Half-year report for 2021

16 July 2021, Announcement No. 10/2021

Topdanmark A/S • Borupvang 4 • DK-2750 Ballerup Tel +45 44 68 33 11 • CVR no. 78040017 topdanmark@topdanmark.dk • www.topdanmark.com

Contents

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Announcement No. 10/2021 from Topdanmark A/S

Management's review

  1. Key features
  2. Financial highlights
  3. Results for H1 2021
  1. Results for Q2 2021
  1. Impact of the COVID-19 situation
  1. Non-lifeinsurance in H1 2021
  1. Non-lifeinsurance in Q2 2021
  1. Life insurance in H1 2021
  2. Life insurance in Q2 2021
  1. Investment activities
  2. Solvency calculation and capital requirements
  3. Parent company etc.

14 Taxation

  1. Efficiency programme
  1. New IT systems
  1. Model profit forecast
  1. New Group CFO
  1. Financial calendar
  1. Disclaimer

Financial statements for

H1 2021 - Group

  1. Income statement
  2. Statement of comprehensive income
  3. Assets
  4. Shareholders' equity and liabilities
  5. Cash flow statement
  6. Statement of changes in equity
  7. Segment information
  8. Notes to the financial statements

Financial statements for

H1 2021 - Parent company

28 Income statement

  1. Statement of comprehensive income
  2. Balance sheet
  3. Statement by Management

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Announcement No. 10/2021 from Topdanmark A/S

Management's review

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Announcement No. 10/2021 from Topdanmark A/S

Key features

H1 2021

  • Post-tax profit of DKK 1,157m (H1 2020: DKK 196m)
  • EPS was DKK 13.2 (H1 2020: DKK 2.2)
  • Combined ratio: 83.6 (H1 2020: 85.5)
  • Combined ratio excluding run-off: 85.8 (H1 2020: 87.2)
  • Premiums increased by 4.7% in non-life insurance and decreased by 12.9% in life insurance
  • Profit on life insurance was DKK 258m (H1 2020: DKK 25m (loss))
  • After return on non-life insurance provisions, the investment return was DKK 387m (H1 2020: DKK 372m (loss)).

Q2 2021

  • Post-tax profit of DKK 522m (Q2 2020: DKK 389m)
  • EPS was DKK 5.9 (Q2 2020: DKK 4.4)
  • Combined ratio: 81.2 (Q2 2020: 81.3)
  • Combined ratio excluding run-off profits: 83.6
    (Q2 2020: 82.6)
  • Premiums increased by 4.7% in non-life insurance and decreased by 12.7% in life insurance
  • Profit on life insurance was DKK 68m (Q2 2020: DKK 24m)
  • After return on non-life insurance provisions, the investment return was DKK 107m (Q2 2020: DKK 57m).

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 72 32 52

SE dial-in-number: +46 8 50 55 8 368

UK dial-in-number: +44 333 300 9266

US dial-in-number: +1 646 722 4903

10-15 minutes before the conference and ask the operator to connect you to the Topdanmark conference call - or listen to thelive 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 Løfgren

Head of Investor Relations

Direct tel.: +45 4474 4017

Mobile tel.: +45 2962 1691

Model profit forecast 2021

  • The assumed combined ratio for 2021 is improved from 87-88 to 85-86, excluding run-off in H2 2021
  • The assumed premium growth for non-life insurance is improved from 3-4% to 4-5%
  • The model post-tax profit forecast for 2021 is improved from DKK 1,450-1,550m to
    DKK 1,650-1,750m, excluding run-off in H2 2021.

Other events

  • During H1 2021, inflation within construction materials has been significant, but our procurement efforts provide an effective safeguard against rising claims costs in the short term.
  • Topdanmark has launched an online sales platform for the non-life small enterprises segment.

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Announcement No. 10/2021 from Topdanmark A/S

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Disclaimer

Topdanmark A/S published this content on 16 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2021 10:23:04 UTC.