Connect with us
Fiscal year, Company, Earnings before interest and taxes, Insurance, Business operations, Finance, Investment, Return on equity, Profit margin, Corporation, Chief executive officer, Mergers and acquisitions, Negotiation, Earnings per share, Collateralized debt obligation, Tax, Ratio,

Business

TM makes a profit of almost a billion

Tryggingafelagid TM made a profit of ISK 979 million in the third quarter, thus turning a loss into a profit compared to the same quarter last year. The company also lost ISK 184 million.

Operating profit for the quarter was ISK 1,121 million. The result of insurance operations was positive by ISK 497 million (354 million 3Q 2019), the result of financing was positive by 143 million (111 million 3Q 2019) and investment activities returned ISK 481 million (-640 million 3Q 2019).

Return on equity 12 months back is 20.8% and profit margin ISK 1.27. The combined ratio is 89.2% but was 93.6% in the same quarter last year.

A press release from the company states that Sigurður Vidarsson, CEO, said that the results for the quarter had developed much for the better from the previous year.

“It is particularly gratifying to see more balance between the three pillars of the business, insurance, financing, and investment.”

Sigurdur says that negotiations on a merger with Kvika are going well, but at the end of September it was announced that they would be over.

“The negotiations have been successful and the aim is to reach a conclusion in the coming weeks. If the merger is successful, the merged company will be financially strong and with all the means to advance in all major areas of financial and insurance services. ”

Profit for the first nine months of the year

TM’s profit for the first 9 months of the year is ISK 3,246 million and doubles compared to the previous year when it was ISK 1,840 million.

Operating profit amounted to ISK 1,256 million, compared to ISK 1,976 million a year ago. These figures are based on the fact that Lykil had been part of the group, but the companies merged after TM acquired Lykil last January.

The performance of collateral in the first nine months of the year is 907 million (871 million 9M 2019), the financing result is negative by 211 million (366 million 9M 2019) and the return on investments is positive by 2,813 million (739 million 9M 2019).

Return on equity so far this year is 23.4%. Earnings per share are ISK 4.21 and the combined ratio is 94%.

Assume a profit of 3 billion

It is assumed that TM’s profit over the next 12 months will be around ISK 3 billion before taxes and that the combined ratio of insurance will be around 93%.

Newsletter Signup

Written By

Stories under this byline are written/directed/published by the staff and editorial board of MegaloPreneur magazine. Some of the MegaloPreneur journalists may also be involved in investigating and finding facts.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Julia Roberts - A football dress that highlighted the long legs of a beautiful woman Julia Roberts - A football dress that highlighted the long legs of a beautiful woman

Julia Roberts – A football dress that highlighted the long legs of a beautiful woman

Show Biz

That's how British women do it! 10 best street style editions from the streets of London That's how British women do it! 10 best street style editions from the streets of London

That’s how British women do it! 10 best street style editions from the streets of London

Show Biz

Monica Bellucci - Skyscrapers and such a beautiful maxi dress that adores sensual curves.jpg Monica Bellucci - Skyscrapers and such a beautiful maxi dress that adores sensual curves.jpg

Monica Bellucci – “Skyscrapers” and such a beautiful maxi dress that adores sensual curves

Show Biz

Catherine Zeta-Jones – An evening gown that reveals her legs as the bravest miniskirt

Show Biz

A translucent maxi skirt that fits well for women from XS to XL sizes - Angelina Jolie A translucent maxi skirt that fits well for women from XS to XL sizes - Angelina Jolie

A translucent maxi skirt that fits well for women from XS to XL sizes – Angelina Jolie

Show Biz

10 heels that managed to overshadow and dresses from the red carpet Emmy awards 10 heels that managed to overshadow and dresses from the red carpet Emmy awards

10 heels that managed to overshadow and dresses from the red carpet Emmy awards

Show Biz

The most beautiful proof that white sneakers and a suit are the right combination The most beautiful proof that white sneakers and a suit are the right combination

The most beautiful proof that white sneakers and a suit are the right combination

Show Biz

For a smaller waist and hips - 10 fall dresses in which we look leaner For a smaller waist and hips - 10 fall dresses in which we look leaner

For a smaller waist and hips – 10 fall dresses in which we look leaner

Show Biz

Advertisement
Connect
Newsletter Signup