Having substantially outperformed expectations in the first half and projected a similar performance in the six months to June 30, 2013, the share price of Codan should continue to run despite having sustained a significant re-rating in the past six months.

By any measure this was a strong result. The underlying net profit of $27.4 million was better than that achieved in any other six-month period recorded by the company since it listed on the ASX in 2003. It represented year-on-year growth of 20 per cent, and has laid the foundation for the company to well exceed previous full-year guidance of $40 million.