Brief: Topdanmark Q1 Net Result Swings To Loss Of DKK 193 Mln

Topdanmark A/S

24/04/2020 11:43

April 24 (Reuters) - Topdanmark A/S  TOP.CO :
    * Q1 COMBINED RATIO: 89.8 (Q1 2019: 80.1)
    * SAYS DUE TO THE COVID-19 SITUATION, ON 23 MARCH,
TOPDANMARK
SUSPENDED THE PROFIT FORECAST FOR 2020 UNTIL THE MARKET
SITUATION IS AGAIN SUFFICIENTLY STABLE TO ASSESS THE IMPACT OF
THIS UNUSUAL SITUATION
    * SAYS THE SITUATION IS STILL SUBJECT TO A GREAT DEAL OF
UNCERTAINTY AS TOPDANMARK’S BUSINESS IS INFLUENCED BY ACTIONS
TAKEN BY THIRD PARTIES LIKE THE DANISH GOVERNMENT
    * TOPDANMARK SAYS THE SLOWDOWN IN THE DANISH GDP IN 2020 DUE
TO
COVID-19 WILL REDUCE THE ASSUMED PREMIUM GROWTH FOR 2020.
    * SAYS  TOPDANMARK NOW ASSUMES PREMIUM GROWTH IN NON-LIFE OF
0-2.9% IN 2020 COMPARED WITH THE GUIDANCE IN 2019 OF ABOUT 2.9%
    * WHEN SITUATION WITH COVID-19 IS BACK TO NORMAL, BOARD HAS
THE
OPTION TO DISTRIBUTE PARTLY OR IN FULL THE REMAINING DKK 8.5 OF
PREVIOUSLY ANNOUNCED DIVIDEND OF DKK 17 PER SHARE AS
EXTRAORDINARY DIVIDEND
    * Q1 AFTER RETURN AND REVALUATION OF NON-LIFE INSURANCE
PROVISIONS, THE INVESTMENT RETURN WAS A LOSS OF  DKK 432M (Q1
2019: DKK 18M).
    * SAYS  THE MODEL POST-TAX PROFIT FORECAST FOR 2020 AMOUNTS
TO DKK
450-650M, EXCLUDING RUN-OFF IN Q2-Q4 2020.
    * Q1 POST-TAX LOSS OF DKK 193 MILLION (Q1 2019:  PROFIT DKK
439M)
    * SAYS  THE MODEL PROFIT FORECAST FOR 2020 IN 2019 WAS DKK
950-1,050M EXCLUDING RUN-OFF IN 2020.

Source text: https://bit.ly/2S1IFZk
Further company coverage:  TOP.CO 

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