Key features
Q1 2013
- Post-tax profit of DKK 505m (Q1 2012: DKK 561m)
- Profit per share declined to DKK 4.1 (Q1 2012: DKK 4.3)
- Combined ratio improved to 89.6% (Q1 2012: 90.2%) due to higher run-off profits and lower weather-related expenses
- Combined ratio excluding run-off profits increased to 93.9% (Q1 2012: 92.2%)
- Premiums increased 0.8% in non-life insurance and 3.1% in life insurance
- Result of life insurance increased to DKK 209m (Q1 2012: DKK 51m) primarily due to the transfer of DKK 136m from shadow account (Q1 2012: DKK 31m to shadow account)
- Investment return declined to DKK 251m (Q1 2012: DKK 505m).
Profit forecast model for 2013
- Assumed increase in non-life premiums continues to be 1-2%. In life insurance the assumed decline of around 5% in regular premiums has been changed to 0-3%
- Assumed combined ratio has been adjusted from 91-92% to 90-91%, excluding run-off profits / losses in the last three quarters of 2013
- The post-tax profit forecast model for 2013 has been upgraded from DKK 1,050-1,150m to DKK 1,200-1,300m, excluding run-off profits / losses in Q2-Q4, being DKK 11 profit per share.
Share buy-back
- The share buy-back programme for 2013 has been increased by DKK 150m to DKK 2,150m representing a yield of 12.2%.
In a webcast today Topdanmark's CEO, Christian Sagild, will present the financial highlights and comment 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 Q1 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: +1 866 779 1135
quoting reference 932612
10-15 minutes before the conference asking 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
