Alm. Brand A/s · OMXCOP:ALMB
Alm. Brand A/s — Q3 2026 Earnings Presentation
23 slides from Alm. Brand A/s's earnings presentation, Oct 28, 2026
Slide 1: Results 2026 Q3
Results 2026│Q3 1 July to 30 September 2026
Slide 2: Q3 highlights
Q3 highlights 755 535 Highest insurance service result to date +220m Q3 2025 Q3 2026 Insurance result ▪ Very satisfactory insurance service result, driven by a low level of weather and major claims as well as high run-off gains, resulting in the highest result to date ▪ Personal Lines recorded satis
Slide 3: Financial highlights, Q3
Financial highlights, Q3 Financial results Strong insurance performance driven by favourable DKKm claims development Q3 2026 Q3 2025 ▪ Insurance revenue increased by 1.6% year-on-year to DKK 3,054 million, while Insurance revenue 3,054 3,006 the insurance service result increased to DKK 755 million
Slide 4: Insurance Operations
Insurance Operations
Slide 5: Insurance service result
Insurance service result Insurance service result supported by improved claims performance Insurance service result1 ▪ Insurance service result of DKK 755 million, reflecting premium growth in Personal DKKm Lines, a lower underlying claims ratio, run-off gains, and lower major and weather- related c
Slide 6: Insurance revenue
Insurance revenue Continued growth in Personal Lines and sustained focus on profitability in Commercial lines Growth in insurance revenue In % ▪ Premium growth of 1.6% in Q3 2026 driven by satisfactory 9.9% 9.8% 10% growth of 4.7% in Personal Lines, while Commercial Lines reported a decline of 1.8%
Slide 7: Claims ratio
Claims ratio Development in underlying claims ratio Strong claims ratio drives profitability Q3 2026 Q3 2025 Change ▪ Claims ratio decreased by 7.2 percentage point from Q3 2025 Claims ratio 59.2 66.4 -7.2 ▪ Major claims were 3.9 percentage points lower year-on-year and significantly Major claims, n
Slide 8: Personal lines
Personal lines Improved performance driven by lower claims levels ▪ Claims ratio improved by 5 percentage points year-on-year Combined ratio Personal Lines ▪ Underlying claims ratio improved by 0.8 percentage points, supported by -4.7 the strategic initiatives beginning to take effect but also impac
Slide 9: Commercial lines
Commercial lines Improved claims ratio especially driven by lower major claims and run-off gains ▪ Claims ratio improved by 9.8 percentage points, driven mainly by a significant Combined ratio1 decrease in major claims and higher run-off gains Commercial Lines ▪ Underlying claims ratio improved by 0
Slide 10: Financials
Financials
Slide 11: Investment result
Investment result Loss of DKK 76 million in Q3 Investment result ▪ Investment result of DKK -76 million in Q3 2026 Q3 2026 ▪ Return on the free portfolio of DKK -34 million DKKm Market value Return Return % ▪ Loss on bonds due to rising rates Bonds etc. 4,809 -54 -1.1 ▪ Partly offset by positive ret
Slide 12: Outlook
Alm Brand & Group
Slide 13: Guidance for 2026
Guidance for 2026 The 2026 guidance reflects the outlook upgrade announced on 5 October and subsequent adjustments communicated in connection with the Q3 results Uplift Sub-components included in guidance Insurance service 1.5-1.6 for 2026 result excl. run-offs Q4 + 250 (5th October) Billion DKK Mil
Slide 14: Q&A
Q&A
Slide 15: Share profile
Danish non-life insurer Ambitions for Focus on realising with a market share profitable organic scale economies of ~15% growth Uncomplicated business Stable capital High return on Share profile model: One platform in requirements targeted capital one country Excess capital Substantial distribution E
Slide 16: Major claims, Alm. Brand Group
Major claims, Alm. Brand Group Major claims Q3 2026 % 2.4% 9 8.8 8 7 6.3 6.3 6.0 6 Key takeaways 5.5 5.5 5.3 5.3 5.1 5 Normal level: 6 ▪ Major claims ratio declined to 2.4% 4.0 4.1 in Q3 2026, well below both the 4 Average: 4.8 normal level of 6% and the historical 3.0 average 3 2.4 2.4 2.1 ▪ Claims
Slide 17: Major claims, Commercial Lines
Major claims, Commercial Lines Major claims Q3 2026 % 18 16 16.6 5.1% 14 12 11.2 11.3 11.3 Key takeaways 10.3 10.3 10.1 10 ▪ Major claims ratio decreased to 8.7 8.7 8.0 5.1% in Q3 2026, significantly Normal level: 10 8 Average: 8.6 below both the normal level of 10% 6.4 and the historical average of
Slide 18: Weather-related claims, Alm. Brand Group
Weather-related claims, Alm. Brand Group Major claims Q3 2026 % 9 8 8.6 2.0% 7 Expected seasonal variations in 6 weather-related claims 5.0 % of total weather-related claims per quarter. 5 4.7 3.8 Q1 35 4 3.5 3 Normal level: 3-4 Q2 2.6 2.7 10 2.4 2.5 Average: 2.9 2.0 2 Q3 25 1.4 1.5 1.5 1 0.9 0.6 Q4
Slide 19: Total capital
Total capital “ Strong solvency position with SCR ratio increasing to 238% in Q3 2026 “ SCR Ratio Q3 2026 DKKm 238% Q3 2026 Q2 2026 Q1 2026 Q4 2025 Tier 1 unrestricted 3,391 3,077 2,653 2,404 Key takeaways Tier 1 restricted 397 397 397 397 ▪ SCR ratio increased to 238% Tier 2 capital 897 991 897 897
Slide 20: SCR ratio, Sensitivity analysis
SCR ratio, Sensitivity analysis “ SCR remains robust in all tested market scenarios “ Sensitivity range Q3 2026 238% 243% 245% 241% 243% 238% 238% 237% 228-245% 233% 230% 235% 230% 233% 228% Solvency ratio sensitivities (%) Key takeaways ▪ Limited sensitivity in the event of market movements ▪ Hedgi
Slide 21: Market share – Q2 2025
Market share – Q2 2025 -0.9 Market share Q2 2025 14.1% Tryg 14.9% 23.4% Sampo* 4.0% Alm. Brand Group 4.8% Gjensidige Forsikring Key takeaways Sygeforsikringen Danmark ▪ Market share of 14.9% in Q2 2025 5.1% LB Forsikring ▪ Remains the third-largest non-life 5.1% insurer in Denmark GF Forsikring A/S
Slide 22: Investor Relations - contact details
Investor Relations - contact details Mads Thinggaard VP, Head of Investor Relations & ESG +45 2025 5469 mati@abgroup.dk Nikolaj Albert Broholm Thalbitzer Senior Investor Relations Officer +45 2060 5784 niti@abgroup.dk https://investorrelations.almbrand.dk/ Financial calendar Interim Report Q4 2026 2
Slide 23: 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