Alm. Brand (ALMB) Q3 2025 earnings summary

Executive summary

• Achieved strong organic growth and cost control in Q3 2025, with significant improvement in underlying loss ratio and synergies supporting the path to 2025 financial targets.

• Third quarter 2025 delivered strong results, prompting an upward revision of full-year pre-tax profit guidance excluding special costs by DKK 150 million.

• Sale of Energy and Marine activities to Gard completed in March 2025; report focuses on continuing operations.

Financial highlights

• Insurance revenue reached DKK 3 billion for the first time, growing 7.5% year-over-year in Q3 2025.

• Technical/insurance service result increased to DKK 535 million from DKK 400 million in Q3 last year.

• Combined ratio improved to 82.2% from 85.7% year-over-year; expense ratio declined to 15.8.

• Investment income was DKK 66 million, mainly from the fleet portfolio.

• Net profit after tax from continuing operations in Q3 2025: DKK 327 million (Q3 2024: DKK 270 million).

Outlook and guidance

• Upgraded 2025 insurance service result guidance by DKK 100 million to DKK 1.75–1.85 billion.

• Combined ratio (excluding runoff in Q4) expected at 84.5%–85.5% for 2025.

• Investment result guidance for 2025 raised by DKK 50 million to DKK 300 million.

• Group profit before tax (excluding special costs and Q4 runoff) expected at DKK 1.93–2.03 billion.

• Special costs for Codan integration and business separation expected at DKK 175 million; intangible amortization at DKK 335 million.