Insurer Alm. Brand tracks worst day in a year after Q1 insurance service miss

ALM. Brand A/S

11/05/2023 09:11

** Shares in Alm. Brand  ALMB.CO  fall 6.4%, set for worst
day in a year, after the Danish insurance and financial services
group posts Q1 insurance service result below expectations 
    ** The group's insurance service result for the first
quarter came in at 205 million Danish crowns ($30.31 million),
which Jyske Bank says is 28% below the expected 283 million
    ** The result was driven by gross premiums that came in as
expected and a combined ratio of 92.8%, 2.7 percentage points
worse than expected, the brokerage says 
    ** Jyske notes that while the investment return was
"somewhat higher" than expected, profit after tax (94 million)
still came in below consensus due to the "disappointing
development" in the insurance service result
    

($1 = 6.7638 Danish crowns)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))