Topdanmark ups its 2014 guidance after Q1 beats forecast

COPENHAGEN Tue May 20, 2014 6:24am EDT

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COPENHAGEN May 20 (Reuters) - Denmark's second-biggest insurer, Topdanmark, posted a higher-than-expected first-quarter net profit on Tuesday and said it now expects a 2014 net profit of between 1.15 and 1.25 billion Danish crowns ($211.4-$229.8 million).

First-quarter net profit fell to 418 million crowns from 505 million in the same period a year ago, beating forecasts for a 300 million crown profit in a Reuters poll.

Topdanmark, which lost 330 million crowns last year due to storms in October and November, now sees full-year net profit in the range of 1.15 to 1.25 billion crowns, up from an earlier guidance of between 950 million and 1.05 billion crowns.

The company also said it expects to buy back 1.9 billion crowns worth of own shares in 2014 against an earlier expectation of 1.7 billion crowns. ($1 = 5.4409 Danish Crowns) (Reporting by Shida Chayesteh; Editing by Pravin Char)

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