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Highly satisfactory Q4 performance

• The insurance service result for Q4 2024 was a profit of DKK 440 million (Q4 2023: DKK 287 million), equivalent to a combined ratio of 84.5 (Q4 2023: 89.3), driven by favourable developments both in Personal Lines and Commercial Lines

• Insurance revenue grew by 6.2% to DKK 2,845 million (Q4 2023: DKK 2,680 million), driven by sustained strong premium growth of 7.2% in Personal Lines and premium growth of 5.1% in Commercial Lines

• The undiscounted underlying claims ratio fell by 1.9 percentage points to 63.8% (Q4 2023: 65.7%), driven by the effects of profitability-enhancing measures in Personal Lines

• The expense ratio fell to 18.0 (Q4 2023: 19.0), and the implementation of synergy initiatives generated a positive accounting effect of DKK 138 million in Q4 2024 (Q4 2023: DKK 75 million)

• Satisfactory investment result of DKK 74 million (Q4 2023: DKK 140 million)
  
  

Full-year performance

• The insurance service result for 2024 was DKK 1,443 million (2023: DKK 1,215 million), equivalent to a combined ratio of 87.0 (2023: 88.4), which was better than the most recently announced full-year guidance and driven in particular by a lower level of major claims

• The expense ratio dropped to 18.3 in 2024 (2023: 19.0) in line with our plans to reach the targets set by end-2025.

• The consolidated profit before tax and excluding special costs for continuing activities was DKK 1,747 million in 2024 (2023: DKK 1,447 million)

• For 2025, Alm. Brand Group expects to report an insurance service result of DKK 1.5-1.7 billion excluding run-off gains or losses, an expense ratio of about 17% and a combined ratio of about 85.5-87.5 in line with the targets set in 2022

• The Board of Directors recommends that an ordinary dividend of DKK 0.6 per share be paid in respect of the 2024 financial year. Alm. Brand Group is furthermore launching a new DKK 100 million share buyback programme related to the profit for 2024, corresponding to a payout ratio of 96% of the adjusted profit after tax including the already completed share buyback programme of DKK 150 million

• Alm. Brand Group still expects to distribute DKK 1.6 billion related to the divestment of the Energi & Marine business in the form of a share buyback programme to be launched upon closing of the transaction

• At 31 December 2024, Alm. Brand Group had an SCR ratio of 181% after deduction of the total amount distributed in respect of 2024
  
  

CEO Rasmus Werner Nielsen is pleased with the performance:

“Seen overall, 2024 was a year in which many people in Denmark needed their insurance company. We helped process claims from more than 430,000 of our customers. In particular, motor-related and travel insurance claims gave rise to many enquiries, whereas weather-related events were not as dramatic as in 2023.