Responsible returns for the customers

Topdanmark invests the insurance reserves until they are paid in the form of compensation. Topdanmark wishes to achieve the best possible return on investments relative to the risk. At the same time, we want to ensure that value creation is responsible and not in breach of internationally recognised standards and principles or conventions adopted by Denmark. 

Policy for Active Ownership

Active ownership

Topdanmark or Topdanmark’s service provider engage in dialogue with the companies we invest in. The reason for the dialogue can be both proactive, where Topdanmark initiates a dialogue concerning ESG related opportunities, or reactive, where there is an exclusion dialogue concerning a breach of the UN’s Global Compact. Topdanmark can decide to sell investments if an exclusion dialogue does not lead to improved behavior.


Ongoing dialogues

Topdanmark or Topdanmark’s service provider enters a dialogue with a company where there is a verified breach of the UN’s Global Compact. Topdanmark can decide to sell investments if an exclusion dialogue does not lead to changed behavior.

Danske Bank: Exclusion dialogue concerning a breach of the UN’s Global Compact principle 10 – The dialog is still ongoing and there is a positive momentum.

Volkswagen: Exclusion dialogue concerning a breach of the UN’s Global Compact principle 7, 8, and 9 – The dialogue was concluded as an exclusion dialogue end of year 2020 following improvements made by Volkswagen.

TotalEnergies: Following the political situation in Myanmar, Topdanmark has initiated an exclusion dialogue with TotalEnergies. The dialogue, in relation to the UN’s Global Compact principle 1, 2, and 3, has been constructive. We see it as a positive development, that the company has seized their payments of dividends to the state-owned oil- and gas company in Myanmar and has escalated the management of the situation to the highest level internally.

Topdanmark has been in dialogue with TotalEnergies during the 1st quarter of 2022. The dialogue was related to TotalEnergies plan to withdraw from Myanmar. Following their decision to leave the country, Topdanmark has chosen to end the exclusion dialogue and maintain our investment in the company.


Voting at annual general meetings

Topdanmark votes at annual general meetings both in Denmark and internationally. You can find our combined holdings and an indication of Topdanmark’s active ownership dialogue during the past year in our investment overview. 

Vote overview

All votes


Topdanmark has made the decision not to invest in certain products that are controversial and disproportionally adversely impact the surrounding communities. Topdanmark does not invest in companies with activities in:

  • The production of fuel from tar sands
  • Thermal coal
  • Smoking tobacco
  • The production of controversial weapons

Tar sands and thermal coal is excluded if the revenue from these products exceed 5% of total revenue. The production of smoking tobacco and controversial weapons leads to exclusion if revenue exceeds 0-1 %.

Exclusion list

Our objective on climate and environment

The investment process takes place with due consideration of the transformation of the energy supply which arises from the UN’s climate convention, UNFCCC – which i.a. includes the Paris Agreement. The transformation of the energy supply will involve a comprehensive politically supported process in which non-fossil and fossil light solutions will be promoted over the fossil heavy. A process that will contribute to a significant change in the traditional demand patterns and relative prices.


Our ambition

Topdanmark’s goal is to have 20 % of our investments aligned with the green transition by 2030, given that there is a sufficient liquid market. Reporting on the target is expected to commence with our 2021 annual report by using the EU’s taxonomy 


CO2 Intensity

Topdanmark’s combined equity investments had a CO2 intensity that was 23 % lower than our benchmark, MSCI World, with an emissions intensity of 125,8 tons CO2 equivalent per USD million in revenue versus our benchmark’s intensity of 162,5. 


Pernille Fogh Christensen
Senior Sustainability Consultant
Marie Uldall Thomsen
Sustainability Consultant