TOPDANMARK A/S Announcement of 2022 Annual Results
Highlights
2022
- Profit after tax of
DKK 2,049m (2021:DKK 2,138m ) -
EPS was
DKK 23.2 (2021:DKK 24.3 ) - Combined ratio: 81.8 (2021: 80.1)
- Combined ratio excluding run-off: 83.3 (2021: 82.8)
- Premiums increased by 3.8% in non-life insurance.
-
After return on non-life insurance provisions, the investment return was
DKK -477m (2021:DKK 554m ). -
Profit from discontinued operations was
DKK 1,089m after tax (2021:DKK 248m ).
Q4 2022
- Profit after tax of
DKK 1,410m (Q4 2021:DKK 625m ) -
EPS was
DKK 15.9 (Q4 2021:DKK 7.1 ) - Combined ratio: 80.9 (Q4 2021: 77.9)
-
Combined ratio excluding run-off profits: 81.7
(Q4 2021: 80.4) - Premiums increased by 4.0% in non-life insurance.
-
After return on non-life insurance provisions, the investment return was
DKK 78m (Q4 2021:DKK 193m ). -
Profit from discontinued operations was
DKK 983m after tax (Q4 2021:DKK 64m ).
Dividend distribution for 2022
- The Board of Directors will recommend to the AGM that distribution of a total dividend of
DKK 4,815m takes place, representingDKK 53.5 per share, a pay-out ratio of 235 and a dividend yield of 14.6. The total dividend is made up of an ordinary dividend ofDKK 990m from this year’s profit from continuing operations ofDKK 960m , representingDKK 11.0 per share and a pay-out ratio of 103.1, as well as an extra dividend based on the sale of Topdanmark Liv Holding A/S ofDKK 3,825m , representingDKK 42.5 per share. -
Subject to the approval from the AGM, the distribution of dividend will take place immediately after the AGM on
26 April 2023 .
Profit forecast model for 2023
- The post-tax profit forecast model for 2023 amounts to
DKK 1,050-1,310m , excluding run-off. -
The assumed combined ratio for 2023 is adjusted to 83-86 excluding run-off due to rising long interest rates, removal of the
VA component, and higher expected reinsurance prices. These three effects impacted the assumed combined ratio by well above 0.5pp. - The expected premium growth in non-life is unchanged at 2-3.5%.
Divestment of Topdanmark Liv Holding A/S
On
Efficiency programme
- In 2022,
Topdanmark has made solid progress in its efforts to become more efficient. Topdanmark has realised gross efficiency gains ofDKK 325m , ahead of original expectations ofDKK 260m .-
Due to the strong delivery on the programme so far and the inclusion of further cost efficiency measures, the efficiency programme is now targeted to deliver gross efficiency gains of
DKK 650m in 2025. -
In 2023, the gross efficiency gains from the programme are expected to amount to
DKK 435m .
Annual General Meeting
The date of the Annual General Meeting has been changed to
Conference call
A conference call will be held today at 15:00 (CET) where
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
Contacts
- Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk
About Topdanmark A/S
We are 2,100 employees, and we help more than 110,000 commercial and agricultural customers and 600,000 private customers all over the country. We have been helping customers since 1898 when
Attachments
- Topdanmark Annual Results 2022.pdf
© Ritzau Denmark, source
