Topdanmark: Extends losses after "weak" Q4 results

Topdanmark A/S

24/01/2020 10:07

** Shares in Danish insurance company Topdanmark  TOP.CO 
fall 5.4%, extending Thursday's losses after the company
reported "weak" Q4 results  urn:newsml:reuters.com:*:nL8N29S2Z2
    ** Danske Bank cuts its rating to "hold" from "buy" and says
Topdanmark reported its second consecutive miss and soft 2020
guidance
    ** The broker adds Illness and accident insurance is a
"problem area" for 2020 and potentially for 2021
    ** "We expect focus to be on weak underlying trends in
non-life, which makes the overall read negative," UBS says,
confirming the stock at "neutral"
    ** Handelsbanken ("sell") says combined ratio of 88.3% was
2.5 percentage points below the market's expectations, driven by
higher than expected claim payments


($1 = 6.7349 Danish crowns)

 ((paulina.cwikowska@tr.com))