Alm. Brand A/s · OMXCOP:ALMB
Alm. Brand A/s — Q1 2025 Earnings Presentation
26 slides from Alm. Brand A/s's earnings presentation, May 1, 2025
Slide 1: Results 2025 Q1
Results 2025│Q1 1 January to 31 March 2025
Slide 2: Q1 highlights
Q1 highlights Satisfactory financial performance in Q1 2025 ▪ Satisfactory start to the year with sustained strong organic growth, good cost control and a satisfactory investment result ▪ Q1 financial performance lifted by lower expense ratio and lower weather-related claims than in Q1 2024. Major c
Slide 3: Financial highlights, Q1
Financial highlights, Q1 Lower costs and strong organic growth driving growth in insurance service result ▪ Insurance revenue increased by 5.2% to over DKK 2.8 billion, and the insurance Financial results service result grew to DKK 337 million DKKm ▪ The increase in the insurance service result was
Slide 4: Major claims, AB Group
Major claims, AB Group % 10 8.8 8 6.3 Normal level: 7.0 6 5.5 5.5 5.3 4.0 Average: 4.8 4 3.0 2.4 2.1 2 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Average for the period Q1 23-Q1 25 4
Slide 5: Major claims, Commercial Lines
Major claims, Commercial Lines % 18 16.6 16 14 11.2 Normal level: 12 10.3 10.3 12.0 10 8.7 Average: 8 6.4 8.3 6 4.2 3.8 3.5 4 2 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Average for the period Q1 23-Q1 25 5
Slide 6: Insurance operations
Insurance operations 6
Slide 7: Insurance service result
Insurance service result Significantly higher Q1 insurance service result in Personal Lines ▪ Insurance service result of DKK 337 million generated on the back of strong growth in Insurance service result (continuing activities) Personal Lines and cost reductions, a moderate level of major claims an
Slide 8: Insurance revenue
Insurance revenue Strong growth in Personal Lines continues ▪ Sustained strong premium growth in Personal Lines, while growth in Growth in insurance revenue1 Commercial Lines was affected by reaction patterns related to profitability-enhancing initiatives. Growth headwinds of 1 percentage point due
Slide 9: Claims ratio
Claims ratio Satisfactory improvement of undiscounted underlying claims ratio when adjusting for last year’s one-off gain ▪ Claims ratio deteriorated by 0.5 of a percentage point Development in underlying claims ratio ▪ Major claims higher than in Q1 2024 but below normal level ▪ Run-offs were 1.3 p
Slide 10: Personal Lines
Personal Lines Price adjustments offsetting adverse development in motor claims and contributing to fall in expense ratio Combined ratio (continuing activities) ▪ Decline in claims experience relative to last year Personal Lines ▪ Substantial decline in weather-related claims ▪ 2 percentage point hi
Slide 11: Commercial Lines
Commercial Lines Headwinds from discounting and low major claims in Q1 2024 Combined ratio (continuing activities) ▪ Claims experience deteriorated by 6.4 percentage points driven by 5.2 Commercial Lines percentage point higher major claims level, which was nevertheless still below normal ▪ Falling
Slide 12: Financials
Financials 12
Slide 13: Synergies
Synergies Status on synergies from Codan integration DKKm Realised in 2024 Realised in 2025 Target for 2025 Administration 45 45 49 59 198 61 255 Claims processing 43 50 53 55 201 57 225 61 27 120 IT & infrastructure 10 11 16 24 Total 98 106 118 138 460 145 600 Q1 Q2 Q3 Q4 ▪ Realisation of synergies
Slide 14: Investment result
Investment result Satisfactory Q1 investment result Investment return Q1 2025 ▪ Investment result was satisfactory overall, particularly in light of a quarter DKKm Assets Return Return % characterised by several major events in the financial markets Bonds etc. 18,844 10 0.1 ▪ The Q1 investment retur
Slide 15: Outlook
Outlook 15
Slide 16: Guidance for 2025
Guidance for 2025 Insurance service result excl. run-offs DKK 1.55-1.75 billion Lifted by DKK 50 million Sub-components included in Investment result DKK 200 million guidance for 2025 Unchanged Other income and expenses DKK -125 million Combined ratio 85-87 Unchanged Expense ratio 17 Profit before s
Slide 17: Save the date
Save the date ▪ Capital market day scheduled for 18 November 2025 ▪ Launch strategy and the financial targets for the coming strategy period 2026-2028 17
Slide 18: Q&A
Q&A
Slide 19: 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 20: 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 Expansion of system to detect ~DKK ~DKK ~DKK 35m 20m 10m insurance fraud, including the addition of more areas to the Technolo
Slide 21: Total capital
Total capital DKKm Q1 2025 Q4 2024 Q3 2024 Q2 2024 Tier 1 unrestricted 3,322 3,958 4,341 4,097 SCR ratio Tier 1 restricted 397 397 397 397 Tier 2 capital 1,182 1,295 1,295 1,294 180% Tier 3 capital 0 0 0 0 Total capital for the group for solvency coverage 4,901 5,650 6,033 5,789 purposes Solvency ca
Slide 22: Solvency ratio sensitivities
SCR ratio Sensitivity analysis 186% 180% 184% 176% 174% 182% 178% 183% 177% 180% 180% 180% Limited sensitivity in the event of 174% 171% 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 23: Investor base Denmark
Other Investor base 0.1% North America 8.8% Europe 25.2% Breakdown of free float Denmark 60.4% Nordics 5.5% 6% 4% Development in investor base 2% 0% Geographical movements in ownership -2% interest -4% -6% 31 December 2024 - 31 March 2025 -8% -10% North America Denmark Europe Other Nordics 23
Slide 24: Market share – Q1 2024
Market share – Q1 2024 Market Share 16.0 23.5 Tryg 2.2 Alm. Brand Group* Topdanmark 4.4 Gjensidige Forsikring If 4.7 Sygeforsikringen Danmark LB Forsikring 5.1 GF Forsikring A/S 15.9 PFA Pension 5.3 Others 7.6 * Before divestment of Energy & 15.2 Marine business Source: Insurance & Pension Denmark 2
Slide 25: Investor Relations - contact details, Financial calendar
Investor Relations - contact details Financial calendar Mads Thinggaard Head of Investor Relations & ESG +45 2025 5469 Interim report, Q2 2025 16 July 2025 abmati@almbrand.dk Interim report, Q3 2025 29 October 2025 Capital Market Day 18 November 2025 https://investorrelations.almbrand.dk/ 25
Slide 26: 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