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I would guess that that is incorrect as well unless it had a speed limiter of some sort installed. I've never gotten my 740 NA up to 110, but I've hit 100, so I don't know if there is a speed limiter or not. I believe I've read before that a few here have exceeded 110.
If so, it can be listed as 110 because of the tires that it may come with which may be S rated.
Certainly the 110 is not the actual top speed of the vehicle based on horsepower.
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Kenric Tam 1990 Volvo 740 base sedan (B230F) My Volvo 'Project'
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