GlobeNewswire by notified

Alm. Brand A/S - Interim report for Q3 2023


Interim report for Q3 2023

  • Alm. Brand Group’s insurance service result was a profit of DKK 367 million, against DKK 358 million in Q3 2022, driven by an overall satisfactory claims experience, although heavy rainfall and cloudbursts resulted in high expenses for weather-related claims.
  • Insurance revenue grew to DKK 3,015 million, from DKK 2,897 million in Q3 2022, marking a satisfactory performance with organic growth of 4.1% supported by contributions from both Personal Lines and Commercial Lines.
  • The underlying claims experience improved by 0.5 percentage point to 59.7, driven by a strong performance in Commercial Lines, whereas Personal Lines, as in the past quarter, recorded a higher claims experience in particular due to a higher frequency of motor claims.
  • The SCR ratio was 216% at 30 September 2023. Alm. Brand Group aims to have an SCR ratio of at least 170% and will, with due consideration to this aim, be able to distribute a high proportion of future earnings to its shareholders.
  • The guidance for the insurance service result for 2023 is maintained at DKK 1.35-1.45 billion despite relatively higher weather-related claims expenses in October.

CEO Rasmus Werner Nielsen:

“We’ve had a quarter characterised by weather-related incidents and many customers requiring our assistance after hailstorms, cloudbursts or windstorms. Our customers rely on us for assistance in such situations, and we’ve consequently recorded a higher level of weather-related claims expenses in the third quarter. In spite of the weather-related incidents, we reported a satisfactory performance in the third quarter and generated an overall slightly higher insurance service result than last year.

Commercial Lines reported yet another strong performance, including in the Energy segment, which proves to us that we’re making progress in terms of running a profitable business. Supported by the results for the nine months ended 30 September, we’re seeing the outlines of an even stronger business that will drive us forward to realising our financial ambitions for 2025.”

Alm. Brand Group reported an insurance service result of DKK 367 million in Q3 2023, against DKK 358 million in the year-earlier period. Commercial Lines accounts for DKK 229 million and Personal Lines for DKK 138 million of the result, which reflects a generally satisfactory claims experience, although large amounts of precipitation in the final half of the quarter resulted in significant claims expenses. The continued focus on profitability generated positive results in Commercial Lines in Q3 as well, including in Energy, and the trend towards creating a more profitable and robust business is clearly continuing.

In line with expectations, the annual indexation of the premium level supplemented by selected premium increases is seen to fully compensate for inflation in claims repair costs in Q3.

The combined ratio was 87.8 and unchanged relative to the same period of last year. This covers both an improvement in the underlying claims experience and a lower level of major claims but also higher weather-related claims expenses relative to last year and a break-even result from risk margin changes, against a gain last year. Moreover, Q3 2023 saw slightly fewer run-off gains compared with last year.

The financial markets developed favourably in the quarter, enabling Alm. Brand Group to post an investment result of DKK 56 million – including a satisfactory return on the portfolio not allocated to hedging of provisions as well as a positive return on the hedging portfolio after return on and value adjustment of provisions, against a loss of DKK 80 million in the same quarter of 2022.

Other income and expenses came to a net loss of DKK 28 million, composed of DKK 11 million in training and development expenses and a total of DKK 17 million in group expenses and return on the remaining mortgage deed and debt collection portfolio.

Alm. Brand Group thus generated a pre-tax profit of DKK 395 million excluding special costs in Q3 2023, against a pre-tax profit of DKK 251 million in Q3 2022.

The Q3 result includes special costs of DKK 103 million related to the integration of Codan and realisation of synergies as well as amortisation of intangible assets in the amount of DKK 90 million, bringing Alm. Brand Group’s consolidated profit for Q3 2023 to a pre-tax profit of DKK 202 million.


Initiatives to realise synergies in a total amount of DKK 600 million by 2025 are progressing satisfactorily and slightly ahead of schedule. For the quarter, the synergies are calculated to have had a positive accounting effect of DKK 68 million.

As in the preceding quarters, focus has been on measures that will lead to efficiency enhancements of procurement and claims processing and elaboration of systems for screening claims reports with a view to reducing insurance fraud. By preparing and implementing these measures, we have created a foundation that makes Alm. Brand Group expect the synergies to contribute an accounting effect of DKK 260 million this year. The initiatives will subsequently have a full-year effect in 2024 of DKK 340-350 million and will provide a strong foundation for realising synergies of DKK 450 million in aggregate in 2024.

Outlook for 2023

Alm. Brand Group maintains its guidance for an insurance service result of DKK 1.35-1.45 billion excluding run-off gains and losses for Q4 2023.

The expense ratio is expected to stay unchanged at 18-18.5, and the combined ratio excluding run-offs is expected to be about 87.5-88.5 for Q4 2023.

The investment result is expected to be unchanged at the level of DKK 300 million, and other income and expenses are still expected to represent a loss of about DKK 125 million.

Alm. Brand Group thus expects to report a consolidated pre-tax profit of DKK 1,525-1,625 million excluding special costs.

Moreover, Alm. Brand Group expects to incur special costs of about DKK 300-350 million in 2023 for the integration of Codan and realisation of synergies. Amortisation of intangible assets is expected to affect the income statement by approximately DKK 360 million.

Webcast and conference call

Alm. Brand will host a conference call for investors and analysts today, Thursday 9 November 2023 at 11:00 a.m. The conference call and presentation will be available on Alm. Brand’s investor website, here.

Conference call dial-in numbers for investors and analysts (pin: 142400):

Denmark: +45 8987 5045
UK: +44 20 3936 2999
USA: +1 646 664 1960

Link to webcast: Alm. Brand Q3 2023


Please direct any questions regarding this announcement to:

Investors and equity analysts:

Head of Investor Relations                Senior Investor Relations Officer
Mads Thinggaard                 Mikael Bo Larsen
Mobile no. +45 2025 5469                Mobile no. +45 5143 8002


Head of Media Relations
Mikkel Lars Nikolajsen
Mobile no. +45 2218 5711


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Fluence Responds to Misleading Short Seller Report22.2.2024 23:32:54 CET | Press release

ARLINGTON, Va., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (“Fluence” or “the Company”) (NASDAQ: FLNC), a leading global provider of energy storage products, services, and optimization software for renewables and storage, today issued a statement in response to a report published by a known short-seller. The Company believes that the report is an attempt by a self-interested short-seller to profit at the expense of Fluence’s shareholders by manipulating Fluence’s stock price. We believe that the report contains numerous inaccuracies and distortions. The Company believes it is important to set the record straight regarding three blatant misrepresentations: The short-seller's report references pending litigation between Fluence and Siemens Energy, attempting to characterize it as a "critical and dramatic development." While any dispute with a customer is unfortunate, this is a small, ordinary course commercial dispute arising from a single project. Fluence brought the action

Galapagos announces full year 2023 results and outlook for 202422.2.2024 22:01:00 CET | Press release

Full year 2023 key financials: Group net revenues of €783.5 million, including Jyseleca® net sales of €112.3 million Cash and current financial investments of €3.7 billion on 31 December 2023Operational cash burni of €414.8 million, within guidance 2023 and year-to-date key updates: Transferred Jyseleca® business, including approximately 400 positions, to Alfasigma S.p.A.Achieved encouraging data from ongoing Phase 1/2 studies with CD19 CAR-T product candidates, GLPG5101 in rrNHL and GLPG5201, in rrCLL, with or without RTExpanded CAR-T pipeline with start of Phase 1/2 study with BCMA CAR-T product candidate GLPG5301 in rrMMEnrolled first patients in Phase 2 study with TYK2 inhibitor, GLPG3667, in DM and SLEFor strategic reasons, it was decided not to continue development of CD19 CAR-T candidate in rSLEExpanded point-of-care CAR-T network in the U.S. with manufacturing agreements with Landmark Bio and Thermo Fisher Scientific Signed strategic research and license collaboration with Brid

Press Release: Sanofi’s Board of Directors proposes the appointment of Clotilde Delbos, Anne-Françoise Nesmes and John Sundy as independent Directors22.2.2024 19:02:45 CET | Press release

Sanofi’s Board of Directors proposes the appointment of Clotilde Delbos, Anne-Françoise Nesmes and John Sundy as independent Directors Paris, February 22, 2024. At its meeting on February 22, 2024, Sanofi’s Board of Directors has decided to propose, on the occasion of its next General Shareholder Meeting to be held on April 30, 2024, the renewal of the terms of office of Rachel Duan and Lise Kingo and the appointment of Clotilde Delbos, Anne-Françoise Nesmes and John Sundy as independent Directors. Diane Souza, Member of the Audit and Compensation Committees, and Thomas Südhof, Chairman of the Scientific Committee, will leave the Board of Directors at the end of their second terms. The Chairman warmly thanked them for their valued contribution to the Board of Directors and the specialized committees to which they belonged during their terms in office. The Chairman specified that, in order to prepare as effectively as possible for the end, in 2025, of the term of office as director of F

EVS reports 2023 results22.2.2024 18:30:00 CET | Press release

Publication on February 22, 2024, after market closing Regulated and inside information – Press release annual results EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) EVS reports 2023 results Liège, Belgium, February 22nd, 2024 EVS further delivers profitable growth in 2023, validating the effectiveness of its PlayForward strategy The robust financial performance of EVS in 2023 underscores the effectiveness of the implemented strategy aimed at fostering sustained and profitable long-term growth. Despite the absence of significant Big Event Rental revenue in an uneven year 2023, EVS achieved record-breaking revenue and demonstrated strong profitability. This success serves as a testament to the efficacy of its PlayForward strategy. Full-year Highlights Order intake outpacing revenue at EUR 192.9 million, including EUR 7.4 million of Big Event Rental (BER).Revenue performance landing north of our guidance at EUR 173.2 million, growing 16.9%

RevoluGROUP Canada Inc. Issues Incentive Share Options22.2.2024 18:23:23 CET | Press release

VANCOUVER, British Columbia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2), (Munich: A2PU92) (the "Company") announces that incentive share options to purchase up to 5,200,000 common shares of the Company were granted to consultants and Directors of the Company, with an exercise price of $0.05 per share. The incentive share options have been granted pursuant to the Company's 10% rolling stock option plan and will expire twenty-four months from the grant date. Should all announced options be exercised in the term, the aggregate amount payable to the treasury would be CA $ 260,000. The options are to be granted as shown below: Francisco Moreno Balboa1,500,000Gavin McMillan500,000Bernard Lonis500,000Alfredo Manresa Ruiz500,000Fernando Guillen Hernandez500,000 An additional 1,700,000 options were also granted to consultants in the Company who have provided valuable assistance in the development of products, business development, solution integra

HiddenA line styled icon from Orion Icon Library.Eye