COPENHAGEN May 20 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
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)