Topdanmark interim report for Q1 2022
Announcement no. 11/2022
Highlights
Q1 2022
- Profit after tax of
DKK 115m (Q1 2021:DKK 635m ) -
EPS was
DKK 1.3 (Q1 2021:DKK 7.2 ) - Combined ratio: 86.9 (Q1 2021: 83.4)
- Combined ratio excluding run-off profits: 88.8 (Q1 2021: 85.9)
- Premiums increased by 4.1% in non-life insurance.
-
After return on non-life insurance provisions, the investment return was
DKK 142m (loss) (Q1 2021:DKK 240m ). -
Profit from discontinued operations was
DKK 10m after tax (Q1 2021: 157m). - Life insurance premiums in discontinued operations increased by 3.5%.
Profit forecast model for 2022
- 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. -
The profit forecast for 2022 has been improved from
DKK 1,200-1,450m toDKK 2,250-2,500m after tax, excluding run-off in Q2-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 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
- 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 toNordea Life Holding AB . - The divestment is expected to be completed in the second half of 2022.
-
Net gain of approx.
DKK 1.2bn is expected to be booked on closing and is included in the updated profit forecast model. -
The transaction is expected to release approx.
DKK 3bn of solvency capital providingTopdanmark with the potential of carrying out an extraordinary distribution of dividend following the closing of the transaction. - From Q1 2022, the reporting setup has been updated 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 in the report for further information.
Conference call
A conference call will be held today at 13:00 (CEST) in which
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
Please direct any queries to:
Direct tel: +45 44 74 30 28
Robin Hjelgaard Løfgren, Head of Investor Relations
Direct tel.: +45 4474 4017, mobile tel.: +45 2962 1691
CVR no. 78040017
Borupvang 4
2750 Ballerup
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 Report 2022.pdf
© Ritzau Denmark, source