ALM. Brand A/S Q1 2022 Earnings 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 : A couple of questions from my side. If we start with your existing business. And the growth for Q1 and the guidance for the full year, the 4% and the 5.5% for Q1. You seem to mention partnerships, sales, retention as driving factors. Could you sort of split this up a little bit? And how much is repricing? How much is new sales? How much is existing or sales to existing clients? Just to give us a little bit of a flavor of what are the moving parts on the premium side? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 12, 2022 / 9:00AM, ALMB.CO - Q1 2022 ALM. Brand A/S Earnings Call

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Any reason why you say 4% for the full year after a strong start to the year? Is it just being prudent? Or are you seeing something in the Q2 or Q3 numbers that should have a negative impact on your growth?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. If I may ask then on your -- on the partnerships and also a little bit on the inflation slide you have. You start with the partnerships, how much is sort of the upfront payment when you take on new clients to see your operating costs are up 5% in private and 7% for commercial. So should we expect this to continue at these levels? Or will it come down in the next couple of quarters, if your growth sort of moderate to the 4% level? And from the inflation, how much are you taking into -- how much of what we're seeing right now is basically 2021 effects? And how much inflation do you see for 2023? I know it's early days, but just a little bit of flavor there.

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. If I may ask on the Codan numbers. First, I mean, how much visibility do you actually have at this stage on the underlying trends? Is it just numbers that you get from Codan? Or is that your own interpretation of the numbers, especially looking into the Q1 technical result or the technical loss, if you look at it before runoffs. If there's any specialties here in the client business renewables business? Anything there that we should be aware of -- that you are aware of at this stage? And also looking at the guidance for -- when you say that you will come with the guidance for the full year on the -- in August. How do you see the general development at the moment given relative to the business case that you bought into a year ago? Just a little bit of flavor on that as well.

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : A final question from my side on the communication on 2025 targets. You're reiterating the 1.7 to 1.8 pretax. It just sounds like you're basically just repeating what you said a year ago. But just looking at the discounting in this quarter, which I think is around DKK 70 million impact or the impact from the rising rates in your own business, rates have gone up further in Q2. I guess the discounting effect will be even higher for Codan given the lines of business they operate within, and of course, your investment results. So how do you look at the DKK 1.7 billion, DKK 1.8 billion ambition for 2025? I guess all things equal, you should increase that guidance at some point.

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Sure. Sure. But I guess with Codan having sort of the same-ish effect and then investment results in additional...