TOPDANMARK A/S TOPDANMARK ANNOUNCEMENT OF 2020ANNUAL RESULTS
Announcement No. 02/2021
Key features
2020
- Post-tax profit of
DKK 1,124m (2019:DKK 1,547m ) -
EPS was
DKK 12.9 (2019:DKK 17.7 ) - Combined ratio: 86.5 (2019: 83.7)
- Combined ratio excluding run-off: 88.2 (2019: 88.3)
- Premiums increased by 3.6% in non-life insurance and decreased by 1.1% in life insurance.
-
Profit on life insurance was
DKK 117m (2019:DKK 327m ). -
After return on non-life insurance provisions, the investment return was
DKK 52m (2019:DKK 179m ).
Q4 2020
- Post-tax profit of
DKK 571m (Q4 2019:DKK 431m ) -
EPS was
DKK 6.5 (Q4 2019:DKK 4.9 ) - Combined ratio: 85.1 (Q4 2019: 88.3)
-
Combined ratio excluding run-off profits: 87.1
(Q4 2019: 92.1) - Premiums increased by 6.0% in non-life insurance and decreased by 13.9% in life insurance.
-
Profit on life insurance was
DKK 74m (Q4 2019:DKK 36m ). -
After return on non-life insurance provisions, the investment return was
DKK 292m (Q4 2019:DKK 230m ).
Dividend distribution for 2020
- The Board of Directors will recommend to the AGM on
25 March 2021 that a dividend ofDKK 1,035m will be distributed for 2020, representingDKK 11.5 per share. This represents a pay-out ratio of 92.1 and a dividend yield of 4.4. -
At the AGM in 2020, it was decided to postpone pay-out of the second half of the dividend for 2019 until the AGM on
25 March 2021 . The Board of Directors will recommend to the AGM that the remaining dividend ofDKK 8.5 per share (DKK 765m ) will be distributed as an extraordinary dividend. -
Given the AGM approval, the total dividend distributed in connection with the AGM will be
DKK 1,800m orDKK 20 per share.
Profit forecast model for 2021
- Compared with the profit forecast model for 2021 in the Q3 Report, the assumed combined ratio for 2021 has been improved from about 90 to 89-90 excluding run-off.
- The expected premium growth in non-life remains unchanged at just above 3%.
-
The post-tax profit forecast model for 2021 amounts to
DKK 1,000-1,100m , excluding run-off.
Efficiency programme
- As announced in the Q3 Report,
Topdanmark has upscaled investments to become more efficient. The efficiency programme is expected to generate annual gross efficiency gains ofDKK 500m in 2025. -
The gross efficiency gains in 2021 are expected to amount to
DKK 120m . -
Compared with 2020, additional costs following the increased level of investments in the efficiency programme will impact costs for 2021 negatively by
DKK 100m . -
In 2021, the net impact of the efficiency programme has been improved from negative
DKK 30m , as assumed in the Q3 Report, to nowDKK 20m in 2021.
Annual General Meeting
The Annual General Meeting will be held on
Webcast
In a webcast IR Director,
Conference call
A conference call will be held today at 16:00 (CET) where
In order to participate in the conference call, please call:
DK dial-in-number: +45 78 72 32 50
SE dial-in-number: +46 85 66 42 706
UK dial-in-number: +44 333 300 9031
US dial-in-number: +1 833 526 8383
10-15 minutes before the conference and ask the operator to connect you to the
Please direct any queries to:
Chief Executive Officer
Direct tel.: +45 4474 4450
Lars Thykier
Chief Financial Officer
Direct tel.: +45 4474 3714
IR Director
Direct tel.: +45 4474 4017, mobile tel.: +45 4025 3524
Contacts
- Lars Thykier, CFO, + 45 44 74 37 14
Steffen Heegaard , IR Director, +45 44 74 40 17
About Topdanmark A/S
For more than 100 years, we have helped our customers care for what matters the most. Prevent and limit damages. Secure financial security before and after retirement. For the benefit of both people and the environment.
It makes us an attractive company - not only for our customers, but also for our employees, shareholders and the world around us.
Find more information about
Attachments
- Topdanmark Annual Results 2020_22 01 2021.pdf
© Ritzau Denmark, source
