Alm. Brand A/S

Q3 performance strong; highest insurance service result to date - Delivered the highest insurance service result of DKK 755m (record), driven mainly by lower weather-related & major claims and higher run-off gains. - Underwriting: Q3 claims ratio improved by 7.2pp YoY; underlying claims ratio improved by 70 bps YoY (improvement slower than H1 due to stochastic effects). - Expenses: insurance expense ratio rose to 16.1%, explained as normal quarterly fluctuations; cost base actions announced (see below).

Premium growth modest overall, driven by Personal Lines; Commercial Lines managed for profitability - Gross premium growth: +1.6% YoY, with Personal Lines +4.7% (market share gains via bank partnerships) and Commercial Lines -1.8% (decline linked to de-risking/volatility reduction actions). - Commercial Lines “focus area” view: +2.7% growth adjusted for workers’ comp and industrial customers, suggesting decent momentum in the targeted portfolio. - Market share trend: management noted repricing impact is fading as expected; AL Sydbank renewed its partnership (supportive for inflows/retention).

Key underwriting challenges: workers’ comp Supreme Court ruling & stochastic effects - Management highlighted workers’ compensation headwind in the underlying claims development: around 90 bps headwind in Commercial Lines (ongoing effect), while the DKK ~700m strengthening was described as mostly prior-year/backdated effects (booked separately from the ongoing underlying margin impact). - For the full year, they expect less improvement than earlier in 9M: structurally Q4 improvement only ~50–100 bps, down from stronger 130 bps improvement in the first nine months (helped by favorable stochastic effects earlier). - Surprising/important nuance: the negative Supreme Court effect is partly ongoing (price must adjust); it may not translate into a simple tailwind next year.