22.1.2021 12:05:53 CET | Topdanmark A/S |
Årsregnskabsmeddelelse
Topdanmark årsregnskabsmeddelelse 2020
22. januar 2021
Med. nr. 02/2021
Key features
2020
Post-tax profit of DKK 1,124m (2019: DKK 1,547m)
EPS was DKK 12.9 (2019: DKK 17.7)
Combined ratio: 86.5 (2019: 83.7)
Combined ratio excluding run-off: 88.2 (2019: 88.3)
Premiums increased by 3.6% in non-life insurance and decreased by 1.1% in life insurance.
Profit on life insurance was DKK 117m (2019: DKK 327m).
After return on non-life insurance provisions, the investment return was DKK 52m (2019: DKK 179m).
Q4 2020
Post-tax profit of DKK 571m (Q4 2019: DKK 431m)
EPS was DKK 6.5 (Q4 2019: DKK 4.9)
Combined ratio: 85.1 (Q4 2019: 88.3)
Combined ratio excluding run-off profits: 87.1(Q4 2019: 92.1)
Premiums increased by 6.0% in non-life insurance and decreased by 13.9% in life insurance.
Profit on life insurance was DKK 74m (Q4 2019: DKK 36m).
After return on non-life insurance provisions, the investment return was DKK 292m (Q4 2019: DKK 230m).
Dividend distribution for 2020
The Board of Directors will recommend to the AGM on 25 March 2021 that a dividend of DKK 1,035m will be distributed for 2020, representing DKK 11.5 per share. This represents a pay-out ratio of 92.1 and a dividend yield of 4.4.
At the AGM in 2020, it was decided to postpone pay-out of the second half of the dividend for 2019 until the AGM on 25 March 2021. The Board of Directors will recommend to the AGM that the remaining dividend of DKK 8.5 per share (DKK 765m) will be distributed as an extraordinary dividend.
Given the AGM approval, the total dividend distributed in connection with the AGM will be DKK 1,800m or DKK 20 per share.
Profit forecast model for 2021
Compared with the profit forecast model for 2021 in the Q3 Report, the assumed combined ratio for 2021 has been improved from about 90 to 89-90 excluding run-off.
The expected premium growth in non-life remains unchanged at just above 3%.
The post-tax profit forecast model for 2021 amounts to DKK 1,000-1,100m, excluding run-off.
Efficiency programme
As announced in the Q3 Report, Topdanmark has upscaled investments to become more efficient. The efficiency programme is expected to generate annual gross efficiency gains of DKK 500m in 2025.
The gross efficiency gains in 2021 are expected to amount to DKK 120m.
Compared with 2020, additional costs following the increased level of investments in the efficiency programme will impact costs for 2021 negatively by DKK 100m.
In 2021, the net impact of the efficiency programme has been improved from negative DKK 30m, as assumed in the Q3 Report, to now DKK 20m in 2021.
Annual General Meeting
The Annual General Meeting will be held on 25 March 2021, 15:00 (CET) as a virtual AGM.
Webcast
In a webcast IR Director, Steffen Heegaard, will present the financial highlights and comment on the forecast.
Conference call
A conference call will be held today at 16:00 (CET) where Peter Hermann, CEO and Lars Thykier, CFO will be available for questions based on the annual results and the webcast. The call will be conducted in English.
In order to participate in the conference call, please call:
DK dial-in-number: +45 78 72 32 50
SE dial-in-number: +46 85 66 42 706
UK dial-in-number: +44 333 300 9031
US dial-in-number: +1 833 526 8383
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
Direct tel.: +45 4474 4450
Lars Thykier
Chief Financial Officer
Direct tel.: +45 4474 3714
Steffen Heegaard
IR Director
Direct tel.: +45 4474 4017, mobile tel.: +45 4025 3524
Kontakter
Lars Thykier, CFO, + 45 44 74 37 14
Steffen Heegaard, IR Director, +45 44 74 40 17
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 Annual Results 2020_22 01 2021.pdf
22.1.2021 12:05:53 CET | Topdanmark A/S |
Financial Statement Release
TOPDANMARK ANNOUNCEMENT OF 2020 ANNUAL RESULTS
22 January 2021
Announcement No. 02/2021
Key features
2020
Post-tax profit of DKK 1,124m (2019: DKK 1,547m)
EPS was DKK 12.9 (2019: DKK 17.7)
Combined ratio: 86.5 (2019: 83.7)
Combined ratio excluding run-off: 88.2 (2019: 88.3)
Premiums increased by 3.6% in non-life insurance and decreased by 1.1% in life insurance.
Profit on life insurance was DKK 117m (2019: DKK 327m).
After return on non-life insurance provisions, the investment return was DKK 52m (2019: DKK 179m).
Q4 2020
Post-tax profit of DKK 571m (Q4 2019: DKK 431m)
EPS was DKK 6.5 (Q4 2019: DKK 4.9)
Combined ratio: 85.1 (Q4 2019: 88.3)
Combined ratio excluding run-off profits: 87.1(Q4 2019: 92.1)
Premiums increased by 6.0% in non-life insurance and decreased by 13.9% in life insurance.
Profit on life insurance was DKK 74m (Q4 2019: DKK 36m).
After return on non-life insurance provisions, the investment return was DKK 292m (Q4 2019: DKK 230m).
Dividend distribution for 2020
The Board of Directors will recommend to the AGM on 25 March 2021 that a dividend of DKK 1,035m will be distributed for 2020, representing DKK 11.5 per share. This represents a pay-out ratio of 92.1 and a dividend yield of 4.4.
At the AGM in 2020, it was decided to postpone pay-out of the second half of the dividend for 2019 until the AGM on 25 March 2021. The Board of Directors will recommend to the AGM that the remaining dividend of DKK 8.5 per share (DKK 765m) will be distributed as an extraordinary dividend.
Given the AGM approval, the total dividend distributed in connection with the AGM will be DKK 1,800m or DKK 20 per share.
Profit forecast model for 2021
Compared with the profit forecast model for 2021 in the Q3 Report, the assumed combined ratio for 2021 has been improved from about 90 to 89-90 excluding run-off.
The expected premium growth in non-life remains unchanged at just above 3%.
The post-tax profit forecast model for 2021 amounts to DKK 1,000-1,100m, excluding run-off.
Efficiency programme
As announced in the Q3 Report, Topdanmark has upscaled investments to become more efficient. The efficiency programme is expected to generate annual gross efficiency gains of DKK 500m in 2025.
The gross efficiency gains in 2021 are expected to amount to DKK 120m.
Compared with 2020, additional costs following the increased level of investments in the efficiency programme will impact costs for 2021 negatively by DKK 100m.
In 2021, the net impact of the efficiency programme has been improved from negative DKK 30m, as assumed in the Q3 Report, to now DKK 20m in 2021.
Annual General Meeting
The Annual General Meeting will be held on 25 March 2021, 15:00 (CET) as a virtual AGM.
Webcast
In a webcast IR Director, Steffen Heegaard, will present the financial highlights and comment on the forecast.
Conference call
A conference call will be held today at 16:00 (CET) where Peter Hermann, CEO and Lars Thykier, CFO will be available for questions based on the annual results and the webcast. The call will be conducted in English.
In order to participate in the conference call, please call:
DK dial-in-number: +45 78 72 32 50
SE dial-in-number: +46 85 66 42 706
UK dial-in-number: +44 333 300 9031
US dial-in-number: +1 833 526 8383
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
Direct tel.: +45 4474 4450
Lars Thykier
Chief Financial Officer
Direct tel.: +45 4474 3714
Steffen Heegaard
IR Director
Direct tel.: +45 4474 4017, mobile tel.: +45 4025 3524
Contacts
Lars Thykier, CFO, + 45 44 74 37 14
Steffen Heegaard, IR Director, +45 44 74 40 17
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 Annual Results 2020_22 01 2021.pdf
