Alm. Brand (ALMB) investor relations material

Executive summary

• Delivered a strong Q1 2026 with significant improvements in claims ratio and profitability, especially in commercial lines, despite a softer market for workers' compensation.

• Personal lines grew 6.4%, indicating continued market share gains, while commercial lines saw a top-line decline due to profitability initiatives and portfolio pruning.

• Insurance service result rose to DKK 496 million in Q1 2026, up from DKK 337 million year-over-year, driven by strong Commercial Lines and solid Personal Lines growth.

• Combined ratio improved to 83.1 from 88.2, reflecting better claims and expense ratios.

• Integration of Codan completed, resulting in lower other income and expenses.

Financial highlights

• Insurance revenue reached DKK 2.9 billion in Q1 2026, up 2.5% year-over-year.

• Insurance service result increased to DKK 496 million from DKK 337 million year-over-year.

• Investment income posted a loss of DKK 43 million, mainly due to geopolitical turmoil affecting equities and bonds.

• Combined ratio improved to 83.1 from 88.2 year-over-year.

• Profit after tax from continuing activities was DKK 224 million, up from DKK 166 million year-over-year.

Outlook and guidance

• Upgraded 2026 insurance service result guidance by DKK 150 million to DKK 1.8–2.0 billion, excluding run-off gains for Q2–Q4.

• Combined ratio (excluding run-off) for Q2–Q4 expected at 83.5%–85.5%, a 100 basis point improvement.

• Investment result guidance for 2026 lowered to DKK 0.15 billion, reflecting Q1 loss but noting a rebound in Q2.

• Pre-tax profit before other income and expenses expected at DKK 1.95–2.15 billion for 2026.

• Expense ratio expected to remain around 17 for 2026.