Interim report
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FINANCIAL STATEMENTS – NOTES 1 ALM. BRAND GROUP – Q2 2025 Alm. Brand A/S | Midtermolen 7 | DK-2100 Copenhagen Ø CVR no. 77 33 35 17 Interim report Q2 ALM. BRAND GROUP 2025
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2 ALM. BRAND GROUP – Q2 2025CONTENTS Contents Management’s review Interim financial statements 1203 27 Company information 12 Income statement 13 Statement of comprehensive income 14 Balance sheet 16 Statement of changes in equity 17 Cash flow statement 18 Segment reporting 20 Notes 03 Financial highlights and key ratios 04 Alm. Brand Group 07 Insurance service result Statement by the Board of Directors and the Executive Management 11
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3 ALM. BRAND GROUP – Q2 2025FINANCIAL HIGHLIGHTS AND KEY RATIOS – NON-LIFE INSURANCE DKKm Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Insurance revenue 2,950 2,725 5,808 5,442 11,083 Claims expenses -2,199 -1,857 -4,060 -3,571 -7,138 Insurance operating expenses -492 -490 -1,024 -1,039 -2,030 Profit/loss on reinsurance 261 -66 133 -229 -472 Insurance service result 520 312 857 603 1,443 Investment return 102 65 198 232 439 Other income and expenses -26 -50 -72 -78 -135 Profit/loss before tax excluding special costs, continuing activities 596 327 983 757 1,747 Special costs -139 -142 -290 -289 -614 Profit/loss before tax, continuing activities 457 185 693 468 1,133 Tax, continuing activities -115 -61 -185 -145 -335 Profit/loss after tax, continuing activities 342 124 508 323 798 Profit/loss after tax, discontinued activities 0 -89 181 -86 -21 Profit after tax 342 35 689 237 777 Run-off gains/losses, net of reinsurance 56 90 90 88 157 Gross claims ratio 74.5 68.1 69.9 65.6 64.4 Net reinsurance ratio -8.9 2.4 -2.2 4.2 4.3 Claims experience 65.6 70.5 67.7 69.8 68.7 Gross expense ratio 16.7 18.0 17.6 19.1 18.3 Combined ratio 82.3 88.5 85.3 88.9 87.0 Combined ratio excluding run-off result 84.2 91.8 86.8 90.5 88.4 Combined ratio 83.6 88.8 86.0 89.2 87.2 DKKm Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Technical provisions 17,269 15,924 17,269 15,924 15,410 Insurance assets 624 230 624 230 296 Consolidated shareholders’ equity 12,056 13,029 12,056 13,029 13,403 Total assets 33,692 36,685 33,692 36,685 35,435 Return on equity before tax, con- tinuing activities (% p.a.) *) 19.8 10.2 11.1 7.1 8.6 Return on equity before tax (% p.a.) **) 19.8 6.5 22.2 9.7 13.1 Return on equity after tax (% p.a. ) **) 14.9 4.5 14.6 6.9 9.6 Earnings per share 0.2 0.0 0.5 0.2 0.5 Diluted earnings per share 0.2 0.0 0.5 0.2 0.5 Net asset value per share 8.7 8.8 8.7 8.8 9.2 Share price, end of period 16.9 13.8 16.9 13.8 14.0 Price/NAV 1.95 1.56 1.95 1.56 1.53 Average no. of shares (in millions) 1,437 1,520 1,461 1,527 1,520 Average no. of shares, diluted (in millions) 1,441 1,525 1,470 1,529 1,520 No. of shares, end of period, diluted (in millions) 1,434 1,519 1,434 1,519 1,504 No. of shares bought back (in thousands) 14,010 11,853 7,834 21,855 33,330 Avg. price of shares bought back 15.7 12.8 15.9 12.7 12.8 Dividend per share - - - - 0.60 Payout ratio (%) - - - - 96 INCOME STATEMENT BALANCE SHEET FINANCIAL RATIOS Alm. Brand Group *) The calculation of return on equity is based on the profit before tax on continuing activities. In addition, adjustments for special costs have been made. **) The return on equity is calculated for the group’s consolidated profit adjusted for special costs.
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4 ALM. BRAND GROUP – Q2 2025ALM. BRAND GROUP Alm. Brand Group The transfer of Alm. Brand’s Energy & Marine business to Norwegian insurer Gard was completed on 3 March 2025. This report thus primarily covers the continuing activities, while the Energy & Marine operations are recognised in prof- it/loss on discontinuing activities after tax. Q2 PERFORMANCE The insurance service result for Q2 2025 was a profit of DKK 520 million, against DKK 312 million in the year-earlier peri- od, primarily driven by growth in Commercial Lines. Insurance revenue rose by 8.3% to DKK 2,950 million in Q2 2025, from DKK 2,725 million in Q2 2024, driven in particular by highly satisfactory premium growth of 11.0% in Personal Lines. The insurance service result was affected by a declining claims experience and an improved expense ratio compared with Q2 2024. Claims expenses for weather-related claims increased to 1.4% in Q2 2025, from 0.9% in the same period of last year. Major claims expenses came to 5.3%, against 8.8% in Q2 2024. The level of major claims expenses in Q2 2025 was below the level normally expected for such claims. The undiscounted underlying claims experience improved strongly by 5.2 percentage points in Q2 2025, especially driven by growth in Commercial Lines. The development reflected primarily the effect of premium adjustments and synergies. The overall trend for motor-related claims has been characterised by an increasing frequency since 2023. However, this trend stabilised in Q1 2025, with a downward trend in claims frequency being reported for Q2 2025. As repair costs increased at the same time, the overall devel- opment in claims was stable. In Q2 2025, the expense ratio improved by a satisfactory 1.3 percentage points to 16.7 from 18.0 in the year-earlier period. Operating expenses developed as planned for the current strategy period, reflecting the group’s targeted cost- out efforts, including the realisation of synergies. The financial markets developed favourably in Q2 2025 as compared with Q2 2024. The investment result for Alm. Brand Group was DKK 102 million in Q2 2025, up from DKK 65 million in Q2 2024. The financial markets were gener- ally characterised by positive sentiment after a period of substantial uncertainty. In particular, the portfolio of bonds and shares contributed favourably to the Q2 investment return. The group has a well-diversified, low-risk investment portfolio. Other income and expenses came to a net loss of DKK 26 million in Q2 2025, against a loss of DKK 50 million in Q2 2024, when a negative value adjustment on a sector-related equity investment caused a particularly high loss. In Q2 2025, other income and expenses were composed of DKK 12 million in training and development expenses and a total of DKK 14 million in group expenses and return on the remain- ing mortgage deed and debt collection portfolio. The Q2 2025 result includes special costs of DKK 139 million, of which DKK 45 million related to the integration of Codan and realisation of synergies, and DKK 10 million related to separation of divested business. In addition, the item includes DKK 84 million related to amortisation of intangi- ble assets. In Q2 2024, special costs amounted to DKK 142 million. Alm. Brand Group thus generated a consolidated pre-tax profit of DKK 457 million in Q2 2025, against DKK 185 million in Q2 2024. H1 PERFORMANCE Alm. Brand Group reported an insurance service result of DKK 857 million in H1 2025, against DKK 603 million in the year-earlier period, supported by growth in Personal Lines in Q1 2025 and strong growth in Commercial Lines in Q2 2025. Insurance revenue increased to DKK 5,808 million in H1 2025, from DKK 5,442 million in H1 2024, marking a highly satisfactory growth rate of 6.7%, driven in particular by very satisfactory premium growth in Personal Lines in Q2. The H1 insurance service result reflects a general claims experience that was driven by a lower level of weather-re- lated claims in Q1 2025 and a lower level of major claims in Q2 2025. The undiscounted underlying claims experience was 63.8 in H1 2025, down by 2.9 percentage points from 66.7 in H1 2024. This decline should be seen against the backdrop of a decrease in motor-related claims in 2025, whereas repair costs continued to show a rising trend. The development was driven by a range of premium adjust- ments, profitability-enhancing measures, synergy effects and other factors. The expense ratio was 17.6 in H1 2025, against 19.1 in the year-earlier period, developing as planned for the current strategy period. Satisfactory Q2 performance driven by favourable developments both in Personal Lines and Commercial Lines
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5 ALM. BRAND GROUP – Q2 2025ALM. BRAND GROUP The investment result was a profit of DKK 198 million in H1 2025, against a profit of DKK 232 million in the year-earlier period. The 2025 result was achieved on the basis of a first- half reporting period characterised by several major events and geopolitical turmoil affecting the financial markets. Overall, the investment result was highly satisfactory in H1 2025. Other income and expenses came to a net loss of DKK 72 million, composed of DKK 25 million in training and devel- opment expenses and a total of DKK 27 million in group expenses and return on the remaining mortgage deed and debt collection portfolio. In addition, other income and expenses included employee termination benefits of DKK 20 million related to the simplification and alignment of the Group Executive Management. Alm. Brand Group thus generated a pre-tax profit of DKK 983 million excluding special costs for the continuing activi- ties in H1 2025, against DKK 757 million in H1 2024. The H1 2025 result includes special costs of DKK 290 million, of which DKK 93 million related to the integration of Codan and realisation of synergies, and DKK 15 million related to separation of divested business. In addition, special costs include DKK 167 million related to amortisation of intangible assets and DKK 15 million related to a sector bankruptcy due to an increase in expected total expenses. Alm. Brand Group thus generated a consolidated pre-tax profit of DKK 693 million for the continuing activities in H1 2025, against DKK 468 million in H1 2024. Discontinuing activities generated profit after tax of DKK 181 million in H1 2025 after the divestment of the Energy & Marine business. By comparison, discontinuing activities generated a loss of DKK 86 million in H1 2024, mainly due to a negative run-off result in Q2 2024. CAPITALISATION The solvency capital requirement for the group was DKK 2,738 million at 30 June 2025, calculated using a combina- tion of a partial internal model and the standardised model, against DKK 2,724 million at 31 March 2025. The total capital for coverage of the solvency capital re- quirement increased to DKK 5,308 million, primarily covering a positive effect from the Q2 performance. Accordingly, the excess cover relative to the capital re- quirement was DKK 2,570 million. The group’s total capital is assessed to be sufficiently robust to manage the risks associated with its activities. At 30 June 2025, Alm. Brand Group thus had an SCR ratio of 194%. Alm. Brand Group aims to have an SCR ratio of at least 170% going forward and will, with due consideration to this target, be able to distribute a high proportion of future earnings to its shareholders. As a result, Alm. Brand Group has specified a payout ratio of at least 80% in its distri- bution policy and expects the distribution in the coming years to be a combination of dividend payments and share buybacks. SYNERGIES Initiatives to realise synergies in a total amount of DKK 600 million by the end of 2025 are progressing satisfactorily and according to plan. For the quarter, the synergies are calcu- lated to have had a positive accounting effect of DKK 151 million. As in the preceding quarters, focus was on measures that will lead to efficiency enhancements of procurement and claims processing, but also on realising identified IT syner- gies and reducing administrative expenses. By preparing and implementing these and other measures, we have created a foundation that makes Alm. Brand Group continue to expect to realise synergies in an amount of DKK 600 million in 2025. Capitalisation DKKm Q2 2025 Q1 2025 Total capital for the group 5,308 4,901 Solvency capital requirement for the group 2,738 2,724 Solvency capital requirement excess 2,570 2,177 Total capital as a percentage of solvency capital requirement 194 180
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6 ALM. BRAND GROUP – Q2 2025ALM. BRAND GROUP OUTLOOK FOR 2025 Alm. Brand Group lifts its guidance for the insurance service result excluding run-off result for the second half of 2025 by DKK 50 million to DKK 1.6-1.8 billion. This guidance includes synergies in an amount of DKK 600 million. The expected increase relative to the result realised in 2024 is driven by improved profitability both in Personal Lines and Commer- cial Lines due to the implementation of profitability- enhancing measures. The guidance for an expense ratio of about 17% is un- changed, while the combined ratio excluding run-offs is now expected to be about 84.5-86.5, against the previously guided range of 85-87. The 2025 target of generating an insurance service result including run-offs of DKK 1,850 million and a combined ratio of 84.5% is unchanged. MAJOR EVENTS Application for new partial internal model On 7 May 2025, the Board of Directors of Alm. Brand A/S approved a supplement to the application submitted to the Danish FSA for an expansion of the partial internal model. A potential approval from the Danish FSA is expected to lead to a reduction of the capital requirement of Alm. Brand A/S by about DKK 0.5 billion. The application process was initiat- ed in December 2024 and is expected to be concluded in the third quarter of 2025. The investment result is expected to be about DKK 250 million, against previously DKK 200 million, based on the current estimated structural returns on the portfolio not allocated to hedging of provisions. Other activities are ex- pected to record a loss of about DKK 125 million. For 2025, Alm. Brand Group thus expects to report a con- solidated pre-tax profit of DKK 1.73-1.93 billion excluding special costs. Alm. Brand Group expects to incur special costs of about DKK 175 million to finalise the programme for the integration of Codan and separate divested business. In addition, amor- tisation charges on intangible assets in an amount of close to DKK 335 million will be recognised.
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7 ALM. BRAND GROUP – Q2 2025NON-LIFE INSURANCE INSURANCE SERVICE RESULT Q2 PERFORMANCE Alm. Brand Group reported an insurance service result for continuing activities of DKK 520 million in Q2 2025, against DKK 312 million in the year-earlier period, reflecting high- ly satisfactory growth in insurance revenue, an improved claims experience and an expense ratio that improved in line with the planned trajectory. The combined ratio was 82.3 in Q2 2025, against 88.5 in Q2 2024, driven by a lower level of major claims, seasonally mild weather conditions and a slightly lower level of run-off gains compared with last year. The undiscounted underlying claims experience developed highly satisfactorily, declining by 5.2 percentage points relative to Q2 2024. Expenses for weather-related claims were 0.5 of a percentage point higher in a quarter character- ised by seasonally mild weather conditions, and the run-off result declined by 1.4 percentage points. Expenses for major claims fell by 3.5 percentage points relative to Q2 2024 and came out below the level normally expected for major claims. Insurance revenue Insurance revenue in Alm. Brand Group grew by 8.3% from DKK 2,725 million in Q2 2024 to DKK 2,950 million in Q2 2025, driven in particular by Personal Lines, which recorded highly satisfactory premium growth of 11.0% in a quarter that saw year-on-year growth of 5.3% in Commercial Lines. The favourable trend in insurance revenue for Personal Lines was mainly driven by a strong inflow of new customers as welle as premium adjustments and retention, especially owing to bank partnerships. Likewise, growth in Commercial Lines was driven by premium adjustments, but also by higher pre- mium income from workers’ compensation insurance as a result of new legislation on higher coverage for these claims. Claims experience The claims experience totalled 65.6 in Q2 2025, against 70.5 in the same period of last year, consisting of a significantly higher claims ratio and reinsurance ratio. The gross claims ratio was affected by a 2012 claim regarding legal proceed- ings in Mexico related to insurance of the construction of a windfarm, which was originally written as part of the divested Energy & Marine business. The claim was adjusted upwards by close to DKK 400 million in Q2 2025, which had a negative effect on the gross claims ratio. However, the claims expense is covered by reinsurance contracts and thus also has a positive effect on the reinsurance ratio. Finally, the claim had a negative effect in the form of a reinstate- ment premium for reinsurance of DKK 27 million. Alm. Brand Group has no other pending lawsuits involving the Energy & Marine business, where the risk has not been transferred to Gard Marine & Energy Insurance (Europe) AS. The claim was also mentioned in the interim report for Q4 2024 and in the annual report for 2024. Underlying business The undiscounted underlying claims experience was 62.2 in Q2 2025, against 67.4 in the year-earlier period, for a decline of 5.2 percentage points. The strong development was driv- en in particular by Commercial Lines and reflects the effect of profitability-enhancing measures and synergy gains. Premium adjustments, a more favourable claims experience for a few lines and synergy gains were the key drivers of the development in the underlying claims experience in Personal Lines. The favourable developments in Commercial Lines were also attributable to premium adjustments and synergy gains, but should also be seen against the backdrop of an unfavourable year-earlier period. Weather-related claims The Q2 2025 period was characterised by a seasonally low level of weather-related claims, with claims expenses net of reinsurance amounting to DKK 41 million, against DKK 26 million in Q2 2024. Expenses for weather-related claims thus affected the combined ratio by 1.4 percentage points, against 0.9 of a percentage point in Q2 2024. Major claims Net of reinsurance, major claims expenses fell to DKK 154 million from DKK 239 million in Q2 2024, equivalent to an effect of 5.3 percentage points on the combined ratio, against 8.8 percentage points in Q2 2024. In Q2 2025, ex- penses were mainly driven by a few building-related claims in Commercial Lines. The level of major claims was below the level normally expected for such claims. Run-off result The run-off result net of reinsurance was a gain of DKK 56 million in Q2 2025, with run-off gains amounting to 1.9 per- centage points in total, and thus came out at the expected normal level. Claims experience Q2 2025 Q2 2024 Change Claims experience 65.6 70.5 -4.9 Run-off gains/losses, net of reinsurance 1.9 3.3 -1.4 Weather-related claims, net of reinsurance -1.4 -0.9 -0.5 Major claims, net of reinsurance -5.3 -8.8 -3.5 Change in risk adjustment 0.1 0.1 0.0 Reinstatement premium -0.9 0.0 -0.9 Underlying claims experience, net of reinsurance 60.0 64.2 -4.2 Discounting 2.2 3.2 -1.0 Undiscounted underlying claims experience, net of reinsurance 62.2 67.4 -5.2
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8 ALM. BRAND GROUP – Q2 2025NON-LIFE INSURANCE Costs Insurance operating expenses totalled DKK 492 million in Q2 2025, bringing the expense ratio to 16.7, against 18.0 in Q2 2024. Since the merger of Alm. Brand and Codan, structured efforts have been made to reduce the cost level and create a more efficient organisation. Costs developed in line with the planned trajectory, reflecting the group’s objective of lowering the cost level. PERSONAL LINES The insurance service result for Personal Lines was a profit of DKK 286 million in Q2 2025, against DKK 276 million in Q2 2024. The combined ratio was up to 81.6 in Q2 2025 from 80.2 in Q2 2024. The result reflects the strong growth in insurance revenue, but also higher expenses for weather- related claims and major claims and a lower run-off result than in Q2 2024. Insurance revenue from Personal Lines rose to DKK 1,551 million in Q2 2025, from DKK 1,397 million in Q2 2024, for a highly satisfactory growth rate of 11.0%, driven by significant organic growth supported, among other things, by a strong inflow of new customers and retention owing to bank part- nerships and premium increases. The underlying claims ratio was 62.6, dropping by 2.6 percentage points relative to the year-earlier period, and reflecting the effect of the profitability-enhancing measures implemented, synergy gains and a favourable claims experi- ence for a few lines. The sum of claims expenses and the reinsurance result was an expense of DKK 1,001 million in total, corresponding to a claims experience of 64.6, against 61.4 in the year-earlier period. The claims experience was thus up by 3.2 percentage points, driven by a higher level of expenses for weather-re- lated claims and major claims and a lower run-off result. Net of reinsurance, weather-related claims expenses came to DKK 22 million in Q2 2025 in a quarter characterised by seasonally mild weather conditions, equivalent to an effect of 1.4 percentage points on the combined ratio. Net of reinsurance, major claims expenses were slightly higher year on year at DKK 33 million in Q2 2025, equivalent to an effect of 2.1 percentage points on the combined ratio, against 1.3 percentage points in Q2 2024. Insurance operating expenses amounted to DKK 264 mil- lion in Q2 2025, against DKK 263 million in Q2 2024, which improved the expense ratio by 1.8 percentage points to 17.0 from 18.8 in Q2 2024, supported by the group’s targeted cost-out efforts. The run-off result net of reinsurance amounted to a gain of DKK 25 million, or 1.6 percentage points, against 5.3 percent- age points in Q2 2024. The run-off result for Q2 2025 was at a normal level, but was significantly below the level realised in Q2 2024, which saw high run-off gains related to personal accident claims. DKKm Q2 2025 Q2 2024 Change Insurance revenue 1,551 1,397 154 Claims expenses -973 -832 -141 Insurance operating expenses -264 -263 -1 Profit/loss on reinsurance -28 -26 -2 Insurance service result 286 276 10 Run-off gains/losses, net of reinsurance 25 74 -49 Gross claims ratio 62.7 59.5 3.2 Net reinsurance ratio 1.9 1.9 0.0 Claims experience 64.6 61.4 3.2 Gross expense ratio 17.0 18.8 -1.8 Combined ratio 81.6 80.2 1.4 Claims experience 64.6 61.4 3.2 Run-off gains/losses, net of reinsurance 1.6 5.3 -3.7 Weather-related claims, net of reinsurance -1.4 -0.5 -0.9 Major claims, net of reinsurance -2.1 -1.3 -0.8 Change in risk adjustment -0.1 0.3 -0.4 Underlying claims experience, net of reinsurance 62.6 65.2 -2.6 Personal Lines
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9 ALM. BRAND GROUP – Q2 2025NON-LIFE INSURANCE COMMERCIAL LINES The insurance service result for Commercial Lines was a profit of DKK 234 million in Q2 2025, against DKK 36 million in Q2 2024. The combined ratio was 83.2 in Q2 2025, against 97.3 in the same period of 2024. The development was driv- en by higher premium income, but was also attributable to a significant fall in the level of major claims, which was below the level normally expected in Q2 2025. In addition, the performance reflected an unchanged level of weather-re- lated claims and a significant improved underlying claims experience, which should be seen against an unfavourable prior-year period. Insurance revenue rose to DKK 1,399 million in Q2 2025 from DKK 1,328 million in Q2 2024 for a growth rate of 5.3%. The increase in premium income was driven by the implementa- tion of premium adjustments, reflecting the group’s sus- tained focus on ensuring profitability enhancements among large commercial customers. The sum of claims expenses and the reinsurance result was an expense of DKK 937 million in total, corresponding to a claims experience of 66.9, against 80.2 in the year-earlier period. As mentioned earlier in this report, the gross claims ratio was affected in particular by a 2012 claim regarding legal proceedings in Mexico related to insurance of the con- struction of a windfarm, which was originally written by the divested Energy & Marine business. The claim was adjusted upwards by close to DKK 400 million in Q2 2025 and thus had a negative effect on the gross claims ratio. However, the claim is covered by reinsurance contracts and thus also has a positive effect on the reinsurance ratio. In addition, the claim had a negative effect in the form of a reinstatement premium for reinsurance of DKK 27 million. The underlying claims experience dropped significantly by 6.0 percentage points to 57.3 in Q2 2025 from 63.3 in the year-earlier period. The very favourable developments were attributable to premium adjustments and synergy gains, but should also be seen against the backdrop of an unfavourable year-earlier period. Net of reinsurance, weather-related claims expenses amounted to DKK 20 million in a second quarter character- ised by seasonally mild weather conditions, equivalent to an effect of 1.4 percentage points on the combined ratio, which was unchanged from Q2 2024. As a result, major claims expenses net of reinsurance dropped to DKK 122 million in Q2 2025, from DKK 220 million in Q2 2024, equivalent to an effect of 8.7 percentage points on the combined ratio, against 16.6 percentage points in Q2 2024. In Q2 2025, the level of major claims was below the level normally expected for such claims, whereas it was above the normal level in Q2 2024 due to building-related claims. Insurance operating expenses were unchanged at DKK 228 million, against DKK 227 million in Q2 2024, bringing the expense ratio to 16.3, against 17.1 in Q2 2024. Net of reinsurance, the run-off result was a gain of DKK 31 million in Q2 2025, against a gain of DKK 16 million in Q2 2024, which is still within the fluctuation range considered to be normal for run-offs. DKKm Q2 2025 Q2 2024 Change Insurance revenue 1,399 1,328 71 Claims expenses -1,226 -1,025 -201 Insurance operating expenses -228 -227 -1 Profit/loss on reinsurance 289 -40 329 Insurance service result 234 36 198 Run-off gains/losses, net of reinsurance 31 16 15 Gross claims ratio 87.6 77.2 10.4 Net reinsurance ratio -20.7 3.0 -23.7 Claims experience 66.9 80.2 -13.3 Gross expense ratio 16.3 17.1 -0.8 Combined ratio 83.2 97.3 -14.1 Claims experience 66.9 80.2 -13.3 Run-off gains/losses, net of reinsurance 2.2 1.2 1 Weather-related claims, net of reinsurance -1.4 -1.4 0.0 Major claims, net of reinsurance -8.7 -16.6 7.9 Change in risk adjustment 0.2 -0.1 0.3 Reinstatement premium -1.9 0.0 -1.9 Underlying claims experience, net of reinsurance 57.3 63.3 -6.0 Commercial Lines
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10 ALM. BRAND GROUP – Q2 2025NON-LIFE INSURANCE INVESTMENT RESULT The investment result after interest on technical provisions and costs related to tier 2 capital and administrative ex- penses was a gain of DKK 102 million in Q2 2025. By com- parison, the return was DKK 65 million for Q2 2024. Overall, the investment result was highly satisfactory. The return on the portfolio not allocated to hedging of provisions was DKK 104 million before costs. The financial markets were generally characterised by positive sentiment after a period of substantial uncertainty. In particular, the portfolio of bonds and shares contributed favourably to the Q2 investment return. The group has a well-diversified, low- risk investment portfolio. The return on the hedging portfolio and other items came to DKK 23 million before costs. The return on technical provisions is calculated using the EIOPA (European Insurance and Occupational Pensions Authority) discount curve plus a volatility adjustment (VA) premium. The asset portfolio for hedging interest rate risk on provisions is composed so as to match the value adjustment of, and return on, provi- sions with the proviso that the VA premium cannot be fully hedged. In Q2 2025, the VA premium contributed favourably to the hedging portfolio result. Administrative expenses amounted to DKK 10 million, and costs related to the group’s tier 2 capital came to DKK 15 million. Total investment assets amounted to DKK 20.5 billion, against DKK 21.8 billion at 30 June 2024. The reduction relative to the same period of last year primarily reflects the divestment of the Energy & Marine business reducing the technical provisions and thus also the overall investment portfolio. The investment portfolio assets consist mainly of Danish bonds and a small portion of other assets, including foreign bonds, illiquid credit, shares and properties. Investment return DKKm Q2 2025 Q2 2024 Investment assets Return Investment assets Return Bonds etc. 17,543 161 0.8% 19,593 108 0.5% Illiquid credit incl. mortgage deeds 1,888 4 0.2% 1,054 13 1.1% Shares 751 48 6.7% 755 27 3.1% Properties 357 6 1.6% 348 -4 -0.9% Total investment return 20,539 219 1.0% 21,750 144 0.6% Interest, tier 2 capital -15 -20 Administrative expenses related to investment activities -10 -8 Financial income and expenses on insurance and reinsurance contracts -92 -51 Net investment return 102 65
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11 ALM. BRAND GROUP – Q2 2025STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT The Board of Directors and the Executive Management have today considered and approved the interim report of Alm. Brand A/S for the period 1 January to 30 June 2025. The consolidated interim financial statements have been prepared in accordance with IAS 34 “Interim Financial Re- porting” as adopted by the EU. In addition, the condensed interim report has been prepared in accordance with ad- ditional Danish disclosure requirements for listed financial enterprises. The management’s review has been prepared in accordance with the Danish Insurance Business Act. In our opinion, the interim report gives a true and fair view of the group’s assets, liabilities and financial position at 30 June 2025 and of the group’s cash flows for the period 1 January to 30 June 2025. In our opinion, the management’s review contains a fair review of developments in the group’s activities and financial position and fairly describes principal risks and uncertainties that may affect the group. Statement by the Board of Directors and the Executive Management Copenhagen, 16 July 2025 Rasmus Werner Nielsen CEO Andreas Ruben Madsen Deputy CEO Copenhagen, 16 July 2025 Jais Valeur Chairman Jan Skytte Pedersen Deputy Chairman Anette Eberhard Christian Høegh-Andersen Pia Laub Tina Schmidt Madsen Brian Egested Claus Nexø Jensen Lotte Kathrine Sørensen Board of DirectorsExecutive Management
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FINANCIAL STATEMENTS – NOTES 12 ALM. BRAND GROUP – Q2 2025 Income statement Group Q2 Q2 H1 H1 FY DKKm Note 2025 2024 2025 2024 2024 Insurance revenue 3,187 3,178 6,285 6,421 12,869 Insurance service expenses -2,967 -2,809 -5,604 -5,608 -10,980 Reinsurance result 261 -66 133 -229 -472 Insurance service result 481 303 814 584 1,417 Interest income and dividens, ect. 63 34 100 105 245 Value adjustments 185 93 220 280 936 Interest expenses -22 -17 -58 -45 -98 Other income 7 7 14 15 27 Administrative expenses related to investment activities -52 -38 -114 -74 -162 Total investment return 181 79 162 281 948 Net finance income/expense from insurance contracts -93 -54 -12 -105 -594 Net finance income/expense from reinsurance contracts 0 3 1 6 10 Net investment return 88 28 151 182 364 Other income 42 34 46 80 99 Other expenses -154 -180 -318 -378 -747 Profit/loss before tax 457 185 693 468 1,133 Tax -115 -61 -185 -145 -335 Profit/loss after tax, continuing activities 342 124 508 323 798 Profit/loss after tax, discontinuing activities 4 0 -89 181 -86 -21 Profit/loss after tax 342 35 689 237 777 Earnings per share, DKK, continuing activities 0.2 0.1 0.4 0.2 0.5 Diluted earnings per share, DKK, continuing activities 0.2 0.1 0.4 0.2 0.5 Earnings per share, DKK 0.2 0.0 0.5 0.2 0.5 Diluted earnings per share, DKK 0.2 0.0 0.5 0.2 0.5
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FINANCIAL STATEMENTS – NOTES 13 ALM. BRAND GROUP – Q2 2025 Statement of comprehensive income Group Q2 Q2 H1 H1 FY DKKm 2025 2024 2025 2024 2024 Comprehensive income Profit for the period 342 35 689 237 777 Items that are or may be reclassified to profit or loss Foreign currency translation adjustments related to foreign entities 0 0 0 0 0 Total other comprehensive income 0 0 0 0 0 Comprehensive income 342 35 689 237 777 Proposed allocation of profit/loss: Proposed dividend 0 0 0 0 904 Additional Tier 1 capital holders 6 7 13 15 29 Share attributable to Alm. Brand 336 28 676 222 -156 Comprehensive income 342 35 689 237 777
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FINANCIAL STATEMENTS – NOTES 14 ALM. BRAND GROUP – Q2 2025 Balance sheet Group 30 June 30 June 31 December DKKm Note 2025 2024 2024 Assets Intangible assets 9,320 9,628 9,457 Tangible assets 688 811 748 Investments in associates 127 118 118 Equities 242 249 229 Unit trust units 19,435 20,898 20,601 Bonds 996 987 973 Mortage deeds 270 344 298 Other loans and advances 170 254 254 Deposits in credit institutions 0 87 117 Other 312 359 389 Investments assets 21,425 23,178 22,861 Reinsurers' share of insurance contract provisions 624 230 296 Current tax assets 233 0 0 Other assets 875 948 706 Assets held for sale 4 0 917 954 Cash in hand and demand deposits 400 855 295 Total assets 33,692 36,685 35,435
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FINANCIAL STATEMENTS – NOTES 15 ALM. BRAND GROUP – Q2 2025 Balance sheet Group 30 June 30 June 31 December DKKm Note 2025 2024 2024 Liabilities and equity Share capital 1,453 1,541 1,541 Contingency funds and other provisions etc. 1,092 1,092 1,092 Reserves, retained earnings, ect. 9,114 9,999 9,469 Propsed dividend 0 0 904 Consolidated shareholders' equity 11,659 12,632 13,006 Tier 1 capital 397 397 397 Total consolidated equity 12,056 13,029 13,403 Subordinated debt 1,295 1,294 1,295 Provisions for insurance contracts 17,269 15,924 15,410 Pension obligations ect. 15 15 15 Deferred tax liabilities 704 825 786 Other provisions 72 86 57 Provisions 791 926 858 Issued bonds 150 150 150 Payables to credit institutions and central banks 8 86 105 Current tax liabilities 0 60 19 Liabilities related to assets held for sale 4 0 2,622 2,383 Other payables 2,123 2,594 1,812 Payables 2,281 5,512 4,469 Total liabilities 33,692 36,685 35,435 Note 1 Own shares Note 2 Contractual obligation and leasing Note 3 Fair value measurement of financial instruments Note 4 Discontinued Operations Note 5 Reconciliation Note 6 Accounting policies Note 7 Financial highlights and key ratios
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FINANCIAL STATEMENTS – NOTES 16 ALM. BRAND GROUP – Q2 2025 Statement of changes in equity Contin- Other Share- Additional Consoli- Share gency provi- Retained Proposed holders tier 1 dated DKKm capital funds sions etc. profit dividend equity capital equity Consolidated equity, 1 January 2024 1,541 1,092 0 10,066 848 13,547 397 13,944 Changes in equity H1 2024: Profit/loss for the period 222 222 15 237 Comprehensive income 0 0 0 222 0 222 15 237 Dividend distributed 0 -848 -848 0 -848 Interest paid on Tier 1 capital 0 0 -15 -15 Purchase and sale of treasury shares -289 -289 -289 Changes in equity 0 0 0 -67 -848 -915 0 -915 Consolidated equity, 30 June 2024 1,541 1,092 0 9,999 0 12,632 397 13,029 Consolidated equity, 1 January 2024 1,541 1,092 0 10,066 848 13,547 397 13,944 Changes in equity FY 2024: Profit/loss for the year 748 0 748 29 777 Foreign currency translation adjustments related to foreign entities 0 0 0 0 Comprehensive income 0 0 0 748 0 748 29 777 Interest paid on Tier 1 capital -29 -29 Proposed dividend -904 904 0 0 Dividend distributed 0 -848 -848 -848 Purchase and sale of treasury shares -441 -441 -441 Changes in equity 0 0 0 -597 56 -541 0 -541 Consolidated equity, 31 December 2024 1,541 1,092 0 9,469 904 13,006 397 13,403 Consolidated equity, 1 January 2025 1,541 1,092 0 9,469 904 13,006 397 13,403 Changes in equity H1 2025: Profit/loss for the year 676 676 13 689 Comprehensive income 0 0 0 676 0 676 13 689 Dividend distributed 40 -904 -864 -864 Cancellation of treasury shares -88 88 0 0 Interest paid on Tier 1 capital 0 0 -13 -13 Purchase and sale of treasury shares -1,159 -1,159 -1,159 Changes in equity -88 0 0 -355 -904 -1,347 0 -1,347 Consolidated equity, 30 June 2025 1,453 1,092 0 9,114 0 11,659 397 12,056
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FINANCIAL STATEMENTS – NOTES 17 ALM. BRAND GROUP – Q2 2025 Cash flow statement Group H1 H1 FY H1 H1 FY DKKm 2025 2024 2024 2025 2024 2024 Cash flows from operating activities Change in financing Insurance revenue 7,117 6,758 11,307 Change in Tier capital -13 -15 -29 Insurance service expenses -4,294 -4,143 -9,403 Sale/purchase of treasury shares -1,159 -289 -441 Payments concerning reinsurance -408 -316 -616 Dividend distributed -864 -848 -848 Cash flows from insurance activities 2,416 2,299 1,288 Change in payables to credit institutions -97 -64 -45 Change in other liabilities 15 18 51 Interest receivable, dividends, etc. 47 40 253 Change in financing -2,118 -1,198 -1,312 Interest expenses -58 -10 -97 Other income and expenses -187 -120 -318 Net change in cash and cash equivalents, Taxes paid/received -731 -35 -390 continuing activities 89 362 -192 Cash flows from operating activities, Net change in cash and cash equivalents, continuing activities 1,486 2,174 736 discontinuing activities -102 0 24 Cash flows from operating activities, discontinuing activities -102 -55 -31 Cash and cash equivalents, beginning of year 412 580 580 Cash flows from operating activities 1,384 2,119 705 Cash and cash equivalents, end of year 400 942 412 *) The amount of DKK 2,118 million consists only of cash inflows og outflows. Change in investment placement (net) Acquisition of intangible assets, furniture, equipment, etc. -16 -74 -117 Sale/aquisition of equity investments 1,435 -178 677 Divestment of the Energy & Marine business -765 0 0 Sale/repayment of mortgage deeds and loans 112 65 102 Sale/aquisition of bonds -45 -427 -278 Change in investment placement, continuing activities 721 -614 384 Change in investment placement, discontinuing activities 0 55 55 Change in investment placement 721 -559 439
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FINANCIAL STATEMENTS – NOTES 18 ALM. BRAND GROUP – Q2 2025 Segment reporting H1 2025 Group Elimi- before IFRS 3 DKKm Personal Commercial Non-life Other nation adjustments adjustments Group Insurance revenue 3,047 2,761 5,808 0 0 5,808 477 6,285 Claims paid -1,952 -2,125 -4,077 0 0 -4,077 -477 -4,554 Net operating expenses -582 -468 -1,050 0 0 -1,050 0 -1,050 Insurance service expenses -2,534 -2,593 -5,127 0 0 -5,127 -477 -5,604 Reinsurance result -58 191 133 0 0 133 0 133 Insurance service result 455 359 814 0 0 814 0 814 Interest income and dividens, ect. 81 50 -31 100 0 100 Value adjustments 208 12 0 220 0 220 Interest expenses -58 -31 31 -58 0 -58 Other income 0 14 0 14 0 14 Administrative expenses related to investment activities -22 -92 0 -114 0 -114 Total investment return 209 -47 0 162 0 162 Net finance income/expense from insurance contracts -12 0 0 -12 0 -12 Net finance income/expense from reinsurance contracts 1 0 0 1 0 1 Net investment return 198 -47 0 151 0 151 Other income 43 3 0 46 0 46 Other expenses -151 -167 0 -318 0 -318 Profit/loss before tax 904 -211 0 693 0 693 Tax -245 60 0 -185 0 -185 Profit/loss after tax, continuing activities 659 -151 0 508 0 508 Profit/loss after tax, discontinuing activities *) 700 -519 0 181 0 181 Profit/loss after tax 1,359 -670 0 689 0 689 *) Profit from discontinuing operations of DKK 181 million after tax includes activities related to Energy & Marine business.
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FINANCIAL STATEMENTS – NOTES 19 ALM. BRAND GROUP – Q2 2025 Segment reporting H1 2024 Group Elimi- before IFRS 3 DKKm Personal Commercial Non-life Other nation adjustments adjustments Group Insurance revenue 2,780 2,662 5,442 0 0 5,442 979 6,421 Claims paid -1,800 -1,777 -3,577 0 0 -3,577 -979 -4,556 Net operating expenses -578 -474 -1,052 0 0 -1,052 0 -1,052 Insurance service expenses -2,378 -2,251 -4,629 0 0 -4,629 -979 -5,608 Reinsurance result -55 -174 -229 0 0 -229 0 -229 Insurance service result 347 237 584 0 0 584 0 584 Interest income and dividens, ect. 91 54 -40 105 0 105 Value adjustments 298 -18 0 280 0 280 Interest expenses -43 -42 40 -45 0 -45 Other income 0 15 0 15 0 15 Administrative expenses related to investment activities -15 -59 0 -74 0 -74 Total investment return 331 -50 0 281 0 281 Net finance income/expense from insurance contracts -105 0 0 -105 0 -105 Net finance income/expense from reinsurance contracts 6 0 0 6 6 Net investment return 232 -50 0 182 0 182 Other income 80 0 0 80 0 80 Other expenses -200 -178 0 -378 0 -378 Profit/loss before tax 696 -228 0 468 0 468 Tax -187 42 0 -145 0 -145 Profit/loss after tax, continuing activities 509 -186 0 323 0 323 Profit/loss after tax, discontinuing activities *) -86 0 0 -86 0 -86 Profit/loss after tax 423 -186 0 237 0 237 *) Profit from discontinuing operations of DKK 86 million after tax includes activities related to Energy & Marine business.
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FINANCIAL STATEMENTS – NOTES 20 ALM. BRAND GROUP – Q2 2025 Notes Group 30 June 30 June FY DKKm 2025 2024 2024 Note 1 Treasury shares Nominal value, beginning of year 37 2 2 Acquired during the year 75 25 39 Sold during the year -2 -2 -4 Cancellation of treasury shares -88 0 0 Nominal value, end of year 22 25 37 Holding number of shares ('000), beginning of year 36,977 2,038 2,038 Additions, number of shares 74,647 25,353 38,857 Disposals, number of shares -1,778 -1,980 -3,918 Cancellation of treasury shares -88,140 0 0 Holding number of shares ('000), end of year 21,706 25,411 36,977 Percentage of share capital, end of year 1.5% 1.6% 2.4% Note 2 Contractual obligation and leasing Contractual obligation 2,009 1,490 2,031 The Alm. Brand Group is contractually obliged to pay rent of DKK 288 million over the next five years. The obligation is recognised in Other liabilities as a lease obligation. The companies of the group have undertaken to participate in investing in unlisted securities at an amount of DKK 1,718 million.
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FINANCIAL STATEMENTS – NOTES 21 ALM. BRAND GROUP – Q2 2025 Notes 30 June 2025 31 December 2024 DKKm Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Note 3 Fair value measurement of financial instruments Financial assets Loans and advances 0 0 170 170 0 0 254 254 Bonds 108 888 0 996 342 631 0 973 Shares and unit trust units 17,580 0 2,097 19,677 19,213 0 1,617 20,830 Other assets 0 514 0 514 0 642 0 642 Total financial assets 17,688 1,402 2,267 21,357 19,555 1,273 1,871 22,699 Financial liabilities Subordinated debt 0 0 1,692 1,692 0 0 1,692 1,692 Issued bonds 0 0 150 150 0 0 150 150 Other payables 0 653 0 653 0 538 0 538 Total financial liabilities 0 653 1,842 2,495 0 538 1,842 2,380 The fair value is the price obtained in a sale of an asset or paid for transferring a liability in an arm’s length transaction at the time of measurement. The fair value may be identical to the net asset value if the net asset value is calculated on the basis of underlying assets and liabilities measured at fair value. There are three levels of fair value measurement: Level 1 is based on quoted (unadjusted) prices in active markets. Level 2 is used where no quoted price is available but where the use of another official price is deemed to best reflect the fair value. In the case of listed securities for which the closing price does not represent fair value, valuation techniques or other observable data are used to determine fair value. Depending on the nature of the asset or liability, these may be calculations based on underlying parameters such as yields, exchange rates and volatility or with reference to transaction prices for similar instruments. Level 3 is used for financial assets and liabilities the valuation of which cannot be based on observable data due to such data not being available or not being deemed to be usable for the determination of fair value. Instead recognised techniques, including discounted cash flows, and internal models and assumptions are used for the determination of fair value. The process for recognising fair values has been structured so that effective segregation of duties has been set up between the departments in the group that report, monitor and effect the trans- actions. Reconciliation procedures have been set up for the purpose of identifying material discrepancies across the various reports and source systems used. Transfer between the categories of the fair value hierarchy is only effected in case of changes to available data for use in measurement. The portfolio is reviewed on an ongoing basis to identify any changes in available data and any other changes which may have prompted recategorisation. There were no transfers between categories in the fair value hierarchy in 2024 or 2025.
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FINANCIAL STATEMENTS – NOTES 22 ALM. BRAND GROUP – Q2 2025 Notes 30 June 2025 Subor- Shares and Issued dinated Loans and unit trust bonds debt DKKm advances units (liability) (liability) Development in level 3 financial instruments Carrying amount, beginning of period 254 1,617 150 1,692 Additions during the year 0 625 0 0 Disposals during the year -81 -129 0 0 Realised value adjustments 0 -68 0 0 Unrealised value adjustments -3 52 0 0 Carrying amount, end of period 170 2,097 150 1,692 Value adjustments recognised in the income statement -3 -16 0 0 31 December 2024 Subor- Shares and Issued dinated Loans and unit trust bonds debt DKKm advances units (liability) (liability) Development in level 3 financial instruments Carrying amount, beginning of year 657 1,210 150 1,691 Additions during the year 0 621 0 0 Disposals during the year -406 -149 0 0 Realised value adjustments 5 -2 0 1 Unrealised value adjustments -2 -63 0 0 Carrying amount, year-end 254 1,617 150 1,692 Value adjustments recognised in the income statement 3 -65 0 1
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FINANCIAL STATEMENTS – NOTES 23 ALM. BRAND GROUP – Q2 2025 Notes Group H1 FY DKKm 2025 2024 Note 4 Discontinuing activities The result of discontinuing activities is presented together in the line item Profit/loss after tax, discontinued activities and composed as follows: Energy & Marine business Premium income 168 1,122 Interest income etc. -245 -1,069 Other investment income -34 -65 Total income -111 -12 Other expenses 506 -17 Profit/loss before tax, discontinuing activities 395 -29 Tax, continuing activities, discontinuing activities -214 8 Profit/loss after tax, discontinuing activities 181 -21 The transfer of Alm. Brand’s Energy & Marine business to Norwegian insurer Gard was completed on 3 March 2025.
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FINANCIAL STATEMENTS – NOTES 24 ALM. BRAND GROUP – Q2 2025 Notes H1 2025 H1 2024 Financial Reclas- IFRS 3 Financial Reclas- IFRS 3 DKKm statement sification adjustments Review statement sification adjustments Review Note 5 Reconciliation Insurance revenue 6,285 0 -477 5,808 6,421 0 -979 5,442 Claims paid -4,554 17 477 -4,060 -4,556 6 979 -3,571 Net operating expenses -1,050 26 0 -1,024 -1,052 13 0 -1,039 Reinsurance result 133 0 0 133 -229 0 0 -229 Insurance service result 814 43 0 857 584 19 0 603 Other activities 151 -25 0 126 182 -28 0 154 Profit before tax, continuing activities excluding special costs 965 18 0 983 766 -9 0 757 Special costs -272 -18 0 -290 -298 9 0 -289 Profit/loss after tax, continuing activities 693 0 0 693 468 0 0 468 The H1 2025 result includes income from the Transitional Service Agreement (TSA) related to the divestment of the Energy & Marine business to Gard as well as income from distributions from Alm. Brand af 1792 fmba. The H1 2024 result includes income from the TSA related to the sale of Codan’s activities to Tryg. Training and development expenses recognised in Other expenses in the financial statements are recognised in Other income and expenses in the review at amounts of DKK 25 million in H1 2025 and DKK 28 million in H1 2024.
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FINANCIAL STATEMENTS – NOTES 25 ALM. BRAND GROUP – Q2 2025 Notes NOTE 6 ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” and with the requirements of the Danish Financial Business Act and NASDAQ Copenhagen A/S for interim reports of listed financial enterprises. The application of IAS 34 means that the scope of the report is limited relative to the presentation of a full annual report. The accounting policies are unchanged from the policies applied in Annual Report 2024, to which reference is made. NOTE 7 FINANCIAL HIGHLIGHTS AND KEY RATIOS See the management’s review. DISCLAIMER The forecast is based on the interest rate and price lev- els prevailing at the beginning of July 2025. All other forward-looking statements are based exclusively on the information available when this report was released. This announcement contains forward-looking statements regard- ing the company’s expectations for future financial devel- opments and results and other statements which are not historical facts. Such forward-looking statements are based on various assumptions and expectations which reflect the company’s current views and assumptions, but which are inherently subject to significant risks and uncertainties, including mat- ters beyond the company’s control. Actual and future results and developments may differ materially from those contained or assumed in such state- ments. Matters which may affect the future development and results of the group as well as of the individual business areas include changes in economic conditions in the finan- cial markets, legislative changes, changes in the competitive environment, in the reinsurance market and in the property market, unforeseen events, such as extreme weather con- ditions or terrorist attacks, bad debts, major changes in the claims experience, unexpected outcomes of legal proceed- ings, etc. The above-mentioned risk factors are not exhaustive. Inves- tors and others who base their decisions on the information contained in this report should independently consider any uncertainties of significance to their decision. This interim report has been translated from Danish into English. In the event of any discrepancy between the Dan- ish-language version and the English-language version, the Danish-language version shall prevail.
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26 ALM. BRAND GROUP – Q2 2025DEFINITIONS OF FINANCIAL RATIOS AND APM Definitions of financial ratios and Alternative Performance Measures (APM) Alm. Brand’s management believes that the use of financial highlight and key ratios in the manage- ment’s review in respect of each business area provides the reader with a good basis for com- paring results over time. The financial highlights and key ratios have been prepared on the basis of the statutory requirements for content and are supplemented by individual pieces of relevant information. The information provided in the finan- cial highlights and key ratios contain data regularly provided to management. In the review, income from the TSA is included in the insurance service result of Non-life Insurance. In the financial statements, such income is included under ‘Other income’. Run-off gains/losses, net of reinsurance The run-off result net of reinsurance reflects the gains and/or losses relating to prior-year technical provisions which affect the result for the current year. Insurance revenue Insurance revenue is calculated as gross premiums adjusted for changes in premium provisions. Gross claims ratio Gross claims expenses x 100 Insurance revenue Gross expense ratio Insurance operating expenses x 100 Insurance revenue Price/NAV Share price Net asset value per share Combined ratio (Gross claims expenses + Insurance operating expenses + Profit/loss on reinsurance) x 100 Insurance revenue Return on equity after tax* Profit for the year x 100 Average shareholders’ equity Return on equity before tax* Profit before tax x 100 Average shareholders’ equity Net asset value per share** Shareholders’ equity x 100 No. of shares at year-end Net reinsurance ratio Profit/loss on reinsurance x 100 Insurance revenue Earnings per share** Profit for the year after tax x 100 Average no. of shares Claims experience Sum of claims ratio and reinsurance ratio Insurance revenue Dividend per share Total amount distributed for the financial year x 100 No. of shares at year-end Payout ratio The payout ratio is calculated as proposed dividend as a percentage of the profit after tax adjusted for integration costs, amortisation of intangible assets and other special circumstances, if relevant. RoTe (Return on Tangible Equity) Profit after tax adjusted for amortisation and impairment of intangible assets as a percentage of consolidated equity excluding Tier 1 capital and intangible assets. ALTERNATIVE PERFORMANCE MEAS- URES (APM) Underlying combined ratio This ratio is calculated as the combined ratio less factors which may vary considerably from year to year (major claims net of reinsurance, weather-re- lated claims net of reinsurance and run-off result on claims net of reinsurance). Accordingly, the un- derlying combined ratio reflects the trend in small claims, costs and reinsurance ceded. Underlying claims experience Underlying combined ratio less expense ratio Undiscounted underlying claims experience The underlying claims experience adjusted to reflect the discounting effect. Major claims, net of reinsurance Major claims, net of reinsurance Insurance revenue Weather-related claims, net of reinsurance Weather-related claims, net of reinsurance Insurance revenue Change in risk adjustment Change in risk adjustment Insurance revenue *) In the calculation of return on equity, consideration is made for capital increases in the year and any other equity entries to the effect that such changes are included on a pro rata basis. In addition, adjustments are made for special costs. **) In the determination of the average number of shares, any stock options and warrants are taken into consideration.
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27 ALM. BRAND GROUP – Q2 2025COMPANY OVERVIEW Company information Rasmus Werner Nielsen CEO Andreas Ruben Madsen Deputy CEO Jais Valeur Chairman Jan Skytte Pedersen Deputy Chairman Anette Eberhard Christian Høegh-Andersen Pia Laub Tina Schmidt Madsen Brian Egested Employee representative Claus Nexø Jensen Employee representative Lotte Kathrine Sørensen Employee representative EY Godkendt Revisionspartnerselskab Alm. Brand A/S CVR no. 77 33 35 17 Morten Bendtsen Group Chief Auditor Midtermolen 7 DK-2100 Copenhagen Ø Denmark Phone: +45 35 47 47 47 Website: almbrand.dk E-mail: almbrand@almbrand.dk Board of Directors Executive Management Auditors Registration Address Internal auditor