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Topdanmark Raises Full-Year Forecast as Profit Beats Estimates

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Nov. 23 (Bloomberg) -- Topdanmark A/S, Denmark’s second-largest property and casualty insurer, raised its profit forecast for the full year after reporting third-quarter earnings that beat analysts’ estimates.

Net income in the three months through September fell 39 percent to 318 million kroner ($57.8 million) from 519 million kroner a year earlier, Ballerup, Denmark-based Topdanmark said in a statement today. That beat the average 270 million-krone estimate of eight analysts surveyed by Bloomberg.

Topdanmark, which insures about a quarter of Danes, a sixth of all companies and half of the country’s farms, raised its forecast for full-year profit by 100 million kroner and now expects earnings of between 900 million kroner and 1 billion kroner, partly because of an expected higher return on investments.

“The results were slightly better than assumed in the previous profit forecast model for 2010 as a consequence of a higher-than-assumed investment return,” Topdanmark said.

Topdanmark jumped as much as 27.5 kroner, or 4 percent, to 714 kroner in Copenhagen trading, and was 3.1 percent higher as of 1:21 p.m. The stock has gained 1 percent this year.

Finland’s Sampo Oyj is the Nordic region’s largest property and casualty insurer, followed by Denmark’s Tryg A/S.

To contact the reporter on this story: Niklas Magnusson in Stockholm at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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