19 August 2015 Announcement No. 13/2015
Key features
H1 2015
- Post-tax profit of DKK 647m (H1 2014: DKK 945m).
- EPS was DKK 6.3 (H1 2014: DKK 8.6).
- Combined ratio improved to 85.7% (H1 2014: 85.9%).
- Combined ratio excluding run-off profits was 89.6% (H1 2014: 89.7%).
- Premiums declined 0.9% in non-life insurance and increased 32.8% in life insurance.
- Profit on life insurance declined to DKK 68m (H1 2014: DKK 136m) impacted by a lower investment return.
- Investment return declined to DKK 172m (H1 2014: DKK 539m).
Q2 2015
- Post-tax profit: DKK 337m (Q2 2014: DKK 527m).
- EPS: DKK 3.3 (Q2 2014: DKK 4.8).
- Combined ratio: 80.8% (Q2 2014: 82.4%).
- Combined ratio excluding run-off profits: 86.6% (Q2 2014: 87.4%).
- Trend in premiums: 1.0% decline in non-life insurance, 34.8% increase in life insurance.
- Profit on life insurance: DKK 34m (Q2 2014: DKK 62m).
- Investment return: DKK 20m loss (Q2 2014: DKK 261m).
Profit forecast model for 2015
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The assumed combined ratio for 2015 has improved from around 90% to 88-89%%, excluding run-off in
H2 2015. - Assumed negative growth in non-life premiums adjusted from around 1% to 1-2%. In life insurance, the assumed growth in regular premiums has been upgraded from around 5% to more than 10%.
- The post-tax profit forecast model for 2015 has been upgraded by DKK 50m to DKK 1,050-1,150m, excluding run-off in H2 2015, representing EPS of DKK 11.0.
Share buy-back
- The share buy-back programme for 2015 has been upgraded by DKK 50m to DKK 1.95bn, representing a buy-back yield of 9.6%.
- Topdanmark has bought back own shares of DKK 982m in 2015, which leaves a balance of DKK 968m of the 2015 buy-back programme.
Webcast
Topdanmark's CEO, Christian Sagild will present the financial highlights and comment on the forecast via a webcast.
Conference call
A conference call will be held today at 15:30 (CET) when CEO Christian Sagild and CFO Lars Thykier 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 0025
US dial-in number: +1 334 323 6201
10-15 minutes before the conference quoting reference 954609 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