Brief: Alm. Brand Q2 Technical Result Up At DKK 337 Mln

ALM. Brand A/S

18/08/2022 07:49

Aug 18 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * INTERIM REPORT Q2 2022
    * Q2 GROSS PREMIUM INCOME OF DKK 2,395 MILLION IN Q2 2022,
DRIVEN
BY HIGHLY SATISFACTORY ORGANIC GROWTH OF 5.1% AND ACQUISITION OF
CODAN, AGAINST DKK 1,348 MILLION IN Q2 2021
    * Q2 TECHNICAL RESULT DKK 337 MILLION VERSUS DKK 322 MILLION
YEAR
AGO
    * OUTLOOK: GUIDANCE FOR GROUP'S CONSOLIDATED TECHNICAL
RESULT IS
LIFTED TO DKK 950-1,050 MILLION BEFORE TAX AND EXCLUDING RUN-OFF
GAINS AND LOSSES FOR SECOND HALF OF YEAR, AGAINST PREVIOUS
GUIDANCE OF DKK 650-700 MILLION
    * NEGATIVE FINANCIAL MARKET DEVELOPMENTS RESULTED IN A LOSS
ON
INVESTMENTS OF DKK 272 MILLION IN Q2 2022, AGAINST A GAIN OF DKK
22 MILLION IN Q2 2021
    * Q2 PRE-TAX LOSS FROM CONTINUING ACTIVITIES DKK 185 MILLION
VERSUS PROFIT DKK 219 MILLION YEAR AGO
    * ALM. BRAND A/S - OUTLOOK: GUIDANCE FOR COMBINED RATIO IS
FOR A
LEVEL OF ABOUT 89, INCLUDING AN INCREASE IN EXPENSE RATIO TO
ABOUT 18, AGAINST PREVIOUSLY 16.5, AS A RESULT OF RECOGNITION OF
CODAN
    * OUTLOOK: GUIDANCE FOR INVESTMENT RESULT IS UNCHANGED FOR A
LOSS
OF ABOUT DKK 100 MILLION, INCLUDING AN ALREADY FAVOURABLE TREND
AFTER END OF FIRST HALF-YEAR AND EXPECTATIONS OF AN UNCHANGED
INTEREST RATE LEVEL FOR REMAINDER OF 2022
    * OUTLOOK: OTHER ACTIVITIES ARE STILL EXPECTED TO REPORT A
PRE-TAX
LOSS OF DKK 100 MILLION
    * OUTLOOK: EXPECTS TO REPORT A CONSOLIDATED PROFIT ON
CONTINUING
ACTIVITIES OF DKK 750-850 MILLION BEFORE SPECIAL COSTS, AGAINST
PREVIOUS GUIDANCE OF A PRE-TAX PROFIT OF DKK 450-500 MILLION

Source text for Eikon:  ID:nGNE2MXCk 
Further company coverage:  ALMB.CO 

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