Hello, everybody. Welcome to our Capital Markets Day. I am Mads Thinggaard, Head of Investor Relations in Alm. Brand Group, and I've been looking very much forward to seeing you here at our headquarters today. I must say, it's a great pleasure to see so many investors and analysts showing up here at Middelgrunden. I would also like to welcome our webcast participants. I hope the next two and a half hours in company with the executive management of Alm. Brand Group will be interesting for all of you. Talking about our group executive management, I would like to make a brief introduction of today's speakers. Our Group CEO, Rasmus Werner Nielsen, has been with ABG since 2017 and as CEO from 2019. Rasmus has transformed Alm. Brand from a financial conglomerate to a top three non-life insurer in Denmark. Rasmus did not do the transformation alone. Our Group CFO and Deputy CEO, Andreas Ruben Madsen, was on board for the entire transformation. Andreas joined Alm. Brand in 2016. Our Chief Commercial Officer, Camilla Amstrup, joined Codan in 2016 after many years within the telecommunications industry. Thus, she became part of Alm. Brand Group when Codan was acquired in 2022. I would like to introduce our Chief Operating Officer, Bo Krag Esbensen, who joined ABG in 2023 following a career for 10+ years with McKinsey, of which some included a dedicated effort as consultant here at Middelgrunden. Now, let's take a brief look at today's agenda. Rasmus will start out with our transformation, how we unfolded the synergy part of the scale potential from the Codan acquisition, and where we are today. Andreas will open for a deeper look into the 2028 targets and strategy, with Camilla and Bo explaining about the strategy and initiatives in detail. We will end this section with a short Q&A and a little break. After the break, Rasmus will explain about the opportunities we have with our largest shareholder, the foundation of 1792. Andreas will then make a deep dive into our financials as well as our new ESG strategy. When Rasmus has given his concluding remarks, we will go into a longer Q&A session followed by lunch around 1:00 P.M. Rasmus, the stage is yours. Thank you, Mads. Very nice to see you all here at Middelgrunden, and also very nice to see you that are participating on the webcast. Six years ago, we started on a journey, and it was a journey I think nobody could ever have believed on that we are where we are today. Today, we have 2,000 employees, leaders, managers that are highly skilled and highly motivated. We have more than 800,000 customers, and they come in at a flow that we are very happy about. We manage this company in a profitable way, and I think and firmly believe that we do our utmost to serve the shareholders as well. We are in such a good position, and even though we have worked hard and we have done a lot of things, there are still a lot of things to do. That's why we call the next strategy unfolding the potential of scale. [Foreign language] Skal I lige med? Six years ago, we started changing Alm. Brand Group, Alm. Brand to the better. After one year, we divested the bank. After two years, we took over Codan, and at the same time, we sold our non-life company, transforming Alm. Brand into a purely non-life insurer. One year after we took over Codan, we got the keys finally. Just after that, we had our first Capital Markets Day in Alm. Brand Group. That was in 2022. On that day, we had three main topics. One of them was very ambitious targets for 2025. The second one was how we would reach the DKK 600 million in synergies. The third one that we discussed a lot with some of you is how we would manage our international business of energy and marine. We have worked with the synergies. We have reported on them quarter after quarter. I am happy to say that we will reach the target of DKK 600 million, and we will even reach a little bit more. We will go into next year with a level of DKK 650 million in synergies. We also delivered on the energy and marine case. We prioritized that a lot from management. We had a very firm hand on how to deal with the activities. After a year or so, we made the activities profitable, and it actually became more and more profitable. In the end, we concluded that it was not really our core business, and we sold it to Norske Gårder. The proceeds we got from that freed up DKK 1.6 billion in capital. As you know, we used that for a massive share buyback. Quarter after quarter, we also worked on improving the underlying business. As you see here, the claims ratio has decreased nice and steadily. It's done with the improvement of our portfolio, and it also helped with the strong synergies we had in place. That's even though we had quite a bit of headwind for the increase in motor frequency. The divestment of energy and marine took out a lot of volatility in the major claims, as you see here. Of course, the message here today is that we will continue to work on reducing volatility going forward on major claims. Standing here 11 quarters and almost three years after the last CMD, I think we can say that we succeeded with the transformation, and we also succeeded with reaching the financial targets we set out these three years ago. We are in a very strong position, and we do have a very strong management team. We do have very committed employees, and I think we are ready to go into the next period. As you know, it's not really up to me, and I normally never comment on the share price, but I think it's fair to say now that the years that have gone, we have led to a nice increase in the share price and also the dividend spend. If you take everything together, the total returns should be okay, in my view. We will also start using share buybacks as a weapon, so to say, a tool. And we do that, of course, if we have surplus capital. This brings us to where Alm. Brand Group is today. We are a firm, non-life, leading insurance company in Denmark. We do have 800,000 customers. We have a market share of 15%, hopefully increasing nice and steadily. We have a balanced business split 50/50 between the commercial lines and the personal lines. We have four strong brands, two of them that are very well known, Alm. Brand and Codan, and the two others that we use together with our partnership banks. We are in the nice market in Denmark. It's a market where the insurance density is very high. It's a very attractive market. We are able to have, I think, as you know, quite an okay combined ratio compared to other markets. We are the important top three player here. There is quite a far distance down to number four. Our business model is very strong. As you see, it is aligned up here. We now have one platform in one country. It is a simple model. It is an agile model. We are able to resist if something happens out there. We can increase prices automatically with the annual wage inflation. We are also resistant in terms of price increases on material and stuff like that. We are, in general, able to have agile prices if something should happen. All in all, we can mitigate the risk. There has been a lot of discussion about climate. I also discussed that a lot. Of course, doing business in Denmark, climate is an issue. Denmark is flat. I think with the way we deal with prevention, discuss about prevention, we can mitigate that risk. If that's not enough, then we have price adjustments to be used there as well. That was a little bit about our business. Maybe a few words about our foundation. Our foundation dates back to 1792. Most of you know that. They own 47% of the group. The foundation only has one activity, and that is Alm. Brand Group shares in Alm. Brand Group. They are here for the long-term investments of their members, which are exactly our customers. Of course, I'm very happy that we today could announce that the foundation has decided to make a contribution to Alm. Brand Group of DKK 185 million. That contribution is given to us so we can enhance the customer relations activities. What we also announced today is that we in Alm. Brand Group, we have decided to use DKK 100 million of that of a new customer loyalty program. It's a program we haven't had before. Some of our competitors had it. Of course, very happy and very thrilled to be able to say that. It's a program where we will be able to pay out a cash rebate to the customers that are part of the program. I'll come back to the foundation and the program later in the presentation. Summing up my introduction, we now have a 100% focused non-life company. It's taken some years, but we are there now. We have significant sales that give us benefits. We are dealing with low complexity. We have four well-known brands, and we have now also a very strong foundation-based ownership. I think all in all, we are in a very good position, and we are ready to take on the next three years. Andreas will come up and tell you a little bit about our targets for the coming period. Thank you, Rasmus. Yeah, I'll take you through in a very short minute. I'll go through the overall targets I'm sure you're excited to see. Then we'll also dive into the overall building blocks and thinking around the strategy before Camilla and Bo in the next section will dive into the specifics of the strategy. Let's start with the targets. This strategy we present today will deliver a significant increase in the insurance service result, DKK 500 million of increase towards 2028 compared to the 2025 targets. That's DKK 2,350 million in insurance service result, corresponding to a combined ratio of 82%. Within there, we also have a cost ratio of 16%. Combined ratio being down 2.5 percentage points in total, and the 16% corresponds to a 100 basis points reduction compared to the 2025 levels. Then we've returned to the capital side of things. Today, we introduced a new target focusing on our return on own funds of 40%. As we'll go into more detail later, you'll see that this significant increase in insurance service result coming from our core business, in combination with also our ability to do buybacks in the future period, will translate into us delivering an average yearly increase in earnings per share of 10% over the coming three years. Just to round it up, we stick to our strong commitment to pay out any proceeds we don't need to run our business. As such, we also restate our minimum payout policy rate of 80% of net earnings. I think Rasmus tied this up nicely. We had, in the period we just went through, I think we feel that we got the scale we needed to actually become viable in the market we now operate. The DKK 600 million in synergies we happily deliver this year, I see them as a proof point for the Codan transaction, also the price we paid for the Codan transaction. It sort of shows that the returns we presented to shareholders three years ago came in as we planned. What we present today is, in actuality, the potential we have to do further from that scale we achieved in the Codan transaction, and in a way comes on top. Even though we might not be the largest insurer in the Nordics, I think the point here is that we do have the position we like with a simple model and viable scale in the Danish market. That is the strong proof fund that enables us to do the DKK 500 million in net insurance service result improvements over the coming years. We present it in this way where we will come back to the key focus areas driving that. We have DKK 650 million coming in gross benefits. We have DKK 150 million going the other way, so to say, for the needed investments and a few other moving parts. DKK 500 million on a net basis in improvements in insurance service result. Now I'll spend a few minutes on the overall framework and the building blocks in our 2028 strategy, unfolding the scale potential. Starting with the first key focus area, customer engagement. Customer engagement is about how we will focus on the full customer journey, making sure we play in the right segments in the right way. That will deliver us DKK 125 million in benefits, which Camilla will go further into in a minute. The next one is our insurance capabilities, the largest single block, DKK 350 million in gross impact from there. That key focus area is a lot about how we will use data and insights to basically improve our core underwriting motor, our core underwriting profitability, and also driving further efficiency within, especially the claims area. All that will translate into what we feel comfortable saying would be us coming with a market-leading position in terms of the claims ratio. To round it up, we have the operational platform, DKK 175 million in gross benefits coming from that. That is a lot about using the advantage we have of having a simple platform today in one country and further streamlining that and taking home benefits and efficiency gains from that in the coming years. All those strategic initiatives are based on what we term two key enablers. The first is the strong foundation ownership we have. As Rasmus already teased, we can look into the foundation having an even more direct impact towards also supporting our strategy and business model in the coming strategy period. We will be unfolding that further as we get into the next sections. Rounding it up, behind it all, we will not be able to deliver on this strategy and the initiatives in there if we do not have the right talent, the right organization, and engaged employees to deliver on these targets. That is the overall map for the strategy we will now dive into. On top of the overall financial targets I have already mentioned, we also this time around introduced five overall strategic KPIs. The idea behind these KPIs is that we feel that they support, from an operational standpoint, our ability to deliver on the financials, i.e., if we deliver, when we deliver on the strategic KPIs, we feel highly confident that will also with a very high likelihood mean that we are delivering on the financials. To begin with, we introduced customer engagement ambition, where we will set out to improve customer satisfaction from 73 to 77 on a scale from 0 to 100. On top of that, we also, regarding the customers, aim to work hard to increase the share of what we term full-service customers, thereby improving also profitability and financials. We have chosen one key operational KPI within the claims framework, which is our amount of straight-through processing, which we seek to increase from around 10%- 50% of all claims handled in the future. Straight-through processing, that means that you do not have any manual or any people in that sort of claims being handled. It will all be automatically seamless. Yeah, we will dive into further on all these later on. Regarding one of our key enablers, we have employee engagement also, meaning that we stick to the firm ambition that success comes from also having engaged employees. We stick with the ambitious target of an engagement score of 80%. As you see, we will dive into that later. We are luckily in a pretty good place already today with a 79% at the current time. We will also be introducing an ESG strategy today, where we have chosen one to highlight here as a part of the five overall strategic KPIs. The one we've chosen has to do with emission reductions within the claims area, specifically regarding our building claims, which we'll also be unfolding later on in the presentation. That is the overall map we have for our strategic KPIs. With that, Camilla will take us on to how we engage our customers in the right segments. Thank you, Andreas. Before we dive into the first strategic focus area of customer engagement, I would actually like to share some of our insights on our customer approach because there's a clear link between our customer engagement and our customer approach. Today, in Personal Lines, we have three strong brands targeting different segments and different customer needs. When Codan was acquired by Alm. Brand in 2022, we made an extensive study on market and customer behavior, and that led to the decision of having a multi-brand strategy. It has worked really well for us. We have spent this strategy period developing distinct positions for each brand, targeting different customers and different needs. In the coming years towards 2028, we will focus more on developing strong service offerings and value propositions to support each brand. Of course, for efficiency purposes, everything will be based on our one core platform, meaning that our core products will be the same across brands, but it will be the bundling of services, and it will be the communication around the value propositions that will differ from brand to brand. If you take Alm. Brand today, our main focus will be to increase our business with our existing customers. It's customers primarily living outside the larger cities, typically families. These customers, they value a customer experience where they feel recognized and by us using the insights that we show them that we understand their unique life situation. For Codan, our focus will be more on attracting new customers. Codan customers are typically mid to high-income customers living in the larger cities. They value a customer experience with focus on facts and strong advisory and with a high degree of flexibility in our offerings. They also have a stronger preference for digital solutions. Privatesikring will continue to be our strong brand for bank distribution, and we will focus on adding the abilities for these customers to do self-service and buy additional products within their online banking solutions. There is also no doubt that across all brands and all segments, there is an increased preference for digital solutions. To prepare for the future, we have made an ambitious target of increasing our direct sales through digital channels. We know today a lot of customers' research online might end up buying offline due to complexity. We believe the time is right to increase our investment in digital solutions. We have one digital platform already migrated all brands to the platform that enables us to develop services in a more efficient manner. To fully gain the potential of this platform, we also need to have our customers migrated to our one core platform. We have actually experienced high growth on Alm. Brand digital sales, although it is from a very low starting point. Of course, we will take some of these learnings and apply them to Codan as soon as they are on our new platform. For commercial lines, we have actually also have a multi-brand strategy approach. It's been based on the size of the customers. Codan has historically been very strong, focusing on corporates and large corporates. That is actually a perfect fit with Alm. Brand that is primarily focused on small and medium-sized enterprises, as well as agriculture. We will grow our market share among the small and medium-sized enterprises, as well as agriculture. It is a market, but with fierce competition. We have experienced high growth already in the smallest part, up to 20 employees. We actually believe that we can provide a strong competitive offering to the mid-size segment, combining our industry knowledge from the large corporates with our knowledge of how you should approach the smaller business customers. On the agricultural side, we have also already seen an increase in our growth. We have been growing around 9% for the last two years. With the help from our bank distributions, we are also getting more leads. Agricultural customers really value a close relationship with a pure Danish player. We have recently reorganized our sales organization, so we have a stronger focus on the mid-size segment, which is also a growing focus. We are already starting to see now a much stronger pipeline for our Q1 2026. For the corporates and the large corporates, it is still very much about selective growth and balancing our portfolio. We have exited most of our standalone workers' compensation, and we will have a stronger focus on also generating full-service customers among the corporates. It is not only the lines that are exposed to large losses that we will underwrite. For the large corporates with international exposure, we also have a strong focus on decreasing our line shares. We will also exit some of the geographical areas, for instance, decreasing our exposure in the U.S. for these Danish customers. That will be all about reducing the volatility that Rasmus already mentioned. All in all, the commercial line strategy is very much about rebalancing the portfolio. It is not about having high growth. To support our service model for commercial lines, we will take an even stronger position as a trusted advisor. We want to improve the perception of Codan and Alm. Brand commercial lines as a company that actually provides strong advisors when it comes to claim prevention, optimization of risk, and so forth. We have just conducted a study with our business customers, and they clearly state that they expect us to provide this information. Large corporates, they take the information, and their own risk management organization changes it into corporate actions. For the medium-sized corporates and the agriculture, they also expect us to come up with claim prevention measurements, share insights, and how they can reduce their damage cost. Towards 2028, we will launch several new initiatives focusing on risk management. We have just recently, with the support of our foundation, launched a claims prevention service check with our agricultural customers, and that has been really well received. We will also launch a risk management event in Q2 targeting the large corporates. We will extend our investment in our claim stop that we have already learned a lot about the last five years, especially focusing on the motor and transportation segment. That will be extended to other lines of business and also to other industries within motor. As you can see, we have provided fairly high damage savings for these customers. That concludes what I would share on our insights on our customer approach. Now I would like to return to our customer engagement as our first strategic key focus area. As Andreas already mentioned, strengthening our customer engagement is all about using our insights to improve customer journeys end to end and improve our sales and service models. In the following slides, I will provide you with some concrete examples of how we are going to improve our insurance service result of around DKK 125 million based on the six focus areas you see on this slide. We have spent the last couple of years building a very strong data foundation and integrating most of our data. We have also rolled out our CRM system across all brands. Towards 2028, we want to work more with tailoring our messages, targeting customers in different ways with different messages and different setups depending on where they are in life. Today, we have a one-size-fits-all approach. Most of our customers, they actually get this yearly service insurance check without us actually knowing if that is what they actually need. In the future, we will use the insights and our ability to analyze our data within the CRM system to target the customer with the next best offer, the next best experience or messaging depending on where they are on their customer journey, which channels they prefer, and when they prefer it. We will shift from a one-size-fits-all approach to a tailored approach with next best experience. In combination with our 360 data insights and the CRM system, we will also be able to enable our customer frontline employees to engage with the customers in a much more meaningful and proactive manner. That is also why we expect we can increase our customer satisfaction from 7.3 to 7.7 because increasing our customer satisfaction is crucial in order to deliver on our customer engagement. Increased focus on the customer journey and providing hassle-free service experiences will not only increase the customer experience, it is also expected to increase the customer lifetime. In addition, we will put a stronger focus on getting more full-service customers than we have today. For instance, in Alm. Brand, we have several partnerships where, by design, they generate a lot of one-policy customers. It could be within motor. It could be within change of ownership. With our improved lead flows and our better understanding of the customers, we will be able to convert more of these customers from one policy to multi-policy customer. It's a journey we have already started, and we have seen some positive results. Our target will be to increase our number of full-service customers from 51% to 55%. There is also a close link between customer lifetime and number on product. Increasing the number of full-service customers, we will also increase the length of their customer lifetime. With the support of our new loyalty program, we will be able to strengthen the lifetime even further. Rasmus will get back to talk more about the loyalty program. We will also continue to leverage our strong existing bank partnerships. Today, we have a strong partnership with Privatesikring and also with Alm. Brand. We have just celebrated the 25th anniversary with Privatesikring, and we now have more than 30 banks within Privatesikring, local banks, and nationwide banks. We have seen very high growth through bank insurance. Just last year, we saw a growth of 17%. It is driven not only by high sales of full-service customers, but also of a higher average lifetime. In average, there is a two and a half year longer lifetime on a Privatesikring customer compared to a Codan or Alm. Brand customer. We estimate that we have access to around 45% of the Danish bank market, and it is our aim to increase our penetration within our partner banks from 11% to 13%. There's quite a big variation between the banks and actually even the local branches within one bank that we believe that we can actually increase even further. I also have a few more banks on my wish list for Privatesikring, and one is starting up in March next year. We will, as I already mentioned, also invest in the integration with the bank's data centers that will enable our customers to do self-service and buy additional services through the bank's online solution. That was the examples I would like to share with you on customer engagement. Now I will dive into strengthening our insurance capabilities. I will talk a little bit first, and then I will invite Bo on stage to finalize the information about claims handling and fraud prevention. There is no doubt that we need to continue strengthening our competitiveness and create even better customer experience. I've also touched upon the extensive work we have made on having a strong data platform with integrated data. Now is the time to actually harvest from the benefits all these insights provide. We will also continue to invest in our data and data modelings. With the support of AI, we actually believe there is quite a lot of benefits that we can take out of strengthening our insurance capabilities, not only working with underwriting, portfolio optimization, but especially working with claims handling and fraud prevention. That is also why this is the biggest part of our improvement in our insurance service result of DKK 350 million. We are constantly working on optimizing our portfolio and will continue to do so. I would say it is actually part of running the business. With our new data models, we have increased our ability to price correctly compared to risk and get a much better understanding of our risk across brands. Next is, of course, that you need to have the right agile pricing toolbox to actually implement these changes. That is one of the benefits we will get from our new one unified platform. We will get a much more agile pricing toolbox that will enable us to faster, more frequent, and on a granular level, change our prices. We have a strong focus on migrating most of our customers to the new platform, to the new standard products as soon as possible. For Commercial Lines, we also have a lot of underwritten customers, and we've already launched our next level underwriting program, taking external, internal data and combine it with machine learning and AI, and that had helped us augment the underwriting decision from our underwriters. We've already seen an increase in our hit rate. Of course, the hit rate should only increase if the claims rate just stays stable or decreases. We actually expect that we can increase the hit rate a little bit further because we will extend the program to more lines of business, but also include more functionalities. Our aim is that we will have a hit rate around 45% in a market that is very much driven by brokers and where there is a strong focus on competition. That is what I would like to share with you about data-driven underwriting and portfolio optimization. Now I would like to invite our CEO to the stage. Bo, please. Thank you, Camilla. We move on to the claim side, and we start with the topic of fraud. In the last three years, we have quite significantly increased our ability to detect and prevent fraud, but fraud is still running through the system. There is still an opportunity for us to professionalize those capabilities and make sure that these cases do not come through. By fraud, we mean the fraudulent behavior can be either from vendors or customers that often leads to inflated claims costs. This can be for a property where a larger repair is conducted than was actually the scope of the claim. We see the same things happening in motor. We have kind of fraudulent reports of stolen or lost items. We have workers' comp cases, etc. To prevent fraud is all about pattern recognition. Today, we have technology that helps us with that. We have artificial intelligence that listens into some of our channels and tries to identify what is a suspicious pattern and what are the cases we should take out for inspection. Technology is improving. That also means that if we look at a three-year horizon, we expect that we are going to increase our ability to detect those patterns, take those suspicious cases out for inspection. Furthermore, as you said, as an inspector with these cases, today it can be sometimes hard to actually prove if it's a fraudulent case or not. Again, new tools are coming in, and we think we can support our inspectors with an even better toolbox in order to go and prove whether this is a fraud case or not. In total, better detection and better ability in inspection will mean that we can prevent even more fraud than we are doing today. This, of course, has financial potential, but it's also important to state that this has a positive impact on all the customers not showing this behavior because, of course, today it has a negative impact on everyone when we see fraud happening. If we then move into the actual handling of claims, of course, Camilla talked about the customer experience. This is also a key element in the claims processes. We also work with the effects of efficiency and quality. By efficiency, I mean the ability to handle more claims with less. By quality, meaning that we make sure we pay out exactly the right amount for a claim, not less, not more, but being able to settle that at the right amount. We talked a little bit about straight-through processing earlier. This is the example I also brought here. Of course, if we can increase our ability to handle more claims without human involvement, it has an efficiency gain. It also has a quality gain because if we can have the systems process the cases, then you at least take out the risk of human errors in a manual process. Today, we have around half of our claims coming in through a digital channel. We want to improve that or increase that because that is the basics for being able to actually do a system process straight through after. We want to increase that to 80% by making it easier, but also making sure that whenever we actually have customers in the digital first notice of loss, we make sure we capture all the information required in the next step in order to be able to then straight through process 50% of those cases coming in digitally. This is a significant increase, but we firmly believe that is possible with establishing the right technology behind. Some of it will be rule-based, but again, artificial intelligence coming in helping to increase even more the share of straight-through processing on a claims case. In three years' time, we will also have cases that are not suitable for straight-through processing. We will have our skilled employees to work on those. That can be either due to customer preference for a given case, but of course, very often driven by the complexity of the actual claim. Again, we have an opportunity to equip our employees with better processes, better system support, better technology support. We call that here also the AI support of our claims handlers. With that support, we can again increase the efficiency of that. We can make sure we spend our time of the skilled people on what really adds value, but have technology to support the surrounding processes. That will lead to efficiency again, but also quality, making sure we settle claims at the right amount. In total, there is a potential here. When we talk customer experience, this also has a very positive effect. When you as a customer have a claim, all you want to do is get that process fast, get to payout and move on in your life. If we can straight-through process half of the claims coming in to us, that of course means a lot of customers can be helped faster and move on. We also believe that is a big contributor to customer experience. Finally, within the claims area, we of course work with vendors. When we have a claim and we need to go and repair that, we have vendors and partners helping us on that. I brought two examples here, one from motor, one from property. Of course, we have also partners, vendors across other lines, but these are two of the biggest areas. If you look into motor, there are new technologies in the market now, which means that some of the smaller and medium-sized repairs can be done in new ways. Basically, that can mean that as a customer, you might have a dent or something in your car, not too big. You can go to one of these workshops, you hand in your keys, two hours later you have your key back and you drive on. Again, you can move on, your claim is fixed. This is a great experience, but it also is more financially attractive to have the claims repaired in that way. These technologies have been evolving over the last couple of years. We have a lot of discussions with the partners that are able to provide these. The challenge the last few years has been the capacity, so actually the ability to fix X thousand claims per year. That is coming now, and with a joint partnership, we can actually establish that capacity to make sure we can steer 85% of our cases in this space onto these type of repair technologies in three years' time. That is very attractive both for the customer and for us. In the property side, again, we have a network of partners that helps us when we have damages on properties. We have scale, and the next period is again unfolding that even more, making sure we have the right geographical cover across the country, making sure that we leverage our scale in the contracts that we have. Then thirdly, maybe even most important, make sure that we then actually steer our repairs towards that network. Shown here that we want to increase the steering rate from 50% today to 70% in three years' time means more of the claims go through our network. We can guarantee that the customer will have a good experience because we know these vendors and we stand by the quality they deliver. Secondly, we of course have better deals with them, so there's a financial potential on that. In total, we can optimize the way we work with vendors on the claim side for the best possible repair cost. That concludes a bit on the claims. I will then move into our third pillar, which is the operational platform. Rasmus already mentioned in the beginning that we strongly believe in the competitiveness of operating in one geography on one platform. We have taken a lot of benefits from the platform we have established since the acquisition of Codan already in the previous period, but there is more potential as we fully leverage that. That means we can make sure we get all our customers onto the new platform. That will lead to further simplification in the way we do business and in the operating model below. Again, it's about unfolding that, making sure we capture all the value of what we have established. I just want to put a few words on what we mean when we talk the one platform. After the acquisition of Codan, we have invested quite a lot of time and energy into this. What we have now is a scalable platform, and I will explain what that means. If we look at the front layer, so all the presentation layer towards customers and our web pages, etc., we have consolidated that to modern technology. We have built it in a way that now if we build a digital experience within sales and service for one of our brands, we can automatically use that across all the brands. We do not need to build things four times, and we do not need to maintain them four times. We have established what we believe is the world-class CRM system, rolled that out to all employees. That means when you serve the customer, you now have the perfect overview to give a good experience, but also make sure you act on all the leads that we have out there. Our core insurance platform is where all the products, policies, billing, everything happens from. Again, it's now built scalable. It means if we build a product, or it means we build a product once, we can have a different proposition across Alm. Brand or Codan or Privatesikring. But we build it once, we maintain it once, and we can use that across all our different brands. That makes a huge effort, a huge impact in terms of being able to, again, leveraging the scale that we have. We can do it much more efficient. Our data platform, we talk a lot about the data insights here. Now the data platform is there. We have most of our data in. That means we can start to leverage data in all our processes, from financial reporting, risk calculations, all the way down to the daily management of sales and service claims handling, everything. We have a lot of it in use. In the next period, we'll make sure everything is in use and then capture the full potential of that. This will not only be, again, scalable for us. This also means that we can make sure all our customers get the experiences that we're having. Making sure we get full leverage of that. On the back of having established the application landscape, it's natural to consolidate on the infrastructure side. We are coming from a scenario of having, after the acquisition of Codan, having multiple data center setups. In the next period here, we are going to consolidate that all into our own. We have already established the capacity in that to be able to do it. Relatively quickly, in the next strategic period, we're going to insource that, and not only the data center, but actually all the operations of that. That means we can run things at a lower point, leverage the scale of that, also has a positive impact on the risk, and it also contributes to agility in, again, making things faster, changes faster going forward. That will happen relatively quickly in the next period on the back of having established the platform. Finally, within this strategic pillar, we introduce process excellence. We have, of course, harmonized, standardized, automated already a significant part of our processes in the operations, but there is still quite a lot of heavy processes in a company like ours. By heavy, I mean processes of high volume or processes with many people involved. We will, through a targeted effort, identify those processes, streamline them, apply automation where we need to, but there is also a lot of streamlining we can do just by analyzing, making sure that people have the right mandates, templates, and tools available at the right time. I'll show an example here from Commercial Lines. When we have analyzed quite in detail our processes from a first dialogue with a customer all the way to a policy being issued, what we can see is that there are a lot of handovers back and forth between the sales agents engaging with the customers and the back office support. There's no value in the customer for that. There's no value for our employees in doing so. These are processes where we have an opportunity, again, with the right mandate out in the front, with the right tools and templates available, we can take out a lot of these handovers as we move forward. Here we have shown taking one third of those handovers out over time. There are similar examples within personal lines, similar examples within claims, but this is to give you a little bit of a flavor of what are the type of things we are going to look at in order to take out inefficiency in our processes and capture the benefits of that. That concludes a bit the operational platform. I will hand it back to Mads for the Q&A. Yes. Thank you, Bo. Of course, we realized this was quite a bit of information in a relatively low amount of time. We thought it would be rather a good idea to have a small Q&A here, but we will try to keep it a bit limited. If you could limit yourself to one question and only relating to the first part of the presentation, that would work quite fine. If I can invite the executive management. Yeah, who has the first question? I can see Martin from SEB. Yes. I think my first question goes to you, Bo. I know now, of course, you are biased, but if you take off your unbiased glasses for a second, I'm sure you have seen many insurance companies on the back end. You are guiding for pretty aggressive digital targets. How would you rank Alm. Brand's digital capabilities today in a Nordic context? Once you achieve this, how would you change that rank? Yes. Brilliant question. If we take today, go out in the back, we have the systems and platforms available, but we have not rolled out all our processes into those. I think if you rank it today, we are not leading, but we have a very clear opportunity to be leading in three years' time from now. The platform, the ability to move on to standard products based on standard processes makes automation and everything a lot easier. I think our potential is significant. Okay. Perhaps just following up, so many of all these targets that you have, are those based on use cases or are they based on you sort of trying to speculate in where technology is going or how are all those targets sort of? I think when you go through a target process, you use a bit of combination of what you are saying, right? We can take inspiration from companies around us, not only from our own industry, but also from other industries, from other geographies. When we set those targets, whereas technology in three years' time from now, you have to also make some assumptions. I think putting all that together, we believe we have put ambitious, realistic targets out for, for instance, on the claim side. We do not know exactly what technology is available in three years' time, but I think the development we see recently is giving a good comfort that we can automate and put systems behind a lot more things than we can do today. Okay. Thanks. Yes, and Asbjørn from Danske. Please now have the mic, so. Yeah, we cannot do anything. Thank you. Now, just one question. It is a bit looking at the DKK 650 million in gross benefits going forward. Some of them are market-driven or technologies that you will have to buy or implement going forward, and some are internal measures. I guess looking at the internal measures, it makes sense to assume you can sort of maintain those benefits also on a midterm horizon. But looking at the other measures, the smart repairs, the AI, etc., fraud detection systems, whatever you can sort of that your competitors will be able to use as well. How much do you think you will be able to retain? How much will be lost in competition? How much of the DKK 650 million, is that really a gross number, or is there a bigger gross number than then adjusted down to DKK 650 million? That'll be interesting to hear. Yeah, I can try giving some flavor to that. We've tried to model it in this way of thinking. That's also why you have a gross number. We think we have, we believe firmly that we can make a gross impact via the specific initiatives we have, and we have gone through a range of examples today, which will in total deliver DKK 650 million in gross impact. I think a bit of the answer to your question is hidden in the DKK 150 million in the other box. In reality, there are some places where we might have a bit of tailwind, actually, going from 2025 into next year. There are also some places where we can see some pressures coming in the years to come. I think a very important statement for us is that this strategy is not about us squeezing more margin from the customers by increasing prices. This strategy is about us creating margin for ourselves by becoming more efficient on the inside, delivering the same overall products and services. I hope that. Yeah, if I can just follow up, just more than the DKK 650 million, it's more how to interpret the gross element to it. Is that all the impacts that you have sort of identified, and then we have the DKK 150 million the other way around, or is there more than DKK 650 million, but you're conservative in the DKK 650 million, and then you have DKK 150 million in investments, whatever we want to call it? I mean, how much room for error is there in the net DKK 500 million? That's basically what I'm trying to ask. I think, Asbjørn, it's a bit of a, I think it's a bit of an academic theorization. I mean, the reality is we have our best estimate is that we can do, via specific strategic initiatives, we can do an impact of DKK 650 million. Then on top of that, we estimate also that some of that will need to be handled specifically because we need to invest in solutions to actually create those impacts. We might also have a bit of headwind in specific areas. That is how we try to model it. Thank you. Mathias of Nordea. Thank you very much for taking my questions as well. My goal goes a bit back to the, is it working? Perfect. My question goes a bit back to Asbjørn's question on the timing of things. Obviously, you get the DKK 500 million in improvement when you get to 2028, but you also say that you need to kind of invest, as you just said, in some things. Should we think about the improvements as being more of a straight line, or should we think about it being back-ended or front-ended loaded, or how do you think about that in your way of thinking? I'm very happy to answer it, but can we save that for after the next section when I've gone through the financials? I think we'll sort of try, and I think it'll give me a bit more of talking p oints to reference. Sure. Yes, and Yudis, Autonomous. Hi. Good morning, everyone. Thank you for taking my question. If I can ask about customer engagement, presumably you've done some benchmarking exercise, and your peers talk about customer retention in the high 80s, low 90s. How do you compare versus those numbers? Just to get a sense of the runway you have to actually improve over the next three years. Thank you. Yeah. We already see also retention rates in the high 80s. There is a bit of a difference compared to the brands, as I already mentioned. Privatesikring tend to have a longer lifetime, and they also have, therefore, a higher retention. We are also in the range of the high 80s. Retention is important for us because since this is a mature market, most of our initiatives should also help us increase the lifetime of our customers. Yes, did you have a question here in the front row? Ola from DNB. Yes, thank you. Just one question for Camilla, I think, and you briefly touched on it just now. You have a multi-brand strategy, and you also mentioned the full-service customer ambition. Could you just briefly mention, of all the brands you have, where do you see the most potential for improving full-service customers? Also, since you mentioned the lifetime of the Privatesikring customers, how many brands do they have? Is that the reason for the higher lifetime? The first part of the question, there is a difference in terms of full-service customers, and the biggest potential is within Alm. Brand and then Codan. Privatesikring, we actually have a strong distribution model that typically generates full-service customers. That is very much about just upselling additional coverages depending on the customer's needs. The biggest potential is within Alm. Brand and Codan. For Privatesikring, they are actually customers within the Privatesikring brand, just to clarify. Okay, thank you. Yes, and Simon from ABG. Yes, thank you. That is, I guess, also for Camilla. Just following up on that, in terms of having the highest potential in Alm. Brand customers, which you also mentioned was sort of the most needy types of customers. In terms of the full-service offering and also leveraging on the scale and efficiency, could you just share some thoughts on how you manage to stay relevant for the more needy customers, but at the same time leveraging scale benefits and taking out the sort of low-hanging efficiency fruits? Yes. First of all, with the help from our one digital platform and our core platform and our data, I think we actually have a strong position in targeted customers individually. Of course, in the coming years, we will learn even more about what is the right offering in the right time. We have already some knowledge about what is the best way to approach customers. We have seen that making regular service checks, talking through with the customers, what are their profile, what are their risks. If they make changes, we actually see a higher lifetime. Having a regular, relevant dialogue with customers based on the scales and the simplicities we get from the data and the CRM systems, that is some of the things that is going to help us. We will be testing different approaches as well. Thank you. Yes, do we have any final question? Otherwise, we will head for a short break now. Please be back here in this room at 11:50 A.M., so in 15 minutes from now. Of course, there will be a longer Q&A session in the end. Thank you. Welcome back. We'll get back a little bit to the foundation, and after I talked a little bit about that, then Andreas will bring us into the financial and our new ESG strategy. As said, the foundation only has one activity: that is to support their members, which are our customers. In March, the foundation, March 2024, the foundation, they issued their new policy of ownership. In that policy, it stated that the dividends they receive from us, they will use 50% for strengthening their capital base. They will use up to 25% for philanthropic purposes. They will use up to 25% to ABG for customer-related purposes. Of course, we are very happy that they decided to contribute with DKK 185 million to us next year. I think it's also worth mentioning that the philanthropic purposes they're supporting are starting to be something. There are a lot of initiatives coming on from the foundation, and it actually has a very positive effect. First of all, on our employees, they're even more proud of working in the Alm. Brand Group when they know that the foundation supports these purposes. It is also starting to be very positive towards our customers. Now they see that they are dealing with a group that takes things like that seriously. A few words about the governance. As you all know, for many, many years, it has been the same Chairman and the same CEO in both the group, our group, as in the foundation. Since three years ago, I was not any longer the CEO of the foundation. I'm only, not only, but I'm very happy about being the CEO in the Alm. Brand Group, but I did not have these two obligations. Since March this year, also now our Chairman is independent of the foundation. I just think it's worth mentioning. Our board in the Alm. Brand Group now consists of nine members, three chosen by the employees, three by the foundation, and three independent. There is one of the independent members, Jais Valeur, that's now our Chairman of the Board. Coming back to the contribution, we in the Alm. Brand Group have decided to use it in three different ways. We have talked about the DKK 100 million for the Customer Loyalty Program. I will just come back to that briefly. We will invest DKK 45 million in customer experiences. Here are some of the things Paul talked about with AI. We want to have AI as the trigger for increased and improved customer experience. You will see more of that in the coming years. We will use DKK 40 million for prevention initiatives. We have worked with that already throughout 2025. We made climate-ready plans, water leakage packages, and Camilla also discussed some of them in her presentation. Things are moving on, and the contribution we get, we are really using for something that, for the benefit of the foundation's members, our customers. Switching to the Customer Loyalty Program, of course, that is our largest initiative. That program will benefit more than 100,000 personal lines customers. That is spread throughout the three brands we have in personal lines: Alm. Brand, Codan, and Privatesikring. There will be further specifics around the program. We will not highlight them now. We will do that throughout the first half when we go public with that. I think the important thing is that there will be a cash rebate we are talking about that all these customers, they will benefit off. That was a little bit about the foundation. Andreas will now take us into the financials. There we go. Now I'll dive a bit further into the financials. Just restate to begin with, we already saw this once, but what the next section is about is about diving further into the compositions of both the insurance service results benefit. Where is it going to come from? Where will you see it in the financial statements? We are also going to spend a bit of time on capital, among other things. The core part of our story today is that, as you've seen, hopefully, evidenced also by the initiatives that Paul and Camilla went into some detail around. We feel that we have the opportunity to do a significant push, leveraging the scale we have to push our insurance service result in a significant way, the +DKK 500 million compared to the 2025 targets we've had. That comes in combination with what we consider a continued robust capital situation. A driver also there is the full internal, partial internal model we have now covering both Codan and Alm. Brand approved in August. When we look at the capital, we'll also be able to free up from share buybacks in the future, among other factors from the internal model approval. That translates into this significant earnings per share growth in the coming years. This is really the core part of the story today. If we look at the combined ratio and the different parts of the targets, most of the improvements will come via the claims ratio. As we saw earlier, we've worked for many years, also with some headwind along the way, but actually managed to put down the claims ratio. In the future, one and a half percentage points of the total two and a half points will come from the claims ratio. Intuitively so, I would say, if you look also at where the growth effects are coming from, a lot of the factors within the insurance capabilities, also the claims area specifically, would translate into the claims ratio. As we have been doing in the past, we'll focus on being vigilant around driving efficiency through our administrative cost base. Also, here's where especially the operational platform will come into play. We target the 100 basis points improvement in the cost ratio towards 2028. Diving into capital, we have this internal model approval I just mentioned. It came through in August this year. Those of you who were with us three years ago on the Capital Markets Day back then, we said that we would be working on this. We are very happy that it came through just towards the end of the current strategy period. It has freed up around DKK 600 million in solvency requirements. Now it means that we now have a model fully covering all the material parts of our insurance risk in the solvency requirement. That both enables us to free up capital, and it also plays into the overall benefits we have within our ability to pay out a high capacity of our earnings on a going basis. I will come back to that in a minute. Starting with the ability to buy back shares from the capital freed up, I think we have already given some soft guidance to this point. This is along the lines of what we've said. We still believe that this solvency requirement will translate into ability we have to specifically initiate a new buyback of DKK 600 million coming from this particular capital being freed up. We have the overall capital coverage. We have chosen to increase the solvency ratio from 170 in the previous strategy period to now 180. A few comments around that before I get to the composition of that. We think it is very important to have a robust capital situation. We do not want capital to be an issue. Where we are today, we feel the right number for us in terms of coverage is 180. We keep in mind that we freed up and put down the solvency requirement by around DKK 600 million. We've also, after the divestment of Energy and Marine, also come further down back then in terms of solvency requirement. That just also means that the absolute amount of coverage has come down along with that journey. All these factors together mean that we feel that it's the right balance for us to increase by 10 percentage points to 180%. In terms of how we aim to cover that solvency requirement in the future, we still, as you can see on the slide behind me, we still have most of it coming from our tier one equity. The total tier one equity will be approximately DKK 3 billion, DKK 2.9 billion in the illustration here. On a long-term basis, we would aim for the restricted tier one to be around the 10% level, meaning around DKK 300 million. We have a bit more than that today in RT1. Then on top of that, we have the tier two capital. This is where recalling that the tier two capacity follows the overall solvency requirement. After we divested the Energy and Marine business and solvency came down, and we finally got the approval for the internal model, we already executed on buying back around DKK 400 million of tier two bonds because we did not have any use for them and it did not make sense to pay any interest for something you cannot use. We are where we need to be on that number already. That totals the DKK 3.8 billion. This is sort of the stylized way you can think about our capital base going forward. Payout capacity. What you can see here is that throughout the entire strategy period we are just coming out of, we have returned a very high proportion of the earnings we have. I will come back to the dynamics that support that capacity in a minute. We stand firm behind the minimum commitment of 80%. The payout ratio still stands. We will aim, in many circumstances, in normal circumstances, to be able to do close to historical levels. This is around exactly that point. Today, we introduce a new way of looking at our capital return. We have chosen to focus on the own funds going forward. We do that for a number of reasons. I think one of the main reasons is that it actually plays very well into also being disciplined in the way around the solvency requirement. We actually need to grow our business. That is the own funds coming from the requirement. That is also what is actually feeding into the payout capacity we have. Being disciplined around own funds translates also into being able to deliver high payouts in the future. Maybe let me try to explain that a bit further. If we look at the total target we have for 2028 of 40% return on own funds, when we grow in a profitable manner, as we have done in the past and as we are planning to do in the future, on a stylized basis, we only need to retain a small portion of the earnings we make to fund, so to say, the capital requirements. You can also think of it in this way. The capital requirements, if we grow in a balanced way, are actually growing on roughly the same nominal basis. When earnings come up, as we are able to do, when you look at our targets today, that means that translates into a higher payout capacity in the future than we have today. Roughly 2% of the 40%, meaning around 5% of earnings, that is what we basically need to fund the growth we have. That is why we can have a payout capacity of around 95%. For good order, we also think it is a good opportunity to just restate and go through our thinking and expectations in our investment book, also an important part of the balance sheet. There is nothing majorly new here, but let me just go through the overall thinking. We today have around, as you can see, DKK 7 billion of the investments, meaning roughly a third of total investments in what we call the free portfolio. The free portfolio is where we actively take the risks we choose to drive the returns we aim for in a good balance, driving the relatively conservative approach, I would say, we still have and will also have in the future. The match portfolio, the hedge portfolio, is coming from that's where we hedge the market risk inherently coming from the insurance provisions and the premiums we attain through our core business. We aim to hedge that as closely as we can. We won't be able to do that perfectly all the time, but on a long-term average, we should get close to zero for the hedge portfolio. That means the return we create is entirely coming on a stylized expectational basis from the free portfolio. As we have in the past, we will maintain the conservative approach, meaning that we have a high proportion coming from liquid assets, high-quality bonds, only a quite moderate exposure to equities, and also moderate but slightly increasing exposure to illiquid credit because that's where we basically feel we get the best risk returns and also capital returns in terms of where it's most efficient for us to drive investments. That's the overall thinking we have. That translates, as we stand today with the amount of free portfolio we have, to the 3.5% stylized average return translating into DKK 250 million on a yearly basis. Then we deduct the costs we have for running the investment book. Then we also have this more technical placement of our tier two interest rates, which also figure in this part of the financial statements. On a net basis, that would translate to DKK 175 million a year given the amount of investments we have today in the free portfolio. Here we get to one of the key slides. It's not really adding much new to what I've already said, but I think it's a nice way to illustrate it. What we are delivering today and what we've spent some time going through is that we feel that we have confidence that we can deliver significant improvements in the insurance result coming from the strategic initiatives we put out today. Looking at the average earnings per share growth we expect over the strategy period, the next three years, that will translate to around 9 percentage points on a gross basis. That's the DKK 650 million. Accounting for the investments we need and other factors such as competition or other headwind and costs, that would get back to the 7%. We have, on top of that, because we have the ability to buy back shares, both explicitly coming from the surplus capital we have today, a lot of that generated from the internal model approval we had in August, the DKK 600 million, but also on a going basis because of the way we think around our payouts. We feel that we expect also to use buybacks in the future to top up on top of what we would consider predictable increases in dividends per share. I can give you a rough guidance there, something along the lines of what we're seeing here on the earnings per share. We would firstly prioritize seeing a meaningful increase in dividends per share, let's say roughly around 10%, like the earnings per share is coming up. If we have capital on top, we will buy back shares. If we, for some unforeseen reason, have some losses that could be from a big windstorm or something, then the buyback would be the first thing to go. That is the thinking we have. On sort of an average basis with the factors we put in there, that would add support to around 3 percentage points of the 10 percentage points average earnings per share growth. That is sort of the mechanics of how we deliver the 10%. That was actually the financial part. Now I'll go to something a bit different. I think maybe a good fly in would be to say that hopefully now we feel confident or we've at least tried to add some flavor to why we feel confident that we can deliver significant financial result improvements from our core business. What the next part I'm going to dive into now is about is that that comes in conjunction with us also working with minimizing the adverse effects we have on the world around us from the core business we run. That's, to put it very briefly, a big part of the ESG strategy we're putting forward. Starting with the purpose, which is unchanged from we already have this purpose today, we secure today to create tomorrow together. It has this implicit duality there. We do not write, we insure today, meaning that the best claims we can sort of avoid are the claims actually avoided, claims expenses we can avoid. If we can prevent a claim, that is both better for us, it is better for the customer, and it is better for the world around us because then we will not need to actually repair a claim or in other ways impact the world around us. In the foreseeable future, and specifically, I would say for the next three years, there will be a big need also for the traditional insurance to come into play to help our customers when claims arrive. This section is a lot about how we have targets to reduce the impact from the whole value chain, which we drive through our core business when we handle claims and when we do investments, which are the two major parts of the impact we actually have. Before I dive more into that, this is the total landscape of the ESG targets we set. The first one is the emissions target we already have relating to scope one and scope two. That is unchanged, corresponding to a 42% decrease towards 2030. Today we introduce two new targets. I'll be diving into those in a minute, one relating to the buildings repairs, the buildings claims of our insurance operations, and the second to our investments. Those are the two major new impacts and where it matters for us. Within the total ESG landscape, we also have the employees and the engagement score of 80. As Camilla also already mentioned, rounding out another factor within the S, we have our customers and our ambition to further improve satisfaction to 77 by 2028. I'll go through them one by one. I think this is an interesting illustration. It will look like this for, I would imagine, many of our peers also. Just to state it, the type of emissions that we have had targets on until now have been the type of emissions which are directly controlled by us. In reality, that has a lot to do with energy consumption in our buildings and our car fleet. That's scope one and scope two emissions. They account for below 1% of the actual impact we have in terms of CO2. In the total player things, it does not matter that much. It is obviously important that we need to also be ambitious around what we directly control. In terms of our impact, scope three is where it comes. As you can see, we have investments accounting for almost half of scope three. We have the rest coming from the claims areas and the purchase of goods and services. Within the claims area, the largest impact comes from the building sites, the 27%. Just restating this, we have an unchanged ambitious target of reducing the emissions from scope one and two. It has a lot to do with energy efficiency on our locations, our buildings, and secondly, on our car fleet. We are working with initiatives to secure that we can maintain this further reduction in the coming years. There is nothing new here. The new thing comes here. This is the one we also put up on the strategic KPI coming from the ESG part. This is the buildings area where we set out to reduce emissions by 6%. It is going to come from us working via the partnerships we have, the data we also now have access to, to both steer and incentivize our partners and our contractors to actually use more energy-efficient materials. We have not had a position to do this yet, but with the framework we have in place now, with the partnerships we have, and also the data we now have available, we are actually able to start this journey. 6% we feel is a meaningful and ambitious target, which also translates to quite a lot of CO2 emissions. That is what we will be working hard to achieve within the claims area. Obviously, we will also work with other areas. We expect to also dive into motor along the way, but we're not quite at a point yet where we have the same quality in data to actually be able to do it. This is where we'll start out. It is also the biggest part of the claim side. Then we have investments, a major part of scope three for us. And 15% is also a really, I would say, ambitious target. It will come from two things. For one thing, for us to reach 15%, we are also expecting to get some help from the companies and the assets which are behind the investments we have. The world is hopefully also transitioning to a better place. On top of that, we'll need to be selective around the type of investments we choose to cater for at least the amount of ESG so we can get to a 15% reduction. This is an ambitious target which will discipline us. As we have had in the past, returns, finance returns are obviously also important. We don't necessarily see an adversity here getting to the 15%, but it will discipline us to cater for ESG emissions also when we select assets in the future. We have the employees, a very maybe the key enabler in reality of delivering on any strategy. We need engaged employees to get to the journey. It's also what drives a lot of both the initiatives and also, I think, the customer satisfaction. A lot of that comes from having engaged employees also. This is a strong ambition we will maintain. We've chosen to maintain the 80 target. I think it's safe to say that 80 is also regarded in all actuality as a very high engagement for an organization. We've also seen in the past that we've not, in recent history, been close to the 80 mark. Especially when you have transitions and changes, this engagement can temporarily come under pressure. We feel 80 is a sound target. Not too long ago, in 2024, we were actually at 75. We've seen a steep increase here towards the end of our current strategy period, but we still feel 80 is a good ambitious target for the future. The customer satisfaction, I do not think I will spend too much time here just restating what Camilla already went through, but this is a clear ambition we set out to have to also improve the satisfaction customers have, which will translate into higher retention and in the end, also better financials for us. That was it for me with ESG. Rasmus will wrap it all up. Thank you, Andreas. Thank you all for joining here at Middelgrunden, also at the webcast. To sum up, we have been through some hard years of work. We have done four major M&A transactions over DKK 1 billion each. We have merged two companies. It is historically done. At the same time, we have reached our targets that, when we set them, they were very, very ambitious, also seen from our side. We are standing, I think we are in a very, very bright spot at the moment. Bo and Camilla have shown the way forward with the potential we have. I firmly believe that we can deliver on that and then reach the target Andreas just highlighted. Hopefully, all that will be of the benefit of our shareholders. With these remarks, I will conclude, and we will start the M&A session, I guess. Thank you. Yes. Let's see here. It is right that now we have the long Q&A session. We have a bit, actually, we have up to 40 minutes of Q&A. Of course, this time it's related to the entire presentation. I also have to say that those of you participating online, you have the opportunity to ask questions in the chat window on the web page. I will read them out loud. If I can invite the group executive management to join us here. I think Mathias was a bit, I think it's your turn. Thank you very much. Coming back to my first question on the other Q&A session, in terms of how we should think about the timing of the improvements that you target versus the investments that you will also need, should we think about it as a straight line or back-end loaded or front-end loaded given the technology jumps we have seen in recent quarters and years? Yeah. I think it'll be a bit split between what we'll see on the cost and the claim side. We're not doing specific guidance, but I would say, roughly speaking, I think we would be aiming for something along the lines of a linear improvement with regards to the claims improvements we're aiming to have. The reality will be that there will probably be a bit more backloaded on the cost side. We need to do some investments also to drive these improvements. Some of the initiatives we have, among others, within the IT simplification, the benefits will come towards the end. I think claims we would expect to start coming also next year, a meaningful improvement. Over the rest of the period, cost would also start to kick in. Sure. If I may take a second question now, and then I will leave the others and go back in the queue. On the PIM model approval, you got DKK 600 million in relief from that. And then I think you put the DKK 600 million on the buybacks, you put that the upside down. So shouldn't that have been DKK 900 million given the capital target that you have? And given that if you want to reach the DKK 2.6 billion that you said in the build-up afterwards, isn't it closer to DKK 900 million that you should come and buy back? Or is that just relabeling that to be the earnings from this year instead? No, I mean, we provided, I would say, also soft guidance when the PIM model approval came that our thinking would be along the lines of a one-to-one translation into buybacks. You are right that there is some effect also from the coverage we have. Also keep in mind that some of it is reduced from the tier two capacity, which is lost. Now we present the total capital we feel we need now, and there is also an increase of the 10 percentage points. I think that roughly translates into us being able to stick to DKK 600 million and also come out of this with what we feel is the right robust capital situation. Yes, Asbjørn from Danske. Thank you. If I just may follow up on the last question. The 3 percentage points CAGR from buybacks based on your market cap, that's DKK 750 million on average per year in buybacks for the strategy period. I guess if we look at the total buyback for next year with the DKK 600 million, that is fair back to the previous question. I guess it's fair to put a sizable amount in addition to the DKK 600 million in total buyback for the year. That would be true, yes. Good. Then we got that clarified. Okay. A question on the Customer Loyalty Program. You mentioned 100,000 customers will benefit from this. You have 800,000 customers. How are you going to play this out? I know you said you would come back with more details, but just a little bit, if you can shed some light on how to play out that only one out of eight customers will actually benefit from this. Yeah, we make it a little bit different than from others. It's a loyalty program. Of course, not all customers are loyal, at least not from the very first day. What we will do is that the real loyal customers, they will benefit from this. That's the whole idea with them. We want them to stay even longer. It's going to be difficult to communicate, I guess. I mean, some of your peers have been quite, it's been difficult for them to communicate even though they distributed to all clients. Yeah, but we're not other companies. I'm sure we will find a way to communicate this in the right way. Sounds good. A final question, and then I'll move back in the queue as well. On the free portfolio, you maintain equities exposure in the free portfolio, but you only expect 5% return on equities. If you look at sort of the capital, you can say tied up to holding equities in the free portfolio and considering your new solvency target, I get to something like 7% return on own funds from your equity exposure. There could be some diversification, but still it's going to drain your group roof target of 40%. Why do you maintain equity exposure in your free portfolio? We do not look only at capital expenditure within the different categories. We do an asset allocation, which is where we actually do this and we attack it from different angles. Our aim is to find what we feel is also a balanced and well-diversified portfolio, which will also stand the test of time over the years to come. Capital regimes can change a bit. Other expected returns can change. We think this is what balances out for now. You are right that on an isolated basis coming from capital expenditure, it is not the most attractive asset class for us. It is always looking at what returns can we get from bonds in absolute terms and what can we get from the illiquids and what do we feel is also, let's say, just factoring in the human perception on what a balance is. We feel it's right to have some equity exposure. Okay, thank you. Yes, then we have Martin from SEB. Thank you. Just continuing on the loyalty program. I guess the DKK 100 million is a start, but I assume that your ambitions are higher than that. Yeah, you're right. The DKK 100 million is the start. To come back also to the other question, it's for the real loyal customers. We have DKK 185 million. We are also doing other activities where other customers will benefit from. We try to spread the amount out between all the members of the foundation. Okay. For those customers who will receive a bonus, what's going to be sort of the percentage point? That is exactly what we will come back to later or early next year. Did you sort out the tax? Yes. Those won't be taxable? No, no, it will not. It's us giving a cash rebate to the customers. All right. And then just coming on to the expense ratio, 16%. How is that? What are the gross impacts? What should we think about FTEs, IT investments, etc.? There are many moving parts in the expense ratio. I think 16% is an ambitious target for us. It's no secret that we also have a distribution model, which we are very happy with, which also really will, has and also in the future will deliver sound improvements to the underwriting result, but which also comes with a slightly higher cost via the partnerships. We will need to find real improvements, which we also believe we can to get to the 16%. We also need to be able to do investments to get there. We've tried to package that in the DKK 150 million. We sort of deduct. Because we also have some headwind from some factors, you would probably remember the synergies running into next year. We might have a little bit of repricing. Roughly speaking, we could say that maybe DKK 150 million in either investments or something along those lines is not maybe a bad number to think about. Okay. Still not sure how that translates into FTE and staff cost in general. Okay, let me get to the FTE. Sorry, Martin, I forgot that one. I think we look at the total cost base. We have an operation now where actually sometimes in some cases, we actually insource things and save money. We've done that within some areas and within IT in recent years. We don't have a target for FTEs, but when we look at the operational platform and some of the efficiencies coming there from the back office function, there would also be FTEs in there. On average, I would guess that we would be fewer employees within a lot of areas, especially within the more administrative areas in the future. It's not a target as such. We aim for specifically. Okay. Then last question, which is perhaps a bit more fluffy, but I guess you have diligently reported on synergies over the past three years. Now you are guiding for a 250 basis points improvement on your combined ratio of DKK 500 million. How much of these are sort of round two of synergies, so to speak? I think maybe what we try to communicate is that these are not synergies, but they are improvements we can make because of the scale and the business we have today. We do not have the regime in place. We are not thinking the other, the previous strategy period came right in the back of a big rights issue and an M&A transaction where the term synergies is sort of what we use. Now we are talking improvements. Obviously, we will maybe not be doing the same sort of rigid framework with the synergies, but I am sure you guys will keep us on our toes in explaining where the improvements are coming from. We will keep you along the way on that as we progress through the strategy period. Yes, who has the next question? I think [Yudish Autonomous]. Thank you. My first question is actually on the foundation. I just wanted to understand why do they have to retain 50% to strengthen their capital? That's my first question. Secondly, I just want to come back on the topic of the improvement in the insurance service result you're targeting over three years of DKK 650 million gross. I think you mentioned earlier that you're not planning to squeeze margins out of your customers, but you've done quite a bit of repricing actions for the best part of this year in both personal and commercial lines. Presumably, those benefits are going to come through quite quickly in the next 12 months, potentially. What are you actually assuming in your plan? Are you assuming that basically these improved margins, you might pass on to your clients, you might reinvest? That's my second question. Finally, on capital and the higher minimum target that you've set, you said your SER has come down, and therefore you want to have on an absolute basis, same or more capital. At the same time, I think you've done quite a lot to reduce volatility in the business, and you're planning to take further actions. I'm just trying to understand how does that fit in having a higher ratio when your business is potentially bigger and more stable now compared to, let's say, two years ago. Thank you. I can take the first one on the foundation. I think it's a question you should pass on to the foundation. I would say from our, seen from our point of view, this is a very good starting point, and also Martin mentioned. We will receive now DKK 185 million. We've never done that before. It's very positive for us, also for the organization, and also I think for all of those of us that are working with the customers, it's a very positive effect. No matter what way we do it, with a customer loyalty program, with prevention or whatever. The other 25% is also, as I mentioned, it's very, very positive for us as well that the foundation works with these philanthropic issues. It is really a nice way to do it. It has a very positive effect for us as well. We're happy with 50%, and the other 50%, you should pass the question to the foundation. Yeah, I think the question was regarding our thinking about keeping the margin and the repricing where we were trending and what would happen with the benefits we expect to have. We've been doing, we've really got significant headwind in the last part of our current or previous strategy period from motor frequency coming up. After that, also average the claims inflation within motor specifically in Denmark coming up, which has meant that especially for the last year, but in actuality for the last two years, the last year being the magnitude being the largest, we've had quite significant repricing programs running through the books, both in commercial lines and private lines. We started actually doing this in the beginning of Q4 of 2024. We still have some, we have some tailwind, but it's starting to come down, and it will be of a smaller magnitude. Looking at the improvement in the insurance service result for the whole period, it will be more or less, it's a moderate number. It's something I would, it's one of the tailwinds I mentioned within the DKK 150 million other effects, maybe DKK 40 million, let's say, all in a positive, let's say, spill into the next year. We are not planning for us getting to the targets by sort of squeezing margin by people paying more for the same service. This strategy is about, and that's what we've tried to get through today, how we can improve in the service offering we have in terms of the cost we expend to get to that product. That's the main driver for the improvements. The last one was around capital. You're right. It is a in the end of the day, it becomes an evaluation of what do we think in the largest scheme of things, given the situation, what is the right number for us with the business we have. You're right that volatility has come down. Energy and marine was actually not that expensive in terms of capital requirement, but was quite volatile. In actuality, it was on a standard model and not too expensive, maybe not in reality as expensive as it should be on an internal model. That being said, it's true that we have come to a balance now where we also have a more stable, diversified business. When we set the 170, it was in conjunction with a large rights issue of DKK 10.5 billion. We also felt we were comfortable doing the 170. I think when we look at where we are today, we think 180 is probably not a bad number, also if you look at our peers where the other companies are running. We just do not want capital to be an issue. We think spending the DKK 200 million or so of the surplus, saying, okay, let's get to an even more robust level, we still think is a good choice. That is what we choose to do. Yes. We have a question from Carl of Björnberg. Thank you. It's kind of a slight follow-on from that. I mean, I guess if I'm just working backwards from the ISR and core targets, it's implying roughly 4% annual kind of revenue growth. Just trying to get a sense, it sounds like you're saying pricing essentially will be a driver kind of near term. But then are you seeing a more balanced outlook for, I guess, for the next few years from volume pricing taking market share? Just, yeah, any color there. Thank you. I think I'll try that also. Our overall thinking is that we've put sort of what we see we feel is a sort of a balanced implicit growth assumption in there, maybe slightly to the conservative side, especially if you look at where we're trending today. When we're looking over the next three years, we would expect on because we do we're about growing profitably across lines. The only place we're really sort of targeting explicit market shares on a sort of tangible, meaningful scale in the total numbers would be via the banking partnerships. If we put sort of what would be our base assumption for indexation, meaning something along the lines of wage inflation, we would also expect that to come down from around maybe expected 3% next year to come down maybe towards 2% towards the end. That's the model we have. We'll see how it goes. Right now, we're trending better than that. That is, we're not in that number putting anything material from us repricing on top of existing pricing as we have had in the previous years. Yes, Ola from DNB here at the front. Yes, I guess it ties back to something you said on the ESG strategy, which was the movement from petrol vehicles to more electric and hybrid vehicles. Now, being a Norwegian, I've seen this development with one of your peers for a few years now. How is this in Denmark? Do you see it? I guess repair costs, inflation, frequency, spare parts for these new types of vehicles. There has been something in the past during your previous strategy period. I just wondered, going into towards 2028, how do you expect this to develop? And could this be a headwind or a tailwind, perhaps? I can start out. Maybe Camilla can help me out also. I think our base assumption is that you're right. We have seen, and in Denmark, almost all the cars being sold are EVs. What we've seen is a quite rapid transition within the car park towards EVs because of favorable taxation. We just have the favorable taxation regime also continue, just announced to continue also for next year. A lot of people, almost all the new customers, are buying EVs. We, as insurers, have had to sort of get our head around that, get some claims data, working with what our perception of risk is. EVs are, many EVs are, more expensive to repair than traditional petrol. What we have seen on top of that in the Danish market is that the rapid transition to EVs, high horsepower, heavy cars for the average consumer has also, in our view, driven up frequencies. That would be where we are now. We have seen actually now, on average, also claims inflation within motors seeming to sort of flatten out now. We have seen frequency actually come down a little bit in total compared to last year. With the knowledge we have now, just to say that we do not see any, I mean, in a blue sky scenario, we might even get frequency down a bit. Also, and we also implicitly for EVs would get claims cost regarding to that. In actuality, that would be most of the cars being bought would also come down as people become more used to driving them. That would be a blue sky scenario. For now, I think we're just saying we think we have to put the things in place to get back the margin we lost on motor, at least in the future when it all runs through the books. We do not see any need to do further. We will have to see how it goes. Okay, thank you very much. Yes, we have Niels Andersen from BankInvest in the middle here. Yeah, I was wondering how much your partner banks have been involved, if at all, in this strategy, forming this strategy. Some of the efficiency gains, the manual handovers that was mentioned, and there was a lot of other initiatives. How does that involve Privatesikring and the member banks or the partner banks? Also, on the growth target, you mentioned that you expect to grow faster from Privatesikring. Is that a bottom-up estimate that you have coordinated with the partner banks? Thirdly, the cash discount from the fund, when that is paid out also to Privatesikring customers, would that impact the member banks or the partner banks' earnings in any way? Are there any angles there we should be aware of that could impact the partner banks as the cash discount, I guess, will rise as the year goes along? Should I start with the latter? Yeah, this cash rebate, as we call it, is actually given from us to the customers spread around the three different brands. We receive a contribution from the foundation, and we have chosen to use some of that for this loyalty program. It is not the intention that we will make a change to any payments to the membership banks as such. It is a loyalty program, and hopefully, these customers will stay even longer with us. That is the whole idea about this. The bank does not get a fixed commission of the total premium, which will then be lower with the cash discount? No. There's no earnings impact for the bank? No. Okay. Yes, if I should add, I think one of the reasons we can actually celebrate 25th year's anniversary is actually because we have an ongoing close dialogue with the banks, and we have a governance around running Privatesikring that also involves the banks. Of course, we haven't been able to disclose a lot about our strategy, but in some areas, our ambitions about growing in Privatesikring is actually part of the dialogues. That also means that the bank is actually committed to their targets in terms of delivering the leads and providing the facilities so we can actually meet customers locally around in their banks. That is also one of the ways that should help us improve the penetration because the bank is just as committed. Some banks actually also use insurance as a part of their loyalty program because they're experiencing that the banks also have a positive impact on our insurance offerings. Did you have a part of your question, Niels, also with the improvements coming from the banks in the funnel? The efficiency. Yeah, yeah. Is that you? One example, you had an ambitious target, how you could reduce that. I guess there's a lot of manual handovers together with the partner banks as well. I think most of this, the things, the improvements which are being driven in our source are the part of the value chain on our side. That's where the efficiencies will come. It won't relate to the banks in materiality. No, if the service model we have with the banks is that they set up the meetings, and then it is our own tied agents that actually talk with the clients in the banks. It will all be improvements on our side to the benefit of the customer. Yeah, and the shareholders. Yes, of course. It goes without saying. Yes, I think Asbjørn, you were before. Thank you. Two follow-up questions, if I may. One of the things you mentioned were the increased focus on full-service customers. I think the last time you talked about full-service customers, it was a different management team. It was a financial conglomerate, was banking with you as well, having insurance, etc. It was a completely different setup. Just looking at what some of your peers have done the last five years, they've also mentioned they talked about significant improvements in lifetime and combined ratios, etc. Could you shed some light on sort of what are the assumptions behind the DKK 50 million in benefit in terms of combined ratios? I guess also the full-time customers today that have three products will probably also be able to expand those into four, five, six products, etc. Maybe a little bit more flavor there that could be interesting. Yes, the improvement is a mix, of course, of increasing lifetime, but also increasing the share of products. We have a much stronger knowledge base about which customers actually use which products. We also have knowledge about, okay, which products are really crucial if you want to increase lifetime. Some products actually drive a longer lifetime than others. We also have some variations between the brands. We can actually take the knowledge. For instance, on Privatesikring, we're actually able to have a high level of full-service customers. It is these insights and understanding on what is actually driving the full-service customers, which is the best product to start and then grow these customers. We can also have that focus on our digital services. That is where we're going to build. It is a mix of understanding lifetime and the actual products. Is it fair to assume that you've only recently started this journey? Because you didn't mention the last capital markets day. It hasn't been mentioned over like five, six years. So is there easy gains here? I would say in some of our channels, for instance, with tied agents, there's always been a strong focus on generating full-service customers. With our data across the brands, we can improve and especially learn from the knowledge that we can actually benefit from. Yes, it's an increased focus, but in some areas, it's been there. All right, thanks. Just over the overall sort of competitive landscape the next three years, I would like to hear some comments on how you view Ergo, for instance, Munich Re's entrance into the Nordic markets, Gjensidige. We've seen a couple of new entrances into the Danish market. How do you see sort of the competitive landscape changing? Yeah, I can take that. We see some agents coming into the market. Some of them, most of them are backed up by foreign insurance companies. Some are well-known insurance companies, and some are less well-known. Some agents are agents for other agents. There are differences in market, and we have to see how the market conditions are developing in that area. I'm not too worried about that at the moment. We see Ergo coming in, and I think I would almost say it's about time that somebody shows up. We have to see how that works out. It's a difficult market, as you saw here with this picture with the countries and all that. We managed to have very, very low combined ratios. If you come in as a foreigner and you have a combined ratio as in Germany and all that, they really need to be on their toes in order to be able to participate in competition. We have to see. Yeah, we have the same view as you. We see the same things. For now, it's not something we think too much about. All right, thank you. Sorry for taking a bit of the nerdy questions. I have three questions that are a bit nerdy. The first one is on the investment result. You had DKK 175 million as the normalized investment result. But how does that look when you get to the optimal capital? You kind of need to reduce the DKK 7.2 billion, the free portfolio, about, let's say, a billion or something like that, given the excess capital you have right now. Would you then need to take out some percentages for getting to around DKK 25 million or something like that to get to the? I mean, during a year, we would increase our free portfolio when we earn. And then on average, you would have some average free portfolio over the course of the year in a normal cycle where it would be higher towards the end than the beginning. Right now, I would say we have DKK 600 million, which is extraordinary, which is coming from the internal model, which we will send out next year. Roughly speaking, when that is sent out, at least the DKK 600 million, that would translate to around 10% less in the book and then 10% lower returns. Just below DKK 20 million, lower returns. That's all right on the 50. Yes, we are higher now than we would be after freeing up the capital. It's more like if it was on base because I understood it on Q3, right? This is on Q3, yeah. When you get X, that would be 150 or something like that. Perfect. I know that was a bit nerdy one. Sorry for that. Also, one nerdy one on the ESG side. If you could say something about the CO2 emissions and the building claims like you mentioned, how much is that actually activity-based versus spend-based? I know there are a few companies that just use how much money they spend on the claims for doing the calculations on CO2. If you could share a bit of light on. Maybe in terms of the technical part, maybe Mads can answer that. Yeah, absolutely. You are right that, I mean, today, I mean, it's actually spend-based. What we are going to do in this strategy period is we are going to change a part of that. We are trying to get more volumes with our partners that can deliver data. We will actually use EPDs, which is kind of a very precise way of measuring impact from building materials. We will be able to make a hybrid accounting on building claims where we can have a part that is actually, I mean, the very precise outlet of CO2 emissions that we are using. The thing we will do in, I mean, in cooperation with our suppliers is we will try to incentivize and steer our, I mean, help us in the network, I mean, the guys who are, I mean, repairing the building and making the customers whole on the claims, trying to incentivize them to use materials with less emissions. It also has the implication that we will actually try to steer, I mean, more business into our procurement network. That will also lead to kind of a higher discount given to us from the wholesalers. It will actually help profits at the same time. Okay, so in terms of the hybrid accounting, do you have any indication of the share that will be spend-based versus like? Because if you have minus 6% for the overall and half of it is spend-based, then you need to. Yeah, you're right. We need to move some percentage points by the end of the period. We should have perhaps up to 10% on that model. Of course, I mean, working with prevention at the same time and also limiting the size of claims when we have them could also bring down, I mean, the average emission in the claim, of course, as well as the economic benefit to that. Sure, sure. Then my last question, that's more of a high-level one. If you go back to the helicopter and thinking where we should expect the improvements to come from, is there any meaningful difference between the two lines, like the commercial lines and the personal lines, where you think one of them should benefit or deliver more improvements than the other ones, or is it more equally split? How do you think about that? It's equally split. It could be the short answer. Very clear. Across the whole business, yes. Yes, I think Ola your mic's a bit ago. Thank you. This might be for you, Bo. Just on the, you mentioned the fraud prevention, and then shortly after, you mentioned the digital sales targets and the ambitions. I just wanted to sort of, how do you sort of see the relationship between increased digital sales, digital claims handling, more digital channels altogether, and fraud and fraud prevention? How is the relationship there? Yes, it's a brilliant question. Fraud detection going forward, we need to be across all channels, right? Because in a digital sale, you don't have the opportunity that a human checks any suspicious pattern. A digital sale going forward, you can imagine that maybe the fraud doesn't necessarily happen in the sales part of the process, but you need to be aware of all the different patterns or interactions that we have with the customer. I think an even better example is that when we have a target of 50% straight-through processing in the claims, we need to be very good at spotting these patterns also in the claims notice of loss. Technology will look at everything from how you behave when you report a claim. Is it realistic that you kind of would have those types of claims depending on where we are? What do we see with other people like you? Technology will listen in to all the different channels for pattern recognition. Would it be fair to say that you would sort of invest more in fraud prevention in order to sort of get that digital development as well? Yes, we have to develop our abilities. As I said, when I talked about it, the maturation of AI tools, etc., will, I think, be an important lever in identifying some of those patterns that are harder to find today. Perfect, thank you. Yes, and then I think we have time for one final question from Martin. Maybe just a clarification on the net investment income. So the DKK 175 million, that's the normalized, right? Normalized given the Q3 amount of investment in the free portfolio. Okay. All right. Also given the capital surplus we have today. Okay. What has changed since the 200? We have energy and marine as a big factor that brought down the investment result. Wasn't it 250 on the energy and marine? No, now you're talking investments, right? Yeah, yeah. Yeah, but what I'm saying is around 10% of our free portfolio came out. So 10% of returns also went out. I'm just saying that's a major factor from when we stood here on the CMD last time. The rates and the expected returns have also been changed. The main factor between then and now has been the change in the amount of investments given from our capital surplus. DKK 1.6 billion going out after the divestment is the major factor from our old guidance to now. Okay. Yes, thank you. I think in the interest of time, I think it's time to conclude the presentation. Lunch will be served next door. Thank you for coming. Hope you had a good time. Thank you.