DENMARK: TOUGH DEMANDS ON CODAN
Article Abstract:
The paper writes that the insurance company Codan is facing tough demands prior to 2001. The owners, headed by Royal & Sun Alliance, demand that return on equity (after taxes and inflation) must rise to 10%. This means that the so-called costs percentage i.e. costs in proportion to premium income, must drop from 30 to 25. Staffing levels are to be reduced by 275. Moreover, premiums must be raised by some 4%, according to the paper, in order for the company to reach the target of 10% return on equity. Codan must succeed with the paradox of boosting sales despite fewer sellers and attracting more clients despite higher premiums.
Publication Name: Boersen
Subject: Business, international
ISSN:
Year: 2000
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DENMARK/NORDIC: CODAN'S 2000 RESULTS
Article Abstract:
The Danish insurance group Codan reports a DKr 637mn (USD 78mn) pre-tax profit for 2000, compared with a DKr 949mn profit in 1999. For insurance operations, the company reports about a zero result, but investment operations contributed to a profit. MD Jens Erik Christensen says the results are not satisfying as the aim is to reach a 10% net return on equity. This means about a 15-16% return on equity before tax, whereas the 2000 result only reached 7.1%. The cost and damages ratio in relation to premium revenues was as bad as 111.
Publication Name: Boersen
Subject: Business, international
ISSN:
Year: 2001
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Denmark: Codan interested in Tryg-Baltica
Article Abstract:
A merger with the Danish insurance company Codan would seem like the most likely alternative for Tryg-Baltica following Nordea's announcement yesterday that it will sell off the non-life insurance company, writes Borsen, the Danish finance daily. According to Jyllands-Posten, Codan has stated that it is interested in taking over Tryg-Baltica.
Publication Name: Boersen
Subject: Business, international
ISSN:
Year: 2001
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