Topdanmark A/S
TOPDANMARK INTERIM REPORT FOR Q1 2015
DGAP-News: Topdanmark A/S 2015-05-20 / 12:35 --------------------------------------------------------------------- 20 May 2015 Announcement No. 10/2015 KEY FEATURES Q1 2015 -- Post-tax profit of DKK 310m (Q1 2014: DKK 418m) -- EPS was DKK 3.0 (Q1 2014: DKK 3.8) -- Combined ratio: 90.7% (Q1 2014: 89.5%). Underlying it is an improvement of the combined ratio -- Combined ratio excluding run-off profits: 92.7% (Q1 2014: 92.0%) -- Premiums declined 0.8% in non-life insurance and increased 31.1% in life insurance -- Profit on life insurance was DKK 34m (Q1 2014: DKK 74m). This profit was impacted by a lower investment return -- Investment return was DKK 192m (Q1 2014: DKK 278m). Capital structure -- A few technical discussions with the Danish Financial Supervisory Authority (DFSA) remain unresolved in relation to Topdanmark's internal model -- Topdanmark continues to expect that its internal model will be approved by the end of 2015 -- When redeeming Tier 2 capital of DKK 350m on 18 June 2015, Topdanmark intends to issue Tier 2 capital of around DKK 750m -- Topdanmark expects to use the increase in Tier 2 capital of DKK 400m to increase the buy-back in 2016. Profit forecast model for 2015 -- The assumed combined ratio for 2015 has improved from 90-91% to around 90%, excluding run-off in the last three quarters of 2015 -- Assumed premium growth in non-life insurance has been changed from around 0% to around minus 1% -- In life insurance the assumed growth in regular premiums has been changed from 0-5% to around 5% -- The post-tax profit forecast model for 2015 has been upgraded from DKK 900-1,000m to DKK 1,000-1,100m, excluding run-off in Q2-Q4 2015, representing EPS of DKK 10.5. Share buy-back -- The share buy-back programme for 2015 has been upgraded by DKK 100m to DKK 1.9bn, representing a buy-back yield of 9.1%. Webcast In a webcast Topdanmark's CEO, Christian Sagild, will present 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 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 0077 US dial-in number: +1 334 323 6201 10-15 minutes before the conference quoting reference 953181 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 News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-05-20 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 --------------------------------------------------------------------- 359809 2015-05-20
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found