.                
  Divisional Overview
(in €m)
  Q3
2009
FY
2009
Q3
2010E
FY
2010E
FY
2011E
Trend    
     
 
Nordea
   
  Profit (loss) before taxes                
 
Number of estimates
      6 14 14    
  - Highest       134.4 504.0 624.2    
  - Consensus   - - 110.9 466.1 549.9    
  - Median       108.0 471.5 553.0    
  - Lowest       100.0 422.0 483.0    
                   
   
 
Property & Casualty Insurance
 
  Profit (loss) before taxes            
 
Number of estimates
      6 14 14    
  - Highest       201.9 744.6 830.5    
  - Consensus   167.0 644.0 185.3 678.6 675.3    
  - Median       185.5 675.5 656.5 Quarterly  
  - Lowest       168.0 636.0 584.0 Annual  
                   
   
  Combined ratio, %            
 
Number of estimates
      7 13 13    
  - Highest       91.2 94.8 94.6    
  - Consensus   90.9 92.1 90.4 93.1 92.7    
  - Median       90.6 92.9 92.9 Quarterly  
  - Lowest       89.7 92.1 89.4 Annual  
                   
   
 
Life Insurance
 
  Profit (loss) before taxes            
 
Number of estimates
      6 14 14    
  - Highest       40.0 155.0 194.0    
  - Consensus   32.0 121.0 33.5 134.4 146.3    
  - Median       33.5 135.0 144.0 Quarterly  
  - Lowest       29.0 111.0 117.0 Annual  
  .  
   
 
Other
 
  Profit (loss) before taxes            
 
Number of estimates
      6 12 12    
  - Highest       -13.0 -15.0 -15.0    
  - Consensus   -12.0 36.0 -19.0 -46.3 -62.9    
  - Median       -19.0 -48.5 -66.0 Quarterly  
  - Lowest       -24.0 -79.0 -99.0 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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