Topdanmark — Earnings Release 2017

Oct 16, 2017

16 October 2017
Announcement no. 26/2017

On the basis of the preliminary profits for Q3 2017 of DKK 464m, Topdanmark’s
post-tax profit forecast model for 2017 is upgraded by DKK 250m to DKK 1.5 –
1.6bn excl. run-off for Q4 2017. The upgrade is primarily due to recognition of
run-off profits, higher financial returns and a more favourable level of
weather-related claims than assumed.

The profit forecast model for 2017 is based on a number of assumptions,
including:

-- A combined ratio of around 85 for the whole year excl. run-off in Q4 2017.
In the latest profit forecast model (Half-Year Report for 2017), the
assumed combined ratio for 2017 was around 87 excl. run-off in H2 2017
-- A return on equity of 7% per annum and unchanged exchange rates compared to
the level on 29 September 2017.

Furthermore, it is assumed that the return on interest-bearing assets, hedging
the discounted provisions, is just sufficient to cover return and revaluation
of the insurance provisions, while the return on the remaining interest-bearing
assets is assumed to be the risk-free interest rate plus 2.0pp.

According to Topdanmark’s financial calendar, the company’s Interim Report for
Q1-Q3 2017 is published on 26 October 2017.

Please direct any queries to:

Lars Thykier, CFO
Tel: +45 44 74 37 14

Steffen Heegaard, Group Communications and IR Director
Tel: +45 44 74 40 17, mobile tel: +45 40 25 35 24

Topdanmark A/S
Cvr-nr. 78040017
Borupvang 4
DK-2750 Ballerup