Announcement no. 12/2024
Highlights
H1 2024
- Profit after tax of
DKK 488m (H1 2023:DKK 633m ) -
Operating EPS was
DKK 8.0 (H1 2023:DKK 7.1 ) - Combined ratio: 85.4 (H1 2023: 82.9)
- Combined ratio excluding run-off profits: 88.3 (H1 2023: 85.2)
- Insurance revenue increased by 12.7% with an organic growth of 5.0%
-
Net investment result was
DKK 244m (H1 2023:DKK 24m ).
Q2 2024
- Profit after tax of
DKK 112m (Q2 2023:DKK 260m ) -
Operating EPS was
DKK 3.6 (Q2 2023:DKK 2.9 ) - Combined ratio: 86.0 (Q2 2023: 82.3)
- Combined ratio excluding run-off: 88.2 (Q2 2023: 84.5)
- Insurance revenue increased by 13.6% with an organic growth of 5.8%
-
Net investment result was
DKK 86m (Q2 2023:DKK -82m ).
Profit forecast model for 2024
- The expected organic insurance revenue growth is improved from above 4.5% to around 6%.
- The assumed combined ratio for 2024 is narrowed from 81.8-84.8 to 83-85 including run-off.
-
The profit forecast for 2024 has been adjusted from
DKK 1,250-1,525m toDKK 950-1,175m after tax and including run-off. The lower expected net profit is a result of one-off costs related to the IT separation agreement with Nordea, and transaction costs related to the exchange offer from Sampo.
Exchange offer from Sampo
- On
17 June 2024 ,Topdanmark A/S andSampo plc entered into a combination agreement pursuant to whichSampo plc will make a recommended public tender offer (share exchange offer) to the shareholders ofTopdanmark A/S , valuing the entire share capital ofTopdanmark A/S at approximatelyDKK 33 billion based on the agreed exchange ratio betweenTopdanmark A/S andSampo plc shares and the closing price of theSampo plc share on Nasdaq Helsinki on14 June 2024 (please refer to company announcement no. 9/2024). -
On
8 July 2024 ,Sampo plc announced that it had obtained all necessary regulatory approvals relating to the share exchange offer. -
On
9 July 2024 ,Sampo plc announced that Sampo plc’s extraordinary general meeting had resolved to issue new Sampo A shares as consideration for the share exchange offer. -
Sampo is expected to publish a prospectus and an offer document in early
August 2024 , and the offer period is also expected to commence earlyAugust 2024 . -
Upon publication of the offer document, the Board of Directors of
Topdanmark A/S will publish a statement in respect of the share exchange offer fromSampo plc , which will include the Board of Directors ofTopdanmark A/S' considered statement on such offer.Topdanmark A/S shareholders are advised to read the offer document, the prospectus, and the statement of the Board of Directors once published and before deciding whether to accept the share exchange offer fromSampo plc .
Other events
- On
1 May 2024 ,Topdanmark entered into agreement on the completion of the IT separation of Topdanmark Liv Holding A/S, and at the same time, renewed the agreement with Nordea on the distribution of non-life insurance products by up to five years. The one-off costs ofDKK 195m after tax associated with the agreement were included in the line item “Profit after tax, discontinued operations” in Q2 2024.
Conference call
A conference call will be held today at 13:00 (CEST) in which
To participate in the conference call, please call:
DK dial-in number: +45 32 74 07 10
SE dial-in number: +46 8 505 246 90
UK dial-in number: +44 20 3481 4247
US dial-in number: +1 (646) 307 1963
(Conference ID 4065015)
10-15 minutes before the conference and ask the operator to connect you to the
Please direct any queries to:
Chief Executive Officer
Chief Financial Officer
Robin Hjelgaard Løfgren
Head of Investor Relations
Direct tel.: +45 4474 4017
Mobile tel.: +45 2962 1691
CVR no. 78040017
Borupvang 4
2750 Ballerup
Contacts
- Robin Hjelgaard Løfgren, Head of Investor Relations, +4544744017, +4529621691, rho@topdanmark.dk
About Topdanmark A/S
We are 2,100 employees, and we help more than 110,000 commercial and agricultural customers and 600,000 private customers all over the country. We have been helping customers since 1898 when
Attachments
- Download announcement as PDF.pdf
Topdanmark half-year report 2024.pdf
© Ritzau Denmark, source