Interim report for the third quarter of 2009

The quarter at a glance

•	Highly unsatisfactory loss of DKK 220 million due to writedowns in the bank
of DKK 337 million 

•	New strategy implemented for the bank involving significantly changed cost
and activity levels 

•	High claims ratio as a result of a high number of claims. Premium increases
and measures to limit claims expected to reverse the current trend 

•	Life insurance activities reported highly satisfactory performance

•	Sustained improvement of expense ratio throughout the group

•	Revenue impacted by lower level of economic activity

•	Guidance downgrade by DKK 25 million to full-year profit of DKK 375 million
before impairment writedowns. 



"Our performance was definitely not satisfactory and we are still exposed to
repercussions of the economic crisis, says Søren Boe Mortensen, Chief
Executive. But we've allocated the funds and shaped the course required to
generate a satisfactory performance, both for the individual business areas and
for the group as a whole." 




Other highlights 

•	The 9M consolidated loss was DKK 967 million, including impairment writedowns
of DKK 1,400 million. Excluding writedowns, the consolidated profit was DKK 433
million. 

•	Non-life operations recorded a profit of DKK 231 million. The Q3 profit was
DKK 42 million. 

The Q3 performance was favourably affected by a declining expense ratio and
run-off gains. The performance was adversely affected by a high number of
claims in all customer segments. 

The initiated premium increases totalling DKK 200 million will be fully
implemented during 2010 and will take full financial effect in 2011. 

•	The bank posted a 9M profit of DKK 91 million before losses and writedowns.
Including losses and writedowns, the performance was a highly unsatisfactory
loss of DKK 1,309 million. The Q3 profit amounted to DKK 25 million, excluding
losses and writedowns. 

•	The highly unsatisfactory quarterly performance was attributable to continued
impairment writedowns on loans for mortgage deeds and a single property
development project. Moreover, as a result of the growing loss in Finansiel
Stabilitet A/S, the bank's provisions for the guarantee provided increased
during the period. 

As previously announced, the bank has implemented a new strategy which
significantly changes its future expense and activity levels as well as risk. 

•	The group's life insurance operations generated a 9M profit of DKK 107
million and a Q3 profit of DKK 70 million. This brought the shadow account to
DKK 80 million. 

The performance was favourably affected by an extremely strong return on the
investment portfolio. Accordingly, the transfer and surrender charge was
cancelled and the collective bonus potential amounted to DKK 120 million. 

•	Consolidated revenue totalled DKK 5.7 billion for the year to date.

Please direct any questions regarding this announcement to Søren Boe Mortensen,
Chief Executive, on tel. +45 35 47 79 07 or Susanne Biltoft, Head of
Information and Investor Relations, on tel. +45 35 47 76 61. 

Alm. Brand A/S will host a webcast and teleconference on Thursday, 19 November
2009 at 10.00 a.m. To follow the webcast, go to: 

http://webcast.zoomvision.se/denmark/clients/almbrand/091118/

Financial analysts may participate by phone: Danish analysts: +45 327 147 67,
US analysts: +1 718 354 1226 and other international analysts: +44 (0) 208 817
9301. 

Yours sincerely,

Alm. Brand A/S

Søren Boe Mortensen	
Chief Executive	


The interim report is attached in pdf-format.