May 23, 2017  - 12:00 PM CET

TOPDANMARK INTERIM REPORT FOR Q1 2017

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Key features

Q1 2017

  • Post-tax profit of DKK 415m (Q1 2016: DKK 161m)
  • EPS was DKK 4.8 (Q1 2016: DKK 1.7)
  • Combined ratio: 85.8 (Q1 2016: 86.0)
  • Combined ratio excluding run-off profits: 89.0 (Q1 2016: 91.8)
  • Premiums increased 1.7% in non-life insurance and declined 4.8% in life insurance
  • Profit on life insurance was DKK 72m (Q1 2016: DKK 8m)
  • After return and revaluation of non-life insurance provisions, the investment return was DKK 152m (Q1 2016: DKK 91m loss).

  Profit forecast model for 2017

  • The assumed combined ratio for 2017 improved from 91-92 to around 89, excl. run-off profits in Q2-Q4 2017 still incl. additional expenses of 0.5-1pp due to the investment in increased digitalisation and automation
  • Assumed growth in premiums adjusted from around 0 to slightly positive
  • The post-tax profit forecast model for 2017 is upgraded from DKK 900-1,000m to DKK 1,100-1,200m, excluding run-off in Q2-Q4 2017, representing EPS of DKK 13.5.

  New earnings distribution policy

  • Topdanmark maintains its disciplined approach to capital consumption
  • Topdanmark will switch to distribution of dividends
  • Basis for dividend scheme: a pay-out ratio of at least 70%
  • Distribution for 2017 will take place after the AGM on 12 April 2018.
      

Webcast
In a webcast, Christian Sagild, Topdanmark's CEO will present the financial highlights and comment on the forecast.

Conference call
A conference call will be held today at 15:30 (CET) where Christian Sagild, CEO and Lars Thykier, CFO 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 9961
US dial-in number: +1 646 851 2094

10-15 minutes before the conference, quote reference 961894 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 tel: +45 4025 3524


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