ALM Equity AB (publ) (ALM) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, all. Good afternoon, all, and welcome to the Arm Brand Q3 2024 results call. My name is Adam, and I'll be your operator today. If you'd like to ask a question during the Q&A portion of today's call, you may do so by pressing star followed by one on your telephone keypad. I will now hand the floor to CEO Rasmus Werner-Nielsen to begin. So, Rasmus, please go ahead when you're ready. Yeah, good morning, and welcome to Arm Brand Group's third quarter of 24 conference call. As usual, today I have with me our CFO, Andreas Ruben Madsen, and our head of IR, Mads Tinker. This morning, we published our interim report for the third quarter. I will walk you through the operating highlights, and in the end, Andreas will comment on the financials. Overall, our view of results for Q3 are satisfactory, especially seen in the light of headwind. We see promoter changes in the Danish market in general. especially pleased with the strong growth in personal lines in Q3, while commercial lines growth has muted this quarter. Synergies are kicking in, and we do reach small undiscounted underlying improvements this quarter, despite the headwind on motor. Let's now look at the highlights. Please turn to slide two and some of the headlines for our business in this quarter. As mentioned before, I view our results at Q3 as satisfactory, especially given the headwind we have for motor claims in the Danish market in general. While motor frequency has been increasing for many quarters, we are now also seeing higher average repair costs related to motor claims, which leads to a significant rise in our expenses for motor claims. This calls for even more profitability initiatives, which we are now executing. Major claims in Q3 were significantly down from the high level in Q2 and below w...