ALM. BRAND A/S - Annual Report 2006
Alm. Brand A/S released its Annual Report 2006 today. See the enclosed Annual
Report for the company's performance in 2006 and the outlook for 2007.
Highlights of the Annual Report:
• The Alm. Brand A/S Group posted a pre-tax profit excluding minority interests
of DKK 1,006 million as compared with a profit of DKK 747 million in 2005.
• This marks a substantial improvement relative to 2005, and the results are
highly satisfactory.
• Due to the strong financial results, Alm. Brand will initiate another share
buyback programme in 2007, for up to DKK 600 million.
• Non-life operations generated a pre-tax profit of DKK 724 million and a
combined ratio of 88.1. Premium income was up by 4.9%, which is satisfactory
and in line with expectations.
• Banking operations reported a pre-tax profit of DKK 167 million.
• Life insurance operations reported a pre-tax profit of DKK 81 million.
• Alm. Brand A/S generated return on equity of 22% before tax.
• Earnings per share were DKK 37 in 2006, and the share price was DKK 400 at 31
December 2006, corresponding to 171% of the net asset value of 234.
• In February 2007, Alm. Brand Forsikring A/S raised subordinate capital of EUR
20 million arranged by Nordea.
• Consolidated profit for 2007 is expected to be around DKK 800 million before
tax and around DKK 580 million after tax with a Combined Ratio of 92 for
non-life insurance.
Please direct any questions regarding this announcement to Søren Boe Mortensen,
Chief Executive, on tel. +45 35 47 47 47.
