Slide 1: Results 2025 Q2
Results 2025│Q2 1 April to 30 June 2025
Slide 2: Q2 highlights
Q2 highlights Strong organic growth and favourable trend in underlying business ▪ Interim financial statements showing strong organic growth, effective cost control and a highly satisfactory investment result ▪ Cost focus contributed to decline in expense ratio and combined ratio ▪ Significantly imp
Slide 3: Financial highlights, Q2
Financial highlights, Q2 Strong organic growth, premium adjustments and improved claims experience driving growth in insurance service result ▪ Insurance revenue increased by 8.3% to over DKK 2.9 billion, and the insurance Financial results service result grew significantly to DKK 520 million DKKm ▪
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 5.3 4.0 Average: 4 3.0 4.8 2.4 2.1 2 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 4
Slide 5: Major claims, Commercial Lines
Major claims, Commercial Lines % 18 16.6 16 14 11.2 Normal 12 10.3 10.3 level: 12.0 10 8.7 8.7 8 Average: 6.4 6 8.4 3.8 3.5 4.2 4 2 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 5
Slide 6: Insurance operations
Insurance operations 6
Slide 7: Insurance service result
Insurance service result Significantly higher Q2 insurance service result in Commercial Lines ▪ The insurance service result amounted to DKK 520 million, generated on the back of strong Insurance service result (continuing activities) premium growth, effective cost control, a moderate level of major
Slide 8: Insurance revenue
Insurance revenue Double-digit growth in Personal Lines and stronger growth in Commercial Lines ▪ Premium growth in Personal Lines accelerated to 11%, while growth in Growth in insurance revenue1 Commercial Lines improved to 5.3% ▪ Premium adjustments are driving much of the improvement, while partn
Slide 9: Claims ratio
Claims ratio Significant improvement of undiscounted underlying claims ratio ▪ Claims ratio improved by 4.9 percentage points ▪ Major claims were lower than the above-normal level in Q2 2024 Development in underlying claims ratio ▪ Run-off gains were 1.4 percentage points lower than in Q2 2024, when
Slide 10: Personal Lines
Personal Lines Strong development in underlying claims and lower expense ratio ▪ Increase in claims experience relative to last year Combined ratio (continuing activities) Personal Lines ▪ Run-off gains of 1.6% are 3.7 percentage points lower than in Q2 2024, when run-off gains were at a particularl
Slide 11: Commercial Lines
Commercial Lines Strong development in underlying claims experience Combined ratio (continuing activities) ▪ Claims experience improved by 13.3 percentage points, driven mainly by a Commercial Lines decline in the undiscounted underlying claims ratio of approx. 7.5 percentage points ▪ Major claims w
Slide 12: Financials
Financials 12
Slide 13: Synergies
Synergies Status on synergies from Codan integration DKKm Realised in 2024 Realised in 2025 2025 target Administration 45 45 49 59 198 61 62 123 255 43 50 53 55 201 57 59 116 225 Claims processing 61 57 120 IT & infrastructure 10 11 16 24 27 30 Total 98 106 118 138 460 145 151 296 600 Q1 Q2 Q3 Q4 ▪
Slide 14: Investment result
Investment result Highly satisfactory Q2 investment result Investment return Q2 2025 ▪ Overall, the investment result was highly satisfactory and better than expected DKKm Assets Return Return % for the quarter Bonds etc. 17,543 161 0.8 ▪ The Q2 investment return was supported in particular by the p
Slide 15: Outlook
Outlook 15
Slide 16: Guidance for 2025
Guidance for 2025 Insurance service result excl. run-offs for H2 DKK 1.6-1.8 billion Lifted by DKK 50 million Sub-components included in Investment result DKK 250 million guidance for 2025 Lifted by DKK 50 million Guidance Previous Guidance Other income and expenses DKK -125 million Combined ratio 8
Slide 17: 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 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 ~DKK ~DKK ~DKK Expansion of system to detect 35m 20m 10m insurance fraud, including the addition of more areas to the Technolo
Slide 21: Total capital
Total capital DKKm Q2 2025 Q1 2025 Q4 2024 Q3 2024 Tier 1 unrestricted 3,726 3,322 3,958 4,341 SCR ratio Tier 1 restricted 397 397 397 397 Tier 2 capital 1,185 1,182 1,295 1,295 194% Tier 3 capital 0 0 0 0 Total capital for the group for solvency coverage 5,308 4,901 5,650 6,033 purposes Solvency ca
Slide 22: Solvency ratio sensitivities (%)
SCR ratio Sensitivity analysis 200% Limited sensitivity in the event of 194% 198% 196% 197% 194% 195% 193% 190% 188% 192% 188% 185% 191% market movements Solvency ratio sensitivities (%) Hedging of interest rate risk and currency risk Largest impact in the event of changes to mortgage bonds Full rec
Slide 23: Investor base
Other Investor base 0,4% North America 8,2% Europe 25,1% Breakdown of free float Denmark 61,0% Nordics 5,3% 6% 4% Development in investor base 2% 0% Geographical movements in ownership -2% interest -4% -6% 31 December 2024 - 30 June 2025 -8% -10% North America Denmark Europe Other Nordics 23
Slide 24: Market share – Q2 2024
Market share – Q2 2024 Market share 14,1% Tryg 3,7% 23,8% Alm. Brand Group* Topdanmark 4,4% Gjensidige Forsikring If 4,7% Sygeforsikringen Danmark 5,1% LB Forsikring 15,8% GF Forsikring A/S 5,4% Danica Others 7,7% 15,2% Source: Insurance & Pension Denmark * Before divestment of Energy & Marine bus
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, Q3 2025 29 October 2025 abmati@almbrand.dk Capital markets 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