Topdanmark — Earnings Release 2015

Aug 19, 2015

19 August 2015 Announcement No. 13/2015

Key features

H1 2015

-- Post-tax profit of DKK 647m (H1 2014: DKK 945m).
-- EPS was DKK 6.3 (H1 2014: DKK 8.6).
-- Combined ratio improved to 85.7% (H1 2014: 85.9%).
-- Combined ratio excluding run-off profits was 89.6% (H1 2014: 89.7%).
-- Premiums declined 0.9% in non-life insurance and increased 32.8% in life
insurance.
-- Profit on life insurance declined to DKK 68m (H1 2014: DKK 136m) impacted
by a lower investment return.
-- Investment return declined to DKK 172m (H1 2014: DKK 539m).

Q2 2015

-- Post-tax profit: DKK 337m (Q2 2014: DKK 527m).
-- EPS: DKK 3.3 (Q2 2014: DKK 4.8).
-- Combined ratio: 80.8% (Q2 2014: 82.4%).
-- Combined ratio excluding run-off profits: 86.6% (Q2 2014: 87.4%).
-- Trend in premiums: 1.0% decline in non-life insurance, 34.8% increase in
life insurance.
-- Profit on life insurance: DKK 34m (Q2 2014: DKK 62m).
-- Investment return: DKK 20m loss (Q2 2014: DKK 261m).

Profit forecast model for 2015

-- The assumed combined ratio for 2015 has improved from around 90% to
88-89%%, excluding run-off in
H2 2015.
-- Assumed negative growth in non-life premiums adjusted from around 1% to
1-2%. In life insurance, the assumed growth in regular premiums has been
upgraded from around 5% to more than 10%.
-- The post-tax profit forecast model for 2015 has been upgraded by DKK 50m to
DKK 1,050-1,150m, excluding run-off in H2 2015, representing EPS of DKK
11.0.

Share buy-back

-- The share buy-back programme for 2015 has been upgraded by DKK 50m to DKK
1.95bn, representing a buy-back yield of 9.6%.
-- Topdanmark has bought back own shares of DKK 982m in 2015, which leaves a
balance of DKK 968m of the 2015 buy-back programme.

Webcast
Topdanmark's CEO, Christian Sagild will present the financial highlights and
comment on the forecast via a webcast.

Conference call
A conference call will be held today at 15:30 (CET) when CEO Christian Sagild
and CFO Lars Thykier will be available for questions based on the half-year
report and the webcast. The call will be conducted in English.

In order to participate in the conference call, please phone:
UK dial-in number: +44 (0)20 7162 0025
US dial-in number: +1 334 323 6201
10-15 minutes before the conference quoting reference 954609 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:
Christian Sagild
Chief Executive Officer
Direct tel.: +45 4474 4450

Lars Thykier
Chief Financial Officer
Direct tel.: +45 4474 3714

Steffen Heegaard
Group Communications and IR Director
Direct tel.: +45 4474 4017, mobile: +45 4025 3524

Topdanmark A/S
Reg.No. 78040017
Borupvang 4
2750 Ballerup