Highest insurance service result to date, driven by improved claims ratio
- The insurance service result was DKK 755 million in Q3 2026 (DKK 535 million) - the highest result to date, driven by a lower level of weather-related and major claims as well as run-off gains. The result corresponded to a claims ratio of 59.2 (66.4) and a combined ratio of 75.3 (82.2).
- Insurance revenue grew by 1.6% to DKK 3,054 million, driven by growth of 4.7% in Personal Lines. For Commercial Lines, premium income declined by 1.8%, reflecting a sustained focus on enhancing profitability. Adjusting for workers' compensation and industrial customers, Commercial Lines reported premium growth of 2.7%.
- Major claims accounted for 2.4% of insurance revenue in Q3 2026, which was 3.9 percentage points lower than in Q3 2025 and thus below the level normally expected for such claims. Weather-related claims decreased by 1.8 percentage points to 2.0% in Q3 2026 and were below the level normally expected for the quarter.
- The run-off result was DKK 124 million in Q3 2026 (DKK 38 million), primarily as a result of run-off gains related to workers' compensation and property insurance.
- The undiscounted underlying claims ratio improved by 0.5 of a percentage point to 60.9, driven by favourable developments both in Personal Lines and Commercial Lines.
- The expense ratio increased by 0.3 of a percentage point to 16.1 in Q3 2026.
- As part of the efforts to create a more efficient group, strengthen its competitiveness and lower the cost level, Alm. Brand Group will reduce its workforce by 85 positions in October consisting of 55 redundancies and 30 discontinued positions. The planned adjustments are expected to entail non-recurring costs of approximately DKK 40 million, which will be recognised in Q4 2026.
- The investment result amounted to a loss of DKK 76 million in Q3 2026 (+DKK 66 million) in a quarter impacted by rising interest rates.
- In company announcement no. 54/2026, Alm. Brand A/S lifted its guidance for the insurance service result for the year by DKK 250 million to DKK 1.50-1.60 billion, excluding run-offs for Q4 2026. The upgrade was made against the backdrop of a lower level of weather-related and major claims as well as run-off gains. At the same time, the guidance for the investment result was lowered to around DKK 150 million in 2026, against the DKK 250 million previously guided.
CEO Andreas Ruben Madsen on the Q3 financial results:
"We are continuing our positive momentum and delivering a very strong quarterly performance. The financial result was driven in particular by a lower level of major claims, fewer weather-related claims and positive run-off results. These factors made a significant contribution to earnings for the quarter, but we cannot expect to see contributions on the same scale going forward.
We are therefore continuing our efforts to strengthen our long-term competitiveness and ensure that our cost levels are aligned to reflect market conditions. As part of these efforts, we have unfortunately had to reduce our workforce. This is a difficult decision because it affects talented colleagues. However, it is a necessary step towards achieving the efficiency gains that underpin the strategic direction we have already charted."
This interim report and related materials are available at Alm. Brand Group's investor website: Q3 2026
Webcast and conference call
Alm. Brand will host a conference call for investors and analysts today, Wednesday 28 October 2026 at 11:00 a.m. The conference call and presentation will be available on Alm. Brand Group's investor website:
Conference call dial-in numbers for investors and analysts (PIN: 463676395):
Denmark: +45 80 83 03 77
UK: +44 117 389 0104
USA: +1 585-542-9983
Link to webcast: Alm. Brand Group Q3 2026
Contact
Please direct any questions regarding this announcement to:
Investors and equity analysts:
VP, Head of Investor Relations & ESG
Mads Thinggaard
Mobile no. +45 2025 5469
Press:
Head of Communications and Media Relations
Mikkel Luplau Schmidt
Mobile no. +45 2052 3883
