Q3 2025 ALM. Brand A/S Earnings Call Transcript
Key Points
- Alm Brand AS (ABDBY) reported strong organic growth and effective cost control, leading to an improvement in the underlying loss ratio.
- The company achieved a 10% insurance revenue growth in personal lines, indicating significant market share gains.
- Synergies exceeded expectations, reaching over DKK600 million per year, contributing to improved financial performance.
- The combined ratio improved to 82.2% from 85.7% year-on-year, driven by lower costs and underlying losses.
- Investment income was satisfactory, with a profit of DKK66 million, primarily driven by positive returns from the free portfolio.
- Weather-related claims have increased, with the average for the last 11 quarters exceeding previous expectations.
- The claims ratio was affected by higher weather and major claims, with commercial lines experiencing a relatively high level of major claims.
- Motor claims expenses are stabilizing but remain impacted by increased average repair costs.
- The company anticipates a slowdown in the effects of price hikes as they move into Q4 and 2026.
- Claims inflation, particularly in motor claims, remains a concern, with expectations of around 3% inflation next year.
Hello everyone, thank you for joining the ALM. Brand Q3 2025. My name is Sammy, and I'll be coordinating your call today.
(Operator Instructions)
I would now like to hand over to our host, Rasmus Nielsen, CEO to begin.
Please go ahead, Rasmus.
/-
Thank you. Good morning and thank you for joining us on our conference call. I'm Rasmus Nielsen, as you should have with me today our CFO Andreas Madsen and the Head of our IR team Mads Thinggaard.
This morning we published our interim report for the third quarter and as usual, I will walk you through the operating highlights and then address to comment on the financial.
We turned to slide 2. I'm quite pleased with the all financial performance in Q3, which had strong organic growth and good cost control at the same time as the underlying loss ratio was improving, helped by synergies and price adjustments.
We reach an insurance revenue growth of 10% in personal lives, which
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