Topdanmark A/S
TOPDANMARK INTERIM REPORT FOR Q1-Q3 2014

DGAP-News: Topdanmark A/S

18.11.2014 / 12:00

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18 November 2014 Announcement No. 12/2014

Key features

Q1-Q3 2014

  -- Post-tax profit increased to DKK 1,253m (Q1-Q3 2013: DKK 1,217m)
  -- EPS increased to DKK 11.5 (Q1-Q3 2013: DKK 10.2)
  -- Combined ratio improved to 86.7% (Q1-Q3 2013: 88.5%). Excluding run-off
     profits it improved to 90.6%
     (Q1-Q3 2013: 91.6%)
  -- Premium growth was 2.8% in non-life insurance and 32.0% in life insurance
  -- Profit on life insurance declined to DKK 198m (Q1-Q3 2013: DKK 340m) due to
     lower recognition of income from the shadow account
  -- Investment return increased to DKK 651m (Q1-Q3 2013: DKK 583m).

Q3 2014

  -- Post-tax profit: DKK 308m (Q3 2013: DKK 434m)
  -- EPS: DKK 2.9 (Q3 2013: DKK 3.7)
  -- Combined ratio: 88.3% (Q3 2013: 89.1%)
  -- Combined ratio excluding run-off profits: 92.3% (Q3 2013: 91.7%)
  -- Premium growth: Non-life insurance 2.1% and life insurance 38.6%
  -- Profit on life insurance declined to DKK 62m (Q3 2013: DKK 102m) due to a
     lower investment return, a lower risk return and a lower recognition as
     income from the shadow account
  -- Investment return: DKK 112m (Q3 2013: DKK 257m).

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 around 89% to around 88%,
     excluding run-off profits / losses in Q4 2014
  -- Post-tax profit forecast model for 2014 has been adjusted from DKK
     1,300-1,400m to DKK 1,350-1,450m, excluding run-off profits / losses in Q4
     2014
  -- Post-tax profit forecast model for 2014 represents EPS of DKK 13.0.

Share buy-back

  -- The share buy-back programme for 2014 has been upgraded by DKK 50m to
     DKK 2.1bn, representing a buy-back yield of 11.1%
  -- Topdanmark has bought back own shares of DKK 1,535m in 2014, which leaves a
     balance of DKK 565m of the 2014 buy-back programme.

Assumptions for 2015

  -- For 2015 Topdanmark assumes premium growth of 1-2% and a combined ratio of
     around 91%.

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 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 0125
US dial in number: +1 334 323 6203

10-15 minutes before the conference quoting reference 949093 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



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18.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English         
Company:     Topdanmark A/S  
 
 
             Denmark         
ISIN:        DK0060477503    
 
 
End of News    DGAP News-Service  
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