Alm. Brand (ALMB) SEB Nordic Seminar presentation summary

Strategic transformation and integration

• Transitioned from a conglomerate to a pure-play non-life insurance company through divestments and the acquisition of Codan Denmark, achieving significant synergies and a harmonised platform.

• Completed integration of Codan, meeting all synergy targets and establishing a strong foundation for future growth.

• Divested non-core businesses, focusing on the Danish non-life insurance market.

2028 strategy and scale potential

• Strategy targets unfolding scale potential by enhancing customer engagement, insurance capabilities, and operational efficiency.

• Aims to increase insurance service result to DKK ~2,350m by 2028, up from DKK 1,850m in 2025.

• Focus areas include customer retention, data-driven underwriting, AI in claims handling, and process excellence.

• Launching a new loyalty programme in 2026, investing DKK 100m to benefit over 100,000 customers.

Financial targets and performance

• 2028 targets: combined ratio ~82%, expense ratio ~16%, and return on own funds ~40%.

• Operating EPS CAGR targeted at ~10% for 2025-2028, supported by profit growth and share buybacks.

• Solvency ratio target raised to 180% after capital optimisation and PIM implementation.

• High payout capacity maintained, with payout ratio at or above 80% through 2028.