Q2 2026 ALM. Brand A/S Earnings Call Transcript
Key Points
- Alm Brand AS (OCSE:ALMB) delivered a strong underlying improvement in the claims ratio, improving by 200 basis points year-on-year.
- The company achieved its highest insurance service result ever, with an adjusted result of DKK648 million, up from DKK520 million in Q2 last year.
- Investment income was robust in Q2, with a net gain of DKK215 million, driven by a rebound in the market impacting equities and bonds positively.
- The combined ratio in personal lines improved significantly to 75.5% from 81.6% last year, driven by lower underlying claims and run-off gains.
- Alm Brand AS (OCSE:ALMB) revised its guidance for the insurance service result upwards by DKK100 million, reflecting strong underlying performance and run-off gains.
- Results in Q2 were negatively impacted by a DKK700 million one-off reserve strengthening following the Supreme Court ruling on workers' compensation.
- Growth in Personal Lines slowed due to the fading effects of last year's repricing, although it remained above 5%.
- In Commercial Lines, there was a decline in the top-line, reflecting actions to improve profitability in a soft market for workers' compensation.
- Weather-related claims were higher than expected for Q2, impacting the overall claims ratio.
- The growth of 1% in the broad commercial book is considered too low, indicating a need for management attention, especially on the SME side.
Hello, everyone. Thank you for joining us, and welcome to the ALM. Brand second-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. Thank you for joining us on our conference call. I'm Andreas Ruben Madsen, CEO of ALM. Brand Group. As usual, I have with me the head of our IR team, Mads Thinggaard. This morning, we published our interim report for the second quarter of '26, and I'll walk through the presentation of our results.
Let's now turn to slide 2 and the key highlights for my first full quarter as CEO. Overall, I'm very pleased with the financial performance in Q2. We delivered a strong underlying improvement in the claims ratio, which improved by 200 basis points year-on-year.
At the same time, results in Q2 were negatively impacted by a DKK700 million one-off reserve strengthening following the Supreme Court ruling on
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