Slides
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Results 2025│Q3 30 June to 30 September 2025
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▪ Satisfactory quarterly results characterised by strong organic growth and good cost control ▪ Guidance for the insurance service result lifted by DKK 100 million and the investment result lifted by DKK 50 million ▪ Cost focus contributes to a decline in the expense ratio (15.8) and combined ratio (82.2) compared to Q3 last year ▪ Significant improvement in the undiscounted underlying claims ratio of 3.2 percentage points ▪ The improvement in the underlying claims ratio is largely due to profitability initiatives and synergy gains ▪ Synergies realised as expected and profitability-enhancing measures supporting the path to achieving 2025 financial targets 2 Q3 highlights Continued strong growth and favourable development in underlying business
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▪ Insurance revenue increased by 7.5% to DKK 3.0 billion, and the insurance service result grew to DKK 535 million ▪ The increase in the insurance service result was driven by an improved underlying claims experience and a lower expense ratio than in Q3 2024 and was further supported by a strong premium growth ▪ Realised level of major claims and weather-related claims a bit higher than third quarter last year ▪ The investment result was satisfactory at DKK 66 million ▪ Other income and expenses came to a net loss of DKK 28 million, composed of training and development expenses and group expenses and return on the remaining mortgage deed and debt collection portfolio ▪ Special costs totalled DKK 37 million relating to the integration of Codan, realisation of synergies and separation expenses 3 Financial highlights, Q3 Q3 2025 Q3 2024 Insurance revenue 3,006 2,796 Insurance service result 535 400 Investment result 66 133 Other income and expenses -28 -25 Profit/loss before special costs 573 508 Special costs -37 -48 Amortisation of intangible assets -84 -84 Discontinuing activities after tax 0 48 Financial results DKKm Strong premium growth, improved claims experience and lower costs contributed to a combined ratio of 82.2
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Insurance operations 4
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5 Insurance service result ▪ Insurance service result of DKK 535 million, reflecting strong premium growth, effective cost control and a lower underlying claims experience ▪ Strong improvement in both Commercial Lines and Personal Lines in Q3 2025 ▪ The insurance service result for Personal Lines was DKK 270 million ▪ High premium growth of 9.9% ▪ Frequency of motor-related claims decreased in Q3, but claims repair costs remained higher than in the year-earlier period… ▪ …dampened by profitability-enhancing initiatives that led to an improvement in the undiscounted underlying claims ratio of about 2 percentage points ▪ Expense ratio dropped to 16.7 from 18.0 in Q3 2024 ▪ The insurance service result for Commercial Lines was DKK 265 million ▪ Increase in insurance service result due to improved underlying claims ratio and a lower expense ratio ▪ Major claims level of 11.3% was slightly higher than the new normal level (10%) and marked an increase of 1.0 percentage points on Q3 2024. Weather-related claims of 2.6% is about unchanged ▪ Decline in the undiscounted underlying claims ratio of approx. 4 percentage points driven by profitability-enhancing measures and synergies ▪ Expense ratio dropped to 14.8 from 16.1 in Q3 2024 Insurance service result (continuing activities) DKKm 203 202 191 286 270 197 238 146 234 265 400 440 337 520 535 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Personal lines Commercial lines Balanced result between Personal Lines and Commercial lines in Q3
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6 Insurance revenue ▪ The Q3 period saw premium growth of 7.5%, primarily driven by strong growth of 9.9% in Personal Lines, while growth in Commercial Lines was 4.9% ▪ Premium adjustments served as a major contributor to premium growth across the group ▪ Partnerships continued to contribute to growth, both in relation to attracting new and retaining existing customers. Our partnerships with the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark and nation-wide banks continues to develop strongly ▪ Satisfactory growth in Commercial Lines of almost 5%, which is unchanged from last quarter. Good inflow of new agricultural customers. Sustained strong premium growth in Personal Lines and satisfactory developments in Commercial Lines Growth in insurance revenue1 1) All quarters excluding discontinuing business
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7 Claims ratio ▪ Claims ratio improved by 2.2 percentage points ▪ Major claims were 0.8 of a percentage point higher than in Q3 2024 ▪ Weather-related claims expenses were slightly higher than a normal Q3 (3,5%) and slightly higher than Q3 2024 ▪ Run-off gains came to a total of 1.3%, which is within the range of what can be expected from one quarter to the next ▪ Effect from risk adjustment +1.6%, primarily due to a one-off effect from the expansion of the Partial Internal Model ▪ Underlying claims ratio improved by 2.6 percentage points ▪ Improvements driven by premium adjustments and synergies ▪ Undiscounted underlying claims ratio improved by 3.2 percentage points ▪ Discounting effect declined by 0.6 of a percentage point Strong improvement in undiscounted underlying claims ratio Development in underlying claims ratio Q3 2025 Q3 2024 Change Claims ratio 66.4 68.6 -2.2 Major claims, net of reinsurance -6.3 -5.5 -0.8 Weather-related claims, net of reinsurance -3.8 -3.5 -0.3 Change in risk adjustment 1.6 -0.1 1.7 Run-off 1.3 2.3 -1.0 Reinstatement premium 0.0 0.0 0.0 Underlying claims ratio 59.2 61.8 -2.6 Discounting +2.2 +2.8 -0.6 Other +0.0 +0.0 0.0 Undiscounted underlying claims ratio 61.4 64.6 -3.2
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8 Personal Lines ▪ Decline in claims experience relative to Q3 2024 ▪ Undiscounted underlying claims ratio improved by approx. 2 percentage points ▪ Higher level of weather-related and major claims than in Q3 2024 ▪ Run-off gains were at 1.0%, which was 0.3 of a percentage points better than in Q3 2024 ▪ Expense ratio was 16.7 in Q3 2025, down by 1.3 percentage points from 18.0 in Q3 2024 ▪ Premium growth of 9.9% supported by profitability-enhancing measures, which had a positive effect on the expense ratio and underlying claims Improved development in underlying claims and lower expense ratio Combined ratio (continuing activities) Personal Lines
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9 Commercial Lines ▪ Claims experience improved by 2.9 percentage points, driven mainly by an improvement in the undiscounted underlying claims ratio of about 4 percentage points ▪ Major claims were 1.0 percentage points higher than in Q3 2024, while weather-related claims were on par with last year ▪ At 1.6%, run-off gains were 2.3 of a percentage point lower than in Q3 2024 ▪ Decline in expense ratio of 1.3 percentage points relative to Q3 2024 Sustained favourable development in underlying claims experience Combined ratio (continuing activities) Commercial Lines
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Updated weather and large claims expectations 10
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Brug tekst typografier Brug TAB for at gå frem i tekst- niveauer. Klik ENTER, derefter TAB for at skifte fra et niveau til et næste For at gå tilbage i tekst-niveauer, brug SHIFT+TAB Alternativt kan Forøg og Formindsk listeniveau bruges TIP: Brug bullet knappen Fjern bullet for almindelig tekst. Klik på bullet knappen for at sætte korrekt bullet på igen. Major claims, Alm. Brand Group 11 6.3 4.0 5.5 2.4 2.1 8.8 5.5 3.0 5.3 5.3 6.3 0 1 2 3 4 5 6 7 8 9 10 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Normal level: 61 Average: 5.0 % 1) Previously expected major claims level at 7% of premium income
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Brug tekst typografier Brug TAB for at gå frem i tekst- niveauer. Klik ENTER, derefter TAB for at skifte fra et niveau til et næste For at gå tilbage i tekst-niveauer, brug SHIFT+TAB Alternativt kan Forøg og Formindsk listeniveau bruges TIP: Brug bullet knappen Fjern bullet for almindelig tekst. Klik på bullet knappen for at sætte korrekt bullet på igen. Major claims, Commercial Lines 12 11.2 6.4 10.3 3.8 3.5 16.6 10.3 4.2 8.7 8.7 11.3 0 2 4 6 8 10 12 14 16 18 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Normal level: 101 Average: 8.6 % 1) Previously expected major claims level at 12% of premium income for Commercial Lines
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Brug tekst typografier Brug TAB for at gå frem i tekst- niveauer. Klik ENTER, derefter TAB for at skifte fra et niveau til et næste For at gå tilbage i tekst-niveauer, brug SHIFT+TAB Alternativt kan Forøg og Formindsk listeniveau bruges TIP: Brug bullet knappen Fjern bullet for almindelig tekst. Klik på bullet knappen for at sætte korrekt bullet på igen. Weather-related claims, Alm. Brand Group 13 2.4 0.6 5.0 8.6 4.7 0.9 3.5 2.5 2.6 1.4 3.8 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Normal level: 3-41 Average: 3.3 % 1) Previously expected weather-related claims level at 2-3% of premium income 30 25 10 35 Q4 Q3 Q2 Q1 Expected weather-related claims seasonality variations % of total weather-related claims per quarter
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Financials 14
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15 Administration Claims processing IT & infrastructure Total 2025 targetRealised in 2024 Realised in 2025DKKm Synergies ▪ Synergies of DKK 158 million realised in Q3 ▪ Clear path to realising synergy targets in 2025 Status on synergies from Codan integration Q1 Q2 Q3 Q4 45 43 10 98 45 50 11 106 49 53 16 118 59 55 24 138 198 201 61 460 255 225 120 600 61 57 27 145 62 59 30 151 64 61 33 158 187 177 90 454
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▪ Overall, the investment result was satisfactory and better than expected for the quarter ▪ The Q3 investment return was supported in particular by the performance of the bond and share portfolios ▪ The financial markets were generally characterised by positive sentiment after a period of substantial uncertainty ▪ The return on the portfolio not allocated to hedging of provisions was DKK 82 million before costs etc. ▪ The return on the hedging portfolio etc. came to DKK 9 million before costs etc. ▪ Administrative expenses etc. amounted to DKK 11 million ▪ Interest expenses on tier 2 capital totalled DKK 14 million ▪ Sustained cautious investment strategy with risk appetite calibrated according to earnings from insurance operations. The group generally has a well-diversified, low-risk investment portfolio 16 Investment result Satisfactory Q3 investment result Investment return Q3 2025 DKKm Assets Return Return % Bonds etc. 17,200 103 0.6 Illiquid credit etc. 1,836 -7 -0.4 Shares 601 36 4.8 Properties 360 3 0.8 Total 19,997 135 0.7 Financial income and expenses on insurance and reinsurance contracts -44 Administrative expenses etc. -11 Tier 2 capital -14 Net investment return 66
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Outlook 17
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18 Guidance for 2025 Guidance Previous guidance Combined ratio 84.5-85.5 84.5-86.5 Expense ratio 17 17 Synergies (DKKm) 600 600 Restructuring costs (DKKm) * 175 175 Amortisation of intangible assets (DKKm) 335 335 Insurance service result excl. run-offs in Q4 DKK 1.75-1.85 billion Other income and expenses DKK -125 million Investment result DKK 300 million Profit before special costs and tax DKK 1.93-2.03 billion Sub-components included in guidance for 2025 Discontinuing activities after tax DKK 181 million * Includes DKK 25 million related to separation of divested business Lifted by DKK 100 million and guidance range narrowed to DKK 100 million Unchanged Lifted by DKK 50 million Lifted by DKK 150 million Final figure realised in Q1
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19 Save the date ▪ Alm. Brand Group hosts a capital markets day on 18 November 2025 ▪ Launch of strategy and financial targets for the upcoming strategy period, 2026-2028 19
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Q & A
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21 Share profile ▪ Danish non-life insurer with a market share of ~15% ▪ Ambitions for profitable organic growth ▪ Focus on realising scale economies ▪ Manageable integration risk in terms of realisation of significant cost synergies ▪ Stable capital requirements ▪ High return on targeted capital ▪ Efficient capital allocation ▪ Excess capital distributed as dividend or used for share buybacks ▪ Substantial distribution capacity of 90% or more. Distribution policy prescribes a pay-out ratio of at least 80% 21
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22 Overview of significant synergy initiatives 2024 Q1 2025 AdminIT Claims Optimisation of sales channels Consolidation of IT infrastructure and shutting down legacy systems Procurement excellence Technology to detect insurance fraud Claims process excellence Q2 Q3 Q4 Q1 Q2 Q3 Q4 2026 Expansion of system to detect insurance fraud, including the addition of more areas to the existing system Use of live streaming and digital media in claims processing and recourse Utilisation of scale benefits and procurement networks Optimisation of organisation driven by process and system consolidation in step with IT infrastructure deployment Best practice focusing on cost- efficient sales channels DKK Other minor initiatives Run-rate, 2024: ~DKK 550m ~DKK 35m ~DKK 10m ~DKK 10m ~DKK 20m ~DKK 50m ~DKK 20m Run-rate, 2023: ~DKK 350m Expected run-rate, 2025: ~DKK 650m ~DKK 30m ~DKK 10m ~DKK 10m ~DKK 10m ~DKK 20m ~DKK 10m ~DKK 10m ~DKK 50m ~DKK 20m ~DKK 40m ~DKK 25m ~DKK 40m ~DKK 10m ~DKK 15m Ongoing consolidation and shutdown of systems Optimisation of organisation
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23 Total capital DKKm SCR ratio 254% Q3 2025 Q2 2025 Q1 2025 Q4 2024 Tier 1 unrestricted 4,006 3,726 3,322 3,958 Tier 1 restricted 397 397 397 397 Tier 2 capital 897 1,185 1,182 1,295 Tier 3 capital 0 0 0 0 Total capital for the group for solvency coverage purposes 5,300 5,308 4,901 5,650 Solvency capital requirement (SCR) 2,085 2,738 2,724 3,122 Total capital ratio 254% 194% 180% 181%
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24 SCR ratio Sensitivity analysis Limited sensitivity in the event of market movements Hedging of interest rate risk and currency risk Largest impact in the event of changes to mortgage bonds Full recalculation of SCR in the event of property and currency scenarios. Approximation of SCR in the event of equity scenarios 254% 258% 250% 261% 247% 257% 251% 249% 256% 243% 251% 254% 256% 252% +20% -20% +30% -30% +20% -20% +100bp -100 bp Covered +100bp Corporate +100bp Government +100bp +20% -20% 30 Sept. 2025 Equity Equity Property Interest rate Spread Currency excl. EUR Solvency ratio sensitivities (%)
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25 Investor base Development in investor base Geographical movements in ownership interest 31 December 2024 - 30 September 2025 Breakdown of free float 25 Denmark 61.4% Nordics 2.8% Europe 26.7% North America 8.8% Other 0.4% -10% -8% -6% -4% -2% 0% 2% 4% 6% Denmark Nordics Europe North America Other
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Market share – Q3 2024 * Before divestment of Energy & Marine business ** Top & IF merged 26 Source:Insurance & Pension Denmark 23.9% 20.7% 15.9% 7.8% 5.1% 4.7% 4.5% 3.3% 14.1% Tryg Sampo** Alm. Brand Group* Gjensidige Forsikring Sygeforsikringen Danmark LB Forsikring GF Forsikring A/S Danica Others
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27 Investor Relations - contact details Mads Thinggaard Head of Investor Relations & ESG +45 2025 5469 abmati@almbrand.dk Nikolaj Albert Broholm Thalbitzer Senior Investor Relations Officer +45 2060 5784 niti@abgroup.dk https://investorrelations.almbrand.dk/ Financial calendar Capital markets day 18 November 2025 Preliminary statement of financial results 2025 29 January 2026 Annual report 2025 26 February 2026 Annual General Meeting 2026 9 April 2026 Interim Report Q1 2026 28 April 2026 Interim Report Q2 2026 16 July 2026 Interim Report Q3 2026 28 October 2026
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28 Disclaimer FORWARD LOOKING STATEMENTS The statements made in this presentation are based on current expectations, estimates and projections made by management. All statements about future financial performance are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the statements. All statements about future financial performance made in this presentation are solely based on information k nown at the time of the preparation of the last published financial report, and the company assumes no obligation to update these statements, whether as a result of new information, future events, or otherwise.