Topdanmark 2014 Half-Year Report

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| Source: Topdanmark A/S
multilang-release

19 August 2014
Announcement No. 10/2014

Key features

H1 2014

  • Post-tax profit of DKK 945m (H1 2013: DKK 784m)
  • EPS increased from DKK 6.5 to DKK 8.6
  • 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).

Q2 2014

  • 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.

Share buy-back

  • 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.

Webcast

In a webcast Topdanmark's CEO, Christian Sagild, presents the financial highlights and comments 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 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