Highlights
• Highly satisfactory profit of DKK 986 million despite a substantial number of
weather-related claims, major claims and the financial crisis
• 7% growth in non-life premiums
• 28% growth in the bank's loans and advances
• Expected profit for 2008 of DKK 870 million
Other highlights of 2007
• The consolidated profit equalled an annualised return on equity of 20% before
tax.
• A new share buyback programme of DKK 600 million, corresponding to a payout
ratio of 12, was implemented.
• The group was not exposed to the sub-prime market.
• Non-life operations reported a satisfactory profit of DKK 647 million.
The performance was supported by excellent premium income growth, good
performance by the underlying non-life portfolio, a strong investment return
and run-off gains. The performance was adversely affected by substantial
weather-related claims and an above average number of major claims.
Premium growth in non-life operations was 7%, which was highly satisfactory and
in line with the group's ambitious strategy for growth, and was achieved
without impairing the quality of the portfolio.
• The bank posted a satisfactory profit of DKK 196 million.
The bank saw an increase in both interest and fee income, partly as a result of
accelerated lending activities and partly as a result of mounting activity in
the group's markets and asset management activities.
The bank's was able to keep its credit policy unchanged despite substantial
growth. The bank raised a major syndicated loan in the early summer of 2007,
thereby securing long-term funding at favourable prices.
• The group's life insurance activities generated a profit of DKK 104 million,
equivalent to a return on equity of 11%, against 7% the year before.
Shareholders' equity included the full risk premium.
Total premium growth on guaranteed and non-guaranteed schemes was almost 7,7 %,
in line with the group's growth strategy for the period until 2010.
• Consolidated revenue totalled DKK 7.7 billion.
Please direct any questions regarding this announcement to Søren Boe Mortensen,
Chief Executive, on tel. +45 35 47 47 47.
Yours sincerely,
Alm. Brand A/S
Søren Boe Mortensen
Chief Executive
The annual report is attached in pdf-format.
