14.7.2023 08:00:25 CEST | Topdanmark A/S | Half Year financial report

14 July 2023

Announcement no. 10/2023

Topdanmark’s half-year report for 2023

Highlights

H1 2023

  • Profit after tax of DKK 633m (H1 2022: DKK 510m)
  • EPS was DKK 7.1 (H1 2022: DKK 5.8)
  • Combined ratio: 82.9 (H1 2022: 83.4)
  • Combined ratio excluding run-off profits: 85.2
    (H1 2022: 85.0)
  • Insurance revenue increased by 2.0%
  • Net investment result was DKK 24m (H1 2022:
    DKK -318m).

Q2 2023

  • Profit after tax of DKK 260m (Q2 2022: DKK 349m)
  • EPS was DKK 2.9 (Q2 2022: DKK 4.0)
  • Combined ratio: 82.3 (Q2 2022: 75.3)
  • Combined ratio excluding run-off: 84.5
    (Q2 2022: 81.0)
  • Insurance revenue increased by 1.4%
  • Net investment result was DKK -82m (Q2 2022:
    DKK -322m).

Profit forecast model for 2023

  • The assumed combined ratio for 2023 has been narrowed from 82.5-85.5 to 83.5-85.5, excluding run-off in H2.
  • The profit forecast for 2023 has been lowered from DKK 1,150-1,410m to DKK 1,050-1,200m after tax, excluding run-off in H2. For modelling purposes, the announced acquisition of Oona Health A/S is still assumed to close as at 31 December 2023. As a result, no effects related to the acquisition have been included.
  • The expected growth in insurance revenue is lowered from 2-3.5% to above 2%.

Acquisition of Oona Health A/S

  • The approval process is progressing according to plan, and the Danish FSA has approved the transaction.
  • We are still awaiting approval of the transaction from the Danish Competition and Consumer Authority, and we continue to expect the acquisition to be completed in the second half of 2023.

Conference call

A conference call will be held today at 13:00 (CEST) in which Peter Hermann, CEO, and Lars Kufall Beck, CFO, will be available for questions based on the results. The call will be conducted in English.

 

To participate in the conference call, please call:

DK dial-in number: +45 78 76 84 90

SE dial-in number: +46 4 0682 0620

UK dial-in number: +44 203 769 6819

US dial-in number: +1 646 787 0157

(Pin code for all callers: 587062)

 

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 Kufall Beck, CFO

Direct tel:  +45 44 74 30 28

 

Robin Løfgren, Head of Investor Relations
Direct tel:  +45 44 74 40 17
Mobile: +45 29 62 16 91

 

Topdanmark A/S
CVR. no. 78040017
Borupvang 4
DK-2750 Ballerup

Contacts

  • Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk

About Topdanmark A/S

Topdanmark is one of the largest insurance companies in Denmark.

We are 2,100 employees, and we help more than 110,000 commercial and agricultural customers and 600,000 private customers all over the country. We have been helping customers since 1898 when Topdanmark was founded.

Attachments

  • Topdanmark H1 Report 2023.pdf

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