Brief: Alm. Brand Sells Alm. Brand Liv Og Pension A/S, Lifts Guidance

ALM. Brand A/S

01/10/2021 15:49

Oct 1 (Reuters) - ALM. Brand A/S  ALMB.CO :
    * SELLS ALM. BRAND LIV OG PENSION A/S AND UPGRADES FULL-YEAR PROFIT GUIDANCE
    * SALE TRIGGERS AN ACCOUNTING GAIN OF CLOSE TO DKK 565 MILLION BEFORE PAYMENT OF
TRANSACTION-RELATED COSTS
    * ALM. BRAND'S GUIDANCE FOR CONSOLIDATED PROFIT IS SUBSEQUENTLY UPGRADED TO DKK 1,200-1,250
MILLION BEFORE TAX, AGAINST PREVIOUS GUIDANCE OF A DKK 700-750 MILLION PROFIT.
    * ALM. BRAND HAS TODAY ENTERED INTO A CONDITIONAL AGREEMENT WITH NORDIC I&P TO SELL ALM.
BRAND LIV
OG PENSION AT A PRICE OF DKK 1,100 MILLION
    * SALE OF ALM. BRAND LIV OG PENSION WILL FREE UP CAPITAL IN ALM. BRAND IN A TOTAL AMOUNT OF
ABOUT
DKK 900 MILLION
    * FREED-UP CAPITAL IS EXPECTED TO BE USED TO REDUCE SIZE OF FORTHCOMING RIGHTS ISSUE IN
CONNECTION
WITH ACQUISITION OF CODAN.
    * FOR NON-LIFE INSURANCE, GUIDANCE IS UNCHANGED FOR A PRE-TAX PROFIT OF DKK 800 MILLION
EXCLUDING
RUN-OFF RESULT FOR SECOND HALF OF 2021, AND GUIDANCE FOR OTHER ACTIVITIES IS ALSO UNCHANGED AT A
LOSS OF DKK 175 MILLION
    * SALE OF ALM. BRAND LIV OG PENSION A/S IS EXPECTED TO ENTAIL RESTRUCTURING COSTS OF ABOUT
DKK 60
MILLION

Source text for Eikon:  ID:nGNEbpC3Hm 
Further company coverage:  ALMB.CO 

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