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Very satisfactory insurance service result supported by underlying improvements in Commercial Lines. Alm. Brand Group lifts its guidance for the insurance service result excluding run-off gains or losses for the second to fourth quarter of 2026 by DKK 150 million to DKK 1.8-2.0 billion. The insurance service result for Q1 2026 was a profit of DKK 496 million (Q1 2025: DKK 337 million), equivalent to a combined ratio of 83.1 (88.2), driven in particular by favourable developments in Commercial Lines. Insurance revenue grew by 2.5% to DKK 2,929 million (DKK 2,858 million), driven by premium growth of 6.4% in Personal Lines. Commercial Lines reported a decline of 1.8% in premiums, reflecting a continued focus on improving profitability. Adjusting for workers’ compensation and industrial customers, Commercial Lines achieved a premium growth of 2.0%. Major claims accounted for 6.0% of insurance revenue in Q1 2026, which was 0.7 percentage points higher than in Q1 2025 but in line with the expected level. Weather-related claims decreased by 1.1 percentage points to 1.5% in Q1 2026, which was below the level normally expected for the quarter. The run-off result was DKK 119 million, corresponding to 4% of premium income. The undiscounted underlying claims ratio improved by 1.7 points to 63.5 (65.2), primarily influenced by positive developments in Commercial Lines driven by profitability-enhancing measures. However, motor-related claims due to icy road conditions impacted negatively, as did claims related to slip and fall injuries and travel insurance claims. The expense ratio decreased to 18.3 in Q1 2026 (18.6). The investment result amounted to a loss of DKK 43 million in Q1 2026 (profit of DKK 96 million) in a quarter impacted by geopolitical turmoil and high volatility. The target for the investment result in 2026 is lowered to DKK 0.15 billion (previously DKK 0.2 billion). Alm. Brand Group reported a consolidated pre-tax profit of DKK 313 million in Q1 2026 (DKK 236 million).
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
