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23. oktober 2020

Med. nr. 11/2020


Key features

Q1-Q3 2020

  • Post-tax profit of DKK 553m (Q1-Q3 2019:
    DKK 1,115m)
  • EPS was DKK 6.3 (Q1-Q3 2019: DKK 12.8)
  • Combined ratio: 87.0 (Q1-Q3 2019: 82.1)
  • Combined ratio excluding run-off: 88.5
    (Q1-Q3 2019: 87.0)
  • Premiums increased by 2.8% in non-life insurance and by 3.6% in life insurance.
  • Profit on life insurance was DKK 44m (Q1-Q3 2019: DKK 291m).
  • After return on non-life insurance provisions, the investment return was DKK 240m (loss)
    (Q1-Q3 2019: DKK 51m (loss)).


Q3 2020

  • Post-tax profit of DKK 357m (Q3 2019: DKK 285m)
  • EPS was DKK 4.1 (Q3 2019: DKK 3.3)
  • Combined ratio: 89.8 (Q3 2019: 84.9)
  • Combined ratio excluding run-off profits: 91.2
    (Q3 2019: 88.6)
  • Premiums increased by 2.9% in non-life insurance and decreased by 23.4% in life insurance.
  • Profit on life insurance was DKK 69m (Q3 2019:
    DKK 72m).
  • After return on non-life insurance provisions, the investment return was DKK 146m (Q3 2019:
    DKK 47m (loss)).


Profit forecast model for 2020

  • The assumed combined ratio for 2020 is improved from 88-89 to about 88, excluding run-off in Q4 2020.
  • The assumed premium growth for non-life insurance is improved from 2-3% to about 3%.
  • The model post-tax profit forecast for 2020 is improved from DKK 550-750m to DKK 750-850m, excluding run-off in Q4 2020.


Half of the dividend for 2019 is still postponed until the AGM in March 2021

  • Following the Danish FSA’s recommendation, Topdanmark’s Board of Directors has decided to postpone paying out the remainder of the dividend for 2019 until the AGM on 25 March 2021. It is still the intention to distribute in part or in full the remaining DKK 8.5 of the previously announced dividend of
    DKK 17 per share.


 Assumptions for 2021

  • Premium growth in non-life of just above 3%, and a combined ratio of about 90, excluding run-off, are assumed for 2021.
  • The assumed combined ratio for 2021 of about 90 excluding run-off is, compared with 2020, negatively impacted by increased investments in Topdanmark’s efficiency programme (1.0pp) and by lower interest rates (0.3pp).


Efficiency programme

The main focus areas of Topdanmark’s efficiency programme are:

  • Automation/digitalisation of routine-based processes
  • Risk and pricing
  • Procurement

 It is expected that the level of efficiency gains will absorb the increase in the level of depreciation with a clear margin in the coming years.


Other events

  • In Q3, Topdanmark launched its first external branding campaign in many years. The objective is to support Topdanmark’s premium brand in a digital reality. Based on a long-standing customer-centric brand strategy, Topdanmark launched its brand promise 'We're here to help'.
  • In Q3, Sydbank announced that the bank will terminate the distribution agreement with Topdanmark. The terms of the termination are yet to be negotiated. The termination will not affect the assumed growth for 2020 and will only have a marginal negative impact on growth in 2021.



In a  webcast Group Communications and IR Director, Steffen Heegaard, will present the financial highlights and comment on the forecast.


Conference call

A conference call will be held today at 15:30 (CET) where Peter Hermann, CEO and Lars Thykier, CFO will be available for questions based on the interim report and the webcast. The call will be conducted in English.


In order to participate in the conference call, please call:

DK dial-in-number: +45 78 72 32 52

SE dial-in-number: +46 856 642 704

UK dial-in-number: +44 333 300 9260

US dial-in-number: +1 646 722 4956


10-15 minutes before the conference 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:


Peter Hermann

Chief Executive Officer

Direct tel.: +45 4474 4450


Lars Thykier

Chief Financial Officer

Direct tel.: +45 4474 3714


Steffen Heegaard

IR Director

Direct tel.: +45 4474 4017, mobile tel.: +45 4025 3524




  • Steffen Heegaard, Kommunikations- og IR-direktør, 44 74 40 17
  • Lars Thykier, Koncerndirektør, 44 74 37 14

Om Topdanmark A/S

Topdanmark er et af landets største forsikrings- og pensionsselskaber.

I mere end 100 år har vi hjulpet vores kunder med at passe på det, der betyder mest. Forebygge og begrænse skader. Sikre økonomisk tryghed før og efter pensionsalderen. Til gavn for både mennesker og miljø.

Det gør os til en attraktiv virksomhed – ikke kun for vores kunder, men også for vores medarbejdere, aktionærer og verden omkring os.

Læs mere om Topdanmark på


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