Alm. Brand A/S - Interim Report for Q1 2025

Core Viewpoint - Alm. Brand Group reported a satisfactory Q1 2025 performance, leading to an upgrade in the full-year insurance service result guidance by DKK 50 million to a range of DKK 1.55-1.75 billion, excluding run-off results for Q2-Q4 2025 [1][4]. Financial Performance - The insurance service result for Q1 2025 was a profit of DKK 337 million, compared to DKK 291 million in Q1 2024, with a combined ratio of 88.2, an improvement from 89.3 in Q1 2024 [4]. - Insurance revenue grew by 5.2% to DKK 2,858 million in Q1 2025, up from DKK 2,717 million in Q1 2024, driven by an 8.2% increase in Personal Lines [4]. - The undiscounted underlying claims experience improved by 0.7 percentage points to 65.2%, reflecting positive developments in both Personal Lines and Commercial Lines [4]. - The expense ratio improved to 18.6 from 20.2 in Q1 2024, aligning with the planned trajectory [4]. - The investment result was DKK 96 million in Q1 2025, down from DKK 167 million in Q1 2024, amid geopolitical turmoil [4]. Strategic Initiatives - The divestment of the Energy & Marine business was completed on March 3, 2025, allowing the company to focus solely on non-life insurance [3][4]. - The implementation of synergy initiatives is progressing as planned, generating a positive accounting effect of DKK 145 million in Q1 2025 [4]. - A share buyback program for a total amount of DKK 1.6 billion was initiated following the divestment [4].