Alm. Brand

Investor Presentation • Nov 18, 2025

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Rasmus Werner Nielsen Group CEO

• Communication & PA
• Portfolio risk
• UW governance
• Risk, compliance & legal
• People & facility
• Liaison to Foundation

• Alm. Brand Group: 2017-

• Nordea: 2010-2017

• Danske Bank: 2003-2010

• Deloitte: 1994-2003

Andreas Ruben Madsen Group CFO & Deputy CEO

• Performance & forecasting
• Actuarial services
• Finance data & systems
• Capital management
• Investor relations & ESG
• Investments & M&A

• Alm. Brand Group: 2016-

• Nykredit: 2015

• FIH Erhvervsbank: 2008-2014

Camilla Amstrup Group CCO

• Sales & distribution
• Customer service
• Customer retention
• Branding & marketing
• Product development
• Portfolio profitability
• Underwriting

• Alm. Brand Group: 2016-

• TDC: 2004-2016

Bo Krag Esbensen Group COO

• Integration
• Development
• Infrastructure
• Security
• Claims management
• Claims transformation
• Operational excellence

• Alm. Brand Group: 2023-

• McKinsey & Company: 2011-2022

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Today's agenda

Time	Section	Presenter
10:30-10:45	Alm. Brand Group today	Rasmus
10:45-11:25	2028 strategy	Andreas
	1. Customer engagement	Camilla
	2. Insurance capabilities	Camilla & Bo
	3. Operational platform	Bo
11:25-11:55	Q&A and break
11:55-12:05	Alm. Brand foundation: New opportunities	Rasmus
12:05-12:20	Financials	Andreas
12:20-12:30	ESG strategy	Andreas
	Concluding remarks	Rasmus
12:30-13:00	Q&A
13:00-14:00	Lunch

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We stand stronger than ever after our transformation

From conglomerate to pure-play insurance company

• New management and reorganisation of Alm. Brand
• Divestments of Alm. Brand Bank and Alm. Brand Life & Pension
• Acquisition of Codan Denmark

Increased scale from integration of Codan Denmark

• Successful integration and creation of one harmonised platform
• Significant synergies achieved in line with expectations
• Divestment of Energy & Marine business

Unfolding the scale potential towards 2028

• Utilise strong position as pure-play non-life insurance company in the attractive Danish market
• Unfold scale potential and improve customer engagement, insurance capabilities and operations

Increase insurance service result

Alm. Brand Group – a leading non-life insurance company in Denmark

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The Codan integration has resulted in significant synergies and value creation…

Administration

• Elimination of duplicate functions
• Optimisation focused on cost efficient sales channels

Claims services

• Expansion of fraud detection system
• Use of live streaming and digital media in claims processing
• Utilisation of scale benefits and procurement networks

IT & infrastructure

• Consolidation of IT platforms and ongoing out phasing of legacy systems
• Adjustment of front-end systems
• Reduction of licenses

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… and non-core Energy & Marine activities have been divested

Freed up resources

Divestment has freed up resources, particularly for management and across finance, enhancing our ability to focus on core business

Less volatile business

Divestment has streamlined our business profile and made it even more stable and less prone to fluctuations in earnings

Sharpened focus

Divestment has further sharpened our focus on being a strong, pure-play non-life insurer for Danish customers

" The divestment has sharpened our focus on being a strong non-life insurer for Danish personal customers and businesses, and will make us even better equipped to create value for our customers and owners in the years ahead "

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Codan

Structural decrease in claims ratio supported by lower major claims

Claims ratio

• Improved composition of our portfolio
• Strong synergies realised from the Codan acquisition in claims processing

Volatility

• Volatility reduced by focusing on risk and portfolio management
• Efficient reinsurance achieved to mitigate tail probabilities
• Energy & Marine business divested

Major claims ratio², % (2018-2024¹)

^1. Figures for 2018-2021 have been calculated in accordance with IFRS 4, while the figures for 2022-2025 have been calculated in accordance with IFRS 17; 2. Based on major claims limit of DKK 3m;

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We have delivered on promises in the current strategy period…

Realisation of 2025 targets

KPIs	2022 results1	2025 guidance	2025 target
Insurance service result, DKKm	1,009	1,810-1,9102	1,850
Combined ratio, %	91.1	84.0-85.02	84.5
Expense ratio, %	19.3	~17	~17

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… resulting in attractive returns to our shareholders

Share price development, dividends paid and total shareholder return since 1 January 2023, DKK

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Our balanced business builds on four strong brands

Leading non-life insurance company…

… with strong presence in the Danish market and four leading brands in both Personal Lines and Commercial Lines

SMEs

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Top 3 position in a highly attractive market

Non-life insurance market share in Denmark¹

^1. Numbers based on Insurance and Pension Denmark (latest figures: Q3 2024); 2. Adjusted to exclude Energy & Marine; 3. Based on Danish Financial Supervisory Authority, Finans Norge, Insurance Sweden and Finance Finland's latest numbers with same time period; 4. Based on 2024. Source: data.worldbank.org, Allianz Global Insurance report 2025

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Simple business model with strong resilience and stability

Inflation drives

claims expenses Automatic hedge against normal inflation

Increase in

number of claims Agile pricing when needed (e.g. motor)

Climate change increases claims levels

Work with prevention and pricing to mitigate climate effects

Geopolitical turmoil

Danish focus limits impact from geopolitical changes

Uncomplicated

business model One platform in one country

Attractive and simple business model – one platform in one country

Strong resilience towards global turmoil and changes in claims pattern

Focus on business that delivers consistent profitability

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Foundation ownership benefits Alm. Brand Group and society in general

Policy of ownership

Distribution of dividends received:

• 1 Min. 50% for further strengthening of capital base
• 2 Up to 25% for non-profit purposes
• 3 Up to 25% for customer related contributions (to Alm. Brand Group)

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Our competitive strengths drive leading market position

One platform, one geography

Pure Danish focus and one unified insurance platform provide low structural complexity

Scale benefits

Sizeable volume increase from Codan acquisition facilitates potential for further utilisation of scale benefits

Simple & agile

Lower structural complexity enables us to simplify our business and achieve high level of agility

Strong brands

Strong and well-known brands inspire trust and support a broad presence across segments

Foundation ownership

Strong membership-based owner – strengthening our ability to invest with a long-term perspective

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Unfolding the scale potential – financial targets for 2028

2028 targets

Insurance service result: DKK ~500m

Combined ratio: ~2.5 pp

Expense ratio: ~1 pp

2,350m

82%

16%

2025 target: DKK 1,850m

2025 target: 84.5%

2025 target: 17%

Return & capital

Return on own funds: New target

Earnings per share CAGR¹: New target

Payout minimum: Unchanged

40%

10%

80%

2025 target: minimum 80%

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Large potential to harvest scale benefits towards 2028

We have a large scale potential…

Scale potential

Codan integration completed and our synergy targets reached – we will now grow our business and build a foundation for the future by unfolding our strong scale potential

…which our 2028 strategy will focus on realising

Insurance service result, DKKm

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Unfolding the scale potential

Customer engagement

to increase retention and grow business with profitable customers

Customer journey end-to-end

Sales & service

Target: DKK ~125m

Insurance capabilities

to be market-leading in terms of claims ratio

Data-driven UW & portfolio optimisation

AI to improve insurance capabilities

Insights-driven claims handling

Target:

DKK ~350m

Operational platform

to be competitive in terms of expenses

Simplified core

Process excellence

Target:

DKK ~175m

Foundation ownership

will support Alm. Brand Group with contributions to improve our customer experience, customer loyalty and prevention

People and leadership

attractive career opportunities and strong cross-functional collaboration

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Our new strategy will lead to significant improvements in strategic KPIs

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Personal Lines – brands positioned to meet customer needs across segments

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Advance in digital sales to meet future customer demand in Personal Lines

Customer behaviour is trending towards more digital sales We are investing in our digital sales channels…

Strong growth in online insurance purchases – digital is now the preferred channel for many customers

Majority of customers research online but switch to personal channels due to complexity

• Development of digital platforms to enhance customer experience
• Expansion of digital self-service to reduce manual hands needed
• Strengthening digital capabilities to drive efficiency
• Focus on increasing cross-selling to improve retention

... and aim to quadruple digital sales by 2028

Digital sales, share of new sales

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Commercial Lines – clear strategic direction across commercial segments

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Further improve proactive advisory for our corporate customers

Data-driven advisory is and will be a significant value-add to our customers

Customers seek a proactive, data-driven advisor delivering continuous customer
insights on insurance and risk management

Enabling customers to save time, prevent claims and ensure better risk management and optimisation measures

Use learnings from our value proposition "Skadestop" which significantly reduces damage cost for participants

Illustrative map of planned initiatives for our customers

Example: Our "Skadestop" initiative for motor has been highly successful

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Insights-driven customer focus in Personal Lines and Commercial Lines

Strengthen customer engagement

Customer journey end-to-end

Customer journey based on insights and digital support for a relevant and efficient customer experience

360-DEGREE CUSTOMER INSIGHT

CUSTOMER SATISFACTION

FULL-SERVICE CUSTOMER FOCUS

SELECTIVE GROWTH

Distribution and service based on knowledge, partnerships and customer-centric service model

Sales & service

CUSTOMER LOYALTY PROGRAMME

SALES PRODUCTIVITY & PERFORMANCE MANAGEMENT

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Hassle free and personalised customer journey

Strengthen our 360-degree customer insights to improve customer experience across all four brands...

Improve 360-degree insights using CRM to analyse customer data

Use data-driven customer insights to deliver more relevant advisory services

Increase capabilities and proactiveness of front-office employees

Tailored messages throughout customer journey

Considering Purchase & get purchase started

Data-driven customer engagement will tell what "next-best-experience" is for each customer whether they are in onboarding or in renewal stage

... to significantly improve our customer satisfaction

Customer satisfaction (scale 0 to 100)

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Increase focus on full-service customers in Personal Lines and Commercial Lines

Ambition to increase our share of full-service customers towards 2028

Share of full-service customers¹ (customers with 3+ products)

Improvements and insights will lead to an increase in share of full-service customers…

Full-service customer focus will strengthen our customer lifetime and products per customer

2028 target DKK ~50m

Insurance service result through:

• Increase in insurance policies from upselling: more full-service customers with higher product density
• Less required marketing costs

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Continue leveraging strong existing bank partnerships

Market leading bank partnerships with further potential

Alm. Brand Group bank partnerships 1

Penetration up ~2 pp

2028 target DKK ~60m

Insurance service result through:

• Increased sales from existing partnerships
• Improved penetration
• Increased upselling from better customer engagement
• High retention

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Improve insurance capabilities through AI and better use of data and insights

Strengthen insurance capabilities

Data-driven UW & portfolio optimisation

Agile pricing and data/insightsdriven approach to underwriting SCALING UNDERWRITING PLATFORM

DATA-DRIVEN PORTFOLIO OPTIMISATION

AI to improve insurance capabilities

Improve fraud detection and claims handling using AI STRENGTHENED PLATFORM

EFFICIENT FRAUD DETECTION

Insights-driven claims handling

Enhancing the efficiency of and digitising claims processing VENDOR OPTIMISATION

EFFICIENT CLAIMS PROCESSING

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Data-driven portfolio optimisation across Personal Lines and Commercial Lines

Agile pricing and quicker time-to-market of tariff updates in Personal Lines

Improve underwriting in Commercial Lines

2028 target DKK ~40m

Insurance service result through:

• Reduced claims ratio
• Avoidance of adverse selection
• Increased hit rate on attractive customers
• Improved underwriting decision making

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Automation and AI will strengthen fraud prevention…

Improve fraud detection with AI and efficient tools

Scale ability to identify potential fraud cases with AI across all incoming channels

Equip investigators with AI and technology tools to enhance efficiency in investigations

Improve and automate detection of supplier fraud and minimise billing mistakes

We will increase number of claims investigated and fraud avoided

Claims assessed, investigated and denied, # of claims

Annual fraud avoided, DKKm

2028 target DKK ~40m

Insurance service result through:

• Higher number of cases investigated, and higher detection hit rate
• Increased share of fraud cases prevented

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... and fuel efficiency and quality in claims handling

Alm Brand ■ Group

2028

2028 target DKK ~80m

Improved insurance service result through:

• Lower claims processing costs through automation
• Increased quality and more precise assessment of claim payments

2025

DKK ~200

reduction per claim

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Continue building and leveraging strong partnerships across claim types

Examples: Focus areas for strengthened partner setup in Motor and Building claims

Establish strong partnership with low-cost, high-quality vendors 2025 2028 ~15% ~85% Share of smaller motor claims handled with SMART repair¹, % Introduce stronger steering of customers towards preferred partners Increase share of repairs vs. replacements

2028 target DKK ~100m

Insurance service result through:

• Increased utilisation of partner network
• Increased rate of repairs vs. replacements
• Strong procurement agreements

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Simplify and improve efficiency across the business to increase productivity

Strengthen operational capabilities

Simplified core

A simplified platform based on standardised products, supported by few, scalable systems to reduce complexity

MIGRATION OF ALL CUSTOMERS TO NEW PLATFORM

SIMPLIFYING DATA CENTRE LANDSCAPE

RATIONALISING BUSINESS MODEL & PROCESSES

Process excellence

Standardisation and alignment of processes to improve the efficiency of our business model and reduce costs

STANDARDISATION AND AUTOMATION OF PROCESSES

STREAMLINING LABOUR INTENSIVE PROCESSES

CULTURE PROMOTING ONGOING IMPROVEMENTS

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Fully leveraging our new insurance platform will drive further benefits

New consolidated insurance platform in place with simple setup and few strong technologies

High-level illustration of new Alm. Brand Group insurance platform

Leveraged by end 2025

Further benefits to realise

Modern digital experiences accessible to all our customers

Full process harmonisation across our sales, service and claims

Full portfolio agility in product development and pricing

Rationalisation of further applications

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Simplification and standardisation of IT infrastructure to reduce operating expenses

We will streamline and simplify our IT landscape by consolidating infrastructure and systems

Reduced IT costs

Reduced complexity increasing efficiency

Improved security and compliance

We will simplify our data centre landscape and reduce our operating expenses

Benefits Consolidation of data centres

2028 target DKK ~50m

Insurance service result through:

• Reduced IT costs

Consolidation of data centres will secure significant cost reductions and increase agility

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Large potential to optimise and simplify processes across the Group

We will drive process excellence in the Group through…

Streamlined processes across the Group

Optimised processes leveraging digital tools and AI

Continuous improvements and ongoing training

Example: Fewer handovers to back-office in Commercial Lines

Number of handovers annually between Sales and Back Office in Commercial Lines, #

2028 target DKK ~50m

Insurance service result through:

• Fewer manual tasks and handovers
• Increased standardisation of workflows

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Strengthen

Contributions from Alm. Brand foundation will significantly benefit our customers

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We will allocate the contribution in 2026 to three areas

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We will launch a new loyalty programme in 2026

DKK ~100m

Alm. Brand Group will use around DKK 100m of the contribution in 2026 to launch a new loyalty programme

Specifics of the new programme will be communicated in first half of 2026

Will benefit +100,000 loyal Personal Lines customers

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Unfolding the scale potential - financial targets for 2028

2028 targets

Insurance service result: DKK ~500m

Combined ratio: ~2.5 pp

Expense ratio: ~1 pp

2,350m

82%

16%

2025 target: DKK 1,850m

2025 target: 84.5%

2025 target: 17%

Return & capital

Return on own funds:

New target

Earnings per share CAGR¹: New target

Payout minimum: Unchanged

40%

10%

80%

2025 target: minimum 80%

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Attractive financial profile with further potential

Strong ISR potential Robust capital EPS growth

Large potential to further grow insurance service result

Robust capital base with new PIM model and solvency ratio target

Attractive operating EPS growth driven by ambitious 2028 strategy

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Improved combined ratio through reduced claims and expense ratios

Combined ratio improvements through claims and expenses

• We will reduce the claims ratio by strengthening our insurance capabilities
• We will improve the expense ratio by simplifying and improving the efficiency of our business

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Implementation of PIM reduces capital requirement and enables additional buybacks

PIM reduces solvency requirement by DKK ~600m…

Solvency requirement, DKKm

… enabling further share buybacks and EPS growth

Share buyback of DKK ~600m

• We use funds from the PIM expansion for share buybacks to strengthen the creation of shareholder value

• Capital structure with PIM expansion contributes to a favourable EPS growth

Capital structure

• The PIM expansion reduces the tier 2 capacity

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Capital optimisation with strong solvency ratio

Solvency ratio target of 180% after release of excess capital, DKKm

Illustrative example of expected future capital structure

Conservative capital structure with low gearing

• Sustained high and stable share of unrestricted tier 1 capital

Stable composition of total capital for solvency coverage purposes

• Restricted tier 1 capital ~10% of total tier 1 capital
• Tier 2 ~40-50% of solvency capital requirement

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Continuous strong payout capacity…

" High payout capacity, stable annual increase in dividends and share buybacks for remaining distributions, including extraordinary distributions "

Actual and target payout ratio

Payout ratio

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…driven by strong earnings growth and capital reduction (illustrative)

Improved RoOF will lead to a higher payout capacity

• Capital management is a key factor in optimising shareholder returns
• 2 pp of RoOF target of 40% is expected to be retained for growth
• 38 pp of RoOF target of 40% could be distributed in steady state

Return on own funds (RoOF) =

Net profit¹

Own funds

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Low risk, well-diversified investment strategy

Expected total investment return

	Allocation per Q3 2025, DKKbn	Expected return1
Asset class		%	DKKm
Shares	0.8	~5.0%		~40
Bonds & cash	5.3	~2.5%		~140
Illiquid credit	0.7	~7.0%		~50
Properties	0.4	~5.0%		~20
Total (free portfolio)	7.2	~3.5%		~250
Hedge portfolio	13.0	~0%		~0
Total	20.1			~250

Expected annual net investment return, DKKm

^1. The expected return is based on current market expectations and the allocation as of Q3 2025. Actual returns may deviate significantly from the expected return

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Strong operating EPS growth driven by ambitious 2028 strategy

Strong foundation for increased EPS growth

• Combination of higher profit and share buybacks will strengthen earnings per share towards 2028
• Operating EPS growth mainly driven by our 2028 strategic initiatives

Steadily increasing DPS on top of share buybacks towards 2028

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ESG strategy 2028

– Overview of current and new targets

Targets for our ESG strategy

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More than 99% of emissions comes from scope 3

Gross scope 1, 2 and 3 emissions (2024), tCO2

Distribution of scope 3 emissions by category

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2030 ambition of 42% reduction in scope 1 and 2

Efforts – scope 1

Transition of the car fleet from petrol and diesel to electric cars

Phase out natural gas by transitioning to district heating

Efforts – scope 2

Optimised use of locations to reduce our electricity consumption

Ongoing efforts to improve efficiency at our locations in terms of electricity and heating consumption

We aim to reduce scope 1 and 2 through transition of our leased car fleet and by enhancing efficiency across our locations

Reduction of scope 1 and 2 CO2 emissions compared to 2024 baseline

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Aim to reduce emissions per building claim

Outcome

Reduction of emissions from claim repairs

Support the green transition across the value chain

Efforts

Prioritising low-carbon materials in claim repairs

Implementation of initiatives with suppliers and partners

We intend to reduce CO2e primarily through implementation of initiatives in collaboration with suppliers and partners

Average CO2e reduction per claim in the consumption of materials for the building portfolio compared to 2025 baseline

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15% reduced investment portfolio emissions in 2028

Outcome

Reduce CO2e emissions by 15% in the period from 2025 to 2028

Robust data and tracking across asset classes

Efforts

Produce targeted progress by considering emissions data in portfolio decisions

We aim to achieve a 15% reduction of CO2e over 3 years

Reduction in the CO2e intensity per million DKK of the investment portfolio

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Engage and empower people

Outcome

Customer success and long-term value

Strengthened performance culture and high workplace satisfaction

Efforts

Better learning, career opportunities and celebration of successes

Efficient tools and processes

Our employees are key drivers behind customer success and performance – we intend to increase employee engagement to 80 by 2028

Employee engagement on a scale from 0 to 100

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Customer satisfaction to fuel sales and retention

Outcome

Increased sales and retention

Strengthened brand value and loyalty

Efforts

Customer insight and advisory

Efficient and customer-centric claims handling

Client success powered by people

High customer satisfaction contributes favourably to Alm. Brand Group's social efforts with respect to reputation and corporate behaviour

Customer satisfaction on a scale from 0 to 100

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Concluding remarks

68 Note: Figures are in DKKm

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Disclaimer

FORWARD LOOKING STATEMENTS

The statements made in this presentation are based on current expectations, estimates and projections made by management. All statements about future financial performance are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the statements. All statements about future financial performance made in this presentation are solely based on information known at the time of the preparation of the last published financial report, and the company assumes no obligation to update these statements, whether as a result of new information, future events or otherwise.