Key features
Q1-Q3 2013
- Post-tax profit of DKK 1,217m (Q1-Q3 2012: DKK 1,370m)
- EPS was DKK 10.2 (Q1-Q3 2012: DKK 10.6)
- The combined ratio was 88.5% (Q1-Q3 2012: 88.0%). Excluding run-off profits the combined ratio was 91.6% (Q1-Q3 2012: 89.9%)
- Premiums increased 1.2% in non-life insurance and 9.7% in life insurance
-
Profit on life insurance increased to DKK 340m
(Q1-Q3 2012: DKK 164m) primarily due to the transfer of DKK 148m from the shadow account (Q1-Q3 2012: DKK 90m transfer to the shadow account) -
The investment return declined to DKK 583m
(Q1-Q3 2012: DKK 993m).
Q3 2013
- Post-tax profit: DKK 434m (Q3 2012: DKK 523m)
- EPS: DKK 3.7 (Q3 2012: DKK 4.1)
- Combined ratio: 89.1% (Q3 2012: 88.9%)
-
Combined ratio excluding run-off profits: 91.7%
(Q3 2012: 90.7%) - Growth in premiums: 1.9% in non-life insurance and 18.8% in life insurance
-
Profit on life insurance: DKK 102m (Q3 2012:
DKK 71m) - Investment return: DKK 257m (Q3 2012: DKK 413m).
Profit forecast model for 2013
- Topdanmark continues to assume premium growth of 1-2% for non-life insurance and a decline of 0-3% in regular premiums in life insurance
- The storm on 28 October is expected to generate claims of up to DKK 200m after reinsurance cover, which has a 2.2pp adverse effect on the combined ratio for 2013
- Due to the storm expense the assumed combined ratio has been adjusted from 90-91% to 91-92% excluding run-off results in Q4 2013
- In spite of the storm expense in Q3 the post-tax profit forecast model for 2013 has been upgraded from DKK 1,250-1,350m to DKK 1,300-1,400m excluding run-off results in Q4 2013
- In the profit forecast model for 2013 DKK 160-170m has been transferred from the shadow account. Subsequently the shadow account balance will be DKK 75m at 31 December 2013.
Share buy-back
- The share buy-back programme for 2013 has been upgraded by DKK 50m to DKK 2,250m representing a buy-back yield of 12.8%
- Topdanmark has bought back own shares of DKK 1,615m which leaves a balance of DKK 635m of the 2013 programme.
Assumptions for 2014
- For 2014 premium growth is assumed to be 2-3% and the combined ratio 91-92%.
In a webcast today Topdanmark's CEO, Christian Sagild, will present the financial highlights and comment on the forecast.
A conference call will be held today at 15:30 (CET) when Christian Sagild, CEO, and Lars Thykier, CFO, will be available for questions based on the interim report and the webcast. The call will be conducted in English.
In order to participate in the conference call, please phone:
UK dial in number: +44 (0)20 7162 0125
US dial in number: +1 866 779 1135
quoting reference 938307
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:
Christian Sagild
Chief Executive Officer
Direct tel.: +45 4474 4450
Lars Thykier
Chief Financial Officer
Direct tel.: +45 4474 3714
Steffen Heegaard
Group Communications and IR Director
Direct tel.: +45 4474 4017, mobile: +45 4025 3524
