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Topdanmark cuts life profit forecast, but improves outlook for combined ratio

Oct 23, 2018 - SNL European Financials Daily
Financial Results

Topdanmark A/S has cut its life insurance profit estimate to between 220 million Danish kroner and 250 million kroner for full year 2018, from the 240 million to 270 million kroner expectation it gave at the half-year stage.

But CEO Peter Hermann and CFO Lars Thykier told analysts that the life hit was short term, caused by lower transfer fees and the cost of implementing a new system for the business.

The Danish insurer also forecast an improved full-year combined ratio, excluding r...