Alm. Brand A/S - Interim report for Q1 2024

Alm. Brand Group upgrades guidance for pre-tax profit by DKK 100 million

• Alm. Brand Group’s insurance service result was a profit of DKK 295 million (Q1 2023: DKK 205 million), driven in particular by sustained favourable trends in Commercial Lines
• Insurance revenue grew at a highly satisfactory rate of 5.6% to DKK 3,012 million (Q1 2023: DKK 2,853 million), driven in particular by strong growth of 8.6% in Personal Lines
• The underlying claims experience improved by 3.0 percentage points to 61.0, driven by a strong performance in Commercial Lines and favourable developments in Personal Lines despite a sustained high frequency of motor claims
• The implementation of synergy initiatives is progressing according to plan and generated a positive accounting effect of DKK 98 million in Q1 2024. The expense ratio was 19.1 (Q1 2023: 20.0)
• Highly satisfactory investment result of DKK 167 million (Q1 2023: DKK 149 million) supported by favourable financial market developments
• The guidance for profit before tax and special costs is lifted by DKK 100 million to DKK 1.63-1.83 billion based on the strong investment result. The guidance for the insurance service result for 2024 is maintained at DKK 1.40-1.60 billion excluding the run-off result for Q2-Q4.

CEO Rasmus Werner Nielsen considers the Q1 performance satisfactory with highly satisfactory growth of 5.6% in insurance revenue:

“I’m extremely pleased that more and more customers are choosing Alm. Brand Group as their insurance provider and that our existing customers are increasing their business with us. I’m also pleased that we were able to post a significantly higher Q1 profit than last year despite another winter characterised by snow and windstorms where we assisted a very large number of affected customers. This once again shows that we have a robust business.”

“The increase in profit was driven in particular by our Commercial Lines business, and we saw the strong momentum of recent quarters continue into 2024, whereas our Personal Lines business was adversely affected by weather-related claims and a sustained high level of motor claims.”

“We are on track with the business combination of Alm. Brand Forsikring and Codan Forsikring and completed the legal merger of the two companies in the first quarter, positioning us even better to develop and offer new products for our customers across all of our brands.”

Details on Q1 performance
The insurance service result was a profit of DKK 295 million (Q1 2023: DKK 205 million), driven mainly by sustained favourable trends in Commercial Lines.