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Alm. Brand Earnings Release 2020
3352_iss_2020-07-31_410cb510-37b8-4758-8321-eecba8d83e9a.html
Earnings Release
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Upgrade of guidance for the 2020 results
Upgrade of guidance for the 2020 results
July 31, 2020
Announcement no. 32/2020
Upgrade of guidance for the 2020 results
As a result of a very satisfactory second quarter the full-year guidance is upgraded to a consolidated pre-tax profit of DKK 750-850 million against the previous guidance of DKK 550–700 million.
The positive development in the financial markets means that the Group has currently recovered the unrealized losses on investment assets. In addition, in the second quarter the non-life business has seen a better than expected development in the weather-related and the major claims as well as a positive development in the underlying insurance operation, herein included a modest effect as a result of Covid-19 and the consequent fewer claims.
The result for both the pension and banking activities has developed satisfactorily and as expected.
The total impact of Covid-19 on the Group's activities in the first half of the year is now neutral, herein included the write-down on loans in the bank made in the first quarter.
The updated guidance is excluding any run-off results for the remainder of the year.
Alm. Brand's key figures for the first half of 2020 are attached to this announcement. The interim report for the second quarter of 2020 will be published as planned on August 20, 2020.
Contact
Please direct any questions regarding this announcement to:
Chief Executive Officer
Rasmus Werner Nielsen
Tel. +45 3547 7907
Investors and equity analysts:
Senior Vice President, Investor Relations
Lars Holm
Mobile no. +45 2510 4717
Senior Investor Relations Officer
Mikael Bo Larsen
Mobile no. +45 5143 8002
Press:
Chief Communication Officer
Claus Kappel Christensen
Mobile no. +45 2524 8993
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