Brief: Topdanmark Renews Agreement With Nordea, Updates On IT Separation,

Topdanmark A/S

01/05/2024 07:22

May 1 (Reuters) - Topdanmark A/S  TOP.CO :
    * RENEWS AGREEMENT WITH NORDEA ON DISTRIBUTION OF NON-LIFE
INSURANCE PRODUCTS BY UP TO FIVE YEARS
    * IT IS NOW EXPECTED THAT IT SEPARATION WILL BE COMPLETED IN
FIRST
HALF OF 2025 INSTEAD OF SECOND HALF OF 2024 AS FIRST ANTICIPATED
    * AGREEMENT IS EXPECTED TO ENTAIL ADDITIONAL COSTS AMOUNTING
TO A
TOTAL OF ABOUT  DKK 175-195M AFTER TAX VERSUS ALREADY ANNOUNCED
EXPECTATIONS
    * EXTRAORDINARY COSTS ARE EXPECTED TO BE PROVISIONED FOR IN
THE
ACCOUNTS FOR Q2 2024
    * EXISTING AGREEMENT WAS ABOUT TO EXPIRE BY END OF 2024 AND
HAS
NOW BEEN RENEWED FOR THREE YEARS UNTIL END OF 2027 AT UNCHANGED
TERMS
    * EXTRAORDINARY COSTS ARE THE EQUIVALENT OF APPROX. DKK 2
PER
SHARE AFTER TAX
    * MODELLED PROFIT FORECAST FOR 2024 WILL, ALL THINGS BEING
EQUAL,
BE REDUCED BY THESE EXTRAORDINARY COSTS.

Source text for Eikon:  ID: 
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