
Growth in Alm. Brand is partly due to the positive contribution of the purchase of Codan. The company's business customers have also contributed to the increasing result. (Archive photo). Photo: Emil Helms/Ritzau Scanpix
Alm. Brand profits despite wettest year
Alm. Brand reported improved 2023 insurance results, with a profit of 1.4 billion Danish kroner despite numerous weather-related claims, especially in the fourth quarter. The growth is attributed in part to the acquisition of Codan’s Danish business and contributions from commercial customers. With a focus on efficiency and anti-fraud systems, the company expects positive earning impacts. A strategic downsizing included 105 layoffs for a leaner management structure. Denmark’s wettest year on record with 907 mm of rain led to high weather damage costs of 446 million kroner for Alm. Brand. The overall result for the Alm. Brand Group was 612 million kroner, an increase from the previous year’s 374 million kroner.