Q1 2023 præsentation vist på investormøder (8 MB)
Q1 2023 result
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
Profit after tax:
1) |
Oona Health A/S' own expectations for 2023 as stated in their Annual Report 2022. |
2 |
2) |
Operating earnings per share: EPS adjusted for depreciation on intangible assets related to Brands and Customer relations and excluding Integration and transaction cost. |
|
Financial highlights
Profit after tax (DKKm)
373 |
|
161 |
|
Q1 2022 |
Q1 2023 |
Combined ratio (%)
91.6 |
83.6 |
Q1 2022 |
Q1 2023 |
Net investment result (DKKm)
106 |
|
4 |
|
Q1 2022 |
Q1 2023 |
2.5%
Premium increase in Q1 2023
Insurance service result |
|
(DKKm) |
426 |
210 |
|
Q1 2022 |
Q1 2023 |
Solvency |
351 |
(%) |
|
199 |
|
Q4 2022 |
Q1 2023 |
3 |
Upgraded profit forecast for 2023 of
Profit forecast model 2023 |
Forecast 2023 |
Forecast 2023 |
||||
(DKKm) |
|
|
||||
Insurance service result |
1,475 |
- |
1,775 |
1,425 |
- |
1,725 |
Net investment result |
200 |
- |
225 |
100 |
- |
125 |
Other items |
-65 |
- |
-60 |
-65 |
- |
-60 |
Profit on insurance |
1,610 |
- |
1,940 |
1,460 |
- |
1,790 |
Parent company etc. |
-60 |
- |
-50 |
-60 |
- |
-50 |
Profit before tax, continuing operations |
1,550 |
- |
1,890 |
1,400 |
- |
1,740 |
Tax, continuing operations |
-400 |
- |
-480 |
-350 |
- |
-430 |
Profit after tax, continuing operations |
1,150 |
- |
1,410 |
1,050 |
- |
1,310 |
Profit after tax, discontinued operations |
- |
- |
- |
- |
- |
- |
Profit |
1,150 |
- |
1,410 |
1,050 |
- |
1,310 |
Results 2022
1,774 -244-90
1,441 -59
1,382 |
-305 |
1,078 |
1,102 |
2,179 |
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
The expected insurance revenue growth is unchanged at 2-3.5%.
Financial highlights |
4 |
Agenda
1. |
Premiums and distribution |
5. |
Investment result |
2. |
Result Q1 |
6. |
Solvency |
3. |
Claims |
7. |
Efficiency programme |
4. Inflation
5
Attachments
Disclaimer
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