TOPDANMARK INTERIM REPORT FOR Q1 2021

26. april 2021

Med. nr. 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