Brief: ALM. Brand Q1 Pre-Tax Profit At DKK 137 Million

ALM. Brand A/S

06/05/2021 07:35

May 6 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * REG-ALM. BRAND A/S: INTERIM REPORT Q1 2021
    * ALM. BRAND GENERATED A PRE-TAX PROFIT OF DKK 137 MILLION
IN Q1
2021, AGAINST A PROFIT ON CONTINUING ACTIVITIES OF DKK 41
MILLION IN Q1 2020
    * FULL-YEAR PROFIT GUIDANCE IS UPGRADED TO DKK 650-700
MILLION,
AGAINST PREVIOUS GUIDANCE RANGE OF DKK 600-650 MILLION, BASED ON
BOTH A POSITIVE TREND IN INSURANCE OPERATIONS AND A POSITIVE
INVESTMENT RESULT IN Q1 2021
    * OVERALL, PERFORMANCE WAS SATISFACTORY IN A PERIOD THAT WAS
STILL
MARKED BY COVID-19 EFFECTS WITH FEWER MOTOR CLAIMS AND FEWER
BURGLARIES, BUT ALSO BY A CERTAIN GUARDEDNESS AMONG CUSTOMERS IN
TERMS OF DISCUSSING THEIR FUTURE INSURANCE NEEDS
    * Q1 TOTAL INCOME DKK 1,920 MILLION VERSUS DKK 1,901 MILLION
YEAR
AGO
    * 2021 OUTLOOK: NON-LIFE INSURANCE IS NOW EXPECTED TO POST A
PRE-TAX PROFIT OF DKK 625 MILLION, AGAINST PREVIOUS GUIDANCE OF
A PRE-TAX PROFIT OF DKK 575 MILLION
    * 2021 OUTLOOK: GUIDANCE FOR PREMIUM GROWTH IS MAINTAINED AT
MORE
THAN 3% FOR 2021, AND EXPENSE RATIO FOR FULL YEAR IS ALSO
EXPECTED TO BE IN LINE WITH PREVIOUSLY GUIDED RANGE OF 17-17.5
    * 2021 OUTLOOK: COMBINED RATIO EXCLUDING RUN-OFFS IS
EXPECTED TO
BE ABOUT 89 AGAINST PREVIOUS GUIDANCE OF 90
    * 2021 OUTLOOK: GUIDANCE FOR LIFE INSURANCE IS UNCHANGED
    * 2021 OUTLOOK: OTHER ACTIVITIES ARE STILL EXPECTED TO
REPORT A
PRE-TAX LOSS OF DKK 50 MILLION
    * AMBITION IS TO ACHIEVE FOLLOWING TARGETS BY 2022: * GROWTH
IN
REGULAR GROSS PREMIUM INCOME IN NON-LIFE INSURANCE OF 5%
    * FOLLOWING TARGETS BY 2022: A COMBINED RATIO IN NON-LIFE
INSURANCE OF BELOW 90
    * FOLLOWING TARGETS BY 2022: GROSS EXPENSE RATIO OF NON-LIFE
INSURANCE OF ABOUT 16; * GROWTH IN REGULAR PREMIUMS IN LIFE
INSURANCE OF 4-5%.

Source text for Eikon:  ID:nGNE7DY9HB 
Further company coverage:  ALMB.CO 

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