TOPDANMARK INTERIM REPORT FOR Q1 2021
26 April 2021
Announcement no. 08/2021
Topdanmark interim report for Q1 2021
Q1 2021
- Post-tax profit of DKK 635m (Q1 2020: DKK 193m (loss))
- EPS was DKK 7.2 (Q1 2020: DKK 2.2 (loss))
- Combined ratio: 85.9 (Q1 2020: 89.8)
- Combined ratio excluding run-off profits: 88.0 (Q1 2020: 91.9)
- Premiums increased by 4.6% in non-life insurance and decreased by 13.0% in life insurance.
- Profit on life insurance was DKK 190m (Q1 2020:DKK 49m (loss)).
- After return on non-life insurance provisions, the investment return was DKK 280m (Q1 2020: DKK 430m (loss)).
Model profit forecast for 2021
- The assumed combined ratio for 2021 has been improved from 89-90 to 87-88, excluding run-off in Q2-Q4.
- The post-tax model profit forecast for 2021 has been improved from DKK 1,000-1,100m to
DKK 1,450-1,550m, excluding run-off in Q2-Q4. - The expected premium growth in non-life has been improved from just above 3% to 3-4%.
- The assumed expense ratio has been reduced from around 16% to just below 16%.
Efficiency programme
- Topdanmark’s efforts to become more efficient are progressing according to plan.
- The efficiency programme is still expected to generate annual gross efficiency gains of DKK 500m in 2025 with a net impact of DKK 20m in 2021.
Conference call
A conference call will be held today at 15:30 (CET) where Peter Hermann, CEO, and Lars Thykier, CFO, will be available for questions based on the results. The call will be conducted in English. To participate in the conference call, please call:
DK dial-in-number: +45 78 15 01 10
SE dial-in-number: +46 85 05 58 373
UK dial-in-number: +44 333 300 9273
US dial-in-number: +1 833 526 8381
10-15 minutes before the conference and ask the operator to connect you to the Topdanmark conference call – or listen to the live transmission of the call.
Please direct any queries to:
Peter Hermann
Chief Executive Officer
Direct tel.: +45 4474 4450
Lars Thykier
Chief Financial Officer
Direct tel.: +45 4474 3714
Robin Hjelgaard Lofgren
Head of Investor Relations
Direct tel.: +45 4474 4017
Mobile tel.: +45 2962 1691
Contacts
About Topdanmark A/S
Topdanmark is one of the country's largest insurance and pension companies.
For more than 100 years, we have helped our customers care for what matters the most. Prevent and limit damages. Secure financial security before and after retirement. For the benefit of both people and the environment.
It makes us an attractive company - not only for our customers, but also for our employees, shareholders and the world around us.
Find more information about Topdanmark on topdanmark.com
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