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Topdanmark raises FY'17 profit forecast

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Topdanmark raises FY'17 profit forecast

Topdanmark A/S said it raised its post-tax profit guidance for the 2017 full year by 250 million Danish kroner to between 1.5 billion and 1.6 billion kroner, excluding run-off items for the fourth quarter.

The Danish company said the revision is based on third-quarter preliminary profit of 464 million kroner, and is primarily due to run-off profits, higher financial returns and a "more favorable" level of weather-related claims than expected.

Topdanmark noted that the forecast is also based on several assumptions, including a combined ratio of around 85% for the whole year excluding run-off items for the fourth quarter, a return on equity of 7% per annum and unchanged exchange rates compared to the level at Sept. 29.

As of Oct. 13, US$1 was equivalent to 6.29 Danish kroner.