Denmark’s Topdanmark has reported a loss on investments of DKK 437m in the first half of 2022.

As a result of the loss on the investments, Topdanmark has adjusted its expectations for a profit after tax of DKK 2.10-2.35bn excluding drains in the second half of the year, including the expected proceeds for the sale of Topdanmark Life Insurance.

Despite the poor investment result, growth in Topdanmark’s core business continued. Premium income in the claims business grew in the first half of 2022 by 3.9 per cent to just under DKK 4.9bn driven by growth across all divisions. At the same time, improved products and services have contributed to further strengthening of Topdanmark's core business for the benefit of the company's customers.

Profit lands at DKK 380m after tax in the first six months of the year, while the central insurance technical key figure, combined ratio, which indicates the ratio between income and expenses, ends up at 83.1. Isolated for the second quarter, the combined ratio lands at 79.4, but weather events, including Storm Malik, have pulled up the key number for the half-year.


Commenting, Topdanmark CEO, Peter Hermann, said: "The first half of the year has been marked by turbulence in the financial markets, rising inflation and extraordinary weather events. In this light, it is satisfying that we continue to strengthen our core business and that we continue to make a difference for our customers.”

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