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Upgraded guidance for technical result and downgraded guidance for funding result
Alm. Brand Group reported a passable development in non-life insurance actions previously quarter. Against this background, Alm. Brand Group upgrades its guidance for the technical result to DKK 1,050-1,100 million, towards the earlier guidance of DKK 950-1,050 million excluding run-off features and losses for the ultimate quarter of the 12 months.
The funding result reported at mid-August prompted Alm. Brand Group to take care of its guidance for the funding result for 2022 at a lack of DKK 100 million. But as a result of subsequent hostile monetary market developments and consequent capital losses on shares and bonds, Alm. Brand Group is now revising its guidance for the group’s funding result for 2022 to a lack of DKK 350 million.
The guidance for revenue of different actions is maintained at a lack of DKK 100 million. Against this background, Alm. Brand Group expects to report a consolidated pre-tax revenue on persevering with actions for 2022 of DKK 600-650 million excluding particular prices, towards the earlier guidance of DKK 750-850 million.
Alm. Brand Group will launch its Q3 interim report on 10 November 2022.
CEO Rasmus Werner Nielsen:
“We’re pleased that our business is developing satisfactorily and that our efforts to combine Codan and Alm. Brand and strengthen our market position are progressing as planned. In the short term, we’re unfortunately feeling the effects of the general turmoil and downturn in the financial markets, but longer term higher interest rates will serve to benefit our insurance earnings as well as our investment result.”
Contact
Please direct any questions concerning this announcement to:
Investors and fairness analysts:
Head of Investor Relations Senior Investor Relations Officer
Mads Thinggaard Mikael Bo Larsen
Mobile no. +45 2025 5469 Mobile no. +45 5143 8002
Press:
Head of Communication & Sustainability
Emilie Wedell-Wedellsborg
Mobile no. +45 2032 6530
- AS 19 2022 – Updated guidance
