Alm. Brand (ALMB) Q1 2025 earnings summary

Executive summary

• Achieved strong organic growth and cost control in Q1 2025, with Personal Lines premium growth of 8.2% and improved insurance service result and expense ratio.

• Major claims and weather-related claims were below normal levels, supporting profitability.

• Finalized divestment of Energy & Marine in March 2025, resulting in a DKK 181 million after-tax profit from discontinued activities and launched a DKK 1.6 billion share buyback.

• Board and executive management changes included a new chairman, Deputy CEO, and streamlining of management.

• Synergies from the Codan integration contributed DKK 145 million in Q1, with integration progressing as planned.

Financial highlights

• Insurance revenue rose 5.2% year-over-year to DKK 2,858 million; insurance service result increased to DKK 337 million from DKK 291 million.

• Investment income was DKK 96 million, down from DKK 167 million year-over-year, amid market volatility.

• Profit after tax rose to DKK 347 million from DKK 202 million, including discontinued operations.

• Special costs totaled DKK 151 million, mainly from integration, sector adjustments, and amortisation.

• Return on equity after tax was 14.5%, up from 9.3% in Q1 2024.

Outlook and guidance

• 2025 insurance service result guidance (excluding run-off) raised by DKK 50 million to DKK 1.55–1.75 billion, including DKK 600 million in synergies.

• Combined ratio (excluding run-offs) expected at 85–87; expense ratio guidance at 17%.

• Group profit before tax (excluding special costs) guided at DKK 1.63–1.83 billion.

• Investment result guidance maintained at DKK 200 million for 2025.

• Special costs for integration and separation expected at DKK 175 million; amortisation of intangibles near DKK 335 million.