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One of the largest European life insurers chooses SimCorp Dimension and the company adjusts its expectations to the financial results for 2010

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SimCorp announces that a major global life insurer in France has selected SimCorp Dimension to handle its investment management activities.

With his new licence agreement SimCorp has entered into a total of three new licence contracts in Q4 and the total licence order inflow in 2010 from new clients (ILF) adds up to approximately EUR 14m. In the Company Announcement 09/2010 (Q3) SimCorp expected the licence order inflow from new clients to be in the interval of EUR 10m and EUR 20m. Even though the licence order inflow from new clients is in line with the company’s guidance SimCorp does not expect to meet its 2010 expectations regarding revenue and EBIT.   

The revenue growth is now projected to 2% to 3% against previously 5% to 10% and an overall business growth of around 6% against previously expected around previously 10%. The lower growth is due to less additional licence sales to existing clients and lower professional service revenue than previously expected.The EBIT margin is now expected to be approximately 19% against previously between 20% and 22%. It should be noted that the financial figures above are indicative only and SimCorp’s final financial reporting for 2010 will be announced on 28 February 2011.  

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Enquiries regarding this announcement should be addressed to:

Peter L. Ravn, Chief Executive Officer, SimCorp A/S (+45 3544 8800, +45 4076 1841) or
Torben Munch, Executive Vice President, SimCorp A/S, (+45 3544 8800, +45 2223 4789)
Niels Beck, Senior Vice President, SimCorp A/S (+45 3544 8800, +45 2270 1433) or
Troels Philip Jensen, Managing Director, SimCorp Western Europe (+32 2213 3010, +32 49886 6600)

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