15 November 2016 Announcement No. 67/2016
Key features
Q1-Q3 2016
- Post-tax profit of DKK 1,127m (Q1-Q3 2015: DKK 861m)
- EPS was DKK 12.1 (Q1-Q3 2015: DKK 8.4)
- Combined ratio was 85.1 (Q1-Q3 2015: 85.2)
- Combined ratio excluding run-off profits was 89.0 (Q1-Q3 2015: 89.0)
- Premiums declined 1.3% in non-life insurance and increased 23.6% in life insurance
- Profit on life insurance increased to DKK 135m (Q1-Q3 2015: DKK 89m)
- After unwinding and revaluation of non-life insurance provisions, the investment return was DKK 339m (Q1-Q3 2015: DKK 30m).
Q3 2016
- Post-tax profit: DKK 533m (Q3 2015: DKK 210m)
- EPS: DKK 5.9 (Q3 2015: DKK 2.1)
- Combined ratio: 83.2 (Q3 2015: 85.8)
- Combined ratio excluding run-off profits: 86.9 (Q3 2015: 89.4)
- Trend in premiums: 0.1% decline in non-life insurance, 10.4 % increase in life insurance
- Profit on life insurance: DKK 69m (Q3 2015: DKK 21m)
- After unwinding and revaluation of non-life insurance provisions, the investment return was DKK 232m (Q3 2015: DKK 58m loss).
Profit forecast model for 2016
- The assumed combined ratio for 2016 improved from around 89 to 87-88, excluding run-off in Q4 2016
- Unchanged assumed decline in non-life premiums in 2016. In life insurance, a 5% growth in regular premiums is assumed
- The post-tax profit forecast model for 2016 is upgraded to DKK 1,200-1,300m from DKK 1,000-1,100m, excluding run-off in Q4 2016, representing EPS of DKK 13.5.
Share buy-back
- The share buy-back programme for 2016 is upgraded by DKK 200m to DKK 1,650m, representing a buy-back yield of 10.0%. The buy-back is subject to prior approval by the DFSA, cf. page 12.
Assumptions for 2017
- The assumptions for the profit forecast model for 2017 remain practically unchanged in respect to the information of company announcement no. 59/2016
- For 2017, the assumed premium level remains practically unchanged for non-life insurance compared to 2016. Assumed combined ratio excl. run-off: 90-91.
Webcast
Topdanmark's CEO, Christian Sagild will present the financial highlights and comment on the forecast in a webcast.
Conference call
A conference call will be held today at 18:00 (CET) when CEO Christian Sagild and CFO Lars Thykier 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 call:
UK dial-in number: +44 (0)20 7162 0125
US dial-in number: +1 646 934 679510-15 minutes before the conference quoting reference 960558 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
