Combined ratio improved to 85.9% (H1 2013: 88.2%). Excluding run-off profits it improved to 89.7% (H1 2013: 91.6%)
Premium growth was 3.1% in non-life insurance and 29.0% in life insurance
Profit on life insurance declined to DKK 136m (H1 2013: DKK 238m). In H1 2013 DKK 118m was transferred from the shadow account, while in H1 2014 DKK 12m was transferred to the shadow account
Investment return increased to DKK 539m (H1 2013: DKK 326m).
Post-tax profit: DKK 527m (Q2 2013: DKK 279m)
EPS:DKK 4.8 (Q2 2013: DKK 2.3)
Combined ratio: 82.4% (Q2 2013: 86.8%)
Combined ratio excluding run-off profits: 87.4% (Q2 2013: 89.3%)
Premium growth: Non-life insurance 2.8% and life insurance 35.6%
Profit on life insurance: DKK 62m (Q2 2013: DKK 29m)
Investment return: DKK 261m (Q2 2013: DKK 75m).
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 also remains unchanged
Assumed combined ratio has been adjusted from 90-91% to around 89%, excluding run-off profits / losses in H2 2014
Post-tax profit forecast model for 2014 has been upgraded from DKK 1,150-1,250m to DKK 1,300-1,400m, excluding run-off profits / losses in H2 2014
Post-tax profit forecast model for 2014 represents EPS of DKK 12.5.
The share buy-back programme for 2014 has been upgraded by DKK 150m to DKK 2,050m, representing a buy-back yield of 11.3%
Topdanmark has bought back own shares of DKK 1,010m in 2014, which leaves a balance of DKK 1,040m of the 2014 buy-back programme.
In a webcast Topdanmark's CEO, Christian Sagild, presents the financial highlights and comments 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 half-year 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
10-15 minutes before the conference quoting reference 947148 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
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