Alm. Brand (Buy, TP: DKK15.00) - Focus on profitability into 2025
A strong investment result and benign weather helped support significantly stronger PTP in Q3 YOY. Following several rounds of customer repricing, insurance revenues increased by 4% YOY and the underlying claims ratio by 0.4%-points YOY. Although growth was again hampered by Commercial’s profitability initiatives, we still expect improved underwriting ahead, supported by remaining identified synergies. With our 2025–2026e EPS largely unchanged, we reiterate our BUY and DKK15 target price.Alm Brand is a holding company. Co., through its subsidiaries, operates within Non-life insurance, Banking and Life insurance sectors. The Non-life insurance segment focuses on private customers, small and medium sized businesses, property owners, agricultural customers and the public sector. The Banking segment is a nationwide bank that offers products for private customer financial needs. The Life insurance segment consists of life insurance, pension savings, pension insurance and health and personal accident insurance. As of Dec 31 2011, Co. has total assets of DKK44,913,000,000 and total deposits of DKK7,956,000,000.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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