The distribution in Topdanmark in the period 1998 to 2017 was in the shape of share buybacks. During this period, it was decided to cancel own shares corresponding to 78.17% of the share capital. At the Annual General Meeting in 2017, it was decided that Topdanmark will discontinue the share buybacks and instead transfer to distribution via dividend.

A stable investment

Topdanmark is Denmark’s second largest insurance company with a market share of 17% for non-life insurance. For life insurance, we come fifth among the commercial companies with a market share of 10%.

First and foremost, we create value for our shareholders through our core business and not via risky financial investments.

Dividend policy


The objective of Topdanmark’s dividend policy is to distribute excess capital to its shareholders.


Topdanmark has a disciplined approach to capital, thus capital that is not necessary to maintain operations will be distributed to the shareholders and accumulation of unnecessary excess capital will be avoided.



Topdanmark’s Board of Directors has adopted a dividend policy according to which dividend distribution will take place via annual distribution of dividends. Distribution of dividends will take place immediately after the annual general meeting.

The dividends will correspond to a payout ratio of minimum 70%.

Trend in dividend per share.

Dividend distribution for 2020

Given Topdanmark’s solid own funds, the Board of Directors recommended to the AGM that a distribution of an ordinary dividend of DKK 1,035m from this year’s profit of DKK 1,124m will take place, representing a pay-out ratio of 92.1.

In order to comply with the Danish FSA’s recommendation of 18 December 2020 on continued prudence in relation to financial companies’ capital distribution, Topdanmark has applied caution when determining the recommended distribution of dividend, and has, as a precautionary measure, secured that the pay-out ratio is kept below Topdanmark’s customary pay-out level, and that Topdanmark’s conservative capital base is maintained. 

The recommended ordinary dividend distribution represents a dividend yield of 4.4 and a dividend of DKK 11.5 per share. 

As a consequence of the COVID-19 situation in 2020, only DKK 8.5 of the previously announced dividend of DKK 17 per share for 2019 was paid out in connection with the AGM on 2 April 2020.

During 2020, it was stated that when the situation was back to normal, the Board of Directors would have the option to distribute in part or in full the remaining DKK 8.5 of the previously announced dividend of DKK 17 per share as dividend. If so, this dividend would be paid out later in 2020 or after the ordinary general meeting in 2021.

On 26 June 2020, the Danish FSA decided to recommend Danish financial companies not to complete capital distribution for the remainder of 2020. Based on the Danish FSA’s recommendation Topdanmark’s Board of Directors decided to postpone the pay-out of the remainder of the dividend for 2019 until the AGM on 25 March 2021. 

The Board of Directors recommended to the AGM on 25 March 2021 that the remaining DKK 8.5 of the previously announced dividend of DKK 17 per share for 2019 should be distributed on top of the ordinary dividend for 2020. 

Consequently, the Board proposed to the AGM on 25 March 2021 to pay out an ordinary dividend for 2020 of DKK 1,035m and a dividend for 2019 of DKK 765m. In total a dividend pay-out of DKK 1,800m corresponding to DKK 20 per share. 

The AGM adopted the proposal submitted by the Board of Directors for distribution of dividend of DKK 20.00 per share, including a dividend for 2020 of DKK 1,035m corresponding to DKK 11.50 per share, as well as the remaining dividend for 2019 of DKK 765m corresponding to DKK 8.50 per share.


Robin Løfgren
Head of Investor Relations
IR secretariat
Jens Jørgensen
Head of Shareholder Administration