TOPDANMARK ANNOUNCEMENT OF 2019 ANNUAL RESULTS 23 January 2020, Announcement No. 02/2020 Key figures 2019 • Post-tax profit of DKK 1,547m (2018: DKK 1,331m) • The profit of DKK 1,547m was better than assumed in the interim report for Q1-Q3 2019 in which the profit from the forecast model was DKK 1,300-1,400m • EPS was DKK 17.7 (2018: DKK 15.4) • Combined ratio: 83.7 (2018: 83.6) • Combined ratio excluding run-off: 88.3 (2018: 87.5) • Premiums increased by 2.9% in non-life insurance and 9.8% in life insurance • Profit on life insurance was DKK 327m (2018: DKK 228m) • After return on non-life insurance provisions, the investment return was DKK 179m (2018: DKK 16m). Q4 2019 • Post-tax profit of DKK 431m (Q4 2018: 259m) • EPS was DKK 4.9 (Q4 2018: 3.0) • Combined ratio: 88.3 (Q4 2018: 81.7) • Combined ratio excluding run-off: 92.1 (Q4 2018: 88.1) • Premiums increased by 4.4% in non-life insurance and 0.9% in life insurance • Profit on life insurance was DKK 36m (Q4 2018: DKK 45m) • After return on non-life insurance provisions, the investment return was DKK 230m (Q4 2018: DKK 116m loss). Dividend distribution for 2019 • The Board of Directors will recommend to the AGM that a dividend of DKK 1,530m be distributed for 2019, representing DKK 17 per share. This represents a payout ratio of 98.9 and a dividend yield of 5.4. Profit forecast model for 2020 • Compared with the profit forecast model for 2020 in the interim report for Q1-Q3 2019, the assumed combined ratio for 2020 remains unchanged at about 90 excluding run-off • The expected premium growth in non-life also remains unchanged at about the same level as in 2019 (2.9%) • The post-tax profit forecast model for 2020 amounts to DKK 950-1,050m, excluding run-off. Other events • As at 23 December 2019, Topdanmark has been included in the OMX C25-index on Nasdaq Copenhagen. Webcast In a webcast Group Communications and IR Director, Steffen Heegaard, will present the financial highlights and comment on the forecast. Conference call A conference call will be held today at 15:30 (CET) where Peter Hermann, CEO and Lars Thykier, CFO will be available for questions based on the annual results and the webcast. The call will be conducted in English. In order to participate in the conference call, please call: DK dial-in-number: +45 7815 0109 SE dial-in-number: +46 8505 58368 UK dial-in-number: +44 333 300 9031 US dial-in-number: +1 833 526 8380 10-15 minutes before the conference 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: Peter Hermann 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 Announcement No. 02/2020 from Topdanmark A/S Page 1 of 23
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