Executive Summary
Last year, Topdanmark (OTCPK:TPDKY) changed its strategy regarding the capital surplus distribution to its shareholders. The management announced to switch from the share buyback program to a dividend strategy. Apparently, the decision was taken by Sampo Oyj (OTCPK:SAXPF) (OTCPK:SAXPY), the largest shareholder of the Danish insurer. By redistributing more than 95% of its net profit in 2017, the company was in a precarious situation to increase the dividend over the years; the Scandinavian insurer is not a growth-oriented company, but a value one.
Unfortunately, adversely affected by