Responsible return

Topdanmark invests the insurance reserves until the funds are paid out in the form of compensation or similar to the customers. Topdanmark wants to achieve the greatest possible return on investments in relation to the risk we take, but we also want to ensure that value creation is responsible and that it takes place in accordance with, The Paris Agreement and the UN Global Compact principles etcetera.  Topdanmark has therefore chosen to invest through selected ETFs with criteria for ESG screening and exclusion of sectors in accordance with the standards laid down in the policy for 'Responsible Investments'. Investment in the ETFs takes place through some of the world's leading providers, where emphasis is placed on the ESG screening criteria for these providers being at least as restrictive as Topdanmark's own set criteria.

Active ownership

Topdanmark or Topdanmark's business partner engages in dialogue with companies we invest in. The background to the dialogue can be both proactive and reactive. Proactive dialogue aims to encourage a company to e.g., improve their transparency or increase their ambitions associated with one or more ESG goals. Reactive dialogue aims to encourage a company to address problems identified by Topdanmark's regular portfolio screening. Based on the above, Topdanmark only chooses to enter larger providers that have a size and integrity that enables them to engage in dialogue with invested companies, in order to promote more ESG-friendly behavior.

The providers seek influence through active participation and voting at the general meetings of the invested companies. As these providers represent a very broad investor base, it is Topdanmark's assessment that they can influence and influence the implementation of appropriate ESG initiatives to a greater extent than any individual company.

If the providers relax the selection criteria to an unacceptable degree, or the screening identifies problematic individual positions, Topdanmark will react immediately. This can be through dialogue with the provider or, as a last resort, divestment of the position.


Certain productions are inherently controversial and fraught with disproportionate costs for the surrounding community. Topdanmark has analyzed several types of production, and as a result has chosen to introduce thresholds for the following activities:

  • Production of tar sands
  • Production of thermal coal
  • Production of smoking tobacco
  • Production of controversial weapons

Tar sands and thermal coal, as well as the production of smoking tobacco and controversial weapons are excluded in Topdanmark if the turnover from the sale of these products amounts to more than 5% of the total.

Our objective on climate and environment

In Topdanmark, we work focused on promoting a sustainable society. In order to mitigate ESG risks in the area of ​​investment, Topdanmark has joined a number of initiatives, including The Carbon Disclosure Project (CDP), the Task Force on Climate-Related Financial Disclosures (TCFD) and, at the latest in May 2022, the Science-Based-Target initiative (SBTi). The detailed data about the investment portfolio's climate footprint is vital to achieving Topdanmark's ambitious climate and environmental goals. This means that:

  • Topdanmark's investments support a scenario that limits temperature increases to 1.5 degrees.
  • Topdanmark has a full overview of CO2 emissions and exposure to the green transition.


CO2 intensity

At the turn of the year, Topdanmark's total share portfolio had a CO2 intensity that was 39% lower than our benchmark, MSCI World, with 13.9 tons of CO2 equivalent per million DKK in turnover, in the companies we had chosen to invest in.


Pernille Fogh Christensen
Senior Sustainability Consultant
Marie Uldall Thomsen
Sustainability Consultant