Topdanmark A/S

GBB94P973

Equity

ISIN DK0060477503 / Valor 20897019

Nasdaq Copenhagen Equities (2024-10-18)

DKK 364.60%

Topdanmark A/S
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About company

Topdanmark A/S is a prominent insurance company in Denmark, offering a diverse range of insurance products to individuals, businesses, and agricultural customers. Established in 1899, the company now has around 2,000 employees spread across the country, with its headquarters situated in Ballerup. Listed on Nasdaq Copenhagen A/S, Topdanmark A/S is the parent company of Topdanmark Forsikring A/S, a non-life insurance group. The company is a subsidiary of Sampo plc, the parent company of the Nordic insurance group Sampo, which has held the majority stake in Topdanmark A/S since 2017.

Summarized from source with an LLMView SourceSector: Finance

Profit After Tax

Topdanmark A/S reported a profit after tax of DKK 488 million for the first half of 2024, compared to DKK 633 million in the same period of 2023. The decrease in profit was primarily due to a higher level of weather-related claims and increased claims costs within the motor segment.

Insurance Revenue

Insurance revenue for Topdanmark A/S increased by 12.7% to DKK 5,653 million in the first half of 2024. This growth corresponds to an organic growth of 5.0% when adjusting for the acquisition of Oona Health, driven by higher indexation, pricing initiatives, and a stronger customer retention and inflow.

Net Investment Result

The net investment result for Topdanmark A/S increased significantly to DKK 244 million in the first half of 2024, up from DKK 24 million in the same period of 2023. This improvement was supported by positive contributions from equities, higher running yields, and lower provisions due to changes in the non-hedged capitalisation factor.

Combined Ratio

Topdanmark A/S reported a combined ratio of 85.4 for the first half of 2024, compared to 82.9 in the first half of 2023. The combined ratio excluding run-off profits was 88.3, up from 85.2 in the same period of the previous year, reflecting the impact of higher claims costs and weather-related claims.

Profit Forecast Adjustment

Topdanmark A/S has adjusted its profit forecast for 2024, now expecting a net profit of DKK 950-1,175 million after tax, down from the previous forecast of DKK 1,250-1,525 million. The revision is due to one-off costs related to the IT separation agreement with Nordea and transaction costs associated with the exchange offer from Sampo.

Summarized from source with an LLMView Source

Key figures

16.3%1Y

5.93%3Y

17.2%5Y

Performance

27.9%1Y

24.7%3Y

25.9%5Y

Volatility