Topdanmark Half-Year Report for 2018
TOPDANMARK HALF-YEAR REPORT FOR 2018
20 July 2018, Announcement No. 11/2018
Key features
H1 2018
- Post-tax profit of DKK 613m (H1 2017: DKK 889m)
- EPS was DKK 7.1 (H1 2017: DKK 10.4)
- Combined ratio: 85.5 (H1 2017: 81.8)
- Combined ratio excluding run-off profits: 88.5 (H1 2017: 85.3)
- Premiums increased 2.2% in non-life insurance and 20.2% in life insurance
- Profit on life insurance was DKK 106m (H1 2017: DKK 128m)
- After return and revaluation of non-life insurance provisions, the investment return was DKK 41m
(H1 2017: DKK 221m).
Q2 2018
- Post-tax profit of DKK 345m (Q2 2017: DKK 474m)
- EPS was DKK 4.0 (Q2 2017: DKK 5.6)
- Combined ratio: 85.9 (Q2 2017: 77.8)
- Combined ratio excluding run-off profits: 89.0 (Q2 2017: 81.6)
- Premiums increased 2.6% in non-life insurance and 22.0% in life insurance
- Profit on life insurance was DKK 62m (Q2 2017: DKK 56m)
- After return and revaluation of non-life insurance provisions, the investment return was DKK 60m
(Q2 2017: DKK 69m).
Profit forecast model for 2018
- The assumed combined ratio for 2018 remains unchanged at 88-89, excl. run-off profits in H2 2018 still incl. additional expenses of 0.5-1pp due to the investment in increased digitalisation and automation
- A continued positive growth in premiums is assumed in non-life insurance
- The post-tax profit forecast model for 2018 also remains unchanged at DKK 1,050-1,150m, excluding run-off in H2 2018.
Other events
- Topdanmark has been awarded the “Customer Experience Excellence” prize in Denmark. The prize is awarded to the brand providing the best customer experience across business sectors and was granted by KPMG based upon customer interviews
- For the second year running, Topdanmark has been awarded the “The Insurance Company of the Year” prize in Denmark. The prize was granted by FinansWatch together with EY.
Webcast
In a webcast, Steffen Heegaard, Group Communications and IR Director, will present the financial highlights and comment on the forecast.
Conference call
A conference call will be held today at 14:00 (CET) where 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:
DK dial-in-number: +45 3544 5583
UK dial-in-number: +44 203 194 0544
US dial-in-number: +1 855 269 2604
10-15 minutes before the conference 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:
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
