Topdanmark rises as Q1 beats expectations, ups guidance

Topdanmark A/S

16/04/2024 08:19

** Shares in Danish insurer Topdanmark  TOP.CO  rise 4.5%
after it reported Q1 profits above expectations, and raised its
profit guidance by about 8%
    **  Topdanmark reported Q1 profit after tax of DKK 377
million ($53.58 million), a 59.7% beat to company complied
consensus of DKK 236 million
    ** Q1 combined ratio came in at 84.8 versus an expected
89.0, driven by a -2.9%pts beat in the net claims ratio and a
-1.2%pts beat in expenses, Jefferies says
    ** Jefferies also notes that as a result of favourable
one-offs, including gains from the estate of Topdanmark
Forsikring, the insurer lifted profit forecast by DKK 100
million, a 7.7% uplift in the mid-point of their estimated range
    ** New guidance for post-tax profit for 2024 is in the range
of DKK 1,250-1,525 million; operational EPS of DKK 14.8-17.8
    ** Topdanmark is among top performers on the pan-European
STOXX 600 index  .STOXX 
    
    

($1 = 7.0364 Danish crowns)

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com;))