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Topdanmark's profit slides YOY in Q3; FY'19 earnings outlook revised up

Topdanmark A/S recorded third-quarter after-tax profit of 285 million Danish kroner, down from 459 million kroner from a year ago.

After-tax EPS for the quarter slid year over year to 3.3 kroner from 5.3 kroner. Pretax profit fell to 371 million kroner from 592 million kroner.

Pretax profit on nonlife insurance arrived at 285 million kroner, versus 505 million kroner a year ago. The life insurance division's pretax profit fell slightly to 72 million kroner from 77 million kroner.

The nonlife insurance business's technical result dropped to 356 million kroner from 426 million kroner. Nonlife insurance gross premiums earned ticked up to 2.36 billion kroner from 2.31 billion kroner.

After return and revaluations of nonlife insurance provisions, the company logged an investment loss of 67 million kroner, compared to an investment return of 74 million kroner a year earlier.

The group's combined ratio for the quarter worsened to 84.9% from 81.6% a year earlier. Excluding run-off profits, the combined ratio was 88.6%, versus 84.8% in the third quarter of 2018.

Through three quarters, the Danish insurer's after-tax profit has risen to 1.12 billion kroner from 1.07 billion kroner in the prior-year period.

Topdanmark also revised its forecasts for 2019. It now expects its combined ratio to come it at 84% to 85%, compared to 85% to 86% previously. The company raised its after-tax profit forecast to a range of 1.30 billion kroner to 1.40 billion kroner, versus 1.25 billion kroner to 1.35 billion kroner previously. Both projections exclude run-off profits in the fourth quarter.

As of Oct. 23, US$1 was equivalent to 6.72 Danish kroner.