February 27, 2020 / 7:30 AM / a month ago

BRIEF-ALM. Brand Q4 Pre-Tax Profit Ex. Extraordinary Costs At DKK 152 Mln

Feb 27 (Reuters) - ALM. Brand A/S:

* REG-ANNUAL REPORT 2019

* IN Q4 2019, ALM. BRAND GENERATED A PRE-TAX PROFIT EXCLUDING EXTRAORDINARY COSTS OF DKK 152 MILLION, AS COMPARED WITH A DKK 84 MILLION PROFIT IN 2018

* Q4 TOTAL INCOME DKK 2.13 BILLION

* RECOMMENDS DISTRIBUTION OF A DIVIDEND OF DKK 3.00 PER SHARE.

* THE TECHNICAL RESULT WAS A PROFIT OF DKK 98 MILLION BEFORE TAX IN Q4 2019, AGAINST DKK 124 MILLION IN Q4 2018

* THE Q4 2019 EXPENSE RATIO WAS 17.0

* TRANSFORMATION PROCESS WILL CHARACTERISE 2020 AND THE FOLLOWING YEARS

* ALM. BRAND EXPECTS TO POST A PRE-TAX PROFIT OF DKK 650-700 MILLION IN 2020 EXCLUDING RUN-OFF RESULT, CORRESPONDING TO AN INCREASE OF ABOUT DKK 150 MILLION, OR CLOSE TO 30%, RELATIVE TO THE COMPARABLE 2019 PROFIT.

* 2020 NON-LIFE INSURANCE IS EXPECTED TO GENERATE A PRE-TAX PROFIT EXCLUDING RUN-OFF RESULT OF ABOUT DKK 525 MILLION

* PROFIT GUIDANCE FOR 2020 INCLUDES A PROFIT-ENHANCING FULL-YEAR EFFECT OF REDUNDANCIES OF APPROXIMATELY DKK 100 MILLION IN TOTAL

* EXPECTS 2020 LIFE INSURANCE PRE-TAX PROFIT OF ABOUT DKK 100 MILLION

* THE COMBINED RATIO IS EXPECTED TO BE IN THE REGION OF 91 IN 2020.

* COMBINED RATIO IS EXPECTED TO BE IN THE REGION OF 91 IN 2020.

* TARGET UNTIL 2022 IS GROWTH IN NON-LIFE INSURANCE DEFINED AS AN AVERAGE ANNUAL INCREASE IN GROSS PREMIUMS OF 3%

* ALM. BRAND HAS INTRODUCED NEW FINANCIAL TARGETS TO BE ACHIEVED IN THE PERIOD UNTIL 2022: IMPROVED EARNINGS IN NON-LIFE INSURANCE AS EXPRESSED BY A COMBINED RATIO OF LESS THAN 90 AND A GROSS EXPENSE RATIO OF ABOUT 16

* FINANCIAL TARGET FOR PERIOD UNTIL 2022: IMPROVED EARNINGS IN BANKING AS EXPRESSED BY AN ANNUAL RETURN ON EQUITY OF AT LEAST 10% BEFORE AMORTISATION OF CUSTOMER RELATIONSHIPS AND TAX

* TARGET UNTIL 2022 IS AVERAGE ANNUAL GROWTH IN REGULAR PREMIUM PAYMENTS IN LIFE INSURANCE OF 7% Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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