Topdanmark A/S

TOPDANMARK INTERIM REPORT FOR Q1-Q3 2021

21.10.2021 12:00:10 CEST | Topdanmark A/S | Interim report (Q1 and Q3)

TOPDANMARK INTERIM REPORT FOR Q1-Q3 2021

21 October 2021

Announcement no. 13/2021

Highlights

Q1-Q3 2021

  • Post-tax profit of DKK 1,513m (Q1-Q3 2020: DKK 553m)
  • EPS was DKK 17.2 (Q1-Q3 2020: DKK 6.3)
  • Combined ratio: 84.3 (Q1-Q3 2020: 87.0)
  • Combined ratio excluding run-off: 86.4 (Q1-Q3 2020: 88.5)
  • Premiums increased by 4.6% in non-life insurance and decreased by 9.4% in life insurance.
  • Profit on life insurance was DKK 371m (Q1-Q3 2020: DKK 44m).
  • After return on non-life insurance provisions, the investment return was DKK 395m
    (Q1-Q3 2020: DKK 214m (loss)).

 Q3 2021

  • Post-tax profit of DKK 356m (Q3 2020: DKK 357m)
  • EPS was DKK 4.0 (Q3 2020: DKK 4.1)
  • Combined ratio: 85.7 (Q3 2020: 89.8)
  • Combined ratio excluding run-off profits: 87.6 (Q3 2020: 91.2)
  • Premiums increased by 4.4% in non-life insurance and decreased by 0.7% in life insurance.
  • Profit on life insurance was DKK 113m (Q3 2020: DKK 69m).
  • After return on non-life insurance provisions, the investment return was DKK 8m (Q3 2020: DKK 158m).

 Profit forecast model for 2021

  • The assumed combined ratio for 2021 is narrowed from 85-86 to 85-85.5, excluding run-off in Q4 2021.
  • The assumed premium growth for non-life is narrowed from 4-5% to 4-4.5%.
  • The post-tax profit forecast for 2021 is improved from DKK 1,650-1,750m to DKK 1,750-1,800m, excluding run-off in Q4 2021.

 Assumptions for 2022

  • Premium growth in non-life of 4-5.5%, and a combined ratio of 86-89, excluding run-off, are assumed for 2022.

Conference call

A conference call will be held today at 15:30 (CET) where Peter Hermann, CEO, and Lars Kufall Beck, CFO, will be available for questions based on the 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 50 55 83 73

UK dial-in-number: +44 333 300 9031

US dial-in-number: +1 646 722 4956

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

 

Lars Kufall Beck

Chief Financial Officer

 

Robin Hjelgaard Løfgren

Head of Investor Relations

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

 

Contacts

Robin Hjelgaard Løfgren

Head of Investor Relations

rho@topdanmark.dk

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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