Alm. Brand (ALMB) Roadshow presentation summary

2024 financial performance

• Outperformed expectations with strong Q4 results, driven by lower weather-related and major claims, and improved claims ratio from re-pricing and synergies.

• Insurance service result reached DKK 1,443 million, above guidance; profit before special costs and tax was DKK 1,747 million, also exceeding guidance.

• Insurance revenue grew 5.2% to DKK 11.1 billion; investment result was DKK 439 million.

• Expense ratio improved to 18% in Q4, with headcount reductions announced.

• Special costs included DKK 50 million for organisational alignment and further integration of Codan.

Segment performance and claims

• Personal Lines saw strong premium growth (7.2%) and improved profitability despite higher motor claims; expense ratio fell to 19.6%.

• Commercial Lines benefited from low major claims (4.2%) and new workers' compensation legislation; expense ratio dropped to 16.4%.

• Claims ratio improved by 3.8 percentage points in Q4, mainly due to lower weather-related claims and synergy effects.

• Major claims in Commercial Lines averaged 8.3%, below the normal level of 12%.

• Run-off result for 2024 was 1.4 percentage points, below the long-term average.

Synergies and transformation

• Codan integration synergies reached a DKK 550 million run-rate by year-end 2024, with a clear path to DKK 650 million in 2025.

• Key initiatives included IT consolidation, claims process optimisation, and organisational streamlining.

• Transformation focused on becoming a pureplay non-life insurer, with divestments and headcount reductions.