Topdanmark A/S

Topdanmark Interim Report for Q1 2020

24.4.2020 12:00:08 CEST | Topdanmark A/S | Interim report (Q1 and Q3)


24 April 2020 Announcement No. 07/2020

Key features

Q1 2020

  • Post-tax profit of DKK 193m (loss) (Q1 2019:
    DKK 439m)
  • EPS was DKK 2.2 (loss) (Q1 2019: DKK 5.1)
  • Combined ratio: 89.8 (Q1 2019: 80.1)
  • Combined ratio excluding run-off: 91.9
    (Q1 2019: 87.3)
  • Premiums increased 2.4% in non-life insurance and 10.5% in life insurance
  • Profit on life insurance was DKK 49m (loss)
    (Q1 2019: DKK 111m)
  • After return and revaluation of non-life insurance provisions, the investment return was a loss of
    DKK 432m (Q1 2019: DKK 18m).


Model profit forecast for 2020

  • Due to the COVID-19 situation, on 23 March, Topdanmark suspended the profit forecast for 2020 until the market situation is again sufficiently stable to assess the impact of this unusual situation
  • The situation is still subject to a great deal of uncertainty as Topdanmark’s business is influenced by actions taken by third parties like the Danish government
  • Given the considerable higher level of uncertainty, the assumed combined ratio is about 90 excluding run-off in Q2-Q4 2020 according to Topdanmark’s profit forecast model. This is unchanged compared with the assumed combined ratio for 2020 as announced in 2019
  • The slowdown in the Danish GDP in 2020 due to COVID-19 will reduce the assumed premium growth for 2020. Topdanmark now assumes premium growth in non-life of 0-2.9% in 2020 compared with the guidance in 2019 of about 2.9%
  • The model post-tax profit forecast for 2020 amounts to DKK 450-650m, excluding run-off in Q2-Q4 2020. The model profit forecast for 2020 in 2019 was
    DKK 950-1,050m excluding run-off in 2020.


Postponement of half of the dividend for 2019

  • As a consequence of the COVID-19 situation, only DKK 8.5 of the previously announced dividend of
    DKK 17 per share was paid out in connection with the AGM on 2 April 2020. When the situation is back to normal, the Board of Directors has the option to distribute partly or in full the remaining DKK 8.5 of the previously announced dividend of DKK 17 per share as extraordinary dividend. If so, this extraordinary dividend will be paid out later in 2020 or after the ordinary general meeting in 2021.


Other events

  • Topdanmark has announced an ambition of being CO2 neutral in 2030.



In a webcast, Group Communications and IR Director, Steffen Heegaard, will present the financial highlights and comment on the forecast.


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 interim report and the webcast. The call will be conducted in English.


In order to participate in the conference call, please call:

DK dial-in-number: +45 78 15 01 08

SE dial-in-number: +46 851 999 383

UK dial-in-number: +44 333 300 9274

US dial-in-number: +1 833 249 8403


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


Steffen Heegaard

Group Communications and IR Director

Direct tel.: +45 4474 4017, mobile tel.: +45 4025 3524




Steffen Heegaard

Group Communication and IR Director

+45 44 74 40 17 / +45 40 25 35 24

Lars Thykier


+ 45 44 74 37 14

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

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