Topdanmark — Earnings Release 2017

Jan 25, 2018

TOPDANMARK ANNOUNCEMENT OF 2017 ANNUAL RESULTS
25 January 2018 Announcement No. 02/2018

Key features
2017

-- Post-tax profit of DKK 1,733m (2016: DKK 1,536m)
-- EPS: DKK 20.2 (2016: DKK 16.8)
-- Combined ratio: 82.0% (2016: 85.1%)
-- Combined ratio excluding run-off profits: 85.8%
(2016: 90.4%)
-- Trend in premiums: 1.4% increase in non-life insurance and 11.0% increase
in life insurance
-- Profit on life insurance: DKK 249m (2016:
DKK 189m)
-- Investment return after return and revaluation of non-life insurance
provisions: DKK 396m (2016: DKK 487m).

Q4 2017

-- Post-tax profit: DKK 379m (Q4 2016: DKK 421m)
-- EPS: DKK 4.4 (Q4 2016: DKK 4.8)
-- Combined ratio: 82.1% (Q4 2016: 84.6%)
-- Combined ratio excluding run-off profits: 86.3%
(Q4 2016: 93.9%)
-- Trend in premiums: 1.9% increase in non-life insurance, 22.6% increase in
life insurance
-- Profit on life insurance: DKK 42m (Q4 2016:
DKK 54m)
-- Investment return after return and revaluation of non-life insurance
provisions: DKK 65m (Q4 2016:
DKK 147m).

Earnings distribution for 2017

The Board of Directors will recommend to the AGM that dividend of DKK 1,710m be
distributed for 2017 representing DKK 19 per share issued. This represents a
pay-out ratio of 98.7% and a dividend yield of 7.4.

Profit forecast model for 2018

-- As compared to the profit forecast model for 2018 in the interim report for
Q1-Q3 2017, the assumed combined ratio for 2018 remains unchanged at 90-91
excluding run-off and including additional expenses of 0.5 to 1pp due to
Topdanmark’s investment in increased digitalisation and automation
-- Topdanmark still expects a positive premium growth in non-life insurance
-- The post-tax profit forecast model for 2018: DKK 950-1,050m excluding
run-off.

Webcast

Topdanmark's Group Communications and IR Director, Steffen Heegaard will
present the financial highlights and comment on the forecast in a webcast.

Conference call

A conference call will be held today at 15:30 (CET) when CFO Lars Thykier 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 7192 8000
US dial-in number: +1 631 510 7495

10-15 minutes before the conference quoting reference 6797559 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:

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