Alm. Brand (ALMB) investor relations material

Executive summary

• Q2 2026 results were significantly impacted by a DKK 700 million one-off reserve strengthening due to a Supreme Court ruling on workers' compensation, but underlying performance was strong, with record adjusted insurance service result of DKK 648 million.

• Insurance revenue grew 1.7% year-on-year in Q2 to DKK 3.0 billion, with Personal Lines up 5.2% and Commercial Lines down 2.3%.

• Investment income was robust at DKK 215 million, driven by favorable equity and bond markets.

• Pre-tax profit was DKK 50 million (DKK 750 million adjusted for the one-off) versus DKK 457 million in Q2 2025.

Financial highlights

• Adjusted insurance service result reached a record DKK 648 million, up from DKK 520 million in Q2 2025, excluding the one-off charge.

• Insurance revenue increased by 1.7% year-on-year to DKK 2,999 million in Q2.

• Investment result was DKK 215 million in Q2, with DKK 209 million from the free portfolio.

• Combined ratio excluding the one-off was 78.4 in Q2, down from 82.3 in Q2 2025.

• Expense ratio decreased marginally to 16.6 in Q2.

Outlook and guidance

• Full-year 2026 insurance service result guidance raised by DKK 100 million to DKK 1.2–1.4 billion (including one-off, excluding H2 run-offs); excluding one-off: DKK 1.9–2.1 billion.

• Combined ratio (excluding one-off) expected at 88–90, or 82.5–84.5% adjusted for the Supreme Court impact.

• Investment result guidance increased to DKK 250 million.

• Profit before other income and expenses guidance raised to DKK 1.45–1.65 billion, or DKK 2.15–2.35 billion adjusted.