)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Alm. Brand
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.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Insurance service result rose to DKK 1.91 billion in 2025, up from DKK 1.44 billion in 2024, driven by repricing, synergies, and strong Personal Lines growth.
Insurance revenue increased 6.4% year-over-year to DKK 11.8 billion, with market share gains in Personal Lines through bank partnerships.
Underlying claims and expense ratios improved, reflecting effective cost control and profitability measures.
Realized synergies from Codan acquisition reached DKK 618 million in 2025, exceeding the DKK 600 million target.
Cost percentage improved to 17%, a 1.3 percentage point reduction from 2024.
Financial highlights
Q4 2025 insurance service result was DKK 521 million, up from DKK 440 million in Q4 2024.
Investment result for 2025 was DKK 337 million, exceeding initial guidance of DKK 200 million.
Combined ratio improved to 82.4 in Q4 2025 from 84.5 in Q4 2024; expense ratio fell to 17.1.
EPS for 2025 was DKK 1, with a payout ratio of 98% and DKK 0.66 per share dividend recommended.
Total ordinary distributions (dividend and buybacks) reached a record DKK 1.4 billion, with an additional DKK 1.5 billion buyback planned for 2026.
Outlook and guidance
2026 insurance service result (excluding run-offs) guided at DKK 1.65–1.85 billion; investment result expected at DKK 200 million.
Combined ratio (excluding one-offs/run-offs) expected at 84.5–86.5; expense ratio to remain at 17%.
Group profit before tax (excluding one-offs) guided at DKK 1.85–2.05 billion.
EPS CAGR target of 10% for 2026–2028.
Amortisation of intangible assets forecast at DKK 335 million.
Future capital needs after DKK 2.4bn distribution
Commercial Lines profitability strategy for 2026
Assess financial risk of Gard's DKK 500m claim
Future impact of synergy accounting ending
Further capital optimization potential
Post-repricing premium growth drivers
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Alm. Brand earnings date
Q1 202628 Apr, 2026
Alm. Brand
Next Alm. Brand earnings date
Q1 202628 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage