Brief: Alm. Brand Q2 Pre-tax Profit Up At DKK 371 Mln, Upgrades 2020 Guidance

ALM. Brand A/S

31/07/2020 07:34

July 31 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * REG-UPGRADE OF GUIDANCE FOR THE 2020 RESULTS
    * FULL-YEAR GUIDANCE IS UPGRADED TO A CONSOLIDATED PRE-TAX
PROFIT
OF DKK 750-850 MILLION AGAINST PREVIOUS GUIDANCE OF DKK 550-700
MILLION
    * TOTAL IMPACT OF COVID-19 ON GROUP'S ACTIVITIES IN FIRST
HALF OF
YEAR IS NOW NEUTRAL, HEREIN INCLUDED WRITE-DOWN ON LOANS IN BANK
MADE IN Q1.
    * POSITIVE DEVELOPMENT IN FINANCIAL MARKETS MEANS THAT GROUP
HAS
CURRENTLY RECOVERED UNREALIZED LOSSES ON INVESTMENT ASSETS
    * IN Q2 NON-LIFE BUSINESS HAS SEEN BETTER THAN EXPECTED
DEVELOPMENT IN WEATHER-RELATED AND MAJOR CLAIMS AS WELL AS A
POSITIVE DEVELOPMENT IN UNDERLYING INSURANCE OPERATION
    * Q2 PRE-TAX PROFIT DKK 371 MILLION VERSUS DKK 145 MILLION
YEAR
AGO
    * Q2 TOTAL INCOME DKK 2,013 MILLION VERSUS DKK 2,036 MILLION
YEAR
AGO

Source text for Eikon:  ID:nGNE26N9V6 
Further company coverage:  ALMB.CO 

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