Topdanmark — Earnings Release 2017

Aug 15, 2017

15 August 2017 Announcement No. 22/2017

Key features

H1 2017

-- Post-tax profit of DKK 889m (H1 2016: DKK 586m)
-- EPS: DKK 10.4 (H1 2016: DKK 6.3)
-- Combined ratio: 81.8 (H1 2016: 86.2)
-- Combined ratio excluding run-off profits: 85.3 (H1 2016: 90.3)
-- Premiums increased 1.2% in non-life insurance and declined 0.4% in life
insurance
-- Profit on life insurance: DKK 128m (H1 2016: DKK 66m)
-- Investment return after return and revaluation of non-life insurance
provisions:
DKK 221m (H1 2016: DKK 108m).

Q2 2017

-- Post-tax profit: DKK 474m (Q2 2016: DKK 425m)
-- EPS: DKK 5.6 (Q2 2016: DKK 4.6)
-- Combined ratio: 77.8 (Q2 2016: 86.4)
-- Combined ratio excluding run-off profits: 81.6 (Q2 2016: 88.8)
-- Premiums increased 0.6% in non-life insurance and 5.0% in life insurance
-- Profit on life insurance: DKK 56m (Q2 2016: DKK 58m)
-- Investment return after return and revaluation of non-life insurance
provisions:
DKK 69m (Q2 2016: DKK 199m).

Profit forecast model for 2017

-- Assumed combined ratio for 2017 was reduced from around 89 to around 87,
excluding run-off in H2 2017 still incl. additional expenses of 0.5-1pp due
to the investment in increased digitalisation and automation
-- Assumed premium growth still slightly positive
-- The post-tax profit forecast model for 2017 has been upgraded from DKK
1,100-1,200m to DKK 1,250-1,350m, excluding run-off in H2 2017,
representing EPS of DKK 15.2.

Own funds

-- Topdanmark has issued hybrid capital at a value of EUR 55m with first
possible redemption date on 15 September 2017. Topdanmark has applied to
the Danish FSA for permission for such redemption. If the hybrid capital is
redeemed, Topdanmark intends to issue a new tier 1 subordinate loan at the
same value as the hybrid capital.

New financial calendar

-- Going forward, Topdanmark has decided to advance the publication of interim
reports and annual reports, cf. the updated financial calendar on page 12.

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) where CEO Christian Sagild
and CFO Lars Thykier will be available for questions based on the half-year
report and the webcast. The conference call will be conducted in English.

In order to participate in the conference call, please call one of the numbers
below 10-15 minutes before the conference call:
UK dial-in number: +44 (0)20 7162 9961
US dial-in number: +1 646 851 2094
Please quote reference 962608 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
Borupvang 4
2750 Ballerup
Telefon 44 68 33 11
CVR-nr. 78040017

E-mail: topdanmark@topdanmark.dk
Internet: www.topdanmark.com