From GlobeNewswire: 2024-05-02 02:00:00

Alm. Brand Group adjusts pre-tax results by 100 million DKK, with insurance results showing a profit of 295 million DKK, primarily driven by positive developments in the commercial sector. Premium income grew by 5.6% to 3.012 billion DKK, with a strong increase in Private. Expectations for pre-tax results are raised to 1.63-1.83 billion DKK due to strong investment results.

CEO Rasmus Werner Nielsen is pleased with the first-quarter results, citing a significant growth in insurance income and the resilience of the business despite challenging weather conditions. The positive results were driven by the commercial sector, with ongoing improvement expected in 2024.

Alm. Brand Group continues with its planned merger, completing the legal fusion of Alm. Brand Forsikring and Codan Forsikring. This consolidation enhances the company’s ability to develop and offer new products across its brands, contributing to a robust business model.

Insurance profits reached 295 million DKK, driven mainly by positive developments in the commercial sector. There was a notable growth of 8.6% in private insurance, attributed to increased customer acquisition, retention, cross-selling, indexation, and price adjustments.

The first quarter showed improved claims experience compared to the previous year, although weather-related claims remained high, offset by lower large claims costs. Profitability improved by 3.0 percentage points, primarily led by commercial results. Despite high car-related claims, ongoing initiatives are expected to enhance profitability.

Operating expenses decreased in the first quarter of 2024 to 19.1% compared to 20.0% in the previous year. The development aligns with the planned strategy, supported by cost synergies. Solvency ratio at the end of the quarter was 193%, exceeding the minimum target of 170%, allowing the company to distribute future earnings to shareholders.



Read more at GlobeNewswire:: Alm. Brand A/S – Delårsrapport for 1. kvartal 2024