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Alm. Brand (ALMB) investor relations material
Alm. Brand CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary18 Nov, 2025
Strategic transformation and market position
Completed transformation into a top-three non-life insurer in Denmark, integrating Codan and divesting non-core businesses to achieve significant synergies and a harmonised platform.
Achieved a 15% market share with around 800,000 customers, maintaining a balanced 50/50 split between commercial and personal lines and operating four strong brands.
Business model leverages a single, agile platform in Denmark, focusing on resilience, simplicity, and rapid price adjustments while limiting geopolitical risk exposure.
Foundation ownership structure (47%) provides long-term stability and supports customer-focused initiatives, with DKK 185 million recently allocated for customer programs.
Divestment of non-core energy and marine business freed up DKK 1.6 billion for share buybacks.
2028 strategy, financial targets, and capital allocation
2028 targets include a DKK 2,350 million insurance service result, combined ratio of 82%, and cost/expense ratio of 16%.
Return on own funds target set at 40%, with 10% average annual EPS growth expected from 2025/2026 to 2028.
Minimum payout policy of 80% of net earnings, with continued share buybacks and a capital target increased to 180% of solvency capital requirement.
Internal model approval reduced solvency requirements by DKK 600 million, supporting new buybacks and a robust solvency ratio.
Investment strategy remains conservative, focusing on high-quality bonds and moderate equity/illiquid credit exposure, targeting DKK 175 million normalized net investment income.
Customer engagement and digitalisation
Customer engagement initiatives aim to increase satisfaction from 73 to 77 and full-service customers from 51% to 55% by 2028.
Digitalisation and data-driven approaches will drive efficiency, with targets to process 50% of claims straight-through and migrate all brands to a unified platform.
New loyalty programme to launch in 2026, providing cash rebates to over 100,000 personal lines customers.
Strengthening bank partnerships to improve penetration and upselling, targeting DKK ~60 million insurance service result from partnerships by 2028.
Ambition to quadruple digital sales by 2028 and enhance 360-degree customer insights.
Detail expense ratio reduction initiatives.
Rationale for 180% capital target increase?
Buyback contribution to 10% EPS growth?
DKK 500M net improvement: New potential or synergy continuation?
Loyalty program: How communicate to non-beneficiaries?
Total buyback next year given PIM relief and 180% SCR?
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Next Alm. Brand earnings date
Q4 202529 Jan, 2026
Next Alm. Brand earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Alm. Brand A/S, provides non-life insurance, and life and pension insurance products and services. The company operates through Non-life Insurance, Life Assurance I.S., Life Assurance Pensionskasse Holding I.S., Pensionskassen for Team Danmark Medlemmer I.S., and Other International Activities segments. The company is also involved in underwriting risks; providing advisory, actuarial, consulting, risk management, legal and financing services; offering supplementary insurance solutions; engaging in reinsurance activities; developing own niche investment funds; operating international distribution channels with small sales volume products; developing international economic business solutions related to crop sharing arrangements in Danmark A/F; as well as providing online services comprising online system solutions, custom electronics solutions, embedded software solutions and service and support agreements.
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