Alm. Brand A/s · OMXCOP:ALMB
Alm. Brand A/s — Q2 2026 Earnings Presentation
24 slides from Alm. Brand A/s's earnings presentation, Jul 16, 2026
Slide 1: Results 2026 Q2
Results 2026│Q2 1 April to 30 June 2026
Slide 2: Q2 highlights
Q2 highlights Highly satisfactory underlying performance ▪ Q2 results significantly impacted by the DKK 700 million one-off reserve strengthening following the Supreme Court ruling on workers’ compensation ▪ On an adjusted basis, a record insurance service result supported by favourable underlying p
Slide 3: Financial highlights, Q2
Financial highlights, Q2 Results impacted by one-off reserve strengthening ▪ Insurance revenue increased by 1.7% year-on-year to DKK 3.0 billion, Financial results1 while the insurance service result decreased to DKK -52 million DKKm ▪ The decrease in the insurance service result was driven by the o
Slide 4: Insurance operations
Alm Brand ® Group Insurance operations
Slide 5: Insurance service result
Insurance service result Positive development adjusted for one-off reserve strengthening ▪ Reported insurance service result of DKK -52 million significantly impacted by Insurance service result1 DKK 700 million one-off reserve strengthening following Supreme Court ruling DKKm on workers’ compensati
Slide 6: Insurance revenue
Insurance revenue Insurance revenue growth reflects continued growth in Personal Lines and focus on profitability ▪ Premium growth of 1.7% in Q2 2026 driven by sustained satisfactory Growth in insurance revenue growth of 5.2% in Personal Lines, while Commercial Lines reported a decline of 2.3% 11.0%
Slide 7: Claims ratio
Claims ratio Strong improvement of undiscounted underlying claims ratio ▪ The claims ratio increased 19.5 percentage points year-on-year impacted by one-off reserve strengthening (23.3 percentage points related to the one-off), Development in underlying claims ratio thus a claims ratio improvement o
Slide 8: Personal Lines
Personal Lines Improved performance driven by lower underlying claims ratio ▪ Claims ratio improved by 6.3 percentage points year-on-year Combined ratio Personal Lines ▪ Underlying claims ratio improved by 1.9 percentage points supported by the implementation of profitability-enhancing measures 100
Slide 9: Commercial Lines
Commercial Lines Reported claims ratio impacted by workers’ compensation ruling; continued improvement in underlying claims ratio Combined ratio1 ▪ Claims ratio deteriorated due to one-off workers’ compensation reserve Commercial Lines strengthening ▪ Underlying claims ratio improved by 2.3 percenta
Slide 10: Financials
Alm Brand ® Group Financials
Slide 11: Investment result
Investment result Strong recovery to DKK 215 million investment result in Q2 Investment result ▪ Investment result of DKK 215 million in Q2 2026 Q2 2026 ▪ Net result on the free portfolio of DKK 209 million, driven by improved DKKm Assets Return Return % market conditions Bonds etc. 4,664 83 1.8 ▪ S
Slide 12: Outlook
Alm Brand ® Group
Slide 13: Guidance for 2026
Guidance for 2026 Insurance service result excl. run-offs (H2) DKK 1.2-1.4 billion Lifted by DKK 100 million – insurance service result excl. one-off charge: DKK 1.9-2.1 billion Sub-components included in guidance for 2026 Investment result DKK 0.25 billion Guidance Lifted by DKK 100 million Combine
Slide 14: Q&A
Q&A
Slide 15: Supreme Court Ruling on workers' compensation
Supreme Court Ruling on workers’ compensation Reserve strengthening of DKK 0.7 billion and revised guidance ▪ On 28 April 2026, the Danish Supreme Court ruled in favour of a 5% threshold for the degree of lost earnings capacity required to qualify for compensation (previously a 15% threshold applied
Slide 16: 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 17: 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 5.1 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 Q2 26 17
Slide 18: Major claims, Commercial Lines
Major claims, Commercial Lines % 18 16.6 16 14 12 11.2 11.3 11.3 10.3 10.3 10.1 10 8.7 8.7 Normal level: 10 8.0 8 Average: 8.9 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 Q2 26 18
Slide 19: Weather-related claims, Alm. Brand Group
Weather-related claims, Alm. Brand Group % Expected seasonal variations in 10 weather-related claims Percent of total weather-related claims per quarter 9 8.6 8 Q1 35 7 6 5.0 4.7 Q2 10 5 4 3.5 3.8 Normal level: 3-4 2.7 Q3 25 3 2.4 2.5 2.6 Average: 3 2 1.4 1.5 1.5 0.9 Q4 30 1 0.6 0 Q1 23 Q2 23 Q3 23
Slide 20: Total capital
Total capital DKKm Q2 2026 Q1 2026 Q4 2025 Q3 2025 Tier 1 unrestricted 3,077 2,653 2,404 4,006 SCR ratio Tier 1 restricted 397 397 397 397 Tier 2 capital 991 897 897 897 225 % Tier 3 capital 0 0 0 0 Total capital for the group for solvency coverage 4,465 3,947 3,698 5,300 purposes Solvency capital r
Slide 21: Solvency ratio sensitivities (%)
SCR ratio Sensitivity analysis 230% 233% 228% 230% 225% 220% 222% 221% 225% 225% 225% 218% 217% 215% Limited sensitivity in the event of market movements Solvency ratio sensitivities (%) Hedging of interest rate risk and currency risk Largest impact in the event of changes to equities Full recalcula
Slide 22: 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 22
Slide 23: Investor Relations - contact details, Financial calendar
Investor Relations - contact details Financial calendar Mads Thinggaard VP, Head of Investor Relations & ESG +45 2025 5469 Interim report for Q3 2026 28 October 2026 mati@abgroup.dk Nikolaj Albert Broholm Thalbitzer Senior Investor Relations Officer +45 2060 5784 niti@abgroup.dk https://investorrela
Slide 24: 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