TOPDANMARK ANNUAL REPORT 2014

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| Source: Topdanmark A/S
multilang-release

4 March 2014 Announcement No. 03/2014

Key features of Annual Report
2013

  • Post-tax profit of DKK 1,468m (2012: DKK 1,823m)
  • This profit was higher than the assumed profit of DKK 1,300-1,400m in the Q1-Q3 2013 interim report
  • Profit per share was DKK 12.5 (2012: DKK 14.2)
  • Combined ratio was 91.5% (2012: 88.0%)
  • Combined ratio excluding run-off profits was 95.0% (2012: 90.3%)
  • Weather-related claims had a 3.9pp impact on the combined ratio (2012: 0.5pp)
  • Premiums increased 1.5% in non-life insurance and 14.8% in life insurance
  • Investment return declined to DKK 866m (2012: DKK 1,336m)
  • Profit on life insurance increased to DKK 442m (2012: DKK 210m)
  • Topdanmark bought back own shares of DKK 1,836m, representing a buy-back yield of 11.1%.

Q4 2013

  • Post-tax profit was DKK 251m (Q4 2012: DKK 453m)
  • Combined ratio was 100.4% (Q4 2012: 88.2%)
  • The two storms in Q4 had an adverse 14.6pp effect on the combined ratio
  • Combined ratio excluding run-off profits was 104.9% (Q4 2012: 91.7%)
  • Premiums increased 2.4% in non-life insurance and 30.9% in life insurance
  • Investment return declined to DKK 283m (Q4 2012: DKK 343m).

Profit forecast model for 2014

  • Assumed combined ratio for 2014 unchanged at 91-92% excl. run-off
  • Assumed premium growth in non-life insurance continues at 2-3%
  • Post-tax profit forecast model is DKK 950-1,050m, excluding run-off, corresponding to DKK 9.4 profit per share.

Share buy-back

  • Share buy-back programme for 2014 of DKK 1.7bn representing a buy-back yield of 10.2%.

Webcast
In a webcast today Topdanmark's CEO, Christian Sagild, will present the financial highlights and comment on the forecast.

Conference call
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 annual 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: +1 334 323 6203
quoting reference 941928
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

 

Topdanmark A/S
Reg.No. 78040017
Borupvang 4
2750 Ballerup