Topdanmark and Danske Bank terminate co-operation on sales of non-life insurances - Correction

Topdanmark and Danske Bank terminate co-operation on sales of non-life insurances

12 November 2018
Announcement No.: 15/2018

Effective as of today, Danske Bank has terminated its agreement with Topdanmark on non-life insurances. The co-operation shall cease effective of 1 January 2020.  Up until 1 January 2020, the parties will continue their working relation with the customers, who have taken out insurances through Danske Forsikring.

Topdanmark has been selling insurances through Danske Forsikring since 1 January 2000. This portfolio belongs to Topdanmark.

In 2018, Topdanmark's sales for new customers via Danske Bank are expected to amount to approximately 10% of Topdanmark's new sales on non-life insurances.

In Topdanmark's interim report for Q1-Q3 2018, a positive premium growth and a combined ratio of 89-90 excluding run-off was assumed for 2019 within non-life insurances.  This assumption is still maintained.

Topdanmark has taken note of the termination. Topdanmark has extensive experience of distribution through financial institutions. As a consequence, Topdanmark will start identifying alternative distribution channels in replacement of the sales through Danske Bank.

Please direct any queries to:
Peter Hermann, CEO
Tel: +45 44 74 44 50
Mobile tel: +45 40 25 35 24

Steffen Heegaard, Group Communications and IR Director
Tel: +45 44 74 40 17
Mobile tel: +45 40 25 35 24

Topdanmark A/S
Reg. No.: 78040017
Borupvang 4
DK-2750 Ballerup

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