Interim report for Q1 2022
27 April 2022, Announcement No. 11/2022
Topdanmark A/S • Borupvang 4 • DK-2750 Ballerup • Tel +45 44 68 33 11 CVR no. 78040017 •topdanmark@topdanmark.dk• www.topdanmark.com
Contents
Management's review
5 Highlights
6 Financial highlights
7 Results for Q1 2022
7 Non-life insurance in Q1 2022
11 Discontinued operations (Topdanmark Liv Holding A/S)
12 Investment activities
13 Solvency calculation and capital requirements
14 Parent company etc.
14 Taxation
14 Efficiency programme
14 New IT systems
14 Profit forecast model for 2022
16 Financial calendar
16 Disclaimer
Financial statements for Q1 2022 - Group
18 Income statement
18 Statement of comprehensive income
19 Assets
20 Shareholders' equity and liabilities
21 Cash flow statement
22 Statement of changes in equity
23 Segment information
24 Notes to the financial statements
Financial statements for Q1 2022 - Parent company
29 Income statement
29 Statement of comprehensive income
30 Balance sheet
31 Statement by Management
Management's review
Highlights
Q1 2022
y Profit after tax of DKK 115m (Q1 2021: DKK 635m)
y EPS was DKK 1.3 (Q1 2021: DKK 7.2)
y Combined ratio: 86.9 (Q1 2021: 83.4)
y Combined ratio excluding run-off profits: 88.8
(Q1 2021: 85.9)
y Premiums increased by 4.1% in non-life insurance.
y After return on non-life insurance provisions, the
investment return was DKK 142m (loss) (Q1 2021:
DKK 240m).
y Profit from discontinued operations was DKK 10m
after tax (Q1 2021: 157m).
y Life insurance premiums in discontinued operations
increased by 3.5%.
Profit forecast model for 2022
y The assumed combined ratio for 2022 has been improved from 85.5-88 to 83-86, excluding run-off in Q2-Q4, partly due to the reclassification of illness and accident to discontinued operations.
y The profit forecast for 2022 has been improved from DKK 1,200-1,450m to DKK 2,250-2,500m after tax, excluding run-off in Q2-Q4 but including the expected net gain of DKK 1.2bn from the divestment of Topdanmark Liv Holding A/S (closing assumed as at 31 December 2022).
y The expected premium growth in non-life has been lowered from 4-5.5% to 3-4.5%, due to the reclassification of illness and accident to discontinued operations.
Divestment of Topdanmark Liv Holding A/S
y As announced on 18 March 2022, Topdanmark Forsikring A/S has signed an agreement to divest Topdanmark Liv Holding A/S and all subsidiaries hereof to Nordea Life Holding AB.
y The divestment is expected to be completed in the second half of 2022.
y Net gain of approx. DKK 1.2bn is expected to be booked on closing and is included in the updated profit forecast model.
y The transaction is expected to release approx. DKK 3bn of solvency capital providing Topdanmark with the potential of carrying out an extraordinary distribution of dividend following the closing of the transaction.
y From Q1 2022, the reporting setup has beenupdated to reflect the divestment. All subsidiaries held for sale are reported on the line "Profit after tax, discontinued operations". Comparative figures have been restated in income statements. Please refer to pages 11-12 for further information.
Conference call
A conference call will be held today at 13:00 (CEST) in which Peter Hermann, CEO, and Lars Kufall Beck, 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: +46 856 642 695
UK dial-in number: +44 333 300 9260
US dial-in number: +1 631 913 1422 (US callers, please
use PIN 87500789#)
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
Lars Kufall Beck Chief Financial Officer
Robin Hjelgaard Løfgren Head of Investor Relations Direct tel.: +45 4474 4017 Mobile tel.: +45 2962 1691
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Topdanmark A/S published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 06:14:04 UTC.