Topdanmark Interim Report for Q1-Q3 2022
Announcement no. 18/2022
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 toDKK 2,000-2,150m after tax, excluding run-off in Q4 but including the expected net gain ofDKK 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
Conference call
A conference call will be held today at 13:00 (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
Please direct any queries to:
Chief Executive Officer
Chief Financial Officer
Robin Hjelgaard Løfgren
Head of Investor Relations
Direct tel.: +45 4474 4017, mobile tel.: +45 2962 1691
Contacts
- Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk
About Topdanmark A/S
For more than 100 years, we have helped our customers care for what matters the most. Prevent and limit damages. Secure financial security before and after retirement. For the benefit of both people and the environment.
It makes us an attractive company - not only for our customers, but also for our employees, shareholders and the world around us.
Find more information about
Attachments
- Topdanmark_Q1-Q3 Report 2022.pdf
© Ritzau Denmark, source