20 May 2014
Announcement No. 08/2014
Key features
Q1 2014
- Post-tax profit of DKK 418m (Q1 2013: DKK 505m)
- This reflects an underlying improvement in results as in Q1 2013, profit on life insurance benefitted from a DKK 136m transfer from the shadow account
- EPS were DKK 3.8 (Q1 2013: DKK 4.1)
- Combined ratio improved marginally to 89.5% (Q1 2013: 89.6%)
- Excluding run-off profits the combined ratio improved to 92.0% (Q1 2013: 93.9%)
- Premium growth was 3.4% in non-life insurance and 24.0% in life insurance
- Profit on life insurance declined DKK 135m to DKK 74m due to the profit in Q1 2013 benefitting from a transfer of DKK 136m from the shadow account (adjustment of earnings in previous years)
- Investment return increased DKK 27m to DKK 278m.
Profit forecast model for 2014
- Topdanmark continues to assume premium growth of 2-3% for non-life insurance. In life insurance the assumption of a 0-5% growth in regular premiums remains unchanged
- Assumed combined ratio has been adjusted from 91-92% to 90-91%, excluding run-off profits / losses in the last three quarters of 2014
- Post-tax profit forecast model for 2014 has been upgraded from DKK 950-1,050m to DKK 1,150-1,250m, excluding run-off profits / losses in Q2-Q4 2014, corresponding to EPS of DKK 11.2.
Share buy-back
- The share buy-back programme for 2014 has been upgraded by DKK 200m to DKK 1.9bn, representing a buy-back yield of 10.9%.
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 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 0025
US dial in number: +1 334 323 6201
10-15 minutes before the conference quoting reference 944488 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
