Topdanmark A/S : Q1 2022 Topdanmark Forsikring (62 KB)

Topdanmark Forsikring A/S Income statement

Full year	Q1	Q1
(DKKm)	2021	2021	2022
Gross premiums written	9,620	4,306	4,441
Ceded reinsurance premiums	(601)	(334)	(358)
Change in the provisions for unearned premiums	128	(1,973)	(2,104)
Change in profit margin and risk margin	(130)	16	119
Change in the reinsurers' share of the provisions
for unearned premiums	4	201	212
Premiums earned, net of reinsurance	9,021	2,217	2,311
Claims paid	(5,640)	(1,519)	(1,506)
Reinsurance cover received	268	51	72
Change in the provisions for claims	(378)	(6)	(153)
Change in risk margin	17	9	(12)
Change in reinsurers' share of the provisions for claims	150	40	19
Claims incurred, net of reinsurance	(5,583)	(1,424)	(1,580)
Bonuses and rebates	(78)	(16)	(28)
Acquisition costs	(1,041)	(280)	(273)
Administrative expenses	(745)	(187)	(186)
Intra-group reimbursements	239	58	56
Reinsurance commission and share of profits	81	18	20
Insurance operating expenses, net of reinsurance	(1,466)	(390)	(384)
TECHNICAL RESULT	1,894	386	318
Income from affiliates	336	183	13
Income from associates	4	2	2
Interest income and dividends etc.	367	134	77
Value adjustments	(171)	(173)	(574)
Interest charges	(37)	(12)	(8)
Expenses on investment activities	(51)	(13)	(11)
Total investment return	449	121	(501)
Return and value adjustments of non-life insurance provisions	346	262	371
INVESTMENT RETURN AFTER RETURN AND
VALUE ADJUSTMENTS OF TECHNICAL PROVISIONS	795	383	(131)
Other income	4	1	1
Other expenses	(3)	(0)	(26)
PROFIT BEFORE TAX	2,691	770	162
Tax	(521)	(131)	(35)
PROFIT	2,170	638	127
638	127
(1)	0
(1)	0
637	127

TOTAL COMPREHENSIVE INCOME

Statement of comprehensive income ● Parent company

Profit

Other comprehensive income from affiliates Other comprehensive income

2,170

0 0 2,170

Topdanmark Forsikring A/S Assets

31 December	31 March	31 March
(DKKm)	2021	2021	2022
INTANGIBLE ASSETS	587	534	596
Operating equipment	10	12	9
TOTAL TANGIBLE ASSETS	10	12	9
Equity investments in affiliates	2,704	3,544	2,721
Loans to affiliates	300	300	300
Equity investments in associates	76	74	78
Total investment in affiliates and associates	3,080	3,917	3,098
Equity investments	1,165	1,222	1,096
Bonds	13,007	14,918	13,681
Deposits with credit institutions	864	1,590	503
Derivatives	22	27	0
Total other financial investment assets	15,058	17,756	15,280
TOTAL INVESTMENT ASSETS	18,139	21,673	18,379
Reinsurers' share of the provisions for unearned premiums	99	264	277
Reinsurers' share of the provisions for claims	540	432	554
Total reinsurers' share of provisions	640	697	831
Receivables from policyholders	231	299	304
Receivables from insurance companies	102	71	202
Receivables from affiliates	4,712	2,283	4,299
Other receivables	136	417	119
TOTAL RECEIVABLES	5,821	3,766	5,755
Deferred tax assets	24	14	33
Liquid funds	147	168	45
Other	98	46	157
TOTAL OTHER ASSETS	268	227	235
Accrued interest and rent	67	81	82
Other prepayments and accrued income	88	139	103
TOTAL PREPAYMENTS AND ACCRUED INCOME	155	221	185
TOTAL ASSETS	24,980	26,433	25,159

Topdanmark Forsikring A/S Shareholders' equity and liabilities

31 December	31 March	31 March
(DKKm)	2021	2021	2022
Share capital	101	101	101
Revaluation reserve	1,669	2,505	1,686
Security fund	1,452	1,452	1,452
Total reserves	1,452	1,452	1,452
Profit carried forward	793	1,467	928
Proposed dividend	3,100	0	0
TOTAL SHAREHOLDERS' EQUITY	7,114	5,525	4,167
OTHER SUBORDINATED LOAN CAPITAL	1,500	1,350	1,500
Provisions for unearned premiums	1,263	3,373	3,337
Profit margin, non-life insurance contracts	1,316	1,154	1,219
Provisions for claims	11,097	10,531	11,069
Risk margin, non-life insurance contracts	150	172	165
Provisions for bonuses and rebates	151	107	143
TOTAL PROVISIONS FOR INSURANCE CONTRACTS	13,977	15,337	15,932
Pensions and similar commitments	24	27	24
Other liabilities	0	0	25
TOTAL PROVISIONS	24	27	49
Debt relating to direct insurance operations	16	11	25
Debt relating to reinsurance operations	39	133	254
Amounts due to credit institutions	270	700	922
Amounts due to affiliates	1,062	2,111	1,512
Derivatives	238	456	152
Other debt	675	772	629
TOTAL DEBT	2,301	4,183	3,496
ACCRUALS AND DEFERRED INCOME	63	11	15
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	24,980	26,433	25,159

Topdanmark Forsikring A/S Statement of changes in equity

(DKKm)

Share capital

Revalu-ation Security

Profit carried ProposedreservefundforwarddividendTotal

2021

Shareholders' equity at 31 December previous year Profit

Other comprehensive income from affiliates Total comprehensive income

Dividends received from affilliates Dividend paid

Capital contribution from Topdanmark A/S (employee shares)

Taxation

Equity movements in affiliates Other transactions

Shareholder's equity at 31 December 2021

101

2,320

1,452

• 998 1,800 6,672

  340

  0

• (1,270) 3,100 2,170 0

(1,000)

340

(1,270) 1,000

(1,800)

3,100

2,170 0 (1,800)

58 58

6 6

8 8

(992)

1,065

(1,800) (1,728)

101

1,669

1,452

793

3,100 7,114

Q1 2021

Shareholders' equity at 31 December previous year Profit

Other comprehensive income from affiliates Total comprehensive income

Dividend paid

Capital contribution from Topdanmark A/S (employee shares)

Taxation

Equity movements in affiliates Other transactions

Shareholders' equity at 31 March 2021

101

2,320 185

1,452

998 1,800 6,672

454 638

(1) (1)

183

454 637

(1,800)

(1,800)

14 14

1 1

1 1

1

15

(1,800) (1,784)

101

2,505

1,452

1,467

0 5,525

Q1 2022

Shareholders' equity at 31 December previous year Profit

Other comprehensive income from affiliates Total comprehensive income

Dividend paid

Capital contribution from Topdanmark A/S (employee shares)

Taxation

Equity movements in affiliates Other transactions

Shareholders' equity at 31 March 2022

101

1,669 15

1,452

793 3,100 7,114

113 127

0 0

15

113 127

(3,100)

(3,100)

16 16

6 6

2 2

1 3

101

1,686

1,452

928

23

(3,100)

0

(3,075) 4,167