5 March 2013 Announcement
No. 03/2013
Kay features of Annual Report
2012
-- Post-tax profit of DKK 1,823m (2011: DKK 1,023m) - 78.2% increase -- Better than assumed result in Q1-Q3 2012 interim report -- Profit per share increase 91.0% to DKK 142.1 -- Combined ratio improved to 88.0% (2011: 90.3%) primarily due to lower weather-related claims -- Combined ratio excluding run-off profits improved to 90.3% (2011: 92.0%) -- Premiums increased 1.1% in non-life insurance and declined 4.3% in life insurance -- Investment return increased to DKK 1,336m (2011: DKK 652m) -- Result of life insurance increased to DKK 210m (2011: DKK 187m) -- Topdanmark bought back own shares of DKK 1,200m, which was in line with the buy-back assumed in the Q1-Q3 2012 interim report.
Q4 2012
-- Post-tax profit increased to DKK 453m (Q4 2011: DKK 350m) -- Combined ratio improved to 88.2% (Q4 2011: 89.6%) -- Combined ratio excluding run-off profits was 91.7% (Q4 2011: 91.5%) -- Premiums increased 0.3% in non-life insurance and declined 21.7% in life insurance -- Investment return increased to DKK 343m (Q4 2011: DKK 233m).
Profit forecast model for 2013
-- Assumed combined ratio for 2013 has been increased from around 91% to 91-92%, excluding run-off profits / losses due to reforms affecting the level of compensation for loss of earnings potential -- Assumed premium growth in non-life insurance continues at 1-2% -- Post-tax profit forecast model is DKK 1,050-1,150m, excluding run-off profits / losses, being DKK 95 profit per share.
Share buy-back
-- In its Q1-Q3 2012 interim report Topdanmark announced that DKK 500m of the share buy-back programme had been postponed because it wanted to develop a new model for calculation of individual solvency in life insurance before the amount was paid out. -- As this model is now in place, the DKK 500m from 2012 has been included in the share buy-back programme for 2013 -- Consequently, the share buy-back programme for 2013 is now DKK 2,000m including the DKK 500m transferred from the 2012 buy-back programme. The buy-back of DKK 2,000m represents a yield of 12.4%.
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 Annual 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: +1 866 803 8344 quoting reference 929302 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
Attachment:
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=421691
Kay features of Annual Report
2012
-- Post-tax profit of DKK 1,823m (2011: DKK 1,023m) - 78.2% increase -- Better than assumed result in Q1-Q3 2012 interim report -- Profit per share increase 91.0% to DKK 142.1 -- Combined ratio improved to 88.0% (2011: 90.3%) primarily due to lower weather-related claims -- Combined ratio excluding run-off profits improved to 90.3% (2011: 92.0%) -- Premiums increased 1.1% in non-life insurance and declined 4.3% in life insurance -- Investment return increased to DKK 1,336m (2011: DKK 652m) -- Result of life insurance increased to DKK 210m (2011: DKK 187m) -- Topdanmark bought back own shares of DKK 1,200m, which was in line with the buy-back assumed in the Q1-Q3 2012 interim report.
Q4 2012
-- Post-tax profit increased to DKK 453m (Q4 2011: DKK 350m) -- Combined ratio improved to 88.2% (Q4 2011: 89.6%) -- Combined ratio excluding run-off profits was 91.7% (Q4 2011: 91.5%) -- Premiums increased 0.3% in non-life insurance and declined 21.7% in life insurance -- Investment return increased to DKK 343m (Q4 2011: DKK 233m).
Profit forecast model for 2013
-- Assumed combined ratio for 2013 has been increased from around 91% to 91-92%, excluding run-off profits / losses due to reforms affecting the level of compensation for loss of earnings potential -- Assumed premium growth in non-life insurance continues at 1-2% -- Post-tax profit forecast model is DKK 1,050-1,150m, excluding run-off profits / losses, being DKK 95 profit per share.
Share buy-back
-- In its Q1-Q3 2012 interim report Topdanmark announced that DKK 500m of the share buy-back programme had been postponed because it wanted to develop a new model for calculation of individual solvency in life insurance before the amount was paid out. -- As this model is now in place, the DKK 500m from 2012 has been included in the share buy-back programme for 2013 -- Consequently, the share buy-back programme for 2013 is now DKK 2,000m including the DKK 500m transferred from the 2012 buy-back programme. The buy-back of DKK 2,000m represents a yield of 12.4%.
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 Annual 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: +1 866 803 8344 quoting reference 929302 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
Attachment:
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=421691
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