| Group overview | Q1 2023 | Q1 2024e | Low | High | Median | FY 2023 | FY 2024e | FY 2025e | FY 2026e | |
|---|---|---|---|---|---|---|---|---|---|---|
| - If profit before taxes (EURm) | 337 | 351 | 300 | 475 | 328 | 1,358 | 1,312 | 1,353 | 1,413 | |
| - Topdanmark profit before taxes (EURm) | 63 | 50 | 32 | 69 | 51 | 162 | 212 | 235 | 253 | |
| - Hastings profit before taxes (EURm) | 10 | 38 | 24 | 62 | 39 | 129 | 177 | 208 | 232 | |
| - Holding profit before taxes (EURm) | -45 | -19 | -48 | 7 | -19 | -160 | -76 | -72 | -75 | |
| Group profit before taxes (P&C operations, EURm) | 359 | 421 | 369 | 538 | 407 | 1,481 | 1,624 | 1,723 | 1,824 | |
| Profit for the equity holders of the parent (EURm) | 271 | 307 | 276 | 385 | 288 | 1,323 | 1,174 | 1,242 | 1,315 | |
| EPS (EUR) | 0.53 | 0.61 | 0.55 | 0.77 | 0.57 | 2.62 | 2.37 | 2.55 | 2.74 | |
| Operating EPS (EUR) | 0.51 | 0.54 | 0.43 | 0.61 | 0.55 | 2.07 | 2.40 | 2.67 | 2.89 | |
| - Regular dividend per share (EUR) | NA | NA | NA | NA | NA | 1.60 | 1.72 | 1.82 | 1.93 | |
| - Extra dividend per share (EUR) | NA | NA | NA | NA | NA | 0.20 | 0.15 | 0.14 | 0.12 | |
| Total dividend per share (EUR) | NA | NA | NA | NA | NA | 1.80 | 1.86 | 1.96 | 2.04 | |
| Buybacks (announced YTD, EURm) | 400 | 0 | 0 | 0 | 0 | 400 | 600 | 292 | 214 | |
| Solvency II ratio (including div. accrual, %) | 208 | 184 | 180 | 189 | 184 | 182 | 182 | NA | NA | |
| P&C underwriting | ||||||||||
| Group GWP & brokerage income (EURm) | 3,016 | 3,154 | 2,862 | 3,304 | 3,225 | 8,870 | 9,466 | 10,011 | 10,439 | |
| Group underwriting result (EURm) | 292 | 271 | 236 | 297 | 277 | 1,164 | 1,353 | 1,479 | 1,552 | |
| Group combined ratio (%) | 84.0 | 86.2 | 84.9 | 88.2 | 85.9 | 84.6 | 83.7 | 83.1 | 83.0 | |
| If P&C | ||||||||||
| If P&C gross written premiums (EURm) | 1,966 | 1,996 | 1,388 | 2,104 | 2,045 | 5,468 | 5,750 | 6,001 | 6,206 | |
| If P&C insurance revenue (EURm) | 1,235 | 1,292 | 1,270 | 1,321 | 1,287 | 4,996 | 5,265 | 5,508 | 5,707 | |
| If P&C insurance service result / UW result (EURm) | 217 | 190 | 139 | 224 | 193 | 842 | 907 | 982 | 1,022 | |
| If P&C combined ratio (%) | 82.4 | 85.2 | 82.9 | 89.1 | 85.1 | 83.1 | 82.7 | 82.2 | 82.1 | |
| If P&C net financial result (EURm) | 126 | 165 | 103 | 342 | 152 | 539 | 420 | 388 | 405 | |
| If P&C net profit (EURm) | 262 | 288 | 240 | 375 | 258 | 1,073 | 1,028 | 1,058 | 1,128 | |
| Hastings | ||||||||||
| Hastings gross written premiums (EURm) | 363 | 442 | 399 | 465 | 445 | 1,706 | 1,971 | 2,160 | 2,356 | |
| Hastings insurance revenue, incl. brokerage (EURm) | 275 | 333 | 290 | 387 | 337 | 1,251 | 1,449 | 1,580 | 1,707 | |
| Hastings underwriting profit (EURm) | 19 | 39 | 31 | 47 | 38 | 128 | 181 | 203 | 223 | |
| Hastings operating ratio (%) | 93.3 | 88.3 | 86.2 | 91.0 | 88.2 | 89.8 | 87.5 | 87.0 | 86.9 | |
| Hastings live customer policies (mn) | 3.3 | 3.5 | 3.5 | 3.6 | 3.5 | 3.5 | 3.7 | 3.8 | 4.0 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
