Brief: Alm. Brand Keeps Guidance For Consolidated Pre-Tax Profit

ALM. Brand A/S

11/05/2023 07:25

May 11 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * ALM. BRAND A/S - INTERIM REPORT FOR Q1 2023
    * INTERIM REPORT FOR Q1 2023
    * INSURANCE REVENUE GREW TO DKK 2,853 MILLION FROM DKK 1,358
MILLION IN Q1 2022
    * EFFORTS TO INTEGRATE CODAN AND REALISE SYNERGIES ARE
PROGRESSING
ACCORDING TO PLAN
    * Q1 INSURANCE SERVICE RESULT OF DKK 205 MILLION, AGAINST A
NEGATIVE INSURANCE SERVICE RESULT OF DKK 82 MILLION IN
YEAR-EARLIER PERIOD
    * Q1 ALM. BRAND GROUP COMBINED RATIO WAS 92.8
    * 2023 OUTLOOK: ALM. BRAND GROUP EXPECTS TO REALISE AN
INSURANCE
SERVICE RESULT OF DKK 1.2-1.4 BILLION EXCLUDING RUN-OFF GAINS
AND LOSSES, INCLUDING EXPECTED SYNERGIES OF DKK 240 MILLION IN
TOTAL
    * 2023 OUTLOOK: MAINTAINS GUIDANCE OF A CONSOLIDATED PRE-TAX
PROFIT OF DKK 1,375-1,575 MILLION EXCLUDING SPECIAL COSTS.
    * 2023 OUTLOOK: INVESTMENT RESULT IS EXPECTED TO BE ABOUT
DKK 300
MILLION, AGAINST PREVIOUS GUIDANCE OF DKK 250 MILLION
    * EXPECTS TO INCUR SPECIAL COSTS OF ABOUT DKK 300-350
MILLION IN
2023 FOR INTEGRATION OF CODAN AND REALISATION OF SYNERGIES
    * 2023 OUTLOOK: OTHER INCOME AND EXPENSES ARE EXPECTED TO
GENERATE
A LOSS OF ABOUT DKK 125 MILLION, AGAINST PREVIOUS GUIDANCE OF
DKK 75 MILLION

Source text for Eikon:  ID:nGNE3ZNsN 
Further company coverage:  ALMB.CO 

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