Slides
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Results 2026│Q3 1 July to 30 September 2026
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2 ▪ Very satisfactory insurance service result, driven by a low level of weather and major claims as well as high run-off gains, resulting in the highest result to date ▪ Personal Lines recorded satisfactory premium growth of 4.7%, whereas Commercial Lines reported a decline of 1.8%, reflecting continued focus on improving profitability ▪ Adjusting for workers’ compensation and industrial customers, the Commercial portfolio delivered premium growth of 2.7% ▪ The expense ratio increased slightly to 16.1 (15.8), reflecting quarterly fluctuations ▪ The combined ratio improved to 75.3 (82.2), driven by a low level of weather and major claims as well as a positive development in run -off gains ▪ The underlying claims ratio improved by 0.7 percentage points, driven by improvements in both Personal Lines (0.8 percentage points) and Commercial Lines (0.5 percentage points) ▪ The investment result amounted to DKK -76 million, predominantly impacted by rising interest rates Highest insurance service result to date +220m Insurance result -142m Investment result -6.9pp Combined ratio -7.2pp Claims ratio 535 755 Q3 2025 Q3 2026 66 -76 Q3 2025 Q3 2026 Q3 2025 Q3 2026 82.2 75.3 Q3 2025 Q3 2026 66.4 59.2 Q3 highlights
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3 ▪ Insurance revenue increased by 1.6% year-on-year to DKK 3,054 million, while the insurance service result increased to DKK 755 million ▪ The increase in the insurance service result was driven by an improved claims ratio partly offset by a slightly higher expense ratio ▪ Weather and major claims were significantly down year-on-year ▪ Run-off gains was DKK 124 million, mainly attributable to reserve releases in workers’ compensation and property ▪ The investment result amounted to DKK -76 million, impacted by rising interest rates ▪ Other income and expenses amounted to a net expense of DKK 135 million, comprising amortization of intangible assets (DKK 84 million) and group expenses (DKK 51 million) Financial highlights, Q3 Strong insurance performance driven by favourable claims development Q3 2026 Q3 2025 Insurance revenue 3,054 3,006 Insurance service result 755 535 Investment result -76 66 Profit/loss before other income and expenses 679 601 Other income and expenses excl. amortisation of intangible assets -51 -65 Amortisation of intangible assets -84 -84 Combined ratio 75.3 82.2 Financial results DKKm
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Insurance Operations
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▪ Insurance service result of DKK 755 million, reflecting premium growth in Personal Lines, a lower underlying claims ratio, run-off gains, and lower major and weather- related claims ▪ The result was impacted by a 1.9 percentage point deterioration in the risk adjustment as Q3 2025 benefitted from a one-off positive effect following the expansion of the partial internal model ▪ Strong development in Personal Lines with insurance service result of DKK 360 million ▪ Premium growth of 4.7% ▪ Significant drop in weather claims (-3.3 p.p.) and an improvement in the underlying claims ratio of 0.8 percentage points ▪ The expense ratio increased to 17.0 from 16.7 in Q3 2025 ▪ Commercial Lines result improved to DKK 395 million ▪ The result was driven by lower major claims (-6.2 p.p.), run-off gains and a positive development in the underlying business, as well as a drag from the risk adjustment ▪ Slight increase of 0.2 percentage points in the expense ratio (15.0 in Q3 2026) Insurance service result supported by improved claims performance 1) Q2 2026 result is shown with adjustment for the DKK 700m one-off reserve strengthening related to the workers’ compensation supreme court ruling Insurance service result1 DKKm 270 314 246 400 360 265 207 250 248 395 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 535 521 496 648 755 +220 Commercial lines Personal lines Insurance service result 5
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6 ▪ Premium growth of 1.6% in Q3 2026 driven by satisfactory growth of 4.7% in Personal Lines, while Commercial Lines reported a decline of 1.8% ▪ Personal Lines growth driven by customer inflow through bank partnerships and price adjustments to mitigate claims inflation ▪ Our partnerships with the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark, as well as nation- wide banks, continue to develop strongly ▪ The premium decline in Commercial Lines reflected a continued underwriting discipline, focus on profitability in a continued soft market for workers’ compensation, alongside measures to reduce volatility among larger commercial clients ▪ Adjusting for workers’ compensation and industrial customers, the Commercial portfolio grew with 2.7% Continued growth in Personal Lines and sustained focus on profitability in Commercial lines -4% -2% 0% 2% 4% 6% 8% 10% 4.9% 9.9% 2025 Q3 -0.8% 9.8% 2025 Q4 -1.8% 6.4% 2026 Q1 -2.3% 5.2% 2026 Q2 -1.8% 4.7% 2026 Q3 7.5% 4.6% 2.5% 1.7% 1.6% Total Commercial lines Personal lines Growth in insurance revenue In % Insurance revenue
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7 ▪ Claims ratio decreased by 7.2 percentage point from Q3 2025 ▪ Major claims were 3.9 percentage points lower year-on-year and significantly below normal levels ▪ Weather-related claims were 1.8 percentage point lower than last year, and below the level normally expected for the quarter ▪ The change in the risk adjustment was a small loss of 0.3%, reflecting a deterioration of 1.9 percentage points year-on-year as Q3 2025 benefitted from a one-off effect following the expansion of the partial internal model to include Codan’s insurance activities ▪ Run-off gains amounted to 4%, up from 1.3% in Q3 2025 ▪ Discounting effect increased by 0.2 percentage point ▪ The underlying claims ratio improved by 0.7 percentage points despite headwind of 0.4 percentage points related to the workers compensation ruling (higher coverage). Improvements in both Personal Lines (0.8 percentage points) and Commercial Lines (0.5 percentage points) Development in underlying claims ratio Q3 2026 Q3 2025 Change Claims ratio 59.2 66.4 -7.2 Major claims, net of reinsurance -2.4 -6.3 3.9 Weather-related claims, net of reinsurance -2.0 -3.8 1.8 Change in risk adjustment -0.3 1.6 -1.9 Run-off 4.0 1.3 2.7 Reinstatement premium 0 0 0 Underlying claims ratio 58.5 59.2 -0.7 Discounting 2.4 2.2 0.2 Undiscounted underlying claims ratio 60.9 61.4 -0.5 Claims ratio Strong claims ratio drives profitability
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8 ▪ Claims ratio improved by 5 percentage points year-on-year ▪ Underlying claims ratio improved by 0.8 percentage points, supported by the strategic initiatives beginning to take effect but also impacted by a stochastically benign Q3 last year ▪ Weather-related claims amounted to 1.6%, significantly lower than in Q3 last year (4.9%) and below seasonal expectations for the quarter ▪ Major claims of 0.2%, down 1.6 percentage points from Q3 last year ▪ Run-off gains amounted to 1.2%, up 0.2 percentage points from Q3 2025 ▪ Expense ratio increased year-on-year to 17 in Q3 2026 (up 0.3 percentage points year-on-year) ▪ Premium growth of 4.7%, driven by premium adjustments and growth with bank partners Improved performance driven by lower claims levels Combined ratio Personal Lines 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 83.0 80.3 84.5 75.5 78.3 16.7 66.3 18.9 61.4 20.0 64.5 17.2 58.3 17.0 61.3 -4.7 Expense ratio Claims ratio Personal lines
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9 ▪ Claims ratio improved by 9.8 percentage points, driven mainly by a significant decrease in major claims and higher run-off gains ▪ Underlying claims ratio improved by 0.5 percentage points despite headwind of 0.9 percentage points related to the workers compensation ruling (higher coverage) as well as a stochastically benign Q3 last year. The improvement reflected the effects of the profitability -enhancing measures including strategic initiatives and lower reinsurance costs ▪ Major claims amounted to 5.1%, significantly lower than in Q3 last year (11.3%) and below normal level ▪ Weather-related claims decreased to 2.5% - 0.1 percentage points lower year- on-year ▪ Run-off gains came to 7.5%, up from 1.6% in Q3 2025, mainly attributable to reserve releases in workers’ compensation and property ▪ Change in risk adjustment worsened by 2.9 percentage points as Q3 2025 benefitted from a one-off effect following the expansion of the partial internal model to include Codan’s insurance activities ▪ The expense ratio increased 0.2 percentage points year -on-year Improved claims ratio especially driven by lower major claims and run-off gains Commercial lines Combined ratio1 Commercial Lines 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 81.3 85.0 81.3 81.8 71.714.8 66.5 15.1 69.9 16.2 65.1 16.0 65.8 15.0 56.7 -9.6 Expense ratio Claims ratio 1) Q2 2026 result is shown with adjustment for the DKK 700m one-off reserve strengthening related to the workers’ compensation supreme court ruling
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Financials
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11 Investment result ▪ Investment result of DKK -76 million in Q3 2026 ▪ Return on the free portfolio of DKK -34 million ▪ Loss on bonds due to rising rates ▪ Partly offset by positive return on other fixed income investments ▪ The hedge portfolio and related items returned DKK -20 million ▪ Costs and funding ▪ Administrative expenses and related items of DKK 13 million ▪ Tier 2 interest expenses of DKK 9 million ▪ Continued cautious investment strategy with risk appetite aligned with strong earnings from insurance operations. Overall, the Group has a well-diversified, low-risk investment portfolio Loss of DKK 76 million in Q3 Investment result Q3 2026 DKKm Market value Return Return % Bonds etc. 4,809 -54 -1.1 Other fixed income 950 18 1.9 Equities 793 1 0.1 Real estate 365 1 0.4 Total (free portfolio) 6,917 -34 -0.5 Hedge portfolio 13,509 -20 Administration costs related to investment activities -13 Tier 2 capital -9 Total 20,426 -76
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Outlook
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13 Guidance Combined ratio excl. run-offs (Q4) 86.5-87.5 Combined ratio excl. one-off charge & run-offs (Q4)1 81-82 Expense ratio 17 Amortisation of intangible assets (DKKm) 335 Sub-components included in guidance for 2026 The 2026 guidance reflects the outlook upgrade announced on 5 October and subsequent adjustments communicated in connection with the Q3 results 1.5-1.6 Billion DKK Insurance service result excl. run-offs Q4 (5th October) Uplift + 250 Million DKK 1.65-1.75 Billion DKK Profit before other income and expenses Uplift + 150 Million DKK 0.15 Billion DKKInvestment result (5th October) Reduction - 100 Million DKK -0.55 Billion DKK Other income and expenses Reduction - 50 Million DKK Guidance for 2026 1) The one-off charge relates to the DKK 700 million reserve strengthening related to the Supreme Court ruling on workers’ compensation
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Q & A
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15 Share profile 15 Danish non-life insurer with a market share of ~15% Uncomplicated business model: One platform in one country Efficient capital allocation Ambitions for profitable organic growth Stable capital requirements Excess capital distributed as dividend or used for share buybacks Focus on realising scale economies High return on targeted capital Substantial distribution potential of more than 90% (Distribution policy prescribes a pay-out ratio of at least 80%)
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0 1 2 3 4 5 6 7 8 9 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 6.3 4.0 5.5 2.4 2.1 8.8 5.5 3.0 5.3 5.3 6.3 4.1 6.0 5.1 2.4 Normal level: 6 Average: 4.8 % Major claims, Alm. Brand Group 2.4% Major claims Q3 2026 Key takeaways ▪ Major claims ratio declined to 2.4% in Q3 2026, well below both the normal level of 6% and the historical average ▪ Claims experience benefited from the absence of significant loss events ▪ Low major claims activity provides a positive contribution to claims ratio 16
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Major claims Q3 2026 Major claims, Commercial Lines 5.1% Key takeaways ▪ Major claims ratio decreased to 5.1% in Q3 2026, significantly below both the normal level of 10% and the historical average of 8.6% ▪ Claims experience benefited from the absence of significant loss events ▪ Low major claims activity provided a favorable contribution to Commercial Lines profitability 17 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 Q4 25 Q1 26 Q2 26 Q3 26 11.2 6.4 10.3 3.8 3.5 16.6 10.3 4.2 8.7 8.7 11.3 8.0 11.3 10.1 5.1 Normal level: 10 Average: 8.6 %
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Weather-related claims, Alm. Brand Group 30 25 10 35 Q4 Q3 Q2 Q1 Expected seasonal variations in weather-related claims % of total weather-related claims per quarter. 18 Major claims Q3 2026 2.0% 0 1 2 3 4 5 6 7 8 9 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2.4 0.6 5.0 8.6 4.7 0.9 3.5 2.5 2.6 1.4 3.8 1.5 1.5 2.7 2.0 Normal level: 3-4 Average: 2.9 % Weather claims are expected to amount to 3-4% of annual premiums. Based on the midpoint, the quarterly distribution corresponds to approx. 4.9%, 1.4%, 3.5%, and 4.2% of premium income in Q1, Q2, Q3, and Q4, respectively.
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Total capital Strong solvency position with SCR ratio increasing to 238% in Q3 2026 DKKm Q3 2026 Q2 2026 Q1 2026 Q4 2025 Tier 1 unrestricted 3,391 3,077 2,653 2,404 Tier 1 restricted 397 397 397 397 Tier 2 capital 897 991 897 897 Tier 3 capital 0 0 0 0 Total capital for the group for solvency coverage purposes 4,685 4,465 3,947 3,698 Solvency capital requirement (SCR) 1,970 1,982 1,953 1,914 Total capital ratio 238% 225% 202% 193% 238% SCR Ratio Q3 2026 Key takeaways ▪ SCR ratio increased to 238% ▪ Own funds increased DKK 220m Q-o- Q ▪ Capital buffer of DKK 2.7bn above SCR ▪ Strong solvency position supports capital distribution 19 “ “
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SCR ratio, Sensitivity analysis 228-245% Sensitivity range Q3 2026 Key takeaways ▪ Limited sensitivity in the event of market movements ▪ Hedging of interest rate risk and currency risk ▪ Largest impact in the event of changes to equities ▪ Full recalculation of SCR in the event of property and currency scenarios. Approximation of SCR in the event of equity scenarios 20 “ “SCR remains robust in all tested market scenarios 238% 243% 233% 245% 230% 241% 235% 230% 243% 228% 233% 238% 238% 237% +20% -20% +30% -30% +20% -20% +100bp -100 bp Covered +100bp Corporate +100bp Government +100bp +20% -20% 30. sep 2026 Equity Equity Property Interest rate Spread Currency excl. EUR Solvency ratio sensitivities (%)
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Market share – Q2 2025 23.4% 20.6% 14.9% 8.0% 5.1% 5.1% 4.8% 4.0% 14.1% Tryg Sampo* Alm. Brand Group Gjensidige Forsikring Sygeforsikringen Danmark LB Forsikring GF Forsikring A/S Danica Others * Topdanmark and IF combined 21 -0.9 14.9% Market share Q2 2025 Key takeaways ▪ Market share of 14.9% in Q2 2025 ▪ Remains the third-largest non-life insurer in Denmark ▪ Market position remains supported by significant scale and broad distribution
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22 Investor Relations - contact details Mads Thinggaard VP, Head of Investor Relations & ESG +45 2025 5469 mati@abgroup.dk Nikolaj Albert Broholm Thalbitzer Senior Investor Relations Officer +45 2060 5784 niti@abgroup.dk https://investorrelations.almbrand.dk/ Financial calendar Interim Report Q4 2026 28 January 2027 Annual report 2026 25 February 2027 Interim Report Q1 2027 15 April 2027 Annual General Meeting 2027 20 April 2027 Interim Report Q2 2027 15 July 2027 Interim Report Q3 2027 15 October 2027
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23 Disclaimer FORWARD LOOKING STATEMENTS The statements made in this presentation are based on current expectations, estimates and projections made by management. All statements about future financial performance are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the statements. All statements about future financial performance made in this presentation are solely based on information known at the time of the preparation of the last published financial report, and the company assumes no obligation to update these statements, whether as a result of new information, future events, or otherwise.