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Iceland-based Tryggingamidstodin revises Q3 investment income forecast

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Iceland-based Tryggingamidstodin revises Q3 investment income forecast

Tryggingamiðstöðin hf. said it will make a third-quarter investment loss, a reversal from an earlier expectation of a positive result.

Based on actual figures, investment income and other income for the quarter will amount to between negative 225 million Icelandic kronur and negative 275 million kronur, compared with the previously forecasted income of 215 million kronur.

The deviation is largely due to an unexpected and severe devaluation of a real estate fund, but is also partly caused by larger-than-expected losses from listed equities and equity funds due to a decline in the domestic equity market after the company published its third-quarter forecast.

As of Sept. 30, US$1 was equivalent to 123.69 Icelandic kronur.