Interim report for the first quarter of 2010

Highlights

•	Losses and writedowns of DKK 119 million in Alm. Brand Bank 

•	Unsatisfactory loss of DKK 242 million due to extraordinary winter-related
claims of DKK 350 million and losses and writedowns 

•	Profit of DKK 108 million excluding extraordinary winter-related claims but
including losses and writedowns 

•	Improved EBITDA performance in banking and pension activities

•	Highly satisfactory investment return 

•	Continued fall in expenses

•	Forecast of DKK 20 million profit in 2010 excluding losses and writedowns in
the bank 


-	The snow load claims were devastating for our Q1 performance. This is
frustrating, because our other claims expenses are finally stabilising and
expenses continue to fall across the group. Moreover, we are experiencing
handsome growth in our pension activities. Our performance was nonetheless not
satisfactory by any means, underlined CEO Søren Boe Mortensen. 


Other highlights 

•	The group's non-life insurance operations generated a loss of DKK 250
million. 

The unsatisfactory performance was attributable to extraordinary claims in
connection with the severe winter and heavy snowfall. On the other hand,
non-weather-related claims showed a falling trend. Finally, costs continued to
decline. 

•	Banking activities generated EBITDA of DKK 72 million before losses and
writedowns, which was unsatisfactory, although considerably better than guided
in the Annual Report 2009. 

Losses and writedowns amounted to DKK 119 million in Q1 2010, against DKK 267
million in Q4 2009, and thus improved, although remaining at a high level. 

•	Life insurance operations generated a highly satisfactory profit of DKK 69
million. Moreover, the collective bonus potential rose to DKK 309 million,
corresponding to a bonus rate of 3%. 

The return on policyholders' investment assets was 3.5% (13.8% p.a.).

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 20 May 2010 at 10.00
a.m. 

To follow the webcast, go to: 

          http://webcast.zoomvision.se/denmark/clients/almbrand/100520/
 
Financial analysts may participate by phone: Danish analysts: +45 327 147 67,
US analysts: +1 718 354 1226 and other international analysts: +44 (0) 207 509
5139. 

Yours sincerely,

Alm. Brand A/S

Søren Boe Mortensen	
Chief Executive	


The interim report is attached in pdf-format.