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Alm. Brand proposes dividend, launches share buyback program

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Alm. Brand proposes dividend, launches share buyback program

Denmark-based Alm. Brand A/S proposed a 2017 ordinary dividend of 1.50 Danish kroner per share and an extraordinary dividend of 1.50 kroner per share.

The insurer also launched a new share buyback program amounting to 200 million kroner, which will run through March 2019, subject to Danish Financial Supervisory Authority approval. The actions represent a total distribution of up to 680 million kroner in respect of the 2017 financial year.

The Alm. Brand af 1792 f.m.b.a unit reported a full-year 2017 pretax profit of 1.02 billion kroner. Nonlife insurance pretax profit amounted to 917 million kroner, with pretax profit from life insurance totaling 93 million kroner and that from the banking business reaching 67 million kroner.

For 2018, Alm. Brand will maintain its pretax profit guidance of between 450 million kroner and 550 million kroner and the combined ratio of its nonlife insurance activities to be between 91% and 92%. The firm also said its acquisition of Saxo Privatbank A/S will not have a "significant impact" on its outlook and guidance.

As of Feb. 27, US$1 was equivalent to 6.08 Danish kroner.