Topdanmark — Earnings Release 2016

May 10, 2016

10 May 2016
Announcement No. 29/2016

Key features

Q1 2016

-- Results are reported in accordance with the new accounting policy, adapted
to Solvency ll
-- Post-tax profit of DKK 164m (Q1 2015: DKK 286m)
-- EPS was DKK 1.7 (Q1 2015: DKK 2.8)
-- Combined ratio: 85.8 (Q1 2015: 91.2)
-- Combined ratio excluding run-off profits: 91.6
(Q1 2015: 93.3)
-- The result of non-life insurance was DKK 200m
(Q1 2015: DKK 330m), impacted by a somewhat higher technical result and by
a somewhat lower investment return
-- Premiums declined 2.5% in non-life insurance and increased 32% in life
insurance
-- The profit on life insurance was DKK 8m (Q1 2015:
DKK 34m). This profit was impacted by a lower investment return
-- The investment return was DKK 212m (Q1 2015: DKK 449m). The investment
return was lower due to a lower return on equity and structured credits.

Profit forecast model for 2016

-- The assumed combined ratio for 2016 has improved from around 91 to around
89, excl. run-off profit in the last three quarters of 2016
-- Unchanged assumed decline in non-life premiums in 2016
-- The post-tax profit forecast model for 2016 is upgraded from DKK 800-900m
to DKK 900-1.000m, excluding run-off in Q2-Q4 2016, representing EPS of DKK
10.0.

Share buy-back

-- The share buy-back programme for 2016, executed from 12 February 2016 until
the announcement of the 2016 Annual report on 23 February 2017, was uprated
DKK 100m to DKK 1,350m, representing a buy-back yield of 8.3. The buy-back
is subject to prior approval by the DFSA, cf. page 11.

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

Conference call
A conference call will be held today at 15:30 (CET) where Christian Sagild, 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:
UK dial-in number: +44 (0)20 7162 0125
US dial-in number: +1 334 323 6203

10-15 minutes before the conference, quote reference 958255 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 tel: +45 4025 3524