Brief: Topdanmark Q1 Profit After Tax Down At DKK 115 Million

Topdanmark A/S

27/04/2022 08:37

April 27 (Reuters) - Topdanmark A/S  TOP.CO :
    * Q1 PROFIT AFTER TAX OF DKK 115M (Q1 2021: DKK 635M)
    * Q1 COMBINED RATIO: 86.9 (Q1 2021: 83.4)
    * Q1 PREMIUMS INCREASED BY 4.1% IN NON-LIFE INSURANCE
    * OUTLOOK 2022: PROFIT FORECAST FOR 2022 HAS BEEN IMPROVED
FROM
DKK 1,200-1,450M TODKK 2,250-2,500M AFTER TAX, EXCLUDING RUN-OFF
IN Q2-Q4 BUT INCLUDING EXPECTED NET GAIN OF DKK 1.2BN FROM
DIVESTMENT OF TOPDANMARK LIV HOLDING A/S (CLOSING ASSUMED AS AT
31 DECEMBER 2022)
    * OUTLOOK 2022: EXPECTED PREMIUM GROWTH IN NON-LIFE HAS BEEN
LOWERED FROM 4-5.5% TO3-4.5%
    * PROFIT FORECAST MODEL FOR 2022: ASSUMED COMBINED RATIO FOR
2022
HAS BEEN IMPROVED FROM 85.5-88 TO83-86, EXCLUDING RUN-OFF IN
Q2-Q4, PARTLY DUE TO RECLASSIFICATION OF ILLNESS AND ACCIDENT TO
DISCONTINUED OPERATIONS
    * DIVESTMENT OF TOPDANMARK LIV HOLDING: NET GAIN OF APPROX.
DKK
1.2BN IS EXPECTED TO BE BOOKED ON CLOSING AND IS INCLUDED IN
UPDATED PROFIT FORECAST MODEL
    * OUTLOOK ON PREMIUM GROWTH IN NON-LIFE LOWERED DUE TO
RECLASSIFICATION OF ILLNESS AND ACCIDENT TO DISCONTINUED
OPERATIONS

Further company coverage:  TOP.CO 

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