Alm. Brand A/s · OMXCOP:ALMB
Alm. Brand A/s — Q1 2026 Earnings Presentation
23 slides from Alm. Brand A/s's earnings presentation, Apr 28, 2026
Slide 1: Results 2026 Q1
Results 2026│Q1 1 January to 31 March 2026
Slide 2: Q1 highlights
Q1 highlights Favourable trend in underlying business ▪ Very satisfactory results driven by favourable trend in the underlying operations, disciplined cost control and sustained organic growth in Personal Lines ▪ Commercial Lines reported a top line decline of 1.8%, reflecting a continued focus on i
Slide 3: Financial highlights, Q1
Financial highlights, Q1 Improved underlying claims ratio and high run-off gains resulted in a lower combined ratio of 83.1 ▪ Insurance revenue increased by 2.5% year-on-year to approx. DKK 2.9 Financial results billion, and the insurance service result grew to DKK 496 million DKKm ▪ The increase in
Slide 4: Insurance operations
Alm Brand ® Group Insurance operations
Slide 5: Insurance service result
Insurance service result Positive insurance service result development year-on-year ▪ Insurance service result of DKK 496 million, reflecting premium growth in Insurance service result Personal Lines, a lower underlying claims ratio and high run-off gains (continuing activities) ▪ The insurance serv
Slide 6: Insurance revenue
Insurance revenue Insurance revenue growth reflects continued growth in Personal Lines and focus on profitability ▪ The Q1 period saw premium growth of 2.5%, driven in particular by Growth in insurance revenue1 sustained healthy growth of 6.4% in Personal Lines, while Commercial Lines reported a dec
Slide 7: Claims ratio
Claims ratio Strong improvement of undiscounted underlying claims ratio ▪ Claims ratio decreased by 4.8 percentage point from Q1 2025 Development in underlying claims ratio ▪ Major claims were 0.7 percentage points higher year-on-year, Q1 2026 Q1 2025 Change remaining on par with normal levels Claim
Slide 8: Personal Lines
Personal Lines Improved underlying claims despite higher motor-related claims ▪ Claims ratio improved by 2.3 percentage points year-on-year Combined ratio Personal Lines ▪ Underlying claims ratio improved by 1.3 percentage points in Q1 2026 supported by the implementation of profitability-enhancing
Slide 9: Commercial Lines
Commercial Lines Continued improvement in underlying claims ratio Combined ratio (continuing activities) ▪ Claims ratio improved by 7.5 percentage points, driven mainly by Commercial Lines improved underlying claims ratio, lower weather-related claims and high run-off gains 100 89.3 ▪ Underlying cla
Slide 10: Financials
Alm Brand ® Group Financials
Slide 11: Investment result
Investment result Subdued investment result in Q1 Investment result Q1 2026 DKKm Assets Return Return % ▪ The investment result amounted to a loss of DKK 43 million Bonds etc. 4,592 -18 -0.4 ▪ The net investment result for the free portfolio was adversely affected by Other fixed income 921 14 1.5 ge
Slide 12: Outlook
Alm Brand ® Group
Slide 13: Guidance for 2026
Guidance for 2026 Insurance service result excl. run-offs (Q2-Q4) DKK 1.8-2.0 billion Lifted by DKK 150 million Sub-components included in guidance Investment result DKK 0.15 billion for 2026 Reduced by DKK 50 million Guidance Profit before other income and expenses DKK 1.95-2.15 billion Combined ra
Slide 14: Q&A
Q&A
Slide 15: Share profile
Share profile ▪ Danish non-life insurer with a market share of ~15% ▪ Ambitions for profitable organic growth ▪ Focus on realising scale economies ▪ Uncomplicated business model: One platform in one country ▪ Stable capital requirements ▪ High return on targeted capital ▪ Efficient capital allocatio
Slide 16: Major claims, Alm. Brand Group
Major claims, Alm. Brand Group % 10 8.8 9 8 7 6.3 6.3 6.0 6 5.5 5.5 5.3 5.3 Normal level: 6 5 Average: 5 4.0 4.1 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 Q4 25 Q1 26 16
Slide 17: Major claims, Commercial Lines
Major claims, Commercial Lines % 18 16.6 16 14 12 11.2 11.3 11.3 10.3 10.3 10 8.7 8.7 Normal level: 10 8.0 8 Average: 8.8 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 Q4 25 Q1 26 17
Slide 18: Weather-related claims, Alm. Brand Group
Weather-related claims, Alm. Brand Group % Expected seasonal variations in 10.0 weather-related claims 9.0 8.6 Percent of total weather-related claims per quarter 8.0 Q1 35 7.0 6.0 5.0 4.7 5.0 Q2 10 3.5 3.8 4.0 Normal level: 3-4 3.0 2.4 2.5 2.6 Average: 3 Q3 25 2.0 1.4 1.5 1.5 0.9 1.0 0.6 Q4 30 0.0
Slide 19: Total capital
Total capital DKKm Q1 2026 Q4 2025 Q3 2025 Q2 2025 Tier 1 unrestricted 2,653 2,404 4,006 3,726 SCR ratio Tier 1 restricted 397 397 397 397 Tier 2 capital 897 897 897 1,185 202 % Tier 3 capital 0 0 0 0 Total capital for the group for solvency coverage 3,947 3,698 5,300 5,308 purposes Solvency capital
Slide 20: Solvency ratio sensitivities (%)
SCR ratio Sensitivity analysis 208% 211% Limited sensitivity in the event of 202% 205% 207% 202% 203% 201% 196% 193% 199% 195% 191% 199% 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 21: Market share – Q1 2025
Market share – Q1 2025 14.4% 23.3% 4.0% 4.7% 5.0% 5.1% 20.5% 7.9% 15.1% Tryg Sampo* Alm. Brand Group Gjensidige Forsikring Sygeforsikringen Danmark LB Forsikring GF Forsikring A/S Danica Others Source: Insurance & Pension Denmark * Topdanmark and IF combined 21
Slide 22: Investor Relations - contact details Financial calendar
Investor Relations - contact details Financial calendar Mads Thinggaard VP, Head of Investor Relations & ESG +45 2025 5469 mati@abgroup.dk Interim report for Q2 2026 16 July 2026 Interim report for Q3 2026 28 October 2026 https://investorrelations.almbrand.dk/ 22
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