Brief: Alm. Brand Q2 Pre-Tax Profit Lowers To DKK 244 Mln

ALM. Brand A/S

19/08/2021 07:57

Aug 19 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * INTERIM REPORT Q2 2021
    * ALM. BRAND GENERATED A PRE-TAX PROFIT OF DKK 334 MILLION
IN Q2
2021 EXCLUDING COSTS RELATED TO ACQUISITION OF CODAN AGAINST A
PROFIT ON CONTINUING ACTIVITIES OF DKK 328 MILLION IN Q2 2020
    * ALM. BRAND STILL EXPECTS TO GENERATE A PRE-TAX PROFIT OF
DKK
700-750 MILLION IN 2021 EXCLUDING RUN-OFF RESULT FOR NEXT SIX
MONTHS, SEE UPGRADED PROFIT GUIDANCE ANNOUNCED IN CONNECTION
WITH ACQUISITION OF CODAN ON 11 JUNE 2021
    * Q2 FINANCIAL RESULTS ARE OUTSTANDING, AND WE'RE EXTREMELY
PLEASED TO SEE THAT OUR INSURANCE OPERATIONS ARE DEVELOPING
STRONGLY AND ACCORDING TO PLAN
    * NON-LIFE INSURANCE REPORTED A TECHNICAL RESULT OF DKK 326
MILLION IN Q2 2021, AGAINST DKK 237 MILLION IN Q2 2020
    * COLLABORATION WITH SYDBANK CONTRIBUTED SATISFACTORILY IN
Q2, AND
PARTNERSHIP WITH VW SEMLER FINANS DANMARK LAUNCHED IN EARLY MAY
IS ALSO EXPECTED TO LIFT GROUP'S PREMIUMS GROWTH GOING FORWARD
    * LIFE INSURANCE GENERATED A PRE-TAX PROFIT OF DKK 23
MILLION IN
Q2 2021, AGAINST A PRE-TAX PROFIT OF DKK 30 MILLION IN Q2 2020
    * ALM. BRAND EXPECTS TO GENERATE A PRE-TAX PROFIT OF DKK
700-750
MILLION FOR 2021, EXCLUDING RUN-OFF RESULT FOR NEXT TWO QUARTERS
    * OVERALL, OUTLOOK IS UNCHANGED FROM COMPANY ANNOUNCEMENT
NO.
12/2021 OF 11 JUNE 2021, IN WHICH GUIDANCE WAS UPGRADED FROM
PREVIOUSLY GUIDED RANGE OF DKK 650-700 MILLION
    * GUIDANCE FOR NON-LIFE INSURANCE IS LIFTED BY DKK 75
MILLION TO A
PRE-TAX PROFIT OF DKK 800 MILLION, AGAINST PREVIOUS GUIDANCE OF
A PRE-TAX PROFIT OF DKK 725 MILLION
    * GUIDANCE FOR OTHER ACTIVITIES IS CHANGED TO A PRE-TAX LOSS
OF
DKK 175 MILLION, AGAINST PREVIOUS GUIDANCE OF A PRE-TAX LOSS OF
DKK 100 MILLION
    * COMBINED RATIO IS EXPECTED TO BE ABOUT 87, AGAINST
PREVIOUS
GUIDANCE OF 89
    * Q2 TOTAL INCOME DKK  1,808 MILLION VERSUS DKK 1,807
MILLION YEAR
AGO
    * Q2 PRE-TAX PROFIT CONTINUING ACTIVITIES DKK  244 MILLION
VERSUS
DKK 328 MILLION YEAR AGO

Source text for Eikon:  ID:nGNE1g7F7y 
Further company coverage:  ALMB.CO 

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