16 November 2015 Announcement No. 16/2015
Key features
Q1-Q3 2015
- Post-tax profit of DKK 854m (Q1-Q3 2014: DKK 1,253m).
- EPS was DKK 8.4 (Q1-Q3 2014: DKK 11.5).
- Combined ratio was 85.9% (Q1-Q3 2014: 86.7%).
- Combined ratio excluding run-off profits was 89.7% (Q1-Q3 2014: 90.6%).
- Premiums declined 1.5% in non-life insurance and increased 36.0% in life insurance as compared to the same period last year.
- Profit on life insurance declined to DKK 89m (Q1-Q3 2014: DKK 198m).
- Investment return declined to DKK 152m (Q1-Q3 2014: DKK 651m).
Q3 2015
- Post-tax profit: DKK 207m (Q3 2014: DKK 308m).
- EPS: DKK 2.1 (Q3 2014: DKK 2.9).
- Combined ratio: 86.2% (Q3 2014: 88.3%).
- Combined ratio excluding run-off profits: 89.9% (Q3 2014: 92.3%).
- Trend in premiums: 2.5% decline in non-life insurance, 42.4% increase in life insurance.
- Profit on life insurance: DKK 21m (Q3 2014: DKK 62m).
- Investment return: DKK 20m loss (Q3 2014: DKK 112m).
Profit forecast model for 2015
- The assumed combined ratio for 2015 has improved to around 87% from 88-89%, excluding run-off in Q4 2015.
- Unchanged assumed decline of 1-2% in non-life premiums. In life insurance, the assumed growth of more than 10% in regular premiums is maintained.
- The post-tax profit forecast model for 2015 is unchanged at DKK 1,050-1,150m, excluding run-off in Q4 2015, representing EPS of DKK 10.9.
Share buy-back
- The share buy-back programme for 2015 is unchanged at DKK 1.95bn.
- Topdanmark has bought back own shares of DKK 1,386m in 2015, which leaves a balance of DKK 564m of the buy-back programme.
- In the future, Topdanmark’s buy-back programme will be executed under the “Safe Harbour” method.
Assumptions for 2016
- For 2016 assumed premium growth is around minus 1% and the assumed combined ratio is around 91% excl. run-off.
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 interim 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: +1 334 323 6203 10-15 minutes before the conference quoting reference 956084 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
