Q1 2023 præsentation vist på investormøder (8 MB)

Acquisition of Oona Health A/S

• strategic fit and sound financials
• Topdanmark now a fully focused non-life insurer
• Health solutions are core products on the non-life insurance market
• Securing a strong position in a fast-growing market with high customer loyalty
• Sound financial operating performance; accretive to Topdanmark
• Strong double-digit premium growth (CAGR of 24% in the last 3 years)
• Integration leads to +10% higher operating EPS for Topdanmark in 2024
• • Even adjusted for the purchase price still 1-2% accretive on operating EPS
• Strong top-line synergy potential, limited expected cost synergies

Financial impact on Top (2024E)

+10% higher operating EPS2

Positive

impact on premium growth

Positive

impact on combined ratio

Marginal

impact on

SCR

Oona Health financials (2022) Premiums: DKK 612.6m Combined ratio: 79.2%

Profit after tax: DKK 51.7m

Oona Health financials (2023E1) Premiums: DKK760-790mProfit after tax: DKK135-150m

Profit after tax (DKKm)

Combined ratio (%)

Net investment result (DKKm)

2.5%

Premium increase in Q1 2023

Results 2022

1,774 -244-90

1,441 -59

Profit forecast model for 2023

The assumed combined ratio for 2023 has been improved from 83-86 to 82.5- 85.5, excluding run-off in Q2-Q4.

The profit forecast for 2023 has been improved from DKK 1,050-1,310m to DKK 1,150-1,410m after tax, excluding run-off in Q2-Q4. The announced acquisition of Oona Health A/S is for modelling purposes assumed to close as at 31 December 2023. As a result, no effects related to the acquisition have been included.

The expected insurance revenue growth is unchanged at 2-3.5%.