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Alm. Brand (ALMB) investor relations material
Alm. Brand Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Insurance service result for 2025 reached DKK 1.91 billion, up from DKK 1.44 billion in 2024, driven by both Personal and Commercial Lines, exceeding expectations.
Insurance revenue rose 6.4% year-over-year to DKK 11.8 billion, with strong Personal Lines growth of 9.7% for the year and nearly 10% in Q4, and market share gains.
Underlying claims and expense ratios improved, reflecting effective cost control and profitability measures.
Realized synergies from Codan acquisition reached DKK 618 million in 2025, above the DKK 600 million target.
Large claims and weather-related claims were both below expected levels, supporting profitability.
Financial highlights
Cost ratio improved to 17% in 2025, a 1.3 percentage point reduction from 2024, with combined ratio improving to 82.4 in Q4 2025 from 84.5 in Q4 2024.
Investment result for 2025 was DKK 337 million, above initial guidance, with Q4 investment result at DKK 73 million.
Profit before special cost and tax reached DKK 2.12 billion; adjusted profit after tax for 2025 was DKK 1,464 million, with EPS of DKK 1.
Special costs decreased to DKK 39 million, mainly due to lower integration and redundancy expenses, while Codan integration and business separation costs totaled DKK 199 million.
Dividend of DKK 0.66 per share proposed for 2025, with a payout ratio of 98%.
Outlook and guidance
Technical/insurance service result (excluding run-offs) for 2026 guided at DKK 1.65–1.85 billion, with combined ratio (excluding one-offs/run-offs) expected at 84.5–86.5 and cost/expense ratio at 17%.
Investment result for 2026 expected at DKK 200 million.
Group profit before tax (excluding one-offs) guided at DKK 1.85–2.05 billion for 2026.
Underlying loss ratios expected to improve by around 100 basis points in 2026, with most repricing effects now realized.
Amortisation of intangible assets forecast at DKK 335 million.
- Premium growth strong, but higher claims drive new initiatives and capital return focus.ALMB
Q2 20241 Feb 2026 - Exceeded 2024 targets with strong growth, high payout, and robust outlook for 2025.ALMB
Roadshow presentation19 Jan 2026 - Strong premium growth offset by higher claims; major divestment to drive shareholder returns.ALMB
Investor presentation19 Jan 2026 - Targeting DKK ~2,350m insurance service result and ~10% EPS CAGR by 2028, with robust capital and payout.ALMB
SEB Nordic Seminar presentation19 Jan 2026 - Profit and guidance up on strong Personal Lines, investment returns, and synergy gains.ALMB
Q3 202416 Jan 2026 - Personal Lines growth, cost synergies, and capital actions drove higher profits and guidance.ALMB
Q1 202522 Dec 2025 - 2024 outperformed with strong growth, improved ratios, and high payouts; 2025 outlook is positive.ALMB
Q4 202421 Dec 2025 - 2028 targets: DKK 2,350m result, 82% ratio, digital, ESG, and customer gains, strong returns.ALMB
CMD 202519 Nov 2025 - Record Q3 2025 results and upgraded outlook driven by premium growth and cost control.ALMB
Q3 202529 Oct 2025
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