27.4.2022 08:00:02 CEST | Topdanmark A/S |
Delårsrapport/Periodemeddelelse (Q1 og Q3)
Topdanmarks kvartalsrapport for Q1 2022
27. april 2022
Med. nr. 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 to DKK 2,250-2,500m after tax, excluding run-off in Q2-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 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 to Nordea 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 providing Topdanmark 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 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 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 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 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 Report 2022.pdf
27.4.2022 08:00:02 CEST | Topdanmark A/S |
Interim report (Q1 and Q3)
Topdanmark interim report for Q1 2022
27 April 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 to DKK 2,250-2,500m after tax, excluding run-off in Q2-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 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 to Nordea 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 providing Topdanmark 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 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 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 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 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 Report 2022.pdf
