The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: From my side, a couple of questions, if I may, on your -- on the Energy segment and the very strong Q2 and obviously also the very strong Q1. Just
wondering, basically, you've made a profit in the first half of this year that is close to your '25 target. So just how do you see that stochastical element
in what we're seeing right now, how much is luck, how much is structural changes? And maybe if you could give us the data for how the Energy
segment performed in Q2 last year, so just we have a comparison, that would be very helpful.
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: If I just may follow-up on that. So the 70 basis point improvement Q2 versus Q2 on your Energy segment on combined ratio, so what would be the
underlying improvement in that period? You mentioned lower runoff gains this quarter.
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AUGUST 17, 2023 / 9:00AM, ALMB.CO - Q2 2023 ALM. Brand A/S Earnings Call
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: Okay. Fair enough. We can take it bilaterally afterwards. Okay. If I may then on your Private segment and the 200 basis -- 260 basis point deterioration
in your underlying claims ratio, you mentioned Motor frequencies. You also mentioned profitability initiatives. We have seen, I guess, similar trends
for some of your peers.
Can you maybe just a little bit of flavor on what you expect sort of to be the net impact from this considering that there is also increased competition
in Motor? There seems to be still a teaser product to lure in customers. You are growing in the Private segment, we want to take market share. So
just to comment on where do you see the 260 basis points' deterioration in land after profitability measures?
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: Okay. Fair enough. On reinsurance, you mentioned that it has 1% adverse impact on the underlying claims ratio year-over-year. So any comments
on -- because you also mentioned the beginning of the year that the repricing should mitigate quite a bit of that. And I guess we are looking into
something that could become quite a big increase to reinsurance prices also going into next year, considering what has happened in the market
the last couple of quarters. So maybe an update with you on both reinsurance prices going into next year? And how much you can mitigate --
where you expect to be and to mitigate?
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: Okay. And final question from my side would be just a follow-up on the first question on the weather claims for Q3, the hailstorms and the general
storms that we've seen, you mentioned that was not spectacular relative to your weather claims budget for Q3, which is also what I have on my
numbers. But I was just wondering if there's anything else than the hailstorm in Italy and obviously the Hans Storm in Denmark, anything that has
gone a little bit under the radar we should be aware of weather claims in Q3 to date?
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