Brief: Topdanmark Cuts 2023 Profit Forecast

Topdanmark A/S

11/07/2023 07:44

July 11 (Reuters) - Topdanmark A/S  TOP.CO :
    * SAID ON MONDAY CO ADJUSTS THE MODELLED PROFIT FORECAST FOR
2023
TO DKK 1,050-1,200M AFTER TAX AND EXCLUDING RUN-OFF IN H2 2023
    * LOWER FORECAST RESULT IS MAINLY DRIVEN BY A LOWER
INVESTMENT
RESULT IN Q2 DUE TO A LOSS ON THE "MATCHING" PORTFOLIO
    * LOSS IS CAUSED BY INCREASING SALARY EXPECTATIONS FROM
DANISH
CENTRAL BANK, AND DANISH ECONOMIC COUNCILS IN CONSEQUENCE OF
COLLECTIVE BARGAINING ON THE DANISH LABOUR MARKET
    * EXPECTS THE TOTAL INVESTMENT RESULT FOR Q2 TO BE APPROX.
DKK
-80M BEFORE TAX
    * SAW AN INCREASED CLAIMS FREQUENCY IN Q2, INCLUDING AN
INCREASE
IN CLAIMS RELATED TO MOTOR, WHICH IS ALSO EXPECTED TO AFFECT H2
2023
    * EXPECTED RUN-OFF PROFITS AND FEWER WEATHER-RELATED CLAIMS
THAN
FORECASTED IN Q2 PARTLY OFFSET THE ABOVEMENTIONED NEGATIVE
EFFECTS
    * INSURANCE SERVICE RESULT FOR Q2 IS EXPECTED TO BE APPROX.
DKK
450M BEFORE TAX
    * EXPECTED FOR Q2 RESULT AFTER TAX AT ABOUT DKK 260M
    * RESULT OF THE PREVIOUS MODELLED PROFIT FORECAST FOR 2023
WAS DKK
1,150-1,410M AFTER TAX AND EXCLUDING RUN-OFF PROFITS IN Q2-Q4
2023

Source text: https://www.topdanmark.com/en/investors/news/company-announcements/
 
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