Alm. Brand earnings from insurance services reached a record DKK 755 million in the third quarter of 2026, as lower weather-related and major claims helped the insurer raise its full-year insurance forecast.

Key Takeaways

  • Insurance revenue rose 1.6% to DKK 3,054 million, supported by growth in Personal Lines.
  • The company raised its 2026 insurance service result guidance by DKK 250 million but lowered its investment result forecast.
  • Alm. Brand plans to reduce its workforce by 85 positions, with approximately DKK 40 million in one-off costs expected in the fourth quarter.

Alm. Brand earnings and claims

The insurance service result increased from DKK 535 million in the comparative quarter. The claims ratio improved to 59.2% from 66.4%, while the combined ratio fell to 75.3% from 82.2%.

Major claims accounted for 2.4% of insurance revenue, down 3.9 percentage points from the third quarter of 2025. Weather-related claims fell to 2.0% of revenue. Both were below the levels normally expected for the quarter.

The run-off result was DKK 124 million, compared with DKK 38 million in the comparative period, primarily reflecting gains related to workers’ compensation and property insurance. CEO Andreas Ruben Madsen cautioned that the company could not expect claims and run-off contributions on the same scale going forward.

Personal Lines revenue grew 4.7%, while Commercial Lines premium income fell 1.8% as the company continued to focus on profitability. Excluding workers’ compensation and industrial customers, Commercial Lines premium growth was 2.7%.

Guidance and workforce changes

Alm. Brand raised its 2026 insurance service result guidance to DKK 1.50 billion–1.60 billion, excluding fourth-quarter run-offs. It attributed the DKK 250 million upgrade to lower weather-related and major claims and to run-off gains.

The company lowered its full-year investment result forecast to around DKK 150 million from DKK 250 million. Its third-quarter investment result was a DKK 76 million loss in a period affected by rising interest rates.

The planned workforce reduction in October comprises 55 redundancies and 30 discontinued positions. The expected DKK 40 million in non-recurring costs will be recognised in the fourth quarter.

Next reporting date

The company’s financial calendar schedules its fourth-quarter 2026 interim report for January 28, 2027.

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