Alm Brand A/S (ABDBY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and thank you for joining us today for the on-brand Q4 2025 results call. My name is Sami, and I'll be coordinating your call today. During the presentation, you can register a question by pressing star followed by 1 on your telephone keypad. To change your mind, please press star followed by 2 on your telephone keypad to remove yourself from the question queue. I'll now hand over to your host, Rasmus Werner-Nielsen, CEO to begin. Please go ahead, Rasmus. Thank you. Good morning, and thank you for joining us on our conference call. As usual, I have with me today our CFO, Andreas Ruben Madsen, and the head of our IR team, Mads Tinko. This morning, we published our interim report for the fourth quarter, and as usual, I will walk you through the operating highlights, and then Andreas will comment on the financials. Let us move to slide two. Overall, 2025 ended better than expected with an insurance service result of 1.91 billion, significantly up from 1.44 billion last year. Last claims of 5.2% and weather-related claims of 3.2% in 2025 were both below the new normal levels we expect, while the undiscounted underlying loss ratio improved by 3.1% compared to 2024, driven by our repricing and synergies. We had a strong growth of 9.7% in our personal lines in 2025, while also ending the year with a quarterly growth rate of almost 10%. Thanks to our strong partnership with local banks as well as countrywide banks, we are taking market shares in personal lines. We view growth in commercial lines as decent in 2025 with just below 3%. On the cost side, we improved the cost percentage to 17% in 2025 as planned. This is a satisfactory 1.3 percentage point reduction from 2024. Combined with the very satisfactory investment result for 2025 of above $0.3 billion, t...