Topdanmark loses DKK193m in Q1; postpones over half of dividend pay-out

Written by Adam Cadle

27/04/2020

Danish insurance and pension provider, Topdanmark, has revealed it made a loss of DKK 193m in the first quarter of 2020, as a result of the financial impact of coronavirus.

As a year on year comparison, the first quarter return in 2019 saw Topdanmark make a profit of DKK493m.

As a result of the current economical situation, the company’s post-tax profit according to the model profit forecast for 2020 is now DKK 450m lower compared with the previous profit forecast for 2020 in the Annual Report 2019. This had been DKK950-1,050m, excluding run-off.

In addition, Topdanmark has revealed that due to the pandemic, only DKK8.5 of the
previously announced dividend of DKK17 per share was paid out in connection with the AGM on 2 April 2020.

“When the situation is back to normal, the board of directors has the option to distribute partly or in full the remaining DKK8.5 of the previously announced dividend of DKK17 per share as extraordinary dividend. If so, this extraordinary dividend will be paid out later in 2020 or after the ordinary general meeting in 2021,” the report stated.

In more positive news for the company, gross premiums increased by 10.5% to DKK 3,090m in Q1 2020.

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