24.10.2023 08:00:03 CEST | Topdanmark A/S | Interim report (Q1 and Q3)
24 October 2023
Announcement no. 12/2023
Topdanmark's interim report for Q1-Q3 2023
Highlights
Q1-Q3 2023
- Profit after tax of DKK 894m (Q1-Q3 2022: DKK 803m)
- EPS was DKK 10.1 (Q1-Q3 2022: DKK 9.1)
- Combined ratio: 83.5 (Q1-Q3 2022: 82.8)
- Combined ratio excluding run-off profits: 85.5 (Q1-Q3 2022: 83.9)
- Insurance revenue increased by 2.0%
- Net investment result was DKK -12m (Q1-Q3 2022: DKK -436m).
Q3 2023
- Profit after tax of DKK 261m (Q3 2022: DKK 294m)
- EPS was DKK 2.9 (Q3 2022: DKK 3.3)
- Combined ratio: 84.7 (Q3 2022: 81.5)
- Combined ratio excluding run-off: 86.0 (Q3 2022: 81.6)
- Insurance revenue increased by 2.0%
- Net investment result was DKK -37m (Q3 2022: DKK -118m).
Profit forecast model for 2023
- Despite the headwinds experienced from weather-related claims and large-scale claims in Q3, the assumed combined ratio for 2023 has been improved by the run-off experienced in Q3. As a result, the range is narrowed from 83.5-85.5 to 83.7-84.7, excluding run-off in Q4.
- The profit forecast for 2023 has been improved from DKK 1,050-1,200m to DKK 1,100-1,210m after tax, excluding run-off in Q4. 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 unchanged at above 2%.
Acquisition of Oona Health A/S
- The approval process is progressing according to plan.
- 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 Q4 2023.
Conference call
A conference call will be held today at 10:00 (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 32 74 07 10
SE dial-in number: +46 8 505 246 90
UK dial-in number: +44 20 3481 4247
US dial-in number: +1 (646) 307 1963
(Conference ID 5323781)
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.
