ALM Equity AB (publ) (ALM) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, all. Good afternoon, all. Welcome to the Elm Brand Q424 earnings 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 4 by 1 on your telephone keypad. I will now hand the floor to Rasmus Bernd Nielsen to begin. So, Rasmus, please go ahead when you're ready. Yeah, good morning, and thank you for joining us on our conference call. I'm here today with our CFO, Andreas Robben Madsen, and our head of IR, 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, 24 ended better than expected with last claims of just 4.7% and weather-related claims of 2.9%, being in the normal range we expect and somewhat lower than 4.1% in 23. We had strong growth in our personal lines in 24 of 7.7%, while also ending the year with a Q4 growth rate above 7%. Thanks to our strong partnerships with local as well as countrywide banks, we're taking market share in personal lines. We view growth in commercial lines as decent in 2024 with about 3% while ending the year at a high note above 5% growth in Q4. Despite a significant headwind on motor claims, We had an improvement in our undiscounted underlying loss ratio of 120 basis points in 24, while ending the year with 190 basis points improvements in Q4, following profitability initiatives kicking in, along with an uptick in the synergy effects. The synergies continue to take in as planned, with the run rate increasing quarter by quarter. On the cost side, we improved the cost percentage to 18.3% in 2024 as planned, but we did need to make an extra effort to...