Alm Brand

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.

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

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

• Non-life insurance
• Personal lines insurance
• Commercial lines insurance
• Property and casualty
• Danish insurance market

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. 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

Core 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

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

Two partnerships are on record, tiered minor.

• Fitch RatingsminorOthersFitch 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'sminorOthersMoody'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

Broad 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

• Facebookfacebook.com/almbrand

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alm Brand