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.

Investors and equity analysts:                                                       

Senior Vice President, Investor Relations

Lars Holm

Mobile no.

Senior Investor Relations Officer                                                                               

Mikael Bo Larsen                                                                                                             

Mobile no.                                                                                              

Press:

Chief Communication Officer

Claus Kappel Christensen

Mobile no.

Attachment