26 October 2017
Announcement No. 28/2017
Key features
Q1-Q3 2017
• Post-tax profit of DKK 1,353m (Q1-Q3 2016: DKK 1,114m)
• EPS: DKK 15.8 (Q1-Q3 2016: DKK 12.0)
• Combined ratio: 81.9 (Q1-Q3 2016: 85.3)
• Combined ratio excluding run-off profits: 85.6 (Q1-Q3 2016: 89.2)
• Trend in premiums: 1.3% increase in non-life insurance and 7.4% increase in life insurance
• Profit on life insurance: DKK 207m (Q1-Q3 2016: DKK 135m)
• Investment return after return and revaluation of non-life insurance provisions:
DKK 330m (Q1-Q3 2016: DKK 340m).
Q3 2017
• Post-tax profit: DKK 464 (Q3 2016: DKK 528m)
• EPS: DKK 5.4 (Q3 2016: DKK 5.8)
• Combined ratio: 82.0 (Q3 2016: 83.4)
• Combined ratio excluding run-off profits: 86.1 (Q3 2016: 87.1)
• Trend in premiums: 1.5% increase in non-life insurance, 24.6 % increase in life insurance
• Profit on life insurance: DKK 79m (Q3 2016: DKK 69m)
• Investment return after return and revaluation of non-life insurance provisions:
DKK 109m (Q3 2016: DKK 231m).
Profit forecast model for 2017
• As stated in company announcement 26/2017, the assumed combined ratio for 2017 was reduced from around 87 to around 85, excluding run-off in Q4 2017, including additional expenses of 0.5-1pp for investment in increased digitalisation and automation
• It was also stated in company announcement 26/2017 that the post-tax profit forecast model for 2017 is upgraded by DKK 250m to DKK 1,500-1,600m, excluding run-off in Q4 2017, representing EPS of DKK 18.1
• Assumed premium growth of around 1%. In the Half-Year Report for 2017, slightly positive premium growth was assumed.
Assumptions for 2018
• For 2018, Topdanmark assumes positive premium growth and a combined ratio of 90-91 excl. run-off.
Webcast
Topdanmark's CEO, Christian Sagild will present the financial highlights and comment on the forecast in a webcast.
Conference call
A conference call will be held today at 15:30 (CET) when CEO Christian Sagild and CFO Lars Thykier 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:
UK dial-in number: +44 (0)20 7031 0088
US dial-in number: +1 646 851 2407
10-15 minutes before the conference quoting reference 962990 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:
Christian Sagild
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: +45 4025 3524
Topdanmark A/S
Borupvang 4
DK-2750 Ballerup
Tel +45 44 68 33 11
Reg.No. 78040017
