Q1 2026 ALM. Brand A/S Earnings Call Transcript
Key Points
- Alm Brand AS (ABDBY) reported a strong financial performance in Q1 2026, with a significant improvement in the claims ratio.
- Insurance revenue grew to over DKK2.9 billion, with the insurance service result increasing to DKK496 million from DKK337 million in Q1 2025.
- The company experienced a 6% growth in private line, indicating continued market share gains.
- The combined ratio in Personal Lines improved to 84.5 from 87.1 last year, driven by lower underlying claims and a decline in the cost ratio.
- Alm Brand AS (ABDBY) revised its guidance for the insurance service result upwards by DKK150 million, reflecting strong underlying development and high runoff gains.
- Growth in Personal Lines faded somewhat in Q1 2026 compared to the previous quarter.
- Investment income showed a loss of DKK43 million due to geopolitical turmoil impacting equities and bond returns.
- Commercial Lines experienced a decline in top-line revenue due to efforts to improve profitability in a soft market for workers' compensation.
- The company faced a loss in its free portfolio, with DKK35 million of the loss stemming from a decline in share prices.
- The workers' compensation segment saw a reduction in premiums due to the company's strategy to walk away from unprofitable business.
Ladies and gentlemen, thank you for joining us, and welcome to the Alm. Brand first quarter 2026 earnings call. (Operator Instructions) I will now hand the conference over to Andreas Ruben Madsen, CEO at Alm. Brand. Please go ahead.
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Good morning, and thank you for joining us on our conference call. I'm Andreas Ruben Madsen, the CEO of Alm. Brand Group since March 1 this year. And as usual, I have with me our Head of IR, Mads Thinggaard. This morning, we published our interim report for the first quarter of '26, and I will now walk you through the presentation of our results.
Let's now look at the highlights from my first quarter as CEO. Please turn to slide 2 for some of the headlines regarding our business in the first month of the year. I'm pleased with the overall financial performance in a very satisfactory Q1 with strong underlying improvement in the claims ratio. Growth in Personal Lines faded somewhat in Q1 '26 from a double-digit level in Q4 '25. This
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