Topdanmark A/S
Topdanmark 2014 Half-Year Report
DGAP-News: Topdanmark A/S 19.08.2014 / 12:00 --------------------------------------------------------------------- 19 August 2014 Announcement No. 10/2014 Key features H1 2014 -- Post-tax profit of DKK 945m (H1 2013: DKK 784m) -- EPS increased from DKK 6.5 to DKK 8.6 -- Combined ratio improved to 85.9% (H1 2013: 88.2%). Excluding run-off profits it improved to 89.7% (H1 2013: 91.6%) -- Premium growth was 3.1% in non-life insurance and 29.0% in life insurance -- Profit on life insurance declined to DKK 136m (H1 2013: DKK 238m). In H1 2013 DKK 118m was transferred from the shadow account, while in H1 2014 DKK 12m was transferred to the shadow account -- Investment return increased to DKK 539m (H1 2013: DKK 326m). Q2 2014 -- Post-tax profit: DKK 527m (Q2 2013: DKK 279m) -- EPS:DKK 4.8 (Q2 2013: DKK 2.3) -- Combined ratio: 82.4% (Q2 2013: 86.8%) -- Combined ratio excluding run-off profits: 87.4% (Q2 2013: 89.3%) -- Premium growth: Non-life insurance 2.8% and life insurance 35.6% -- Profit on life insurance: DKK 62m (Q2 2013: DKK 29m) -- Investment return: DKK 261m (Q2 2013: DKK 75m). Profit forecast model for 2014 -- Topdanmark continues to assume premium growth of 2-3% for non-life insurance. In life insurance the assumption of a 0-5% growth in regular premiums also remains unchanged -- Assumed combined ratio has been adjusted from 90-91% to around 89%, excluding run-off profits / losses in H2 2014 -- Post-tax profit forecast model for 2014 has been upgraded from DKK 1,150-1,250m to DKK 1,300-1,400m, excluding run-off profits / losses in H2 2014 -- Post-tax profit forecast model for 2014 represents EPS of DKK 12.5. Share buy-back -- The share buy-back programme for 2014 has been upgraded by DKK 150m to DKK 2,050m, representing a buy-back yield of 11.3% -- Topdanmark has bought back own shares of DKK 1,010m in 2014, which leaves a balance of DKK 1,040m of the 2014 buy-back programme. Webcast In a webcast Topdanmark's CEO, Christian Sagild, presents the financial highlights and comments on the forecast. Conference call 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 half-year 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 947148 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 News Source: NASDAQ OMX --------------------------------------------------------------------- 19.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Topdanmark A/S Denmark ISIN: DK0060477503 End of News DGAP News-Service --------------------------------------------------------------------- 282864 19.08.2014
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