Alm. Brand (Buy, TP: DKK17.00) - Solid underwriting momentum
Although Q1 PTP declined by 16% YOY as a result of soft investments, the underwriting trend remained solid, helped by recent price hikes and the outlook for abating claims inflation. The underlying claims ratio improved by 1.9%-points YOY, while growth in the Private lines reached 8.2% YOY, supporting the 2025 combined ratio target of 84.5%, and boding well for any new long-term targets in connection with the CMD set for November. We have raised our 2026–2027e EPS by 1–2%, and reiterate our BUY and DKK17 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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