Topdanmark A/S : Q1-Q3 2021 Topdanmark Forsikring (74 KB)

Topdanmark Forsikring - Group

Income statement

	Full year	Q1-Q3	Q1-Q3
(DKKm)	2020	2020	2021
NON-LIFE INSURANCE
Gross premiums written	9,803	8,086	8,481
Ceded reinsurance premiums	(592)	(538)	(559)
Change in the provisions for unearned premiums	282	(908)	(1,062)
Change in profit margin and risk margin	(323)	98	227
Change in the reinsurers' share of the provisions
for unearned premiums	3	105	107
Premiums earned, net of reinsurance	9,174	6,843	7,194
Claims paid	(6,500)	(4,851)	(4,558)
Reinsurance cover received	292	231	212
Change in the provisions for claims	(87)	(125)	(599)
Change in risk margin	30	29	20
Change in the reinsurers' share of the provisions for claims	(41)	(28)	134
Claims incurred, net of reinsurance	(6,305)	(4,745)	(4,792)
Bonuses and rebates	(31)	(31)	(71)
Acquisition costs	(1,015)	(747)	(762)
Administrative expenses	(585)	(433)	(447)
Intra-group reimbursements	35	25	32
Reinsurance commission and share of profits	81	61	61
Insurance operating expenses, net of reinsurance	(1,484)	(1,094)	(1,116)
TECHNICAL RESULT FROM NON-LIFE INSURANCE	1,354	974	1,216
LIFE INSURANCE
Gross premiums written	10,981	8,406	7,616
Ceded reinsurance premiums	(1)	(1)	(1)
Premiums, net of reinsurance	10,980	8,405	7,615
Allocated investment return, net of reinsurance	5,291	(62)	6,893
Pension return tax	(617)	4	(997)
Claims and benefits paid	(6,393)	(4,642)	(6,718)
Reinsurance cover received	6	5	3
Claims and benefits paid, net of reinsurance	(6,387)	(4,637)	(6,716)
Change in the life insurance provisions	(8,839)	(3,410)	(5,258)
Change in the reinsurers' shar	(7)	(5)	(1)
Change in the life insurance provisions, net of reinsurance	(8,847)	(3,415)	(5,260)
Change in profit margin	(38)	(0)	(1,225)
Acquisition costs	(184)	(133)	(141)
Administrative expenses	(375)	(274)	(299)
Insurance operating expenses, net of reinsurance	(559)	(407)	(440)
TECHNICAL RESULT FROM LIFE INSURANCE	(176)	(112)	(129)

Topdanmark Forsikring - Group

Income statement

	Full year	Q1-Q3	Q1-Q3
(DKKm)	2020	2020	2021
NON-TECHNICAL ACTIVITIES
Technical result from non-life insurance	1,354	974	1,216
Technical result from life insurance	(176)	(112)	(129)
Income from associates	92	13	384
Income from investment properties	191	144	155
Interest income and dividends etc.	1,909	1,370	1,877
Revaluations	3,985	(1,237)	5,027
Interest charges	(92)	(71)	(57)
Expenses on investment activities	(450)	(321)	(295)
Total investment return	5,635	(103)	7,092
Return and revaluations of non-life insurance provisions	(374)	(318)	492
Investment return transferred to life insurance business	(5,291)	62	(6,893)
Other income	289	206	196
Other expenses	(17)	(12)	(6)
PRE-TAX PROFIT	1,419	697	1,968
Taxation	(321)	(163)	(438)
PROFIT FOR THE PERIOD	1,098	534	1,530

Statement of comprehensive income ● Group

Profit for the period	1,098	534	1,530
Items which cannot subsequently be reclassified as profit or loss:
Revaluation / Reversed revaluation owner-occupied properties	1	1	(2)
Taxation	(0)	(0)	0
Other comprehensive income	1	1	(1)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	1,099	535	1,529

Topdanmark Forsikring - Group

Assets

	31 Dec	30 Sep	30 Sep
(DKKm)	2020	2020	2021
INTANGIBLE ASSETS	1,486	1,452	1,592
Operating equipment	106	109	95
Owner-occupied properties	837	837	805
TOTAL TANGIBLE ASSETS	943	947	900
Investment properties	3,919	3,978	3,774
Equity investments in associates	1,741	1,662	2,123
Total investments in associates	1,741	1,662	2,123
Equity investments	4,747	4,441	4,768
Unit trusts	2	1	1
Bonds	41,776	43,573	38,898
Deposits with credit institutions	4,989	3,067	2,260
Derivatives	1,405	762	229
Total other financial investment assets	52,918	51,844	46,156
TOTAL INVESTMENT ASSETS	58,579	57,484	52,053
INVESTMENT ASSETS RELATED TO UNIT-LINKED PRODUCTS	44,997	39,658	57,684
Reinsurers' share of theprovisions for unearned premiums	96	187	191
Reinsurers' share of thelife insurance provisions	5	7	3
Reinsurers' share of theprovisions for claims	440	452	570
Total reinsurers' shareof provisions	541	646	764
Receivables from policyholders	283	318	328
Receivables from insurance companies	71	92	85
Receivables from affiliates	3	0	0
Receivables from associates	252	261	243
Other receivables	533	505	323
TOTAL RECEIVABLES	1,683	1,822	1,743
Deferred tax assets	32	31	64
Liquid funds	844	420	227
Other	20	61	67
TOTAL OTHER ASSETS	896	513	358
Accrued interest and rent	415	347	403
Other prepayments and accrued income	210	240	240
TOTAL PREPAYMENTS AND ACCRUED INCOME	625	587	643
TOTAL ASSETS	109,210	102,462	114,973

Topdanmark Forsikring - Group

Shareholders' equity and liabilities

	31 Dec	30 Sep	30 Sep
(DKKm)	2020	2020	2021
Share capital	101	101	101
Revaluation reserve	1	1	0
Security fund	1,146	1,146	1,146
Other reserves	79	77	83
Total reserves	1,225	1,223	1,229
Profit carried forward	3,238	4,462	4,814
Proposed dividend	1,800	0	0
TOTAL SHAREHOLDERS' EQUITY	6,366	5,787	6,145
OTHER SUBORDINATED LOAN CAPITAL	1,350	1,350	500
Provisions for unearned premiums	1,590	2,776	2,597
Profit margin, non-life insurance contracts	1,150	735	950
With-profit products	23,178	22,933	22,311
Unit-linked products	55,790	50,605	61,844
Total life insurance provisions	78,968	73,538	84,156
Profit margin, life insurance and investment contracts	367	329	1,592
Provisions for claims	13,364	13,351	13,814
Risk margin, non-life insurance contracts	226	226	190
Provisions for bonuses and rebates	130	127	147
TOTAL PROVISIONS FOR INSURANCE
AND INVESTMENT CONTRACTS	95,797	91,082	103,446
Pensions and similar commitments	30	30	28
Deferred tax liabilities	80	82	90
Deferred tax on security funds	306	306	306
TOTAL PROVISIONS	417	419	424
DEPOSITS RECEIVED FROM REINSURERS	33	38	21
Debt relating to direct insurance operations	165	179	113
Debt relating to reinsurance operations	23	18	74
Amounts due to credit institutions	1,350	876	383
Amounts due to affiliates	910	992	1,351
Derivatives	983	702	597
Other debt	1,714	961	1,842
TOTAL DEBT	5,144	3,728	4,359
ACCRUALS AND DEFERRED INCOME	103	58	78
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	109,210	102,462	114,973

Topdanmark Forsikring - Group

Statement of changes in equity

(DKKm)

		Revalu-	Se-	Other	Profit	Pro-	Mino-
	Share	ation	curity	re-	carried	posed	rity in-
	capital	reserve	fund	serves forward dividend	terests'	Total
2020
Shareholders' equity at31 December previous year	101	0	1,146	72	3,143	1,500	0	5,963
Reduction of proposed dividend previous year					750	(750)		0
Profit for the year				7	(708)	1,800	(0)	1,098
Other comprehensive income		1						1
Total comprehensive income for the period		1		7	(708)	1,800	(0)	1,099
Dividend paid						(750)		(750)
Capital contribution from the parent
company (employee shares)					59			59
Taxation					(5)			(5)
Other transactions					54	(750)		(696)
Shareholder's equity at 31 December 2020	101	1	1,146	79	3,238	1,800	0	6,366
Q1-Q3 2020
Shareholders' equity at31 December previous year	101	0	1,146	72	3,143	1,500	0	5,963
Reduction of proposed dividend previous year					750	(750)		0
Profit for the period				5	529		0	534
Other comprehensive income		1						1
Total comprehensive income for the period		1		5	529		0	535
Dividend paid						(750)		(750)
Capital contribution from the parent
company (employee shares)					43			43
Taxation					(3)			(3)
Other transactions					40	(750)		(710)
Shareholders' equity at 30 September 2020	101	1	1,146	77	4,462	0	0	5,787
Q1-Q3 2021
Shareholders' equity at31 December previous year	101	1	1,146	79	3,238	1,800	0	6,366
Profit for the period				4	1,527		0	1,530
Other comprehensive income		(1)						(1)
Total comprehensive income for the period		(1)		4	1,527		0	1,529
Dividend paid						(1,800)		(1,800)
Capital contribution from the parent
company (employee shares)					46			46
Taxation					3			3
Other transactions					49	(1,800)		(1,751)
Shareholders' equity at 30 September 2021	101	0	1,146	83	4,814	0	0	6,145