.                
  Divisional Overview
(in €m)
  Q1
2010
FY
2010
Q1
2011E
FY
2011E
FY
2012E
Trend    
     
 
Nordea
   
  Profit (loss) before taxes                
 
Number of estimates
      5 15 14    
  - Highest       158.0 701.0 840.0    
  - Consensus   124.0 523.0 153.9 638.5 730.0    
  - Median       153.4 640.0 746.0    
  - Lowest       149.0 507.0 525.0    
                   
   
 
Property & Casualty Insurance
 
  Profit (loss) before taxes            
 
Number of estimates
      5 15 14    
  - Highest       173.0 791.0 855.0    
  - Consensus   125.0 707.0 159.0 706.1 716.2    
  - Median       160.0 714.0 726.7 Quarterly  
  - Lowest       139.0 604.0 542.0 Annual  
                   
   
  Combined ratio, %            
 
Number of estimates
      5 15 14    
  - Highest       94.8 93.5 93.7    
  - Consensus   98.2 92.8 92.8 92.6 92.6    
  - Median       94.6 92.5 92.6 Quarterly  
  - Lowest       94.0 91.1 90.5 Annual  
                   
   
 
Life Insurance
 
  Profit (loss) before taxes            
 
Number of estimates
      5 15 14    
  - Highest       50.0 233.0 187.0    
  - Consensus   36.0 142.0 38.1 150.0 155.2    
  - Median       34.0 148.0 152.0 Quarterly  
  - Lowest       33.0 112.0 131.0 Annual  
  .  
   
 
Other
 
  Profit (loss) before taxes            
 
Number of estimates
      5 14 13    
  - Highest       2.0 -38.4 -39.6    
  - Consensus   2.0 -48.0 -12.8 -72.4 -72.9    
  - Median       -14.0 -74.5 -75.0 Quarterly  
  - Lowest       -24.0 -96.0 -96.0 Annual  
  .                
   
   
 
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
   
 
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