Reported Earnings • Jul 17
Second quarter 2026 earnings released: EPS: kr.0.02 (vs kr.0.23 in 2Q 2025) Second quarter 2026 results: EPS: kr.0.02 (down from kr.0.23 in 2Q 2025). Revenue: kr.3.36b (down 1.0% from 2Q 2025). Net income: kr.32.0m (down 91% from 2Q 2025). Profit margin: 1.0% (down from 9.9% in 2Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 5.6% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Chairman Jais Stampe Valeur was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Apr 09
Alm. Brand A/S Approves Dividend for the Year 2025 The Board of Directors of Alm. Brand A/S at its annual general meeting held on April 9, 2026, approved dividend of DKK 0.66 per share be paid in respect of 2025 for a total dividend payout of DKK 933 million. The remaining profit will be transferred to the company’s distributable reserves. Tillkännagivande • Mar 19
Alm. Brand A/S, Annual General Meeting, Apr 09, 2026 Alm. Brand A/S, Annual General Meeting, Apr 09, 2026, at 15:00 Romance Standard Time. Location: alm. brand, midtermolen 7, 2100 copenhagen o, Denmark Tillkännagivande • Feb 24
Alm. Brand A/S Announces CEO Changes Following the successful completion of the merger of Alm. Brand and Codan, Rasmus Werner Nielsen has chosen to step down as CEO of Alm. Brand A/S. Deputy CEO and CFO Andreas Ruben Madsen is appointed as the new CEO of Alm. Brand Group effective from 1 March. Andreas Ruben Madsen has been employed with the group for ten years, the last six years as CFO and member of the Group Executive Management and, since March 2025, as Deputy CEO. From 1 March 2026, the Group Executive Management will consist of Andreas Ruben Madsen (CEO), Camilla Amstrup (CCO) and Bo Krag Esbensen (COO). Tillkännagivande • Jan 21
Alm. Brand A/S Recommends Ordinary Dividend for the Financial Year 2025 The Board of Directors of Alm. Brand A/S recommended that an ordinary dividend of DKK 0.66 per share be paid in respect of the 2025 financial year, equivalent to DKK 0.9 billion. Tillkännagivande • Mar 20
Jørgen Hesselbjerg Mikkelsen, Chairman of the Board of Directors of Alm. Brand A/S Do Not Stand for Re-Election Jørgen Hesselbjerg Mikkelsen, Chairman of the Board of Directors of Alm. Brand A/S will not be standing for re-election at the upcoming general meeting. Tillkännagivande • Mar 06
Alm. Brand A/S (CPSE:ALMB) announces an Equity Buyback for 110,000,000 shares, representing 7.1% for DKK 835.2 million. Alm. Brand A/S (CPSE:ALMB) announces a share repurchase program. Under the program, the company will repurchase up to 110,000,000 shares, representing 7.1% of its issued share capital, for DKK 835.2 million. The shares may in no event be bought at a price deviating by more than 10% from the most recently quoted market price of the shares at the time of purchase and not at a price higher than the price of the last independent trade or higher than the current highest independent bid on the trading venue on which the purchase is carried out. The purpose of the share buyback is to distribute earnings to shareholders and meet obligations relating to the Group’s employee share programs. At a General Meeting of Alm. Brand A/S, a resolution will be proposed that any shares not used for the employee programs will be cancelled. The program will be completed by March 30, 2026. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: kr.0.20 (vs kr.0.091 in 3Q 2023) Third quarter 2024 results: EPS: kr.0.20 (up from kr.0.091 in 3Q 2023). Revenue: kr.3.42b (down 10% from 3Q 2023). Net income: kr.270.0m (up 92% from 3Q 2023). Profit margin: 7.9% (up from 3.7% in 3Q 2023). Revenue is expected to decline by 6.6% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Tillkännagivande • Sep 13
Alm. Brand A/S, Annual General Meeting, Apr 10, 2025 Alm. Brand A/S, Annual General Meeting, Apr 10, 2025. Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: kr.0.077 (vs kr.0.12 in 2Q 2023) Second quarter 2024 results: EPS: kr.0.077 (down from kr.0.12 in 2Q 2023). Revenue: kr.3.30b (down 1.0% from 2Q 2023). Net income: kr.117.0m (down 37% from 2Q 2023). Profit margin: 3.6% (down from 5.6% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Tillkännagivande • Aug 15
Alm. Brand A/S (CPSE:ALMB) announces an Equity Buyback for 151,000,000 shares, representing 9.99% for DKK 150 million. Alm. Brand A/S (CPSE:ALMB) announces a share repurchase program. Under the program, the company will repurchase up to 151,000,000 shares, representing 9.9% of its issued share capital, for DKK 150 million. The shares may in no event be bought at a price deviating by more than 10% from the most recently quoted market price of the shares at the time of purchase and not at a price higher than the price of the last independent trade or higher than the current highest independent bid on the trading venue on which the purchase is carried out. The purpose of the share buyback is to distribute earnings to shareholders and meet obligations relating to the Group’s employee share programs. At a General Meeting of Alm. Brand A/S, a resolution will be proposed that any shares not used for the employee programs will be cancelled. The program will be completed by December 31, 2024. Tillkännagivande • Jul 01
Alm. Brand A/S Provides Earnings Guidance for the Year 2024 Alm. Brand A/S provided earnings guidance for the year 2024. For the year, company expects to continuing operations before special items for 2024 is unchanged at DKK 1.43 billion - 1.63 billion when adjusting for the Energy & Marine business, which previously accounted for DKK 200 million of continuing operations. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: kr.0.10 (vs kr.0.058 in 1Q 2023) First quarter 2024 results: EPS: kr.0.10 (up from kr.0.058 in 1Q 2023). Revenue: kr.4.00b (up 4.7% from 1Q 2023). Net income: kr.202.0m (up 127% from 1Q 2023). Profit margin: 5.0% (up from 2.3% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Tillkännagivande • Apr 19
Alm. Brand A/S Approves Dividend for the Year 2023 Alm. Brand A/S announced that at its AGM held on April 18, 202 dividend of DKK 0.55 per share be paid in respect of 2023 for a total dividend payout of DKK 848 million. Upcoming Dividend • Apr 12
Upcoming dividend of kr.0.55 per share Eligible shareholders must have bought the stock before 19 April 2024. Payment date: 23 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (4.4%). New Risk • Mar 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 144% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Declared Dividend • Mar 07
Dividend of kr.0.55 announced Shareholders will receive a dividend of kr.0.55. Ex-date: 19th April 2024 Payment date: 23rd April 2024 Dividend yield will be 33%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (144% earnings payout ratio) nor is it covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 1.1% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 60% to bring the payout ratio under control. EPS is expected to grow by 33% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Feb 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: kr.0.40 (vs kr.0.025 loss in FY 2022) Full year 2023 results: EPS: kr.0.40 (up from kr.0.025 loss in FY 2022). Revenue: kr.15.2b (up 73% from FY 2022). Net income: kr.612.0m (up kr.650.0m from FY 2022). Profit margin: 4.0% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Tillkännagivande • Feb 08
Alm. Brand A/S Recommends Dividend for the Year 2023 The Board of Directors of Alm. Brand A/S recommended that a dividend of DKK 0.55 per share be paid in respect of 2023 in continuation of the general meeting scheduled to be held in April 2024 and that the current share buyback programme be increased by DKK 100 million to DKK 300 million. Tillkännagivande • Jan 31
Alm. Brand A/S Announces Resignation of Jørn Pedersen as Member of the Board of Directors, Effective February 1, 2024 Jørn Pedersen has announced his decision to resign as a member of the Board of Directors of Alm. Brand A/S effective from 1 February 2024. He will concurrently resign from all his other directorships in Alm. Brand Group and as a member of the Board of Representatives and board member of Alm. Brand af 1792 fmba. Jørn Pedersen’s resignation is based on his desire to devote his time to other tasks, making it difficult to find the time to discharge the directorships held with the group companies and the Board of Representatives. Jørn Pedersen’s seat on the Boards of Directors and the Board of Representatives will not be filled ahead of the respective annual general meetings to be held in the spring of 2024. Tillkännagivande • Jan 23
Alm. Brand A/S Provides Earnings Guidance for the Year 2024 Alm. Brand A/S provided earnings guidance for the year 2024. For the year, company expects to continue the positive performance in 2024 and is expected to realize an insurance service result of DKK 1.40 billion- DKK 1.60 billion excluding run-off gains and losses. The profit guidance includes total synergies of DKK 450 million. New Risk • Nov 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Tillkännagivande • Nov 10
Alm. Brand Provides Consolidated Earnings Guidance for the Full Year 2023 Alm. Brand provides consolidated earnings guidance for the full year 2023. The company expects to report a consolidated pre-tax profit of DKK 1,525-1,625 million excluding special costs. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: kr.0.10 (vs kr.0.076 in 3Q 2022) Third quarter 2023 results: EPS: kr.0.10 (up from kr.0.076 in 3Q 2022). Revenue: kr.3.82b (up 18% from 3Q 2022). Net income: kr.148.0m (up 27% from 3Q 2022). Profit margin: 3.9% (up from 3.6% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: kr.0.20 (vs kr.0.097 loss in 2Q 2022) Second quarter 2023 results: EPS: kr.0.20 (up from kr.0.097 loss in 2Q 2022). Revenue: kr.3.65b (up 41% from 2Q 2022). Net income: kr.250.0m (up kr.400.0m from 2Q 2022). Profit margin: 6.8% (up from net loss in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. New Risk • Aug 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (190% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Buying Opportunity • Jul 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €1.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 65%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 367% in the next 2 years. Tillkännagivande • Jul 06
Alm. Brand Group Upgrades Guidance for the Full-Year 2023 Alm. Brand Group upgrades its guidance for the full-year profit and narrows the guidance range to an insurance service result of DKK 1.35-1.45 billion excluding run-off gains and losses for H2 2023, against the previous guidance range of DKK 1.2-1.4 billion. The guidance for the full-year profit excluding special costs to DKK 1,525-1,625 million before tax from the previous guidance range of DKK 1,375-1,575 before tax. Buying Opportunity • Jul 01
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €1.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 65%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 372% in the next 2 years. Buying Opportunity • Jun 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €1.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 65%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 372% in the next 2 years. Buying Opportunity • May 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €1.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 65%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 372% in the next 2 years. Upcoming Dividend • Apr 20
Upcoming dividend of kr.0.30 per share at 2.3% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 01 May 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.4%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: kr.0.076 (vs kr.0.66 in 3Q 2021) Third quarter 2022 results: EPS: kr.0.076. Revenue: kr.2.79b (up 106% from 3Q 2021). Net income: kr.117.0m (up 16% from 3Q 2021). Profit margin: 4.2% (down from 7.4% in 3Q 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Insurance industry in Germany. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 12 non-independent directors. Employee Representative Director Henriette Pedersen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr.3.24b (up 131% from 3Q 2021). Net income: kr.119.0m (up 18% from 3Q 2021). Profit margin: 3.7% (down from 7.2% in 3Q 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Insurance industry in Germany. Tillkännagivande • Nov 11
Alm. Brand A/S Provides Earnings Guidance for 2022 Alm. Brand Group’s profit for 2022 will be the sum of the profit generated by Alm. Brand Forsikring and other activities for the full financial year and the profit generated by Codan for the period from 1 May 2022 to 31 December 2022, including realised synergies. Alm. Brand Group’s profit guidance was most recently updated in connection with the release of company announcement no. 19/2022 of 13 October 2022. Alm. Brand Group thus expects to report a consolidated profit on continuing activities of DKK 600 million - DKK 650 million before special costs. In mid-October, Alm. Brand Group lifted its profit guidance, thus maintaining the guidance for the technical result at DKK 1,050-1,100 million excluding run-off gains and losses in the final quarter of the year. Reported Earnings • Aug 20
Second quarter 2022 earnings released: kr.0.097 loss per share (vs kr.1.08 profit in 2Q 2021) Second quarter 2022 results: kr.0.097 loss per share (down from kr.1.08 profit in 2Q 2021). Revenue: kr.2.31b (up 70% from 2Q 2021). Net loss: kr.150.0m (down 190% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 61%, compared to a 27% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 13
First quarter 2022 earnings released: kr.0.086 loss per share (vs kr.0.68 profit in 1Q 2021) First quarter 2022 results: kr.0.086 loss per share (down from kr.0.68 profit in 1Q 2021). Revenue: kr.1.26b (down 34% from 1Q 2021). Net loss: kr.164.0m (down 258% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 78%, compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Director Tina Madsen was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 21
Upcoming dividend of kr.0.30 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 02 May 2022. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 18%. Within top quartile of German dividend payers (3.9%). Higher than average of industry peers (4.5%). Tillkännagivande • Mar 28
Alm. Brand A/S Appoints Anne Mette Toftegaard as Deputy CEO and on the Management Board Anne Mette Toftegaard has been appointed new Deputy CEO of Alm. Brand, also joining CEO Rasmus Werner Nielsen on the Management Board. Anne Mette Toftegaard joins Alm. Brand after for the past eight years having held the position of CEO of LB Forsikring, where she has been employed since 2000. In addition to this position, Anne Mette Toftegaard has been a member of the Board of Directors of the Danish Insurance Association (Forsikring & Pension) since 2013, holding the office of deputy chair since 2019. Anne Mette is a law graduate and an attorney-at-law. The new Deputy CEO is looking forward to helping shape the future Alm. Brand Group. Anne Mette Toftegaard will take up the position with Alm. Brand on 1 October 2022. Reported Earnings • Feb 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr.2.00 (down from kr.4.33 in FY 2020). Revenue: kr.5.23b (down 34% from FY 2020). Net income: kr.506.0m (down 24% from FY 2020). Profit margin: 9.7% (up from 8.5% in FY 2020). The increase in margin was driven by lower expenses. Combined ratio: 85.1% (no change from 85.1% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 78%, compared to a 15% growth forecast for the insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 10
Alm. Brand A/S Recommends Ordinary Dividend The Board of Directors of Alm. Brand A/S recommends that an ordinary dividend of DKK 0.30 per share be paid in respect of the 2021 financial year, corresponding to a payout ratio of 77% of the ordinary profit on continuing activities after tax. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorated over the past week After last week's 75% share price decline to €1.65, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Insurance industry in Germany. Total returns to shareholders of 20% over the past three years. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr.0.53 (vs kr.1.53 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr.1.40b (down 29% from 3Q 2020). Net income: kr.101.0m (down 57% from 3Q 2020). Profit margin: 7.2% (down from 12% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS kr.1.20 (vs kr.1.64 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr.1.70b (down 4.6% from 2Q 2020). Net income: kr.185.0m (down 27% from 2Q 2020). Profit margin: 11% (down from 14% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Executive Departure • Jul 15
Director Flemming Jørgensen has left the company On the 12th of July, Flemming Jørgensen's tenure as Director ended after 3.2 years in the role. We don't have any record of a personal shareholding under Flemming's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.08 years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 21% share price decline to kr.6.66, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Insurance industry in Germany. Total returns to shareholders of 7.3% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €9.61 per share. Tillkännagivande • Jun 12
Alm. Brand A/S Raises Earnings Guidance for the Full Year 2021 Alm. Brand A/S raised earnings guidance for the full year 2021. As a result of a highly satisfactory and better-than-expected performance in the past few months, Alm. Brand upgrades its profit guidance for 2021 to DKK 700 million to DKK 750 million from the previous guidance of a profit of DKK 650 million to DKK 700 million. Reported Earnings • May 07
First quarter 2021 earnings released: EPS kr.0.70 (vs kr.0.16 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr.1.92b (down 7.9% from 1Q 2020). Net income: kr.104.0m (up 316% from 1Q 2020). Profit margin: 5.4% (up from 1.2% in 1Q 2020). The increase in margin was driven by lower expenses. Tillkännagivande • May 06
Alm. Brand A/S Provides Earnings Guidance for the Full Year 2021 Alm. Brand A/S provided earnings guidance for the full year 2021. Alm. Brand A/S full-year profit guidance is upgraded by DKK 50 million to DKK 650-700 million before tax and excluding run-off gains and losses for the next nine months, against the previously guided range of DKK 600-650 million. Non-life Insurance is now expected to post a pre-tax profit of DKK 625 million, against the previous guidance of a pre-tax profit of DKK 575 million. The upgrade is the result of a positive trend in the underlying insurance business in First Quarter 2021, including fewer weather-related claims than expected and a positive investment result for the quarter. The guidance for premium growth is maintained at more than 3% for 2021, and the expense ratio for the full year is also expected to be in line with the previously guided range of 17-17.5. Tillkännagivande • Apr 27
Alm. Brand A/S Approves Dividend for 2020 Alm. Brand A/S at the annual general meeting held on April 26, 2021 approved the Board of Directors that the profit for
the year of DKK 616 million be appropriated to the effect that dividends of DKK 4.00 per share be paid. The
shareholders also adopted the resolution proposed by the Board of Directors that a dividend of DKK 3.00 per
share for the 2019 financial year be paid, resulting in a total dividend payout of DKK 7.00 per share. Upcoming Dividend • Apr 20
Upcoming dividend of kr.7.00 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 29 April 2021. Trailing yield: 5.2%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (4.0%). Reported Earnings • Feb 12
Full year 2020 earnings released: EPS kr.4.33 (vs kr.2.90 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: kr.7.35b (down 22% from FY 2019). Net income: kr.666.0m (up 47% from FY 2019). Profit margin: 9.1% (up from 4.8% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Jan 29
New 90-day low: €8.89 The company is down 9.0% from its price of €9.76 on 30 October 2020. The German market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.74 per share. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS kr.1.50 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: kr.2.00b (down 3.1% from 3Q 2019). Net income: kr.235.0m (up 88% from 3Q 2019). Profit margin: 12% (up from 6.1% in 3Q 2019). The increase in margin was driven by lower expenses. Tillkännagivande • Nov 07
Alm. Brand A/S Announces Board Changes As a consequence of the sale of Alm. Brand Bank A/S to Sydbank A/S as announced in company announcement no. 40/2020, employee-elected board member Susanne Larsen resigned from the Board of Directors of Alm. Brand A/S effective from 3 November 2020. Susanne Larsen was elected to the board as an employee representative of the group's bank employees. Employee representative Helle Låsby Frederiksen has also resigned from the company's Board of Directors and was replaced by personal alternate Lotte Kathrine Sørensen effective from 9 October 2020. Tillkännagivande • Oct 02
Sydbank A/S (CPSE:SYDB) agreed to acquire Alm. Brand A/S (CPSE:ALMB) for DKK 1.8 billion. Sydbank A/S (CPSE:SYDB) agreed to acquire Alm. Brand A/S (CPSE:ALMB) for DKK1.8 billion on October 1, 2020. Under the terms of the transaction, consideration is involving the payment of the value of the equity at the date of acquisition deducting intellectual property rights and adding DKK 25 million. The cash purchase price cannot be finally calculated until the date of acquisition. The provisionally calculated purchase price totals DKK 1.833 billion, equal to 95% of book equity. The acquisition includes approx 55,000 NemKonto (Easy Account) customers, bank loans and advances totaling DKK 4.8 billion and arranged Totalkredit mortgage loans representing DKK 16.9 billion and it will make Sydbank the largest distributor of Totalkredit mortgage loans. Brand Bank and consequently take over all the bank’s employees and the bank’s customers. Transaction is subject to approval of Danish Financial Supervisory Authority and Danish Competition and Consumer Authority. Transaction is expected to close on November 30, 2020. Is New 90 Day High Low • Sep 29
New 90-day high: €9.40 The company is up 14% from its price of €8.21 on 01 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.82 per share. Tillkännagivande • Sep 26
Alm. Brand Appoints Mikael Hvolgaard as Permanent Executive Vice President, Private Alm. Brand announced that Mikael Toke Hvolgaard has been appointed permanent Executive Vice President, Private of the company. In this position, he will come to play an important role in developing top-of-the-line solutions for the company’s customers and achieving the company’s ambitious growth targets. Mikael Hvolgaard has held the office of interim Executive Vice President of Private lines for the past few months and has many years’ experience in portfolio management and pricing in the financial sector. In the new position, he will play a key role in developing new offers for the customers and catering to the constantly evolving demands for interaction with Alm. Brand as their bank, insurance or pension provider. Prior to being appointed interim Executive Vice President, Private, Mikael Hvolgaard was Head of Products, Pricing and Portfolio reporting to the former Executive Vice President of Private lines. He joined Alm. Brand from Codan, where he had worked three years as head of underwriting, and before that he was head of portfolio management of Tryg’s Danish private line business. 
