Topdanmark half-year report for 2021

16 July 2021

Announcement no. 10/2021

Key features

H1 2021

• Post-tax profit of DKK 1,157m (H1 2020: DKK 196m)
• EPS was DKK 13.2 (H1 2020: DKK 2.2)
• Combined ratio: 83.6 (H1 2020: 85.5)
• Combined ratio excluding run-off: 85.8 (H1 2020: 87.2)
• Premiums increased by 4.7% in non-life insurance and decreased by 12.9% in life insurance
• Profit on life insurance was DKK 258m (H1 2020: DKK 25m (loss))
• After return on non-life insurance provisions, the investment return was DKK 387m
  (H1 2020: DKK 372m (loss)). 

Q2 2021

• Post-tax profit of DKK 522m (Q2 2020: DKK 389m)
• EPS was DKK 5.9 (Q2 2020: DKK 4.4)
• Combined ratio: 81.2 (Q2 2020: 81.3)
• Combined ratio excluding run-off profits: 83.6 (Q2 2020: 82.6)
• Premiums increased by 4.7% in non-life insurance and decreased by 12.7% in life insurance
• Profit on life insurance was DKK 68m (Q2 2020: DKK 24m)
• After return on non-life insurance provisions, the investment return was DKK 107m
  (Q2 2020: DKK 57m). 

Model profit forecast 2021

• The assumed combined ratio for 2021 is improved from 87-88 to 85-86, excluding run-off in H2 2021
• The assumed premium growth for non-life insurance is improved from 3-4% to 4-5%
• The model post-tax profit forecast for 2021 is improved from DKK 1,450-1,550m to DKK 1,650-1,750m, excluding run-off in H2 2021.                                           

Other events

• During H1 2021, inflation within construction materials has been significant, but our procurement efforts provide an effective safeguard against rising claims costs in the short term.
• Topdanmark has launched an online sales platform for the non-life small enterprises segment.

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 half-year report. The call will be conducted in English.

To participate in the conference call, please call:

DK dial-in-number: +45 78 72 32 52

SE dial-in-number: +46 8 505 58 368

UK dial-in-number: +44 333 300 9266

US dial-in-number: +1 646 722 4903

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 Løfgren

Head of Investor Relations

Direct tel.: +45 4474 4017, mobile tel.: +45 2962 1691