Q4 2024 ALM. Brand A/S Earnings Call Transcript
Key Points
- Alm Brand AS (FRA:1AM) reported a strong growth in personal lines with a 7.7% increase in 2024, ending the year with a Q4 growth rate above 7%.
- The company achieved an improvement in its undiscounted underlying loss ratio by 120 basis points in 2024, with a 190 basis point improvement in Q4.
- The cost percentage improved to 18.3% in 2024, aligning with the company's plans.
- Alm Brand AS (FRA:1AM) proposed a record high normal distribution of DKK1.15 billion, with a payout ratio of 96%.
- The company realized DKK460 million in synergies for 2024, slightly above the target of DKK450 million, indicating effective synergy initiatives.
- The company faced significant headwinds on motor claims, impacting its financial performance.
- The investment result for Q4 was satisfactory but lower than the previous year, indicating potential challenges in investment returns.
- Special costs amounted to DKK109 million, which, although lower than last year, still represent a significant expense.
- The tax rate for the company has been consistently high, averaging around 34% over the last eight quarters, which is above the statutory rate.
- The company is still awaiting final regulatory approvals for the divestment of its energy and marine business, which poses a potential risk to the transaction timeline.
Good morning or good afternoon all and welcome to the Alm. Brand Q4 ' 24 earning call. My name is Adam and I'll be your operator today.
(Operator Instructions).
I now hand the floor to Rasmus Nielsen to begin Sir Rasmus, please go ahead when you are ready.
/-
Yeah, good morning and thank you for joining us on our conference call. I'm here today with our Chief Financial Officer Andreas Madsen and our Head Mads Thinggaard. This morning, we published our interim report for the fourth quarter and as usual, I will walk you through the operating highlights and then Andreas will comment on the financials.
Let us move to slide 2. Overall 2024 ended better than expected with last claims of just 4.7% and weather related claims of 2.9% being in the normal range we expect and somewhat lower than 4.1% in '23. We have strong growth in our personal lines in '24 of 7.7% while also ending the year with the Q4 growth rate above 7%.
Thanks to our strong
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