ALM. Brand A/S Q3 2021 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. First, relating to Codan and the slide on the process. So you're expecting approval in Q4. Do you have any dialogue with the antitrust? And have you any feedback -- received any feedback when it comes to whether this needs to go to a second round or whether there's any remedies that you will need to offer, anything like that? Or is it just a slam dunk that you expect?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : And remedies, do you need to offer anything on that?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. That's clear. Then on the Codan business, of course, I acknowledge that you might not have full insight. But when you look at the numbers from Codan Denmark, they seem to be doing very well, both on a reported basis, but also adjusted for run-offs seems to be doing quite a lot better than the DKK 500 million that you have for the 2025 scenarios. So what are your thoughts? And what kind of knowledge do you have on Codan at this stage when it comes to what you have in your business plan for 2025? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 28, 2021 / 9:00AM, ALMB.CO - Q3 2021 ALM. Brand A/S Earnings Call

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : All right. Then if I may turn to your own business. If you look at the underlying combined ratio improvement this quarter, 200 basis points, of course, less than what you delivered in Q2, but still very strong. What are you expecting? And how do you see the trends that you're describing in the report, the repricing, the procurement work on your own business? What should we expect -- leaving aside the Codan business for a second, what should we expect for the next couple of years for your underlying combined ratio? Do you have any sort of view on that with the current developments?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : Okay. And then on the Private side, one thing, you mentioned that the sales partnerships, et cetera, that, that is improving in Q3, but your premiums are still under quite a lot of pressure on the Private side. Have you been too aggressive on repricing historically, and that is driving increased churn? Or could you give us a little bit more flavor, I guess, with the reopened society in Q3? I would have at least hoped for some further improvements there.

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : But could you maybe elaborate a bit on how has your written premiums on the private side? How have they developed in Q3? And what are you seeing from Sydbank and from Semler and [felt] and the other sort of partnerships?

Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst : So what would you expect for Q4? I guess you should already by now, the written premiums have a pretty good view into next quarter or this quarter that we're in now. So what should we expect?