April 24, 2020 / 10:45 AM / a month ago

BRIEF-Topdanmark Q1 Net Result Swings To Loss Of DKK 193 Mln

April 24 (Reuters) - Topdanmark A/S:

* Q1 COMBINED RATIO: 89.8 (Q1 2019: 80.1)

* SAYS DUE TO THE COVID-19 SITUATION, ON 23 MARCH, TOPDANMARK SUSPENDED THE PROFIT FORECAST FOR 2020 UNTIL THE MARKET SITUATION IS AGAIN SUFFICIENTLY STABLE TO ASSESS THE IMPACT OF THIS UNUSUAL SITUATION

* SAYS THE SITUATION IS STILL SUBJECT TO A GREAT DEAL OF UNCERTAINTY AS TOPDANMARK’S BUSINESS IS INFLUENCED BY ACTIONS TAKEN BY THIRD PARTIES LIKE THE DANISH GOVERNMENT

* TOPDANMARK SAYS THE SLOWDOWN IN THE DANISH GDP IN 2020 DUE TO COVID-19 WILL REDUCE THE ASSUMED PREMIUM GROWTH FOR 2020.

* SAYS TOPDANMARK NOW ASSUMES PREMIUM GROWTH IN NON-LIFE OF 0-2.9% IN 2020 COMPARED WITH THE GUIDANCE IN 2019 OF ABOUT 2.9%

* WHEN SITUATION WITH COVID-19 IS BACK TO NORMAL, BOARD HAS THE OPTION TO DISTRIBUTE PARTLY OR IN FULL THE REMAINING DKK 8.5 OF PREVIOUSLY ANNOUNCED DIVIDEND OF DKK 17 PER SHARE AS EXTRAORDINARY DIVIDEND

* Q1 AFTER RETURN AND REVALUATION OF NON-LIFE INSURANCE PROVISIONS, THE INVESTMENT RETURN WAS A LOSS OF DKK 432M (Q1 2019: DKK 18M).

* SAYS THE MODEL POST-TAX PROFIT FORECAST FOR 2020 AMOUNTS TO DKK 450-650M, EXCLUDING RUN-OFF IN Q2-Q4 2020.

* Q1 POST-TAX LOSS OF DKK 193 MILLION (Q1 2019: PROFIT DKK 439M)

* SAYS THE MODEL PROFIT FORECAST FOR 2020 IN 2019 WAS DKK 950-1,050M EXCLUDING RUN-OFF IN 2020. Source text: bit.ly/2S1IFZk Further company coverage: (Gdansk Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below