16 August 2016 Announcement No. 44/2016

Key features

H1 2016

  • Post-tax profit of DKK 594m (H1 2015: DKK 651m)
  • EPS remained at DKK 6.3
  • Combined ratio was 86.0% (H1 2015: 84.9%)
  • Combined ratio excluding run-off profits was 90.1 (H1 2015: 88.8)
  • Premiums declined 1.9% in non-life insurance and increased 30.5% in life insurance
  • Profit on life insurance was DKK 66m (H1 2015: DKK 68m)
  • After unwinding and revaluation of non-life insurance provisions, the investment return was DKK 107m (H1 2015: DKK 88m).

  Q2 2016

  • Post-tax profit: DKK 430m (Q2 2015: DKK 365m)
  • EPS: DKK 4.6 (Q2 2015: DKK 3.6)
  • Combined ratio: 86.2 (Q2 2015: 78.7)
  • Combined ratio excluding run-off profits: 88.5
    (Q2 2015: 84.4)
  • Trend in premiums: 1.4% decline in non-life insurance, 28.8% increase in life insurance
  • Profit on life insurance: DKK 58m (Q2 2015:
    DKK 34m)
  • After unwinding and revaluation of non-life insurance provisions, the investment return was DKK 198m (Q2 2015: DKK 56m loss).

  Profit forecast model for 2016

  • The assumed combined ratio for 2016 remained around 89, excluding run-off in H2 2016
  • Negative growth in non-life premiums in 2016 still assumed
  • The post-tax profit forecast model for 2016 has been adjusted from DKK 900-1,000m to DKK 1,000-1,100m, excluding run-off in H2 2016, representing EPS of DKK 11.5.

  Share buy-back

  • The share buy-back programme for 2016, executed from 12 February 2016 until the announcement of the 2016 Annual report on 23 February 2017, has been adjusted by DKK 100m to DKK 1,450m, representing a buy-back yield of 9.0. The buy-back is subject to prior approval by the DFSA, cf. page 12.


Topdanmark’s CEO, Christian Sagild will present the financial highlights and comment on the forecast via a webcast.

Conference call

A conference call will be held today at 15:30 (CET) where CEO Christian Sagild and CFO Lars Thykier will be available for questions based on the half-year report and the webcast. The conference call will be conducted in English. 

In order to participate in the conference call, please call one of the numbers below 10-15 minutes before the conference call:

UK dial-in number: +44 (0)20 7031 0088
US dial-in number: +1 646 851 2407

Please quote reference 959677 and ask the operator to connect you to the Topdanmark conference call – or listen to the live transmission of the call.


Please direct any queries to:

Christian Sagild, Chief Executive Officer
Direct tel.: +45 4474 4450

Lars Thykier, Chief Financial Officer
Direct tel.: +45 4474 3714

Steffen Heegaard, Group Communications and IR Director
Direct tel.: +45 4474 4017, mobile: +45 4025 3524


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