Alm. Brand A/s · OMXCOP:ALMB
Alm. Brand A/s — Q3 2025 Earnings Presentation
28 slides from Alm. Brand A/s's earnings presentation, Oct 29, 2025
Slide 1: Results 2025 Q3
Results 2025│Q3 30 June to 30 September 2025
Slide 2: Q3 highlights
Q3 highlights Continued strong growth and favourable development in underlying business ▪ Satisfactory quarterly results characterised by strong organic growth and good cost control ▪ Guidance for the insurance service result lifted by DKK 100 million and the investment result lifted by DKK 50 milli
Slide 3: Financial highlights, Q3
Financial highlights, Q3 Strong premium growth, improved claims experience and lower costs contributed to a combined ratio of 82.2 ▪ Insurance revenue increased by 7.5% to DKK 3.0 billion, and the Financial results insurance service result grew to DKK 535 million DKKm ▪ The increase in the insurance
Slide 4: Insurance operations
Alm Brand ® Group Insurance operations
Slide 5: Insurance service result
Insurance service result Balanced result between Personal Lines and Commercial lines in Q3 ▪ Insurance service result of DKK 535 million, reflecting strong premium growth, effective cost control and a lower underlying claims experience Insurance service result (continuing activities) DKKm ▪ Strong i
Slide 6: Insurance revenue
Insurance revenue Sustained strong premium growth in Personal Lines and satisfactory developments in Commercial Lines ▪ The Q3 period saw premium growth of 7.5%, primarily driven by strong Growth in insurance revenue1 growth of 9.9% in Personal Lines, while growth in Commercial Lines was 4.9% ▪ Prem
Slide 7: Claims ratio
Claims ratio Strong improvement in undiscounted underlying claims ratio ▪ Claims ratio improved by 2.2 percentage points Development in underlying claims ratio ▪ Major claims were 0.8 of a percentage point higher than in Q3 2024 Q3 2025 Q3 2024 Change ▪ Weather-related claims expenses were slightly
Slide 8: Personal Lines
Personal Lines Improved development in underlying claims and lower expense ratio ▪ Decline in claims experience relative to Q3 2024 Combined ratio (continuing activities) Personal Lines ▪ Undiscounted underlying claims ratio improved by approx. 2 percentage points ▪ Higher level of weather-related a
Slide 9: Commercial Lines
Commercial Lines Sustained favourable development in underlying claims experience Combined ratio (continuing activities) ▪ Claims experience improved by 2.9 percentage points, driven Commercial Lines mainly by an improvement in the undiscounted underlying claims ratio of about 4 percentage points ▪
Slide 10: Updated weather and large claims expectations
Updated weather and large claims expectations 10
Slide 11: Major claims, Alm. Brand Group
Major claims, Alm. Brand Group % 10 8.8 9 8 6.3 7 6.3 6 5.5 5.5 5.3 5.3 Normal level: 61 5 Average: 5.0 4.0 4 3.0 3 2.4 2.1 2 1 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 11 1) Previously expected major claims level at 7% of premium income
Slide 12: Major claims, Commercial Lines
Major claims, Commercial Lines % 18 16.6 16 14 11.2 11.3 12 10.3 10.3 10 8.7 8.7 Normal level: 101 Average: 8.6 8 6.4 6 3.8 4.2 4 3.5 2 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 12 1) Previously expected major claims level at 12% of premium income for Commercial Lines
Slide 13: Weather-related claims, Alm. Brand Group
Weather-related claims, Alm. Brand Group % Expected weather-related claims 10,0 seasonality variations 9,0 8.6 % of total weather-related claims per quarter 8,0 7,0 Q1 35 6,0 5.0 4.7 5,0 3.8 Q2 10 4,0 3.5 Normal level: 3-41 3,0 2.4 2.5 2.6 Average: 3.3 2,0 Q3 25 1.4 0.9 1,0 0.6 0,0 Q4 30 Q1 23 Q2 23
Slide 14: Financials
Alm Brand ® Group Financials
Slide 15: Synergies
Synergies Status on synergies from Codan integration DKKm Realised in 2024 Realised in 2025 2025 target Administration 45 45 49 59 198 61 62 64 187 255 Claims processing 43 50 53 55 201 57 59 61 177 225 61 90 120 IT & infrastructure 10 11 16 24 27 30 33 Total 98 106 118 138 460 145 151 158 454 600 Q
Slide 16: Investment result
Investment result Satisfactory Q3 investment result Investment return Q3 2025 ▪ Overall, the investment result was satisfactory and better than expected for the DKKm Assets Return Return % quarter Bonds etc. 17,200 103 0.6 ▪ The Q3 investment return was supported in particular by the performance of
Slide 17: Outlook
Alm Brand ® Group
Slide 18: Guidance for 2025
Guidance for 2025 Insurance service result excl. run-offs in Q4 DKK 1.75-1.85 billion Lifted by DKK 100 million and guidance range narrowed to DKK 100 million Sub-components included in guidance Investment result DKK 300 million for 2025 Lifted by DKK 50 million Guidance Previous guidance Other inco
Slide 19: Save the date
Save the date ▪ Alm. Brand Group hosts a capital markets day on 18 November 2025 ▪ Launch of strategy and financial targets for the upcoming strategy period, 2026-2028 19
Slide 20: Q&A
Q&A
Slide 21: Share profile
Share profile ▪ Danish non-life insurer with a market share of ~15% ▪ Ambitions for profitable organic growth ▪ Focus on realising scale economies ▪ Manageable integration risk in terms of realisation of significant cost synergies ▪ Stable capital requirements ▪ High return on targeted capital ▪ Eff
Slide 22: Overview of significant synergy initiatives
Overview of significant synergy initiatives Expected run-rate, Run-rate, 2023: Run-rate, 2024: 2025: ~DKK 350m ~DKK 550m 2024 2025 ~DKK 650m 2026 DKK Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ~DKK ~DKK ~DKK Expansion of system to detect 35m 20m 10m insurance fraud, including the addition of more areas to the Technolo
Slide 23: Total capital
Total capital DKKm Q3 2025 Q2 2025 Q1 2025 Q4 2024 Tier 1 unrestricted 4,006 3,726 3,322 3,958 SCR ratio Tier 1 restricted 397 397 397 397 Tier 2 capital 897 1,185 1,182 1,295 254% Tier 3 capital 0 0 0 0 Total capital for the group for solvency coverage 5,300 5,308 4,901 5,650 purposes Solvency capi
Slide 24: Solvency ratio sensitivities (%)
SCR ratio Sensitivity analysis 261% Limited sensitivity in the event of 254% 258% 257% 256% 254% 256% 252% 251% 251% 250% 247% 249% 243% market movements Hedging of interest rate risk and Solvency ratio sensitivities (%) currency risk Largest impact in the event of changes to mortgage bonds Full rec
Slide 25: Investor base Denmark
Other Investor base 0.4% North America 8.8% Europe 26.7% Breakdown of free float Denmark 61.4% Nordics 2.8% 6% 4% Development in investor base 2% 0% Geographical movements in ownership interest -2% 31 December 2024 - 30 September 2025 -4% -6% -8% -10% North America Denmark Europe Other Nordics 25
Slide 26: Market share – Q3 2024
Market share – Q3 2024 14.1% 3.3% 23.9% Tryg Sampo** 4.5% Alm. Brand Group* Gjensidige Forsikring 4.7% Sygeforsikringen Danmark LB Forsikring 5.1% GF Forsikring A/S 20.7% Danica 7.8% Others 15.9% Source:Insurance & Pension Denmark * Before divestment of Energy & Marine business 26 ** Top & IF me
Slide 27: Investor Relations - contact details Financial calendar
Investor Relations - contact details Financial calendar Mads Thinggaard Head of Investor Relations & ESG +45 2025 5469 Capital markets day 18 November 2025 abmati@almbrand.dk Preliminary statement of financial 29 January 2026 results 2025 Nikolaj Albert Broholm Thalbitzer Senior Investor Relations O
Slide 28: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS The statements made in this presentation are based on current expectations, estimates and projections made by management. All statements about future financial performance are subject to risks and uncertainties that could cause actual results to differ materiall