Slides
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Unfolding the scale potential 18 November 2025 Capital Markets Day
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2 Today’s speakers – Group Executive Management Responsibilities Rasmus Werner Nielsen Group CEO Andreas Ruben Madsen Group CFO & Deputy CEO Camilla Amstrup Group CCO Bo Krag Esbensen Group COO • Corporate strategy • Communication & PA • Portfolio risk • UW governance • Risk, compliance & legal • People & facility • Liaison to Foundation • Accounting & reporting • Performance & forecasting • Actuarial services • Finance data & systems • Capital management • Investor relations & ESG • Investments & M&A • Sales & distribution • Customer service • Customer retention • Branding & marketing • Product development • Portfolio profitability • Underwriting • Integration • Development • Infrastructure • Security • Claims management • Claims transformation • Operational excellence • Alm. Brand Group: 2017- • Nordea: 2010-2017 • Danske Bank: 2003-2010 • Deloitte: 1994-2003 • Alm. Brand Group: 2016- • Nykredit: 2015 • FIH Erhvervsbank: 2008-2014 • Alm. Brand Group: 2016- • TDC: 2004-2016 • Alm. Brand Group: 2023- • McKinsey & Company: 2011-2022 Experience
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3 Today’s agenda Time Section Presenter 10:30-10:45 Alm. Brand Group today Rasmus 10:45-11:25 2028 strategy Andreas 1. Customer engagement Camilla 2. Insurance capabilities Camilla & Bo 3. Operational platform Bo 11:25-11:55 Q&A and break 11:55-12:05 Alm. Brand foundation: New opportunities Rasmus 12:05-12:20 Financials Andreas 12:20-12:30 ESG strategy Andreas Concluding remarks Rasmus 12:30-13:00 Q&A 13:00-14:00 Lunch 3
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Unfolding the scale potential
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5 • New management and reorganisation of Alm. Brand • Divestments of Alm. Brand Bank and Alm. Brand Life & Pension • Acquisition of Codan Denmark • Utilise strong position as pure-play non-life insurance company in the attractive Danish market • Unfold scale potential and improve customer engagement, insurance capabilities and operations • Successful integration and creation of one harmonised platform • Significant synergies achieved in line with expectations • Divestment of Energy & Marine business Increased scale from integration of Codan Denmark Unfolding the scale potential towards 2028 From conglomerate to pure-play insurance company We stand stronger than ever after our transformation 5 2025 2028 Increase insurance service result Alm. Brand Group – a leading non-life insurance company in Denmark Pure-play non-life insurance leader
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6 The Codan integration has resulted in significant synergies and value creation… 74 160 198 255 77 201 225 61 120 27 2022 2023 2024 2025 111 262 460 600 +136% +76% +30% IT & infrastructure Claims services Administration Target: 450 Target: 600 Target: 240 Target: 110 Administration • Elimination of duplicate functions • Optimisation focused on cost efficient sales channels Claims services • Expansion of fraud detection system • Use of live streaming and digital media in claims processing • Utilisation of scale benefits and procurement networks IT & infrastructure • Consolidation of IT platforms and ongoing out phasing of legacy systems • Adjustment of front-end systems • Reduction of licenses DKK 650m in expected run-rate Realisation of synergies 2022-2025, DKKm 10 25
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7 Divestment has freed up resources, particularly for management and across finance, enhancing our ability to focus on core business Divestment has streamlined our business profile and made it even more stable and less prone to fluctuations in earnings Divestment has further sharpened our focus on being a strong, pure-play non-life insurer for Danish customers … and non-core Energy & Marine activities have been divested Freed up resources Less volatile business “ The divestment has sharpened our focus on being a strong non-life insurer for Danish personal customers and businesses, and will make us even better equipped to create value for our customers and owners in the years ahead “ Sharpened focus
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8 Structural decrease in claims ratio supported by lower major claims 1. Figures for 2018-2021 have been calculated in accordance with IFRS 4, while the figures for 2022-2025 have been calculated in accordance with IFRS 17; 2. Based on major claims limit of DKK 3m; 3. 2022 proforma results include the Energy & Marine business • Volatility reduced by focusing on risk and portfolio management • Efficient reinsurance achieved to mitigate tail probabilities • Energy & Marine business divested • Improved composition of our portfolio • Strong synergies realised from the Codan acquisition in claims processing 80 85 68 6870 72 68 68 2018 2019 2020 2021 Claims ratio, % (2018-20241) Volatility Claims ratio Major claims ratio2, % (2018-20241) Codan Alm. Brand Alm. Brand Group 72 69 69 20223 2023 2024 15 16 16 13 4 3 4 5 2018 2019 2020 2021 11 5 5 20223 2023 2024 Positive impact from COVID-19
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9 We have delivered on promises in the current strategy period… 1. 2022 proforma results include the Energy & Marine business; 2. Incl. run-off of DKK 60m (assumed standard run-off of 2% insurance revenue for Q4 2025) 2022 results1 2025 target2025 guidance Combined ratio, % Insurance service result, DKKm Expense ratio, % 1,009 91.1 19.3 1,850 84.5 ~17 1,810-1,9102 84.0-85.02 ~17 KPIs Realisation of 2025 targets Payout ratio ≥80% Synergies DKK 600m RoTE ≥50% 9
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10 61% … resulting in attractive returns to our shareholders 10Note: Figures based on period from 1 January 2023 to 14 November 2025; 1. Calculated as share price increase + dividends paid in the period (DPS of 0.30, 0.55 and 0.60 paid in 2023, 2024 and 2025, respectively) Share price development, dividends paid and total shareholder return since 1 January 2023, DKK 2,214m 73% Dividends paid Total shareholder return1Share price increase
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11 Our balanced business builds on four strong brands 1. Based on Insurance and Pension Denmark (latest figures: Q3 2024); adjusted to exclude Energy & Marine BRANDS 4 Personal LinesCommercial Lines … with strong presence in the Danish market and four leading brands in both Personal Lines and Commercial Lines CUSTOMERS (2024) ~800,000 MARKET SHARE1 ~15% (top 3) EMPLOYEES (2024) ~2,150 PREMIUM INCOME, DKK (2024) 11,083m ~50/50 Household insurance Large corporates Partnerships Agriculture SMEs Leading non-life insurance company… 11
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12 Top 3 position in a highly attractive market 1. Numbers based on Insurance and Pension Denmark (latest figures: Q3 2024); 2. Adjusted to exclude Energy & Marine; 3. Based on Danish Financial Supervisory Authority, Finans Norge, Insurance Sweden and Finance Finland’s latest numbers with same time period; 4. Based on 2024. Source: data.worldbank.org, Allianz Global Insurance report 2025 11.4 11.2 6.7 6.2 High insurance density Attractive combined ratio Non-life insurance market share in Denmark1 87% 90% 93% 96% 24% 21% 15%2 8% 5% 5% 5% Non-life combined ratio by country3 Non-life insurance density: per capita, DKKt4
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13 Simple business model with strong resilience and stability Attractive and simple business model – one platform in one country Strong resilience towards global turmoil and changes in claims pattern Focus on business that delivers consistent profitability Climate change increases claims levels Work with prevention and pricing to mitigate climate effects Inflation drives claims expenses Automatic hedge against normal inflation Increase in number of claims Agile pricing when needed (e.g. motor) Geopolitical turmoil Danish focus limits impact from geopolitical changes Uncomplicated business model One platform in one country 13
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14 Foundation ownership benefits Alm. Brand Group and society in general 14 Policy of ownership Distribution of dividends received: 1 Min. 50% for further strengthening of capital base 2 Up to 25% for non-profit purposes 3 Up to 25% for customer related contributions (to Alm. Brand Group) Payout Customer related contributions 1 3 Strengthen capital base 2 Non-profit purposes Policy for ownership of Alm. Brand A/S Alm. Brand af 1792 FMBA 2026 Launch of new customer loyalty programme
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15 Our competitive strengths drive leading market position 15 One platform, one geography Strong brands Scale benefits Foundation ownership Simple & agile Pure Danish focus and one unified insurance platform provide low structural complexity Strong and well-known brands inspire trust and support a broad presence across segments Sizeable volume increase from Codan acquisition facilitates potential for further utilisation of scale benefits Strong membership-based owner – strengthening our ability to invest with a long-term perspective Lower structural complexity enables us to simplify our business and achieve high level of agility
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2028 Strategy
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17 Unfolding the scale potential – financial targets for 2028 2025 target: minimum 80% 80% Payout minimum: Unchanged Return on own funds: New target 40% Earnings per share CAGR1: New target 10% Return & capital P&L effects 2025 target: 84.5% 82% Combined ratio: ~2.5 pp 2028 targets 2025 target: 17% 16% Expense ratio: ~1 pp 2025 target: DKK 1,850m 2,350m Insurance service result: DKK ~500m 1. Operating EPS is adjusted for amortisations on intangible assets of DKK 335m per year; Effective tax rate estimated to be ~28% in the period 2025-2028; Based on average shares between years with buybacks deducted
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18 Alm. Brand Group 2025 target Alm. Brand Group 2028 target Large potential to harvest scale benefits towards 2028 18 Scale potential Rate of utilisation Codan integration completed and our synergy targets reached – we will now grow our business and build a foundation for the future by unfolding our strong scale potential 2028 strategy: Unfolding the scale potential Gross impact of ~650m …which our 2028 strategy will focus on realising Insurance service result, DKKm We have a large scale potential… ~125 ~350 ~175 ~150 ~1,850 ~2,350 Operational platform Insurance capabilitiesCustomer engagement Other effects and investments
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19 Operational platform to be competitive in terms of expenses Customer engagement to increase retention and grow business with profitable customers Insurance capabilities to be market-leading in terms of claims ratio 2028 strategy – unfolding the scale potential Note: Target = Insurance service result gross impact Simplified core Process excellence Target: DKK ~175m Customer journey end-to-end Sales & service Target: DKK ~125m Foundation ownership will support Alm. Brand Group with contributions to improve our customer experience, customer loyalty and prevention Unfolding the scale potential AI to improve insurance capabilities Data-driven UW & portfolio optimisation Target: DKK ~350m Insights-driven claims handling People and leadership attractive career opportunities and strong cross-functional collaboration
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20 Our new strategy will lead to significant improvements in strategic KPIs 1. Based on Q2 2025; 2. Based on Personal Lines customers, agriculture and SMEs; 3. Based on Q3 2025 20 CO2 reductionEmployee engagement Customer satisfaction Straight-Through- Processing (STP) ~10% Share of full- service customers2 2028 2025 73 51% 79 - 50%77 55% 80 6% Reduction in CO2 emissions per avg. building claim Customer satisfaction on a scale from 0 to 100 Employee engagement on a scale from 0 to 100 Share of full-service customers (customers with 3+ products) STP is digitally reported claims with no manual processes 1 3
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Customer approach
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22 Personal Lines – brands positioned to meet customer needs across segments Make it happen230 years’ experience passed on • Alm. Brand has a strong market position outside major cities • Middle-income families, focus on the local community and close relationships • Codan has an attractive market position in Copenhagen and other major cities • Middle- to high-income households with significant digital readiness +30 strong bank partnerships • Privatsikring has strong partnerships with +30 banks across Denmark • Strengthens our Group’s reach and ability to meet customers’ needs Enhance insights-driven offerings and improve customer lifetime across brands
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23 Advance in digital sales to meet future customer demand in Personal Lines ... and aim to quadruple digital sales by 2028 2025 2028 ~5% ~20% 4x • Development of digital platforms to enhance customer experience • Expansion of digital self-service to reduce manual hands needed • Strengthening digital capabilities to drive efficiency • Focus on increasing cross-selling to improve retention Digital sales, share of new sales Customer behaviour is trending towards more digital sales We are investing in our digital sales channels… Strong growth in online insurance purchases – digital is now the preferred channel for many customers Majority of customers research online but switch to personal channels due to complexity 23
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24 Commercial Lines – clear strategic direction across commercial segments Note: SME: 0-49 employees; Corporates: > 49 employees and revenue < DKK 1bn; Large corporates: revenue > DKK 1bn Agriculture SMEs Corporates Large corporates Increase market share Intend to increase market share for customers within Agriculture and SMEs Focus on profitable growth for customers with high upselling potential Improve share of full- service customers / = segment’s primary brand(s) Selective growth Increase profitability and reduce volatility / Improve insights-driven focus across segments
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25 Further improve proactive advisory for our corporate customers Prevention-partner in agriculture Risk management events for larger commercial customers ”Skadestop” automatisation ”Skadestop” full scale Knowledge hub for agriculture AI-based risk management/ ”Skadestop” Knowledge and data hub for agriculture for risk management 360-degree service-model for larger corporatesCustomers seek a proactive, data-driven advisor delivering continuous customer insights on insurance and risk management Enabling customers to save time, prevent claims and ensure better risk management and optimisation measures Data-driven advisory is and will be a significant value-add to our customers Illustrative map of planned initiatives for our customers Yearly risk management report Use learnings from our value proposition “Skadestop” which significantly reduces damage cost for participants Example: Our “Skadestop” initiative for motor has been highly successful Within 1 year Within 3 years 30% 70%Reduction in participants’ costs from lower frequency Overview of claims and risks Personal advice and action plan Time Impact Yearly advisory & risk management webinars
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Customer engagement 2028 Strategy Insurance capabilities Operational platformCustomer engagement Unfolding the scale potential
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27 Insights-driven customer focus in Personal Lines and Commercial Lines Customer journey end-to-end Customer journey based on insights and digital support for a relevant and efficient customer experience Sales & service Distribution and service based on knowledge, partnerships and customer-centric service model FULL-SERVICE CUSTOMER FOCUS CUSTOMER SATISFACTION 360-DEGREE CUSTOMER INSIGHT SELECTIVE GROWTH CUSTOMER LOYALTY PROGRAMME SALES PRODUCTIVITY & PERFORMANCE MANAGEMENT DKK ~125m Insurance service result in 2028 Strengthen customer engagement
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28 Hassle free and personalised customer journey Q2 2025 2028 73 77 +4 Customer satisfaction (scale 0 to 100) Considering purchase Use & need help Retention & churnClaim Use data-driven customer insights to deliver more relevant advisory services Improve 360-degree insights using CRM to analyse customer data 360-degree customer insight Tailored messages throughout customer journey Illustrative customer journey: Increase capabilities and proactiveness of front-office employees … to significantly improve our customer satisfaction Strengthen our 360-degree customer insights to improve customer experience across all four brands… 28 Purchase & get started Change & upgrade Data-driven customer engagement will tell what “next-best-experience” is for each customer whether they are in onboarding or in renewal stage
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29 Increase focus on full-service customers in Personal Lines and Commercial Lines 1. Based on Personal Lines customers, agriculture and SMEs; 2. Illustrative map of customers plotted by number of products vs. customer lifetime Share of full-service customers1 (customers with 3+ products) Customer lifetime Number of products By increasing full-service customer focus, we will increase both customer lifetime and number of products per customer Illustrative2 2025 2028 51% 55% +4pp … increasing our customer lifetime and upselling potential Improvements and insights will lead to an increase in share of full-service customers… Full-service customer focus will strengthen our customer lifetime and products per customer Ambition to increase our share of full-service customers towards 2028 29 2028 target Insurance service result through: • Increase in insurance policies from upselling: more full-service customers with higher product density • Less required marketing costs DKK ~50m
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30 Continue leveraging strong existing bank partnerships 1. Not part of Privatsikring; 2. Estimates, measured in terms of households Market leading bank partnerships with further potential Alm. Brand Group bank partnerships Penetration up ~2 pp towards 20282 Already strong bank partnerships with leading and local banks across Denmark Proactive offering of new attractive solutions and products Increase penetration of existing partnerships 2024 2028 ~11% ~13% ~2 pp ~45% ~55% Banking market access2 Alm. Brand Group has access to ~45% of the banking market 1 30 2028 target Insurance service result through: • Increased sales from existing partnerships • Improved penetration • Increased upselling from better customer engagement • High retention DKK ~60m
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Insurance capabilities 2028 Strategy Customer engagement Operational platformInsurance capabilities Unfolding the scale potential
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32 Improve insurance capabilities through AI and better use of data and insights Strengthen insurance capabilities DKK ~350m Insurance service result in 2028 Data-driven UW & portfolio optimisation Agile pricing and data/insights- driven approach to underwriting SCALING UNDERWRITING PLATFORM DATA-DRIVEN PORTFOLIO OPTIMISATION AI to improve insurance capabilities Improve fraud detection and claims handling using AI STRENGTHENED PLATFORM EFFICIENT FRAUD DETECTION Insights-driven claims handling Enhancing the efficiency of and digitising claims processing VENDOR OPTIMISATION EFFICIENT CLAIMS PROCESSING
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33 Data-driven portfolio optimisation across Personal Lines and Commercial Lines 1. Hit rate: Percentage of insurance quotes issued that are successfully converted into actual policies; Includes commercial clients excluding agriculture and large corporates Migrate customers to new standard products on unified platform Use of advanced data in pricing models More data-driven underwriting and increased use of external, customer and claims data Transform underwriting environment from experience-based to customer-centric AI-driven analyses that augment the underwriting decision Scale and expand current underwriting model with new functionalities and solutions 2023 2024 2025 2028 26% 35% 42% 45% Agile pricing and quicker time-to-market of tariff updates in Personal Lines Hit rate 2023-20281, % Improve underwriting in Commercial Lines through better data, tools and processes 33 Faster and more frequent tariff updates 2028 target Insurance service result through: • Reduced claims ratio • Avoidance of adverse selection • Increased hit rate on attractive customers • Improved underwriting decision making DKK ~40m
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34 2028 target Insurance service result through: • Higher number of cases investigated, and higher detection hit rate • Increased share of fraud cases prevented DKK ~40m Automation and AI will strengthen fraud prevention… 2025 2028 ~300 ~340 +13% Annual fraud avoided, DKKm Claims assessed, investigated and denied, # of claims Improve fraud detection with AI and efficient tools We will increase number of claims investigated and fraud avoided Scale ability to identify potential fraud cases with AI across all incoming channels Equip investigators with AI and technology tools to enhance efficiency in investigations Improve and automate detection of supplier fraud and minimise billing mistakes 34 Claims assessed ~8,000 +500 Claims investigated ~3,000 Claims denied ~450,000 ~8,500 ~3,400 2025 annualised 2028 +400
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35 2028 target Improved insurance service result through: • Lower claims processing costs through automation • Increased quality and more precise assessment of claim payments DKK ~80m … and fuel efficiency and quality in claims handling 1. Fully automated claims as share of digitally reported claims 35 Share of digitally reported claims, % 2025 2028 ~50% 80% 2025 2028 ~10% 50% +150k additional STP claims 2025 2028 <10% 80% Share of straight-through-processed (STP) claims1, % +170k additional AI- supported manual claims Share of AI-supported claims processed, % Increased efficiency and speed of claims handling Improved customer service levels Higher accuracy in claim indemnity levels 8x increase (accounting for digitally reported claims) DKK ~300 reduction per claim DKK ~200 reduction per claim
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36 2028 target Insurance service result through: • Increased utilisation of partner network • Increased rate of repairs vs. replacements • Strong procurement agreements DKK ~100m Continue building and leveraging strong partnerships across claim types Examples: Focus areas for strengthened partner setup in Motor and Building claims Establish strong partnership with low-cost, high-quality vendors Optimise network of contractors for geographical coverage and service agreements 2025 2028 ~15% ~85% Share of smaller motor claims handled with SMART repair1, % Introduce stronger steering of customers towards preferred partners Introduce stronger steering of customers towards preferred partners Increase share of repairs vs. replacements Leverage scale to ensure strong procurement agreements for building supplies and equipment 2025 2028 ~50% ~70% Share of building claims handled in partner network, % Motor claims Building claims 361. SMART repair is an acronym for Small (to) Medium Area Repair Technology
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Operational platform 2028 Strategy Customer engagement Insurance capabilities Operational platform Unfolding the scale potential
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38 Simplify and improve efficiency across the business to increase productivity Simplified core A simplified platform based on standardised products, supported by few, scalable systems to reduce complexity Process excellence Standardisation and alignment of processes to improve the efficiency of our business model and reduce costs RATIONALISING BUSINESS MODEL & PROCESSES SIMPLIFYING DATA CENTRE LANDSCAPE MIGRATION OF ALL CUSTOMERS TO NEW PLATFORM STANDARDISATION AND AUTOMATION OF PROCESSES STREAMLINING LABOUR INTENSIVE PROCESSES CULTURE PROMOTING ONGOING IMPROVEMENTS DKK ~175m Insurance service result in 2028 Strengthen operational capabilities
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39 Further benefits to realise Modern digital experiences accessible to all our customers Full portfolio agility in product development and pricing Rationalisation of further applications Full process harmonisation across our sales, service and claims High-level illustration of new Alm. Brand Group insurance platform Leveraged by end 2025 Fully leveraging our new insurance platform will drive further benefits Enterprise data platform Digital workplace High-level illustration of new Alm. Brand Group insurance platform New consolidated insurance platform in place with simple setup and few strong technologies One core insurance platform Online Single CRM
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40 2028 target Insurance service result through: • Reduced IT costs DKK ~50m Simplification and standardisation of IT infrastructure to reduce operating expenses Consolidation of data centresBenefits Consolidation of data centres will secure significant cost reductions and increase agility 2025 2028 One data centre We will streamline and simplify our IT landscape by consolidating infrastructure and systems We will simplify our data centre landscape and reduce our operating expenses Reduced complexity increasing efficiency Improved security and compliance Reduced IT costs 40 Multiple data centres
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41 2028 target Insurance service result through: • Fewer manual tasks and handovers • Increased standardisation of workflows DKK ~50m Large potential to optimise and simplify processes across the Group Number of handovers annually between Sales and Back Office in Commercial Lines, # 2025 2028 ~90,000 ~60,000 -33% 41 We will drive process excellence in the Group through… Example: Fewer handovers to back-office in Commercial Lines Streamlined processes across the Group Optimised processes leveraging digital tools and AI Continuous improvements and ongoing training
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Q&A
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Break
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Alm. Brand foundation: New opportunities
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45 Customer related contributions to Contributions from Alm. Brand foundation will significantly benefit our customers Enhance prevention Customer loyalty programme Improve customer experience 45 2 Non-profit purposes Strengthen capital base 1 2026 commitment: DKK 185m
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46 We will allocate the contribution in 2026 to three areas DKKm 185 ~100 ~45 ~40 Enhance prevention Deep dive next Selected examples of how previous contributions have enabled Alm. Brand Group to support customers on prevention Water leakage detection Driving skills courses Prevention check Climate-ready plan NEW Total contribution from Foundation Alm. Brand Group expects to use the contribution in 2026 for a loyalty programme, investments in the customer experience through e.g. AI and continuing efforts in prevention “ “ 46 Improve customer experience Customer loyalty programme
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47 We will launch a new loyalty programme in 2026 DKK ~100m Alm. Brand Group will use around DKK 100m of the contribution in 2026 to launch a new loyalty programme Specifics of the new programme will be communicated in first half of 2026 Will benefit +100,000 loyal Personal Lines customers Impact across all Personal Lines brands 47
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Financials
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49 Unfolding the scale potential - financial targets for 2028 2025 target: minimum 80% 80% Payout minimum: Unchanged Return on own funds: New target 40% Earnings per share CAGR1: New target 10% Return & capital P&L effects 2025 target: 84.5% 82% Combined ratio: ~2.5 pp 2028 targets 2025 target: 17% 16% Expense ratio: ~1 pp 2025 target: DKK 1,850m 2,350m Insurance service result: DKK ~500m 1. Operating EPS is adjusted for amortisations on intangible assets of DKK 335m per year; Effective tax rate estimated to be ~28% in the period 2025-2028; Based on average shares between years with buybacks deducted
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50 Attractive financial profile with further potential Large potential to further grow insurance service result Robust capital base with new PIM model and solvency ratio target Attractive operating EPS growth driven by ambitious 2028 strategy Robust capital EPS growthStrong ISR potential
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51 Improved combined ratio through reduced claims and expense ratios 1. Based on premium income; 2. 2022 proforma results include the Energy & Marine business; 3. Targets for the combined ratio and the insurance service result include run-offs Claims ratio, % 2022-2028 Expense ratio, % 2022-2028 20222 2023 2024 2025 2026 2027 2028 19.3% 19.0% 18.3% 17.0% ~16% 20222 2023 2024 2025 2026 2027 20283 Combined ratio, % 2022-2028 20222 2023 2024 2025 2026 2027 20283 91.1% 88.4% 87.0% 84.5% ~82% 71.9% 69.4% 68.7% 67.5% ~66% -2.5 pp -1.0 pp -1.5 pp 2% run-off gains p.a.1 Combined ratio improvements through claims and expenses • We will reduce the claims ratio by strengthening our insurance capabilities • We will improve the expense ratio by simplifying and improving the efficiency of our business
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52 Implementation of PIM reduces capital requirement and enables additional buybacks Note: PIM covers primary non-life insurance risks and health excluding market, counterparty and operational risks, which are still calculated using the standard formula PIM reduces solvency requirement by DKK ~600m… Q2 2025 Q3 2025 2,738 2,085 EPS growth • Capital structure with PIM expansion contributes to a favourable EPS growth Share buyback of DKK ~600m • We use funds from the PIM expansion for share buybacks to strengthen the creation of shareholder value Capital structure • The PIM expansion reduces the tier 2 capacity … enabling further share buybacks and EPS growth Solvency requirement, DKKm
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53 Capital optimisation with strong solvency ratio Note: Existing debt issuances: Tier 2 bond of DKK 900m with first call in October 2026 and Restricted Tier 1 bond of DKK 400m with first call in April 2027; 1. Illustrative example based on solvency ratio of 180% with new PIM and expected future capital structure. Unrestricted Tier 1 is excluding ordinary dividend payments Stable composition of total capital for solvency coverage purposes • Restricted tier 1 capital ~10% of total tier 1 capital • Tier 2 ~40-50% of solvency capital requirement Conservative capital structure with low gearing • Sustained high and stable share of unrestricted tier 1 capital~900 ~300 ~2,600 Total capital for solvency coverage1 ~3,800 Solvency ratio target of 180% after release of excess capital, DKKm Solvency capital requirement ~2,100 Solvency ratio: ~180% Unrestricted tier 1 Restricted tier 1 Tier 2 Illustrative example of expected future capital structure New target of 180% (previously 170%)
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54 Continuous strong payout capacity… 2020 2021 2022 2023 2024 2025 2026 2027 2028 75% 77% 98% 98% 96% ≥80% ≥80% ≥80% ≥80% “ High payout capacity, stable annual increase in dividends and share buybacks for remaining distributions, including extraordinary distributions “ Actual and target payout ratio ≥80% Payout ratio
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55 …driven by strong earnings growth and capital reduction (illustrative) Note: Effective tax rate estimated to be ~28% in the period 2025-2028; 1. Net profit adjusted for amortisation of intangible assets of DKK 335m Return of own funds, % 80 82 84 86 88 90 92 94 96 0 5 10 15 20 25 30 35 40 45 50 2025 2026 2027 2028 ~30% ~40% Payout capacity RoOF retained for growth RoOF for distribution ~95% ~93% Payout capacity, % Improved RoOF will lead to a higher payout capacity • Capital management is a key factor in optimising shareholder returns • 2 pp of RoOF target of 40% is expected to be retained for growth • 38 pp of RoOF target of 40% could be distributed in steady state Return on own funds (RoOF) Net profit1 Own funds =
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56 Low risk, well-diversified investment strategy Expected annual net investment return, DKKm Total investment return ~40 Administration costs, etc. ~35 Interest, tier 2 capital Net investment return ~250 ~175 56 Illiquid credit ~40 Bonds & cash ~20 ~140 Shares Properties ~50 Asset class Allocation per Q3 2025, DKKbn % DKKm 0.7 0.8 0.4 5.3 ~7.0% ~5.0% ~5.0% ~2.5% Total ~25020.1 Expected total investment return Hedge portfolio 13.0 ~0% Total (free portfolio) ~2507.2 ~3.5% ~0 Expected return1 1. The expected return is based on current market expectations and the allocation as of Q3 2025. Actual returns may deviate significantly from the expected return
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57 Strong operating EPS growth driven by ambitious 2028 strategy 1. Adjusted for amortisations on intangible assets of DKK 335m per year; Effective tax rate estimated to be ~28% in the period 2025-2028; Based on average shares between years with buybacks deducted Operating EPS1, DKK 2025-2028 ~10% CAGR 2025 Customer engagement Insurance capabilities Operational platform Other effects and investments SBB effect 2028 Strong foundation for increased EPS growth • Combination of higher profit and share buybacks will strengthen earnings per share towards 2028 • Operating EPS growth mainly driven by our 2028 strategic initiatives Steadily increasing DPS on top of share buybacks towards 2028 = effect on EPS CAGR ~2 pp ~5 pp ~2 pp ~2 pp ~3 pp
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ESG strategy
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We secure today. To create tomorrow. Together.
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60 ESG strategy 2028 – Overview of current and new targets Targets for our ESG strategyNew Current Scope 1 and 2 reduction of 42% by 2030 • Conversion of diesel and petrol cars to electric cars in the Group's leasing fleet • Reduction of electricity consumption 15% CO2e reduction in the investment portfolio by 2028 • Reduce CO2e emissions • Robust data and tracking across asset classes Increase customer satisfaction score to 77 by 2028 • Strong focus on customer satisfaction score • Strengthened brand value and loyalty 6% CO2e reduction per building claim by 2028 • CO2e reduction in consumption of materials per building claim • Focus on more sustainable building materials Employee engagement score of 80 by 2028 • Increase employee satisfaction • Improved learning and efficient tools and processes
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61 More than 99% of emissions comes from scope 3 Gross scope 1, 2 and 3 emissions (2024), tCO2 Scope 1 ~600 Scope 2 ~1,600 Scope 3 ~258,500 Distribution of scope 3 emissions by category 47% 15% 27% 11% Investments Purchased goods and services Use of sold products (buildings) Use of sold products (motor) Scope 3 <1% <1% >99% 61 = % of total
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62 2030 ambition of 42% reduction in scope 1 and 2 Transition of the car fleet from petrol and diesel to electric cars Ongoing efforts to improve efficiency at our locations in terms of electricity and heating consumption Optimised use of locations to reduce our electricity consumption Phase out natural gas by transitioning to district heating 62 Efforts – scope 1 Efforts – scope 2 Reduction of scope 1 and 2 CO2 emissions compared to 2024 baseline Scope 1 and 2 tCO2e 2024 2030 -42% We aim to reduce scope 1 and 2 through transition of our leased car fleet and by enhancing efficiency across our locations 2030 ambition
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63 Average CO2e reduction per claim in the consumption of materials for the building portfolio compared to 2025 baseline Avg. tCO2e per claim1 63 -6% We intend to reduce CO2e primarily through implementation of initiatives in collaboration with suppliers and partners Aim to reduce emissions per building claim 1. Baseline to be stated in the annual report for 2025 Reduction of emissions from claim repairs Implementation of initiatives with suppliers and partners Prioritising low-carbon materials in claim repairs Support the green transition across the value chain 2025 2028 Outcome Efforts 2028 ambition
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64 15% reduced investment portfolio emissions in 2028 64 Reduction in the CO2e intensity per million DKK of the investment portfolio CO2e intensity per million DKK1 -15% We aim to achieve a 15% reduction of CO2e over 3 years 2028 ambition 2025 2028 Reduce CO2e emissions by 15% in the period from 2025 to 2028 Produce targeted progress by considering emissions data in portfolio decisions Robust data and tracking across asset classes Outcome Efforts 1. Baseline to be stated in the annual report for 2025
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65 Engage and empower people 65 75 79 80 2024 Q3 2025 2028 +4 +1 Employee engagement on a scale from 0 to 100 Our employees are key drivers behind customer success and performance – we intend to increase employee engagement to 80 by 2028 2028 ambition Customer success and long-term value Efficient tools and processes Better learning, career opportunities and celebration of successes Strengthened performance culture and high workplace satisfaction Efforts Outcome
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66 Customer satisfaction on a scale from 0 to 100 High customer satisfaction contributes favourably to Alm. Brand Group’s social efforts with respect to reputation and corporate behaviour 2028 ambition Q2 2025 2028 73 77 +4 Customer satisfaction to fuel sales and retention 66 Increased sales and retention Customer insight and advisory Strengthened brand value and loyalty Efficient and customer-centric claims handling Outcome Efforts Client success powered by people
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Concluding remarks
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68 Integration of Codan finalised with synergies realised according to plan All synergy targets met EPS CAGR of ~10% High payout capacity Concluding remarks Note: Figures are in DKKm Future scale potential to be unfolded towards 2028 through new ambitious strategy Strong financial profile with continuously growing earnings and attractive payout capacity Pure-play non-life insurance company in the attractive Danish market One platform in one country ~500~1,850 ~2,350 2025 target 2028 target Significant scale potential 111 262 460 2022 2023 2024 2025 ~600 Attractive financial profile
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Q&A
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Unfolding the scale potential
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71 Disclaimer FORWARD LOOKING STATEMENTS The statements made in this presentation are based on current expectations, estimates and projections made by management. All statements about future financial performance are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the statements. All statements about future financial performance made in this presentation are solely based on information known at the time of the preparation of the last published financial report, and the company assumes no obligation to update these statements, whether as a result of new information, future events or otherwise.