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Topdanmark ups FY'17 profit forecast as Q2 profit ticks up YOY

Topdanmark A/S has raised its profit guidance for full-year 2017 as it reported year-over-year increases in second-quarter and first-half profits.

The Danish company's second-quarter posttax profit reached 474 million Danish kroner, up from 425 million kroner in the year-ago period.

EPS for the quarter stood at 5.5 kroner, compared to 4.6 kroner a year earlier.

Pretax profit amounted to 616 million kroner, compared to the year-ago 548 million kroner. Of the total, Topdanmark's nonlife insurance business contributed pretax profit of 550 million kroner, up from 488 million kroner a year earlier, while the life insurance division contributed 56 million kroner, down slightly from 58 million kroner a year earlier.

The nonlife insurance business posted a year over year rise in technical profit, to 497 million kroner from 302 million kroner. Gross premiums earned amounted to 2.24 billion kroner, compared to the year-ago 2.23 billion kroner, while claims incurred dipped to 1.30 billion kroner from 1.36 billion kroner.

Premiums earned on a group level ticked up on a yearly basis to 4.09 billion kroner from 3.99 billion kroner. Premiums earned at the nonlife insurance business came in at 2.24 billion kroner, compared to the year-ago 2.23 billion kroner, while at the life insurance business, premiums earned rose to 1.85 billion kroner from 1.76 billion kroner.

The group's combined ratio stood at 77.8%, compared to 86.4% a year earlier. Excluding run-off profits, the combined ratio stood at 81.6%, compared to 88.8% in the second quarter of 2016.

For the first half, Topdanmark reported posttax profit of 889 million kroner, up from 586 million kroner a year earlier.

Topdanmark raised its posttax profit guidance for 2017 to between 1.25 billion kroner and 1.35 billion kroner from between 1.10 billion kroner and 1.20 billion kroner. The new profit range excludes runoff in the first half of 2017 and represents an EPS of 15.2 kroner.

As of Aug. 14, US$1 was equivalent to 6.31 Danish kroner.