Alm Brand
Alm. Brand A/S is Denmark's second-largest non-life insurance provider, offering Personal Lines and Commercial Lines products to Danish consumers and businesses. The company became a market leader following its 2022 DKK 12.6 billion acquisition of Codan Forsikring's Danish business.
- Company typePublic
- Founded1792
- HeadquartersCopenhagen, Denmark
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Alm Brand does
Alm. Brand A/S is a publicly listed Danish financial group (Nasdaq Copenhagen, ticker ABDBY) and Denmark's second-largest non-life insurance provider, founded in 1792 and headquartered in Copenhagen. The company offers Personal Lines and Commercial Lines insurance products — covering property, liability, accident, and other non-life risks — serving both individual consumers and Danish businesses through direct sales and agent channels in a single-country market.
The company's scale and competitive position were transformed in 2022 when it completed the DKK 12.6 billion acquisition of Codan Forsikring's Danish business from Intact Financial Corporation and Tryg A/S, targeting DKK 600 million in synergies by 2025 with approximately DKK 1.0 billion in restructuring costs. This deal roughly doubled the company's premium base and established a duopoly-like positioning in the Danish non-life insurance market alongside Tryg. Operational performance has improved materially post-integration, with the combined ratio moving to 83.1 in Q1 2026 from 88.2 a year earlier, insurance service result of DKK 496 million in Q1 2026, and Q4 2025 profit before tax up 52% YoY to DKK 440 million.
Alm. Brand's revenue model rests on two streams: recurring insurance premiums (Personal Lines growing 6.4% YoY in Q1 2026; Commercial Lines declining 1.8% by design to improve profitability) and investment income from its portfolio (which turned to a DKK 43 million loss in Q1 2026 due to geopolitical volatility). The company holds an A+ rating from Fitch (stable) and Baa1 from Moody's, and is executing significant capital return programmes (a DKK 1.5 billion buyback announced with Q4 2025 results plus a separate DKK 593 million programme for up to 5.2% of share capital). Leadership transitioned in March 2026 with Andreas Ruben Madsen succeeding Rasmus Werner Nielsen as CEO following the Codan merger completion, providing internal continuity given Madsen's prior decade at the group.
Alm Brand firmographics
Firmographics- Name
- Alm Brand
- Legal name
- Alm. Brand A/S
- Website
- https://almbrand.dk
- Company type
- Public
- Founded year
- 1792
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Alm. Brand A/S is Denmark's second-largest non-life insurance provider, offering Personal Lines and Commercial Lines products to Danish consumers and businesses. The company became a market leader following its 2022 DKK 12.6 billion acquisition of Codan Forsikring's Danish business.
- Ownership category
- akta.pro rank
Alm Brand industry classification
Industry- Product category
- Non-Life Insurance
- NAICS
- Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)
- SIC
- Fire, Marine & Casualty Insurance (6331)
- akta.pro primary industry
- Commercial Lines Insurance Brokerage (FSAEADAB)
- akta.pro secondary industries
- Retail (Personal Lines) Insurance Brokerage (FSAEADAA), Commercial Auto & Fleet Insurance (FSAJAMAB), Standard Personal Auto Insurance (Liability, Collision & Comprehensive) (FSAJAAAA)
Keywords
Where Alm Brand is headquartered
LocationHeadquarters
- HQ city
- Copenhagen
- HQ country
- Denmark
- HQ region
- Europe
Offices1 record
Markets served
Alm Brand business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Insurance premiums: Alm. Brand generates revenue primarily through收取 insurance premiums from personal lines and commercial lines non-life insurance policies. In Q1 2026, insurance revenue grew 2.5% year-on-year, driven by 6.4% growth in Personal Lines.
- Investment result: Alm. Brand generates investment income from its investment portfolio. In Q1 2026, the investment result turned negative at a loss of DKK 43 million due to geopolitical turmoil and high volatility.
Go-to-market motion1 record
Distribution channels1 record
Alm Brand product offering
Product offeringCore offering
Alm. Brand sells non-life (property and casualty) insurance to Danish customers through two core product lines. Personal Lines covers home, property, accident, and personal risk protection products for individual consumers, growing 6.4% year-on-year in Q1 2026. Commercial Lines covers property, liability, and business risk products for commercial customers, with profitability-focused underwriting discipline.
Product overview
Alm. Brand is a Danish insurance company offering Personal Lines and Commercial Lines insurance products. Following its 2022 acquisition of Codan Forsikring's Danish business (valued at approximately DKK 12.6 billion), the company became Denmark's second-largest non-life insurance provider. The company has been implementing a share buyback program and capital reduction initiatives, while focusing on profitability improvements across its insurance segments.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Lines Insurance Non-life insurance products for individual Danish consumers covering home, property, accident, and personal risk protection needs. Personal Lines revenue grew 6.4% year-on-year in Q1 2026.
- Commercial Lines Insurance Non-life insurance products for Danish businesses covering commercial property, liability, and business risk exposures. Underwritten with a profitability-improvement focus; declined 1.8% in Q1 2026 with favourable claims developments.
Quantifiable outcome
- Combined ratio improved to 83.1 from 88.2 year-on-year in Q1 2026
- +2 more outcomes
Companies that use Alm Brand
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Alm Brand technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Alm Brand partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor.
- Fitch RatingsminorFitch Ratings affirmed Alm. Brand's Insurance Financial Strength rating at 'A+' with a stable outlook as of September 16, 2025. Fitch announced its intention to withdraw ratings for Alm. Brand A/S and Alm. Brand Forsikring A/S effective May 22, 2026 as part of its ongoing strategic portfolio review. The withdrawal does not reflect concerns about Alm. Brand's creditworthiness.
- Moody'sminorMoody's rates Alm. Brand at Baa1 with a stable outlook. The company is issuing Tier 2 Capital Notes expected to be rated Baa2 by Moody's upon issuance.
Scale indicators11 records
Recent moves6 records
Expansion highlights4 records
Alm Brand competitors and assessment
Company assessmentBroad incumbents
- AXA: Global multi-line insurer with major P&C and commercial lines businesses. Comparable as a broad incumbent competitor in non-life insurance categories.
- Allianz: One of the world's largest insurers with extensive P&C operations. Overlaps with Alm. Brand in property, casualty, and specialty lines at a category level, though operates globally at much greater scale.
- Zurich Insurance Group: Global multi-line insurer with broad P&C offerings. Comparable at the category level as a large incumbent in non-life insurance, though much larger and globally diversified.
- Travelers Companies: Major US-listed P&C insurer with commercial lines focus. Comparable at a category and underwriting philosophy level, though focused on North America.
Regional players
- Sampo: Finnish insurance holding company and parent of If P&C, with major Nordic insurance operations. Comparable through If and historically through Topdanmark ownership.
- Gjensidige Forsikring: Norwegian-headquartered mutual insurer with Nordic P&C operations. Comparable in size, product mix, and regional focus, though primarily Norway-based.
Direct peers
- Topdanmark: Denmark-focused non-life and life insurer operating in the same Danish market with overlapping personal and commercial lines products. Direct competitor for Danish premium share.
- If P&C Insurance: Leading Nordic P&C insurer owned by Sampo, with active operations across the Nordics including Denmark. Directly comparable in product breadth and regional footprint.
- Tryg A/S: Largest Nordic non-life insurer with significant Danish presence, competing head-to-head with Alm. Brand in personal and commercial lines. Direct comparable in scale, geography, and product mix.
Others
- RSA Insurance Group: Former parent of Codan Denmark, which was sold via Intact/Tryg to Alm. Brand in 2022. Relevant counterparty in Alm. Brand's history rather than a direct market competitor today.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Alm Brand social profiles
Digital presenceAlm Brand financial estimates
Financial estimateRevenue estimate
Valuation estimate
Alm Brand leadership team
Management profileNumber of profiles
Profiles3 records
Alm Brand subsidiaries and ownership
Company hierarchySubsidiaries1 record
Alm Brand funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Alm Brand M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Alm Brand
What does Alm Brand do?
Alm. Brand sells non-life (property and casualty) insurance to Danish customers through two core product lines. Personal Lines covers home, property, accident, and personal risk protection products for individual consumers, growing 6.4% year-on-year in Q1 2026. Commercial Lines covers property, liability, and business risk products for commercial customers, with profitability-focused underwriting discipline.
Is Alm Brand a public or private company?
Alm Brand is a public company. It is classified as public and is currently operating.
When was Alm Brand founded?
Alm Brand was founded in 1792. It employs 11 to 50 people.
Where is Alm Brand based?
Alm Brand is headquartered in Copenhagen, Denmark, in the Europe region.
How does Alm Brand make money?
Two revenue lines are on record. Insurance premiums are the primary driver. The others are investment result.
Who are Alm Brand's main competitors?
Broad incumbents on record are AXA, Allianz, Zurich Insurance Group and Travelers Companies. Regional players are Sampo and Gjensidige Forsikring. Direct peers are Topdanmark, If P&C Insurance and Tryg A/S. RSA Insurance Group is listed as an others.
Does Alm Brand have an API?
No public API is recorded for Alm Brand.
What industry is Alm Brand in?
Alm Brand's product category is Non-Life Insurance. Its primary akta.pro industry code is FSAEADAB, Commercial Lines Insurance Brokerage, with a secondary code of FSAEADAA, Retail (Personal Lines) Insurance Brokerage. Its NAICS code is 524126 and its SIC code is 6331.