ALM. Brand A/S Corporate Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : I have a couple of questions. The first one relating to the Danish Competition and Consumer Authority. Last week, they were out saying that they will launch a new analysis and competition in the private insurance market in Denmark. Of course, the timing seems a bit peculiar considering your transaction here. So just wondering if you could give us a bit of an update, maybe not so much on their stance on why they're doing the analysis, but what the -- when will you submit your final application. And when will this 25-day response period begin? And are you still expecting that this will be completed in Phase I and that you will not have to offer any remedies in connection with the deal?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : You say hopefully will be settled. You sounded a bit, maybe it's just the wording, but you seemed a bit more certain 2 weeks ago, or is that just... REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 08, 2021 / 10:00AM, ALMB.CO - ALM. Brand A/S Corporate Call

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. And then in connection with that, I thought that you got the FSA approval for the [Japan] insurance company. And I'm just wondering, it seems like the only thing you need to get from the FSA at this stage is basically an ownership approval for the new entity. Is that correctly understood? And is that just a minor detail from here as you see it?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. Perfect. Then if I may, on your Codan, on the business. If we look at the combined ratio, of course, it has improved the first 3 quarters of this year versus last year. But if you look at the prospectus, it seems like the underlying business has actually deteriorated by 120 basis points, both within commercial and private by actually around 130 basis points. I was just wondering if you have any comments to those numbers. Anything we should be aware of? I fully acknowledge that 2020 saw a significant improvement versus 2019. So just wondering if this is a regular volatility or if you're actually seeing a slight deterioration in the business.

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. Fair enough. On the synergies part, if I understood correctly from the presentation, it sounds like you said that the IT synergies would have sort of a longer duration for delivery going forward. I was just wondering, with the same IT systems in place in both Codan brand and Alm. Brand, why is it taken -- or why will it take so long to realize IT synergies? Are there anything you've been aware of the last couple of months that has changed sort of the timing here?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. And then final question from my side on the specialty line business, the technical lines, more specifically, the renewables business. Anything you can share with us today on what you feel what your strategy will be for this specific line of business going forward? I see you touched upon the retention risk you also touched upon the growth, but could you give us any insight into where do you see this going forward in the future Alm. Brand set up?