Interim report for Q1-Q3 2022

25 October 2022, Announcement No. 18/2022

Topdanmark A/S • Borupvang 4 • DK-2750 Ballerup • Tel +45 44 68 33 11

CVR no. 78040017 • topdanmark@topdanmark.dk • www.topdanmark.com

Contents

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Announcement No. 18/2022 from Topdanmark A/S

Management's review

  1. Highlights
  2. Financial highlights
  3. Results for Q1-Q3 2022
  1. Results for Q3 2022
  2. Non-lifeinsurance in Q1-Q3 2022
  3. Non-lifeinsurance in Q3 2022
  1. Discontinued operations (Topdanmark Liv Holding A/S)
  2. Life insurance in Q1-Q3 2022
  1. Life insurance in Q3 2022
  2. Divestment of Topdanmark Liv Holding A/S
  1. Investment activities
  2. Parent company etc.
  1. Taxation
  2. Solvency calculation and capital requirements
  1. Efficiency programme
  1. New IT systems
  2. Profit forecast model for 2022
  3. Assumptions for the profit forecast model for 2023
  4. Financial calendar

18 Disclaimer

Financial statements for

Q1-Q3 2022 - Group

20 Income statement

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

Financial statements for

Q1-Q3 2022 - Parent company

31 Income statement

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

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Announcement No. 18/2022 from Topdanmark A/S

Management's review

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Announcement No. 18/2022 from Topdanmark A/S

Highlights

Q1-Q3 2022

  • Profit after tax of DKK 639m (Q1-Q3 2021: DKK 1,513m)
  • EPS was DKK 7.2 (Q1-Q3 2021: DKK 17.2)
  • Combined ratio: 82.1 (Q1-Q3 2021: 80.9)
  • Combined ratio excluding run-off: 83.9
    (Q1-Q3 2021: 83.6)
  • Premiums increased by 3.7% in non-life insurance.
  • After return on non-life insurance provisions, the investment return was DKK -555m(Q1-Q3 2021: DKK 362m).
  • Profit from discontinued operations was DKK 103m after tax (Q1-Q3 2021: DKK 184m).
  • Life insurance premiums (including investment contracts, and illness and accident) in discontinued operations increased by 6.5%.

Q3 2022

  • Profit after tax of DKK 259m (Q3 2021: DKK 356m)
  • EPS was DKK 2.9 (Q3 2021: DKK 4.0)
  • Combined ratio: 80.1 (Q3 2021: 80.0)
  • Combined ratio excluding run-off: 81.9
    (Q3 2021: 83.6)
  • Premiums increased by 3.3% in non-life insurance.
  • After return on non-life insurance provisions, the investment return was DKK -118m (Q3 2021:
    DKK 22m).
  • Result for discontinued operations was DKK -14m after tax (Q3 2021: DKK -16m).
  • Life insurance premiums (including investment contracts, and illness and accident) in discontinued operations increased by 6.7%.

Profit forecast model for 2022

  • The assumed combined ratio for 2022 is narrowed from 82-84.5 to 82-83, excluding run-off in Q4 2022.
  • The profit forecast for 2022 has been lowered from DKK 2,100-2,350m to DKK 2,000-2,150m after tax, excluding run-off in 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).
  • The expected premium growth in non-life is narrowed from 3-4.5% to 3.5-4%.

Assumptions for 2023

  • A premium growth in non-life of 2-3.5%, and a combined ratio of 82.5-85.5, excluding run-off, are assumed for 2023 under the new IFRS 17 accounting standard.

Divestment of Topdanmark Liv Holding A/S

On 19 October 2022, we received the formal approval of the divestment from the EU Commission. We

still await an approval from the Danish FSA, and we continue to expect the divestment to be completed in Q4 2022.

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 76 84 90

SE dial-in-number: +46 4 0682 0620

UK dial-in-number: +44 203 769 6819

US dial-in-number: +1 646 787 0157

(Pin code for all callers: 587062)

10-15 minutes before the conference and ask the operator to connect you to the Topdanmark conference call - or listen to the live transmissionof 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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Announcement No. 18/2022 from Topdanmark A/S

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Disclaimer

Topdanmark A/S published this content on 25 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2022 06:22:07 UTC.