Topdanmark slides as higher-than-expected weather claims hit Q4 profit

Topdanmark A/S

23/01/2024 08:33

** Shares in Topdanmark  TOP.CO  fall 3% to its lowest level
since 2021 after the Danish insurance company posted its Q4
print with quarterly profit below expectations
    ** The group's Oct-Dec result before tax come at 213 million
Danish crowns ($31.14 million), more than 30% below analyst
forecast seen in the company-compiled consensus
    ** Topdanmark said that 2023 was characterised by the 
highest weather loss frequency since 2013
    ** "Although the market was aware that weather claims would
be elevated in Q4 2023, the final cost proved to be materially
higher than anticipated, as  were  large claims," Jefferies says
in a note 
    ** The broker also notes that ordinary dividend growth of
4.5% from DKK 11.0 to DKK 11.5 also appears "a little light" in
comparison with Visible Alpha consensus of DKK 12.88   
    ** Topdanmark shares, on track for their worst day since
July 2023, are among worst performers on the pan-European STOXX
600 index  .STOXX 




($1 = 6.8390 Danish crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))