Alm. Brand (ALMB) Q4 2025 earnings summary

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.