ISK million in 2005 compared with million the year before. Investment income amounted to ISK million in the fourth quarter of 2005 and increased by ISK 879 million when compared with the same period in the previous year when it amounted to ISK million. Investment revenue for the period is primarily derived from an ISK million increase due to fair value changes of publicly listed shares. Expenses TM s claims and loss adjustment expenses in 2005 amounted to ISK compared with ISK million the year before. TM s net insurance claims in 2005 amounted to ISK million compared to ISK million the year before. TM s net insurance claims in the fourth quarter of 2005 amounted to ISK million compared to ISK million for the same period in The main reason for the increase in net insurance claims in the fourth quarter is the increase in claims provisions for vehicle insurance, which amounts approximately to ISK 300 million. The increase is a consequence of calculation rules that the company is compelled to use. These calculations support a much slower process in payoffs of claims than is the case at TM. Increase in net insurance claims is also attributed to the fact that 40% of accidents to fishermen happened in the fourth quarter of In addition to that, previous claims are estimated to be more costly than originally expected. The company s cost of operations amounted to ISK million in 2005, an increase of 17,3% from the previous year in which it amounted to ISK million. Cost of operations in the fourth quarter amounted to ISK 513 million and increased by ISK 97 million from the previous year when it amounted to ISK 416 million. The increase in cost of operations in the fourth quarter is explained, among other things, by an increase in sales and marketing expenses as the company s new marketing emphasis was presented in the last quarter. One of those is the increased business of Líftryggingarmidstodin, which coincides with the increase of its customer base. The company s cost in the field of information technology also increases from the third quarter to the fourth as a considerable amount of work has gone into the simplification of processes and the adoption of new software. Finance items Share in the results of associated companies amounted to ISK million in 2005 while it was insubstantial the year before. Share in the results of associated companies amounted to ISK 904 million from the beginning of October until the end of December 2005, while it was unsubstantial the year before. This is primarily due to TM s share in the results of Grettir Investment Company hf. Balance sheet The implementation of International Financing Reporting Standards (IFRS) has a great impact on the presentation of TM s balance sheet and its valuation methods. When referring to amounts as at year-end, the company s opening balance sheet, as of 1 January 2005 is used as was introduced when the company s first, second and third quarterly results were announced, instead of the company s balance sheet as of 31 December

4 Assets TM s total assets on 31 December 2005 amounted to ISK million. On 1 January 2005 they amounted to ISK million. The company s assets have therefore increased by ISK million. This is mainly due to an increase in fair value of publicly listed shares owned by the company and an increase in ownership share in associate companies. Equity and liabilities TM s equity amounts to ISK million and increases by ISK since the beginning of the year. The company s liabilities amounted to ISK million on 31 December 2005 and have increased by ISK since 1 January of this year. This increase is due to an increase in deferred income tax at the amount of ISK million and the increase in accounts payable and other liabilities at the amount of ISK 313 million. The increase in accounts payable and other liabilities is due, among other things, to additional income tax imposed on the company for the business year of 2000 at the amount of ISK 376 million. The reason for this reassessment is a disagreement between TM and the Domestic Tax Office (Ríkisskattstjóri) regarding the taxation of goodwill. TM will be appealing the verdict to the State Internal Revenue Board (Yfirskattanefnd). In accordance with IAS 8 the aforementioned ISK 376 million are deducted from the company s equity in the 2005 annual report and the effects of those are reported in the year 2004, see the note on equity. Cash flow Cash to operations amounted to ISK million in 2005 compared with cash from operations ISK in Cash on hand decreased by ISK million since the beginning of the year and is now ISK 786 million. Development of operations Below the results of individual operational segments and the developments between the fourth quarters 2004 and 2005 on one hand are evident and on the other hand between 2004 and The operation is divided into three operational segments: Casualty insurance, life insurance and financial business. 4

5 Results of operational segments in the fourth quarter In ISK thousands Casualty insurance Life insurance Financial business Group 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q Net insurance premium revenue Investment income Net income Net insurance claims ( ) ( ) (5.261) (1.233) ( ) ( ) Other operating expenses ( ) ( ) (22.620) (2.293) ( ) (91.955) ( ) ( ) Expenses ( ) ( ) (27.881) (3.526) ( ) (91.955) ( ) ( ) Net income (loss) ( ) ( ) (12.793) Finance costs (3.143) (87) Share of profit of associates (82.401) Profit before tax Income tax expense ( ) ( ) Profit for the period Attributable to: Equity holders of the Company Minority interest (937) Results of operational segments in 2005 In ISK thousands Casualty insurance Life insurance Financial business Group Net insurance premium revenue Investment income Net income Net insurance claims ( ) ( ) (13.426) (11.421) ( ) ( ) Other operating expenses ( ) ( ) (46.448) (10.980) ( ) ( ) ( ) ( ) Expenses ( ) ( ) (59.874) (22.401) ( ) ( ) ( ) ( ) Net income (loss) ( ) (12.689) Finance costs (4.437) (2.271) Share of profit of associates (40.759) Profit before tax Income tax expense ( ) ( ) Profit for the period Attributable to: Equity holders of the Company Minority interest (1.774)

6 Prospects for operations and future vision The prospects for Tryggingamidstodin s operations in the year 2006 are good. However, similar return on investment as in the previous year is not presumed. Changes in the order of the company were made in 2005 and have those already brought about a better functioning sales and marketing work. In 2005, contracts regarding sales and marketing collaboration were made with powerful parties in the finance business. It can be expected that the results of these contracts will be an increase in insurance premiums in It is also worth mentioning that TM launched a new brand name in the insurance business in the beginning of 2005, called Elísabet. Elísabet offers vehicle insurance and car loans on the Internet, on the presuppositions of the drivers themselves, and thus appears as a new alternative on the insurance market. In addition, new products are in the making and novelties, which are aimed at increasing the service to present clients even more and also the automation in the operation of the company. Fierce competition in the field of insurance leads to the fact that even though the client base has increased the average premiums are lower. It is evident that this development must be reversed and cost ratios lowered as much as possible. It is however always important to be aware of that by far the largest expense item claims is subject to fluctuations and can have a material effect on the results of the insurance operations. Annual meeting and dividend The company s annual meeting will be held on 9 March The Board of Directors has suggested that a dividend be paid to the shareholders amounting to ISK million, or ISK 2 per share. Audit The company s auditors, PricewaterhouseCoopers, have audited the financial results. The Board and President & CEO of TM have today approved the company s Financial Statement for the year The statement can be found on the company s website Next financial results Interim financial results (1Q 2006) Interim financial results (2Q 2006) Interim financial results (3Q 2006) Financial results

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