Profit miss, guidance cut drag Topdanmark shares down

Topdanmark A/S

25/10/2022 09:18

** Shares in Danish insurance company Topdanmark  TOP.CO 
fall 3% after Q3 earnings miss and cut to guidance  urn:newsml:reuters.com:*:nFWN31Q1BX 
    ** The company reported a profit after tax for Q3 of DKK 259
million ($34.35 million), below consensus expectation of DKK 296
mln     
    ** Topdanmark also lowered its 2022 profit forecast to DKK
2.00-2.15 billion after tax from previously expected DKK
2.10-2.35 billion
    ** The company said it cut guidance as risk return was
impacted by lower collective bonus potentials in Q3, which will
likely also affect the final quarter
    ** It also said that lower assets under management (AUM)
affected outlook for life insurance income, while increasing
inflation expectations affect outlook for illness and accident
insurance negatively
    ** Today's losses wiped off 1.2 billion Danish crowns from
company's market cap
($1 = 7.5407 Danish crowns)
 (Reporting by Ina Kreutz)
 ((ina.kreutz@thomsonreuters.com))