ALMBNasdaq CopenhagenInsurance - DiversifiedIFRS · DKK

ALM. Brand A/S

ALM. Brand A/S is a Danish financial services company focused on insurance and related risk-cover products through the Alm. Brand Group. The group serves customers in Denmark across personal and commercial lines, with operations centered on underwriting, claims handling, and investment of insurance assets.

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Net income1,353m DKK
+74.1 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

01m DKK20212022202320242025
RevenueOperating profit (EBIT)
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Business

Share of revenue
Private non-life insurance45 %

Insurance products for households, including motor, home, and contents cover.

Commercial insurance35 %

Policies for SMEs and other business customers covering property, liability, and operations.

Agriculture and specialty insurance10 %

Tailored cover for agricultural risks and other specialized customer exposures.

Claims and related services10 %

Claims administration, loss adjustment, and associated service activities linked to insurance contracts.

Customers

The company primarily sells insurance to private households and businesses in Denmark, with products designed to protect property, vehicles, and liability exposures. It also serves agricultural and specialty customers that need tailored underwriting and claims support. Demand is driven by the need to transfer everyday and business risk to an insurer with local claims capacity and distribution.

Private households

Buy motor, home, and contents insurance to protect personal assets and liability.

Small and medium-sized businesses

Buy commercial policies covering property, liability, and operational risks.

Agriculture and specialty customers

Buy tailored insurance for farm assets and niche risk exposures.

Public and institutional clients

May buy selected risk cover and service packages where local underwriting is needed.

Strategy

The group’s strategic focus is to underwrite and service Danish insurance customers across private and commercial lines while maintaining disciplined risk selection. Integration of acquired insurance portfolios and alignment of reporting units to business segments are important to the group’s operating structure. Investment management and capital strength also matter because underwriting results and portfolio income together support the insurance franchise.

Strengthen core Danish insurance franchiseMedium term

A concentrated domestic model helps the group deepen customer relationships and underwriting control.

Disciplined underwriting and pricingShort term

Insurance profitability depends on matching premium levels to claims severity and frequency.

Portfolio and capital managementMedium term

Investment returns and capital adequacy are key to supporting insurance operations and shocks.

Geography

ALM. Brand A/S is primarily a Denmark-based insurer, and the report describes the business as nationally anchored. The company’s operating footprint and claims/service infrastructure are centered in Denmark, which concentrates both underwriting exposure and expense base in one market. The filing also indicates a Danish investment portfolio, so macro conditions in Denmark matter for both insurance demand and asset returns.

Risks

The main business risks are claims volatility, reserve adequacy, and pricing discipline across motor, property, and commercial lines. Because the group is concentrated in Denmark, its results are exposed to local competitive conditions, weather events, inflation in repair costs, and changes in regulation or customer behavior. The report also highlights goodwill impairment testing and portfolio exposures as important financial risks for a consolidated insurance group.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Claims volatility1Claims reserve estimation2Goodwill impairment3Domestic market concentration4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Claims volatilityImpact: HighLikelihood: High

    Insurance income depends on the timing and size of claims in motor, property, and liability lines.

    Exposure: Underwriting profitability

  2. Claims reserve estimationImpact: HighLikelihood: High

    Future payouts are estimated using actuarial and management judgment, which can be revised later.

    Exposure: Insurance liabilities

  3. Goodwill impairmentImpact: HighLikelihood: Medium

    Acquired insurance portfolios must continue to support expected cash flows to avoid write-downs.

    Exposure: Balance sheet and earnings

  4. Domestic market concentrationImpact: MediumLikelihood: High

    The business is heavily tied to Denmark, limiting geographic diversification.

    Exposure: Revenue base

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Accounting

Judgemental items
Premium recognition

Insurance premiums are earned over coverage periods, so revenue timing does not match cash collection.

Impact: Affects top-line timing and comparability across periods

Claims reserves

The company must estimate future claims payments for reported and incurred-but-not-reported losses.

Impact: Affects insurance liabilities and underwriting profit

Goodwill impairment testing

The report references value-in-use testing for CGUs including Privatsikring, Privat ex. Privatsikring, and Erhverv.

Impact: Can create large non-cash write-downs if assumptions weaken

Fair value of investments

Investment portfolio performance and market movements affect the value of financial assets.

Impact: Impacts earnings, equity, and capital position

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Last updated: 24/10/2026