25.4.2023 07:59:59 CEST | Topdanmark A/S |
Kvartalsrapport
Topdanmark interim report for Q1 2023
25 April 2023
Announcement no. 07/2023
Highlights
Q1 2023
Profit after tax of DKK 373m (Q1 2022: DKK 161m)
EPS was DKK 4.2 (Q1 2022: DKK 1.8)
Combined ratio: 83.6 (Q1 2022: 91.6)
Combined ratio excluding run-off profits: 85.9 (Q1 2022: 89.1)
Insurance revenue increased by 2.5%
Net investment result was DKK 106m (Q1 2022: DKK 4m).
Profit forecast model for 2023
The assumed combined ratio for 2023 has been improved from 83-86 to 82.5-85.5, excluding run-off in Q2-Q4.
The profit forecast for 2023 has been improved from DKK 1,050-1,310m to DKK 1,150-1,410m after tax, excluding run-off in Q2-Q4. The announced acquisition of Oona Health A/S is for modelling purposes assumed to close as at 31 December 2023. As a result, no effects related to the acquisition have been included.
The expected insurance revenue growth is unchanged at 2-3.5%.
Acquisition of Oona Health A/S
On 16 March 2023, Topdanmark signed an agreement to acquire Oona Health A/S, including Dansk Sundhedssikring A/S, from Daytona Holdings Limited and a number of minority shareholders.
Closing of the transaction is expected in the second half of 2023. In the profit forecast model for 2023, closing is assumed as at 31 December 2023 and will thus have limited financial impact in 2023.
IFRS accounting policies
Topdanmark Group has applied IFRS 17 and IFRS 9 as from 1 January 2023, and the EIOPA interest rate curve used for measurement of the insurance provisions was changed to exclude the VA component.
The transition did not materially affect the result or shareholders’ equity for the current period.
Comparative figures have been adapted.
Conference call
A conference call will be held today at 10:00 (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 transmission of the call.
Please direct any queries to:
Lars Kufall Beck, CFO
Direct tel: +45 44 74 30 28
Robin Hjelgaard Løfgren, Head of Investor Relations
Direct tel.: +45 4474 4017, mobile tel.: +45 2962 1691
Topdanmark A/SCVR no. 78040017Borupvang 42750 Ballerup
Kontakter
Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk
Om Topdanmark A/S
Topdanmark er et af landets største forsikringsselskaber.
Vi er 2.100 medarbejdere, der hjælper flere end 110.000 erhvervs- og landbrugskunder og 600.000 privatkunder i hele landet. Det har vi gjort siden 1898, hvor grundstenen til Topdanmark blev lagt.
Vedhæftninger
Topdanmark Q1 Report 2023.pdf
25.4.2023 07:59:59 CEST | Topdanmark A/S |
Quarterly report
Topdanmark interim report for Q1 2023
25 April 2023
Announcement no. 07/2023
Highlights
Q1 2023
Profit after tax of DKK 373m (Q1 2022: DKK 161m)
EPS was DKK 4.2 (Q1 2022: DKK 1.8)
Combined ratio: 83.6 (Q1 2022: 91.6)
Combined ratio excluding run-off profits: 85.9 (Q1 2022: 89.1)
Insurance revenue increased by 2.5%
Net investment result was DKK 106m (Q1 2022: DKK 4m).
Profit forecast model for 2023
The assumed combined ratio for 2023 has been improved from 83-86 to 82.5-85.5, excluding run-off in Q2-Q4.
The profit forecast for 2023 has been improved from DKK 1,050-1,310m to DKK 1,150-1,410m after tax, excluding run-off in Q2-Q4. The announced acquisition of Oona Health A/S is for modelling purposes assumed to close as at 31 December 2023. As a result, no effects related to the acquisition have been included.
The expected insurance revenue growth is unchanged at 2-3.5%.
Acquisition of Oona Health A/S
On 16 March 2023, Topdanmark signed an agreement to acquire Oona Health A/S, including Dansk Sundhedssikring A/S, from Daytona Holdings Limited and a number of minority shareholders.
Closing of the transaction is expected in the second half of 2023. In the profit forecast model for 2023, closing is assumed as at 31 December 2023 and will thus have limited financial impact in 2023.
IFRS accounting policies
Topdanmark Group has applied IFRS 17 and IFRS 9 as from 1 January 2023, and the EIOPA interest rate curve used for measurement of the insurance provisions was changed to exclude the VA component.
The transition did not materially affect the result or shareholders’ equity for the current period.
Comparative figures have been adapted.
Conference call
A conference call will be held today at 10:00 (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 transmission of the call.
Please direct any queries to:
Lars Kufall Beck, CFO
Direct tel: +45 44 74 30 28
Robin Hjelgaard Løfgren, Head of Investor Relations
Direct tel.: +45 4474 4017, mobile tel.: +45 2962 1691
Topdanmark A/SCVR no. 78040017Borupvang 42750 Ballerup
Contacts
Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk
About Topdanmark A/S
Topdanmark is one of the largest insurance companies in Denmark.
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 Topdanmark was founded.
Attachments
Topdanmark Q1 Report 2023.pdf
