Danish insurer, Topdanmark, saw its life and pension company deliver growth in premium income of 6.5 per cent during the first three quarters of 2022, its interim report has revealed.

In March, Topdanmark entered into an agreement for the sale of its life and pension company, Topdanmark Livsforsikring, to Nordea, with the sale expected to be completed by the end of 2022.

Topdanmark has lowered its expectations for the annual result to DKK 2bn-2.15bn after tax, including the expected net proceeds of DKK 1.2bn for the sale of Topdanmark Livsforsikring.

The insurer’s profit for Q1-Q3 came to DKK 639m after tax, down from DKK 1.5bn during the same period in 2021.

The decline in profits was primarily attributed to a return on investments of -DKK 555m in the first nine months of 2022, down from a positive return of DKK 362m during the same period in 2021.

Despite this, Topdanmark said it maintained a “strong core business” in Q1-Q3, with its combined ratio standing at 82.1 and its insurance technical result increasing to DKK 496m in Q3.

"Our most important task is to run an insurance company with a robust foundation so that we are also able to help our customers in difficult times,” commented Topdanmark CEO, Peter Hermann.

“We have succeeded in this thanks to a great effort from employees and partners, which means that we come out of the first nine months of the year with a strong insurance result and high customer satisfaction in a period of great financial uncertainty, which of course also affects the result.

"Working with our home insurance is an example of how we have succeeded in strengthening our core business and creating good customer experiences. This is due to a combination of several efforts.

“We have improved our procurement agreements and processes, we have become better at preventing and repairing damage to our customers, and we are becoming increasingly sharp at matching the price with the individual customer's risk profile.”

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