TOPDANMARK INTERIM REPORT FOR Q1-Q3 2018
22 October 2018, Announcement No. 14/2018
Key features
Q1-Q3 2018
- Post-tax profit of DKK 1,071m (Q1-Q3 2017: DKK 1,353m)
- EPS was DKK 12.4 (Q1-Q3 2017: DKK 15.8)
- Combined ratio: 84.2 (Q1-Q3 2017: 81.9)
- Combined ratio excluding run-off profits: 87.3 (Q1-Q3 2017: 85.6)
- Premiums increased 2.2% in non-life insurance and 14.1% in life insurance
- Profit on life insurance was DKK 182m (Q1-Q3 2017: DKK 207m)
- After return and revaluation of non-life insurance provisions, the investment return was DKK 132m
(Q1-Q3 2017: DKK 330m).
Q3 2018
- Post-tax profit of DKK 459m (Q3 2017: DKK 464m)
- EPS was DKK 5.3 (Q3 2017: DKK 5.4)
- Combined ratio: 81.6 (Q3 2017: 82.0)
- Combined ratio excluding run-off profits: 84.8 (Q3 2017: 86.1)
- Premiums increased 2.2% in non-life insurance and 1.3% in life insurance
- Profit on life insurance was DKK 77m (Q3 2017: DKK 79m)
- After return and revaluation of non-life insurance provisions, the investment return was DKK 92m
(Q3 2017: DKK 109m).
Profit forecast model for 2018
- The assumed combined ratio for 2018 has improved from 88-89 to 86-87, excl. run-off in Q4 2018 and still incl. additional expenses of 0.5 to 1pp due to the investment in increased digitisation and automation
- A continued positive growth in premiums is assumed in non-life insurance
- The post-tax profit forecast model for 2018 has been upgraded by DKK 150m at DKK 1,200-1,300m, excluding run-off in Q4 2018, corresponding to an EPS of DKK 14.5
- The profit forecast model for 2018 has been prepared on the basis of the rates as of 28 September 2018. The investment return after return and revaluation of non-life insurance provisions is approx. DKK 50m pre-tax below assumptions for the period 1 to 12 October 2018.
Assumptions for 2019
- A positive premium growth and a combined ratio of 89-90 exclusive of run-off is assumed for 2019.
Webcast
In a webcast, Steffen Heegaard, Group Communications and IR Director, will present the financial highlights and comment on the forecast.
Conference call
A conference call will be held today at 17:00 (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 held in English.
In order to participate in the conference call, please call:
DK dial-in-number: +45 3544 5583
UK dial-in-number: +44 203 194 0544
US dial-in-number: +1 855 269 2604
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
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