Topdanmark Q4 profit beats forecast, sees 2013 earnings lower
COPENHAGEN, March 5
COPENHAGEN, March 5 (Reuters) - Danish insurance company Topdanmark forecast that its net profit would fall this year after fourth quarter 2012 earnings beat expectations on lower weather-related claims.
Fourth-quarter net profit rose to 453 million crowns ($79.04 million) from 350 million in the corresponding period last year, beating forecasts of a 343 million crown profit in a Reuters poll of analysts.
Topdanmark said in a statement it expected full-year 2013 net profit to be between 1.05 and 1.15 billion Danish crowns, down from the full year 2012 figure of 1.82 billion crowns.
The company said its share buy-back programme for 2013 was 2 billion crowns, including 500 million transferred from the 2012 programme. The buy-back represents a yield of 12.4 percent. ($1 = 5.7311 Danish crowns) (Reporting by Johan Ahlander, editing by Patrick Lannin)