Alm. Brand (ALMB) CMD 2025 summary

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.