Brief: ALM. Brand FY Profit After Tax Falls To DKK 598 Mln

ALM. Brand A/S

03/03/2022 07:52

March 3 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * REG-ALM. BRAND A/S ANNUAL REPORT 2021
    * 2022 OUTLOOK:  CONSOLIDATED PROFIT FOR 2022 WILL BE THE
SUM OF
THE PROFIT GENERATED BY THE PRESENT ALM. BRAND AND THE PROFIT
GENERATED BY CODAN PLUS THE SYNERGIES REALISED ALREADY IN 2022
    * 2022 OUTLOOK:  EXPECTS TO REPORT A PRE-TAX PROFIT ON
ORDINARY
ACTIVITIES OF DKK 450-500 MILLION EXCLUDING RUN-OFF GAINS AND
LOSSES IN 2022
    * FY GENERATED A PRE-TAX PROFIT ON CONTINUING ACTIVITIES
EXCLUDING
SPECIAL COSTS OF DKK 839 MILLION IN 2021 VS PRELIM DKK 839
MILLION 
    * 2022 OUTLOOK:  NON-LIFE INSURANCE IS EXPECTED TO POST A
PRE-TAX
PROFIT OF DKK 525-575 MILLION
    * 2022 OUTLOOK:  GUIDANCE REFLECTS THAT DENMARK IN JANUARY
2022
WAS HIT BY MALIK, THE MOST SEVERE WINDSTORM IN SIX YEARS
    * 2022 OUTLOOK:   CLAIMS EXPENSES RELATED TO THIS CLAIMS
EVENT ARE
ESTIMATED AT DKK 50-75 MILLION
    * UNLIKE 2021, THE GUIDANCE FOR 2022 DOES NOT INCLUDE A
POTENTIAL
COVID-19 IMPACT ON THE CLAIMS EXPERIENCE AND, MOREOVER, IT
REFLECTS AN AVERAGE CLAIMS EXPERIENCE FOR THE REST OF THE YEAR
FOR BOTH WEATHER-RELATED CLAIMS AND MAJOR CLAIMS
    * 2022 OUTLOOK:  OTHER ACTIVITIES ARE EXPECTED TO REPORT A
PRE-TAX
LOSS OF DKK 75 MILLION, WHICH INCLUDES NEGATIVE INTEREST RELATED
TO THE PLACEMENT OF THE PURCHASE PRICE FOR CODAN UNTIL CLOSING
OF THE TRANSACTION
    * 2022 OUTLOOK: ALM. BRAND HAS A TARGET OF A RETURN ON
INVESTED
CAPITAL OF 7% AFTER TAX RELATED TO THE ACQUISITION OF CODAN
    * IN Q4 2022, AND THUS AFTER CLOSING OF THE CODAN
TRANSACTION,
ALM. BRAND EXPECTS TO SPECIFY ITS FINANCIAL TARGETS FOR THE
COMBINED GROUP FOR THE PERIOD UNTIL 2025
    * FY PROFIT AFTER TAX DKK 598 MLN VS DKK 618 MLN YR AGO

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nGNE6B47jn
 Further company coverage:  ALMB.CO  

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