TOP Topdanmark A/S

Topdanmark enters into cooperation agreement with Nordea

Topdanmark enters into cooperation agreement with Nordea

Topdanmark enters into cooperation agreement with Nordea

16 August 2019

Announcement no. 11/2019

Topdanmark and Nordea have today entered into a cooperation agreement on Topdanmark’s distribution of non-life insurance products for Nordea on the Danish market. The cooperation agreement takes effect as per 1 January 2020.

It is a referral concept in which Nordea will refer the customers to Topdanmark, who will provide the final guidance and sale of insurances.

In the Topdanmark half-year report for 2019 (company announcement no. 10/2019), it was announced that the terminated distribution agreement with Danske Bank was expected to have a negative impact of approximately 1pp on Topdanmark’s total non-life premium growth in 2020.

The cooperation agreement with Nordea is expected to compensate for the loss in growth in 2020 by approximately 0.5pp. From 2021, it is expected that the Nordea agreement premium-wise will compensate for the terminated distribution agreement with Danske Bank.

Topdanmark has extensive experience of distribution of insurances via collaborators, and it continues to be Topdanmark’s strategy to increase the company mission through distribution of insurances via distribution partners.

Please direct any queries to:

Peter Hermann, CEO

Direct:



Steffen Heegaard, Group Communications and IR Director

Direct:

Mobile:

Topdanmark A/S

CVR no. 78040017

Borupvang 4

DK-2750 Ballerup

    

EN
16/08/2019

Underlying

TOPTopdanmark A/S

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Topdanmark A/S

MarketLine Department
  • MarketLine Department
EUR 297.68
TOP TOPDANMARK A/S

Sampo plc - Mergers & Acquisitions (M&A), Partnerships & Alliances

- Track your competitors’ business structure and growth strategies.

10/21/25 October 21, 2025 1 EN
Håkon Astrup
  • Håkon Astrup
Free Trial
TOP TOPDANMARK A/S

Topdanmark (No_rec, TP: DKK) - Discontinuing coverage

Given Sampo’s pending acquisition of Topdanmark and its subsequent delisting, we have discontinued coverage. Our last published recommendation, target price, and estimates should no longer be relied upon.

10/04/24 October 4, 2024 1 EN
Håkon Astrup
  • Håkon Astrup
Free Trial
SAMPO Sampo Oyj Class...
TRYG TRYG A/S ... (+4)

Consolidating forces

A benign quarter without major weather events should lead to strong YOY improvement in earnings across the Nordic non-life sector, helped by favourable financial markets and the ongoing momentum from multiple rounds of premium price rises. Industry consolidation continued with the acquisition of Topdanmark by Sampo, set to be completed by 18 October. The transaction should lead to increased consolidation, promoting rational market behaviour in Denmark. Based on a growing discount to peers, we hi...

SAMPO SAMPO OYJ CLASS A
TRYG TRYG A/S
TOP TOPDANMARK A/S
GJF GJENSIDIGE FORSIKRING ASA
10/03/24 October 3, 2024 1 EN
ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
TOP TOPDANMARK A/S

Weaker underlying outlook

Q2: Weak underlying, but results saved by financials. Adj. EPS down by 4.7%, 1.6% and 2.6%, for '24-26e. Expect share to continue tracking Sampo.

07/14/24 July 14, 2024 1 EN
Håkon Astrup
  • Håkon Astrup
Free Trial
TOP TOPDANMARK A/S

Topdanmark (Hold, TP: DKK371.00) - Continued repricing focus

PTP was 19% higher in Q2 YOY as rebounding financial markets helped offset a soft underwriting result. High YOY insurance revenue growth was offset by a sizeable number of large claims and continued high motor-claims frequencies, for which the company continues to raise prices. We have made limited 2025–2026e EPS changes, and reiterate our HOLD. We have raised our target price to DKK371(366), in line with the bid from Sampo.

07/12/24 July 12, 2024 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch