25.10.2022 07:59:39 CEST | Topdanmark A/S |
Delårsrapport/Periodemeddelelse (Q1 og Q3)
Topdanmark Interim Report for Q1-Q3 2022
25 October 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 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 (CET) where Peter Hermann, CEO, and Lars Kufall Beck, CFO, will be available for questions based on the report. 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 transmission of 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
Kontakter
Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk
Om Topdanmark A/S
Topdanmark er et af landets største forsikrings- og pensionsselskaber.
I mere end 100 år har vi hjulpet vores kunder med at passe på det, der betyder mest. Forebygge og begrænse skader. Sikre økonomisk tryghed før og efter pensionsalderen. Til gavn for både mennesker og miljø.
Det gør os til en attraktiv virksomhed – ikke kun for vores kunder, men også for vores medarbejdere, aktionærer og verden omkring os.
Læs mere om Topdanmark på topdanmark.com
Vedhæftninger
Topdanmark_Q1-Q3 Report 2022.pdf
25.10.2022 07:59:39 CEST | Topdanmark A/S |
Interim report (Q1 and Q3)
Topdanmark Interim Report for Q1-Q3 2022
25 October 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 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 (CET) where Peter Hermann, CEO, and Lars Kufall Beck, CFO, will be available for questions based on the report. 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 transmission of 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
Contacts
Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk
About Topdanmark A/S
Topdanmark is one of the country’s largest insurance and pension companies.
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 Topdanmark on topdanmark.com
Attachments
Topdanmark_Q1-Q3 Report 2022.pdf
